Document:

EX-4.1

 Exhibit 4.1 

RPM INTERNATIONAL INC. 

OFFICERS’ CERTIFICATE AND AUTHENTICATION ORDER 

FOR 
 4.250% NOTES DUE
2048 
 Pursuant to the Indenture dated as of April 8, 2014 (the “Indenture”) between RPM International Inc. (the
“Company”) and Wells Fargo Bank, National Association, as trustee (the “Trustee”), and the resolutions adopted by the Board of Directors of the Company on October 4 and 5, 2017, this Officers’ Certificate is being
delivered to the Trustee to establish the terms of a series of Securities in accordance with Section 2.01 of the Indenture, to establish the form of the Securities of such series in accordance with Section 2.02 of the Indenture, and to
constitute the Company Order to request the authentication and delivery of the Securities of such series pursuant to Section 2.04 of the Indenture, and to comply with the provisions of Section 14.05 of the Indenture. 

Capitalized terms used but not defined herein and defined in the Indenture shall have the respective meanings ascribed to them in the
Indenture. 
 (a)    There is hereby established pursuant to Section 2.01 and Section 2.02 of the Indenture a
series of Securities which shall have the terms set forth below and set forth in the form of note attached hereto as Annex A. 

(1)    The series of Securities hereby being authorized shall bear the title “4.250% Notes due
2048” (referred to herein as the “Notes”). 
 (2)    The aggregate principal amount of
Notes which may be authenticated and delivered under the Indenture pursuant hereto shall be limited to $300,000,000 (except for Notes authenticated and delivered upon registration of transfer of, or in the exchange for, or in lieu of, other Notes of
the series pursuant to Section 2.05, 2.06, 2.07, 3.05, or 10.06 and except for any Notes which, pursuant to Section 2.04, are deemed never to have been authenticated and delivered). 

(3)    The Notes shall be issuable in minimum denominations of $2,000 and in integral multiples of $1,000
in excess thereof. 
 (4)    The form of note attached hereto as Annex A sets forth certain of the terms
of the Notes required to be set forth or determined in the manner provided in this Officers’ Certificate pursuant to Section 2.01 and Section 2.02 of the Indenture, and said terms are incorporated herein by reference. 

(b)    It is hereby established pursuant to Section 2.02 of the Indenture that the Notes shall be substantially in
the form attached as Annex A hereto. 
 (c)    It is hereby ordered pursuant to Section 2.04 of the Indenture that
the Trustee authenticate, in the manner provided by the Indenture, one Global Security constituting the Notes 

  
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bearing CUSIP No. 749685 AW3 in the aggregate principal amount of $300,000,000 registered in the name of Cede & Co., which such Global Security will be duly executed by the proper
officers of the Company and delivered to the Trustee as provided in the Indenture, and to deliver said authenticated Global Security through the facilities of The Depository Trust Company to or upon the order of Wells Fargo Securities, LLC on
December 20, 2017. 
 (d)    The undersigned have read the pertinent sections of the Indenture, including Sections
2.01, 2.02 and 2.04 thereof and the definitions in the Indenture relating thereto, and certain other corporate documents and records. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to
enable the undersigned to express an informed opinion as to whether or not the conditions precedent to (i) the establishment of (a) a series of Securities and (b) the form of such Securities, and (ii) the authentication and
delivery of such series of Securities, contained in the Indenture have been complied with. In the opinion of the undersigned, such conditions have been complied with. 

[Signature page follows] 

  
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 IN WITNESS WHEREOF, we have hereunto signed our names on behalf of the Company. 

Dated: December 20, 2017 
  

			
	RPM INTERNATIONAL INC.
		
	By:	 	/s/ Russell L. Gordon
	Name:	 	Russell L. Gordon
	Title:	 	Vice President and Chief Financial Officer
		
	By:	 	/s/ Edward W. Moore
	Name:	 	Edward W. Moore
	Title	 	 Senior Vice President, General Counsel
 and
Chief Compliance Officer

 [Signature page to Officers’ Certificate 

and Authentication Order] 

  
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 [Annex A — Form of Note] 

[Face of Note] 
 Unless this
certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED
CIRCUMSTANCES. 
  

			
	CUSIP NO. 749685 AW3	  	PRINCIPAL AMOUNT: $300,000,000
	 ISIN US 749685AW30
 Common Code No.
	  	

 REGISTERED NO. 1 

RPM INTERNATIONAL INC. 

4.250% Notes due 2048 

RPM INTERNATIONAL INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Three Hundred
Million Dollars ($300,000,000), or such other principal sum as shall be set forth in the Schedule of Exchanges of Interests attached hereto, on January 15, 2048 and to pay interest thereon from December 20, 2017 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for semi-annually on January 15 and July 15 of each year, commencing July 15, 2018, at the rate of 4.250% per annum, until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be January 1, for Interest Payment Dates of January 15,
and July 1, for Interest Payment Dates of July 15 (whether or not a Business Day). As used herein, “Business Day” has the meaning ascribed thereto in the Indenture. 

  
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 Any interest not punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of interest on this Security shall be made in immediately available funds at the office or agency of the Company maintained for that
purpose, which shall initially be at the Corporate Trust Office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that, at the option of the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been
designated by such Person. Payment of principal of and interest on this Security at Maturity shall be made against presentation of this Security at the office or agency of the Company maintained for that purpose, which shall initially be at the
Corporate Trust Office of the Trustee. For so long as this Security is a Global Security registered in the name of DTC or its nominee, all payments on the Security will be made to DTC or its nominee as the registered holder hereof in accordance with
DTC procedures. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

									
	DATED: December 20, 2017	 		 	
		 		 	RPM INTERNATIONAL INC.
				
		 		 	By:	 	 
		 		 		 	Name:	 	Russell L. Gordon
		 		 		 	Title:	 	Vice President and Chief Financial Officer
	[SEAL]	 		 		 		 	
				
		 		 	Attest:	 	 
		 		 		 	Name:	 	Edward W. Moore
		 		 		 	Title:	 	 Senior Vice President, General
 Counsel and
Chief Compliance Officer

 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein referred to
 in the within-mentioned
Indenture.
 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 

			
		
	By:	 	 
		 	Authorized Signatory

  
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 [Reverse of Note] 

RPM INTERNATIONAL INC. 

4.250% Notes due 2048 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture dated as of April 8, 2014 between the Company and Wells Fargo Bank, National Association, as trustee, as amended or supplemented from time to time (herein called the
“Indenture”) (in its capacity as trustee, Wells Fargo Bank, National Association, being herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, such series being limited in initial aggregate principal amount to $300,000,000; provided, however, that the Company
may, without the consent of the Holders of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall be considered part of the same series under the
Indenture as the Securities of this series. 
 The Securities of this series shall not be entitled to any sinking fund. 

Optional Redemption 
 Prior to
July 15, 2047, the Securities of this series are redeemable at the option of the Company at any time in whole or from time to time in part, at a Redemption Price equal to the greater of the following amounts, plus, in each case, accrued and
unpaid interest thereon to, but excluding, the Redemption Date: (i) 100% of the principal amount of the Securities to be redeemed; and (ii) the sum of the present values of the Remaining Scheduled Payments. 

On or after July 15, 2047, the Securities of this series are redeemable at the option of the Company at any time in whole or from time to
time in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest thereon to, but excluding the Redemption Date. 

In determining the present values of the Remaining Scheduled Payments, such payments shall be discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 25 basis points. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
an actual or interpolated maturity comparable to the remaining term of the Securities of this series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price”
means (A) the arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Quotation Agent obtains fewer than four
Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations for such Redemption Date. 

“Independent Investment Banker” means a Reference Treasury Dealer or its respective successors as may be appointed from time
to time by the Quotation Agent after consultation with the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “primary treasury dealer”), another primary
treasury dealer shall be substituted therefor by the Company. 

