Document:

Certificate of Designation of Rights of Series K Preferred Shares
                                       Of
                          Aqua Vie Beverage Corporation

          Pursuant to Section 151(g) of Title 8 of the General  Corporate Law of
the State of  Delaware  and  Article V of the  Articles  of  Incorporation,  the
Directors here by designate:

          The   voting   powers,   designations,    preferences,    rights   and
qualifications, limitations and restrictions of:

                           "Series K Preferred Shares"

          And there is  authorized  to be issued 1,000  shares  thereof with the
following rights, terms and preferences:

1.       Dividends.

          Right  to  the  Preferential  Dividends.  Subject  to the  rights  and
preferences of other classes or series of Preferred  Shares,  the Holders of the
then  outstanding  Series K Preferred  Shares {except when there shall have been
either a  notification  of election for  conversion by the Holders under Section
5(a), hereunder, or the conditions shall have been fulfilled for a conversion by
the Company as provided in Section 5(b) hereunder,  whether or not  notification
thereof has been made by the  Company,  (unless the Company  shall  expressively
give  notice it elects not to require  such  conversion)}  shall be  entitled to
receive,  if,  when,  and as  declared  by the Board,  out of any funds  legally
available therefore, a non-cumulative  preference of 10% on cash dividends up to
available  $100.00  maximum total  accumulated  dividends per Series K Preferred
Shares held thereby.  These dividends shall be payable,  when and as declared by
the Board.  Dividends on the Series K Preferred Shares shall be  non-cumulative,
there shall be no minimum  dividends,  and no rights shall accrue to the Holders
of the Series K  Preferred  Shares in the event that the  Company  shall fail to
declare or pay  dividends on the Series K Preferred  Shares,  whether or not the
earnings of the Company in that previous fiscal year were sufficient to pay such
dividends  in whole or in part.  In the event  that the  number  of  outstanding
Series K Preferred  Shares are adjusted by stock split,  reverse split, or other
corporate action,  the preference  stated herein shall be adjusted  accordingly.
The balance of any such  dividends  so declared  shall be  allocated  as between
Series K Preferred Shares and Common Shares as if said Series K Preferred Shares
had been converted to Common Shares based on the Conversion  Ratio (as adjusted)
provided  herein,  and as to any other classes or series of Preferred  Shares in
accordance with the rights and preferences thereof.

<PAGE>

2.       Liquidation Rights of Series K Preferred Shares

          (a) Preference. Subject to the rights and preferences of other classes
or series of Preferred Shares in the event of any liquidation,  dissolution,  or
winding-up of the Company, whether voluntary or involuntary,  {except when there
shall have been either a notification  of election for conversion by the Holders
under Section 5(a), hereunder, or the conditions shall have been fulfilled for a
conversion by the Company as provided in Section 5(b) hereunder,  whether or not
notification  thereof has been made by the  Company,  (unless the Company  shall
expressly give notice it elects not to require such  conversion)} the Holders of
the Series K Preferred Shares then outstanding  shall be entitled to be paid out
of the assets of the Company  available for  distribution  to its  shareholders,
whether such assets are  capital,  surplus,  or earnings,  before any payment or
declaration and setting apart for payment of any amount shall be made in respect
of the Common  Stock,  an amount  equal to $100.00 per Series K Preferred  Share
held thereby plus an amount equal to all declared and unpaid dividends  thereon,
less accumulated  total dividends paid thereto (but not less than zero). If upon
any liquidation, dissolution, or winding up of the Company, whether voluntary or
involuntary,  the  assets  to be  distributed  to the  Holders  of the  Series K
Preferred   Shares  shall  be   insufficient  to  permit  the  payment  to  such
shareholders of the full preferential  amount aforesaid,  then all of the assets
of the Company to be distributed shall be distributed  ratably to the Holders of
the  Series K  Preferred  Shares,  subject  to any  other  classes  of series of
Preferred  Shares,  on the basis of the  number of shares of Series K  Preferred
Shares so held.

          (b) Payment to Common Stock.  After the  preferred  payment of $100.00
per Series K Preferred Share is made to Holders of the Series K Preferred Shares
the  Holders of the Series K  Preferred  Shares  shall be entitled to share with
Common Shares,  based on the adjusted  conversion  ration of Preferred  Series K
Shares to Common  Shares as if  converted,  and as to other Classes of Series of
Preferred  Shares based on the  conversion  ratio of said Shares to Common as if
converted or as otherwise provided in the rights and designations thereof as may
from time to time be maid by the Board of Directors, all remaining assets of the
company to be distributed.

           (c) Effect of Adjustments of Shares.  In the event that the number of
outstanding  Series K  preferred  Shares are  adjusted by stock  split,  reverse
split, or other corporate action, the preference stated herein shall be adjusted
accordingly.

