Document:

exv4w1

Exhibit 4.1

 

EXTERRAN ABS 2007 LLC

Issuer

EXTERRAN ABS LEASING 2007 LLC

Exterran ABS Lessor

and

WELLS FARGO BANK, NATIONAL ASSOCIATION

Indenture Trustee

 

FIRST AMENDED AND RESTATED INDENTURE

DATED AS OF JUNE 9, 2010

 

 

 

 

TABLE OF CONTENTS

ARTICLE I

DEFINITIONS

	 	 	 	 	 

	Section 101 Defined Terms
	 	 	5	 
	Section 102 Other Definitional Provisions
	 	 	5	 
	Section 103 Computation of Time Periods
	 	 	6	 
	Section 104 Power of Attorney
	 	 	6	 

ARTICLE II

THE NOTES

	 	 	 	 	 

	Section 201 Authorization of Notes
	 	 	6	 
	Section 202 Form of Notes; Global Notes
	 	 	6	 
	Section 203 Execution; Recourse Obligation
	 	 	8	 
	Section 204 Certificate of Authentication
	 	 	9	 
	Section 205 Registration; Registration of Transfer and Exchange of Notes
	 	 	9	 
	Section 206 Mutilated, Destroyed, Lost and Stolen Notes
	 	 	11	 
	Section 207 Delivery, Retention and Cancellation of Notes
	 	 	11	 
	Section 208 ERISA Deemed Representations
	 	 	11	 
	Section 209 Determination of Requisite Global Majority
	 	 	12	 

ARTICLE III

PAYMENT OF NOTES; ESTABLISHMENT OF ACCOUNTS; CONTROL REQUIREMENTS; STATEMENTS

TO NOTEHOLDERS

	 	 	 	 	 

	Section 301 Principal and Interest
	 	 	12	 
	Section 302 Trust Account
	 	 	12	 
	Section 303 Investment of Monies Held in the Transaction Accounts
	 	 	19	 
	Section 304 Control
	 	 	19	 
	Section 305 Reports
	 	 	20	 
	Section 306 Records
	 	 	20	 
	Section 307 CUSIP Numbers
	 	 	20	 
	Section 308 No Claim
	 	 	20	 
	Section 309 Compliance with Withholding Requirements
	 	 	20	 
	Section 310 Tax Treatment of Notes
	 	 	20	 
	Section 311 Rights of Noteholders
	 	 	20	 
	Section 312 Collections and Allocations
	 	 	21	 
	Section 313 Purchase Account
	 	 	21	 

ARTICLE IV

COLLATERAL

	 	 	 	 	 

	Section 401 Collateral
	 	 	21	 
	Section 402 Pro Rata Interest
	 	 	22	 
	Section 403 Indenture Trustee’s Appointment as Attorney-in-Fact; Certain Rights of Control Party
	 	 	22	 
	Section 404 Release of Security Interest
	 	 	24	 
	Section 405 Administration of Collateral
	 	 	25	 

 

 

ARTICLE V A

REPRESENTATIONS AND WARRANTIES OF ISSUER

	 	 	 	 	 