  
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 “Quotation Agent” means, for purposes of determining the Redemption Price, such
primary treasury dealer as may be selected by the Company. 
 “Reference Treasury Dealer” means (i) Merrill Lynch,
Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC or their respective successors and, (ii) at the Company’s option, up to three other primary U.S. Government securities dealers in New York City (each, a
“primary treasury dealer”), provided, however, that if any of the foregoing shall cease to be a primary treasury dealer, the Company will substitute therefor another primary treasury dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
arithmetic average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference
Treasury Dealer by 3:30 p.m. on the third Business Day preceding such Redemption Date. 
 “Remaining Scheduled
Payments” means, with respect to any Security of this series, the remaining scheduled payments of the principal and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however,
that, if such Redemption Date is not an Interest Payment Date with respect to such Security, the amount of the next scheduled interest payment thereon shall be reduced by the amount of interest accrued thereon to such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity or interpolated yield to maturity of the Comparable Treasury Issue. In determining this rate, the price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) shall be assumed to be equal to the Comparable
Treasury Price for such Redemption Date. 
 A partial redemption of the Securities of this series shall be made in accordance with
Applicable Procedures while the Securities are Global Securities, otherwise may be affected by such method as the Trustee shall deem appropriate and may provide for the selection for redemption of a portion of the principal amount of the Securities
of this series equal to an authorized denomination. 
 Notice of any redemption shall be mailed at least 30 days but not more than 60 days
before the Redemption Date to each Holder of the Securities of this series to be redeemed. 
 Unless the Company defaults in payment of the
Redemption Price, on and after the Redemption Date interest shall cease to accrue on the Securities of this series or portions thereof called for redemption. 

In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof (or through book-entry transfer, for Global Securities). 

Change of Control Offer 
 If a Change of
Control Triggering Event occurs, unless the Company has exercised its option to redeem the Securities of this series, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Securities of
this series to repurchase all or any part (equal to $2,000 and in integral multiples of $1,000 in excess thereof) of that Holder’s Securities on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer
payment in cash equal to 101% of the aggregate principal amount of Securities of this series repurchased, plus accrued and unpaid interest, if any, on the Securities of this series repurchased to, but excluding, the date of repurchase (a
“Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may
constitute the Change of Control, a notice shall be mailed (or to the extent permitted or required by Applicable Procedures or regulations with respect to Global Securities, sent electronically) to Holders of the Securities of this series, with a
copy to the Trustee, describing the transaction 

  
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that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Securities on the date specified in the notice, which date shall be no earlier than 30
days and no later than 60 days from the date such notice is mailed (a “Change of Control Payment Date”), and describing the instructions determined by the Company, consistent with this covenant, that a Holder of the Securities must
follow in order to have its Securities purchased. The notice shall, if mailed or sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on
or prior to the Change of Control Payment Date. 
 In order to accept the Change of Control Offer, the Holder must, subject to Applicable
Procedures for Global Securities, deliver to the Paying Agent, at least five Business Days prior to the Change of Control Payment Date, this Security together with the form entitled “Election Form” (which form is annexed hereto) duly
completed, or a facsimile transmission or a letter from a member of a national securities exchange, or the National Association of Securities Dealers, Inc. or a commercial bank or trust company in the United States setting forth: 

 

	 	(i)	the name of the Holder of this Security; 

  

	 	(ii)	the principal amount of this Security; 

  

	 	(iii)	the principal amount of this Security to be repurchased; 

  

	 	(iv)	the certificate number or a description of the tenor and terms of this Security; 

  

	 	(v)	a statement that the Holder is accepting the Change of Control Offer; and 

  

	 	(vi)	a guarantee that this Security, together with the form entitled “Election Form” duly completed, will be received by the Paying Agent at least five Business Days prior to the Change of Control Payment Date.

 Any exercise by a Holder of its election to accept the Change of Control Offer shall be irrevocable. The Change of Control Offer may be
accepted for less than the entire principal amount of this Security, but in that event the principal amount of this Security remaining outstanding after repurchase must be equal to $2,000 and in integral multiples of $1,000 in excess thereof. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: 

 

	 	(i)	accept for payment all Securities of this series or portions of such Securities properly tendered pursuant to the Change of Control Offer; 

 

	 	(ii)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities of this series or portions of such Securities properly tendered; and 

 

	 	(iii)	deliver or cause to be delivered to the Trustee the Securities of this series properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Securities of this series or portions
of such Securities being repurchased. 

 The Company shall not be required to make a Change of Control Offer upon the
occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Securities of
this series properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Securities of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the
Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 
 The Company
shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a 

  
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Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Securities of this
series, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Securities of this series by virtue of any such conflict. 

For purposes of the Change of Control Offer provisions of the Securities of this series, the following terms are applicable: 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any person, other than
the Company or a Subsidiary; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into
which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or into, any person, or any person consolidates
with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other
property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving
person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing
Directors; or (5) the adoption of a plan relating to the Company’s liquidation or dissolution. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

“Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who
(1) was a member of such Board of Directors on the date the Securities of this series were issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing
Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as
a director, without objection to such nomination). 
 “Fitch” means Fitch Inc., and its successors. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P and BBB- (or the equivalent) by Fitch and the equivalent investment grade credit rating from any replacement rating agency or rating
agencies selected by the Company. 
 “Moody’s” means Moody’s Investors Service, Inc., and its successors.

 “Rating Agencies” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or
Fitch ceases to rate the Securities of this series or fails to make a rating of such Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the
meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) to act as a replacement agency for
Moody’s, S&P or Fitch, or all of them, as the case may be. 
 “Rating Event” means the credit rating on the
Securities of this series is lowered by at least two of the three Rating Agencies and the Securities of this series are rated below an Investment Grade Rating by at least two of the three Rating Agencies on any day during the period (which period
shall be extended so long as the rating of the Securities of this series is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing 60 days prior to the first public notice of the occurrence of a
Change of Control or the 

  
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Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control. 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and its
successors. 
 “Voting Stock” means, with respect to any specified “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

Events of Default 
 In addition to the
Events of Default set forth in the Indenture, the following shall be considered Events of Default with respect to the Securities of this Series: 

(a) any final judgment or order for the payment of money in excess of the greater of $50,000,000 or 7% of Consolidated Stockholders’
Equity, either individually or in the aggregate (net of any amounts to the extent that they are covered by insurance), shall have been rendered against the Company or any of its Subsidiaries and which shall not have been paid or discharged, and
there shall be any period of 60 consecutive days following the entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged against the Company or any of its
Subsidiaries to exceed the greater of $50,000,000 or 7% of Consolidated Stockholders’ Equity during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect. 

Limitation on Liens 
 The Company
covenants and agrees for the benefit of the Holders that for so long as any Securities of this series are outstanding, the Company will not, and will not permit any of its Subsidiaries to, create, assume, incur or suffer to exist any Lien upon any
Principal Property or upon any shares of Capital Stock or Indebtedness of any Subsidiary owning or leasing any Principal Property, whether owned or leased on the date of the Indenture or thereafter acquired, other than Permitted Liens or as
permitted under “Exempted Liens and Sale-Leaseback Transactions” below, to secure any Indebtedness incurred or guaranteed by the Company or any Subsidiary, without in any such case making effective provision whereby all of the Securities
of this series then outstanding (together with, if the Company so determines, any other Indebtedness or guarantee thereof by the Company ranking equally with such Securities) shall be secured equally and ratably with, or prior to, such Indebtedness
so long as such Indebtedness shall be so secured. 
 “Permitted Liens” means: 

(i)    Liens existing on the date of the Indenture or the date the Securities of this series are issued and securing
Indebtedness in an aggregate principal amount not exceeding the greater of $25.0 million or 5% of Consolidated Stockholders’ Equity of the Company; provided that no increase in the amount secured thereby is permitted; 

(ii)    Liens on the property or assets of the Company or any other property or assets of the Subsidiaries of the Company
given to secure the payment of the purchase price incurred in connection with the acquisition, lease (including any Capital Lease Obligation) or construction of property (other than accounts receivable or inventory) intended to be used in carrying
on of the business of the Company or the businesses of the Subsidiaries of the Company, including Liens existing on such property at the time of acquisition, lease or construction thereof or improvements thereon, or Liens incurred within
180 days of such acquisition or the completion of such construction; provided that (i) the Lien shall attach solely to the property acquired, purchased, leased, constructed or improved, (ii) at the time of acquisition or construction
of such property, the aggregate amount remaining unpaid on all Indebtedness secured by Liens on such property, whether or not assumed by the Company or any Subsidiary of the Company, shall not exceed an amount equal to the lesser of the total
purchase price or Fair Market Value at the time of acquisition or construction of such 

