Document:

EXHIBIT 10.1

FIRST CONSENT, WAIVER AND AMENDMENT

FIRST CONSENT, WAIVER AND AMENDMENT, dated as of May 3, 2006 (this “Amendment”), to and under the Amended and Restated Revolving Credit, Term Loan and Guarantee Agreement, dated as of February 23, 2006 (as heretofore amended, supplemented or otherwise modified, the “Credit Agreement”), among (i) CALPINE CORPORATION (the “Borrower”), (ii) the subsidiaries of the Borrower named therein (the “Guarantors”), (iii) CREDIT SUISSE SECURITIES (USA) LLC and DEUTSCHE BANK SECURITIES INC. (“DBSI”), as joint syndication agents (in such capacities, collectively, the “Syndication
Agents”), (iv) DEUTSCHE BANK TRUST COMPANY AMERICAS (“DB”), as administrative agent for the First Priority Lenders hereunder (in such capacity and including any successors, the “First Priority Agent”), (v) GENERAL ELECTRIC CAPITAL CORPORATION (including its successors, “GE Capital”), as Sub-Agent for the Revolving Lenders hereunder (in such capacity and including any successors, the “Sub-Agent”), (vi) CREDIT SUISSE (“CS”), as administrative agent for the Second Priority Term Lenders hereunder (in such capacity and including any successors, the “Second Priority Agent”), (vii) LANDESBANK HESSEN THÜRINGEN
GIROZENTRALE, NEW YORK BRANCH, GE CAPITAL and HSH NORDBANK AG, NEW YORK BRANCH, as joint documentation agents for the First Priority Lenders hereunder, and BAYERISCHE LANDESBANK, GE CAPITAL and UNION BANK OF CALIFORNIA, N.A., as joint documentation agents for the Second Priority Lenders hereunder (in such capacities and including any successors, collectively, the “Documentation Agents”), and (viii) each of the financial institutions from time to time party hereto (collectively, the “Lenders”).

W I T N E S S E T H :

WHEREAS, the Borrower, the Lenders and the Agents are parties to the Credit Agreement;

WHEREAS, the Borrower has informed the Administrative Agents that an Event of Default will occur and be continuing as of May 1, 2006, by reason of the Borrower’s failure to deliver audited financial statements in accordance with the terms of the Credit Agreement;

WHEREAS, the Borrower has requested that the Administrative Agents and the Lenders waive such Event of Default;

WHEREAS, the Borrower has requested that the Lenders consent to the use of proceeds of the Loans to make certain payments of pre-petition Indebtedness;

WHEREAS, the Borrower has further requested that the Lenders agree to amend certain provisions of the Credit Agreement as set forth below; and

WHEREAS, the Lenders have agreed to such requested waiver, consent and amendments, but only upon the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, and for other valuable consideration the receipt of which is hereby acknowledged, the Borrower, the Lenders and the Administrative Agents hereby agree as follows:

 

 

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SECTION 1.      DEFINITIONS. Unless otherwise defined herein, capitalized terms are used herein as defined in the Credit Agreement. As used in this Agreement, the following terms shall have the meanings specified below:

“Approval Order” shall mean the final, non-appealable order or orders of the Bankruptcy Court, in each case, in form and substance reasonably acceptable to the Administrative Agents, approving the First Lien Repayment and specifically approving the use of proceeds of Loans under the Credit Agreement to effect the First Lien Repayment.

“First Lien Notes”: the $785 million of 9.625% First Priority Senior Secured Notes due 2014 and issued by the Borrower on September 30, 2004.

“First Lien Repayment”: the payment, in one or more payments, by the Borrower, in accordance with the terms of the Approval Order, of $646.11 million of principal outstanding under, and all other amounts payable in connection with, the First Lien Notes and allowed by the Approval Order.

SECTION 2.       CONSENT. Effective upon entry by the Bankruptcy Court on the docket in the Cases of the Approval Order and provided that no Event of Default has occurred and is continuing at the time of the First Lien Repayment, the Lenders hereby consent to the First Lien Repayment and to the use of proceeds of Loans under the Credit Agreement to effect the First Lien Repayment approved pursuant to the Approval Order.

	
             
  	
            Section 3.
 	
            WAIVERS.
 

3.1           The Lenders hereby waive any Default or Event of Default, together with any default interest accruing pursuant to Section 2.12(c) of the Credit Agreement, in each case arising solely by reason of the failure of the Borrower to comply with Section 5.1(a) of the Credit Agreement with respect to the delivery to the Administrative Agents and the Lenders, for the fiscal year ending December 31, 2005, of a copy of the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of operations, stockholders’ equity and of cash flows for such year, setting forth in each case in comparative form the corresponding consolidated and consolidating figures for the preceding fiscal year, reported
on without qualification arising out of the scope of the audit, by PricewaterhouseCoopers or another independent certified public accountants of nationally recognized standing, provided that, such waiver will expire on May 15, 2006 if the Borrower has not delivered the information required by Section 5.1(a) (as amended by this Amendment) for such fiscal year to the Administrative Agents and the Lenders by such date, in which case an Event of Default will be deemed to occur on such date and to be continuing thereafter, and provided further that, the Administrative Agents may, in their reasonable discretion, extend such May 15, 2006 date to May 31, 2006.

3.2          The Lenders hereby waive the Default(s) or Event(s) of Default (if any), together with any default interest accruing pursuant to Section 2.12(c) of the Credit Agreement (if any) arising from (i) the failure to have included Calpine Geysers Company, L.P. (“CGCLP”) as a Debtor in the Cases, to have pledged the equity interests in CGCLP and to have granted security interests in the assets of CGCLP as Collateral, or to have caused CGCLP to have become a Guarantor or (ii) from any misstatement, misrepresentation or breach of warranty as a result thereof, in connection therewith or attributable thereto (including without limitation through or as a result of the omission of references to CGCLP or its equity interest or assets, or its
existence or status as a Subsidiary in the Credit Agreement, any other Loan Documents or any schedules or exhibits to any Loan Document or any deliveries made 

 

 

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pursuant thereto), provided that, such waiver will expire on May 15, 2006, if a petition to cause CGCLP to become a debtor and debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy Code has not been filed in the Bankruptcy Court by such date.