3.       Merger, Consolidation

          (a) Preference. Subject to the rights and preferences of other classes
or series of  Preferred  Shares in the event of any merger or share  exchange of
the Company,  or a sale or other  disposition of all or substantially all of the
assets of the Company  {except when there shall have been either a  notification
of election for conversion by the Holders under Section 5(a), hereunder,  or the
conditions shall have been fulfilled for a conversion by the Company as provided
in Section 5(b) hereunder,  whether or not notification thereof has been made by
the Company,  (unless the Company shall  expressly  give notice it elects not to
require  such  conversion)}  the Holders of the Series K  Preferred  Shares then
outstanding shall be entitled to receive,  before any payment or declaration and
setting  apart for payment of any amount  shall be made in respect of the Common
Stock,  for each share of such Series K Preferred  Stock so held,  in cash or in
securities  (including,  without limitation,  debt securities) received from the
acquiring corporation,  at the closing of any such transaction,  an amount equal
to $100.00 per Series K Preferred  Share,  plus an amount  equal to all declared
and unpaid dividends thereon, less total accumulated dividends paid thereto (but
not less than  zero).  In the event  that the  number  of  outstanding  Series K
Preferred  Shares is adjusted by stock split,  reverse split, or other corporate
action, the preference stated herein shall be adjusted accordingly.

                                       2
<PAGE>

           (b)  Remaining  Proceeds.  Subject to the rights and  preferences  of
other classes or series of Preferred Shares after the payment or distribution to
the Holders of the Series K preferred  Shares of the full  preferential  amount,
the Holders of the Series K Preferred Shares, Holders of other Series or Classes
of preferred Shares according to the Rights and Designations thereof and Holders
of Common Stock then outstanding shall be entitled to receive ratable,  with all
Series K Preferred  Shares treated as if it has been converted into Common Stock
pursuant  to  Section 5 hereof,  all  remaining  proceeds  of the  Company to be
distributed.

           (c)  Valuation of  securities  received  pursuant to a merger,  share
exchange,  sale of substantially all the assets or similar  transaction.  In the
event that a transaction  occurs  pursuant to which non-cash assets are received
and to which this Section applies,  the assets received for the purposes of this
section shall be valued as follows:

                           (i) If the assets  received are  securities  that are
listed on NASDAQ or an exchange, the value shall be
deemed to be the 3 day high average closing price (or average between bid/ask if
OTC) on such  exchange or NASDAQ over the 30 day period  prior to the closing of
the transaction by which the securities are received.

                           (ii)  If  the   assets   received   are  of   readily
ascertainable market value, then that value shall be used.

                           (iii) If the assets are unlisted  securities or other
assets that do not have a readily, ascertainable
value, the Board or Directors in good faith will value said assets.

                           (iv)The  fact that  assets  exist which may require a
valuation process as described herein shall not
delay closing the transaction by which the assets are being received.

          (d) Notice. With respect to any transaction which involves a merger or
exchange  of  shares,  or a sale  of  substantially  all the  assets  not in the
ordinary  course of business,  the Series K shareholders  shall receive not less
than ten days notice of the transaction and terms and conditions thereof.

4.       Voting Rights.

          Series K Preferred  Shares shall have no voting rights unless required
under Delaware Law.

5.       Conversion

           The Company and the Holders of Series K Preferred  Shares  shall have
the following conversion rights:

           (a) Right to Convert.  Each share of Series K Preferred  Shares shall
be  convertible,  if there shall be  sufficient  Common  Shares  authorized  and
issuable therefore at the option of the Holder thereof,  into fully paid and non
assessable  shares of Common Stock at the  Conversion  Rate set forth in Section
5(c)  hereunder  (as  adjusted).  In the event that  Series K  Preferred  Shares
subject  thereto  shall have been  transferred,  the time period for  conversion
shall be measured from the date of issuance to the initial Holder thereof.  This
right to convert shall be subject to the following terms and conditions:

                                       3
<PAGE>
                           (i) The  registered  Holder (or his or her successors
by transfer, action of law or otherwise)
(collectively,  the "Holder")  shall be immediately  eligible to exchange his or
her preferred  shares,  in whole or part,  immediately or successively in common
shares of the Company at no additional  consideration subject to any limitations
contained in this subsection (a);

                           (ii) Until September 30, 2004, the Holder may convert
only to such Common Shares, when added to any
other Common Shares directly or beneficially held by said person, such that said
person would,  in the aggregate  directly or  beneficially  hold at any point of
time not more that 4.99% of the Common stock of the Company, and is thus subject
to a "Conversion Cap".  "Beneficial Ownership" for the purpose of this manner by
a Holder  because of rights under these  Series K Preferred  Shares or any other
rights or shares  held  thereby  from time to time at any  particular  time,  in
exchange therefore with 60 days by the terms of any right therefore, and as more
particularly  defined  by  Regulation  240.13d-3,  issued  under the  Securities
Exchange Act of 1934, it being the intention hereof that this limitation  hereof
on conversion  until September 30, 2004 (and as further  qualified by subsection
(iii)  hereunder) shall be interpreted as a "Conversion Cap" consistent with the
case, Levy v.  Southbrook  International  Investments,  Ltd. 263 F 3d. 10 (2001,
USCA, 2d Cir); it being the express intention  hereof,  that the Holder may make
successive conversions hereunder of all or part of his or her Series K Preferred
Shares to Common Shares so long as at any point of time this  Conversion  Cap of
4.99% is followed.