  
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property, and (iii) the aggregate principal amount of all Indebtedness secured by such Liens shall not exceed the lesser of (y) the cost of the acquisition, lease or construction, as
the case may be or (z) the Fair Market Value of such property; 
 (iii)    Liens on property or assets of any Person
existing at the time such Person becomes a Subsidiary of the Company or is merged with or into or consolidated with the Company or any Subsidiary of the Company or, at the time of a sale, lease or other disposition of the properties of a Person as
an entirety or substantially as an entirety to the Company or any Subsidiary of the Company, or arising thereafter pursuant to contractual commitments entered into prior to and not in contemplation of such Person becoming a subsidiary and not in
contemplation of any such merger or consolidation or any such sale, lease or other disposition; provided that such Liens shall not extend to the property or assets of the Company or any other property or assets of the Subsidiaries of the Company;

 (iv)    Any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part
of any Lien referred to in the foregoing clauses; provided, however, that the principal amount of Indebtedness secured thereby shall not exceed the principal amount of Indebtedness so secured prior to such extension, renewal or replacement and that
such extension, renewal or replacement Lien shall be limited to all or a part of the assets that secured the Lien so extended, renewed or replaced (plus improvements and construction on such real property); 

(v)    Other Liens arising in the ordinary conduct of the business of the Company or the businesses of the Subsidiaries of
the Company (including Liens to secure the performance by the Company or the Subsidiaries of the Company of bids, tenders or trade contracts for sums not yet due and payable) which are not incurred in connection with the borrowing of money or the
obtaining of advances or credit, or that is incidental to the ownership of properties and assets by the Company or the Subsidiaries of the Company in the ordinary conduct of the Company’s business or the businesses of the Subsidiaries of the
Company (including landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s and other similar Liens for sums not yet due and payable), or to secure the performance by the Company or the Subsidiaries of the Company of
its or their statutory obligations (including obligations under workers compensation, unemployment insurance and other social security legislation), surety or appeal bonds and other similar liens (including Liens of attorneys on client files);
provided in each case that such Liens do not, in the aggregate, materially detract from the value of the property or assets of the Company or the property or assets of the Subsidiaries of the Company or materially impair the use thereof in the
operation of the business of the Company or the businesses of the Subsidiaries of the Company; 
 (vi)    Leases or
subleases entered into by the Company or the Subsidiaries of the Company as either lessors or sublessors, easements, rights-of-way, restrictions and other similar
charges or encumbrances (including zoning restrictions), in each case, that is incidental to the ownership of property or assets or the ordinary conduct of the business of the Company or the businesses of the Subsidiaries of the Company; provided
that such Liens do not, in the aggregate, materially detract from the value of such property; 
 (vii)    Liens for
taxes, assessments or other governmental charges which are not yet due and payable as of the date of the Indenture or the date the Securities of this series are issued; and 

(viii)    Liens on receivables, leases, other financial assets, and any assets related thereto, incurred in connection with
a Permitted Receivables Transaction. 
 “Permitted Receivables Transaction” means any transaction or series of transactions
entered into by the Company or any of its Subsidiaries in order to monetize or otherwise finance a pool (which may be fixed or revolving) of receivables, leases or other financial assets (including, without limitation, financing contracts) or other
transactions evidenced by receivables purchase agreements, including, without limitation, factoring agreements and other similar agreements pursuant to which receivables, leases, other financial assets, and any assets related thereto, are sold at a
discount (in each case whether now existing or arising in the future), and which may include a grant of a security interest in any such receivables, leases, other financial assets (whether now existing or arising in the

  
 12 

 
future) of the Company or any of its Subsidiaries, and any assets related thereto, including all collateral securing such receivables, leases, or other financial assets, all contracts and all
guarantees or other obligations in respect thereof, proceeds thereof and other assets that are customarily transferred, or in respect of which security interests are customarily granted, in connection with asset securitization transactions involving
receivables, leases, or other financial assets or other transactions evidenced by receivables purchase agreements, including, without limitation, factoring agreements and other similar agreements pursuant to which receivables are sold at a discount.

 “Principal Property” means, whether owned or leased on the date of the Indenture or acquired after the date hereof, each
manufacturing or processing plant or facility and office facilities of the Company or its Subsidiaries located in the United States. 
 Restrictions on
Sale-Leaseback Transactions 
 Except as permitted under “Exempted Liens and Sale-Leaseback Transactions” below, the Company
will not, and it will not permit any of its Subsidiaries to, engage in the sale or transfer by the Company or any of its Subsidiaries of any Principal Property to a person (other than a Subsidiary of the Company or the Company) and the taking back
by the Company or any of its Subsidiaries, as the case may be, of a lease of such Principal Property, unless: 

(i)    such sale-leaseback transaction involves a lease for a period, including renewals, of not more than three years; or

 (ii)    the Company or its Subsidiary, within a one-year period after such
sale-leaseback transaction, applies or causes to be applied an amount not less than the net proceeds from such sale-leaseback transaction to the prepayment, repayment, redemption, reduction or retirement (other than pursuant to any mandatory sinking
fund, redemption or prepayment provision) of Funded Indebtedness. 
 “Funded Indebtedness” means Indebtedness having a maturity of
more than 12 months from the date as of which the amount thereof is to be determined or having a maturity of less than 12 months but by its terms being renewable or extendible beyond 12 months from such date at the option of the obligor.

 Exempted Liens and Sale-Leaseback Transactions 

Notwithstanding the foregoing restrictions on Liens and sale-leaseback transactions, and in addition to Permitted Liens otherwise permitted
hereunder, the Company may, and may permit any Subsidiary to, create, assume, incur, or suffer to exist any Lien upon any Principal Property, or upon any shares of Capital Stock or Indebtedness of any of its Subsidiaries owning or leasing any
Principal Property, to secure Indebtedness incurred or guaranteed by the Company or any of its Subsidiaries or effect any sale-leaseback transaction of a Principal Property that is not excepted by “Restrictions on Sale-Leaseback
Transactions” above without equally and ratably securing the Securities; provided that, after giving effect thereto, the aggregate principal amount of outstanding Indebtedness secured by Liens other than Permitted Liens upon Principal Property
and/or upon such shares of Capital Stock or Indebtedness of any Subsidiary owning or leasing any Principal Property, plus the Attributable Indebtedness from sale-leaseback transactions of Principal Property not so excepted, does not exceed 15% of
the Consolidated Stockholders’ Equity as of the date of determination. 
 “Attributable Indebtedness” for a
sale-leaseback transaction means the lesser of (i) the fair value of the property subject to the transaction (as determined by the Company’s Board of Directors), or (ii) the present value (discounted at the interest rate implicit in
the relevant sale and leaseback transaction) of rent for the remaining term of the lease. 
 “Consolidated Stockholders’
Equity” means, at any time, the consolidated stockholders’ equity of the Company and its Subsidiaries calculated on a consolidated basis as of such time. 

  
 13 

 Other Provisions 

If an Event of Default with respect to Securities of this series as set forth herein or in the Indenture shall occur and be continuing, the
principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security will not have the
right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee indemnity satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request and shall have failed to institute such proceeding for 60 calendar days after receipt of such notice, request, and offer of indemnity. The foregoing will apply to any suit instituted by the Holder of this Security
for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in New York, New York, a new
Security or Securities of this series in authorized denominations for an equal aggregate principal amount shall be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the
limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 Prior to due
presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security
is exchangeable for definitive Securities in registered form only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security and a successor depositary is not appointed by the Company
within 90 days after receiving such notice, or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act and a successor depositary is not appointed by the Company within 90 days after the Company
becoming aware that the Depositary has ceased to be registered as a clearing agency, (ii) the Company, in its sole discretion, determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the
Trustee thereof or (iii) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive
Securities in registered form, bearing interest at the same rate, having the same date of issuance, redemption provisions, Stated Maturity and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to
the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this global Security shall not
be entitled to receive physical delivery of Securities in definitive form and shall not be considered the Holders hereof for any purpose under the Indenture. 

  
 14 

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived
and released. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the
Indenture unless otherwise defined in this Security. 
 This Security shall be governed by, and construed in accordance with, the laws of
the State of New York, without regard to conflicts of laws principles thereof. 

  
 15 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Security to:	 	 
		 	(Insert assignee’s legal name)

  
       

 
 (Insert assignee’s soc. sec. or
tax I. D. no.) 
  
