Document:

Exhibit 10.6(a)

 

CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED FOR THE REDACTED PORTIONS OF THIS AGREEMENT.  THE REDACTIONS ARE INDICATED WITH THREE
ASTERISKS (“***”).  A COMPLETE VERSION OF
THIS AGREEMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

(Multicurrency – Cross
Border)

ISDA®

International
Swap Dealers Association, Inc.

 

MASTER
AGREEMENT

 

dated as of June 20, 2007

 

	
  CREDIT SUISSE ENERGY LLC

  	
  and

  	
  NOBLE ENVIRONMENTAL POWER 2006
  HOLD CO, LLC

  

 

have entered and/or anticipate entering into one of
more transactions (each a “Transaction”) that are or will be governed by this
Master Agreement, which includes the schedule (the “Schedule”), and the
documents and other confirming evidence (each a “Confirmation”) exchanged
between the parties confirming those Transactions.

 

Accordingly, the parties agree as follows: —

 

1.           Interpretation

 

(a)          Definitions.  The terms defined in Section 14 and
in the Schedule will have the meanings therein specified for the purpose of
this Master Agreement.

 

(b)          Inconsistency.  In the event of any inconsistency between the
provisions of the Schedule and the other provisions of this Master Agreement,
the Schedule will prevail. In the event of any inconsistency between the
provisions of any Confirmation and this Master Agreement (including the
Schedule), such Confirmation will prevail for the purpose of the relevant
Transaction.

 

(c)          Single Agreement.  All Transactions are entered into in reliance
on the fact that this Master Agreement and all Confirmations form a single
agreement between the parties (collectively referred to as this “Agreement”),
and the parties would not otherwise enter into any Transactions.

 

2.           Obligations

 

(a)          General Conditions.

 

(i)            Each
party will make each payment or delivery specified in each Confirmation to be
made by it, subject to the other provisions of this Agreement.

 

(ii)           Payments
under this Agreement will be made on the due date for value on that date in the
place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely transferable funds and in the manner
customary for payments in the required currency. Where settlement is by
delivery (that is, other than by payment), such delivery will be made for
receipt on the due date in the manner customary for the relevant obligation
unless otherwise specified in the relevant Confirmation or elsewhere in this
Agreement.

 

(iii)          Each
obligation of each party under Section 2(a)(i) is subject to (1) the
condition precedent that no Event of Default or Potential Event of Default with
respect to the other party has occurred and is continuing, (2) the
condition precedent that no Early Termination Date in respect of the relevant
Transaction has occurred or been effectively designated and (3) each other
applicable condition precedent specified in this Agreement.

 

Copyright © 1992
by International Swap Dealers Association, Inc.

 

 

(b)          Change of Account.  Either party may change its account for
receiving a payment or delivery by giving notice to the other party at least
five Local Business Days prior to the scheduled date for the payment or
delivery to which such change applies unless such other party gives timely
notice of a reasonable objection to such change.

 

(c)          Netting.  If on any date amounts would otherwise be
payable: —

 

(i)            in
the same currency; and

 

(ii)           in
respect of the same Transaction,

 

by each party to the other. then, on such date, each
party’s obligation to make payment of any such amount will be automatically
satisfied and discharged and, if the aggregate amount that would otherwise have
been payable by one party exceeds the aggregate amount that would otherwise
have been payable by the other party, replaced by an obligation upon the party
by whom the larger aggregate amount would have been payable to pay to the other
party the excess of the larger aggregate amount over the smaller aggregate
amount.

 

The parties may elect in respect of two or more
Transactions that a net amount will be determined in respect of all amounts
payable on the same date in the same currency in respect of such Transactions,
regardless of whether such amounts are payable in respect of the same
Transaction. The election may be made in the Schedule or a Confirmation by
specifying that subparagraph (ii) above will not apply to the Transactions
identified as being subject to the election, together with the starting date
(in which case subparagraph (ii) above will not, or will cease to, apply
to such Transactions from such date). This election may be made separately for
different groups of Transactions and will apply separately to each pairing of
Offices through which the parties make and receive payments or deliveries.

 

(d)          Deduction or Withholding
for Tax.

 

(i)            Gross-Up.  All
payments under this Agreement will be made without any deduction or withholding
for or on account of any Tax unless such deduction or withholding is required
by any applicable law, as modified by the practice of any relevant governmental
revenue authority, then in effect.  If a
party is so required to deduct or withhold, then that party (“X”) will: —

 

(1)           promptly notify the
other party (“Y”) of such requirement;

 

(2)           pay to the relevant
authorities the full amount required to be deducted or withheld (including the
full amount required to be deducted or withheld from any additional amount paid
by X to Y under this Section 2(d)) promptly upon the earlier of
determining that such deduction or withholding is required or receiving notice
that such amount has been assessed against Y;

 

(3)           promptly forward to
Y an official receipt (or a certified copy), or other documentation reasonably
acceptable to Y, evidencing such payment to such authorities; and

 

(4)           if such Tax is an
Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise
entitled under this Agreement, such additional amount as is necessary to ensure
that the net amount actually received by Y (free and clear of Indemnifiable
Taxes. whether assessed against X or Y) will equal the full amount Y would have
received had no such deduction or withholding been required. However, X will
not be required to pay any additional amount to Y to the extent that it would
not be required to be paid but for: —

 

(A)          the failure by Y to
comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or
4(d); or

 

(B)           the failure of a
representation made by Y pursuant to Section 3(f) to be accurate and
true unless such failure would not have occurred but for (I) any action
taken by a taxing authority, or brought in a court of competent jurisdiction,
on or after the date on which a Transaction is entered into (regardless of
whether such action is taken or brought with respect to a party to this
Agreement) or (II) a Change in Tax Law.

 

2

 

(ii)           Liability.  If: —

 

(1)           X is required by any
applicable law, as modified by the practice of any relevant governmental
revenue authority, to make any deduction or withholding in respect of which X
would not be required to pay an additional amount to Y under Section 2(d)(i)(4);

 

(2)           X does not so deduct
or withhold; and

 

(3)           a liability
resulting from such Tax is assessed directly against X,

 

then, except to the extent Y has satisfied or then satisfies the
liability resulting from such Tax, Y will promptly pay to X the amount of such
liability (including any related liability for interest, but including any
related liability for penalties only if Y has failed to comply with or perform
any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

 

(e)          Default Interest; Other
Amounts.  Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant
Transaction, a party that defaults in the performance of any payment obligation
will, to the extent permitted by law and subject to Section 6(c), be
required to pay interest (before as well as after judgment) on the overdue
amount to the other party on demand in the same currency as such overdue
amount, for the period from (and including) the original due date for payment
to (but excluding) the date of actual payment, at the Default Rate.  Such interest will be calculated on the basis
of daily compounding and the actual number of days elapsed.  If, prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant
Transaction, a party defaults in the performance of any obligation required to
be settled by delivery, it will compensate the other party on demand if and to
the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

 

3.           Representations

 

Each party represents to the other party (which
representations will be deemed to be repeated by each party on each date on
which a Transaction is entered into and, in the case of the representations in Section 3(f),
at all times until the termination of this Agreement) that: —

 

(a)          Basic Representations.

 

(i)            Status.  It is duly
organised and validly existing under the laws of the jurisdiction of its
organisation or incorporation and, if relevant under such laws, in good standing;

 

(ii)           Powers.  It has the
power to execute this Agreement and any other documentation relating to this
Agreement to which it is a party, to deliver this Agreement and any other
documentation relating to this Agreement that it is required by this Agreement
to deliver and to perform its obligations under this Agreement and any
obligations it has under any Credit Support Document to which it is a party and
has taken all necessary action to authorise such execution, delivery and
performance;

 

(iii)          No Violation or Conflict. 
Such execution, delivery and performance do not violate or conflict with
any law applicable to it, any provision of its constitutional documents, any
order or judgment of any court or other agency of government applicable to it
or any of its assets or any contractual restriction binding on or affecting it
or any of its assets;

 

(iv)          Consents.  All
governmental and other consents that are required to have been obtained by it
with respect to this Agreement or any Credit Support Document to which it is a
party have been obtained and are in full force and effect and all conditions of
any such consents have been complied with; and

 

(v)           Obligations Binding. 
Its obligations under this Agreement and any Credit Support Document to
which it is a party constitute its legal, valid and binding obligations,
enforceable in accordance with their respective terms (subject to applicable
bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting
creditors’ rights generally and subject, as to enforceability, to equitable
principles of general application (regardless of whether enforcement is sought
in a proceeding in equity or at law)).

 

3

 

(b)          Absence of Certain Events.  No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has occurred
and is continuing and no such event or circumstance would occur as a result of
its entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

 

(c)          Absence of Litigation.  There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding
at law or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this Agreement
or such Credit Support Document.

 

(d)          Accuracy of Specified
Information.  All
applicable information that is furnished in writing by or on behalf of it to
the other party and is identified for the purpose of this Section 3(d) in
the Schedule is, as of the date of the information, true, accurate and complete
in every material respect.

 

(e)          Payer Tax Representation.  Each representation specified in the Schedule
as being made by it for the purpose of this Section 3(e) is accurate
and true.

 

(f)           Payee Tax Representations.  Each representation specified in the Schedule
as being made by it for the purpose of this Section 3(f) is accurate
and true.

 

4.           Agreements

 

Each party agrees with the other that, so long as
either party has or may have any obligation under this Agreement or under any
Credit Support Document to which it is a party: —

 

(a)          Furnish Specified
Information.  It will
deliver to the other party or, in certain cases under subparagraph (iii) below,
to such government or taxing authority as the other party reasonably directs: —

 

(i)            any
forms, documents or certificates relating to taxation specified in the Schedule
or any Confirmation;

 

(ii)           any
other documents specified in the Schedule of any Confirmation; and

 

(iii)          upon
reasonable demand by such other party, any form or document that may be
required or reasonably requested in writing in order to allow such other party
or its Credit Support Provider to make a payment under this Agreement or any
applicable Credit Support Document without any deduction or withholding for or
on account of any Tax or with such deduction or withholding at a reduced rate
(so long as the completion, execution or submission of such form or document
would not materially prejudice the legal or commercial position of the party in
receipt of such demand), with any such form or document to be accurate and
completed in a manner reasonably satisfactory to such other party and to be
executed and to be delivered with any reasonably required certification,

 

in each case by the date specified in the Schedule or
such Confirmation or, if none is specified, as soon as reasonably practicable.

 

(b)          Maintain Authorisations.  It will use all reasonable efforts to
maintain in full force and effect all consents of any governmental or other
authority that are required to be obtained by it with respect to this Agreement
or any Credit Support Document to which it is a party and will use all
reasonable efforts to obtain any that may become necessary in the future.

 

(c)          Comply with Laws.  It will comply in all material respects with
all applicable laws and orders to which it may be subject if failure so to
comply would materially impair its ability to perform its obligations under
this Agreement or any Credit Support Document to which it is a party.

 

(d)          Tax Agreement.  It will give notice of any failure of a
representation made by it under Section 3(f) to be accurate and true
promptly upon learning of such failure.

 

(e)          Payment of Stamp Tax.  Subject to Section 11, it will pay any
Stamp Tax levied or imposed upon it or in respect of its execution or
performance of this Agreement by a jurisdiction in which it is incorporated,

 

4

 

organised, managed and controlled or considered to
have its seat, or in which a branch or office through which it is acting for
the purpose of this Agreement is located (“Stamp Tax Jurisdiction”) and will
indemnify the other party against any Stamp Tax levied or imposed upon the
other party or in respect of the other party’s execution or performance of this
Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax
Jurisdiction with respect to the other party.

 

5.           Events of Default and Termination
Events

 

(a)          Events of Default.  The occurrence at any time with respect to a
party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any of the following events constitutes an
event of default (an “Event of Default”) with respect to such party: —

 

(i)            Failure to Pay or Deliver. 
Failure by the party to make, when due, any payment under this Agreement
or delivery under Section 2(a)(i) or 2(e) required to be made by
it if such failure is not remedied on or before the third Local Business Day
after notice of such failure is given to the party;

 

(ii)           Breach of Agreement. 
Failure by the party to comply with or perform any agreement or
obligation (other than an obligation to make any payment under this Agreement
or delivery under Section 2(a)(i) or 2(e) or to give notice of a
Termination Event or any agreement or obligation under Section 4(a)(i),
4(a)(iii) or 4(d)) to be complied with or performed by the party in
accordance with this Agreement if such failure is not remedied on or before the
thirtieth day after notice of such failure is given to the party;

 

(iii)          Credit Support Default.

 

(1)           Failure by the party
or any Credit Support Provider of such party to comply with or perform any
agreement or obligation to be complied with or performed by it in accordance
with any Credit Support Document if such failure is continuing after any
applicable grace period has elapsed;

 

(2)           the expiration or
termination of such Credit Support Document or the failing or ceasing of such
Credit Support Document to be in full force and effect for the purpose of this
Agreement (in either case other than in accordance with its terms) prior to the
satisfaction of all obligations of such party under each Transaction to which
such Credit Support Document relates without the written consent of the other
party; or

 

(3)           the party or such
Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole
or in part, or challenges the validity of, such Credit Support Document;

 

(iv)          Misrepresentation.  A
representation (other than a representation under Section 3(e) or
(f)) made or repeated or deemed to have been made or repeated by the party or
any Credit Support Provider of such party in this Agreement or any Credit
Support Document proves to have been incorrect or misleading in any material
respect when made or repeated or deemed to have been made or repeated;

 

(v)           Default under Specified Transaction.  The party, any Credit Support Provider of
such party or any applicable Specified Entity of such party (1) defaults
under a Specified Transaction and, after giving effect to any applicable notice
requirement or grace period, there occurs a liquidation of, an acceleration of
obligations under, or an early termination of, that Specified Transaction, (2) defaults,
after giving effect to any applicable notice requirement or grace period, in
making any payment or delivery due on the last payment, delivery or exchange
date of, or any payment on early termination of, a Specified Transaction (or
such default continues for at least three Local Business Days if there is no
applicable notice requirement or grace period) or (3) disaffirms,
disclaims, repudiates or rejects, in whole or in part, a Specified Transaction
(or such action is taken by any person or entity appointed or empowered to
operate it or act on its behalf);

 

(vi)          Cross
Default.  If “Cross Default”
is specified in the Schedule as applying to the party, the occurrence or
existence of (1) a default, event of default or other similar condition or
event (however

 

5

 

described) in respect of such party, any Credit Support Provider of
such party or any applicable Specified Entity of such party under one or more
agreements or instruments relating to Specified Indebtedness of any of them
(individually or collectively) in an aggregate amount of not less than the
applicable Threshold Amount (as specified in the Schedule) which has resulted
in such Specified Indebtedness becoming, or becoming capable at such time of
being declared, due and payable under such agreements or instruments, before it
would otherwise have been due and payable or (2) a default by such party,
such Credit Support Provider or such Specified Entity (individually or
collectively) in making one or more payments on the due date thereof in an
aggregate amount of not less than the applicable Threshold Amount under such
agreements or instruments (after giving effect to any applicable notice
requirement or grace period);

 

(vii)         Bankruptcy.  The
party, any Credit Support Provider of such party or any applicable Specified
Entity of such party:–

 

(1) is dissolved (other than pursuant to a consolidation,
amalgamation or merger); (2) becomes insolvent or is unable to pay its
debts or fails or admits in writing its inability generally to pay its debts as
they become due; (3) makes a general assignment, arrangement or
composition with or for the benefit of its creditors; (4) institutes or
has instituted against it a proceeding seeking a judgment of insolvency or
bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition (A) results
in a judgment of insolvency or bankruptcy or the entry of an order for relief
or the making of an order for its winding-up or liquidation or (B) is not
dismissed, discharged, stayed or restrained in each case within 30 days of the
institution or presentation thereof, (5) has a resolution passed for its
winding-up, official management or liquidation (other than pursuant to a
consolidation, amalgamation or merger); (6) seeks or becomes subject to
the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official for it or for all or
substantially all its assets; (7) has a secured party take possession of
all or substantially all its assets or has a distress, execution, attachment,
sequestration or other legal process levied, enforced or sued on or against all
or substantially all its assets and such secured party maintains possession, or
any such process is not dismissed, discharged, stayed or restrained, in each
case within 30 days thereafter; (8) causes or is subject to any event with
respect to it which. under the applicable laws of any jurisdiction, has an
analogous effect to any of the events specified in clauses (1) to (7) (inclusive);
or (9) takes any action in furtherance of, or indicating its consent to,
approval of, or acquiescence in, any of the foregoing acts; or

 

(viii)        Merger Without Assumption. 
The party or any Credit Support Provider of such party consolidates or
amalgamates with, or merges with or into, or transfers all or substantially all
its assets to, another entity and, at the time of such consolidation,
amalgamation, merger or transfer: –

 

(1)           the resulting,
surviving or transferee entity fails to assume all the obligations of such
party or such Credit Support Provider under this Agreement or any Credit
Support Document to which it or its predecessor was a party by operation of law
or pursuant to an agreement reasonably satisfactory to the other party to this
Agreement; or

 

(2)           the benefits of any
Credit Support Document fail to extend (without the consent of the other party)
to the performance by such resulting, surviving or transferee entity of its
obligations under this Agreement.

 

(b)          Termination Events.  The occurrence at any time with respect to a
party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any event specified below constitutes an
Illegality if the event is specified in (i) below, a Tax Event if the
event is specified in (ii) below or a Tax Event Upon Merger if the event
is specified in (iii) below, and, if specified to be applicable, a Credit
Event

 

6

 

Upon Merger if the event is specified pursuant to (iv) below
or an Additional Termination Event if the event is specified pursuant to (v) below:—

 

(i)            Illegality.  Due to
the adoption of, or any change in, any applicable law after the date on which a
Transaction is entered into, or due to the promulgation of, or any change in,
the interpretation by any court, tribunal or regulatory authority with
competent jurisdiction of any applicable law after such date. it becomes
unlawful (other than as a result of a breach by the party of Section 4(b))
for such party (which will be the Affected Party):—

 

(1)           to perform any
absolute or contingent obligation to make a payment or delivery or to receive a
payment or delivery in respect of such Transaction or to comply with any other
material provision of this Agreement relating to such Transaction; or

 

(2)           to perform, or for
any Credit Support Provider of such party to perform, any contingent or other
obligation which the party (or such Credit Support Provider) has under any
Credit Support Document relating to such Transaction;

 

(ii)           Tax Event.  Due to (x) any
action taken by a taxing authority, or brought in a court of competent
jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party
to this Agreement) or (y) a Change in Tax Law, the party (which will be
the Affected Party) will, or there is a substantial likelihood that it will, on
the next succeeding Scheduled Payment Date (1) be required to pay to the
other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except
in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive
a payment from which an amount is required to be deducted or withheld for or on
account of a Tax (except in respect of interest under Section 2(e), 6(d)(ii) or
6(e)) and no additional amount is required to be paid in respect of such Tax
under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or
(B));

 

(iii)          Tax Event Upon Merger. 
The party (the “Burdened Party”) on the next succeeding Scheduled
Payment Date will either (1) be required to pay an additional amount in
respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in
respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive
a payment from which an amount has been deducted or withheld for or on account
of any Indemnifiable Tax in respect of which the other party is not required to
pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or
(B)), in either case as a result of a party consolidating or amalgamating with,
or merging with or into, or transferring all or substantially all its assets
to, another entity (which will be the Affected Party) where such action does
not constitute an event described in Section 5(a)(viii);

 

(iv)          Credit Event Upon Merger. 
If “Credit Event Upon Merger” is specified in the Schedule as applying
to the party, such party (“X”), any Credit Support Provider of X or any
applicable Specified Entity of X consolidates or amalgamates with, or merges
with or into, or transfers all or substantially all its assets to, another
entity and such action does not constitute an event described in Section 5(a)(viii) but
the creditworthiness of the resulting, surviving or transferee entity is
materially weaker than that of X, such Credit Support Provider or such
Specified Entity, as the case may be, immediately prior to such action (and, in
such event, X or its successor or transferee, as appropriate, will be the
Affected Party); or

 

(v)           Additional Termination Event.  If any “Additional Termination Event” is specified
in the Schedule or any Confirmation as applying. the occurrence of such event
(and, in such event. the Affected Party or Affected Parties shall be as
specified for such Additional Termination Event in the Schedule or such
Confirmation).

 

(c)          Event of Default and
Illegality.  If an event
or circumstance which would otherwise constitute or give rise to an Event of
Default also constitutes an Illegality, it will be treated as an Illegality and
will not constitute an Event of Default.

 

7

 

6.           Early Termination

 

(a)          Right to Terminate
Following Event of Default. 
If at any time an Event of Default with respect to a party (the “Defaulting
Party”) has occurred and is then continuing, the other party (the “Non-defaulting
Party”) may, by not more than 20 days notice to the Defaulting Party specifying
the relevant Event of Default, designate a day not earlier than the day such
notice is effective as an Early Termination Date in respect of all outstanding
Transactions. If, however, “Automatic Early Termination” is specified in the
Schedule as applying to a party, then an Early Termination Date in respect of
all outstanding Transactions will occur immediately upon the occurrence with
respect to such party of an Event of Default specified in Section 5(a)(vii)(l),
(3), (5), (6) or, to the extent analogous thereto, (8), and as of the time
immediately preceding the institution of the relevant proceeding or the
presentation of the relevant petition upon the occurrence with respect to such
party of an Event of Default specified in Section 5(a)(vii)(4) or, to
the extent analogous thereto, (8).

 

(b)          Right to Terminate
Following Termination Event.