                           (iii) The  limitation  contained in  subsection  (ii)
above shall not apply in such cases as may arise prior to  September  30,  2004,
where there would be an exchange of securities or similar  corporate  event such
as a sale, merger or consolidation,  or an offer to purchase in conjunction with
such a  transaction  to a similar  event;  after June 30, 2004, in any event the
Conversion Cap shall not be applicable unless at least 61 days prior thereto the
Holder shall be a writing  directed to the Company agree to an extension of said
Conversion  Cap, in which case the date the conversion Cap shall extend to shall
be such agreed date,  subject to the exception to the Conversion Cap provided in
this subsection.

                           (iv) The right to convert to common  shares  shall be
subject to the conversion  rate set forth in subsection  (c) hereunder,  and any
other adjustment provision that may be contained in this Section 5.

          (b) Automatic Conversion at Election of Company.

                           (i) Each  share of Series K  Preferred  Shares  shall
automatically  at the election of the Company be converted into shares of Common
Stock  based on the then  effective  Conversion  Rate set forth in Section  5(c)
hereunder (as adjusted) if any one of the following shall occur: (A) The Holders
of 60% of the Series K Preferred  Shares  outstanding  at a given time (it being
the intention not to include  successive  conversions  that may in the aggregate
amount to more than 60% of said shares) have given notice of election to convert
as provided  herein  Section 6; (B) The Board of Directors of the Company  shall
have approved a plan of  reorganization,  exchange,  merger or  consolidation to
which the Company is a party, or an acquisition of the Company;  (C) Immediately
upon the closing of an  underwritten  public  offering  pursuant to an effective
registration  statement  under the  Securities  Act of 19333,  as amended,  with
respect to the Common  Stock of the  Company  (including  shares  registered  by
selling  Series K Preferred  shareholders)  where the amount of such  securities
sold is  $10,000,000  or more;  (D) When the  Company  shall have a net worth of
$10,000,000  or more;  (E) After the Common  Shares  shall  have been  listed on
NASDAQ for a period of not less than three months.

                                       4
<PAGE>

                           (ii)  Upon  the  occurrence  of  any  of  the  events
specified in paragraph 5(b)(i) and the election (if applicable) being so made by
the  Company,  the  outstanding  shares of Series K  Preferred  Shares  shall be
converted automatically without any further action by the Holders of such Series
K Preferred Shares and whether or not the certificates  representing such Series
K  Preferred  Shares  are  surrendered  to the  Company or its  transfer  agent;
provided however,  that the Company shall not be obligated to issue certificates
evidencing the shares of Common Stock  issuable upon the  conversion  unless the
certificates  evidencing such Series K Preferred  Shares are either delivered to
the Company or its transfer  agent,  or the Holder  n0otifies the Company or its
transfer agent that such  certificates  have been lost,  stolen or destroyed and
executes an agreement  satisfactory to the Company to indemnify the Company from
any loss incurred by it in connection  with such  certificates.  The  conversion
shall be deemed to have occurred  immediately prior to the business day on which
the Series K  certificates  are to be  surrendered,  and the person  entitled to
receive  the  Common  shares  upon  such a  conversion  shall be deemed a Common
Shareholder of record as of that date.

           (c) Conversion Rate, adjustments. Except as provided elsewhere herein
for  adjustment of conversion  based on share price,  recapitalization  or other
factors,  the Conversion Rate is 10,000 Common Shares for One Series K Preferred
Share.  The Conversion  Rate shall be subject to adjustment from time to time as
provided below;  no adjustment  shall apply after a Series K Preferred Share has
been converted.

           (d) Mechanics of Conversion. Each Holder of Series K Preferred Shares
who desires to convert the same into shares of Common Stock shall  surrender the
certificate,  duly endorsed,  at the office of the Company or any transfer agent
for the Series K Preferred Shares or Common Stock, and shall give written notice
to the Company at such  office  that such Holder  elects to convert the same and
shall  state  therein the number of shares of Series K  Preferred  Shares  being
converted. Thereupon the Company shall promptly issue and deliver to such Holder
a certificate or certificates  for the number of shares of Common Stock to which
such  Holder  is  entitled.  Such  conversion  shall be deemed to have been made
immediately  prior to the close of business on the date of such surrender of the
certificate  representing the Series K Preferred Shares to be converted, and the
person  entitled  to  receive  the  shares of Common  Stock  issuable  upon such
conversion shall be treated for all purposes as the record Holder of such shares
of Common Stock on such date.

           (e) Adjustment for Stock Splits and  Combinations.  If the Company at
any time or from time to time effects a subdivision  of the  outstanding  Common
Stock,  the Conversion Rate then in effect  immediately  before that subdivision
shall be proportionately  increased, and conversely,  if the Company at any time
of from time to time  combines  the  outstanding  shares of Common  Stock into a
smaller number of shares,  the Conversion Rate then in effect immediately before
the combination shall be  proportionately  decreased.  Any adjustment under this
subsection  (e) shall become  effective at the close of business on the date the
subdivision or combination  becomes  effective.  Subdivisions or combinations of
Series K Preferred  Shares  shall be similarly  considered  to compute the final
adjustment to the Conversion Rate to reflect stock splits and combinations.