   

 
   

 
   

 
   

 
 (Print or type assignee’s name,
address and zip code) 
  

			
	and irrevocably appoint	 	 

 to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

Date: 
  

			
	Your Signature:	 	 
		 	 (Sign exactly as your name appears
 on the
face of this Security)

  

			
	Signature Guarantee:1	 	 

  

	1 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 16 

 Option of Holder to Elect Purchase 

If you want to elect to have this Security purchased by the Company pursuant to the Change of Control Offer section of this Security, check the box below:

  
 ☐ 

If you want to elect to have only part of the Security purchased by the Company pursuant to the Change of Control Offer section of this Security, state the
amount you elect to have purchased: 

$                       
      
 Date: 
  

			
	Your Signature:	 	 
		 	 (Sign exactly as your name
 appears on the
face of this
 Security)

 
			
		
	Tax Identification No.:	 	 

  

			
		
	Signature Guarantee:2*	 	 

  

	2 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 17 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	 	 Amount of Decrease in
Principal Amount of
this
Global Security
	 	 Amount of Increase in
Principal Amount of
this
Global Security
	  	 Principal Amount of this
Global
Security
Following such Decrease
or Increase
	  	 Signature of Authorized
Officer of Trustee
or
Securities Custodian

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  
 18Exhibit 10.2

 

EXECUTION VERSION

 

SIXTH AMENDMENT TO CREDIT AGREEMENT

 

This SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Sixth Amendment”) is entered into as of December 20, 2017 among Dynegy Inc., a Delaware corporation (the “Borrower”), the Guarantors party hereto, Credit Suisse AG, Cayman Islands Branch, as administrative agent (in such capacity, the “Administrative Agent”), each Converting Lender (as defined below) party hereto and the Fronting Bank (as defined below). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below.

 

RECITALS

 

WHEREAS, the Borrower, the lenders party thereto prior to the effectiveness of this Sixth Amendment (each, a “Lender” and, collectively, the “Lenders”) and the Administrative Agent are parties to that certain Credit Agreement, dated as of April 23, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which certain of the Lenders (the “Existing Tranche C-1 Term Lenders”) provided the Borrower with Tranche C-1 Term Loans;

 

WHEREAS, the Borrower has requested that (i) the Existing Tranche C-1 Term Lenders reduce the interest rate applicable to the Tranche C-1 Term Loans on the terms and conditions set forth herein, which reduction in interest rate with respect to the Tranche C-1 Term Loans shall be effected by the exchange of Tranche C-1 Term Loans for Tranche C-2 Term Loans (as defined below) otherwise having the same terms (except as otherwise provided in this Sixth Amendment) as the Tranche C-1 Term Loans, and which Tranche C-2 Term Loans shall constitute Other Term Loans and Term Loans for all purposes of the Credit Agreement and the other Credit Documents and (ii)  that the Lenders agree to make certain other changes to the Credit Agreement as set forth herein;

 

WHEREAS, the Borrower has requested Other Term Loans in an aggregate principal amount of $2,018,440,000 (the “Tranche C-2 Term Loans”; the commitments in respect of such Tranche C-2 Term Loans, the “Tranche C-2 Term Loan Commitments”), which will be available on the Sixth Amendment Effective Date to refinance up to all of the existing Tranche C-1 Term Loans outstanding under the Credit Agreement immediately prior to effectiveness of this Sixth Amendment (the “Existing Term Loans”);

 

WHEREAS, each Existing Tranche C-1 Term Lender executing and delivering a notice of participation in the Tranche C-2 Term Loans in the form attached as Exhibit A hereto (a “Tranche C-2 Participation Notice”) and electing the cashless settlement option therein (each such Lender in such capacity, a “Converting Lender”) shall be deemed to have exchanged on the Sixth Amendment Effective Date the aggregate outstanding principal amount of its Tranche C-1 Term Loans under the Credit Agreement for an equal aggregate principal amount of Tranche C-2 Term Loans under the Credit Agreement;

 

WHEREAS, Goldman Sachs Bank USA has agreed to act as the fronting bank for the syndication of the Tranche C-2 Term Loans (in such capacity, the “Fronting Bank”) that are not being provided by a Converting Lender, and, in such capacity, has agreed to fund Tranche C-2 Term Loans in the amount set forth opposite such Fronting Bank’s name on Annex I hereto (the “Fronted Loans”);

 

 

WHEREAS, the Tranche C-2 Term Loans are being arranged by Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., UBS Securities LLC, Barclays Bank PLC and RBC Capital Markets(1);

 

WHEREAS, each Existing Tranche C-1 Term Lender executing and delivering a Tranche C-2 Participation Notice and electing the post-closing cash settlement option therein (each such Lender in such capacity, a “Cash Settlement Lender” and, together with each Converting Lender, collectively, the “Participating Lenders”) shall purchase Fronted Loans from the Fronting Bank in accordance with such Cash Settlement Lender’s Tranche C-2 Participation Notice and as more fully set forth herein;

 

WHEREAS, this Sixth Amendment constitutes a Refinancing Amendment pursuant to Section 2.17(a) of the Credit Agreement; and

 

WHEREAS, contemporaneously with the effectiveness of the Tranche C-2 Term Loan Commitments the Borrower wishes to make certain amendments to the Credit Agreement to provide for the incurrence of the Tranche C-2 Term Loans and the other modifications to the Credit Agreement set forth herein.

 

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

 

1.                                      Fronting Bank.  The Fronting Bank (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents and the exhibits and schedules thereto, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Sixth Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent, any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are delegated to the Administrative Agent or the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender, as the case may be.

 

2.                                      Credit Agreement Amendments.  Effective as of the Sixth Amendment Effective Date, the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 1. Defined Terms.  Section 1 of the Credit Agreement is hereby amended as follows:

 

(i)                  The following definitions are hereby added in alphabetical order:

 

“August 2017 Prepayment” shall mean the voluntary prepayment of $200,000,000 of Term Loans made pursuant to that certain notice of prepayment, dated August 22, 2017, delivered pursuant to the terms of this Agreement.

 

(1)  RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada and its affiliates

 

2

 

“Scheduled Tranche C-2 Term Loan Repayment” shall have the meaning provided in Section 5.02(d)(z).

 

“Scheduled Tranche C-2 Term Loan Repayment Date” shall have the meaning provided in Section 5.02(d)(z).

 

“Sixth Amendment” shall mean that certain Sixth Amendment to Credit Agreement, dated as of December 20, 2017, among the Borrower, the Guarantors party thereto, the financial institutions party thereto as Lenders, and the Administrative Agent.

 

“Sixth Amendment Effective Date” shall mean the “Sixth Amendment Effective Date” under and as defined in the Sixth Amendment.

 

“Tranche C-2 Term Loan Commitments” shall have the meaning specified in the Sixth Amendment.

 

“Tranche C-2 Term Loan Maturity Date” shall mean the date that is seven years after the Third Amendment Effective Date.

 

“Tranche C-2 Term Loans” shall have the meaning specified in the Sixth Amendment.

 

(ii)               Subparagraph (iii) of the definition of “Applicable Margin” is hereby deleted in its entirety and replaced with the following:

 

“(iii)(x) in the case of Tranche C-1 Term Loans maintained as (A) Base Rate Loans, 2.25% and (B) LIBOR Loans, 3.25% and (y) initially, in the case of Tranche C-2 Term Loans maintained as (A) Base Rate Loans, 1.75% and (B) LIBOR Loans, 2.75%; provided, that, from and after the first date after the Sixth Amendment Effective Date on which the corporate ratings or corporate family ratings of the Borrower are equal to or better than Ba3 from Moody’s and BB- from S&P, respectively (in each case, with at least a stable outlook), the Applicable Margins for such Tranche C-2 Term Loans maintained as (A) Base Rate Loans, shall instead be 1.50% and (B) LIBOR Loans, shall instead be 2.50%;”.

 

(iii)            The definition of “Base Rate” is hereby amended by deleting the text “or Tranche C-1 Term Loans” appearing therein and replacing it with the text “, Tranche C-1 Term Loans or Tranche C-2 Term Loans”.

 

(iv)           The definition of “Class” is hereby amended by inserting the text “Tranche C-2 Term Loans,” immediately after the text “Tranche C-1 Term Loans,” appearing therein.

 

(v)              The definition of “Commitment” is hereby amended by inserting the text “a Tranche C-2 Term Loan Commitment,” immediately after the text “a Tranche C-1 Term Loan Commitment,” appearing therein.

 

(vi)           The definition of “Credit Agreement Refinancing Indebtedness” is hereby amended by inserting the text “existing Tranche C-2 Term Loans,” immediately after the text “existing Tranche C-1 Term Loans,” appearing therein.