	
             
  	
            Section 4.
 	
            AMENDMENTS.
 	
             

	
             
  	
            4.1
 	
            Amendments to Section 1.1.
 
					

(a)         Section 1.1 of the Credit Agreement is hereby amended by deleting the definition of “Closing Date” and inserting in lieu thereof the following new definition:

	
             
 	
            ““Closing Date”:  February 23, 2006.”.
 

(b)          Section 1.1 of the Credit Agreement is hereby amended by deleting the definition of “Projections” and inserting in lieu thereof the following new definition:

 ““Projections”:  the detailed consolidated budget for the 2006 and 2007 fiscal years of the Borrower and its Subsidiaries (including the consolidated statements of projected cash flow and projected income and a description of the underlying assumptions applicable thereto) delivered to the Administrative Agents pursuant to Section 4.1(f) of the Existing Credit Agreement.”.

	
             
  	
            4.2
 	
            Amendments to Section 5.1.
 

(a)          Section 5.1(a) of the Credit Agreement is hereby amended by deleting the Section and inserting in lieu thereof the following new Section:

 “as soon as available and in any event within 105 days after the fiscal year ending December 31, 2005 and ninety (90) days after the end of each fiscal year thereafter, (i) a copy of the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of operations, stockholders’ equity and of cash flows for such year, and (ii) a copy of the unaudited consolidated balance sheet of Geysers Power Company, LLC and Silverado Geothermal Resources, Inc., as at the end of such year and the related unaudited consolidated statements of operations, stockholders’ equity and of cash flows for such year, and in the case of clause (i), setting forth in comparative form the corresponding consolidated figures for the preceding fiscal year, reported on without qualification arising out of the
scope of the audit, by PricewaterhouseCoopers or another independent certified public accountants of nationally recognized standing;”

(b)          Section 5.1(b) of the Credit Agreement is hereby amended by deleting the Section and inserting in lieu thereof the following new Section:

 “as soon as available and in any event within (i) seventy five (75) days after the fiscal quarter ending March 31, 2006, (ii) sixty (60) days after the fiscal quarter ending June 30, 2006 and (iii) forty-five (45) days after the end of (A) the fiscal quarter ending on September 30, 2006 and (B) each of the first three quarterly fiscal periods of each fiscal year thereafter, (x) a copy of the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the corresponding consolidated figures for the corresponding periods in the preceding fiscal year, accompanied by a certificate of a Responsible Officer, which certificate
shall state that such 

 

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consolidated financial statements fairly present, in all material respects, the consolidated financial condition and results of operations of the Borrower and its consolidated Subsidiaries, in accordance with GAAP, consistently applied, as at the end of, and for, such period (subject to normal year-end audit adjustments and the absence of footnotes), and (y) a copy of the unaudited consolidated balance sheet of Geysers Power Company, LLC and Silverado Geothermal Resources, Inc., as at the end of such quarter and the related unaudited consolidated statements of income and cash flows for such quarter and the portion of the fiscal year through the end of such quarter, provided that, the seventy-five (75) day period for the fiscal quarter ending March 31, 2006 may be extended to ninety (90) days by the Administrative Agents acting in their reasonable discretion ;” 

(c)          Section 5.1(c)(ii) of the Credit Agreement is hereby amended by deleting the Section and inserting in lieu thereof the following new Section: 

 “not later than (i) March 10, 2006 as to the fiscal month ending December 31, 2005, (ii) forty-five (45) days after the fiscal month ending on each of January 31, 2006, February 28, 2006, March 31, 2006, April 30, 2006, May 31, 2006 and June 30, 2006 and (iii) thirty (30) days after the end of each month thereafter, (A) the unaudited consolidated balance sheet and the unaudited consolidated statement of income of the Borrower and its consolidated Subsidiaries for such fiscal month, together with a comparison to the Projections for the period through the end of such month, and (B) a copy of the unaudited consolidated balance sheet of Geysers Power Company, LLC and Silverado Geothermal Resources, Inc., as at the end of such fiscal month and the related unaudited consolidated statements of income for such fiscal month, together (in the case of clause (A)) with a comparison to the
Projections for the period through the end of such month, in each case certified by a Responsible Officer as being fairly stated in all material respects (subject to normal quarter-end and year-end audit adjustments and the absence of footnotes), provided that, the forty-five (45) day period for the fiscal month ending March 31, 2006 may be extended to sixty days (60) by the Administrative Agents acting in their reasonable discretion;”

 (d)         Section 5.1(d) of the Credit Agreement is hereby amended by deleting the phrase “Global Entities” where it appears therein and inserting in lieu thereof the words “Borrower and its Subsidiaries (other than Foreign Subsidiaries)”.

 (e)         Section 5.1(e) of the Credit Agreement is hereby amended by deleting the Section and inserting in lieu thereof the following new Section:

 “no later than Wednesday of each week, a comparison of (i) actual net cash flows of the Borrower and its Subsidiaries (other than Foreign Subsidiaries) for the week most recently ended against (ii) projected net cash flows of the Borrower and its Subsidiaries (other than Foreign Subsidiaries) for such week most recently delivered pursuant to paragraph (d) above, in form and substance satisfactory to the Administrative Agents (including a detailed explanation of any material variances) certified by a Responsible Officer as being fairly stated in all material respects;”

4.3          Amendment to Section 5.13. Section 5.13 of the Credit Agreement is hereby amended by deleting the Section and inserting in lieu thereof the following new Section:

 “(a) Within 90 days of the Closing Date, deliver to the Administrative Agents evidence of the actions specified as items 2, 6, and 7 on Schedule 5.13, and (b) by November 1, 2006, deliver to the Administrative Agents evidence of the actions specified as items 1, 3, 4, and 5 on Schedule 5.13, provided that, such November 1, 2006 date may be extended, or the obligation to deliver 

 

 

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such evidence waived, by the Administrative Agents acting in their reasonable discretion and in each case upon terms and conditions reasonably satisfactory to the Administrative Agents.”