           (f) Adjustments for Reclassification,  Exchange, and Substitution. In
the event that at any time or from time to time,  the Common Stock issuable upon
the  conversion  of the Series K Preferred  Shares is changed into the same or a
different  number  of  shares  of any class or  classes  of  stock,  whether  by
recapitalization,  reclassification  or otherwise  (other than a subdivision  or
combination of shares or stock dividend or a reorganization, merger, exchange or
shares, or sale of assets,  provided for elsewhere in this Section), then and in
any such event each  Holder of Series K  Preferred  Shares  shall have the right
thereafter  to convert such stock into the kind and the maximum  amount of stock
and  other  securities  and  property  receivable  upon  such  recapitalization,

                                       5
<PAGE>

reclassification  or other  change,  by Holders  of shares of Common  Stock into
which  such  shares of  Series K  Preferred  Shares  could  have been  converted
immediately  prior to such  recapitalization,  reclassification  or change,  all
subject to further adjustment as provided herein.

              (g) Reorganization, Mergers, Consolidations or Sales of Assets. If
at any time or from time to time there is a capital reorganization of the Common
Stock (other than a recapitalization, subdivision, combination, reclassification
or exchange of shares  provided for  elsewhere  in this  Section) or a merger or
exchange of shares of the Company with or into another corporation,  or the sale
of all  substantially  all of the Company's  properties  and assets to any other
person, then as a part of such  reorganization,  merger,  consolidation or sale,
provision  shall be made so that the  Holders of the Series K  Preferred  Shares
shall have the right  thereafter to convert such stock into the number of shares
of stock or other  securities  or  property  to which a Holder of the  number of
shares of Common Stock  deliverable  upon conversion would have been entitled on
such capital reorganization,  merger, consolidation,  or sale. In any such case,
appropriate  adjustment  shall be made in the  application  of the provisions of
this  Section with respect to the right of the Holders of the Series K Preferred
Shares after the reorganization,  merger,  consolidation or sale to the end that
the provisions of this Section (including adjustment of the Conversion Rate then
in effect and the number of shares  receivable  upon  conversion of the Series K
Preferred  Shares)  shall  be  applicable  after  that  event  and be as  nearly
equivalent as may be practicable.

           (h)  Fractional  Shares.  Series K Preferred  Shares may be issued in
fractional amounts.

           (i) Reservation of Stock Issuable Upon Conversion.  The Company shall
at all time reserve and keep available out of its authorized but unissued shares
of Common  Stock,  solely for the purpose of  effecting  the  conversion  of the
shares of the  Series K Shares,  such  number of its  shares of Common  Stock as
shall  from  time  to  time  be  sufficient  to  effect  the  conversion  of all
outstanding shares of the Series K Preferred Shares that shall be convertible at
that time;  and if at any time the number of authorized  but unissued  shares of
Common  Stock  shall not be  sufficient  to effect  the  conversion  of all then
outstanding  shares of the Series K Preferred Shares, the Company will take such
corporate action as may, in the opinion of its counsel, be necessary to increase
its authorized  but unissued  shares of Common Stock to such number of shares as
shall be sufficient for such purpose. Should this action require the affirmative
vote of the  Holders of Series K Preferred  Shares,  whether as a Class or voted
with Common  Shares,  said Holders of Series K Preferred  Shares shall be deemed
solely  for this  purpose  to have  consented  thereto  and  shall be  deemed to
irrevocably constituted management of the Company as their proxy and attorney in
fact solely for this  purpose to execute  such  documents  as may be required to
effect this consent.

6.       Effect of Issuance of other Series of Preferred Shares

           (a) Nothing  contained in this  designation of rights shall limit the
ability of the Company to authorize  and issue other Series of preferred  Shares
or other classes of Preferred  Shares with rights or preferences that are senior
to these  Series K  Preferred  Shares  or that  limit or  reduce  the  rights or
preferences of these Series K Preferred Shares. There shall be no class votes of
these Series K Preferred Shares unless said vote is non-waivable and is required
by law.

                                       6
<PAGE>

           (b)  Unless  otherwise  provided  in the  designation  of rights  and
preferences  of other  preferred  shares,  any  preferences  of  these  Series K
Preferred  Shares  shall be ratable  with other  series or classes of  Preferred
Shares that may have been or be hereafter designated.

Dated this ____ day of April, 2003

By: /s/ Thomas Gillespie
-----------------------------------
        Thomas Gillespie, President

                                       7Partnership Interest Purchase & Sales Agreement

 EXHIBIT 10.1 
  
 Execution Document 
  
 PARTNERSHIP INTEREST 
 PURCHASE AND SALE
AGREEMENT 
  
 THIS PURCHASE AND SALE AGREEMENT dated as of May 19,
2003 (this “Agreement”) is by and among TPS GP, Inc. (the “GP Purchaser”), a Florida corporation, TPS LP, Inc. (the “LP Purchaser”), Panda GS V, LLC (the “GP Seller”), a Delaware
limited liability company, Panda GS VI, LLC (the “LP Seller”), a Delaware limited liability company. The LP Purchaser and the GP Purchaser are collectively referred to herein as the “Purchasers.” The GP Seller and
the LP Seller are collectively referred to herein as the “Sellers.” 
  