 

3

 

(vii)        The definition of “Latest Maturity Date” is hereby amended by inserting the text “Tranche C-2 Term Loans,” immediately after the text “Tranche C-1 Term Loans,” appearing therein.

 

(viii)     The definition of “LIBO Rate” is hereby amended by deleting the text “or Tranche C-1 Term Loans” appearing herein and replacing it with the text “, Tranche C-1 Term Loans or Tranche C-2 Term Loans”.

 

(ix)           The definition of “Repricing Event” is hereby amended by (x) deleting the text “or the Tranche C-1 Term Loans” and replacing it with the text “, the Tranche C-1 Term Loans or the Tranche C-2 Term Loans” in each instance appearing therein and (y) deleting the text “or Tranche C-1 Term Loans” and replacing it with the text “,Tranche C-1 Term Loans or Tranche C-2 Term Loans” in each instance appearing therein.

 

(x)              The definition of “Term Loans” is hereby amended by inserting the text “Tranche C-2 Term Loans,” immediately after the text “Tranche C-1 Term Loans,” appearing therein.

 

(b)                                 Section 2.01 The Commitments. Section 2.01(b) of the Credit Agreement is hereby amended by (i) deleting the text “and” appearing immediately before subparagraph (z) therein and replacing it with the text “;” (ii) deleting the period at the end of subparagraph (z) therein and replacing it with the following text:

 

“; and (aa) subject to and upon the terms and conditions set forth herein and in the Sixth Amendment, each Lender with a Tranche C-2 Term Loan Commitment severally agrees to make (or otherwise provide by means of exchange or conversion) a Tranche C-2 Term Loan, which Tranche C-2 Term Loans (i) shall be incurred pursuant to a single drawing and/or conversion or exchange of Tranche C-1 Term Loans, as applicable, on the Sixth Amendment Effective Date, (ii) shall be denominated in Dollars, (iii) except as hereinafter provided, shall, at the option of the Borrower, be incurred and maintained as, and/or converted into, Base Rate Loans or LIBOR Loans; provided that except as otherwise specifically provided in Section 2.10(b), all Tranche C-2 Term Loans comprising the same Borrowing shall at all times be of the same Type and (iv) shall be made by each such Lender in that aggregate principal amount which does not exceed the Tranche C-2 Term Loan Commitment of such Lender on the Sixth Amendment Effective Date.”,

 

(iii) deleting the text “and” appearing in the final sentence thereof and replacing it with the text “;” and (iv) inserting the text “and Tranche C-2 Term Loans” immediately after the text “Tranche C-1 Term Loans appearing in the final sentence thereof.

 

(c)                                  Section 2.03 Notice of Borrowing. Section 2.03(a) of the Credit Agreement is hereby amended as follows:

 

(i)                  inserting the text “, Tranche C-2 Term Loans” immediately following the text “Tranche C-1 Term Loans” appearing in clause (ii) of the first sentence thereof;

 

(ii)               deleting the text “and” appearing and the end of clause (x) in the proviso to the second sentence thereof and replacing it with the text “,”; and

 

(iii)            inserting the following text immediately prior to the period appearing at the end of the second sentence thereof:

 

4

 

“and (z) the Notice of Borrowing in respect of the Tranche C-2 Term Loans to be borrowed on the Sixth Amendment Effective Date may be delivered pursuant to, and in the form of, the Sixth Amendment on the Sixth Amendment Effective Date”.

 

(d)                                 Section 2.07 Pro Rata Borrowings. Section 2.07 of the Credit Agreement is hereby amended by (i) inserting the text “Tranche C-2 Term Loans,” immediately after the text “Tranche C-1 Term Loans,” appearing therein and (ii) inserting the text “Tranche C-2 Term Loan Commitments,” immediately after the text “Tranche C-1 Term Loan Commitments,” appearing therein.

 

(e)                                  Section 2.15 Incremental Term Loans; Incremental Revolving Loans. Clause (i)(II) of the proviso to Section 2.15(b)(1) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

“(II) the Effective Yield for such new tranche of Incremental Term Loans may exceed the Effective Yield then applicable to the Initial Tranche B-2 Term Loans, the Tranche C-1 Term Loans and the Tranche C-2 Term Loans, provided that, (1) in the case of any Incremental Amendment providing for such new tranche of Incremental Term Loans to become effective prior to the date that is 18 months after the Closing Date, and which new tranche of Incremental Term Loans is pari passu in right of payment and security to the Initial Tranche B-2 Term Loans, the Effective Yield for the Initial Tranche B-2 Term Loans shall be increased (to the extent necessary) such that the Effective Yield thereof is not less than the Effective Yield of such new tranche of Incremental Term Loans minus 0.50%, (2) in the case of any Incremental Amendment providing for such new tranche of Incremental Term Loans following the Fifth Amendment Effective Date, and which new tranche of Incremental Term Loans is pari passu in right of payment and security to the Tranche C-1 Term Loans, the Effective Yield for the Tranche C-1 Term Loans shall be increased (to the extent necessary) such that the Effective Yield thereof is not less than the Effective Yield of such new tranche of Incremental Term Loans minus 0.50%, and (3) in the case of any Incremental Amendment providing for such new tranche of Incremental Term Loans to become effective following the Sixth Amendment Effective Date, and which new tranche of Incremental Term Loans is pari passu in right of payment and security to the Tranche C-2 Term Loans, the Effective Yield for the Tranche C-2 Term Loans shall be increased (to the extent necessary) such that the Effective Yield thereof is not less than the Effective Yield of such new tranche of Incremental Term Loans minus 0.50%,”.

 

(f)                                   Section 4.01 Fees. Section 4.01(f) of the Credit Agreement is hereby amended by inserting the following text immediately prior to the final sentence thereof:

 

“If any Repricing Event in respect of the Tranche C-2 Term Loans occurs after the Sixth Amendment Effective Date but prior to the six month anniversary of the Sixth Amendment Effective Date, the Borrower agrees to pay to the Administrative Agent, for the ratable account of each Lender with Tranche C-2 Term Loans that are subject to such Repricing Event (including any Lender which is replaced pursuant to Section 2.13 as a result of its refusal to consent to an amendment giving rise to such Repricing Event), a fee in an amount equal to 1.00% of the aggregate principal amount of the Tranche C-2 Term Loans subject to such Repricing Event.”.

 

(g)                                  Section 4.03 Mandatory Reduction of Commitments. Section 4.03 of the Credit Agreement is hereby amended by inserting the following clause (f) at the end thereof:

 

“(f)                             The total Tranche C-2 Term Loan Commitment (and the Tranche C-2 Term Loan Commitment of each Lender) shall terminate in its entirety on the Sixth Amendment Effective Date (after giving effect to the incurrence of the Tranche C-2 Term Loans on such date).”.

 

5

 

(h)                                 Section 5.01 Voluntary Prepayments. (i) Clause (vi) of the proviso to Section 5.01 of the Credit Agreement is amended by inserting the text “(provided that the August 2017 Prepayment shall be applied in accordance with the proviso to Section 5.02(d)(z))” prior to the text “;” appearing at the end thereof and (ii) clause (vii) of the proviso to Section 5.01 of the Credit Agreement is hereby deleted in its entirety and replaced as follows:

 

“(vii) each voluntary prepayment of Initial Tranche B-1 Term Loans and Initial Tranche B-2 Term Loans pursuant to this Section 5.01 in connection with a Repricing Event made prior to the twelve month anniversary of the Closing Date, each voluntary prepayment of Tranche C-1 Term Loans pursuant to this Section 5.01 in connection with a Repricing Event made after the Fifth Amendment Effective Date but prior to the six month anniversary of the Fifth Amendment Effective Date and each voluntary prepayment of Tranche C-2 Term Loans pursuant to this Section 5.01 in connection with a Repricing Event made after the Sixth Amendment Effective Date but prior to the six month anniversary of the Sixth Amendment Effective Date shall, in each case, be subject to the payment of a fee as, and to the extent required by, Section 4.01(f).”.