4.4          Amendment to Section 6.20. Section                 6.20 of the Credit Agreement is hereby amended by inserting the phrase “or such other accounts as are reasonably acceptable to the Collateral Agent, in each case”, immediately after the phrase “Concentration Account” where it appears in the second sentence of the Section.

	
             
  	
            4.5
 	
            Amendments to Section 11.6.
 

(a)          Section 11.6(c)(iii) of the Credit Agreement is hereby amended by deleting the Section and inserting in lieu thereof the following new Section:

 “(iii) unless such sale is to another Lender, Related Fund or Affiliate of any Lender, or involves less than all of the transferor Lender’s rights and obligations under this Agreement, (A) the amount of the rights and obligations so sold shall, unless otherwise agreed to in writing by the applicable Administrative Agent, not be less than $1,000,000 and (B) after giving effect to such assignment, the Commitment of each of the transferor Lender and the transferee Lender shall be at least $1,000,000, or such lesser amount agreed to by the applicable Administrative Agent,”.

(b)          Section 11.6(c) of the Credit Agreement is hereby amended by inserting immediately after the phrase “and the Swingline Lender shall be required” where it appears in Section 11.6(c)(iv), the following:

 “and (v) and in any case, the sale is not to an entity which is restricted from making future advances under a revolving credit facility if the sale is under the Revolving Facility or in any case, to an entity that has filed for relief under the Bankruptcy Code or that is a financially distressed company”.

4.6          Amendment to Schedule 6.7A. Schedule 6.7A of the Credit Agreement is hereby amended by deleting the words “Insurance Captive” where they appear therein and inserting in lieu thereof the words “Insurance – Captive/External”.

	
             
  	
            Section 5.
 	
            CONDITIONS PRECEDENT.
 

5.1          Effective Date. This Amendment shall become effective as of the date first set forth above (the “Amendment Effective Date”) following the date on which all of the following conditions have been satisfied or waived:

(a)          Execution and Delivery. The Administrative Agents shall have received counterparts of this Amendment duly executed by (A) the Borrower and the Guarantors and (B) the Required Lenders;

(b)          Amendment Fee. The Administrative Agents shall have received (i) payment, for distribution to each Lender that has signed and delivered this Agreement to the Administrative Agents by not later than 3:00 p.m. (New York City time) on May 3, 2006 (or such later time or date as agreed by the Borrower and the Administrative Agents), an amendment fee equal to 0.05% of the Aggregate Outstandings of such Lender then in effect.

 

 

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(c)          Fees and Expenses. The Administrative Agents shall have received all fees and accrued expenses of the Administrative Agents (including invoiced fees and expenses of legal counsel to the Administrative Agents) required to be paid by the Borrower pursuant to Section 11.5; and

(d)          No Default. After giving effect to this Amendment, there shall be no Default or Event of Default.

	
             
  	
            SECTION 5.
 	
            GENERAL.
 

5.1          Representations and Warranties. In order to induce the Administrative Agents and the Lenders to enter into this Amendment, the Borrower hereby represents and warrants to the Administrative Agents and the Lenders that after giving effect to this Amendment, the representations and warranties of the Borrower contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the Amendment Effective Date (after giving effect hereto) as if made on and as of the Amendment Effective Date (except where such representations and warranties expressly relate to an earlier date in which case such representations and warranties were true and correct in all material respects as of such earlier date); provided that all references to the “Credit Agreement” in any Loan Document shall be and are deemed to mean the Credit Agreement as amended hereby.

	
             
  	
            5.2
 	
            Loan Document. This Amendment constitutes a Loan Document.
 

5.2          GOVERNING LAW. THIS AMENDMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES TO THIS AMENDMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE.

5.3          Counterparts. This Amendment may be executed by the parties hereto in any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

5.4          Consent of Guarantors. Each of the Guarantors hereby consents to the modifications to the Credit Agreement contemplated hereby.

5.5          Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the Borrower and the Guarantors and each of their respective successors and assigns, and upon the Administrative Agents and the Lenders and their successors and assigns. The execution and delivery of this Amendment by any Lender prior to the Amendment Effective Date shall be binding upon its successors and assigns and shall be effective as to any loans or commitments assigned to it after such execution and delivery.

5.6          Limited Effect. Except as expressly modified by this Amendment, the Credit Agreement and the other Loan Documents are ratified and confirmed and are, and shall continue to be, in full force and effect in accordance with their respective terms. Each Loan Party acknowledges and agrees that such Loan Party is truly and justly indebted to the Lenders and the Administrative Agents for the Obligations, without defense, counterclaim or offset of any kind, and such Loan Party ratifies and reaffirms the validity, enforceability and binding nature of such Obligations. The Borrower acknowledges and agrees that nothing in this Amendment shall constitute an indication of the Lenders’ willingness to consent to any other amendment or waiver of any other provision of the Credit 

 

 

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Agreement or a waiver of any Default or Event of Default not referenced in Section 3 hereof or for any other time period. 

5.7          Headings. Section headings used in this Amendment are for convenience of reference only, are not part of this Amendment and are not to affect the constructions of, or to be taken into consideration in interpreting, this Amendment.

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and the year first written.

 

	
             
 	
            BORROWER:
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            CALPINE CORPORATION
 
	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            By: 
 	
            /s/ Eric N. Pryor
 
	
             
 	
             
 	
            Name:  Eric N. Pryor
 
	
             
 	
             
 	
            Title:
 

 

 

 

 

 

	
             
 	
            GUARANTORS:
 
	
             
 	
             
 
	
             
 	
            AMELIA ENERGY CENTER, LP
 
	
             
 	
            ANACAPA LAND COMPANY, LLC
 
	
             
 	
            ANDERSON SPRINGS ENERGY COMPANY
 
	
             
 	
            ANDROSCOGGIN ENERGY, INC.
 
	
             
 	
            AUBURNDALE PEAKER ENERGY CENTER, LLC
 
	
             
 	
            AUGUSTA DEVELOPMENT COMPANY, LLC
 
	
             
 	
            AVIATION FUNDING CORP.
 
	
             
 	
            BAYTOWN ENERGY CENTER, LP
 
	
             
 	
            BAYTOWN POWER GP, LLC
 
	
             
 	
            BAYTOWN POWER, LP
 
	
             
 	
            BELLINGHAM COGEN, INC.
 