 RECITALS 
  
 A.    The Purchasers and the Sellers are party to that certain Amended and Restated Limited Partnership Agreement dated as of June 12, 2001, as amended by a First Amendment dated as of October 3, 2001, a Second Amendment
dated as of November 30, 2001, a Third Amendment dated as of January 16, 2002, a Fourth Amendment dated as of February 6,2002, a Fifth Amendment dated as of February 7, 2002 and a Sixth Amendment dated as of April 9, 2003 (collectively, the
“Partnership Agreement,” and such Sixth Amendment, the “Sixth Amendment”). The partnership governed by the Partnership Agreement is TECO-PANDA Generating Company, L.P. (the “Partnership”), a
Delaware limited partnership. 
  
 B.    The GP
Seller holds a 0.5% general partnership interest in the Partnership (the “GP Interest”). The LP Seller hold a 49.5% limited partnership interest in the Partnership (the “LP Interest”). The GP Interest and the LP
Interest are collectively referred to herein as the “Partnership Interests.” 
  
 C.    In accordance with and after the effectiveness of the Sixth Amendment, the Sellers wish to transfer to the Purchasers, and the Purchasers wish to acquire from the Sellers, the Partnership
Interests, with the LP Purchaser acquiring the LP Interest and the GP Purchaser acquiring the GP Interest. 
  
 D.    The Purchasers and Sellers are also party to that certain Consent and Acceleration Agreement dated as of February 7,2002 by and
among the Purchasers, the Sellers, Panda Energy International, Inc., TECO Power Services Corporation (“TPS”), TECO Energy, Inc. (“TECO”) and Bayerische Hypo-Und Vereinsbank AG, New York Branch (the
“Bank”), as amended by the First Amendment to Consent and Acceleration Agreement dated April 9, 2003 (the “Consent and Acceleration”). In accordance with the Sixth Amendment and the Consent and Acceleration, the
Purchase Price (as defined below) is to be paid as provided herein. 
  
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1)	 	 Purchase and Sale.    At the Closing (defined in Section 2 below), the Sellers will sell to the Purchasers, and the Purchasers will
purchase from the Sellers, the Partnership Interests, for a 

  

	 	 
purchase price of $49,000,000.00, payable in cash (the “Purchase Price”) as specified in Section 2 below. 

  

	2)	 	The Closing.    The Closing of the transactions contemplated in Section 1 (the “Closing”) shall take place, subject to the satisfaction
of the conditions contained in Sections 7 and 8 hereof, at the offices of New York counsel to TPS (or such other place as the parties may mutually agree), on June 30, 2003 or such other date as the Sellers and the Purchasers shall mutually agree
(the “Closing Date”) and at such time as the Sellers and the Purchasers shall mutually agree. At the Closing, the Sellers shall deliver to the Purchasers good and sufficient instruments of sale, transfer, assignment and conveyance,
in form reasonably satisfactory to the Purchasers, selling, transferring, assigning and conveying to the Purchasers good and valid title to the Partnership Interests, against payment of the Purchase Price to the Bank by wire transfer to the extent
required by the Consent and Acceleration and the balance to be credited against the outstanding principal of the loan made pursuant to the Credit Agreement dated as of April 9, 2003 among the Sellers, as borrowers, and TPS, as lender. The
Partnership Interests shall be delivered free and clear of any and all liens, charges, encumbrances and adverse claims (“Liens”). 

  

	3)	 	Representations and Warranties of the Sellers.    Each of the Sellers represents and warrants to the Purchasers that: 

  

	 	a)	 	Organization: Good Standing.    Such Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the
State of Delaware, and has all requisite power and authority to own its properties, including the Partnership Interests, and to enter into this Agreement and consummate the transactions contemplated hereby. 

  

	 	b)	 	Title to Partnership Interests.    Such Seller has good and valid title to the Partnership Interests attributed to such Seller in Recital B above,
free and clear of any and all Liens, other than those Liens held by the Bank that shall be fully discharged immediately upon receipt of the Purchase Price by the Bank. Except as provided in the Partnership Agreement or as contemplated by this
Agreement, no person has any right, agreement or understanding (whether by option, warrant, call, commitment, conversion, exchange, plan or otherwise) with respect to the acquisition, purchase, sale, transfer or assignment of the Partnership
Interests or any portion thereof, and the consummation of the transfer of the Partnership Interests shall not conflict with or result in a default under any instrument or other agreement to which either Seller is a party. Upon transfer of the
Partnership Interests to the Purchasers and payment of the Purchase Price as contemplated by this Agreement, the Purchasers will have good and valid title to the Partnership Interests, free and clear of any and all Liens. 

 

	 	c)	 	Authorization.    Such Seller has taken all action required by law, its operating agreement or otherwise to authorize the execution and delivery of this
Agreement and the transactions contemplated hereby, and this Agreement is the valid and binding agreement of such Seller enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium and other similar laws now or hereafter in effect relating to creditor’s rights and by general principles of equity. 