 

(i)                                     Section 5.02 Mandatory Repayments. Section 5.02 of the Credit Agreement is hereby amended as follows:

 

(i)                  deleting the text “and” appearing immediately prior to clause (d)(y) thereof and replacing it with the text “,”;

 

(ii)               inserting the following text at the end of clause (d)(y) thereof:

 

“and (z) in addition to any other mandatory repayments pursuant to this Section 5.02, (i) on the last day of each of the Borrower’s Fiscal Quarters, commencing with the first full Fiscal Quarter of the Borrower ended after the Sixth Amendment Effective Date (each such date, together with the Tranche C-2 Term Loan Maturity Date, a “Scheduled Tranche C-2 Term Loan Repayment Date”), the Borrower shall be required to repay that principal amount of Tranche C-2 Term Loans, to the extent then outstanding, in an aggregate amount equal to 0.25% of the aggregate principal Dollar amount of all Tranche C-2 Term Loans outstanding on the Sixth Amendment Effective Date and (ii) on the Tranche C-2 Term Loan Maturity Date, the aggregate principal amount of all Tranche C-2 Term Loans on such date (each such repayment, as the same may be reduced as provided herein, a “Scheduled Tranche C-2 Term Loan Repayment”); provided that the parties hereto expressly agree that, from and after the Sixth Amendment Effective Date, the August 2017 Prepayment shall be applied to reduce the amount of each Scheduled Tranche C-2 Term Loan Repayment required pursuant to sub-clause (i) of this clause (z) on a dollar-for-dollar basis in direct order of maturity as and to the same extent as such August 2017 Prepayment would have reduced the amount of Scheduled Tranche C-1 Repayments had the Sixth Amendment Effective Date not occurred”; and

 

(iii)            deleting the text “and the Tranche C-1 Term Loans” appearing in clause (h) thereof and replacing it with the text “, the Tranche C-1 Term Loans and the Tranche C-2 Term Loans”.

 

(j)                                    Section 9.09 Use of Proceeds. Section 9.09 of the Credit Agreement is hereby amended by inserting the following clause (e) at the end  thereof:

 

6

 

“(e)                            (i) All proceeds of the Tranche C-2 Term Loans will be used to refinance the aggregate principal amount of the Tranche C-1 Term Loans outstanding on the Sixth Amendment Effective Date and to pay fees, premiums and expenses (including any original issue discount or upfront-fees with respect to the Tranche C-2 Term Loans) incurred in connection therewith and (ii) in the event the amount of the proceeds of the Tranche C-2 Term Loans exceeds the amount necessary to refinance, in full, the Tranche C-1 Term Loans, such excess proceeds shall be used to pay fees, premiums and expenses incurred in connection therewith.”.

 

(k)                                 Section 13.10 Amendment or Waiver; etc. Clause (A) of Section 13.10(b) of the Credit Agreement is hereby amended by inserting the text “, Tranche C-2 Term Loans,” immediately after the text “Tranche C-1 Term Loans” appearing therein.

 

3.                                                                                      Tranche C-2 Term Loans.  Subject to the terms and conditions set forth herein, each Participating Lender and the Fronting Bank severally agrees to exchange Existing Term Loans for Tranche C-2 Term Loans and/or make Tranche C-2 Term Loans to the Borrower in a single borrowing in Dollars, as applicable, on the Sixth Amendment Effective Date.  The Tranche C-2 Term Loans shall be subject to the following terms and conditions:

 

(a)                                                                                 Proposed Borrowing.  This Sixth Amendment represents a request by the Borrower to borrow Tranche C-2 Term Loans from the Tranche C-2 Term Lenders as set forth in Section 7 hereof and constitutes a Notice of Borrowing in respect of the Tranche C-2 Term Loans for all purposes under the Credit Agreement, and the parties hereto hereby waiving advance notice of such Borrowing to the extent required under the Credit Agreement.

 

(b)                                                                                 Fronting Bank.  The Fronting Bank acknowledges and agrees that it shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Credit Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender thereunder.

 

(c)                                                                                  Credit Agreement Governs.  Except as set forth in this Sixth Amendment, the Tranche C-2 Term Loans shall otherwise be subject to the provisions of the Credit Agreement and the other Credit Documents.

 

(d)                                                                                 Exchange Mechanics.  (i) On the Sixth Amendment Effective Date, upon the satisfaction of the conditions set forth in Section 4 hereof, the outstanding principal amount of Existing Term Loans of each Converting Lender set forth in such Converting Lender’s Tranche C-2 Participation Notice shall be deemed to be exchanged for an equal outstanding principal amount of Tranche C-2 Term Loans under the Credit Agreement.  Such exchange shall be effected by book entry in such manner, and with such supporting documentation, as may be reasonably determined by the Administrative Agent.

 

(ii)                                  To the extent there exists any Fronted Loans, (x) on the Sixth Amendment Effective Date, the Fronting Bank shall advance such Fronted Loans to the Borrower in the amount set forth opposite the Fronting Bank’s name on Annex I hereto and (y) with respect to each Cash Settlement Lender, promptly following the Sixth Amendment Effective Date (but not later than 30 days following the Sixth Amendment Effective Date (or such later date as may be agreed to by the Fronting Bank in its discretion)), each Cash Settlement Lender shall purchase Fronted Loans from the Fronting Bank in accordance with such Cash Settlement Lender’s Tranche C-2 Participation Notice.  Purchases and sales of Fronted Loans pursuant to this clause (ii) shall be without representations from the Fronting Bank other than as provided for in the relevant Assignment and Assumption.

 

7

 

4.                                                                                      Effective Date Conditions.  This Sixth Amendment will become effective on the date (the “Sixth Amendment Effective Date”), on which each of the following conditions have been satisfied (or waived) in accordance with the terms therein:

 

(a)                                 this Sixth Amendment shall have been duly executed and delivered by the Borrower, the other Credit Parties and each Participating Lender (which, in the case of the Participating Lenders, may be in the form of a Tranche C-2 Participation Notice);

 

(b)                                 the Administrative Agent shall have received a certificate of the Borrower dated as of the Sixth Amendment Effective Date signed by an Authorized Officer of the Borrower (i) (A) certifying and attaching the resolutions or similar consents adopted by the Borrower approving or consenting to this Sixth Amendment and the Tranche C-2 Term Loans, (B) certifying that the certificate or articles of incorporation or formation and by-laws or operating (or limited liability company) agreement of the Borrower either (x) have not been amended since the Amendment No. 5 Effective Date or (y) are attached as an exhibit to such certificate, and (C) certifying as to the incumbency and specimen signature of each officer executing this Sixth Amendment and any related documents on behalf of the Borrower and (ii) certifying as to the matters set forth in clauses (c) and (d) below;

 

(c)                                  all representations and warranties contained in the Credit Agreement and in the other Credit Documents shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on the Sixth Amendment Effective Date (it being understood and agreed that (i) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and (ii) any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such date);

 

(d)                                 no Default or Event of Default shall have occurred and be continuing or shall result from the effectiveness of this Sixth Amendment the incurrence of the Tranche C-2 Term Loans;

 

(e)                                  (i) all fees required to be paid on the Sixth Amendment Effective Date and all expenses required to be paid on the Sixth Amendment Effective Date, in each case, in connection with the incurrence of the Tranche C-2 Term Loans, the repayment of the Tranche C-1 Term Loans and this Sixth Amendment and, in the case of expenses, to the extent invoiced at least two business days prior to the Sixth Amendment Effective Date, shall have been paid and (ii) all accrued interest and fees in respect of the Existing Term Loans outstanding immediately prior to effectiveness of this Sixth Amendment that are being repaid with the proceeds of the Tranche C-2 Term Loans on the Sixth Amendment Effective Date shall have been paid;

 

(f)                                   the Administrative Agent shall have received a customary legal opinion from White & Case LLP, New York counsel to the Credit Parties, which shall be addressed to the Administrative Agent, the Collateral Trustee and the Participating Lenders and dated the Sixth Amendment Effective Date; and

 

(g)                                  the Administrative Agent shall have received a solvency certificate from the chief financial officer (or other officer with reasonably equivalent responsibilities) of the Borrower substantially in the form of Exhibit F to the Credit Agreement.

 

5.                                                                                      Use of Proceeds.  The Borrower covenants and agrees that it will use the proceeds of the Tranche C-2 Term Loans to refinance all of the aggregate principal amount of Existing Term Loans outstanding on the Sixth Amendment Effective Date and to pay any interest, fees and/or expenses related thereto.

 

8

 

6.                                      Reference To and Effect Upon The Credit Agreement.

 

(a)                                 From and after the Sixth Amendment Effective Date, (i) the term “Agreement” in the Credit Agreement, and all references to the Credit Agreement in any other Credit Document, shall mean the Credit Agreement as modified hereby, and (ii) this Sixth Amendment shall constitute a Credit Document for all purposes of the Credit Agreement and the other Credit Documents.