	Section 501 Existence
	 	 	26	 
	Section 502 Authorization
	 	 	26	 
	Section 503 Due Qualification
	 	 	26	 
	Section 504 No Conflict; Legal Compliance
	 	 	26	 
	Section 505 Validity and Binding Effect
	 	 	26	 
	Section 506 Financial Statements
	 	 	26	 
	Section 507 Executive Offices
	 	 	26	 
	Section 508 No Agreements or Contracts
	 	 	26	 
	Section 509 Consents and Approvals
	 	 	26	 
	Section 510 Margin Regulations
	 	 	27	 
	Section 511 Taxes
	 	 	27	 
	Section 512 Other Regulations
	 	 	27	 
	Section 513 Solvency and Separateness
	 	 	27	 
	Section 514 Insolvency; Fraudulent Conveyance
	 	 	29	 
	Section 515 No Default
	 	 	29	 
	Section 516 No Proceedings or Injunctions
	 	 	29	 
	Section 517 Compliance with Law
	 	 	29	 
	Section 518 Title; Liens
	 	 	30	 
	Section 519 Ownership; Subsidiaries
	 	 	30	 
	Section 520 No Partnership
	 	 	30	 
	Section 521 UCC Information
	 	 	30	 
	Section 522 Security Interest Representations
	 	 	30	 
	Section 523 Ordinary Course
	 	 	31	 
	Section 524 Stamping and Storage of User Contracts
	 	 	31	 
	Section 525 Identification Marks
	 	 	31	 
	Section 526 Intellectual Property
	 	 	31	 
	Section 527 Taxpayer Identification Number
	 	 	31	 
	Section 528 Disclosure
	 	 	31	 

ARTICLE V B

REPRESENTATION AND WARRANTIES OF EXTERRAN ABS LESSOR

	 	 	 	 	 

	Section 529 Existence
	 	 	32	 
	Section 530 Authorization
	 	 	32	 
	Section 531 Due Qualification
	 	 	32	 
	Section 532 No Conflict; Legal Compliance
	 	 	32	 
	Section 533 Validity and Binding Effect
	 	 	32	 
	Section 534 Executive Offices
	 	 	33	 
	Section 535 No Agreements or Contracts
	 	 	33	 
	Section 536 Consents and Approvals
	 	 	33	 
	Section 537 Taxes
	 	 	33	 
	Section 538 Solvency and Separateness
	 	 	33	 
	Section 539 Insolvency; Fraudulent Conveyance
	 	 	35	 
	Section 540 No Default
	 	 	35	 
	Section 541 No Proceedings or Injunctions
	 	 	35	 
	Section 542 Compliance with Law
	 	 	35	 
	Section 543 Title; Liens
	 	 	35	 
	Section 544 Ownership; Subsidiaries
	 	 	36	 
	Section 545 No Partnership
	 	 	36	 
	Section 546 UCC Information
	 	 	36	 
	Section 547 Security Interest Representations
	 	 	36	 

 

 

	 	 	 	 	 

	Section 548 Identification Marks
	 	 	37	 
	Section 549 Intellectual Property
	 	 	37	 
	Section 550 Taxpayer Identification Number
	 	 	37	 
	Section 551 Disclosure
	 	 	37	 