  

	4)	 	Representations and Warranties of the Purchasers.    Each of the Purchasers represents and warrants to the Sellers with respect to itself as follows:

  

 2 

	 	a)	 	Organization: Good Standing.    Such Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of
Florida, and has all requisite corporate power and authority to enter into this Agreement and consummate the transactions contemplated hereby. 

  

	 	b)	 	Authorization.    Such Purchaser has taken all actions required by law, its charter, by-laws or otherwise to authorize the execution and delivery of this
Agreement and the transactions contemplated hereby, and this Agreement is the valid and binding agreement of such Purchaser enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium and other similar laws now or hereafter in effect relating to creditor’s rights and by general principles of equity. 

  

	5)	 	Covenants of the Sellers.    Each of the Sellers covenants and agrees that such Seller shall use all reasonable efforts to perform and fulfill all
conditions and obligations to be performed and fulfilled by it under this Agreement and, subject to satisfaction of the conditions set forth in Section 7, to cause the transfer and sale of the Partnership Interests contemplated by this Agreement to
be consummated, and, without limiting the generality of the foregoing, to obtain all consents and authorizations of third parties and to make all filings with and give all notices to third parties which may be necessary or reasonably required in
order to effect the transactions contemplated hereby. Subsequent to the Closing, the Sellers shall use all reasonable efforts to cooperate with the Purchasers in preparing the Partnership tax returns relating to any period in which both the Sellers
and the Purchasers had an interest in the Partnership. 

  

	6)	 	Covenants of the Purchasers.    Each of the Purchasers covenants and agrees that prior to the Closing, such Purchaser shall use all reasonable efforts to
perform and fulfill all conditions and obligations to be performed and fulfilled by it under this Agreement and, subject to satisfaction of the conditions set forth in Section 8, to cause the transfer and sale contemplated by this Agreement to be
consummated by the Purchasers, and, without limiting the generality of the foregoing, to make all filings with and give all notices to third parties which may be necessary or reasonably required in order to effect the transactions contemplated
hereby. Each Purchaser will cooperate with the Sellers to the extent necessary to aid the Sellers in obtaining any consents or making any filing required of the Sellers in connection with the transactions contemplated by this Agreement, provided the
Purchasers are not required to make any unreimbursed disbursements in connection therewith. Subsequent to the Closing, the Purchasers shall use all reasonable efforts to cooperate with the Sellers in connection with any Partnership tax returns
relating to any period in which both the Sellers and the Purchasers had an interest in the Partnership. 

  

	7)	 	Conditions Precedent to the Obligations of the Sellers.    All obligations of the Sellers under this Agreement are subject to the satisfaction or waiver,
at or prior to the Closing Date, of each of the following conditions: 

  

	 	a)	 	Panda Cancellation Right.    The Panda Cancellation Right (as defined in the Sixth Amendment) shall have expired or been waived. 

 

	 	b)	 	Representations and Warranties.    The representations and warranties of the Purchasers herein contained shall be true on and as of the Closing Date with
the same force and effect as though made on and as of said date. 

  

 3 

	 	c)	 	Performance.    The Purchasers shall have performed all their respective obligations and agreements and complied with all their covenants contained in
this Agreement to be performed and complied with by the Purchasers prior to the Closing Date. 

  

	 	d)	 	Closing Certificate.    The Sellers shall have received a certificate executed by the Purchasers, dated the Closing Date, in form and substance
satisfactory to the Sellers and their counsel, certifying as to the fulfillment of the conditions set forth in Sections 7(b) and 7(c). 

  

	 	e)	 	Required Consents.    The Sellers shall have received all consents from any persons or governmental entities required for the consummation of the
transactions contemplated hereby. 

  

	 	f)	 	Purchase Price Payment.    The Purchasers shall deliver or cause to be delivered to the Sellers evidence of payment of the full Purchase Price in
accordance with Section 2. 

  

	8)	 	Conditions Precedent to the Obligations of the Purchasers.    All obligations of the Purchasers under this Agreement are subject to the satisfaction or
waiver, at or prior to the date of the Closing, of each of the following conditions: 

  

	 	a)	 	Panda Cancellation Right.    The Panda Cancellation Right shall have expired or been waived. 

  

	 	b)	 	Representations and Warranties.    The representations and warranties of the Sellers herein contained shall be true in all material respects on and as of
the date of the Closing with the same force and effect as though made on and as of said date, except as affected by the transactions contemplated hereby. 

  

	 	c)	 	Performance.    The Sellers shall have performed all of their respective obligations and agreements and complied with all of their covenants contained in
this Agreement to be performed and complied with by them prior to the date of Closing. 

  

	 	d)	 	Closing Certificate.    The Purchasers shall have received a certificate of the Sellers dated the Closing Date, in form and substance satisfactory to the
Purchasers and their counsel, certifying as to the fulfillment of the conditions set forth in Sections 8(b) and 8(c). 

  

	 	e)	 	Financing.    TECO shall have entered into an agreement for financing a portion of the Purchase Price in an amount up to $42,000,000.00 on terms
satisfactory to TECO in its sole discretion. 