	
             
 	
            BETHPAGE FUEL MANAGEMENT INC.
 
	
             
 	
            BLUE HERON ENERGY CENTER, LLC
 
	
             
 	
            BLUE SPRUCE HOLDINGS, LLC
 
	
             
 	
            BROAD RIVER ENERGY LLC
 
	
             
 	
            BROAD RIVER HOLDINGS, LLC
 
	
             
 	
            CALGEN EQUIPMENT FINANCE COMPANY, LLC
 
	
             
 	
            CALGEN EQUIPMENT FINANCE HOLDINGS, LLC 
 
	
             
 	
            CALGEN EXPANSION COMPANY, LLC
 
	
             
 	
            CALGEN FINANCE CORPORATION
 
	
             
 	
            CALGEN PROJECT EQUIPMENT FINANCE COMPANY ONE, LLC 
 
	
             
 	
            CALGEN PROJECT EQUIPMENT FINANCE COMPANY THREE, LLC
 
	
             
 	
            CALGEN PROJECT EQUIPMENT FINANCE COMPANY TWO, LLC
 
	
             
 	
            CALPINE ACADIA HOLDINGS, LLC
 
	
             
 	
            CALPINE ADMINISTRATIVE SERVICES COMPANY, INC.
 
	
             
 	
            CALPINE AGNEWS, INC.
 
	
             
 	
            CALPINE AMELIA ENERGY CENTER GP, LLC
 
	
             
 	
            CALPINE AMELIA ENERGY CENTER LP, LLC
 
	
             
 	
            CALPINE AUBURNDALE HOLDINGS, LLC
 
	
             
 	
            CALPINE BAYTOWN ENERGY CENTER GP, LLC
 
	
             
 	
            CALPINE BAYTOWN ENERGY CENTER LP, LLC
 
	
             
 	
            CALPINE BETHPAGE 3 PIPELINE CONSTRUCTION COMPANY, INC.
 
	
             
 	
            CALPINE BETHPAGE 3, LLC
 
	
             
 	
            CALPINE C*POWER, INC.
 
	
             
 	
            CALPINE CALGEN HOLDINGS, INC.
 
	
             
 	
            CALPINE CALIFORNIA DEVELOPMENT COMPANY, LLC
 
	
             
 	
            CALPINE CALIFORNIA ENERGY FINANCE, LLC
 
	
             
 	
            CALPINE CALIFORNIA EQUIPMENT FINANCE COMPANY, LLC
 
	
             
 	
            CALPINE CALISTOGA HOLDINGS, LLC
 

 

 

 

 

 

 

	
             
 	
            CALPINE CENTRAL TEXAS GP, INC.
 
	
             
 	
            CALPINE CENTRAL, INC.
 
	
             
 	
            CALPINE CENTRAL, L.P.
 
	
             
 	
            CALPINE CENTRAL-TEXAS, INC.
 
	
             
 	
            CALPINE CHANNEL ENERGY CENTER GP, LLC
 
	
             
 	
            CALPINE CHANNEL ENERGY CENTER LP, LLC 
 
	
             
 	
            CALPINE CLEAR LAKE ENERGY GP, LLC
 
	
             
 	
            CALPINE CLEAR LAKE ENERGY, LP 
 
	
             
 	
            CALPINE COGENERATION CORPORATION
 
	
             
 	
            CALPINE CONSTRUCTION MANAGEMENT COMPANY, INC.
 
	
             
 	
            CALPINE CORPUS CHRISTI ENERGY GP, LLC 
 
	
             
 	
            CALPINE CORPUS CHRISTI ENERGY, LP 
 
	
             
 	
            CALPINE DECATUR PIPELINE, INC.
 
	
             
 	
            CALPINE DECATUR PIPELINE, L.P.
 
	
             
 	
            CALPINE DIGHTON, INC.
 
	
             
 	
            CALPINE EAST FUELS, INC.
 
	
             
 	
            CALPINE EASTERN CORPORATION
 
	
             
 	
            CALPINE ENERGY SERVICES HOLDINGS, INC. 
 
	
             
 	
            CALPINE ENERGY SERVICES, LP
 
	
             
 	
            CALPINE FINANCE COMPANY
 
	
             
 	
            CALPINE FREESTONE ENERGY GP, LLC 
 
	
             
 	
            CALPINE FREESTONE ENERGY, LP 
 
	
             
 	
            CALPINE FREESTONE, LLC
 
	
             
 	
            CALPINE FUELS CORPORATION
 
	
             
 	
            CALPINE GAS HOLDINGS, LLC
 
	
             
 	
            CALPINE GENERATING COMPANY, LLC
 
	
             
 	
            CALPINE GEYSERS COMPANY, L.P.
 
	
             
 	
            CALPINE GILROY 1, INC.
 
	
             
 	
            CALPINE GILROY 2, INC.
 
	
             
 	
            CALPINE GILROY COGEN, L.P.
 
	
             
 	
            CALPINE GLOBAL SERVICES COMPANY, INC.
 
	
             
 	
            CALPIRIE GORDONSVILLE GP HOLDINGS, LLC
 
	
             
 	
            CALPINE GORDONSVILLE LP HOLDINGS, LLC
 
	
             
 	
            CALPINE GORDONSVILLE, LLC
 
	
             
 	
            CALPINE GREENLEAF HOLDINGS, INC.
 
	
             
 	
            CALPINE GREENLEAF, INC.
 
	
             
 	
            CALPINE HIDALGO DESIGN, L.P.
 
	
             
 	
            CALPINE HIDALGO ENERGY CENTER, L.P.
 
	
             
 	
            CALPINE HIDALGO HOLDINGS, INC.
 
	
             
 	
            CALIPNE HIDALGO POWER GP, LLC
 
	
             
 	
            CALPINE HIDALGO POWER, LP
 
	
             
 	
            CALPINE HIDALGO, INC.
 
	
             
 	
            CALPINE INTERNATIONAL HOLDINGS, INC.
 
	
             
 	
            CALPINE INTERNATIONAL, LLC
 
	
             
 	
            CALPINE INVESTMENT HOLDINGS, LLC
 

 

 

 

 

 

 

	
             
 	
            CALPINE KENNEDY AIRPORT, INC.
 