 

(i)            Notice.  If a
Termination Event occurs, an Affected Party will, promptly upon becoming aware
of it, notify the other party, specifying the nature of that Termination Event
and each Affected Transaction and will also give such other information about
that Termination Event as the other party may reasonably require.

 

(ii)           Transfer to Avoid Termination Event.  If either an Illegality under Section 5(b)(i)(1) or
a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon
Merger occurs and the Burdened Party is the Affected Party, the Affected Party
will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv),
use all reasonable efforts (which will not require such party to incur a loss,
excluding immaterial, incidental expenses) to transfer within 20 days after it
gives notice under Section 6(b)(i) all its rights and obligations
under this Agreement in respect of the Affected Transactions to another of its
Offices or Affiliates so that such Termination Event ceases to exist.

 

If the Affected Party is not able to make such a transfer it will give
notice to the other party to that effect within such 20 day period, whereupon
the other party may effect such a transfer within 30 days after the notice is
given under Section 6(b)(i).

 

Any such transfer by a party under this Section 6(b)(ii) will
be subject to and conditional upon the prior written consent of the other
party, which consent will not be withheld if such other party’s policies in
effect at such time would permit it to enter into transactions with the
transferee on the terms proposed.

 

(iii)          Two Affected Parties. 
If an Illegality under Section 5(b)(i)(1) or a Tax Event
occurs and there are two Affected Parties, each party will use all reasonable
efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on
action to avoid that Termination Event.

 

(iv)          Right to Terminate. 
If:—

 

(1)           a transfer under Section 6(b)(ii) or
an agreement under Section 6(b)(iii), as the case may be, has not been
effected with respect to all Affected Transactions within 30 days after an
Affected Party gives notice under Section 6(b)(i); or

 

(2)           an Illegality under Section 5(b)(i)(2),
a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax
Event Upon Merger occurs and the Burdened Party is not the Affected Party,

 

either party in the case of an Illegality, the Burdened Party in the
case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
or an Additional Termination Event if there is more than one Affected Party, or the party which is not the
Affected Party in the case of a Credit Event Upon Merger or  an Additional Termination Event if there is only
one Affected Party may, by not more than 20 days notice to the other
party and provided that the relevant Termination Event is then

 

8

 

continuing, designate a day not earlier than the day such notice is
effective as an Early Termination Date in respect of all Affected Transactions.

 

(c)          Effect of Designation.

 

(i)            If
notice designating an Early Termination Date is given under Section 6(a) or
(b), the Early Termination Date will occur on the date so designated, whether
or not the relevant Event of Default or Termination Event is then continuing.

 

(ii)           Upon
the occurrence or effective designation of an Early Termination Date, no
further payments or deliveries under Section 2(a)(i) or 2(e) in
respect of the Terminated Transactions will be required to be made, but without
prejudice to the other provisions of this Agreement. The amount, if any, payable
in respect of an Early Termination Date shall be determined pursuant to Section 6(e).

 

(d)          Calculations.

 

(i)            Statement.  On or as
soon as reasonably practicable following the occurrence of an Early Termination
Date, each party will make the calculations on its part, if any, contemplated
by Section 6(e) and will provide to the other party a statement (1) showing,
in reasonable detail, such calculations (including all relevant quotations and
specifying any amount payable under Section 6(e)) and (2) giving
details of the relevant account to which any amount payable to it is to be
paid. In the absence of written confirmation from the source of a quotation
obtained in determining a Market Quotation, the records of the party obtaining
such quotation will be conclusive evidence of the existence and accuracy of
such quotation.

 

(ii)           Payment Date.  An
amount calculated as being due in respect of any Early Termination Date under Section 6(e) will
be payable on the day that notice of the amount payable is effective (in the
case of an Early Termination Date which is designated or occurs as a result of
an Event of Default) and on the day which is two Local Business Days after the
day on which notice of the amount payable is effective (in the case of an Early
Termination Date which is designated as a result of a Termination Event). Such
amount will be paid together with (to the extent permitted under applicable
law) interest thereon (before as well as after judgment) in the Termination
Currency, from (and including) the relevant Early Termination Date to (but
excluding) the date such amount is paid, at the Applicable Rate. Such interest
will be calculated on the basis of daily compounding and the actual number of
days elapsed.

 

(e)          Payments on Early
Termination.  If an Early
Termination Date occurs, the following provisions shall apply based on the
parties’ election in the Schedule of a payment measure, either “Market
Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second
Method”.  If the parties fail to
designate a payment measure or payment method in the Schedule, it will be
deemed that “Market Quotation” or the “Second Method”, as the case may be,
shall apply.  The amount, if any, payable
in respect of an Early Termination Date and determined pursuant to this Section will
be subject to any Set-off.

 

(i)            Events of Default.  If
the Early Termination Date results from an Event of Default:—

 

(1)           First Method
and Market Quotation.  If the
First Method and Market Quotation apply, the Defaulting Party will pay to the
Non-defaulting Party the excess, if a positive number, of (A) the sum of
the Settlement Amount (determined by the Non-defaulting Party) in respect of
the Terminated Transactions and the Termination Currency Equivalent of the
Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination
Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party.

 

(2)           First Method
and Loss.  If the First Method
and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a
positive number, the Non-defaulting Party’s Loss in respect of this Agreement.

 

(3)           Second
Method and Market Quotation. 
If the Second Method and Market Quotation apply, an amount will be payable equal to (A) the sum of the
Settlement Amount (determined by the

 

9

 

Non-defaulting Party) in respect of the Terminated Transactions and the
Termination Currency Equivalent of the Unpaid Amounts owing to the
Non-defaulting Party less (B) the Termination Currency Equivalent of the
Unpaid Amounts owing to the Defaulting Party. If that amount is a positive
number, the Defaulting Party will pay it to the Non-defaulting Party; if it is
a negative number, the Non-defaulting Party will pay the absolute value of that
amount to the Defaulting Party.

 

(4)           Second
Method and Loss.  If the
Second Method and Loss apply, an amount will be payable equal to the
Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a
positive number, the Defaulting Party will pay it to the Non-defaulting Party;
if it is a negative number, the Non-defaulting Party will pay the absolute
value of that amount to the Defaulting Party.

 

(ii)           Termination Events. 
If the Early Termination Date results from a Termination Event:—

 

(1)           One Affected
Party.  If there is one
Affected Party, the amount payable will be determined in accordance with Section 6(e)(i)(3),
if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
except that, in either case, references to the Defaulting Party and to the
Non-defaulting Party will be deemed to be references to the Affected Party and
the party which is not the Affected Party, respectively, and, if Loss applies
and fewer than all the Transactions are being terminated, Loss shall be calculated
in respect of all Terminated Transactions.

 

(2)           Two Affected
Parties.  If there are two
Affected Parties:—

 

(A)          if Market Quotation
applies, each party will determine a Settlement Amount in respect of the
Terminated Transactions, and an amount will be payable equal to (I) the
sum of (a) one-half of the difference between the Settlement Amount of the
party with the higher Settlement Amount (“X”) and the Settlement Amount of the
party with the lower Settlement Amount (“Y”) and (b) the Termination
Currency Equivalent of the Unpaid Amounts owing to X less (II) the
Termination Currency Equivalent of the Unpaid Amounts owing to Y; and

 

(B)           if Loss applies,
each party will determine its Loss in respect of this Agreement (or, if fewer
than all the Transactions are being terminated, in respect of all Terminated
Transactions) and an amount will be payable equal to one-half of the difference
between the Loss of the party with the higher Loss (“X”) and the Loss of the
party with the lower Loss (“Y”).

 

If the amount payable is a positive number, Y will pay it to X; if it
is a negative number, X will pay the absolute value of that amount to Y.

 

(iii)          Adjustment for Bankruptcy. 
In circumstances where an Early Termination Date occurs because “Automatic
Early Termination” applies in respect of a party, the amount determined under
this Section 6(e) will be subject to such adjustments as are
appropriate and permitted by law to reflect any payments or deliveries made by
one party to the other under this Agreement (and retained by such other party)
during the period from the relevant Early Termination Date to the date for
payment determined under Section 6(d)(ii).

 

(iv)          Pre-Estimate.  The
parties agree that if Market Quotation applies an amount recoverable under this
Section 6(e) is a reasonable pre-estimate of loss and not a penalty.
Such amount is payable for the loss of bargain and the loss of protection
against future risks and except as otherwise provided in this Agreement neither
party will be entitled to recover any additional damages as a consequence of
such losses.

 

10

 

7.            Transfer

 

Subject to Section 6(b)(ii), neither this
Agreement nor any interest or obligation in or under this Agreement may be
transferred (whether by way of security or otherwise) by either party without
the prior written consent of the other party, except that:—

 

(a)           a
party may make such a transfer of this Agreement pursuant to a consolidation or
amalgamation with, or merger with or into, or transfer of all or substantially
all its assets to, another entity (but without prejudice to any other right or
remedy under this Agreement); and

 

(b)           a
party may make such a transfer of all or any part of its interest in any amount
payable to it from a Defaulting Party under Section 6(e).

 

Any purported transfer that is not in compliance with
this Section will be void.

 

8.            Contractual Currency

 

(a)           Payment in the Contractual Currency.  Each payment under this Agreement will be
made in the relevant currency specified in this Agreement for that payment (the
“Contractual Currency”). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than
the Contractual Currency, except to the extent such tender results in the
actual receipt by the party to which payment is owed, acting in a reasonable
manner and in good faith in converting the currency so tendered into the
Contractual Currency, of the full amount in the Contractual Currency of all
amounts payable in respect of this Agreement. If for any reason the amount in
the Contractual Currency so received falls short of the amount in the
Contractual Currency payable in respect of this Agreement, the party required
to make the payment will, to the extent permitted by applicable law, immediately
pay such additional amount in the Contractual Currency as may be necessary to
compensate for the shortfall. If for any reason the amount in the Contractual
Currency so received exceeds the amount in the Contractual Currency payable in
respect of this Agreement, the party receiving the payment will refund promptly
the amount of such excess.

 

(b)           Judgments.  To the extent permitted by applicable law, if
any judgment or order expressed in a currency other than the Contractual
Currency is rendered (i) for the payment of any amount owing in respect of
this Agreement, (ii) for the payment of any amount relating to any early
termination in respect of this Agreement or (iii) in respect of a judgment
or order of another court for the payment of any amount described in (i) or
(ii) above, the party seeking recovery, after recovery in full of the
aggregate amount to which such party is entitled pursuant to the judgment or
order, will be entitled to receive immediately from the other party the amount
of any shortfall of the Contractual Currency received by such party as a
consequence of sums paid in such other currency and will refund promptly to the
other party any excess of the Contractual Currency received by such party as a
consequence of sums paid in such other currency if such shortfall or such
excess arises or results from any variation between the rate of exchange at
which the Contractual Currency is converted into the currency of the judgment
or order for the purposes of such judgment or order and the rate of exchange at
which such party is able, acting in a reasonable manner and in good faith in
converting the currency received into the Contractual Currency, to purchase the
Contractual Currency with the amount of the currency of the judgment or order
actually received by such party. The term “rate of exchange” includes, without
limitation, any premiums and costs of exchange payable in connection with the
purchase of or conversion into the Contractual Currency.

 

(c)           Separate Indemnities.  To the extent permitted by applicable law,
these indemnities constitute separate and independent obligations from the
other obligations in this Agreement, will be enforceable as separate and
independent causes of action, will apply notwithstanding any indulgence granted
by the party to which any payment is owed and will not be affected by judgment
being obtained or claim or proof being made for any other sums payable in
respect of this Agreement.

 

(d)           Evidence of Loss.  For the purpose of this Section 8, it
will be sufficient for a party to demonstrate that it would have suffered a
loss had an actual exchange or purchase been made.

 

11

 

9.           Miscellaneous

 

(a)          Entire Agreement.  This Agreement constitutes the entire
agreement and understanding of the parties with respect to its subject matter
and supersedes all oral communication and prior writings with respect thereto.

 

(b)          Amendments.  No amendment, modification or waiver in
respect of this Agreement will be effective unless in writing (including a
writing evidenced by a facsimile transmission) and executed by each of the
parties or confirmed by an exchange of telexes or electronic messages on an
electronic messaging system.

 

(c)          Survival of Obligations.  Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

 

(d)          Remedies Cumulative.  Except as provided in this Agreement, the
rights, powers, remedies and privileges provided in this Agreement are
cumulative and not exclusive of any rights, powers, remedies and privileges
provided by law.

 

(e)          Counterparts and
Confirmations.

 

(i)            This
Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission),
each of which will be deemed an original.

 

(ii)           The
parties intend that they are legally bound by the terms of each Transaction
from the moment they agree to those terms (whether orally or otherwise). A
Confirmation shall be entered into as soon as practicable and may be executed
and delivered in counterparts (including by facsimile transmission) or be
created by an exchange of telexes or by an exchange of electronic messages on
an electronic messaging system, which in each case will be sufficient for all
purposes to evidence a binding supplement to this Agreement.  The parties will specify therein or through
another effective means that any such counterpart, telex or electronic message
constitutes a Confirmation.

 

(f)           No Waiver of Rights.  A failure or delay in exercising any right,
power or privilege in respect of this Agreement will not be presumed to operate
as a waiver, and a single or partial exercise of any right, power or privilege
will not be presumed to preclude any subsequent or further exercise, of that
right, power or privilege or the exercise of any other right, power or
privilege.

 

(g)          Headings.  The headings used in this Agreement are for
convenience of reference only and are not to affect the construction of or to
be taken into consideration in interpreting this Agreement.

 

10.         Offices; Multibranch Parties

 

(a)          If Section 10(a) is
specified in the Schedule as applying, each party that enters into a
Transaction through an Office other than its head or home office represents to
the other party that, notwithstanding the place of booking office or
jurisdiction of incorporation or organisation of such party, the obligations of
such party are the same as if it had entered into the Transaction through its
head or home office.  This representation
will be deemed to be repeated by such party on each date on which a Transaction
is entered into.

 

(b)          Neither party may change the Office
through which it makes and receives payments or deliveries for the purpose of a
Transaction without the prior written consent of the other party.

 

(c)          If a party is specified as a
Multibranch Party in the Schedule, such Multibranch Party may make and receive
payments or deliveries under any Transaction through any Office listed in the
Schedule, and the Office through which it makes and receives payments or
deliveries with respect to a Transaction will be specified in the relevant
Confirmation.

 

11.         Expenses

 

A Defaulting Party will, on demand, indemnify and hold
harmless the other party for and against all reasonable out-of-pocket expenses,
including legal fees and Stamp Tax, incurred by such other party by reason of
the enforcement and protection of its rights under this Agreement or any Credit
Support Document

 

12

 

to which the Defaulting Party is a party or by reason
of the early termination of any Transaction, including, but not limited to,
costs of collection.

 

12.         Notices

 

(a)          Effectiveness. Any
notice or other communication in respect of this Agreement may be given in any
manner set forth below (except that a notice or other communication under Section 5
or 6 may not be given by facsimile transmission or electronic messaging system)
to the address or number or in accordance with the electronic messaging system
details provided (see the Schedule) and will be deemed effective as indicated:—

 

(i)            if
in writing and delivered in person or by courier, on the date it is delivered;

 

(ii)           if
sent by telex, on the date the recipient’s answerback is received;

 

(iii)          if
sent by facsimile transmission, on the date that transmission is received by a
responsible employee of the recipient in legible form (it being agreed that the
burden of proving receipt will be on the sender and will not be met by a
transmission report generated by the sender’s facsimile machine);

 

(iv)          if
sent by certified or registered mail (airmail, if overseas) or the equivalent
(return receipt requested), on the date that mail is delivered or its delivery
is attempted; or

 

(v)           if
sent by electronic messaging system, on the date that electronic message is
received,

 

unless the date of that delivery (or attempted
delivery) or that receipt as applicable, is not a Local Business Day or that
communication is delivered (or attempted) or received, as applicable, after the
close of business on a Local Business Day, in which case that communication
shall be deemed given and effective on the first following day that is a Local
Business Day.

 

(b)          Change of Addresses.
Either party may by notice to the other change the address, telex or facsimile
number or electronic messaging system details at which notices or other
communications are to be given to all

 

13.         Governing Law and Jurisdiction

 

(a)          Governing Law.
This Agreement will be governed by and construed in accordance with the law
specified in the Schedule.

 

(b)          Jurisdiction.
With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”),
each party irrevocably:—

 

(i)            submits
to the jurisdiction of the English courts, if this Agreement is expressed to be
governed by English law, or to the non-exclusive jurisdiction of the courts of
the State of New York and the United States District Court located in the
Borough of Manhattan in New York City, if this Agreement is expressed to be
governed by the laws of the State of New York; and

 

(ii)           waives
any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings
have been brought in an inconvenient forum and further waives the right to
object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party.

 

Nothing in this Agreement precludes either party from
bringing Proceedings in any other jurisdiction (outside, if this Agreement is
expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of
the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

 

(c)          Service of Process.
Each party irrevocably appoints the Process Agent (if any) specified opposite
its name in the Schedule to receive, for it and on its behalf, service of
process in any Proceedings. If for any

 

13

 

reason any party’s Process Agent is unable to act as
such, such party will promptly notify the other party and within 30 days
appoint a substitute process agent acceptable to the other party. The parties
irrevocably consent to service of process given in the manner provided for
notices in Section 12. Nothing in this Agreement will affect the right of
either party to serve process in any other manner permitted by law.

 

(d)          Waiver of Immunities.
Each party irrevocably waives, to the fullest extent permitted by applicable
law, with respect to itself and its revenues and assets (irrespective of their
use or intended use), all immunity on the grounds of sovereignty or other
similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief
by way of injunction, order for specific performance or for recovery of
property, (iv) attachment of its assets (whether before or after judgment)
and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by applicable
law, that it will not claim any such immunity in any Proceedings.

 

14.         Definitions

 

As used in this Agreement: —

 

“Additional Termination
Event” has the meaning specified in Section 5(b).

 

“Affected Party”
has the meaning specified in Section 5(b).

 

“Affected Transactions”
means (a) with respect to any Termination Event consisting of an
Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by
the occurrence of such Termination Event and (b) with respect to any other
Termination Event, all Transactions.

 

“Affiliate”
means, subject to the Schedule, in relation to any person, any entity
controlled, directly or indirectly, by the person, any entity that controls,
directly or indirectly, the person or any entity directly or indirectly under
common control with the person. For this purpose, “control” of any entity or
person means ownership of a majority of the voting power of the entity or
person.

 

“Applicable Rate”
means: —

 

(a)           in
respect of obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

 

(b)           in
respect of an obligation to pay an amount under Section 6(e) of
either party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

 

(c)           in
respect of all other obligations payable or deliverable (or which would have
been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

 

(d)           in
all other cases, the Termination Rate.

 

“Burdened Party”
has the meaning specified in Section 5(b).

 

“Change in Tax Law”
means the enactment, promulgation, execution or ratification of, or any change
in or amendment to, any law (or in the application or official interpretation
of any law) that occurs on or after the date on which the relevant Transaction
is entered into.

 

“consent”
includes a consent, approval, action, authorisation, exemption, notice, filing,
registration or exchange control consent.

 

“Credit Event Upon Merger”
has the meaning specified in Section 5(b).

 

“Credit Support Document”
means any agreement or instrument that is specified as such in this Agreement.

 

“Credit Support Provider”
has the meaning specified in the Schedule.

 

“Default Rate”
means a rate per annum equal to the cost (without proof or evidence of any
actual cost) to the relevant payee (as certified by it) if it were to fund or
of funding the relevant amount plus 1% per annum.

 

14

 

“Defaulting Party”
has the meaning specified in Section 6(a).

 

“Early Termination Date”
means the date determined in accordance with Section 6(a) or
6(b)(iv).

 

“Event of Default”
has the meaning specified in Section 5(a) and, if applicable, in the
Schedule.

 

“Illegality” has
the meaning specified in Section 5(b).

 

“Indemnifiable Tax”
means any Tax other than a Tax that would not be imposed in respect of a
payment under this Agreement but for a present or former connection between the
jurisdiction of the government or taxation authority imposing such Tax and the
recipient of such payment or a person related to such recipient (including,
without limitation, a connection arising from such recipient or related person
being or having been a citizen or resident of such jurisdiction, or being or having
been organised, present or engaged in a trade or business in such jurisdiction,
or having or having had a permanent establishment or fixed place of business in
such jurisdiction, but excluding a connection arising solely from such
recipient or related person having executed, delivered, performed its
obligations or received a payment under, or enforced, this Agreement or a
Credit Support Document).

 

“law” includes
any treaty, law, rule or regulation (as modified, in the case of tax
matters, by the practice of any relevant governmental revenue authority) and “lawful”
and “unlawful” will be construed accordingly.

 

“Local Business Day”
means, subject to the Schedule, a day on which commercial banks are open for
business (including dealings in foreign exchange and foreign currency deposits)
(a) in relation to any obligation under Section 2(a)(i), in the place(s) specified
in the relevant Confirmation or, if not so specified, as otherwise agreed by
the parties in writing or determined pursuant to provisions contained, or
incorporated by reference, in this Agreement, (b) in relation to any other
payment, in the place where the relevant account is located and, if different.
in the principal financial centre, if any, of the currency of such payment, (c) in
relation to any notice or other communication, including notice contemplated
under Section 5(a)(i), in the city specified in the address for notice
provided by the recipient and, in the case of a notice contemplated by Section 2(b),
in the place where the relevant new account is to be located and (d) in
relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

 

“Loss” means,
with respect to this Agreement or one or more Terminated Transactions, as the
case may be, and a party, the Termination Currency Equivalent of an amount that
party reasonably determines in good faith to be its total losses and costs (or
gain, in which case expressed as a negative number) in connection with this
Agreement or that Terminated Transaction or group of Terminated Transactions,
as the case may be, including any loss of bargain, cost of funding or, at the
election of such party but without duplication, loss or cost incurred as a
result of its terminating, liquidating, obtaining or reestablishing any hedge
or related trading position (or any gain resulting from any of them). Loss
includes losses and costs (or gains) in respect of any payment or delivery
required to have been made (assuming satisfaction of each applicable condition
precedent) on or before the relevant Early Termination Date and not made,
except, so as to avoid duplication, if Section 6(c)(i)(1) or (3) or
6(e)(ii)(2)(A) applies. Loss does not include a party’s legal fees and
out-of-pocket expenses referred to under Section 11. A party will
determine its Loss as of the relevant Early Termination Date, or, if that is
not reasonably practicable, as of the earliest date thereafter as is reasonably
practicable. A party may (but need not) determine its Loss by reference to quotations
of relevant rates or prices from one or more leading dealers in the relevant
markets.