 

(b)                                 Each Credit Party, by its signature below, hereby confirms that (i) its Guaranty and each Security Document to which it is a party remains in full force and effect and (ii) its Guaranty and each Security Document to which it is a party covers all Obligations, in each case after giving effect to this Sixth Amendment.

 

(c)                                  This Sixth Amendment is limited as specified and shall not constitute a novation, modification, acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document.

 

7.                                                                                      Request for Borrowing.  Pursuant to this Sixth Amendment, the Borrower hereby requests a Borrowing of Tranche C-2 Term Loans in an aggregate principal amount of $2,018,440,000, with such Borrowing to be made on the Sixth Amendment Effective Date and to be LIBOR Loans having an Interest Period of one month.  It is understood and agreed that this Sixth Amendment shall serve as the request for Borrowing referred to in Section 2.03 of the Credit Agreement.

 

8.                                                                                      Notice.  For purposes of the Credit Agreement, the initial notice address of the Fronting Bank shall be as separately identified to the Administrative Agent.

 

9.                                                                                      Tax Forms.  For the Fronting Bank, delivered herewith to the Administrative Agent are such forms, certificates or other evidence with respect to United States federal income tax withholding matters as the Fronting Bank may be required to deliver to the Administrative Agent pursuant to Section 5.04(f) of the Credit Agreement.

 

10.                                                                               Recordation of the New Loans.  Upon execution and delivery hereof, the Administrative Agent will record the Tranche C-2 Term Loans made by each Participating Lender and the Fronting Bank in the Register.

 

11.                                                                               Amendment, Modification and Waiver.  This Sixth Amendment may not be amended, modified or waived except as permitted by Section 13.10 of the Credit Agreement.

 

12.                                                                               GOVERNING LAW.  THIS SIXTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SIXTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

13.                                                                               Severability.  Any provision of this Sixth Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

14.                                                                               Counterparts.  This Sixth Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original, but all such counterparts shall constitute one and the same instrument, and all signatures need not appear on any one counterpart.  Any party hereto

 

9

 

may execute and deliver a counterpart of this Sixth Amendment by delivering by facsimile or other electronic transmission a signature page of this Sixth Amendment signed by such party, and any such facsimile or other electronic signature shall be treated in all respects as having the same effect as an original signature.  Section headings in this Sixth Amendment are included herein for convenience of reference only and shall not constitute part of this Sixth Amendment for any other purpose.

 

15.                                                                               WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SIXTH AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SIXTH AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 15.

 

[Signature Pages Follow]

 

10

 

 

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Sixth Amendment as of the date first set forth above.

 

 

	
 
    	
DYNEGY   INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Siddharth Manjeswar
    
	
 
    	
 
    	
Name: Siddharth Manjeshwar
    
	
 
    	
 
    	
Title: Vice President and Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BLUE   RIDGE GENERATION LLC
    
	
 
    	
CASCO   BAY ENERGY COMPANY, LLC
    
	
 
    	
DYNEGY   COAL HOLDCO, LLC
    
	
 
    	
DYNEGY   COAL INVESTMENTS HOLDINGS, LLC
    
	
 
    	
DYNEGY COAL TRADING & TRANSPORTATION, L.L.C.
    
	
 
    	
DYNEGY   ENERGY SERVICES, LLC
    
	
 
    	
DYNEGY   ENERGY SERVICES (EAST), LLC
    
	
 
    	
DYNEGY   EQUIPMENT, LLC
    
	
 
    	
DYNEGY   GAS HOLDCO, LLC
    
	
 
    	
DYNEGY   GAS IMPORTS, LLC
    
	
 
    	
DYNEGY   GAS INVESTMENTS, LLC
    
	
 
    	
DYNEGY   GAS INVESTMENTS HOLDINGS, LLC
    
	
 
    	
DYNEGY   GASCO HOLDINGS, LLC
    
	
 
    	
DYNEGY   KENDALL ENERGY, LLC
    
	
 
    	
DYNEGY   MARKETING AND TRADE, LLC
    
	
 
    	
DYNEGY   MIDWEST GENERATION, LLC
    
	
 
    	
DYNEGY   MORRO BAY, LLC
    
	
 
    	
DYNEGY   MOSS LANDING, LLC
    
	
 
    	
DYNEGY   OAKLAND, LLC
    
	
 
    	
DYNEGY   POWER, LLC
    
	
 
    	
DYNEGY   POWER MARKETING, LLC
    
	
 
    	
DYNEGY   SOUTH BAY, LLC
    
	
 
    	
HAVANA   DOCK ENTERPRISES, LLC
    
	
 
    	
ONTELAUNEE   POWER OPERATING COMPANY, LLC
    
	
 
    	
SITHE/INDEPENDENCE   LLC
    
	
 
    	
BLACK   MOUNTAIN COGEN, INC.
    
	
 
    	
DYNEGY   ADMINISTRATIVE SERVICES  COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Siddharth Manjeswar
    
	
 
    	
 
    	
Name: Siddharth Manjeshwar
    
	
 
    	
 
    	
Title: Vice President and Treasurer
    

 

Signature Page to Sixth Amendment to Dynegy Credit Agreement

 

 

	
 
    	
DYNEGY RESOURCES   GENERATING HOLDCO,  LLC
    
	
 
    	
DYNEGY RESOURCES   HOLDCO I, LLC
    
	
 
    	
DYNEGY RESOURCES   HOLDCO II, LLC
    
	
 
    	
DYNEGY RESOURCES   MANAGEMENT, LLC
    
	
 
    	
ELWOOD ENERGY   HOLDINGS, LLC
    
	
 
    	
ELWOOD ENERGY   HOLDINGS II, LLC
    
	
 
    	
ELWOOD EXPANSION   HOLDINGS, LLC
    
	
 
    	
EQUIPOWER   RESOURCES CORP.
    
	
 
    	
KINCAID ENERGY   SERVICES COMPANY, LLC
    
	
 
    	
KINCAID   GENERATION, L.L.C.
    
	
 
    	
KINCAID   HOLDINGS, LLC
    
	
 
    	
LAKE ROAD   GENERATING COMPANY, LLC
    
	
 
    	
LIBERTY ELECTRIC   POWER, LLC
    
	
 
    	
MASSPOWER   HOLDCO, LLC
    
	
 
    	
MASSPOWER   PARTNERS I, LLC
    
	
 
    	
MASSPOWER   PARTNERS II, LLC
    
	
 
    	
MILFORD POWER   COMPANY, LLC
    
	
 
    	
RICHLAND   GENERATION EXPANSION, LLC
    
	
 
    	
RICHLAND-STRYKER   GENERATION LLC
    
	
 
    	
RSG POWER, LLC
    
	
 
    	
TOMCAT POWER,   LLC
    
	
 
    	
DYNEGY COAL   GENERATION, LLC
    
	
 
    	
DYNEGY   COMMERCIAL ASSET MANAGEMENT, LLC
    
	
 
    	
DYNEGY   CONESVILLE, LLC
    
	
 
    	
DYNEGY DICKS   CREEK, LLC
    
	
 
    	
DYNEGY FAYETTE   II, LLC
    
	
 
    	
DYNEGY GAS   GENERATION, LLC
    
	
 
    	
DYNEGY   GENERATION HOLDCO, LLC
    
	
 
    	
DYNEGY HANGING   ROCK II, LLC
    
	
 
    	
DYNEGY KILLEN,   LLC
    
	
 
    	
DYNEGY MIAMI   FORT, LLC
    
	
 
    	
DYNEGY RESOURCE   I, LLC
    
	
 
    	
DYNEGY STUART,   LLC
    
	
 
    	
DYNEGY GLOBAL   LIQUIDS, INC.
    
	
 
    	
DYNEGY OPERATING   COMPANY
    
	
 
    	
DYNEGY POWER   GENERATION INC.
    
	
 
    	
ILLINOVA   CORPORATION
    
	
 
    	
SITHE   ENERGIES, INC.
    