  

	 	f)	 	Consents.    The Purchasers shall have received evidence, satisfactory to the Purchasers and their counsel, that all of the required consents and
authorizations from persons or governmental entities required for the consummation of the transactions contemplated hereby shall have been obtained, and that the Partnership Interests are being acquired by the Purchasers free and clear of all Liens
(assuming payment of the Purchase Price to the Bank). 

  

	 	g)	 	Amendment of Partnership Agreement.    The Partnership Agreement shall be amended by an amendment in form and substance reasonably satisfactory to the
Purchasers. 

  

 4 

	 	h)	 	Closing Documents.    The Sellers shall have delivered or caused to be delivered to the Purchasers on or prior to the Closing Date, in form and substance
satisfactory to the Purchasers: 

  

	 	i)	 	Good and sufficient instruments of sale, transfer, assignment and conveyance, in form reasonably satisfactory to the Purchasers, selling, transferring, assigning and conveying to
the Purchasers good and valid title to the Partnership Interests free and clear of all Liens; 

  

	 	ii)	 	Copies of duly adopted resolutions of the members, managers or directors of each of the Sellers authorizing and approving the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby in accordance with the terms of this Agreement, each certified as of the Closing Date by an officer of such Seller; and 

  

	 	iii)	 	A certificate of incumbency of each Seller, dated the Closing Date, as to officers and other personnel of such Seller executing this Agreement and any certificate, instrument or
document to be delivered at the Closing. 

  

	 	i)	 	Other Matters.    The Purchasers shall have received such certificates from the Sellers relating to the transactions contemplated by this Agreement as
shall be reasonably requested by the Purchasers. 

  

	9)	 	Survival of Representations and Warranties; Indemnification. 

  

	 	a)	 	Survival.    The respective representations and warranties made herein by the parties hereto shall survive the execution and delivery of this Agreement
and the consummation of the transactions contemplated herein for a period of two years from the Closing Date, after which no claim for a breach of these representations and warranties may be asserted. 

  

	 	b)	 	Indemnification by the Sellers.    The Sellers shall jointly and severally indemnify, defend and hold harmless the Purchasers and their stockholders,
directors, officers, employees, agents and assignees (collectively, the “Purchaser Indemnified Parties”) from and against any and all losses, liabilities, damages, claims or expenses, including without limitation reasonable
attorneys’ fees (collectively, “Losses”), suffered or incurred by any Purchaser Indemnified Party by reason of or resulting from the inaccuracy of any representation or warranty (without regard to any materiality or monetary
limitation contained therein) or breach, nonfulfillment or nonperformance of any warranty, covenant or agreement of the Sellers contained in this Agreement. Notwithstanding the foregoing, the Sellers shall have no obligation to indemnify any
Purchaser Indemnified Party for any such Losses to the extent such Losses arise from the willful misconduct or gross negligence of the Purchasers or from the breach or inaccuracy of a representation or warranty of the Purchasers contained herein.

  

	 	c)	 	 Notice and Defense of Claims.    Promptly after receipt of notice of any third-party claim that could result in Losses for which a party
may seek indemnification under this Section 9, such party shall give written notice thereof to the indemnifying party, but such notification shall not be a condition to indemnification hereunder except to the extent of actual prejudice to the
indemnifying party. The notice shall state the information then 

  

 5 

	 	 
available regarding the amount and nature of such claim and such Losses and shall specify the provision or provisions of this Agreement under which the
liability or obligation is asserted. If within 30 days after receiving such notice the indemnifying party gives written notice to the indemnified party (i) stating that it intends to defend against such claim and such Losses at its own cost and
expense, and (ii) acknowledging that the indemnifying party is obligated to provide indemnification with respect to any such claim then, so long as such matter does not involve any risk of criminal liability to such indemnified party, then defense
of such matter, including selection of counsel (subject to the consent of the indemnified party, which consent shall not be unreasonably withheld), shall be by the indemnifying party and the indemnified party shall make no payment on such claim or
such Losses so long as the indemnifying party is conducting a good faith and diligent defense. Subject to the foregoing, the indemnified party shall have the right to participate in such defense at its own expense directly or through counsel.

  

	10)	 	Tax Determinations.    The Sellers and the Purchasers agree to take such actions as are necessary to cause the Sellers’ and the Purchasers’
respective allocable shares of the items of income, gain, loss, deduction or credit of the Partnership for the taxable year of the Partnership that includes the Closing to be determined by closing the Partnership books as of the Closing Date (i.e.,
the “interim closing of the books” method). 

  

	11)	 	Termination.    This Agreement may be terminated by any party upon the delivery of written notice to the others if the Closing of the transactions
contemplated hereby has not occurred by July I, 2004 through no fault of the terminating party. Upon any termination referred to in this Section, no party shall have any further obligation to the others hereunder other than for their own willful
breach of this Agreement. 

  

	12)	 	Notices.    All notices, requests or other communications required or desired to be given hereunder shall be deemed to have been duly given if in writing
and either delivered by hand or by overnight courier, or mailed first-class pre-paid, by registered or certified mail, return receipt requested, or sent by telex, telegram, cable or facsimile transmission (with receipt confirmed by telephone or
automatic transmission report), addressed to the parties at their respective addresses set forth below. 