	
             
 	
            CALPINE KENNEDY OPERATORS INC.
 
	
             
 	
            CALPINE KIA, INC.
 
	
             
 	
            CALPINE LEASING INC.
 
	
             
 	
            CALPINE LONG ISLAND, INC.
 
	
             
 	
            CATPTNE LOST PINES OPERATIONS, INC.
 
	
             
 	
            CALPINC LOUISIANA PIPELINE COMPANY
 
	
             
 	
            CALPINE MAGIC VALLEY PIPELINE, INC.
 
	
             
 	
            CALPINE MONTEREY COGENERATION, INC.
 
	
             
 	
            CALPINE MVP, INC.
 
	
             
 	
            CALPINE NCTP GP, LLC
 
	
             
 	
            CALPINE NCTP, LP
 
	
             
 	
            CALPINE NORTHBROOK CORPORATION OF MAINE, INC.
 
	
             
 	
            CALPINE NORTHBROOK ENERGY HOLDING, LLC
 
	
             
 	
            CALPINE NORTHBROOK ENERGY, LLC
 
	
             
 	
            CALPINE NORTHBROOK HOLDINGS CORPORATION
 
	
             
 	
            CALPINE NORTHBROOK INVESTORS, LLC
 
	
             
 	
            CALPINE NORTHBROOK PROJECT HOLDINGS, LLC
 
	
             
 	
            CALPINE NORTHBROOK SERVICES, LLC
 
	
             
 	
            CALPINE NORTHBROOK SOUTHCOAST INVESTORS, LLC
 
	
             
 	
            CALPINE NTC, LP
 
	
             
 	
            CALPINE ONETA POWER I, LLC
 
	
             
 	
            CALPINE ONETA POWER II LLC
 
	
             
 	
            CALPINE ONETA POWER, L.P.
 
	
             
 	
            CALPINE OPERATING SERVICES COMPANY, INC.
 
	
             
 	
            CALPINE OPERATIONS MANAGEMENT COMPANY, INC.
 
	
             
 	
            CALPINE PASTORIA HOLDINGS, LLC
 
	
             
 	
            CALPINE PHILADELPHIA, INC.
 
	
             
 	
            CALPINE PITTSBURG, LLC
 
	
             
 	
            CALPINE POWER COMPANY
 
	
             
 	
            CALPINE POWER EQUIPMENT LP 
 
	
             
 	
            CALPINE POWER MANAGEMENT, INC.
 
	
             
 	
            CALPINE POWER MANAGEMENT, LP
 
	
             
 	
            CALPINE POWER SERVICES, INC 
 
	
             
 	
            CALPINE POWER, INC.
 
	
             
 	
            CALPINE POWERAMERICA, INC.
 
	
             
 	
            CALPINE POWERAMERICA - CA, LLC
 
	
             
 	
            CALPINE POWERAMERICA - CT, LLC
 
	
             
 	
            CALPINE POWERAMERICA - MA, LLC
 
	
             
 	
            CALPINE POWERAMERICA - ME, LLC
 
	
             
 	
            CALPINE POWERAMERICA - NH, LLC
 
	
             
 	
            CALPINE POWERAMERICA - NY, LLC
 
	
             
 	
            CALPINE POWERAMERICA - OR, LLC
 
	
             
 	
            CALPINE POWERAMERICA, LP
 
	
             
 	
            CALPINE PRODUCER SERVICES, L.P.
 

 

 

 

 

 

 

	
             
 	
            CALPINE PROJECT HOLDINGS, INC.
 
	
             
 	
            CALPINE PRYOR, INC.
 
	
             
 	
            CALPINE RUMFORD I, INC.
 
	
             
 	
            CALPINE RUMFORD, INC.
 
	
             
 	
            CALPINE SCHUYLKILL, INC.
 
	
             
 	
            CALPINE SISKIYOU GEOTHERMAL PARTNERS, L.P.
 
	
             
 	
            CALPINE SONORAN PIPELINE LLC
 
	
             
 	
            CALPINE STONY BROOK, INC.
 
	
             
 	
            CALPINE STONY BROOK OPERATORS, INC.
 
	
             
 	
            CALPINE STONY BROOK POWER MARKETING, LLC
 
	
             
 	
            CALPINE SUMAS, INC.
 
	
             
 	
            CALPINE TCCL HOLDINGS, INC.
 
	
             
 	
            CALPINE TEXAS PIPELINE GP, INC.
 
	
             
 	
            CALPINE TEXAS PIPELINE LP, INC.
 
	
             
 	
            CALPINE TEXAS PIPELINE, L.P.
 
	
             
 	
            CALPINE TIVERTON 1, INC.
 
	
             
 	
            CALPINE TIVERTON, INC.
 
	
             
 	
            CALPINE ULC I HOLDING, LLC
 
	
             
 	
            CALPINE UNIVERSITY POWER, INC.
 
	
             
 	
            CALPINE UNRESTRICTED FUNDING, LLC
 
	
             
 	
            CALPINE UNRESTRICTED HOLDINGS, LLC
 
	
             
 	
            CALPINE VAPOR, INC.
 
	
             
 	
            CARVILLE ENERGY LLC
 
	
             
 	
            CCFC DEVELOPMENT COMPANY, LLC
 
	
             
 	
            CCFC EQUIPMENT FINANCE COMPANY, LLC
 
	
             
 	
            CCFC PROJECT EQUIPMENT FINANCE COMPANY ONE, LLC
 
	
             
 	
            CES GP, LLC
 
	
             
 	
            CGC DIGHTON, LLC
 
	
             
 	
            CHANNEL ENERGY CENTER, LP
 
	
             
 	
            CHANNEL POWER GP, LLC
 
	
             
 	
            CHANNEL POWER, LP
 
	
             
 	
            CLEAR LAKE COGENERATION LIMITED PARTNERSHIP
 
	
             
 	
            COGENAMERICA ASIA INC.
 
	
             
 	
            COGENAMERICA PARLIN SUPPLY CORP.
 
	
             
 	
            COLUMBIA ENERGY LLC
 
	
             
 	
            CORPUS CHRISTI COGENERATION L.P.
 