	
 
    	
DYNEGY RESOURCE   II, LLC
    
	
 
    	
DYNEGY RESOURCE   III, LLC
    
	
 
    	
DYNEGY RESOURCE   HOLDINGS,  LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Siddharth Manjeswar
    
	
 
    	
 
    	
Name: Siddharth Manjeshwar
    
	
 
    	
 
    	
Title: Vice President and Treasurer
    

 

[Signature Page to Fifth Amendment to Credit Agreement]

 

 

	
 
    	
DYNEGY   WASHINGTON II, LLC
    
	
 
    	
DYNEGY   ZIMMER, LLC
    
	
 
    	
IPH   II, LLC
    
	
 
    	
IPH,   LLC
    
	
 
    	
ILLINOIS   POWER RESOURCES, LLC
    
	
 
    	
ILLINOIS   POWER RESOURCES GENERATING, LLC
    
	
 
    	
COFFEEN   AND WESTERN RAILROAD COMPANY
    
	
 
    	
ILLINOIS   POWER FUELS AND SERVICES COMPANY
    
	
 
    	
ILLINOIS   POWER GENERATING COMPANY
    
	
 
    	
ILLINOIS   POWER MARKETING COMPANY
    
	
 
    	
 ANP FUEL SERVICES, INC.
    
	
 
    	
DP   HOLDING, INC.
    
	
 
    	
DP   OPERATIONS, INC.
    
	
 
    	
DYNEGY   ASSOCIATES NORTHEAST LP, INC.
    
	
 
    	
DYNEGY   GENERATION NA, INC.
    
	
 
    	
DYNEGY   NORTH AMERICA, INC.
    
	
 
    	
DYNEGY   NORTHEAST GENERATION GP, INC.
    
	
 
    	
DYNEGY   POWER AMERICA, INC.
    
	
 
    	
TNA   MERCHANT PROJECTS, INC.
    
	
 
    	
NEPCO   SERVICES COMPANY
    
	
 
    	
NORTHEASTERN   POWER COMPANY
    
	
 
    	
WISE-FUELS   PIPELINE, INC.
    
	
 
    	
ANP   BELLINGHAM ENERGY COMPANY, LLC
    
	
 
    	
ANP   BLACKSTONE ENERGY COMPANY, LLC
    
	
 
    	
ANP   ERCOT ACQUISITION, LLC
    
	
 
    	
ANP   FUNDING I, LLC 

ATLAS   POWER, LLC
    
	
 
    	
ATLAS   POWER FINANCE, LLC
    
	
 
    	
CALUMET   ENERGY TEAM, LLC
    
	
 
    	
COLETO   GP, LLC
    
	
 
    	
COLETO   LP, LLC
    
	
 
    	
DP   CENTRAL, LLC
    
	
 
    	
DP   GENERATION, LLC
    
	
 
    	
DYNEGY   GENERATION NA, LLC
    
	
 
    	
ENNIS   POWER COMPANY, LLC
    
	
 
    	
HAYS   ENERGY, LLC
    
	
 
    	
HOPEWELL   COGENERATION, LLC
    
	
 
    	
MIDLOTHIAN   ENERGY, LLC
    
	
 
    	
PLEASANTS   ENERGY, LLC
    
	
 
    	
PRINCE   GEORGE ENERGY COMPANY, LLC
    
	
 
    	
T-FUELS,   LLC
    
	
 
    	
WISE   COUNTY POWER COMPANY, LLC
    
	
 
    	
WHARTON   COUNTY GENERATION, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Siddharth Manjeswar
    
	
 
    	
 
    	
Name: Siddharth Manjeshwar
    
	
 
    	
 
    	
Title: Vice President and Treasurer
    

 

[Signature Page to Fifth Amendment to Credit Agreement]

 

 

	
 
    	
HOPEWELL   COGENERATION LIMITED
    PARTNERSHIP
    
	
 
    	
 
    	
 
    
	
 
    	
By: Hopewell   Cogeneration, LLC, as its General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Siddharth Manjeswar
    
	
 
    	
 
    	
Name: Siddharth Manjeshwar
    
	
 
    	
 
    	
Title: Vice President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
COLETO   CREEK POWER LP
    
	
 
    	
 
    	
 
    
	
 
    	
By: Coleto GP, LLC, as its General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Siddharth Manjeswar
    
	
 
    	
 
    	
Name: Siddharth Manjeshwar
    
	
 
    	
 
    	
Title: Vice President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MASSPOWER,   a Massachusetts general partnership
    
	
 
    	
By: Masspower Partner II, LLC, its Managing   Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Siddharth Manjeswar
    
	
 
    	
 
    	
Name: Siddharth Manjeshwar
    
	
 
    	
 
    	
Title: Vice President and Treasurer
    

 

[Signature Page to Fifth Amendment to Credit Agreement]

 

 

	
 
    	
CREDIT   SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mikhail Faybusovich
    
	
 
    	
 
    	
Name:
    	
MIKHAIL FAYBUSOVICH
    
	
 
    	
 
    	
Title:
    	
AUTHORIZED SIGNATORY
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Andrew Griffin
    
	
 
    	
 
    	
Name:
    	
Andrew Griffin
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    

 

Signature Page to Sixth Amendment to Dynegy Credit Agreement

 

 

	
 
    	
GOLDMAN SACHS BANK USA, as Fronting Bank
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles D. Johnston
    
	
 
    	
 
    	
Name: Charles D. Johnston
    
	
 
    	
 
    	
Title: Authorized Signatory
    

 

Signature Page to Sixth Amendment to Dynegy Credit Agreement

 

 

[Participation notices on file with the Administrative Agent]

 

 

EXHIBIT A
 Form of Tranche C-2 Participation Notice

 

Date: December      , 2017

 

To: Goldman Sachs Bank USA, 
 as the Fronting Bank; and

 

Credit Suisse AG, Cayman Islands Branch
 as Administrative Agent (as defined below)

 

DYNEGY INC.

Tranche C-2 Participation Notice

 

Ladies and Gentlemen:

 

Reference is made to the Sixth Amendment (the “Amendment”) to that certain Credit Agreement, dated as of April 23, 2013 (as amended by the Amendment and as otherwise may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Dynegy Inc. (the “Borrower”), the Lenders party thereto, and Credit Suisse AG, Cayman Islands Branch, as administrative agent (in such capacity, the “Administrative Agent”).  Unless otherwise specified herein, capitalized terms used but not defined herein are used as defined in the Amendment.

 

By delivery of this Tranche C-2 Participation Notice, each of the undersigned (each a “Participating Lender”), hereby irrevocably consents to the Amendment and the amendment of the Credit Agreement contemplated thereby and (check as applicable):

 

NAME OF PARTICIPATING EXISTING TRANCHE C-1 TERM LENDER:

 

 

AMOUNT OF TRANCHE C-1 TERM LOANS:

 

·                                         Cashless Settlement Option.  Hereby (i) elects, upon the Sixth Amendment Effective Date, to exchange the full amount of the outstanding Tranche C-1 Term Loans of such Participating Lender for an equal outstanding amount of Tranche C-2 Term Loans under the Credit Agreement, (ii) the undersigned Participating Lender hereby agrees to the terms of the “Cashless Roll Letter” posted on or around the date hereof to each lender that is a Lender on the date hereof, among the Borrower, the Administrative Agent and the Fronting Bank and shall be a party to such “Cashless Roll Letter”, and be bound thereby, for all purposes hereof and thereof and (iii) represents and warrants to the Administrative Agent that it has the organizational power and authority to execute, deliver and perform its obligations under this letter agreement, the Cashless Roll Letter and the Amendment (including, without limitation, with respect to any exchange contemplated hereby) and has taken all necessary corporate and other organizational action to authorize the execution, delivery and performance of this letter agreement, the Cashless Roll Letter and the Amendment.

 

·                                         Post-Closing Cash Settlement Option.  Hereby (i) elects to have the full amount of the outstanding Tranche C-1 Term Loans of such Participating Lender repaid or purchased and agrees to promptly (but in any event, on or prior to the date that is 30 days following the Sixth Amendment Effective Date) purchase Tranche C-2 Term Loans in an equivalent

 

Exhibit A-1

 

amount and (ii) represents and warrants to the Administrative Agent that it has the organizational power and authority to execute, deliver and perform its obligations under this letter agreement and the Amendment (including, without limitation, with respect to any exchange contemplated hereby) and has taken all necessary corporate and other organizational action to authorize the execution, delivery and performance of this letter agreement and the Amendment.

 

[Signature Page Follows]

 

 

	
 
    	
 
    	
Very truly yours,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:*
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    

 

*If a second signature is necessary.

 

[Signature Page to Tranche C-2 Participation Notice]

 

 

Annex I
 Fronting Bank

 

	
Fronting Bank
    	
 
    	
Fronted Loans
    	
 
    
	
Goldman Sachs Bank USA
    	
 
    	
$
    	
68,440,231.32

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