  
 If to the Sellers (by overnight courier) to 
  
 Panda GS V, LLC and Panda GS VI, LLC 
 4100 Spring Valley, Suite 1001 
 Dallas, Texas 75244 
 Attn: General Counsel 
  
 With a copy to: 
  
 Panda Energy International. Inc. 
 4100 Spring Valley, Suite 1001 
 Dallas, Texas 75244 
 Attn: General Counsel 
  

 6 

 If to the Purchasers (by overnight courier) to: 
  
 TECO Power Services Corporation 
 702 North Franklin Street 
 Tampa, Florida 33602 
 Attention: President 
 Phone: (813) 228-1311 
 Facsimile: (813) 228 1289 
  
 With a copy to:

  
 TECO Energy, Inc. 
 Legal Department 
 702 North Franklin Street, Tampa, Florida 33602 
 Post Office Box Ill, Tampa, Florida 33601-0111 
 Attention: Sheila M. McDevitt, Senior Vice President – General Counsel 
 Phone: (813) 228-1804 
 Facsimile: (813) 228-1328 
  
 or such address as any of the parties may
have furnished to the other parties in writing in accordance herewith, except that notices of changes of address shall only be effective upon receipt. 
  

	13)	 	Transaction Expenses.    Each party hereto shall bear its own expenses incurred in connection with the negotiation, preparation, execution and performance
of this Agreement and the transactions contemplated thereby, including without limitation all fees and expenses of agents, representatives, legal counsel and accountants. 

  

	14)	 	Miscellaneous. 

  

	 	a)	 	Binding Agreement: Assignment.    This Agreement shall be binding upon, shall inure to be benefit of, and shall be enforceable by, the parties hereto and
their respective successors and permitted assigns, provided that, except as expressly provided, no party to this Agreement may assign its rights or delegate its duties hereunder without the prior consent of the other parties hereto.

  

	 	b)	 	Entire Agreement: Amendments.    This Agreement contains the entire understanding of the parties with respect to the matters herein and supersedes all
prior agreements and understandings among the parties with respect to its subject matter. This Agreement may not be amended or otherwise modified except by a written agreement signed by all of the parties hereto. 

  

	 	c)	 	 Waiver.    The terms, conditions, covenants, representations and warranties hereof may be waived only by a written instrument executed by
the party waiving compliance. The failure of a party at any time or from time to time to require performance of any provisions hereof shall in no manner affect its rights at a later time to enforce the same. No waiver by a party of any condition or
any breach of any term, covenant, representation or warranty contained in this Agreement in anyone or more instances shall 

  

 7 

	 	 
be deemed to be, or be construed as, a further or continuing waiver of any such condition or breach of any other term, covenant, representation or warranty.

  

	 	d)	 	Governing Law: Consent to Jurisdiction.    This Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of
New York, excluding its conflicts of law provisions (other than Section 5-1401 of the General Obligation Law of the State of New York). 

  

	 	e)	 	Severability.    If any provision of this Agreement shall be determined to be unenforceable, void or otherwise contrary to law, such provision shall in no
manner operate to render any other provision of the Agreement unenforceable, invalid or contrary to law, and this Agreement shall continue to be operative and enforceable in accordance with the remaining terms and provisions hereof.

  

	 	f)	 	Further Assurances.    Each party agrees to execute and deliver any instruments and to perform any acts that may be necessary or reasonably requested in
order to give full effect to this Agreement. 

  

	 	g)	 	Captions.    Captions and paragraph headings of this Agreement are solely for the convenience of the parties. They are not a part of this Agreement or any
provision hereof. 

  

	 	h)	 	Counterparts.    This Agreement may be signed in counterparts, each of which shall be deemed an original and all of which together shall constitute one
and the same Agreement. 

  
 [Remainder of page
intentionally left blank.] 
  

 8 

 IN WITNESS WHEREOF, the parties have executed this Agreement under seal as of the date first written
above. 
  

	THE GP PURCHASER:	 	 	 	 TPS GP, Inc.

					
	 	 	 	 	 	 	By:	 	 /S/    RICHARD E. LUDWIG

	 	 	 	 	 	 	 	 	Richard E. Ludwig, President

  
  

	THE LP PURCHASER:	 	 	 	 TPS LP, Inc.

					
	 	 	 	 	 	 	By:	 	 /S/    RICHARD E. LUDWIG

	 	 	 	 	 	 	 	 	Richard E. Ludwig, President

  
  

	THE GP SELLER:	 	 	 	 Panda GS V, LLC

					
	 	 	 	 	 	 	By:	 	 /S/    BRYAN J. URBAN

	 	 	 	 	 	 	 	 	 Name: Bryan J. Urban
 Title:
Senior Vice President

  
  

	THE LP SELLER:	 	 	 	 Panda GS VI, LLC

					
	 	 	 	 	 	 	By:	 	 /S/    BRYAN J. URBAN

	 	 	 	 	 	 	 	 	 Name: Bryan J. Urban
 Title:
Senior Vice President

  
  

 9

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