 

“Market
Quotation” means, with respect to
one or more Terminated Transactions and a party making the determination, an
amount determined on the basis of quotations from Reference Market-makers. Each
quotation will be for an amount, if any, that would be paid to such party
(expressed as a negative number) or by such party (expressed as a positive
number) in consideration of an agreement between such party (taking into
account any existing Credit Support Document with respect to the obligations of
such party) and the quoting Reference Market-maker to enter into a transaction
(the “Replacement Transaction”) that would have the effect of preserving for
such party the economic equivalent of any payment or delivery (whether the
underlying obligation was absolute or contingent and assuming the satisfaction
of each applicable condition precedent) by the parties under Section 2(a)(i) in
respect of such Terminated Transaction or group of Terminated Transactions that
would, but for the occurrence of the relevant Early Termination Date, have

 

15

 

been required after that date. For this purpose,
Unpaid Amounts in respect of the Terminated Transaction or group of Terminated
Transactions are to be excluded but, without limitation, any payment or
delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction
would be subject to such documentation as such party and the Reference
Market-maker may, in good faith, agree. The party making the determination (or
its agent) will request each Reference Market-maker to provide its quotation to
the extent reasonably practicable as of the same day and time (without regard
to different time zones) on or as soon as reasonably practicable after the
relevant Early Termination Date. The day and time as of which those quotations
are to be obtained will be selected in good faith by the party obliged to make
a determination under Section 6(e), and, if each party is so obliged,
after consultation with the other. If more than three quotations are provided,
the Market Quotation will be the arithmetic mean of the quotations, without
regard to the quotations having the highest and lowest values, If exactly three
such quotations are provided, the Market Quotation will be the quotation
remaining after disregarding the highest and lowest quotations. For this
purpose, if more than one quotation has the same highest value or lowest value,
then one of such quotations shall be disregarded. If fewer than three
quotations are provided, it will be deemed that the Market Quotation in respect
of such Terminated Transaction or group of Terminated Transactions cannot be
determined.

 

“Non-default Rate”
means a rate per annum equal to the cost (without proof or evidence of any
actual cost) to the Non-defaulting Party (as certified by it) if it were to
fund the relevant amount.

 

“Non-defaulting Party”
has the meaning specified in Section 6(a).

 

“Office” means a
branch or office of a party, which may be such party’s head or home office.

 

“Potential Event of Default”
means any event which, with the giving of notice or the lapse of time or both,
would constitute an Event of Default.

 

“Reference Market-makers”
means four leading dealers in the relevant market selected by the party
determining a Market Quotation in good faith (a) from among dealers of the
highest credit standing which satisfy all the criteria that such party applies
generally at the time in deciding whether to offer or to make an extension of
credit and (b) to the extent practicable, from among such dealers having
an office in the same city.

 

“Relevant Jurisdiction”
means, with respect to a party, the jurisdictions (a) in which the party
is incorporated, organised, managed and controlled or considered to have its
seat, (b) where an Office through which the party is acting for purposes
of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such
payment is made.

 

“Scheduled Payment Date”
means a date on which a payment or delivery is to be made under Section 2(a)(i) with
respect to a Transaction.

 

“Set-off”  means set-off, offset, combination of accounts, right of
retention or withholding or similar right or requirement to which the payer of
an amount under Section 6 is entitled or subject (whether arising under
this Agreement, another contract, applicable law or otherwise) that is
exercised by, or imposed on, such payer.

 

“Settlement Amount”
means, with respect to a party and any Early Termination Date, the sum of.-

 

(a)           the
Termination Currency Equivalent of the Market Quotations (whether positive or
negative) for each Terminated Transaction or group of Terminated Transactions
for which a Market Quotation is determined; and

 

(b)           such
party’s Loss (whether positive or negative and without reference to any Unpaid
Amounts) for each Terminated Transaction or group of Terminated Transactions
for which a Market Quotation cannot be determined or would not (in the
reasonable belief of the party making the determination) produce a commercially
reasonable result.

 

“Specified Entity”
has the meaning specified in the Schedule.

 

16

 

“Specified Indebtedness”
means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of
borrowed money.

 

“Specified Transaction”
means, subject to the Schedule, (a) any transaction (including an
agreement with respect thereto) now existing or hereafter entered into between
one party to this Agreement (or any Credit Support Provider of such party or
any applicable Specified Entity of such party) and the other party to this
Agreement (or any Credit Support Provider of such other party or any applicable
Specified Entity of such other party) which is a rate swap transaction, basis
swap, forward rate transaction, commodity swap, commodity option, equity or
equity index swap, equity or equity index option, bond option, interest rate
option, foreign exchange transaction, cap transaction, floor transaction,
collar transaction, currency swap transaction, cross-currency rate swap
transaction, currency option or any other similar transaction (including any
option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

 

“Stamp Tax”
means any stamp, registration, documentation or similar tax.

 

“Tax” means any
present or future tax, levy, impost, duty, charge, assessment or fee of any
nature (including interest, penalties and additions thereto) that is imposed by
any government or other taxing authority in respect of any payment under this
Agreement other than a stamp, registration, documentation or similar tax.

 

“Tax Event” has
the meaning specified in Section 5(b).

 

“Tax Event Upon Merger”
has the meaning specified in Section 5(b).

 

“Terminated Transactions”
means with respect to any Early Termination Date (a) if resulting from a
Termination Event, all Affected Transactions and (b) if resulting from an
Event of Default, all Transactions (in either case) in effect immediately
before the effectiveness of the notice designating that Early Termination Date
(or, if “Automatic Early Termination” applies, immediately before that Early
Termination Date).

 

“Termination Currency”
has the meaning specified in the Schedule.

 

“Termination Currency
Equivalent” means, in respect of any amount denominated in the
Termination Currency, such Termination Currency amount and, in respect of any
amount denominated in a currency other than the Termination Currency (the “Other
Currency”), the amount in the Termination Currency determined by the party
making the relevant determination as being required to purchase such amount of
such Other Currency as at the relevant Early Termination Date, or, if the
relevant Market Quotation or Loss (as the case may be), is determined as of a
later date, that later date, with the Termination Currency at the rate equal to
the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a
rate for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be
selected in good faith by that party and otherwise will be agreed by the
parties

 

“Termination Event”
means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to
be applicable, a Credit Event Upon Merger or an Additional Termination Event.

 

“Termination Rate”
means a rate per annum equal to the arithmetic mean of the cost (without proof
or evidence of any actual cost) to each party (as certified by such party) if
it were to fund or of funding such amounts.

 

“Unpaid
Amounts” owing to any party means,
with respect to an Early Termination Date, the aggregate of (a) in respect
of all Terminated Transactions, the amounts that became payable (or that would
have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on
or prior to such Early Termination Date and which remain unpaid as at such
Early Termination Date and (b) in respect of each Terminated Transaction.
for each obligation under Section 2(a)(i) which was (or would have
been but for Section 2(a)(iii)) required to be settled by delivery to such
party on or prior to such Early Termination Date and which has not been so
settled as at such Early Termination Date, an amount equal to the fair market

 

17

 

value of that which was (or would have been) required
to be delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and
the actual number of days elapsed. The fair market value of any obligation
referred to in clause (b) above shall be reasonably determined by the
party obliged to make the determination under Section 6(e) or, if
each party is so obliged, it shall be the average of the Termination Currency
Equivalents of the fair market values reasonably determined by both parties.

 

IN WITNESS WHEREOF the parties have executed this
document on the respective dates specified below with effect from the date
specified on the first page of this document.

 

 

	
   

  	
  CREDIT SUISSE ENERGY LLC

  	
   

  	
   

  	
  NOBLE ENVIRONMENTAL POWER

  
	
   

  	
   

  	
   

  	
   

  	
  2006 HOLD CO, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marisa Scauzillo

  	
   

  	
  By: 

  	
  /s/ Thomas F. Swank

  
	
   

  	
   

  	
  Name:

  	
   Marisa Scauzillo

  	
   

  	
   

  	
  Name:

  	
   Thomas F. Swank

  
	
   

  	
   

  	
  Title:

  	
   Authorized Signatory

  	
   

  	
   

  	
  Title:

  	
   Vice President

  

 

18

 

[Execution Version]

 

CONFIDENTIAL TREATMENT HAS
BEEN REQUESTED FOR THE REDACTED PORTIONS OF THIS AGREEMENT. THE REDACTIONS ARE
INDICATED WITH THREE ASTERISKS (“***”). A COMPLETE VERSION OF THIS AGREEMENT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

Schedule

to
the

1992 ISDA Master Agreement

 

dated
as of June 20, 2007

 

between

 

	
  Credit Suisse Energy LLC,

  a limited liability
  company organized under the

  laws of the State of Delaware

  (“Party
  A”)

  	
   

  	
  and

  	
   

  	
  Noble Environmental Power 2006 Hold
  Co, LLC

   

  a limited liability
  company organized

  under the laws of the State of Delaware

  (“Party B”)

  

 

Part 1

Termination Provisions

 

(a)          Specified Entity.  “Specified Entity” means in relation to Party A for the purpose of:

 

	
  Section 5(a)(v):

  	
  Not
  Applicable

  
	
  Section 5(a)(vi):

  	
  Not
  Applicable

  
	
  Section 5(a)(vii):

  	
  Not
  Applicable

  
	
  Section 5(b)(iv):

  	
  Not
  Applicable

  
	
   

  	
   

  
	
  in
  relation to Party B for the purpose of:

  
	
   

  	
   

  
	
  Section 5(a)(v):

  	
  Not
  Applicable

  
	
  Section 5(a)(vi):

  	
  Not
  Applicable

  
	
  Section 5(a)(vii):

  	
  Not
  Applicable

  
	
  Section 5(b)(iv):

  	
  Not
  Applicable

  

 

(b)          Specified
Transaction.  Specified Transaction will have
the meaning specified in Section 14 of this Agreement, except that such
term is amended on line 8 after the words “currency option” by adding a comma
and the words “agreement for the purchase, sale or transfer of any commodity or
any other commodity trading transaction.” 
For this purpose, “commodity” means any tangible or intangible commodity
of any type or description, including, without limitation, electricity, natural
gas, petroleum, coal, emissions allowances, the products and by-products
thereof, and weather derivatives.

 

(c)          Cross
Default.  The “Cross Default” provision (Section 5(a)(vi)),
will apply to Party A and Party B; provided that (i) the phrase “or becoming
capable at such time of being declared” shall be deleted from clause (1) of
such Section 5(a)(vi) and (ii) the following shall be added at
the end of such Section 5(a)(vi): “provided that
notwithstanding anything to the contrary contained in this Section 5(a)(vi) with
respect to Party B, an Event of Default under this Section 5(a)(vi) shall
not be deemed to exist or have occurred in respect of Party B if (x) a Forbearance
Default has not occurred under the Dexia/GE Forbearance Agreement and (y) the
only remedies exercised by the Senior Lenders in 

 

 

connection
with any event of default under the Loan Documents are limited to those
contemplated under Section 1.03 of the Dexia/GE Forbearance Agreement.”

 

“Specified Indebtedness” will have the meaning
specified in Section 14 of the Agreement.

 

“Threshold Amount” means $***.

 

(d)         Additional Events of
Default.  Section 5(a) is further amended by
adding the following additional Events of Default, which shall apply with
respect to Party B only, with Party B being deemed the Defaulting Party upon
the occurrence of the following events and the failure to cure within the
applicable cure period:

 

“(ix)                        Failure of Security Interest.  The
occurrence of any event or circumstance on or after the Closing Date that
results in Party A’s security interest in and lien on the Junior Collateral
failing or ceasing to be a second priority security interest and lien thereon,
subject and junior only to Permitted Liens and the security interests and liens
created by and granted under the First Lien Collateral Documents, or otherwise
having been materially impaired, including, without limitation, pursuant to a
refinancing, restructuring, substitution, extension, replacement, modification
or termination of the Financing Agreement, the Loan Documents or the First Lien
Collateral Documents, not otherwise permitted pursuant to paragraph (m)(i) of
Part 5 below, and such occurrence, event or circumstance is not cured
within *** Local Business Days following Party B’s obtaining Actual
Knowledge thereof;

 

(x)                                 ***

 

(xi)                              ***

 

(xii)                           ***

 

***

 

20

 

(e)          Posting Additional
Credit Support to Forestall Certain Events of Default.  Party A and Party B agree that no Event of
Default shall occur with respect to Party B under Section 5(a)(ii), (iv), (vi),
(ix), (x), (xi) or (xii) of the
Agreement (each, a “Specified Event of Default”)
above if Party B or its designee
Transfers Eligible Collateral or Other Eligible Support to Party A in accordance with the Credit
Support Annex such that Party A holds Posted Credit Support with
a Value equal to or greater than its Total Exposure at all times during
the related Additional Collateral Period.

 

(f)            Additional Amendments to Events
of Default and Termination Events.

 

(1)                                The Credit Support Default in Section 5(a)(iii) of
the Agreement is amended by restating clause (2) thereof to read as
follows:

 

“(2)                           the expiration or termination of such Credit
Support Document or the failing or ceasing of such Credit Support Document to
be in full force and effect for the purpose of this Agreement (in either case
other than in accordance with its terms) prior to the satisfaction of all
obligations of such party under each Transaction to which such Credit Support
Document relates without the written consent of the other party, provided that such event shall not result in an Event of
Default under this clause (2) if a replacement agreement (on substantially
the same terms as the document being replaced) is executed and delivered to the
other party within three Local Business Days of such event; or”

 

(2)                                The Misrepresentation Default in Section 5(a)(iv) of
the Agreement is amended by adding the following proviso at the end thereof:

 

“; provided that, if any such misrepresentation or the adverse
effect thereof is capable of being remedied, the party may remedy such
misrepresentation or adverse effect by (1) notifying the other party
promptly upon obtaining Actual Knowledge of such misrepresentation, (2) taking
diligent action to cure such misrepresentation or adverse effect within such
period and (3) curing such misrepresentation or adverse effect thereof
(including adverse effects on the other party) within 30 days of obtaining
Actual Knowledge thereof.”

 

(3)                                The Bankruptcy Default in Section 5(a)(vii) of
the Agreement is deleted in its entirety and replaced with the following:

 

“Bankruptcy.  The party or any Credit
Support Provider of such party:–

 

(1) is
dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes
insolvent or is unable to pay its debts or fails or admits in writing its
inability generally to pay its debts as they become due; (3) makes a
general assignment, arrangement or composition with or for the benefit of its
creditors; (4) institutes or has instituted against it a proceeding
seeking a judgment of insolvency or bankruptcy or any other relief under any
bankruptcy or insolvency law or other similar law affecting creditors’ rights,
or a petition is presented for its winding-up or liquidation, and, in the case
of any such proceeding or petition instituted or presented against it, such
proceeding or petition (A) results in a judgment of insolvency or
bankruptcy or the entry of an order for relief or the making of an order for
its winding-up or liquidation or (B) is not dismissed, discharged, stayed
or restrained in each case within *** days of the institution or presentation
thereof, (5) has a resolution passed for its winding-up, official 

 

21

 

management or
liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks
or becomes subject to the appointment of an administrator, provisional
liquidator, conservator, receiver, trustee, custodian or other similar official
for it or for all or substantially all its assets and, in the case of any such
involuntary appointment, such appointment is not vacated within *** days (provided that such *** day grace period will not apply
unless the other party is given prompt (and, in any event, within *** Local
Business Days) written notice of such appointment and the party subject to such
appointment is diligently pursuing the vacation thereof); (7) has a
secured party take possession of all or substantially all its assets or has a distress,
execution, attachment, sequestration or other legal process levied, enforced or
sued on or against all or substantially all its assets and such secured party
maintains possession, or any such process is not dismissed, discharged, stayed
or restrained, in each case within *** days thereafter; (8) causes or is
subject to any event with respect to it which. under the applicable laws of any
jurisdiction, has an analogous effect to any of the events specified in clauses
(1) to (7) (inclusive); or (9) consents to, approves of, or
acquiesces in, any of the acts referred to in the foregoing clauses (4), (6) or
(7); or”

 

(4)                                  The Illegality Termination Event in Section 5(b)(i) of
the Agreement is amended by restating clause (2) thereof, by adding a
clause (3) thereto and by adding a proviso following clauses (1), (2) and
(3) thereof, in each case, to read as follows:

 

“(2)                            to perform any contingent or other material
obligation which the party has under any Credit Support Document relating to
such Transaction; or

 

(3)                                  for any Credit Support Provider of such party
to perform any contingent or other material obligation which such Credit
Support Provider has under any Credit Support Document relating to such
Transaction;

 

provided
that, with respect to
clauses (2) and (3) above, such party shall have *** Local Business Days to cure such failure to
perform by providing a replacement Credit Support Document (and if such failure
is not cured within such ***
Local Business Day period, the Termination Event pursuant to this Section 5(b)(i) shall
occur on such *** day).”

 

(5)                                  The
Tax Event in Section 5(b)(ii) of the Agreement is amended by adding a
proviso following at the end thereof reading as follows:

 

“, provided that, if the Affected Party is Party A, the matters
referred to in this Section 5(b)(ii) shall not constitute a
Termination Event if, within ten Local Business Days of any such event, Party B
provides Party A with an indemnity (in a form reasonably acceptable to Party A)
for all amounts that Party A would otherwise be required to pay under Section 5(b)(ii)(1) and
for all amounts that otherwise would be deducted or withheld from payments to
Party A under Section 5(b)(ii)(2) (and, if such failure is not cured within
such ten Local Business Day period, the Termination Event pursuant to this Section 5(b)(ii) shall
occur on such tenth day).”

 

(6)                                  The
Tax Event Upon Merger in Section 5(b)(iii) of the Agreement is
amended by adding a proviso following at the end thereof reading as follows:

 

“, provided that, if the Burdened Party is Party A, the matters
referred to in this Section 5(b)(iii) shall not constitute a
Termination Event if, within ten Local Business Days of 

 

22

 

any such
event, Party B provides Party A with an indemnity (in a form reasonably
acceptable to Party A) for all amounts that Party A would otherwise be required
to pay under Section 5(b)(iii)(1) and for all amounts that otherwise
would be deducted or withheld from payments to Party A under Section 5(b)(iii)(2) (and, if such indemnity is not provided
within such ten Local Business Day period, the Termination Event pursuant to
this Section 5(b)(iii) shall occur on such tenth day).”

 

(g)         Credit Event
Upon Merger.  The “Credit Event Upon Merger”
provision (Section 5(b)(iv)) will apply to Party A and Party B.

 

(h)         Automatic
Early Termination.  The “Automatic Early Termination”
provisions of Section 6(a) of
this Agreement will not apply to Party A and will not apply to Party B.

 

(i)            Payments on
Early Termination.  For the purpose of Section 6(e),
Loss and the Second Method will apply.

 

(j)            Termination
Currency.  “Termination
Currency” means United States Dollars.

 

(k)        Additional
Termination Event.  Additional Termination Event
will not apply to Party A or Party B.

 

Part 2

Tax Representations

 

(a)         Payer Tax
Representations.  For the purpose of Section 3(e),
Party A and Party B each makes the following representation:

 

It is not required by any applicable law, as modified
by the practice of any relevant governmental revenue authority, of any Relevant
Jurisdiction to make any deduction or withholding for or on account of any Tax
from any payment (other than interest under Section 2(e), 6(d)(ii) or
6(e)) to be made by it to the other party under this Agreement.  In making this representation, it may rely
on:

 

(i)             The accuracy of any
representation made by the other party pursuant to Section 3(f);

 

(ii)          The satisfaction of the
agreement of the other party contained in Section 4(a)(i) or 4(a)(iii) and
the accuracy and effectiveness of any document provided by the other party
pursuant to Section 4(a)(i) or 4(a)(iii); and

 

(iii)       The satisfaction of the
agreement of the other party contained in Section 4(d);

 

provided that it shall not be a breach of this representation
where reliance is placed on clause (ii), and the other party does not deliver a
form or document under Section 4(a)(iii) by reason of material
prejudice to its legal or commercial position.

 

(b)         Payee Tax
Representations.  For the purpose of Section 3(f):

 

(i)             Party A makes no Payee
Tax Representations.

 

(ii)          Party B makes no Payee
Tax Representations.

 

23

 

Part 3

Agreement to Deliver
Documents

 

Each party agrees to
deliver the following documents as applicable:

 

(a)          For the purpose of Section 4(a)(i),
tax forms, documents or certificates to be delivered are:

 

	
  Party required to

  deliver document

  	
   

  	
  Form/Document/Certificate

  	
   

  	
  Date by which

  to be delivered

  
	
  Party A

  &

  Party B

  	
   

  	
  United States Internal Revenue Service Form W-9,
  or any successor form, or any other document required or reasonably requested
  to allow the other party to make payments under this Agreement without any
  deduction or withholding form or on account of any Tax or with such deduction
  or withholding at a reduced rate.