	
             
 	
            CPN 3RD TURBINE, INC.
 
	
             
 	
            CPN ACADIA, INC.
 
	
             
 	
            CPN BERKS GENERATION, INC,
 
	
             
 	
            CPN BERKS, LLC
 
	
             
 	
            CPN BETHPAGE 3RD TURBINE, INC.
 
	
             
 	
            CPN CASCADE, INC.
 
	
             
 	
            CPN CLEAR LAKE, INC.
 
	
             
 	
            CPN DECATUR PIPELINE, INC.
 
	
             
 	
            CPN ENERGY SERVICES GP, INC.
 

 

 

 

 

 

 

	
             
 	
            CPN ENERGY SERVICES LP, INC.
 
	
             
 	
            CPN FREESTONE, LLC
 
	
             
 	
            CPN FUNDING, INC.
 
	
             
 	
            CPN MORRIS, INC.
 
	
             
 	
            CPN OXFORD, INC.
 
	
             
 	
            CPN PIPELINE COMPANY
 
	
             
 	
            CPN PLEASANT HILL OPERATING, LLC
 
	
             
 	
            CPN PLEASANT HILL, LLC
 
	
             
 	
            CPN POWER SERVICES GP, LLC
 
	
             
 	
            CPN PRYOR FUNDING CORPORATION
 
	
             
 	
            CPN TELEPHONE FLAT, INC.
 
	
             
 	
            DECATUR ENERGY CENTER, LLC
 
	
             
 	
            DEER PARK POWER GP, LLC
 
	
             
 	
            DEER PARK POWER, LP
 
	
             
 	
            DELTA ENERGY CENTER, LLC
 
	
             
 	
            DIGHTON POWER ASSOCIATES LIMITED PARTNERSHIP
 
	
             
 	
            EAST ALTAMONT ENERGY CENTER, LLC
 
	
             
 	
            FOND DU LAC ENERGY CENTER, LLC
 
	
             
 	
            FONTANA ENERGY CENTER, LLC
 
	
             
 	
            FREESTONE POWER GENERATION, LP
 
	
             
 	
            FREESTONE POWER GENERATION, LP
 
	
             
 	
            GEC BETHPAGE INC.
 
	
             
 	
            GEOTHERMAL ENERGY PARTNERS LLC
 
	
             
 	
            GEYSERS POWER COMPANY II, LLC
 
	
             
 	
            GEYSERS POWER COMPANY, LLC
 
	
             
 	
            GEYSERS POWER I COMPANY
 
	
             
 	
            GOLDENDALE ENERGY CENTER, LLC
 
	
             
 	
            HAMMOND ENERGY LLC
 
	
             
 	
            HILLABEE ENERGY CENTER, LLC
 
	
             
 	
            IDELWILD FUEL MANAGEMENT CORP.
 
	
             
 	
            JMC BETHPAGE, INC.
 
	
             
 	
            KIAC PARTNERS
 
	
             
 	
            LAKE WALES ENERGY CENTER, LLC
 
	
             
 	
            LAWRENCE ENERGY CENTER, LLC
 
	
             
 	
            LONE OAK ENERGY CENTER, LLC
 
	
             
 	
            LOS ESTEROS CRITICAL ENERGY FACILITY, LLC
 
	
             
 	
            LOS MEDANOS ENERGY CENTER LLC
 
	
             
 	
            MAGIC VALLEY GAS PIPELINE GP, LLC
 
	
             
 	
            MAGIC VALLEY GAS PIPELINE, LP
 
	
             
 	
            MAGIC VALLEY PIPELINE, L.P.
 
	
             
 	
            MEP PLEASANT HILL, LLC
 
	
             
 	
            MOAPA ENERGY CENTER, LLC
 
	
             
 	
            MOBILE ENERGY LLC
 
	
             
 	
            MODOC POWER, INC.
 
	
             
 	
            MORGAN ENERGY CENTER, LLC
 

 

 

 

 

 

 

	
             
 	
            MOUNT HOFFMAN GEOTHERMAL COMPANY, L.P.
 
	
             
 	
            MT. VERNON ENERGY LLC
 
	
             
 	
            NEWSOUTH ENERGY LLC
 
	
             
 	
            NISSEQUOGUE COGEN PARTNERS
 
	
             
 	
            NORTHWEST COGENERATION, INC.
 
	
             
 	
            NTC FIVE, INC.
 
	
             
 	
            NTC GP, LLC
 
	
             
 	
            NUECES BAY ENERGY LLC
 
	
             
 	
            O.L.S. ENERGY-AGNEWS, INC.
 
	
             
 	
            ODYSSEY LAND ACQUISITION COMPANY
 
	
             
 	
            PAJARO ENERGY CENTER, LLC
 
	
             
 	
            PASTORIA ENERGY CENTER, LLC
 
	
             
 	
            PASTORIA ENERGY FACILITY, LLC
 
	
             
 	
            PHILADELPHIA BIOGAS SUPPLY, INC.
 
	
             
 	
            PHIPPS BEND ENERGY CENTER, LLC
 
	
             
 	
            PINE BLUFF ENERGY, LLC
 
	
             
 	
            POWER INVESTORS, L.L.C.
 
	
             
 	
            QUINTANA CANADA HOLDINGS, LLC 
 
	
             
 	
            ROCKGEN ENERGY LLC
 
	
             
 	
            RUMFORD POWER ASSOCIATES LIMITED PARTNERSHIP
 
	
             
 	
            RUSSELL CITY ENERGY CENTER, LLC
 
	
             
 	
            SAN JOAQUIN VALLEY ENERGY CENTER, LLC
 
	
             
 	
            SILVERADO GEOTHERMAL RESOURCES, INC.
 
	
             
 	
            SKIPANON NATURAL GAS, LLC 
 
	
             
 	
            SOUTH POINT ENERGY CENTER, LLC
 
	
             
 	
            SOUTH POINT HOLDINGS, LLC
 
	
             
 	
            STONY BROOK COGENERATION, INC.
 
	
             
 	
            STONY BROOK FUEL MANAGEMENT CORP.
 
	
             
 	
            SUTTER DRYERS, INC.
 