ARTICLE VI A

COVENANTS OF ISSUER

	 	 	 	 	 
	Section 601 Payment of Principal and Interest; Payment of Taxes
	 	 	37	 
	Section 602 Preservation of Name; Maintenance of Office; Jurisdiction of Formation
	 	 	37	 
	Section 603 Corporate Existence
	 	 	38	 
	Section 604 Compliance with Law
	 	 	38	 
	Section 605 Protection of Issuer Collateral
	 	 	38	 
	Section 606 Defend Title to Collateral
	 	 	38	 
	Section 607 Enforce Contract Rights
	 	 	38	 
	Section 608 Negative Covenants Regarding Issuer Collateral (including Related Documents)
	 	 	39	 
	Section 609 Non-Consolidation of the Issuer
	 	 	39	 
	Section 610 No Bankruptcy Petition
	 	 	40	 
	Section 611 Liens
	 	 	40	 
	Section 612 Other Debt
	 	 	41	 
	Section 613 Guarantees, Loans, Advances and Other Liabilities
	 	 	41	 
	Section 614 Consolidation, Merger and Sale of Assets
	 	 	41	 
	Section 615 Other Agreements
	 	 	41	 
	Section 616 Organizational Documents
	 	 	41	 
	Section 617 Capital Expenditures
	 	 	41	 
	Section 618 Permitted Activities; Compliance with Organizational Documents
	 	 	42	 
	Section 619 Investment Company Act
	 	 	42	 
	Section 620 Payments of Collateral
	 	 	42	 
	Section 621 [Reserved]
	 	 	42	 
	Section 622 Notices
	 	 	42	 
	Section 623 Books and Records
	 	 	42	 
	Section 624 Taxes
	 	 	42	 
	Section 625 Subsidiaries
	 	 	43	 
	Section 626 Investments
	 	 	43	 
	Section 627 Use of Proceeds
	 	 	43	 
	Section 628 Asset Base Certificate
	 	 	43	 
	Section 629 Financial Statements
	 	 	43	 
	Section 630 Rule 144A Information
	 	 	43	 
	Section 631 Hedging Requirements
	 	 	43	 
	Section 632 Separate Identity
	 	 	45	 
	Section 633 Annual Perfection Opinion
	 	 	45	 
	Section 634 Identification Marks
	 	 	45	 
	Section 635 Storage and Maintenance of Contract Files
	 	 	45	 
	Section 636 Use of Owner Compressors
	 	 	45	 
	Section 637 Maintenance and Repair of Owner Compressors
	 	 	45	 
	Section 638 Alterations
	 	 	46	 
	Section 639 User Contracts
	 	 	46	 
	Section 640 Loss, Damage or Destruction of Owner Compressors
	 	 	47	 
	Section 641 Intellectual Property Filings
	 	 	47	 
	Section 642 Fixture and Accessions
	 	 	47	 
	Section 643 Contracts with Exterran Affiliates
	 	 	47	 
	Section 644 Contracts Containing Purchase Options
	 	 	47	 
	Section 645 Sales of Owner Compressors to an Exterran Affiliate
	 	 	48	 
	Section 646 Sales of Owner Compressors to Third Parties
	 	 	49	 
	Section 647 Owner Compressors Located Outside of the United States
	 	 	49	 

 

 

	 	 	 	 	 
	Section 648 Distributions
	 	 	49	 
	Section 649 Substitution of Owner Compressors
	 	 	50	 
	Section 650 Appraisal
	 	 	50	 
	Section 651 OFAC
	 	 	50	 

ARTICLE VI B

COVENANTS OF EXTERRAN ABS LESSOR

	 	 	 	 	 

	Section 652 Preservation of Name; Maintenance of Office; Jurisdiction of Formation
	 	 	50	 
	Section 653 Corporate Existence
	 	 	51	 
	Section 654 Compliance with Law
	 	 	51	 
	Section 655 Protection of the Exterran ABS Lessor Collateral
	 	 	51	 
	Section 656 Defend Title to the Exterran ABS Lessor Collateral
	 	 	51	 
	Section 657 Enforce Contract Rights
	 	 	51	 
	Section 658 Negative Covenants Regarding the Exterran ABS Lessor Collateral (including Related Documents)
	 	 	51	 
	Section 659 Non-Consolidation of the Exterran ABS Lessor
	 	 	52	 
	Section 660 No Bankruptcy Petition
	 	 	53	 
	Section 661 Liens
	 	 	53	 
	Section 662 Other Debt
	 	 	53	 
	Section 663 Guarantees, Loans, Advances and Other Liabilities
	 	 	53	 
	Section 664 Consolidation, Merger and Sale of Assets
	 	 	54	 
	Section 665 Other Agreements
	 	 	54	 
	Section 666 Organizational Documents
	 	 	54	 
	Section 667 Capital Expenditures
	 	 	54	 
	Section 668 Permitted Activities; Compliance with Organizational Documents
	 	 	54	 
	Section 669 Investment Company Act
	 	 	54	 
	Section 670 Payments of the Collateral
	 	 	54	 
	Section 671 Permitted Activities; Compliance with Organizational Documents
	 	 	55	 
	Section 672 Notices
	 	 	55	 
	Section 673 Books and Records
	 	 	55	 
	Section 674 Taxes
	 	 	55	 
	Section 675 Subsidiaries
	 	 	55	 
	Section 676 Investments
	 	 	55	 
	Section 677 Separate Identity
	 	 	56	 
	Section 678 OFAC
	 	 	56	 