  	
   

  	
  (i) On a date which is before the first
  Scheduled Payment Date under this Agreement,

  (ii) promptly upon reasonable demand by the other party and

  (iii) promptly upon learning that any such form previously provided by
  such party has become obsolete, incorrect, or ineffective.

  

 

(b)          For the purpose of Section 4(a)(ii),
other documents to be delivered are:

 

	
  Party required to

  deliver document

  	
   

  	
  Form/Document/Certificate

  	
   

  	
  Date by which

  to be delivered

  	
   

  	
  Covered by

  Section 3(d)

  Representation

  
	
  (1)

  	
   

  	
  Party
  A

  &

  Party B

  	
   

  	
  Evidence
  reasonably satisfactory to the other party as to the names, true signatures
  and authority of the officers or officials (a) signing this Agreement or
  any Confirmation on its behalf, and (b) signing the respective Credit
  Support Document referred to in Part 4(e) of this Schedule.

  	
   

  	
  Upon
  execution of this Agreement and, if requested upon execution of any
  Confirmation.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (2)

  	
   

  	
  Party
  B

  	
   

  	
  A
  copy of the audited annual report of NEP and the unaudited annual financial
  statements of the Project Companies.

  	
   

  	
  Upon
  request, as soon as available.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (3)

  	
   

  	
  Party
  A

  	
   

  	
  A
  copy of the audited annual report of the Credit Support Provider for Party A.

  	
   

  	
  Upon
  request, as soon as publicly available.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (4)

  	
   

  	
  Party
  A & Party B

  	
   

  	
  A
  duly signed copy of each respective

  	
   

  	
  Upon execution of

  	
   

  	
  Yes

  

 

24

 

	
   

  	
   

  	
   

  	
   

  	
  Credit
  Support Document referred to in Part 4(e) of this Schedule.

  	
   

  	
  this Agreement.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (5)

  	
   

  	
  Party
  A & Party B

  	
   

  	
  Certified resolutions
  evidencing necessary corporate authority and approvals with respect to the
  execution, delivery and performance by Party A and Party B of this Agreement
  and any Confirmation delivered thereunder on behalf of Party A or Party B.

  	
   

  	
  Upon execution of this
  Agreement.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (6)

  	
   

  	
  Party
  A & Party B

  	
   

  	
  Certified resolutions
  evidencing necessary corporate authority and approvals with respect to the
  execution, delivery and performance by the Credit Support Provider of any
  applicable Credit Support Document.

  	
   

  	
  Upon execution of this
  Agreement.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (7)

  	
   

  	
  Party
  B

  	
   

  	
  (i) All documents
  (e.g., security agreements, mortgages, deeds of trust etc.) that evidence and
  are necessary to validly grant the Second Lien and (ii) the
  Subordination Agreement.

  	
   

  	
  Upon execution of this
  Agreement.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (8)

  	
   

  	
  Party
  B

  	
   

  	
  Executed copies of the
  Loan Documents, the First Lien Collateral Documents, the Project Documents
  (other than the Additional Project Documents), the CS/GE Forbearance
  Agreement and the Dexia/GE Forbearance Agreement.

  	
   

  	
  Upon execution of this
  Agreement

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (9)

  	
   

  	
  Party
  B

  	
   

  	
  Executed copies of
  Additional Project Documents

  	
   

  	
  Within 30 days following
  execution thereof

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (10)

  	
   

  	
  Party
  B

  	
   

  	
  A Letter of Credit (the “Initial
  LC”) in an amount equal to the Initial LC Amount.

  	
   

  	
  Upon execution of this
  Agreement

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (11)

  	
   

  	
  Party
  B

  	
   

  	
  An opinion of counsel to
  Party B in form and substance satisfactory to Party A.

  	
   

  	
  Upon execution of this
  Agreement

  	
   

  	
  No

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (12)

  	
   

  	
  Party
  A and Party B

  	
   

  	
  Executed copies of (i) the
  letter agreement between Party A and Party B regarding the “Article 78”
  proceedings and the staggered start and (ii) the letter agreement among Party
  A, the Class A Member and the Class B Member regarding approval rights
  granted to Party A following the termination of this Agreement.

  	
   

  	
  Upon execution of this
  Agreement

  	
   

  	
  No

  

 

25

 

	
  (13)

  	
   

  	
  Party
  B

  	
   

  	
  Notice of each event of
  default under the Financing Agreement

  	
   

  	
  Promptly after the
  occurrence thereof

  	
   

  	
  No

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (14)

  	
   

  	
  Party
  B

  	
   

  	
  Copies of each waiver of
  an event of default under the Financing Agreement

  	
   

  	
  Promptly after the
  execution thereof

  	
   

  	
  No

  

 

Part 4

Miscellaneous

 

(a)          Addresses
for Notices.  For the purpose of Section 12(a):

 

Notwithstanding Section 12(a) of the
Agreement all notices including those to be given under Section 5 or 6 may
be given by facsimile transmission or electronic messaging system (excluding
e-mail).

 

(i)                                     Party A:

 

(A)  Address for notices or communications to
Party A:

 

11 Madison Avenue

New York, NY 10010

Attention:(I) Head of Credit Risk Management;

 

(I)  Head of Credit Risk Management;

 

(II)  Head of OTC Operations – Operations
Department;

 

(III)  Head of Documentation Group – Securities
Division Legal and Compliance Department

 

(B)  For the purpose of facsimile notices or
communications under this Agreement

 

(I) Facsimile: +1 (917) 326-7930

 

Attention: Head of Documentation Group – Securities
Division Legal and Compliance Department

 

(II)  Facsimile: +1 (212) 325-8170

 

Attention: 
Head of Credit Risk Management

 

(III)  Facsimile (including for invoices and
Confirmations): +(212) 951-8823

 

Attention: 
Head of OTC Operations - Operations Department.

 

Electronic Messaging System details:  None unless mutually agreed otherwise.

 

26

 

(ii)          Party B

 

Address
for  notices or communications to Party B:

 

Noble Environmental Power 2006 Hold Co, LLC

8 Railroad Avenue

Suite 8, Second Floor

Essex, CT 06426

 

Attention:  Thomas
Swank and Sidney Chang

Telephone:  +1
(860) 581-5010 / (860) 581-5060

Facsimile:  +1 (860) 767-7198

 

(For all purposes.)

 

(iii)       Class A Member

 

Address
for  notices or communications to the Class A
Member:

 

EFS Noble Holdings, LLC

c/o GE Financial Services

c/o General Electric Capital Corporation

120 Long Ridge Road

Stamford, Connecticut 06927

 

(For receipt of notice of Termination Events and Events
of Default as to which Party B is the Affected Party or Defaulting Party, as
applicable.)

 

(iv)      Senior Lenders

 

Address for notices or communications to the Senior
Lenders:

 

Dexia Crédit Local, New York Branch

445 Park Avenue, 7th Floor

New York, New York 10022 

Tel:  +1 (212) 515-7000

Fax:  +1 (212)
753-5522

Attn: Portfolio Management

 

(For receipt of notice of Termination Events and Events
of Default as to which Party B is the Affected Party or Defaulting Party, as
applicable.)

 

(b)         Offices.  The provisions of Section 10(a) will
apply to this Agreement.

 

(c)          Multibranch
Party.
For the purpose of Section 10(c):

 

Party A
is not a Multibranch Party.

 

Party B
is not a Multibranch Party.

 

(d)         Calculation
Agent.  The
Calculation Agent is Party A unless otherwise specified in a Confirmation in
relation to the relevant Transaction; provided, however, that if an Event of Default has occurred and is
continuing with respect to Party A, the Calculation Agent shall be a designated
third party mutually agreed to by the parties until such time as Party A is no
longer a Defaulting Party.  The failure
of a party to perform its obligations as a Calculation Agent hereunder shall
not be construed as an Event

 

27

 

of
Default or Termination Event.  If a
calculation or determination is disputed by the party not acting as Calculation
Agent then the parties shall first endeavor to resolve such dispute, but if
they are unable to do so within a commercially reasonable time, then they shall
mutually select a dealer to act as Calculation Agent, whose fees and expenses
shall be met equally by both parties; provided that
if they can not mutually agree upon such a substitute Calculation Agent then
they shall each select an independent dealer and such dealers shall mutually
select another dealer to serve as substitute Calculation Agent.

 

(e)          Credit
Support Document.  Details of any Credit Support
Document:

 

In
relation to Party A and Party B:  The
ISDA Credit Support Annex.

 

In relation to Party A:  The guarantee made by Credit Suisse (USA), Inc.,
dated the date hereof, attached hereto as Exhibit I.

 

In relation to Party B: The Second Lien Collateral Documents.

 

(f)            Credit
Support Provider.  Credit Support Provider
means:

 

In relation to Party A:                                                     Credit Suisse (USA), Inc.

 

In relation to Party B:                                                       The Project Companies.

 

(g)         Governing
Law and Jurisdiction.  THIS AGREEMENT WILL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK (WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THEREOF OTHER
THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  SECTION 13(B) IS HEREBY AMENDED BY:
(I) DELETING IN THE SECOND LINE OF SUBPARAGRAPH (I) THEREOF THE WORD,
“NON-”; (II) ADDING IN THE THIRD LINE BEFORE THE COMMA, “AND EACH PARTY
IRREVOCABLY AGREES TO DESIGNATE ANY PROCEEDINGS BROUGHT IN THE COURTS OF THE
STATE OF NEW YORK AS ‘COMMERCIAL’ ON THE REQUEST FOR JUDICIAL INTERVENTION
SEEKING ASSIGNMENT TO THE COMMERCIAL DIVISION OF THE SUPREME COURT”; AND (III) INSERTING
“IN ORDER TO ENFORCE ANY JUDGMENT OBTAINED IN ANY PROCEEDINGS REFERRED TO IN
THE PRECEDING SENTENCE” IMMEDIATELY AFTER THE WORD, “JURISDICTION” THE FIRST
TIME IT APPEARS IN THE SECOND SENTENCE AND DELETING THE REMAINDER.  EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO
PLEAD, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT THEY MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OR THE CONVENIENCE OF THE FORUM OF ANY
PROCEEDING WITH RESPECT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY, IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK AND THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY.  EACH PARTY AGREES THAT A FINAL JUDGMENT,
SUBJECT TO APPEAL RIGHTS, IN ANY PROCEEDING SO BROUGHT SHALL BE CONCLUSIVE AND MAY BE
ENFORCED BY SUIT ON THE JUDGMENT IN ANY COURT OR IN ANY OTHER MANNER PROVIDED
BY LAW OR IN EQUITY.

 

(h)        Affiliate.  Affiliate
will have the meaning specified in Section 14.

 

28

 

(i)            Netting
of Payments. 
Subparagraph (ii) of Section 2(c) will not apply to
Transactions.

 

Part 5

Other Provisions

 

(a)          Scope
of Agreement.  Any
Specified Transaction (whether now existing or hereafter entered into) between
the parties, the confirmation of which fails by its terms  expressly
to exclude application of this Agreement, shall be governed by and be subject
to this Agreement.  Any such confirmation
shall be a “Confirmation”, and any such Specified Transaction shall be a “Transaction”,
for all purposes of this Agreement.

 

(b)         ISDA Definitions.  Unless otherwise specified in a Confirmation (and subject to Section 5(v) hereof),
each Transaction between the parties shall be subject to the 2000 ISDA
Definitions and the 1993 ISDA Commodity Derivatives Definitions and
the 2000 Supplement thereto, as published by
the International Swaps and Derivatives Association, Inc.  (collectively, the “2000 Definitions”), and
will be governed in all relevant respects by the provisions of the 2000
Definitions, without regard to amendments subsequent to the date thereof.  The provisions of the 2000 Definitions are
incorporated by reference in and shall be deemed a part of this Agreement
except that references in the 2000 Definitions to a “Swap Transaction” shall be
deemed references to a “Transaction” for purposes of this Agreement.

 

(c)          Confirmations.  Section 9(e)(ii) of
the Master Agreement is hereby amended and restated in its entirety to read as
follows:

 

(ii)  The parties
intend that they are legally bound by the terms of each Transaction from the
moment they agree to those in a written Confirmation executed by both parties,
which written Confirmation may be executed and delivered in counterparts
(including by facsimile transmission), which will be sufficient for all
purposes to evidence a binding supplement to this Agreement.  The parties will specify in such written
document that such document constitutes a Confirmation.  Other than
in respect of a particular Transaction to which it relates, under no
circumstance shall a Confirmation amend, or be deemed to amend, the
general terms of this Agreement.

 

(d)         Confirmation Procedures.  For each Transaction that Party A and Party B enter into hereunder,
Party A shall promptly send to Party B a Confirmation setting forth the terms
of such Transaction.  Party B shall
execute and return the Confirmation to Party A, request correction, or send to
Party A its own Confirmation, within five (5) Local Business Days of
receipt and, if the terms contained in Party B’s Confirmation are consistent
with those contained in the Confirmation sent by Party A, the terms of Party A’s
Confirmation shall be deemed to be affirmed and accepted by Party B, absent
manifest error.  If (i) Party B
disputes the terms of Party A’s Confirmation, or (ii) Party B’s
Confirmation, as received by Party A, contains terms which conflict with those
sent by Party A, then the parties shall promptly resolve such terms and, if
upon such resolution correction to the original Confirmation sent by
Party A is required, Party A shall correct and resend its original Confirmation
to Party B.  Upon such resolution, Party
B shall promptly execute and return Party A’s Confirmation.

 

(e)          Accuracy of Specified Information. 
Section 3(d) of the Master Agreement is hereby amended by
adding in the third line thereof after the word “respect” and before the period
the words “or, in the case of audited or unaudited financial statements, a presentation
of the financial condition of the relevant party in accordance with generally
accepted accounting principles, consistently applied.”

 

29

 

(f)            Relationship Between Parties.  The parties agree to amend Section 3 of
this Agreement by the addition of the following provision at the end thereof and
marked as subsection (g).

 

“(g)                           Relationship Between Parties.  Each party will
be deemed to represent to the other party on the date on which it enters into a
Transaction that (absent a written agreement between the parties that expressly
imposes affirmative obligations to the contrary for that Transaction):

 

“(i)                              Non-Reliance.  It is acting
for its own account, and it has made its own independent decisions to enter
into that Transaction and as to whether that Transaction is appropriate or
proper for it based upon its own judgment and upon advice from such advisers as
it has deemed necessary.  It is not
relying on any communication (written or oral) of the other party as investment
advice or as a recommendation to enter into that Transaction; it being understood
that information and explanations related to the terms and conditions of a
Transaction shall not be considered investment advice or a recommendation to
enter into that Transaction.  No
communication (written or oral) received from the other party shall be deemed
to be an assurance or guarantee as to the expected results of that Transaction.

 

“(ii)                          Assessment
and Understanding.  It is capable
of assessing the merits of and understanding (on its own behalf or through
independent professional advice), and understands and accepts, the terms,
conditions and risks of that Transaction. 
It is also capable of assuming, and assumes, the risks of that
Transaction.

 

“(iii)                       Status
of Parties.  The other
party is not acting as a fiduciary for or an adviser to it in respect of that
Transaction.

 

“(iv)                       No
Agency.  It is entering into this
Agreement, including each Transaction, as principal and not as agent of any
person or entity.”

 

(g)         Change of Account.  Section 2(b) of this Agreement is
hereby amended by the addition of the following after the word “delivery” in
the first line thereof:

 

“to
another account in the same legal and tax jurisdiction as the original account”

 

(h)         Set-off.  Without affecting the provisions of this
Agreement requiring the calculation of certain net payment amounts, all
payments under this Agreement will be made without set-off or counterclaim; provided, however, that
upon the designation of any Early Termination Date, in addition to and not in
limitation of any other right or remedy (including any right to set-off,
counterclaim, or otherwise withhold payment) under applicable law:

 

the
Non-defaulting Party or the party that is not the Affected Party (in either
case, “X”) may, without prior notice to any person, set off any sum or
obligation (whether or not arising under this Agreement, whether matured or
unmatured and irrespective of the currency, place of payment or booking office
of the sum or obligation) owed by the Defaulting Party or Affected Party (in
either case, “Y”) to X or to any Affiliate of X, against any sum or obligation
(whether or not arising under this Agreement, whether matured or unmatured and
irrespective of the currency, place of payment or booking office of the sum or
obligation) owed by X or any Affiliate of X to Y, and, for this purpose, may
convert one currency into another.  If
any sum or obligation is unascertained, X may in good faith estimate that sum
or obligation and set off in

 

30

 

respect
of that estimate, subject to X or Y, as the case may be, accounting to the
other party when such sum or obligation is ascertained.

 

Nothing in this Part 5(h) shall
be effective or deemed to create any charge or other security interest.

 

In addition, notwithstanding any
provision to the contrary contained in this Agreement, the Non-defaulting Party
or party that is not the Affected Party (the “Non-affected Party”), as
the case may be, shall not be required to pay to the Defaulting Party or
Affected Party any amount under Section 6(e) until the Non-defaulting
Party or Non-affected Party receives confirmation satisfactory to it in its
reasonable discretion (which may include an opinion of its counsel) that all
other sums and obligations of any kind whatsoever (whether pursuant to Specified
Indebtedness as defined herein or otherwise) of the Defaulting Party or
Affected Party to make any payments to the Non-defaulting Party or Non-affected
Party or any of its Affiliates under this Agreement, or any other contract or
agreement, which are due and payable as of the Early Termination Date hereof
have been fully and finally performed.

 

(i)            Recording of Conversation.  Each
party to this Agreement acknowledges and agrees to the tape recording of
conversations between the parties to this Agreement whether by one or other or
both of the parties and each party hereby consents to such recordings being
used as evidence in Proceedings.

 

(j)            Commodity
Exchange Act.  Each party
represents to the other party on and as of the date hereof and on each date on
which a Transaction is entered into among them that:

 

(i)                       Such party is an “eligible
contract participant” as defined in the U.S. Commodity Exchange Act, as amended
(the “CEA”).

 

(ii)                    Such party is an “eligible
commercial entity” as defined in the CEA.

 

(iii)                 Such party is entering into each Transaction
in connection with its business or a line of business and the terms of this
Agreement and each Transaction have been individually tailored and negotiate.

 

(iv)                The economic terms of this Agreement and each
Transaction have been individually tailored and negotiated by it; it has
received and reviewed financial information concerning the other party and has
had a reasonable opportunity to ask questions of and receive answers and
information from the other party concerning such other party, this Agreement
and such Transaction; the creditworthiness of the other party was a material
consideration in its entering into or determining the terms of this Agreement
and such Transaction; and the transferability of this Agreement and such
Transaction is restricted as provided herein and therein

 

(k)  Waiver of Right to
Trial by Jury.  EACH PARTY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, CLAIM,
COUNTERCLAIM, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY CREDIT SUPPORT DOCUMENT.  THE
PARTIES FURTHER HEREBY IRREVOCABLY WAIVE ANY RIGHT TO SUE FOR, PURSUE, OBTAIN,
OR COLLECT PUNITIVE, CONSEQUENTIAL, INCIDENTAL, INDIRECT OR MULTIPLE DAMAGES
WITH RESPECT TO ANY CLAIM, COUNTERCLAIM OR ACTION ARISING OUT OF OR RELATING TO
THIS AGREEMENT,.  IF AND TO THE EXTENT
ANY PAYMENT REQUIRED TO BE MADE PURSUANT TO THIS AGREEMENT IS DEEMED TO
CONSTITUTE LIQUIDATED DAMAGES, THE PARTIES ACKNOWLEDGE AND AGREE THAT SUCH
DAMAGES ARE DIFFICULT TO OR

 

31

 

IMPOSSIBLE TO DETERMINE AND
THAT SUCH PAYMENT IS INTENDED TO BE A REASONABLE APPROXIMATION OF THE AMOUNT OF
SUCH DAMAGES AND NOT A PENALTY. EACH PARTY (I) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY OR ANY CREDIT SUPPORT
PROVIDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF SUCH A SUIT, ACTION OR PROCEEDING, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND PROVIDE FOR ANY CREDIT SUPPORT
DOCUMENT, AS APPLICABLE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

 

(l)   Transfer.  In addition
to transfers under Sections 7(a) and 7(b), for the purpose of any
financing, Party B may, without the consent of Party A, collaterally assign to
or otherwise create a security interest in favor of lenders or their designee(s),
or any other person providing any financing, in or of Party B’s rights and
interests in, under or pursuant to this Agreement and the revenues deriving
from any of the rights or assets of Party B. 
Party A will cooperate with Party B and any lenders; provided that Party A shall not be required to take any
action, or enter into any documents, that Party A in good faith believes
materially increases Party A’s obligations or that materially restricts Party A’s
rights or remedies in a greater manner than the agreements relating to the
Designated Confirmation immediately prior to such refinancing.  Such cooperation shall include entering into
consent agreements and subordination agreements with such lenders concerning
such financing(s) (in forms substantially similar to the Consent to
Assignment and the Subordination Agreement, as applicable).  In addition to the foregoing, Party B may
transfer this Agreement and the Designated Confirmation to a Person that is, at
the time of such transfer, an Acceptable Counterparty.

 

(m)   Additional Covenants of Party B. 
The following additional covenants of Party B shall apply to
this Agreement, a violation of which shall be deemed an Event of Default under
the Agreement as set forth in Part 1(d) above.