	
             
 	
            TBG COGEN PARTNERS
 
	
             
 	
            TEXAS CITY COGENERATION, L.P.
 
	
             
 	
            TEXAS COGENERATION COMPANY
 
	
             
 	
            TEXAS COGENERATION FIVE, INC.
 
	
             
 	
            TEXAS COGENERATION ONE COMPANY
 
	
             
 	
            THERMAL POWER COMPANY
 
	
             
 	
            THOMASSEN TURBINE SYSTEMS AMERICA, INC.
 
	
             
 	
            TIVERTON POWER ASSOCIATES LIMITED PARTNERSHIP
 
	
             
 	
            TOWANTIC ENERGY, L.L.C.
 
	
             
 	
            VEC HOLDINGS, LLC
 
	
             
 	
            VENTURE ACQUISITION COMPANY
 
	
             
 	
            VINEYARD ENERGY CENTER, LLC
 
	
             
 	
            WAWAYANDA ENERGY CENTER, LLC
 
	
             
 	
            WHATCOM COGENERATION PARTNERS, L.P.
 
	
             
 	
            ZION ENERGY LLC
 

 

 

 

 

 

 

	
             
 	
            By: 
 	
            /s/ Eric N. Pryor
 
	
             
 	
             
 	
            Name:  Eric N. Pryor
 
	
             
 	
             
 	
            Title:
 

 

 

 

 

 

	
             
 	
            CPN POWER SERVICES, LP
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            By: 
 	
            /s/ Eric N. Pryor
 
	
             
 	
             
 	
            Name:  Eric N. Pryor
 
	
             
 	
             
 	
            Title:
 

 

 

 

 

 

	
             
 	
            POWER SYSTEMS MFG., LLC
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            By: 
 	
            /s/ Charles B. Clark, Jr.
 
	
             
 	
             
 	
            Name:  Charles B. Clark, Jr.
 
	
             
 	
             
 	
            Title:
 

 

 

 

 

 

 

	
             
 	
            AGENTS AND LENDERS:
 
	
             
 	
             
 
	
             
 	
            DEUTSCHE BANK TRUST COMPANY AMERICAS, as
 
	
             
 	
            an Administrative Agent and as a Lender
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            By:
 	
            /s/ Marcus M. Tarkington
 
	
             
 	
             
 	
            Name:  Marcus M. Tarkington
 
	
             
 	
             
 	
            Title:  Director
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            By:
 	
            /s/ Steven A. Cohen
 
	
             
 	
             
 	
            Name:  Steven A. Cohen
 
	
             
 	
             
 	
            Title:  Director
 

 

 

 

 

 

 

 

	
             
 	
            CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as an
 
	
             
 	
            Administrative Agent and as a Lender
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            By:
 	
            /s/ James Moran
 
	
             
 	
             
 	
            Name:  James Moran
 
	
             
 	
             
 	
            Title:  Managing Director
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            By:
 	
            /s/ Dana F. Klein
 
	
             
 	
             
 	
            Name:  Dana F. Klein
 
	
             
 	
             
 	
            Title:  Managing Director
 

 

 

[Signature Pages of Lenders]sec document

                                                                    Exhibit 10.1

                          Term Sheet for an Investment
                               Of $4 to 6 million
                              In CepTor Corporation

Investment                       Margie   Chassman  and/or  her  designees  (the
                                 "Investor") will invest at least $4 million and
                                 up to $6 million (the  "Investment")  in CepTor
                                 Corporation (the "Company"). The first $400,000
                                 will be funded by April 20;  $600,000 by May 10
                                 and;  $500,000  by June  10th.  Thereafter,  an
                                 additional $500,000 shall be funded by the 10th
                                 of each  succeeding  calendar  month  until the
                                 Investment   has  been  fully   funded  to  the
                                 Company.  Funds  provided by the Investor shall
                                 be  held  in  escrow  pending  funding  to  the
                                 Company  in   accordance   with  the  foregoing
                                 schedule.  The Investment  will be evidenced by
                                 convertible   notes   (the   "Notes")   bearing
                                 interest  at 6% per annum and  maturing  1 year
                                 after each funding.  The principal and interest
                                 on the Notes will be  convertible  into  common
                                 stock of the Company (the "Common  Stock") at a
                                 conversion rate of $.15 per share,  and, if the
                                 Notes  are not  converted  or repaid in full by
                                 payment  of 200% of the  principal  thereof  by
                                 September 30, 2006, the  conversion  price will
                                 change  to be  equal  to the  lower of $.15 per
                                 share (the "Fixed Conversion  Price") or 90% of
                                 the lowest  closing  sale price (or  average of
                                 closing bid and asked prices if no closing sale
                                 price is  available)  for the 20  trading  days
                                 immediately  preceding  the date on  which  the
                                 notice  of  conversion  is sent to the  Company
                                 (the "Floating  Conversion  Price").  The Notes
                                 shall have customary anti-dilution  protection,
                                 including   a  full   ratchet   on  the   Fixed
                                 Conversion  Price upon sales of Common Stock or
                                 Common  Stock  equivalents  by the  Company for
                                 less than the Fixed Conversion  Price. The full
                                 ratchet shall not apply to excepted  issuances,
                                 including  issuances  pursuant to any rights or
                                 convertible  securities existing on the date of
                                 the first  issuance of the Notes and  issuances
                                 pursuant  to  employee  plans.  The Notes shall
                                 have customary default provisions, including an
                                 event of default if the  Company  shall fail to
                                 timely   issue  shares  of  Common  Stock  upon
                                 conversion of the Notes or shall fail to timely
                                 file or have declared  effective a registration
                                 statement  covering the Common Stock underlying
                                 the Notes.  Upon the  occurrence of an event of
                                 default,  the Notes shall bear  interest at 12%
                                 per annum. The Company will obtain  shareholder
                                 approval  of  an  increase  in  the  authorized
                                 shares  of Common  Stock to a number  that will
                                 permit registering any Common Stock that may be
                                 issued  upon  conversion  of the Notes and upon
                                 conversion or exercise of the securities  being
                                 issued  or   modified   as  set   forth   under

                                 "Restructuring," below, which approval shall be
                                 obtained  no later than July 20, 2006 to permit
                                 timely  filing  of and  inclusion  of all  such
                                 underlying shares in the registration statement
                                 required   to  be  filed  as  set  forth  under
                                 "Registration Rights," below.