ARTICLE VII

DISCHARGE OF INDENTURE; PREPAYMENTS

	 	 	 	 	 

	Section 701 Full Discharge
	 	 	56	 
	Section 702 Prepayment of Notes
	 	 	56	 

ARTICLE VIII

DEFAULT PROVISIONS AND REMEDIES

	 	 	 	 	 

	Section 801 Event of Default
	 	 	58	 
	Section 802 Acceleration of Stated Maturity; Rescission and Annulment
	 	 	61	 
	Section 803 Collection of Indebtedness
	 	 	62	 
	Section 804 Remedies
	 	 	62	 
	Section 805 Indenture Trustee May Enforce Claims Without Possession of Notes
	 	 	63	 
	Section 806 Allocation of Money Collected
	 	 	63	 
	Section 807 Limitation on Suits
	 	 	63	 
	Section 808 Right of Holders to Receive Principal and Interest
	 	 	64	 

 

 

	 	 	 	 	 

	Section 809 Restoration of Rights and Remedies
	 	 	64	 
	Section 810 Rights and Remedies Cumulative
	 	 	64	 
	Section 811 Delay or Omission Not Waiver
	 	 	64	 
	Section 812 Control by Requisite Global Majority
	 	 	64	 
	Section 813 Waiver of Past Defaults
	 	 	64	 
	Section 814 Undertaking for Costs
	 	 	65	 
	Section 815 Waiver of Stay or Extension Laws
	 	 	65	 
	Section 816 Sale of Collateral
	 	 	65	 
	Section 817 Action on Notes
	 	 	66	 
	Section 818 Determination of Existence of Event of Default for Purposes of Section 302(e)
	 	 	66	 
	Section 819 Notification of Each Series Enhancer and Interest Rate Hedge Provider
	 	 	66	 

ARTICLE IX

CONCERNING THE INDENTURE TRUSTEE

	 	 	 	 	 
	Section 901 Duties of the Indenture Trustee
	 	 	66	 
	Section 902 Certain Matters Affecting the Indenture Trustee
	 	 	67	 
	Section 903 Indenture Trustee Not Liable
	 	 	68	 
	Section 904 Indenture Trustee May Own Notes
	 	 	69	 
	Section 905 Indenture Trustee’s Fees and Expenses
	 	 	69	 
	Section 906 Eligibility Requirements for the Indenture Trustee
	 	 	69	 
	Section 907 Resignation and Removal of the Indenture Trustee
	 	 	69	 
	Section 908 Successor Indenture Trustee
	 	 	70	 
	Section 909 Merger or Consolidation of the Indenture Trustee
	 	 	70	 
	Section 910 Separate Indenture Trustees, Co-Indenture Trustees and Custodians
	 	 	70	 
	Section 911 Representations and Warranties
	 	 	71	 
	Section 912 Indenture Trustee Offices
	 	 	73	 
	Section 913 Notice of Event of Default
	 	 	73	 
	Section 914 Indenture Trustee’s Application for Instructions from the Issuer
	 	 	73	 
	Section 915 Indenture Trustee’s Duties - Monthly Tape
	 	 	73	 

ARTICLE X

SUPPLEMENTAL INDENTURES; AMENDMENTS

	 	 	 	 	 

	Section 1001 Supplemental Indentures Not Requiring Consent of Holders
	 	 	74	 
	Section 1002 Supplemental Amendment (Not Creating a New Series) with Consent of Holders
	 	 	75	 
	Section 1003 Execution of Supplemental Indentures
	 	 	76	 
	Section 1004 Effect of Supplemental Indentures
	 	 	76	 
	Section 1005 Reference in Notes to Supplemental Indentures
	 	 	76	 
	Section 1006 Issuance of Series of Notes
	 	 	76	 