 

(i)                                   Amendment
of Financing Agreement. 
As long as any Second Lien Hedge Obligation exists hereunder, Party B
shall not, without the prior consent of Party A (which shall not be
unreasonably withheld) amend, modify, terminate or replace the Financing Agreement,
any Loan Document, the Dexia/GE Forbearance Agreement or any First Lien
Collateral Document, or enter into a new loan facility secured by a lien senior
to or pari passu with Party A on the Junior Collateral, if such amendment,
modification, termination, replacement or new loan facility could reasonably be
expected to result in
any of the following:  (1) a
material release or material impairment of any security constituted by any of
the Second Lien Collateral Documents; (2) a change in the order of
disbursements from Party B’s operating account, such that the payment of any
Settlement Amounts under the Designated Transaction occur after any repayment
of principal, interest or fees under the First Lien Credit Facilities; (3) an
increase in indebtedness secured by a lien on Junior Collateral that is senior
to the liens in favor of Party A (whether under the First Lien Credit
Facilities, new loan facilities or otherwise) above the First Lien Cap; (4)***;

 

32

 

(5) an
event of default materially different than that set forth in Section 8.15
[transfer of interests] of the Financing Agreement (including all related
defined terms).  Party
B will provide Party A with draft copies of all proposed amendments,
modifications, terminations or replacements to the Financing Agreement, the
Loan Documents, the Dexia/GE Forbearance Agreement and the First Lien
Collateral Documents or proposed new loan facilities no later than *** Local
Business Days prior to the execution thereof (and executed versions of any such
agreements as soon as is reasonably practicable following such execution).

 

(ii)                                Sale
or Disposition of Assets. Other than any sale or other
disposition not prohibited by either the Loan Documents or the Collateral
Documents, Party B shall not engage in any sale or other disposition of any
Junior Collateral if such sale or other disposition will, when taken as a whole
with all other assets and property of Party B, have a material adverse effect
on (A) the ability of Party B to perform its obligations to
Party A hereunder, (B) the value and nature of the Junior Collateral
securing Party B’s obligations to Party A hereunder, or (C) Party A’s
rights hereunder, rights and liens under the Second Lien Collateral Documents
or the Subordination Agreement, or rights to the Junior Collateral.

 

(iii)                             Terms
of Loan Documents. Party B agrees that the Loan
Documents shall be structured in a manner such that:

 

(1)                                  if
there is no default under the Loan Documents, the payment of all Settlement
Amounts to Party A shall be made pro rata with
or prior to all payments under the Interest Rate Agreements (other than
Interest Fix Fees thereunder, as such term is defined in the Financing
Agreement) and shall have priority to all interest and principal payments owed
to the Senior Lenders;

 

(2)                                  (x) upon
the occurrence and during the continuation of an Event of Default or
Termination Event in which Party B is an Affected Party or the Defaulting
Party, as applicable, or (y) following the termination of this Agreement
by Party A and until all obligations owing to Party A under this Agreement have
been satisfied (unless the amount of such unsatisfied obligations is less than
the undrawn face amount of any Posted Credit Support having drawing conditions
substantially similar to the Initial LC), no payments are made on or in respect
of any equity interests in Party B (including, without limitation, the Class A
Membership Interests and the Class B Membership Interests) while any
obligations are outstanding to Party A hereunder;

 

(3)                                  (x) upon
the occurrence and during the continuation of an Event of Default or
Termination Event in which Party B is an Affected Party or the Defaulting
Party, as applicable, or (y) following the termination of this Agreement
by Party A and until all obligations owing to Party A under this Agreement have
been satisfied (unless the amount of such unsatisfied obligations is less than
the undrawn face amount of any Posted Credit Support having drawing conditions
substantially similar to the Initial LC),*** entered into after the date on
which *** while any obligations are outstanding to Party A hereunder;

 

33

 

(4)                                 (x) upon
the occurrence and during the continuation of an Event of Default or
Termination Event in which Party B is an Affected Party or the Defaulting
Party, as applicable, or (y) following the termination of this Agreement
by Party A and until all obligations owing to Party A under this Agreement have
been satisfied (unless the amount of such unsatisfied obligations is less than
the undrawn face amount of any Posted Credit Support having drawing conditions
substantially similar to the Initial LC), ***, other than *** in respect of
clause (i) of the definition of “***” under the Dexia/GE Forbearance
Agreement;

 

(5)                                 ***; and

 

(6)                                 ***;

 

provided
that, in case of clauses (4), (5) and (6), nothing shall be
construed as altering any of the provisions of the Depositary Agreement.

 

(iv)                              Security
Interest; Collateral; No Second Lien on Ancillary Agreements.  Notwithstanding anything to the contrary set
forth in this Agreement, upon execution of this Agreement (which shall occur at
the same time as the financial closing of the Financing Agreement (such date
being referred to herein as the “Closing Date”), Party B shall grant,
and cause to be granted, in favor of Party A, a second priority security
interest in and lien on the Junior Collateral (the “Second Lien”),
subject and junior to the security interests and liens created by and granted
under the First Lien Collateral Documents (including any Permitted Liens that
are senior to the Second Lien), which Second Lien shall secure and cover all of
Party B’s obligations (whether matured, contingent or otherwise) under this
Agreement in effect from time to time (the “Second Lien Hedge Obligations”),
and Party B agrees that it shall not modify the terms of the Second Lien and
any Second Lien Collateral Documents without Party A’s consent, and that any
such modification shall be deemed null and void.  Party B shall not grant, or cause to be
granted, or permit to exist any lien on the Junior Collateral in favor of any
counterparty to an Ancillary Agreement.

 

(v)                                 Further
Assurances.  Party B
shall preserve, protect and defend the liens and security interests granted under
the Second Lien Collateral Documents and, from time to time, take such actions
as may be reasonably necessary to maintain under all applicable laws 

 

34

 

the rights, liens and
priorities of Party A with respect to all Junior Collateral, in each case in
such form and at such times as shall be reasonably satisfactory to Party A, provided that:

 

(1)                                 if Party B is
obligated to take actions under this clause (v), and at such time as Party B is
also obligated to take equivalent or analogous action under the Loan Documents,
then Party B shall be required to comply with its obligations under this clause
(v) by no later than the time by which it is required to comply with its
obligations under the Loan Documents with respect to such actions and to keep
Party A informed of its progress in the same manner and to the same extent as
Party B is required to inform the Administrative Agent and the Senior Lenders;
and

 

(2)                                 if Party B is
obligated to take actions under this clause (v), and at such time Party B is
not obligated to take equivalent or analogous action under the Loan Documents,
then Party B shall be required to comply with its obligations under this clause
(v) within 30 days of the request by Party A, provided
that such 30 day cure period will be available only if (x) the collateral
deficiencies can be cured, (y) Party B notifies Party A of the actions
being taken to cure such deficiency; and (z) Party B takes diligent steps
to cure such deficiency.

 

For the avoidance of doubt,
this clause (v) shall not prohibit Party B from incurring or permitting
Permitted Liens.

 

(vi)                              No Liens.  Party B shall not create, incur, assume,
suffer to exist or permit any lien upon or with respect to any of its
properties or the Junior Collateral without the consent of Party A other than (x) the
security interests and liens created by and granted under the First Lien
Collateral Documents, which such liens, together with any Permitted Lien
relating to debt for borrowed money, shall, so long as any Second Lien Hedge
Obligations (whether matured, contingent or otherwise) are outstanding, not
exceed the First Lien Cap, and (y) Permitted Liens (other than Permitted
Liens relating to debt for borrowed money); provided that:

 

(1)                                 if (a) a
lien is imposed on property of Party B in violation of the foregoing provisions
of this clause (vi), (b) such lien is senior to the Loans under the
Financing Agreement, (c) such lien is imposed prior to any foreclosure by
the Administrative Agent on the Class B Membership Interests or the Class A
Membership Interests and (d) the Administrative Agent and the Senior
Lenders have not consented to such lien and have not affirmatively waived
compliance with the lien covenants in the Financing Agreement with respect to
such lien, then no Event of Default will arise under this clause (vi) in
respect of such lien for so long as Party B or the Administrative Agent is
using commercially reasonable efforts to remove such lien; and

 

(2)                                 if (a) a
lien is imposed on property of Party B in violation of the foregoing provisions
of this clause (vi), (b) such lien is senior to the Loans under the
Financing Agreement, and (c) the Administrative Agent, one or more of the
Senior Lenders or one or more of their designees has taken (through foreclosure
or otherwise) the Class B Membership Interests or the Class A
Membership Interests prior to the imposition of such lien, then  an Event of Default will occur

 

35

 

under this clause (vi) in
respect of such lien  if either (I) such
lien is the result of action taken by the Administrative Agent or any one or
more Senior Lenders or (II) the lien secures claims aggregating $*** or
more (unless consented to by Party A in writing).

 

(vii)                           Reports.

 

(a)                                  Within 24 hours
of the end of each day, Party B shall provide Party A with hourly energy
production data at each of the Projects (which data shall be provided either by
granting Party A website access to such data or providing an email to Party A
detailing such data) (such information, “Daily  Noble
Production Data”).

 

(b)                                 Party B shall
provide Party A within ten days of the end of each calendar month (or as soon
as reasonably practicable thereafter) a report, based on statements from the
New York ISO, detailing the total and hourly MWh production for each PTID Node
and an aggregate production report for the Projects (such information, “NY  ISO Data”).  If the New York ISO fails to provide to Party
B the relevant statements by the 15th Local Business Day following
the end of any Calculation Period (each, a “Late
Statement Period”), Party B shall provide Party A a report based on
data from its own production software system for such period (“Monthly Noble Production Data”).  Upon receipt of statements from the New York
ISO relating to any Late Statement Period, Party B shall provide Party A with a
true-up report.  Failure by Party B to
deliver or cause to be delivered the information set forth in this paragraph (b) or
in paragraph (a) above shall not constitute an Event of Default by Party B
hereunder (and Party A shall calculate the Settlement Amounts related to any
Calculation Period in which Daily Noble Production Data is not delivered in
accordance with the “Data Used to
Calculate Floating Price and Settlement Amounts” provision of the Designated
Confirmation).

 

(c)                                  Upon request, Party B shall provide Party A with all information
reasonably necessary to confirm the Hourly PTID Volumes and Total PTID Volumes
referred to in the Designated Confirmation for any applicable Calculation
Period.  In the event that Party A
exercises such right to confirm such volumes and determines that such volumes
for any Calculation Period were incorrectly reported by Party B, then, absent
manifest error, to the extent such incorrect reporting resulted in either a
reduced payment by Party B to Party A (a “Reduced Payment”) or an increased
payment by Party A to Party B (an “Increased Payment”), in each case as
compared to the amounts which would have been payable based on the figures verified
by the audit, Party B shall pay to Party A promptly (and in any event within
two Local Business Days) following demand (and without limitation of the
provisions of Section 2(e) of the Agreement) (i) in the case of
a Reduced Payment, the excess of the corrected amount over the Reduced Payment
together with interest thereon from (and including) the date of payment of such
Reduced Payment to (but excluding) the date of payment hereunder at the federal
funds effective rate in effect on such date of demand plus 300 basis points
(the “Audit Adjustment Rate”) and (ii) in the case of an Increased
Payment, the excess of such Increased Payment over the corrected amount plus
interest thereon from (and including) the date of payment of such Increased
Payment through (but excluding) the date of payment hereunder at the Audit
Adjustment Rate.  To the extent that the
Tracking Account Balance would

 

36

 

have
been adjusted had the volumes described above been correctly reported, the
Tracking Account shall be adjusted based on the figures verified by the audit
(including any increase or decrease thereof relating to interest at the Audit
Adjustment Rate).

 

(d)                                 Party B shall use reasonable efforts to
provide to Party A, within 30 Local Business Days of Party B's receipt thereof,
copies of all studies or reports commissioned by Party B and produced by
nationally recognized consulting agencies in the wind energy business
(including Garrad Hassan) that forecast future wind volume at the Projects
(each, a “Wind Report”).  Upon written request by Party A, which
request may be made no more frequently that twice each calendar year, Party B
shall provide to Party A, within 10 Local Business Days, any Wind Report(s)
received by Party B but not previously provided to Party A.

 

(viii)                      Commodity Hedge Agreements. 
Party B shall not enter into any Commodity Hedge Agreement which would
result in the total notional amount of megawatt hours hedged pursuant to
Commodity Hedge Agreements exceeding the notional volume set forth in Schedule
1 of the Designated Confirmation (the “Initial Volume”).  In the event that Party A provides Party B
with two Wind Reports (one of which is prepared by Garrad Hassan) that each
demonstrate a one-year P95 prediction interval wind volume at the Projects (the
lesser of the P95 wind volumes, the “Revised Volume”)
in excess of the Initial Volume, then Party B may enter into Commodity Hedge
Agreements with an aggregate notional volume up to the Revised Volume; provided that (1) Party A shall have the right to provide to
Party B any additional Commodity Hedge Agreements on terms no less favorable
than those offered to Party B by any other hedge provider, (2) no negative
balance in the Tracking Account exists on the trade date of any such additional
Commodity Hedge Agreement, (3) Party A is not, the Second Lien is not, and no
Eligible Credit Support provided to Party A is, adversely affected in any way
(determined by Party A in its reasonable discretion).

 

(ix)                              Changes Which Impact Diurnal
Distribution:  In the event that Party B takes an action
whereby it (i) installs turbines in excess of those contemplated under the
Designated Confirmation, (ii) moves or otherwise relocates more than one WTG at
each Project from the location in which they were originally constructed (Party
B to provide Party A with prompt notice of any such relocation), or (iii)
constructs or otherwise creates any structure which could be reasonably
expected to impact the wind resource profile of one or more Projects, and such
action results in a material adverse change to the diurnal energy production
pattern of any Project as compared to such Project’s diurnal energy production
pattern prior to when such action was taken by Party B (a “Diurnal Material Change”),
then the Hourly PTID Volume, with respect to the Project(s) at which such
action was taken, for the Floating Price Purpose only (as such term is defined
in the Designated Confirmation) shall be determined using the diurnal table
attached as Schedule 2 to the Designated Confirmation, unless, with respect to
the action in (i) above, Party B excludes the energy produced by such excess
turbines from the calculation of the Hourly PTID Volumes, and such action does
not otherwise violate clause (iii) above; provided that, with respect to the
action in (iii) above, if Party B completely removes such structure and
provides notice of such removal to Party A, then, commencing on the first day
of the Calculation Period that is at least 60 days following notice of such
removal, the Hourly PTID Volume shall be determined in accordance with the
Designated Confirmation.

 

37

 

(n)   Severability.  If any
provision of this Agreement is held to be illegal, invalid or unenforceable,
such provision shall be fully severable; this Agreement shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never
comprised a part of this Agreement; and the remaining provisions of this
Agreement shall remain in full force and effect and shall not be affected by
the illegal, invalid or unenforceable provision or by its severance from this
Agreement.  Furthermore, in lieu of such
illegal, invalid or unenforceable provision, there shall be added automatically
as a part of this Agreement a provision as similar in its terms to such
illegal, invalid or unenforceable provision as may be possible and be legal,
valid and enforceable.

 

(o)  Confidentiality.  The contents of this
Agreement and all other documents relating to this Agreement, and any
information made available by one party to the other party with respect to this
Agreement is confidential and shall not be disclosed to any third party (nor
shall any public announcement relating to this Agreement be made by either
party), except for such information (i) as may become generally available
to the public, (ii) as may be required or appropriate in response to any
summons, subpoena, or otherwise in connection with any litigation or to comply
with any applicable law, order, regulation, ruling, or accounting disclosure rule or
standard, (iii) as may be obtained from a non-confidential source that
disclosed such information in a manner that did not violate its obligations to
the non-disclosing party in making such disclosure, or (iv) as may be
furnished to the disclosing party’s Affiliates, and to each of such person’s
auditors, attorneys, advisors, actual or potential lenders or actual or
potential equity investors which are required to keep the information that is
disclosed in confidence  With respect to
information provided with respect to a Transaction, this obligation shall
survive for a period of one (1) year following the expiration or
termination of such Transaction.  With
respect to information provided with respect to this Agreement, this obligation
shall survive for a period of one (1) year following the expiration or
termination of this Agreement.

 

(p)  Reference
Market-makers.  The definition
of “Reference Market-makers” in Section 14 of this Agreement is hereby
amended by: (i) deleting “(a)” from the second line thereof; (ii) deleting
in the fourth line thereof after the word “credit” the words “and (b) to
the extent practicable, from among such dealers having an office in the same
city”; (iii) replacing such words with the words “or to enter into
transactions similar in nature to Transactions”; and (iv) adding the
following sentence to the end of the definition: “The leading dealers selected
by a party shall not be parties to this Agreement or Affiliates of a party to
this Agreement.”

 

(q)   Limitation of Rate. 
Notwithstanding any provision to the contrary contained in this
Agreement, in no event shall the Default Rate, Non-default Rate, or Termination
Rate exceed the Highest Lawful Rate.  For
purposes hereof, “Highest Lawful Rate” shall mean, with respect to each party,
the maximum non-usurious interest rate, if any, that at any time or from time
to time may be contracted for, taken, reserved, charged, or received on the
subject indebtedness under the law applicable to such party.

 

(r)  Potential Event of
Default.  Section 2(a)(iii) of
this Agreement is hereby amended to delete the phrase “or Potential Event of
Default”.  Section 3(b) of this
Agreement is hereby amended to delete the phrase “or Potential Event of Default”.  Section 14 of this Agreement is hereby
amended to delete the term “Potential Event of Default” and its corresponding
definition.

 

(s)  Default Rate.  The “Default Rate” in this Agreement means,
in respect of amounts owing to Party A, a rate per annum equal to the “Default
Rate” under and as defined in the Financing Agreement with respect to the
Energy Hedge LC Loan, as such rate is in effect from time to time.

 

38

 

(t)  Notice of
Termination Events and Events of Default.  Party A shall provide to Party B, the Class B
Member, the Class A Member and to the Administrative Agent notice of any
Termination Event or Event of Default in which Party B is the Affected Party or
Defaulting Party, as applicable (and, calculations of Party A’s exposure
related thereto).

 

(u)  Litigation.  Section 3(c) of this Agreement is
hereby amended, with respect to Party B, by adding the following at the end
thereof:  “other than an appeal pending
before the New York State Appellate Division, Third Department filed on April 3,
2007, appealing the Decision and Order, dated March 8, 2007, issued by the
Clinton County Supreme Court with respect to the matter encaptioned, Neighbors
for the Preservation of the North County, Inc. v. Town Board of the Town
of Altona, Clinton County, et. al (Supreme Court, Clinton County, Index No. 2006-001035)”.

 

(v)  Definitions:

 

For the purpose of this Agreement, the
following capitalized terms shall have the meanings set forth below.  Capitalized
terms used in this Agreement and not otherwise defined herein shall have the
meanings ascribed such terms in the Financing Agreement, the Credit Support
Annex and the Designated Confirmation, as applicable.  In the event of any inconsistency in the
definitions among the following documents, the definition in relevant document
first listed hereinafter shall govern (i) the Designated Confirmation, (ii) Paragraph
13- Elections and Variables to the ISDA Credit Support Annex, (iii) this
Schedule, (v) the 2000 ISDA Definitions and the 1993 ISDA Commodity
Derivatives Definitions, (v) the
printed forms of the 1992 ISDA Master Agreement and 1994 ISDA Credit Support
Annex (Bilateral Form, New York law) and (vi) the Financing Agreement.

 

“Acceptable Counterparty” means (a) in
connection with a transfer, novation or replacement of this Agreement pursuant
to Section 2(d), 3(e) or 4(b) of the Consent to Assignment (and Part 5(l) of
this Schedule in connection with a foreclosure by the Administrative Agent), an
Acceptable Operator that meets the CS Counterparty Requirements; and (b) in
all other cases, a Person that meets the CS Counterparty Requirements and is
reasonably acceptable to Party A.

 

“Acceptable Operator” means an
entity that is, or is directly or indirectly controlled by an entity that is,
experienced in the ownership or operation of commercial wind farm projects and
which has (or is directly or indirectly controlled by an entity which has) a
Credit Rating of “A-” or better by Standard & Poor’s and “A3” or
better by Moody’s.

 

“Actual Knowledge” by a party
means, with respect to an event or circumstance (1) the actual knowledge
thereof by any officer, director or employee of such party (or any other person
holding an analogous office or capacity); or (2) such party has received
notice thereof from the other party.

 

“Administrative Agent”
has the meaning set forth in the definition of Financing Agreement.

 

“Ancillary Agreement”
has the meaning set forth in the definition of Commodity Hedge Agreement.

 

“Class A Member”
means EFS Noble Holdings, LLC.

 

“Class A Membership
Interests” has the meaning specified in the Dexia/GE Forbearance
Agreement.

 

“Class B Member”
means Noble Environmental Power Hold Co, Prime, LLC, a Delaware limited liability
company.

 

39

 

“Class B Membership
Interests” has the meaning specified in the Dexia/GE Forbearance
Agreement.

 

“Closing Date”
has the meaning specified in Part 5(m)(iv).

 

“Collateral”
has the meaning set forth in the Financing Agreement and, for the avoidance of
doubt, upon the Closing Date shall include any and all security and other
collateral granted and/or pledged to the Administrative Agent acting on behalf
of the Senior Lenders pursuant to the Loan Documents.

 

“Collateral Documents”
means, collectively, the First Lien Collateral Documents and the Second Lien
Collateral Documents.