Additional Warrants              The Company  shall grant to the Investor for no
                                 additional consideration, except in the case of
                                 investors  in prior  rounds  to the  extent  of
                                 their  participation  in  the  Investment  with
                                 respect to which they are receiving adjustments
                                 to  existing   securities  of  the  Company  or
                                 warrants  in lieu  thereof  as set forth  under
                                 "Restructuring,"     non-callable     five-year
                                 warrants (the  "Warrants")  to purchase  Common
                                 Stock at $.30 per  share  covering  100% of the
                                 shares of  Common  Stock  into  which the Notes
                                 purchased  by them are  initially  convertible.
                                 The Warrants shall have customary anti-dilution
                                 protection, including a full ratchet upon sales
                                 of Common Stock or Common Stock  equivalents by
                                 the Company  for less than $.30 per share.  The
                                 full  ratchet   shall  not  apply  to  excepted
                                 issuances,  including issuances pursuant to any
                                 rights or  convertible  securities  existing on
                                 the date of the first  issuance of the Warrants
                                 (including   the  Notes  and  any   convertible
                                 securities  or  rights  issued or  modified  in
                                 connection  with the issuance of the Notes) and
                                 issuances pursuant to employee plans.

Repurchase Right/Obligation      The Company may repurchase the Notes for 200%
                                 of the principal amount thereof on or before
                                 September 30, 2006, provided, the Company shall
                                 give at least 30 days' notice of its election
                                 to repurchase the Notes, during which time the
                                 Notes may be converted in accordance with their
                                 terms. In the event the Company announces the
                                 sale or merger of the Company or its assets on
                                 or before September 30, 2006 and thereafter
                                 completes such sale or merger within 6 months
                                 after such announcement, the Company shall
                                 repurchase any Notes not converted before the
                                 consummation of such sale or merger for 200% of
                                 the principal amount thereof upon the
                                 consummation of the sale or merger.

Registration Rights              The Company agrees to file a registration
                                 statement under the Securities Act covering the
                                 shares of Common Stock underlying the Notes
                                 within 90 days following the first issuance of
                                 the Notes ( April 20, 2006) and to cause such
                                 registration statement to become effective
                                 within 5 months following such issuance. The
                                 registration statement shall also cover all
                                 shares of Common Stock issued to or underlying
                                 outstanding convertible securities or rights to

                                 acquire Common Stock issued to the Investor.
                                 Liquidated damages of 2% of the principal
                                 amount of the Notes shall be due for each month
                                 or portion thereof in which the Company fails
                                 to meet this schedule, with such liquidated
                                 damages capped at 18% of the principal amount
                                 of the Notes.

Lock-ups                         The parties funding the Investment will agree
                                 to be locked up on all securities of the
                                 Company owned by them until August 31, 2006.

Restructuring                    The Company shall adjust the conversion price
                                 on its outstanding convertible notes to $.15
                                 per share. In the event the Notes have not been
                                 repurchased on or before September 30, 2006,
                                 the conversion price on such convertible notes
                                 shall thereafter be the lower of the Fixed
                                 Conversion Price or the Floating Conversion
                                 Price, with the same anti-dilution protection
                                 as in the Notes. Other Investors participating
                                 in the Investment who invested in prior rounds
                                 of convertible securities shall receive the
                                 same adjustment to the conversion price on such
                                 securities having a stated value equal to 100%
                                 of their participation in the Investment (or,
                                 to the extent they have converted such
                                 securities but not sold the Common Stock
                                 received upon conversion, they shall receive an
                                 equivalent amount of additional shares of
                                 Common Stock), together with an adjustment in
                                 the warrant price on the warrants attached to
                                 such securities being adjusted to $.30 per
                                 share, subject to the Company's right to call
                                 such warrants on 20 days' notice for a nominal
                                 price in the event that, after the registration
                                 statement covering such shares of Common Stock
                                 is effective, the Common Stock closes over $.45
                                 per share for 10 consecutive trading days, or,
                                 in the event they have sold or otherwise
                                 disposed of such convertible securities, they
                                 shall receive warrants to purchase Common Stock
                                 that will provide equivalent value.

Fees                             The Company shall pay Margie Chassman a yield
                                 maintenance fee of 10% of the Investment,
                                 together with 5-year warrants to purchase Notes
                                 and Warrants equal to 10% of the Notes and
                                 Warrants comprising the Investment for an
                                 exercise price equal to the price paid by the
                                 Investors, and for such fee Ms. Chassman will
                                 pledge a convertible note of the Company in the
                                 principal amount of $250,000 to secure her
                                 non-recourse obligation to increase the return
                                 to the Investor to the extent required to avoid
                                 loss on the Investment, measured on the earlier
                                 of April 20, 2007 or the date on which the
                                 entire Investment is sold or otherwise disposed
                                 of, including by conversion. The Company shall

                                 pay legal fees of Greenberg & Kahr of $35,000,
                                 payable upon the first funding of the Notes,
                                 which fee shall be in addition to the fee of
                                 Grushko & Mittman, P.C., as counsel for the
                                 Investors, of $15,000, which will also be an
                                 obligation of the Company.

         This Term Sheet (the "Agreement") shall constitute a binding agreement
among the parties with respect to the subject matter hereof with the parties to
use good faith efforts to prepare definitive documentation as quickly as
practicable subject to the foregoing. This Agreement supersedes all other drafts
of the Agreement, whether or not such prior drafts were executed.

--------------------------------------------------------------------------------
AGREED TO:                                   AGREED TO:
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
CEPTOR CORPORATION
--------------------------------------------------------------------------------
                                             /s/ Margie Chassman
--------------------------------------------------------------------------------
                                             MARGIE CHASSMAN
--------------------------------------------------------------------------------
By:   /s/ William Pursley
--------------------------------------------------------------------------------
      William Pursley, CEO
--------------------------------------------------------------------------------
Date: 5/3/06                                 Date:
--------------------------------------------------------------------------------

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