 

“Commodity Hedge Agreement” means any
agreement (including each confirmation entered into pursuant to any master agreement)
providing for swaps, caps, collars, puts, calls, floors, futures, options,
spots, forwards, power purchase or sale agreements (including Power Purchase
Agreements), fuel purchase or sale agreements, emissions credit purchase or
sales agreements, power transmission agreements, fuel transportation
agreements, fuel storage agreements, netting agreements, commercial or trading
agreements, each with respect to, or involving the purchase, transmission,
distribution, sale, lease or hedge of, any energy, generation capacity or fuel,
or any other energy related commodity or service, price or price indices for
any such commodities or services or any other similar derivative agreements,
and any other similar agreements, entered into in the ordinary course of business
in order to manage fluctuations in the price or availability of any commodity. Commodity
Hedge Agreements shall not include any of the following (each of which shall be
referred to as, an “Ancillary Agreement”) (i) any
sale into the NYISO-administered markets of energy, capacity, ancillary
services, or other energy-related commodity or service (excluding ICAP), (ii) any
sale of ICAP for a “Capability Period” for which the amount of Unforced
Capacity the Projects are qualified to supply (as determined by NYISO rules)
has already been determined, and that the ICAP sale volume is no greater than
the Projects’ qualified Unforced Capacity for such Capability Period, (iii) any
sale of energy, capacity, ICAP ancillary services, renewable energy attributes,
or other energy-related commodity or service to any counterparty on a unit
contingent basis, (iv) any sale of energy in connection with the sale of
renewable energy attributes (x) in a volume not to exceed, in the
aggregate, 5% of the P95 prediction interval energy production of the Projects
during any calendar year and (y) at the then current market price
(determined at the time of delivery), (v) any sale of energy, capacity,
ICAP, ancillary services, renewable energy attributes, or other energy-related
commodity or service under which, in the aggregate, the maximum liability of
Party B for non-delivery thereunder is less than two and half million Dollars
($2,500,000), or (vi) any sale of renewable energy attributes for periods
commencing after the Termination Date of the Designated Confirmation, so long
as no credit support for any such sale is provided by, or at the expense of,
Party B or the Project Companies.

 

“Consent to Assignment”
means the Consent to Assignment of Energy Hedge Agreement, dated as of the date
hereof, among Party A, Party B and the Administrative Agent.

 

“Credit Rating”
means, with respect to any entity, the rating then assigned to such entity’s
unsecured, senior long-term debt obligations.

 

“Credit Support Annex”
means the Credit Support Annex attached hereto as Exhibit III.

 

“CS Counterparty
Requirements” means, with respect to any guarantor, any letter
of credit issuer or any other Person in any other capacity, the requirements
that such Person is reasonably acceptable to Party A based solely on Party A’s
customary credit and internal policies with respect to customer exposure limits
and with Party A’s then-current internal compliance standards, policies and
procedures (i.e., Party A’s

 

40

 

policies relating to suitability, “know-your-customer,”
anti-money laundering rules and regulations, and other similar and related
client identification policies and procedures).

 

“CS/GE Forbearance
Agreement” means the Forbearance Agreement, dated as of the
Closing Date, between Party A and the Class A Member.

 

“Designated Confirmation”
means the Confirmation attached hereto as Exhibit II.

 

“Dexia/GE Forbearance
Agreement” means the Forbearance Agreement, dated as of the
Closing Date, among the Class A Member, Party B and the Administrative
Agent.

 

“Financing Agreement”
means the Financing Agreement, dated as of the Closing Date, among Party B, the
financial institutions from time to time party thereto, Dexia Crédit Local, New
York Branch, as Administrative Agent (the “Administrative Agent”),
as Lead Arranger, Joint Bookrunner, Technical and Documentation Agent,
Co-Syndication Agent, and LC Fronting Bank, and HSH Nordbank AG, New York
Branch, as Lead Arranger, Joint Bookrunner and Co-Syndication Agent (as the
same may be amended, modified or supplemented from time to time in accordance
with the terms of this Agreement).

 

“First Lien Cap”
means:

 

(1)                                On any date
prior to the Term Conversion Date, the sum of:

 

(a)                                  $***; plus

 

(b)                                 $***; plus

 

(c)                                  up to $*** in
advances extended by one or more of the Senior Lenders which are determined by
the Administrative Agent in its reasonable discretion to be protective
advances; plus

 

(d)                                 $***; plus

 

(e)                                  the aggregate
amount of interest that would accrue on the Equity Bridge Loans and the
Construction Loans during the period from such date through the six-month
anniversary thereof (determined using interest rates in effect on such date and
the principal amount of the Equity Bridge Loans and the Construction Loans  expected to be outstanding during such
period); and

 

(2)                                On any date on
and after the Term Conversion Date, the sum of:

 

(a)                                  ***; plus

 

41

 

(b)                                 The lesser of (x) $***
minus the amount referred to in clause (a) on the Term Conversion Date
(after giving effect to Term Conversion) and (y) $***; plus

 

(c)                                  up to $*** in
advances extended by one or more of the Senior Lenders which are determined by
the Administrative Agent in its reasonable discretion to be protective advances;
plus

 

(d)                                 $***; plus

 

(e)                                  the aggregate
amount of interest that would accrue on the Term Loans during the period from
such date through the six-month anniversary thereof (determined using interest
rates in effect on such date and the principal amount of the Term Loans
expected to be outstanding during such period); plus

 

(f)                                    the obligations
of Party B under Interest Rate Agreements.

 

“First Lien Collateral
Documents” means the Collateral Documents (as defined in the
Financing Agreement).

 

“Forbearance Default”
has the meaning specified in the Dexia/GE Forbearance Agreement.

 

“Initial LC”
has the meaning specified in clause (b) of Part 3.

 

“Initial LC Amount”
means $***.

 

“Junior Collateral”
has the meaning specified in the Subordination Agreement.

 

“Loan Documents”
means the Financing Documents.

 

“Permitted Liens”
means (a) “Permitted Liens” as defined in the Financing Agreement and (b) other
liens that, at the date of determination, have not resulted in an Event of
Default as set forth in the proviso to Part 5(m)(vi) of this
Agreement.

 

“Proceeding”
shall mean any action, order, writ, injunction, judgment, determination or
decree or any claim, suit, litigation, proceeding, appeal, arbitration,
mediation, tax audit or governmental investigation of any kind involving any
person, or its business or assets.

 

“PTID Node”
means, for each Project, the interconnect location point assigned to such
Project, as more fully set forth in Appendix 1 attached hereto.

 

“Second Lien”
has the meaning specified in paragraph (m)(iv) of Part 5.

 

“Second Lien Collateral
Documents” means the collateral documents securing the Second
Lien Hedge Obligations.

 

“Second Lien Hedge
Obligations” has the meaning specified in paragraph (m)(iv) of
Part 5.

 

“Senior Lenders”
means the Secured Parties under the Loan Documents.

 

“Senior Loans”
means the loans made by the Senior Lenders under the Financing Agreement.

 

42

 

“Specified Event of Default”
has the meaning specified in paragraph (e) of Part 1.

 

“Subordination Agreement”
means the Subordination Agreement, dated as of the date hereof, between Party A
and the Administrative Agent.

 

43

 

Part 6

ADDITIONAL
PROVISIONS FOR

COMMODITY DERIVATIVE TRANSACTIONS

 

(a)   Amendments to ISDA Commodity Definitions

 

(i)  Section 7.3
of the Commodity Definitions is amended to read as follows:

 

Section 7.3.  Corrections to Published
Prices.  For purposes of
determining the Relevant Price for any day, if the price published or announced
on a given day and used or to be used by the Calculation Agent to determine a
Relevant Price is subsequently corrected and the correction is published or
announced by the person responsible for that publication or announcement within
two years of the date of the original publication or announcement, either party
may notify the other party of (i) that correction and (ii) the amount
(if any) that is payable as a result of that correction.  If, not later that thirty (30) calendar days
after the publication or announcement of that correction, a party gives notice
that an amount is so payable, the party that originally received or retained
such amount will, no later than three (3) Local Business Days after the
effectiveness of that notice, pay, subject to any applicable conditions
precedent, to the other party that amount, together with interest on that
amount at the Non-Default Rate for the period from and including the day on
which a payment originally was (or was not) made to but excluding the day of
payment of the refund or payment resulting from that correction.

 

(ii)                                “Additional
Market Disruption Events” shall not apply.

 

(iii)                             The following “Disruption Fallbacks” specified in Section 7.5(c) of
the Commodity Definitions shall apply, in the following order, except as
otherwise specified in the relevant Confirmation:

 

1.                                      “Fallback
Reference Price” (if the relevant parties have specified an
alternate Commodity Reference Price in the Confirmation);

 

2.                                      “Negotiated Fallback”;

 

3.                                      “Postponement” with three (3) Commodity
Business Days as the Maximum Days of Disruption;

 

4.                                      “Fallback
Reference Dealers”.

 

44

 

IN WITNESS WHEREOF, the parties have executed this
document on the respective dates specified below with effect from the date
specified on the first page of this document.

 

	
   CREDIT
  SUISSE ENERGY LLC

  	
   

  	
  NOBLE ENVIRONMENTAL POWER 2006

  HOLD CO, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
    /s/
  Marisa Scauzillo

  	
   

  	
  By:

  	
    /s/
  Thomas Swank

  
	
  Name:

  	
    Marisa
  Scauzillo

  	
   

  	
  Name:

  	
    Thomas
  Swank

  
	
  Title:

  	
    Authorized
  Signatory

  	
   

  	
  Title:

  	
    Vice
  President

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
    June 20,
  2007

  

 

45Exhibit 10.6(b)

 

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR
THE REDACTED PORTIONS OF THIS AGREEMENT. THE REDACTIONS ARE INDICATED WITH
THREE ASTERISKS (“***”). A COMPLETE VERSION OF THIS AGREEMENT HAS BEEN FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

	
  (Bilateral
  Form)

  	
   

  	
  (ISDA Agreements Subject to New York Law Only)

  

 

ISDA®

International Swaps and Derivatives Association, Inc.

 

CREDIT SUPPORT ANNEX

 

to the Schedule to the

 

1992 ISDA Master Agreement

 

dated as of June 20, 2007

 

	
  Credit
  Suisse Energy LLC,

  	
   

  	
  Noble
  Environmental Power 2006 Hold Co, LLC,

  
	
  a limited liability company
  organized

  	
  between

  	
  a limited liability company organized

  
	
  under the laws of the

  	
   

  	
  under the laws of the

  
	
  State of Delaware

  	
  and

  	
  State of
  Delaware

  
	
  (“Party A”)

  	
   

  	
  (“Party B”)

  

 

This
Annex supplements, forms part of, and is subject to, the above-referenced
Agreement, is part of its Schedule and is a Credit Support Document under this
Agreement with respect to each party.

 

Accordingly,
the parties agree as follows:—

 

Paragraph 1.
Interpretation

 

(a)                             Definitions
and Inconsistency.  Capitalized terms not otherwise defined herein
or elsewhere in this Agreement have the meanings specified pursuant to
Paragraph 12, and all references in this Annex to Paragraphs are
to Paragraphs of this Annex. In the event of any inconsistency between this
Annex and the other provisions of this Schedule, this Annex will prevail, and
in the event of any inconsistency between Paragraph 13 and the
other provisions of this Annex, Paragraph 13 will prevail.

 

(b)                            Secured
Party and Pledgor.  All
references in this Annex to the “Secured Party” will be to either party when
acting in that capacity and all corresponding references to the “Pledgor” will
be to the other party when acting in that capacity; provided, however, that if Other Posted
Support is held by a party to this Annex, all references herein to that party
as the Secured Party with respect to that Other Posted Support will be to that
party as the beneficiary thereof and will not subject that support or that
party as the beneficiary thereof to provisions of law generally relating to
security interests and secured parties.

 

Paragraph 2. Security
Interest

 

Each
party, as the Pledgor, hereby pledges to the other party, as the Secured Party,
as security for its Obligations, and grants to the Secured Party a first
priority continuing security interest in, lien on and right of Set-off against
all Posted Collateral Transferred to or received by the Secured Party
hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted
Collateral, the security interest and lien granted hereunder on that Posted
Collateral will be released immediately and, to the extent possible, without
any further action by either party.

 

Copyright ©
1994 by International Swaps and Derivatives Association, Inc.

 

 

Paragraph 3
.. Credit Support Obligations

 

(a)                                  Delivery
Amount.  Subject to
Paragraphs 4 and 5, upon a demand made by the Secured Party on or promptly
following a Valuation Date, if the Delivery Amount for that Valuation Date
equals or exceeds the Pledgor’s Minimum Transfer Amount, then the Pledgor will
Transfer to the Secured Party Eligible Credit Support, having a Value as of the
date of Transfer at least equal to the applicable Delivery Amount (rounded
pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Delivery Amount”  applicable to the Pledgor for any
Valuation Date will equal the amount by which:

 

(i)  the Credit Support
Amount 

 

exceeds

 

(ii)  the Value as of that
Valuation Date of all Posted Credit Support held by the Secured Party.

 

(b)                                 Return
Amount.  Subject to
Paragraphs 4 and 5, upon a demand made by the Pledgor on or promptly following
a Valuation Date, if the Return Amount for that Valuation Date equals or
exceeds the Secured Party’s Minimum Transfer Amount, then the Secured Party
will Transfer to the Pledgor Posted Credit Support specified by the Pledgor in
that demand having a Value as of the date of Transfer as close as practicable
to the applicable Return Amount (rounded pursuant to Paragraph 13). Unless
otherwise specified in Paragraph 13, the  “Return Amount”
applicable to the Secured Party for any Valuation Date will equal the
amount by which:

 

(i)  the Value as of that Valuation
Date of all Posted Credit Support held by the Secured Party 

 

exceeds

 

(ii)  the Credit Support Amount.

 

“Credit Support Amount”  means, unless otherwise specified in Paragraph 13, for any Valuation Date
(i) the Secured Party’s Exposure for that Valuation Date plus (ii) the
aggregate of all Independent Amounts applicable to the Pledgor, if any, minus
(iii) all Independent Amounts applicable to the Secured Party, if any, minus
(iv) the Pledgor’s Threshold; provided,
however, that the
Credit Support Amount will be deemed to be zero whenever the calculation of Credit
Support Amount yields a number less than zero.

 

Paragraph 4.
Conditions Precedent, Transfer Timing, Calculations and Substitutions

 

(a)                                  Conditions
Precedent.  Each Transfer
obligation of the Pledgor under Paragraphs 3 and 5 and of the Secured Party
under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the conditions precedent
that:

 

(i) no Event of Default, Potential Event of Default or Specified
Condition has occurred and is continuing with respect to the other party; and

 

(ii) no Early Termination Date for which any unsatisfied payment
obligations exist has occurred or been designated as the result of an Event of
Default or Specified Condition with respect to the other party.

 

(b)                                 Transfer
Timing.  Subject to
Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the
Transfer of Eligible Credit Support or Posted Credit Support is made by the
Notification Time, then the relevant Transfer will be made not later than the
close of business on the next Local Business Day; if a demand is made after the
Notification Time, then the relevant Transfer will be made not later than the
close of business on the second Local Business Day thereafter.

 

(c)                                  Calculations.  All calculations of Value and Exposure for purposes
of Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the
Valuation Time. The Valuation Agent will notify each party (or the other party,
if the Valuation Agent is a party) of its calculations not later than the
Notification Time on the Local Business Day following the applicable Valuation
Date (or in the case of Paragraph 6(d), following the date of calculation).

 

2

 

(d)                                 Substitutions.

 

(i) Unless otherwise specified in Paragraph 13, upon notice to the
Secured Party specifying the items of Posted Credit Support to be exchanged,
the Pledgor may, on any Local Business Day, Transfer to the Secured Party
substitute Eligible Credit Support (the “Substitute Credit Support”); and

 

(ii) subject to Paragraph 4(a), the Secured Party will Transfer to the
Pledgor the items of Posted Credit Support specified by the Pledgor in its
notice not later than the Local Business Day following the date on which the
Secured Party receives the Substitute Credit Support, unless otherwise
specified in Paragraph 13 (the “Substitution Date”); provided that the Secured Party will only be obligated to
Transfer Posted Credit Support with a Value as of the date of Transfer of that
Posted Credit Support equal to the Value as of that date of the Substitute
Credit Support.

 

Paragraph 5.
Dispute Resolution

 

If
a party (a “Disputing Party”) disputes (I) the Valuation Agent’s calculation of
a Delivery Amount or a Return Amount or (II) the Value of any Transfer of
Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party
will notify the other party and the Valuation Agent (if the Valuation Agent is
not the other party) not later than the close of business on the Local Business
Day following (X) the date that the demand is made under Paragraph 3 in the case
of (I) above or (Y) the date of Transfer in the
case of (II) above, (2) subject to Paragraph 4(a), the appropriate
party will Transfer the undisputed amount to the other party not later than the
close of business on the Local Business Day following (X) the date that the
demand is made under Paragraph 3 in the case of (I) above or (Y) the date of
Transfer in the case of (II) above, (3) the parties will consult with each
other in an attempt to resolve the dispute and (4) if they fail to resolve the
dispute by the Resolution Time, then:

 

(i) In the case of a dispute involving a Delivery Amount or Return
Amount, unless otherwise specified in Paragraph 13, the Valuation Agent will
recalculate the Exposure and the Value as of the Recalculation Date by:

 

(A) utilizing any calculations of Exposure for the Transactions (or Swap
Transactions) that the parties have agreed are not in dispute;

 

(B) calculating the Exposure for the Transactions (or Swap Transactions)
in dispute by seeking four actual quotations at mid-market from Reference
Market-makers for purposes of calculating Market Quotation, and taking the
arithmetic average of those obtained; provided
that if four quotations are not available for a particular
Transaction (or Swap Transaction), then fewer than four quotations may be used
for that Transaction (or Swap Transaction); and if no quotations are available
for a particular Transaction (or Swap Transaction), then the Valuation Agent’s
original calculations will be used for that Transaction (or Swap Transaction);
and

 

(C) utilizing the procedures specified in Paragraph 13 for calculating
the Value, if disputed, of Posted Credit Support.

 

(ii) In the case of a dispute involving the Value of any
Transfer of Eligible Credit Support or Posted Credit Support, the Valuation
Agent will recalculate the Value as of the date of Transfer pursuant to
Paragraph 13.

 

Following
a recalculation pursuant to this Paragraph, the Valuation Agent will notify
each party (or the other party, if the Valuation Agent is a party) not later
than the Notification Time on the Local Business Day following the Resolution
Time. The appropriate party will, upon demand following that notice by the
Valuation Agent or a resolution pursuant to (3) above and subject to Paragraphs
4(a) and 4(b), make the appropriate Transfer.

 

3

 

Paragraph 6.
Holding and Using Posted Collateral

 

(a)                                  Care
of Posted Collateral.  Without
limiting the Secured Party’s rights under Paragraph 6(c), the Secured Party
will exercise reasonable care to assure the safe custody of all Posted
Collateral to the extent required by, applicable law, and in any event the
Secured Party will be deemed to have exercised reasonable care if it exercises
at least the same degree of care as it would exercise with respect to its own
property. Except as specified in the preceding sentence, the Secured Party will
have no duty with respect to Posted Collateral, including, without limitation,
any duty to collect any Distributions, or enforce or preserve any rights
pertaining thereto.

 

(b)                                 Eligibility
to Hold Posted Collateral; Custodians.

 

(i)  General.  Subject to the
satisfaction of any conditions specified in Paragraph 13 for holding Posted
Collateral, the Secured Party will be entitled to hold Posted Collateral or to
appoint an agent (a “Custodian”) to hold Posted Collateral for the Secured
Party. Upon notice by the Secured Party to the Pledgor of the appointment of a
Custodian, the Pledgor’s obligations to make any Transfer will be discharged by
making the Transfer to that Custodian. The holding of Posted Collateral by a
Custodian will be deemed to be the holding of that Posted Collateral by the
Secured Party for which the Custodian is acting.

 

(ii)  Failure to Satisfy Conditions.  If the Secured Party
or its Custodian fails to satisfy any conditions for holding Posted Collateral,
then upon a demand made by the Pledgor, the Secured Party will, not later than
five Local Business Days after the demand, Transfer or cause its Custodian to
Transfer all Posted Collateral held by it to a Custodian that satisfies those
conditions or to the  Secured
Party if it satisfies those conditions.

 

(iii)  Liability.  The Secured Party
will be liable for the acts or omissions of its Custodian to the same extent
that the Secured Party would be liable hereunder for its own acts or omissions.

 

(c)                                  Use
of Posted Collateral.  Unless
otherwise specified in Paragraph 13 and without limiting the rights and obligations
of the parties under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured
Party is not a Defaulting Party or an Affected Party with respect to a
Specified Condition and no Early Termination Date has occurred or been
designated as the result of an Event of Default or Specified Condition with
respect to the Secured Party, then the Secured Party will, notwithstanding
Section 9-207 of the New York Uniform Commercial Code, have the right to:

 

(i)  sell, pledge, rehypothecate,
assign, invest, use, commingle or otherwise dispose of, or otherwise use in its
business any Posted Collateral it holds, free from any claim or right of any
nature whatsoever of the Pledgor, including any equity or right of redemption
by the Pledgor; and

 

(ii)  register any Posted
Collateral in the name of the Secured Party, its Custodian or a nominee for either.

 

For
purposes of the obligation to Transfer Eligible Credit Support or Posted Credit
Support pursuant to Paragraphs 3 and 5 and any rights or remedies authorized
under this Agreement, the Secured Party will be deemed to continue to hold all
Posted Collateral and to receive Distributions made thereon, regardless of
whether the Secured Party has exercised any rights with respect to any Posted
Collateral pursuant to (i) or (ii) above.

 

(d)                                 Distributions
and Interest Amount.

 

(i)  Distributions.  Subject to Paragraph 4(a), if the Secured Party receives or
is deemed to receive Distributions on a Local Business Day, it will Transfer to
the Pledgor not later than the following Local Business Day any Distributions
it receives or is deemed to receive to the extent that a Delivery Amount would
not be created or increased by that Transfer, as calculated by the Valuation
Agent (and the date of calculation will be deemed to be a Valuation Date for
this purpose).

 

4

 

(ii) 
Interest Amount. Unless otherwise specified in Paragraph 13 and subject to Paragraph
4(a), in lieu of any interest, dividends or other amounts paid or deemed to
have been paid with respect to Posted Collateral in the form of Cash (all of
which may be retained by the Secured Party), the Secured Party will Transfer to
the Pledgor at the times specified in Paragraph 13 the Interest Amount to the
extent that a Delivery Amount would not be created or increased by that
Transfer, as calculated by the Valuation Agent (and the date of calculation
will be deemed to be a Valuation Date for this purpose). The Interest Amount or
portion thereof not Transferred pursuant to this Paragraph will constitute
Posted Collateral in the form of Cash and will be subject to the security
interest granted under Paragraph 2.

 

Paragraph 7. Events of Default

 

For purposes of Section 5(a)(iii)(1) of this
Agreement, an Event of Default will exist with respect to a party if:

 

(i)  that party fails (or fails to cause its
Custodian) to make, when due, any Transfer of Eligible Collateral, Posted
Collateral or the Interest Amount, as applicable, required to be made by it and
that failure continues for two Local Business Days after notice of that failure
is given to that party;

 

(ii)  that party fails to comply with any
restriction or prohibition specified in this Annex with respect to any of the
rights specified in Paragraph 6(c) and that failure continues for five Local
Business Days after notice of that failure is given to that party; or

 

(iii)  that party fails to comply with or perform any
agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii)
and that failure continues for 30 days after notice of that failure is given to
that party.

 

Paragraph 8. Certain Rights and Remedies

 

(a)                                  Secured
Party’s Rights and Remedies. If at any time (1)
an Event of Default or Specified Condition with respect to the Pledgor has
occurred and is continuing or (2) an Early Termination Date has occurred or
been designated as the result of an Event of Default or Specified Condition
with respect to the Pledgor, then, unless the Pledgor has paid in full all of
its Obligations that are then due, the Secured Party may exercise one or more
of the following rights and remedies:

 

(i) all rights and remedies available to a
secured party under applicable law with respect to Posted Collateral held by
the Secured Party;

 

(ii) any other rights and remedies
available to the Secured Party under the terms of Other Posted Support, if any;

 

(iii) the right to Set-off any amounts
payable by the Pledgor with respect to any Obligations against any Posted
Collateral or the Cash equivalent of any Posted Collateral held by the Secured
Party (or any obligation of the Secured Party to Transfer that Posted
Collateral); and

 

(iv) the right to liquidate any Posted
Collateral held by the Secured Party through one or more public or private
sales or other dispositions with such notice, if any, as may be required under
applicable law, free from any claim or right of any nature whatsoever of the
Pledgor, including any equity or right of redemption by the Pledgor (with the
Secured Party having the right to purchase any or all of the Posted Collateral
to be sold) and to apply the proceeds (or the Cash equivalent thereof) from the
liquidation of the Posted Collateral to any  amounts payable by
the Pledgor with respect to any  Obligations in that order
as the Secured Party may elect.

 

Each party acknowledges and agrees that Posted
Collateral in the form of securities may decline speedily in value and is of a
type customarily sold on a recognized market, and, accordingly, the Pledgor is
not entitled to prior notice of any sale of that Posted Collateral by the
Secured Party, except any notice that is required under applicable law and cannot
be waived.

 

5

 

(b)           Pledgor’s
Rights and Remedies. If at any time an Early
Termination Date has occurred or been designated as the result of an Event of
Default or Specified Condition with respect to the Secured Party, then (except
in the case of an Early Termination Date relating to less than all Transactions
(or Swap Transactions) where the Secured Party has paid in full all of its
obligations that are then due under Section 6(e) of this Agreement):

 

(i) the Pledgor may exercise all rights and
remedies available to a pledgor under applicable law with respect to Posted
Collateral held by the Secured Party;

 

(ii) the Pledgor may exercise any other
rights and remedies available to the Pledgor under the
terms of Other Posted Support, if any;

 

(iii) the Secured Party will be obligated
immediately to Transfer all Posted Collateral and the Interest Amount to the
Pledgor, and

 

(iv) to the extent that Posted Collateral
or the Interest Amount is not so Transferred pursuant to (iii) above, the
Pledgor may:

 

(A)  Set-off
any amounts payable by the Pledgor with respect to any Obligations against any
Posted Collateral or the Cash equivalent of any Posted Collateral held by the
Secured Party (or any obligation of the Secured Party
to Transfer that Posted Collateral); and

 

(B)  to
the extent that the Pledgor does not Set-off under (iv)(A) above, withhold
payment of any remaining amounts payable by the Pledgor with respect to any
Obligations, up to. the Value of any remaining Posted Collateral held by the
Secured Party, until that Posted Collateral is Transferred to the Pledgor.

 

(c)                                  Deficiencies
and Excess Proceeds. The Secured Party will
Transfer to the Pledgor any proceeds and Posted Credit Support remaining after
liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b) after
satisfaction in full of all amounts payable by the Pledgor with respect to any
Obligations; the Pledgor in all events will remain liable for any amounts
remaining unpaid after any liquidation, Set-off and/or application under
Paragraphs 8(a) and 8(b).

 

(d)                                 Final
Returns. When no amounts are or thereafter may
become payable by the Pledgor with respect to any Obligations (except for any
potential liability under Section 2(d) of this Agreement), the Secured Party
will Transfer to the Pledgor all Posted Credit Support and the Interest Amount,
if any.

 

Paragraph 9.
Representations

 

Each party represents to the other party (which
representations will be deemed to be repeated as of each date on which it, as
the Pledgor, Transfers Eligible Collateral) that:

 

(i)  it
has the power to grant a security interest in and lien on any Eligible
Collateral it Transfers as the Pledgor and has taken all necessary actions to
authorize the granting of that security interest and lien;

 

(ii) 
it is the  sole
owner of or otherwise has the right to Transfer all Eligible Collateral it
Transfers to the Secured Party hereunder, free and clear of any security
interest, lien, encumbrance or other restrictions other than the security
interest and lien granted under Paragraph 2;

 

(iii) 
upon the Transfer of any Eligible Collateral to the Secured Party under
the terms of this Annex, the Secured Party will have a valid and perfected
first priority security interest therein (assuming that any central clearing
corporation or any third-party financial intermediary or other entity not
within the control of the Pledgor involved in the Transfer of that Eligible
Collateral gives the notices and takes the action required of it under applicable
law for perfection of that interest); and

 

(iv) 
the performance by it of its obligations under this Annex will not
result in the creation of any security interest, lien or other encumbrance on
any Posted Collateral other than the security interest and lien granted under
Paragraph 2.

 

6

 

Paragraph
10. Expenses

 

(a)                                  General.
Except as otherwise provided in Paragraphs 10(b) and 10(c), each party
will pay its own costs and expenses in connection with performing its
obligations under this Annex and neither party will be liable for any costs and
expenses incurred by the other party in connection herewith.

 

(b)                                 Posted
Credit Support. The Pledger will promptly pay when due all taxes,
assessments or charges of any nature that are imposed with respect to Posted
Credit Support held by the Secured Party upon becoming aware of the same,
regardless of whether any portion of that Posted Credit Support is subsequently
disposed of under Paragraph 6(c), except for those taxes, assessments and
charges that result from the exercise of the Secured Party’s rights under
Paragraph 6(c).

 

(c)                                  Liquidation/Application
of Posted Credit Support. All reasonable costs and expenses incurred by
or on behalf of the Secured Party or the Pledgor in connection with the
liquidation and/or application of any Posted Credit Support under Paragraph 8,
will be payable, on demand and pursuant to the Expenses Section of this
Agreement, by the Defaulting Party or, if there is no Defaulting Party, equally
by the parties.

 

Paragraph
11. Miscellaneous

 

(a)                                  Default
Interest. A Secured Party that fails to make, when due, any
Transfer of Posted Collateral or the Interest Amount will be obligated to pay
the Pledgor (to the extent permitted under applicable law) an amount equal to
interest at the Default Rate multiplied by the Value of the items of property
that were required to be Transferred, from (and including) the date that Posted
Collateral or ,Interest Amount was required to be Transferred to
(but excluding) the date of Transfer of that Posted Collateral or Interest
Amount. This interest will be calculated on the basis of daily compounding and
the actual number of days elapsed.

 

(b)                                 Further
Assurances.  Promptly following a
demand made by a party, the other party will execute, deliver, file and record
any financing statement, specific assignment or other document and take any
other action that may be necessary or desirable and reasonably requested by
that party to create, preserve, perfect or validate any security interest or
lien granted under Paragraph 2, to enable that party to exercise or enforce its
rights under this Annex with respect to Posted Credit Support or an Interest
Amount or to effect or document a release of a security interest on Posted Collateral
or an Interest Amount.

 

(c)                                  Further
Protection.  The Pledgor will
promptly give notice to the Secured Party of, and defend against, any suit,
action, proceeding or lien that involves Posted Credit Support Transferred by
the Pledger or that could adversely affect the security interest and lien
granted by it under Paragraph 2, unless that suit, action, proceeding or lien
results from the exercise of the Secured Party’s rights under Paragraph 6(c).

 

(d)                                 Good
Faith and Commercially Reasonable Manner.  Performance
of all obligations under this Annex, including, but not limited to, all
calculations, valuations and determinations made by either party, will be made
in good faith and in a commercially reasonable manner.

 

(e)                                  Demands
and Notices. All demands and notices made by a party under this
Annex will be made as specified in the Notices Section of this Agreement,
except as otherwise provided in Paragraph 13.

 

(f)                                    Specifications
of Certain Matters. Anything referred to in this Annex as being
specified in Paragraph 13 also may be specified in one or more Confirmations or
other documents and this Annex will be construed accordingly.

 

7

 

Paragraph 12. Definitions

 

As used in this Annex:—

 

“Cash” means the lawful currency
of the United States of America.

 

“Credit Support Amount” has the
meaning specified in Paragraph 3.

 

“Custodian” has the meaning
specified in Paragraphs 6(b)(i) and 13.

 

“Delivery Amount” has the
meaning specified in Paragraph 3(a).

 

“Disputing Party” has the
meaning specified in Paragraph 5.

 

“Distributions” means with
respect to Posted Collateral other than Cash, all principal, interest and other
payments and distributions of cash or other property with respect thereto,
regardless of whether the Secured Party has disposed of that Posted Collateral
under Paragraph 6(c). Distributions will not include any item of property
acquired by the Secured Party upon any disposition or liquidation of Posted
Collateral or, with respect to any Posted Collateral in the form of Cash, any
distributions on that collateral, unless otherwise specified herein.

 

“Eligible  Collateral” means,  with
respect to a party, the items, if any, specified as such for that party in
Paragraph 13.

 

“Eligible Credit Support” means
Eligible Collateral and Other Eligible Support.

 

“Exposure” means for any
Valuation Date or other date for which Exposure is calculated and subject to
Paragraph 5 in the case of a dispute, the amount, if any, that would be payable
to a party that is the Secured Party by the other party (expressed as a
positive number) or by a party that is the Secured Party to the other party
(expressed as a negative number) pursuant to Section 6(e)(ii)(2)(A) of this
Agreement as if all Transactions (or Swap Transactions) were being terminated
as of the relevant Valuation Time; provided that Market Quotation will be determined by the Valuation Agent
using its estimates at mid-market of the amounts that would be paid for
Replacement Transactions (as that term is defined in the definition of “Market
Quotation”).

 

“Independent Amount” means, with
respect to a party, the amount specified as such for that party in Paragraph
13; if no amount is specified, zero.

 

“Interest Amount” means, with
respect to an Interest Period, the aggregate sum of the amounts of interest
calculated for each day in that Interest Period on the principal amount of
Posted Collateral in the form of Cash held by the Secured Party on that day,
determined by the Secured Party for each such day as follows:

 

(x)  the
amount of that Cash on that day; multiplied by

 

(y)  the
Interest Rate in effect for that day; divided by

 

(z)  360.

 

“Interest Period” means the
period from (and including) the last Local Business Day on which an Interest
Amount was Transferred (or, if no Interest Amount has yet been Transferred, the
Local Business Day on which Posted Collateral in the form of Cash was
Transferred to or received by the Secured Party) to (but excluding) the Local
Business Day on which the current Interest Amount is to be Transferred.

 

“Interest Rate” means the rate
specified in Paragraph 13.

 

“Local Business Day”, unless
otherwise specified in Paragraph 13, has the meaning specified in the
Definitions Section of this Agreement, except that references to a payment in
clause (b) thereof will be deemed to include a Transfer under this Annex.

 

8

 

“Minimum Transfer Amount” means,
with respect to a party, the amount specified as such for that party in
Paragraph 13; if no amount is specified, zero.

 

“Notification Time” has the
meaning specified in Paragraph 13.

 

“Obligations” means, with
respect to a party, all present and future obligations of that party under this
Agreement and any additional obligations specified for that party in Paragraph
13.

 

“Other Eligible Support” means, with respect
to a party, the items, if any, specified as such for that party in Paragraph
13.

 

“Other Posted Support” means all
Other Eligible Support Transferred to the Secured Party that remains in effect
for the benefit of that Secured Party.

 

“Pledgor” means either party,
when that party (i) receives a demand for or is required to Transfer Eligible
Credit Support under Paragraph 3(a) or (ii) has Transferred Eligible Credit
Support under Paragraph 3(a).

 

“Posted Collateral” means all
Eligible Collateral, other property, Distributions, and all proceeds thereof
that have been Transferred to or received by the Secured Party under this Annex
and not Transferred to the Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i)
or released by the Secured Party under Paragraph 8. Any Interest Amount or
portion thereof not Transferred pursuant to Paragraph 6(d)(ii) will constitute
Posted Collateral in the form of Cash.

 

“Posted Credit Support” means Posted Collateral and Other Posted
Support.

 

“Recalculation Date” means the Valuation Date that gives rise to
the dispute under Paragraph 5; provided, however,  that if a subsequent Valuation Date occurs under Paragraph 3 prior
to the resolution of the dispute, then the “Recalculation Date” means the most
recent Valuation Date under Paragraph 3.

 

“Resolution Time” has the
meaning specified in Paragraph 13.

 

“Return Amount” has the meaning specified in
Paragraph 3(b).

 

“Secured Party” means either
party, when that party (i) makes a demand for or is entitled to receive
Eligible Credit Support under Paragraph 3(a) or (ii) holds or is deemed to hold
Posted Credit Support.

 

“Specified Condition” means,
with respect to a party, any event specified as such for that party in
Paragraph 13.

 

“Substitute Credit Support” has
the meaning specified in Paragraph 4(d)(i).

 

“Substitution Date” has the
meaning specified in Paragraph 4(d)(ii).

 

“Threshold” means, with respect
to a party, the amount specified as such for that party in Paragraph 13; if no
amount is specified, zero.

 

“Transfer” means, with respect
to any Eligible Credit Support, Posted Credit Support or Interest Amount, and
in accordance with the instructions of the Secured Party, Pledgor or Custodian,
as applicable:

 

	
   

  	
  (i)

  	
  in the case of Cash, payment or delivery by wire
  transfer into one or more bank accounts specified by the recipient;

  
	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  in the case of certificated securities that cannot
  be paid or delivered by book-entry, payment or delivery in appropriate
  physical form to the recipient or its account accompanied by any duly
  executed instruments of transfer, assignments in blank, transfer tax stamps
  and any other documents necessary to constitute a legally valid transfer to
  the recipient;

  
	
   

  	
   

  	
   

  
	
   

  	
  (iii)

  	
  in the case of securities that can be paid or
  delivered by book-entry, the giving of written instructions to the relevant
  depository institution or other entity specified by the recipient, together
  with a written copy thereof to the recipient, sufficient if complied with to
  result in a legally effective transfer of the relevant interest to the
  recipient; and

  
	
   

  	
   

  	
   

  
	
   

  	
  (iv)

  	
  in the case of Other Eligible Support or Other
  Posted Support, as specified in Paragraph 13.

  

 

9

 

“Valuation Agent” has the meaning
specified in. Paragraph 13.

 

“Valuation Date” means each date
specified in or otherwise determined pursuant to Paragraph 13.

 

“Valuation Percentage” means,
for any item of Eligible Collateral, the percentage specified in Paragraph 13.

 

“Valuation Time” has the meaning
specified in Paragraph 13.

 

“Value” means for any Valuation
Date or other date for which Value is calculated and subject to Paragraph 5 in
the case  of a dispute, with respect to:

 

(i) Eligible Collateral or Posted
Collateral that is:

 

(A) 
Cash, the amount thereof; and

 

(B)  a
security, the bid price obtained by the Valuation Agent multiplied by the
applicable Valuation Percentage, if any;

 

(ii) Posted Collateral that consists of
items that are not specified as Eligible Collateral, zero; and

 

(iii) Other Eligible Support and Other
Posted Support, as specified in Paragraph 13.

 

10

 

CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED FOR THE REDACTED PORTIONS OF THIS AGREEMENT.  THE REDACTIONS ARE INDICATED WITH THREE
ASTERISKS (“***”).  A COMPLETE VERSION OF
THIS AGREEMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION. 

 

[Execution Version]

 

Elections and Variables

to the ISDA Credit Support Annex

dated as of June 20, 2007

between

 

	
  Credit Suisse Energy LLC,

   

  a limited liability company organized under the
  laws of the State of Delaware

   

  (“Party A”)

  	
   

  	
  and

  	
   

  	
  Noble Environmental Power 2006 Hold Co, LLC

   

  a limited liability company organized under the
  laws of the State of Delaware

   

  (“Party B”)

  

 

  Paragraph
13.

 

  (a)                                                    Security
Interest for “Obligations”.

 

The term “Obligations” as used in this
Annex includes the following additional obligations:

 

With respect to Party A: None.

 

With respect to Party B: None.

 

  (b)                           Credit
Support Obligations.

 

(i)    Delivery Amount, Return Amount and Credit
Support Amount.

 

(A)  “Delivery Amount” has the
meaning specified in Paragraph 3(a).

 

(B)  “Return Amount” has the
meaning specified in Paragraph 3(b).

 

(C) “Credit Support Amount” with respect
to Party A, has the meaning specified in Paragraph 3, except that clause (iii) of
the definition of Credit Support Amount shall be deleted.

 

(D) “Credit
Support Amount” with respect to Party B, means:

 

(1)                                  unless
clause (2) below applies (in which case this clause (1) shall not
apply), the Independent Amount applicable to Party B; and

 

(2)                                  on and after
the Additional Collateral Trigger Date and until the Additional Collateral
Release Date, the greater of (a) the Independent Amount applicable to
Party B and (b) Party A’s Total Exposure.

 

(ii)           Eligible Collateral.  On any date, the following items will qualify
as “Eligible Collateral” for each
party:

 

11

 

	
   

  	
   

  	
  Valuation

  
	
   

  	
   

  	
  Percentage

  
	
   

  	
   

  	
   

  
	
  (A) Cash

  	
   

  	
  100%

  
	
   

  	
   

  	
   

  
	
  (B) In respect of a party, such other assets as the other party may,
  from time to time, specify in writing as qualifying as Eligible Collateral
  for the purpose of this Annex (provided that
  any such assets shall cease to qualify as Eligible Collateral if such other
  party  subsequently specifies
  in writing that  they shall no longer
  qualify as  Eligible Collateral). For the avoidance  of doubt there are no other assets which,  as of the date of this Annex, qualify as  Eligible Collateral for either party. 

  	
   

  	
  Such percentage as  shall, from time to  time, be
  specified  by the other party  as applying
  to such  Eligible Collateral 

  

 

(iii)  Other Eligible
Support.  The following items will qualify as “Other Eligible Support” for the party
specified:

 

	
   

  	
   

  	
  Party A

  	
   

  	
  Party B

  	
   

  	
  Valuation Percentage

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (A) Letters of Credit (including, with respect to
  Party B, the Initial LC)

  	
   

  	
  x

  	
   

  	
  x

  	
   

  	
  The Valuation Percentage shall be 100% unless a
  Letter of Credit Default shall apply with respect to such Letter of Credit,
  in which case the Valuation Percentage shall be zero

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Acceptable Guaranties

  	
   

  	
  x

  	
   

  	
  x

  	
   

  	
  The Valuation Percentage shall be 100% unless a
  Guaranty Default shall apply with respect to such Acceptable Guaranty, in
  which case the Valuation Percentage shall be zero

  

 

For the avoidance of doubt, the Second Lien shall not constitute Other
Eligible Support.

 

(iv)  Thresholds.

 

(A)                              “Independent
Amount” means with respect to Party A: ***

 

“Independent Amount” means with
respect to Party B: an amount equal to the Initial LC Amount.

 

12

 

(B)                                “Threshold” means with
respect to Party B:  Not Applicable.

 

“Threshold” means
with respect to Party A only, the amount shown below appearing opposite the
lower of the long term, unsecured and unsubordinated debt ratings assigned by
either S&P or Moody’s to such party; provided
that if a Benchmark Entity is specified in relation to a party, then the
Threshold with respect to such party shall be the amount appearing opposite the
lower of the relevant ratings assigned by either S&P or Moody’s to that
party’s Benchmark Entity; provided, further
that if (i) a party has no such ratings or (ii) an Event of Default
with respect to a party has occurred and is continuing, such party’s Threshold
shall be zero:

 

	
  S&P

  	
   

  	
  Moody’s

  	
   

  	
  Threshold

  
	
  Rating

  	
   

  	
  Rating

  	
   

  	
  Amount

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A- or higher

  	
   

  	
  A3 or higher

  	
   

  	
  ***

  
	
  BBB+

  	
   

  	
  Baa1

  	
   

  	
  $***

  
	
  BBB

  	
   

  	
  Baa2

  	
   

  	
  $***

  
	
  BBB-

  	
   

  	
  Baa3

  	
   

  	
  $***

  
	
  BB+

  	
   

  	
  Ba1

  	
   

  	
  ***

  

 

For Party A, the
Benchmark Entity is:  Credit Suisse (USA), Inc.

 

For Party B, the Benchmark
Entity is: None

 

(C)      “Minimum
Transfer Amount” means with respect to Party A: $***.

“Minimum Transfer Amount” means with
respect to Party B: $***.

 

(D)     Rounding The Delivery
Amount and the Return Amount will be rounded up and down respectively to the
nearest integral multiple of US$50,000.

 

(c)                                  Valuation
and Timing.

 

(i)    “Valuation Agent” means the Calculation Agent.

 

(ii)       “Valuation Date” means, each Local Business Day
(except during any Additional Collateral Period, weekly).

 

(iii)      “Valuation
Time” means the close of business in the city of the Valuation
Agent on the Local Business Day before the Valuation Date or date of
calculation, as applicable,

 

13

 

provided that the
calculations of Value and Exposure will be made as of approximately the same time on the same date.

 

(iv)     “Notification Time” means 10:00 a.m.,
New York time, on a Local Business Day. 
Notwithstanding Paragraph 4(b), during any Additional Collateral Period,
(1) demand for Transfer of Eligible Credit Support or Posted Credit
Support by Party A may only be made once each week and (2) if such demand
is made by the Notification Time (and accompanied by the related Additional
Collateral Supporting Documentation (which Party B shall keep confidential in
accordance with the requirements of this Agreement)) on the day of such demand,
then the relevant Transfer shall be made by the close of business on the fifth
day thereafter and, if any such demand is made after the Notification Time, the
relevant Transfer shall be made by the close of business on the sixth day
thereafter.

 

(d)                                 Conditions
Precedent and Secured Party’s Rights and Remedies.

 

(i)             Subject to
Paragraphs 13(d)(ii) and 13(d)(iii), for the purposes of this Annex the
following events will each be a “Specified Condition”
for the party specified (that party being the Affected Party if the event
occurs with respect to that party):

 

	
   

  	
   

  	
  Party A

  	
   

  	
  Party B

  
	
  Illegality:

  	
   

  	
  x

  	
   

  	
  x

  
	
  Credit Event Upon Merger:

  	
   

  	
  x

  	
   

  	
  x

  
	
  Additional Termination
  Events(s):

  	
   

  	
  x

  	
   

  	
  x

  

 

(ii)          For the
purposes of sub-Paragraphs 4(a)(i), 4(a)(ii), 8(a)(2) and 8(b), the words “Specified Condition” shall be
deleted and the words “Termination Event” shall be substituted therefor and for
the purposes of Paragraph 8(b) the words “or been designated” shall be
deleted in their entirety;

 

(iii)       For the
purposes of sub-Paragraph 4(a)(i), the words , “Potential
Event of Default” shall be deleted in their entirety;

 

(iv)      For the
purposes of sub-Paragraph 8(a)(1) the words “Specified
Condition” shall be deleted in their entirety.

 

(e)                                  Substitution.

 

(i)             “Substitution
Date” has the meaning specified in Paragraph 4(d)(ii).

 

(ii)          Notice.  The Pledgor shall give to the Secured Party
not less than two (2) Local Business Days notice thereof specifying the
items of Posted Credit Support intended for substitution.

 

(iii)       Return
Procedure.  In Paragraph
4(d)(ii) the words “not later than the Local Business Day following” shall
be deleted and replaced with the words “as soon as practical after”.

 

(iv)      Consent.  No consent for any substitution pursuant to
Paragraph 4(d) shall be required, except that Party B may not provide
Eligible Credit Support in a form other than a Letter of Credit in substitution
of the Initial LC without Party A’s prior consent.

 

14

 

(f)                                    Dispute
Resolution.

 

(i)             “Resolution Time” means 10:00 a.m., New York
time, on the Local Business Day following the date on which the notice of the
dispute is given under Paragraph 5.

 

(ii)          Value.  For
the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of
Posted Credit Support will be calculated as follows:

 

(A)  with
respect to any Cash; the amount thereof; and

 

(B)        with respect to any Eligible Collateral other than Cash; the fair
market value of such Eligible Collateral on such date, as determined in any
reasonable manner chosen by the Valuation Agent, multiplied by the applicable
Valuation Percentage.

 

(iii)       Alternative.  The
provisions of Paragraph 5 will apply; provided that
if the difference (the “Difference”) between (i) the Delivery Amount,
Return Amount, or Value of any Eligible Credit Support or Posted Credit Support
(as the case maybe) calculated by the Valuation Agent and (ii) Delivery
Amount, Return Amount, or Value of any Eligible Credit Support or Posted Credit
Support (as the case maybe) calculated by the Disputing Party shall be less
than $1,000,000, subject to Paragraph 4(a), the appropriate party will Transfer
the undisputed amount plus one half of the Difference to the other party not
later than close of business on the second Local Business Day following the
date that the demand is made under Paragraph 3 by way of resolution of such
dispute without further resort to the provisions of Paragraph 5.

 

(g)                                 Holding and Using Posted
Collateral.

 

(i)    Eligibility to Hold Posted Collateral; Custodians:

 

Party A or its Custodian will be entitled to hold
Posted Collateral pursuant to Paragraph 6(b); provided that

 

(1)          if Party A is holding Posted Collateral, its Credit Support Provider
shall at all times either have a long term debt or deposit rating of at least “BBB-”
from S&P and at least “Baa3” from Moody’s (or their respective successors),
and if Party A’s Custodian is holding Posted Collateral, such Custodian shall
at all times either have a long term debt or deposit rating of at least “A-”
from S&P and at least “A3” from Moody’s (or their respective successors) or
have net capital in excess of US$500 million;

 

(2)          the Custodian for Party A shall first be approved by Party B; and

 

(3)          if it is Party A that is holding Posted Collateral, Party A is not a
Defaulting Party.

 

Initially, Party A or an Affiliate shall hold all
Posted Collateral pursuant to Paragraph 6(b).

 

15

 

Party B or its Custodian will be entitled to hold
Posted Collateral pursuant to Paragraph 6(b); provided
that

 

(1)          if Party B is holding Posted Collateral, Party B shall at all times
either have a long term debt or deposit rating of at least “BBB-” from S&P
and at least “Baa3” from Moody’s (or their respective successors) and if Party
B’s Custodian is holding Posted Collateral, such Custodian shall at all times
either have a long term debt or deposit rating of at least “A-” from S&P
and at least “A3” from Moody’s (or their respective successors) or have net
capital in excess of US$500 million;

 

(2)          the Custodian for Party B shall first be approved by Party A; and

 

(3)          if it is Party B that is holding Posted Collateral, Party B is not a
Defaulting Party;

 

Initially, the Custodian for Party B is Dexia Credit
Local, New York Branch.

 

(ii)   Use of Posted Collateral.  The provisions of Paragraph 6(c) will
apply to Party A and Party B.

 

(h)                                 Distributions and Interest
Amount.

 

(i)             Interest Rate.  The “Interest Rate” will be the
effective rate for Federal Funds, as reported in the Federal Reserve
Publication H.15-519 (or any successor publication); provided
that if, for any reason, such rate should be unavailable the Interest Rate
shall be such rate as the Secured Party shall reasonably determine.

 

(ii)          Transfer of Interest Amount.   The Transfer of the Interest Amount will be
made on the second Local Business Day following the end of each calendar month
and on any Local Business Day on which all Posted Collateral in the form of
Cash is Transferred to the Pledgor pursuant to Paragraph 3(b).

 

(iii)       Alternative to Interest Amount. 
The provisions of Paragraph 6(d)(ii) will apply and for the
purposes of calculating the Interest Amount the amount of interest calculated
for each day of the Interest Period shall be compounded daily.

 

(i)                                     Additional
Representation(s).

 

There are no additional representations by either
party.

 

(j)                                     Other Eligible Support and
Other Posted Support.

 

(i)             “Value” means (A) with respect to a Letter of Credit, an amount
equal to the product of the Valuation Percentage thereof and any undrawn
portion of any Letter of Credit maintained by the Pledgor (or its Credit
Support Provider) for the benefit of the Secured Party; and

 

16

 

(B) with
respect to a Guaranty, an amount equal to the product of the Valuation
Percentage thereof and the available face amount thereof.

 

(ii)          “Transfer” means:

 

With respect to a Letter of Credit:  (1) For purposes of Paragraph 3(a),
delivery of the Letter of Credit by the Pledgor or issuer of the Letter of
Credit to the Secured Party at the address of the Secured Party specified in
the Notices Section of this Agreement, or delivery of an executed
amendment to such Letter of Credit in form and substance satisfactory to the
Secured Party (extending the term or increasing the amount available to the
Secured Party thereunder) by the Pledgor or the issuer of the Letter of Credit
to the Secured Party at the address of the Secured Party specified in the
Notices section of this Agreement; and

 

(2)  For purposes of Paragraph 3(b), return of
an outstanding Letter of Credit by the Secured Party to the Pledgor at the
address of the Pledgor specified in the Notices Section of this Agreement,
or delivery of an executed amendment to the Letter of Credit in form and
substance satisfactory to the Pledgor (reducing the amount available to the
Secured Party thereunder) by the Secured Party or the issuer of the Letter of
Credit to the Pledgor at the Pledgor’s address specified in the Notices section
of this Agreement.  If a Transfer is to
be effected by a reduction in the amount of an outstanding Letter of Credit
previously issued for the benefit of the Secured Party, the Secured Party shall
not unreasonably withhold its consent to a commensurate reduction in the amount
of such Letter of Credit and shall take such action as is reasonably necessary
to effectuate such reduction.

 

With respect to a Guaranty:   (1) For purposes of Paragraph 3(a),
delivery of the Guaranty by the Pledgor or the guarantor to the Secured Party
at the address of the Secured Party specified in the Notices Section of
this Agreement, or delivery of an executed amendment to such Guaranty in form
and substance satisfactory to the Secured Party (extending the term or
increasing the amount available to the Secured Party thereunder) by the Pledgor
or the guarantor to the Secured Party at the address of the Secured Party
specified in the Notices section of this Agreement; and

 

(2)  For purposes of Paragraph 3(b), return of
an outstanding Guaranty by the Secured Party to the Pledgor at the address of
the Pledgor specified in the Notices Section of this Agreement, or
delivery of an executed amendment to the Guaranty in form and substance
satisfactory to the Pledgor (reducing the amount available to the Secured Party
thereunder) by the Secured Party or the guarantor to the Pledgor at the Pledgor’s
address specified in the Notices section of this Agreement.

 

(k)                                  Demands and Notices.

 

All demands, specifications and notices under this
Annex will be made pursuant to the Notices Section of this Agreement, save
that any demand, specification or notice:

 

(i)  shall be given to or made at the following
addresses:

 

17

 

If to Party A:

 

	
  Address:

  	
   

  	
  One Madison Avenue

  
	
   

  	
   

  	
  New
  York, NY 10010

  
	
   

  	
   

  	
   

  
	
  Telephone:

  	
   

  	
  (212) 538-5500

  
	
  Facsimile:

  	
   

  	
  (212) 538-5559

  
	
  Attention:

  	
   

  	
  Collateral
  Management Unit

  
	
   

  	
   

  	
   

  
	
  If to Party B:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  8 Railroad Avenue

  
	
   

  	
   

  	
  Suite 8, Second Floor

  
	
   

  	
   

  	
  Essex, CT 06426

  
	
   

  	
   

  	
   

  
	
  Telephone:

  	
  (860) 581-5010

  
	
   

  	
   

  
	
  Facsimile:

  	
  (860) 767-7198

  
	
   

  	
   

  
	
  Attention:

  	
  Tom Swank/Sidney Chang

  

 

or at such other address as the relevant party may
from time to time designate by giving notice (in accordance with the terms of
this paragraph) to the other party;

 

(ii)          shall (unless otherwise stated in this Annex) be deemed to be effective
at the time such notice is actually received unless such notice is received on
a day which is not a Local Business Day or after the Notification Time on any
Local Business Day in which event such notice shall be deemed to be effective
on the next succeeding Local Business Day.

 

(l)                                     Address for Transfers.

 

Party A:  To
be notified to Party B by Party A at the time of the request for the Transfer.

 

Party B:  To
be notified to Party B by Party A at the time of the request for the Transfer.

 

(m)                             Other Provisions.

 

(i)    Additional Definitions

 

As used in this Annex:

 

“Acceptable Guarantor” means
any guarantor that, at the time of delivery of the related Acceptable Guaranty, satisfies
the CS Counterparty Requirements, and, at all times, satisfies the Bright-Line
Requirements. The parties agree that an Approved GE Entity shall be deemed to
satisfy the CS Counterparty Requirements.

 

18

 

“Acceptable Guaranty” means an
absolute and unconditional guaranty by an Acceptable Guarantor of the
obligations of Party B in favor of Party A, which guaranty expressly
permits Party A to draw upon the guarantor thereunder at any time upon demand
of Party A, with a full and complete waiver by such guarantor of all defenses
to payment thereunder and with an express waiver by such guarantor of the right
to dispute payments of amounts to Party A under such guaranty prior to the
payment by such guarantor of such amounts to Party A.

 

“Additional Collateral Period”
means each period from, and including, an Additional Collateral Trigger Date
to, but excluding, the related Additional Collateral Release Date.

 

“Additional Collateral Trigger Date”
means the date (if any) on which a Specified Event of Default would occur under
this Agreement but for the operation of Part 1(e) of the Schedule to
the Agreement.

 

“Additional Collateral Release Date”
means, in respect of any Specified Event of Default and the related Additional
Collateral Trigger Date:

 

(a)                                  in
the case of Specified Events of Default under Sections 5(a)(xi) and (xii) of
the Agreement, the earliest date after the related Additional Collateral
Trigger Date on which each of the following has occurred:

 

(1)                                  title
to the Class A Membership Interests is transferred to an Acceptable
Operator;

 

(2)                                  if
there is a negative balance in the Tracking Account on the Additional
Collateral Release Date, the balance of the Tracking Account is no more
negative than it was on the date on which the precipitating transfer of title
or Forbearance Default occurred;

 

(3)                                  the
Average Annual Debt Service Coverage Ratio is equal to or exceeds 1.45 to 1.00;
and

 

(4)                                  no
other Forbearance Default has occurred and is then continuing; and

 

(b)                                 in
the case of each of the other Specified Events of Default, the date on which
such Specified Event of Default has been cured, all adverse effects thereof on
Party A have been remedied and no other Event of Default or Termination Event
has occurred and is then continuing.

 

“Additional
Collateral Supporting Documentation” means ***.

 

“Approved GE Entity”
means an entity selected by EFS Noble Holdings, LLC and approved by Party A in
accordance with the definition of GE Approval Period that shall be deemed to
satisfy the CS Counterparty Requirements.

 

19

 

“Bright-Line Requirements” shall mean, with respect to any guarantor, any letter of credit
issuer or any other Person in any other capacity, the requirements that such
Person shall (a) have a Credit Rating of “A-” or better by Standard &
Poor’s and “A3” or better by Moody’s and (b) have net capital in excess of
$1,000,000.

 

“GE Approval Period” means, with respect
to any entity approved by Party A in accordance with the following sentence,
the three year period commencing on the date Party A notifies EFS Noble Holdings, LLC that such entity meets the CS Counterparty Requirements.  At any time, EFS Noble Holdings, LLC may request Party A to approve General Electric Capital Corporation
or any direct or
indirect subsidiary of General Electric Capital Corporation to be an “Approved GE Entity” for a three year period, and, if Party
A notifies EFS Noble
Holdings, LLC that such entity meets the CS
Counterparty Requirements, such entity shall constitute an Approved GE Entity
for such period.

 

“Guaranty Default”
shall mean with respect to an outstanding Acceptable Guaranty, the occurrence
of any of the following events: (i) the provider of such Acceptable
Guaranty shall fail to satisfy the requirements set forth in the definition of
Acceptable Guarantor; (ii) the provider of the Acceptable Guaranty shall
fail to comply with or perform its obligations under such Acceptable Guaranty; (iii) the
provider of such Acceptable Guaranty shall disaffirm, disclaim, repudiate or
reject, in whole or in part, or challenge the validity of, such Acceptable
Guaranty; (iv) such Acceptable Guaranty shall expire or terminate, or
shall fail and cease to be in full force and effect at any time during the term
of this Agreement, or fail to be renewed; (v) 30 or fewer Local Business
Days remain prior to the expiration of such Acceptable Guaranty or (vi) any
event analogous to an event specified in Section *** of this
Agreement shall occur with respect to the provider of such Acceptable Guaranty.

 

“Letter of Credit”
means an irrevocable, transferable, standby letter of credit, issued by a
Qualified Institution, in the form set forth in Schedule 1 hereto, with such
changes to the terms in that form as the issuing bank may require and as may be
acceptable to the Secured Party in its sole discretion.  Party B shall provide Party A with no less
than five (5) Local Business Days’ notice (or such shorter applicable
period, to the extent that a Letter of Credit is being provided during a cure period
to prevent an Event of Default under the Agreement) of the relevant contact
information for Party B’s proposed issuing bank, including, without limitation,
the name, address of, and individual contact’s telephone number at, such bank.

 

“Letter of Credit Default”
shall mean with respect to an outstanding Letter of Credit, the occurrence of
any of the following events: (i) the issuer of such Letter of Credit shall
fail to satisfy the requirements set forth in the definition of Qualified
Institution; (ii) the issuer of the Letter of Credit shall fail to comply
with or perform its obligations under such Letter of Credit; (iii) the
issuer of such Letter of Credit shall disaffirm, disclaim, repudiate or reject,
in whole or in part, or challenge the validity of, such Letter of Credit; (iv) such
Letter of Credit shall expire or terminate, or shall fail and cease to be in
full force and effect at any time during the term of this Agreement, or fail to
be renewed; (v) 20 or fewer Local Business Days remain prior to the
expiration of such Letter of Credit or

 

20

 

(vi) any event analogous to an event
specified in Section *** of this Agreement shall occur with respect
to the issuer of such Letter of Credit.

 

“Local Business Day”  means: (i) any day on which
commercial banks are open for business (including dealings in foreign exchange
and foreign currency deposits) in New York, and (ii) in relation to a
Transfer of Eligible Collateral, a day on which the clearance system agreed
between the parties for the delivery of Eligible Collateral is open for
acceptance and execution of settlement instructions (or in the case of a
Transfer of Cash or other Eligible Collateral for which delivery is
contemplated by other means, a day on which commercial banks are open for
business (including dealings for foreign exchange and foreign deposits) in New
York and such other places as the parties shall agree);

 

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

 

“Qualified Institution”
means a major U.S. commercial bank or a foreign bank with a U.S. branch office
that, at the time of delivery of the related Letter of Credit, satisfies the CS
Counterparty Requirements, and, at all times, satisfies the Bright-Line
Requirements.  

 

The parties agree that Dexia Credit Local, New York
Branch shall be an acceptable Qualified Institution in respect of the Initial
LC.

 

“S&P” means Standard & Poor’s
Ratings Group, a division of The McGraw-Hill Companies Inc, or any successor.

 

“Total
Exposure” means (i) 1.1 times Party A’s Exposure
(determined without regard to any balance in the Tracking Account) on the
applicable Valuation Date, plus (ii) in
the event the balance of the Tracking Account is negative on the applicable
Valuation Date, the absolute value of the balance of the Tracking Account, minus (iii) in the event the balance of the Tracking
Account is positive on the applicable Valuation Date, the balance of the
Tracking Account for that Valuation Date.

 

(ii)   No Counterclaim

 

A party’s rights to demand and receive the Transfer
of Eligible Collateral as provided hereunder and its rights as Secured Party
against the Posted Collateral or otherwise shall be absolute and subject to no
counterclaim, set off, deduction or defence in favour of the Pledgor except as
contemplated in Sections 2 and 6 of the Agreement and Paragraph 8 of this
Annex.

 

(iii)  Holding Collateral

 

The Secured Party shall cause any Custodian
appointed hereunder to open and maintain a segregated account and to hold,
record and identify all the Posted Collateral in such segregated account and,
subject to Paragraphs 6(c) and 8(a), such Posted Collateral shall at all
times be and remain the property of the Pledgor and shall at no time constitute
the property of, or be commingled with the property of, the Secured Party or
the Custodian.

 

(iv)  Modifications to Clause (ii) of Paragraph 7

 

21

 

Clause (ii) of Paragraph 7 is deleted in its
entirety and replaced by the following:

 

“(ii) that party fails to comply with any
restriction or prohibition specified in this Annex with respect to any of the
rights specified in Paragraph 6(c) and that failure continues for *** days after notice of that failure is
given to that party; provided that if such failure cannot reasonably be cured
within such *** day period, but is
susceptible of cure within an additional ***
day period, then the initial cure period shall be extended for an
additional *** days”

 

IN WITNESS WHEREOF the
parties have executed this document on the respective dates specified below
with effect from the date specified on the first page of this document.

 

 

	
  CREDIT SUISSE ENERGY LLC

  	
  NOBLE ENVIRONMENTAL POWER
  2006

  HOLD CO, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Marisa
  Scauzillo

  	
   

  	
  By:

  	
    /s/ Thomas F. Swank

  
	
  Name:

  	
    Marisa Scauzillo

  	
  Name:

  	
    Thomas F. Swank

  
	
  Title:

  	
    Authorized
  Signatory

  	
  Title:

  	
    Vice President

  
	
  Date:

  	
    June 20, 2007

  	
  Date:

  	
    June 20,
  2007

  
					

 

22

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