ARTICLE XI

HOLDERS LISTS

	 	 	 	 	 

	Section 1101 Indenture Trustee to Furnish Issuer Names and Addresses of Holders
	 	 	78	 
	Section 1102 Preservation of Information; Communications to Holders
	 	 	78	 

ARTICLE XII

MISCELLANEOUS PROVISIONS

	 	 	 	 	 

	Section 1201 Compliance Certificates and Opinions
	 	 	78	 
	Section 1202 Form of Documents Delivered to Indenture Trustee
	 	 	79	 

 

 

	 	 	 	 	 

	Section 1203 Acts of Holders
	 	 	79	 
	Section 1204 Inspection
	 	 	79	 
	Section 1205 Limitation of Rights
	 	 	80	 
	Section 1206 Severability
	 	 	80	 
	Section 1207 Notices
	 	 	80	 
	Section 1208 Consent to Jurisdiction
	 	 	80	 
	Section 1209 Captions
	 	 	81	 
	Section 1210 Governing Law
	 	 	81	 
	Section 1211 No Petition
	 	 	81	 
	Section 1212 Counterparts
	 	 	81	 
	Section 1213 WAIVER OF JURY TRIAL
	 	 	81	 
	Section 1214 Waiver of Immunity
	 	 	81	 
	Section 1215 Judgment Currency
	 	 	82	 
	Section 1216 Assignment of Rights of a Series Enhancer
	 	 	82	 
	Section 1217 Limitation on Payment
	 	 	82	 

 

 

	 	 	 	 
	Exhibits	 
	 
	A

	—
	 	Form of Investment Letter
	B

	—
	 	Form of Control Agreement
	C

	—
	 	Form of Officer’s Certificate pursuant to Section 404 of the Indenture

	 	 	 	 
	Appendices
	 
	A

	—
	 	Master Index of Defined Terms

	 	 	 	 
	Schedules
	 
	1

	—
	 	Perfection Certificate — Issuer
	2

	—
	 	Perfection Certificate — Exterran ABS Lessor

 

 

     This First Amended and Restated Indenture, dated as of June 9, 2010 (as amended, supplemented
or otherwise modified from time to time as permitted hereby, this “Indenture”), between EXTERRAN
ABS 2007 LLC, a limited liability company formed under the laws of the State of Delaware (together
with its successors and permitted assigns, the “Issuer”), EXTERRAN ABS LEASING 2007 LLC, a limited
liability company formed under the laws of the State of Delaware (the “Exterran ABS Lessor”) and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee
(together with any successor appointed in accordance with the terms hereof, the “Indenture
Trustee”).

     WHEREAS, the Issuer, the Exterran ABS Lessor and the Indenture Trustee entered into that
certain Indenture, dated as of August 20, 2007 (the “2007 Indenture”);

     WHEREAS, the Issuer, the Exterran ABS Lessor, and the Indenture Trustee entered into that
certain Amendment Number 1 to the Indenture, dated March 14, 2008 and effective as of August 20,
2007, which amended the 2007 Indenture (the 2007 Indenture as so amended, the “Initial Indenture”);

     WHEREAS, the Issuer, the Exterran ABS Lessor, and the Indenture Trustee desire to amend and
restate the Initial Indenture in its entirety, in accordance with the amendment provisions of the
Initial Indenture;

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

GRANTING CLAUSE

          (a) To secure the payment of all Outstanding Obligations and the performance and observance by
the Issuer of all of the Issuer’s covenants and agreements contained in this Indenture and all
other Related Documents (all such amounts and other obligations collectively, the “Secured
Obligations”):

          The Issuer hereby grants, assigns, conveys, mortgages, pledges, hypothecates, and transfers to
the Indenture Trustee for the benefit of the Noteholders, each Series Enhancer and each Interest
Rate Hedge Provider, a security interest in and to, and a continuing Lien on, all of the Issuer’s
right, title and interest in, to and under the following, whether now owned or existing or
hereafter created or acquired and wherever located:

          (i) All Owner Compressors, all Compressor Related Assets and all rights and remedies of
the Issuer under, or with respect to, the Compressor Related Assets;

          (ii) All Securitization Collections and all amounts, revenues, Proceeds and other sums
of money due or to become due, with respect to the Compressor Related Assets including,
without limitation, (1) all revenues, payments and other moneys, including all insurance
payments and proceeds and claims for losses due, or to become due, to the Issuer under, and
all claims for damages arising out of the breach of any Compressor Related Asset; (2) the
right of the Issuer to terminate, perform under, or compel performance of the terms of each
Compressor Related Asset; and (3) any guarantee of, or credit support with respect to, each
Compressor Related Asset and any rights of the Issuer in respect of any subcontracts or
assignments permitted under the Related Documents;

          (iii) The Contribution Agreement, the Management Agreement, the Intercreditor
Agreement, all Interest Rate Swap Agreements, each Lease and all other Related Documents and
all of the Issuer’s rights and remedies (whether directly or as assignee) under any of the
foregoing agreements;

          (iv) All Securities Accounts and Deposit Accounts, including, without limitation, the
Trust Account, the Lockbox Account, the ABS Lockbox Account (if any), the Purchase Account
and, for the benefit of the Noteholders and the Series Enhancer for the related Series only,
any Series Account; together with all cash and cash equivalents, Money, Eligible
Investments, Financial Assets, Investment Property, Securities Entitlements and other
instruments or amounts credited to or deposited from time to time in any of the foregoing;

          (v) All Accounts;

 

 

          (vi) All Chattel Paper;

          (vii) All Commercial Tort Claims;

          (viii) All Contracts;

          (ix) All Documents;

          (x) All Equipment;

          (xi) All General Intangibles and all Payment Intangibles (including, if General
Intangibles, all membership interests in the Exterran ABS Lessor);

          (xii) All Goods;

          (xiii) All Instruments;

          (xiv) All Intellectual Property;

          (xv) All Inventory;

          (xvi) All Investment Property (including, if Investment Property, the membership
interests in the Exterran ABS Lessor);

          (xvii) All Letter-of-Credit Rights;

          (xviii) All Money;

          (xix) All Records;

          (xx) All Supporting Obligations;

          (xxi) All property of the Issuer held by the Indenture Trustee including, without
limitation, all property of every description now or hereafter in the possession or custody
of or in transit to the Indenture Trustee for any purpose, including, without limitation,
safekeeping, collection or pledge, for the account of the Issuer, or as to which the Issuer
may have any right or power (but only to the extent such property relates to the Owner
Compressors and other Collateral acquired from time to time);

          (xxii) All insurance proceeds of the Owner Compressors and the other Collateral and all
proceeds of the voluntary or involuntary disposition of the Owner Compressors and the other
Collateral;

          (xxiii) Any and all payments made or due to the Issuer in connection with any
requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the
Owner Compressors and the other Collateral by any Governmental Authority and any other cash
or non-cash receipts from the sale, exchange, collection or other disposition of the Owner
Compressors and the other Collateral; and

          (xxiv) To the extent not otherwise included above, all income, payments and Proceeds of
each of the foregoing and all accessions to, substitutions and replacements for, and rents,
profits and products of each of the foregoing; and

          (b) To secure the payment of all Outstanding Obligations and the performance and observance by
the Exterran ABS Lessor of all of the Exterran ABS Lessor’s covenants and agreements contained in
this Indenture and all other Related Documents (all such amounts and other obligations
collectively, the “Exterran ABS Lessor Secured Obligations”), the Exterran ABS Lessor hereby
grants, assigns, conveys, mortgages, pledges, hypothecates, and transfers to the Issuer, and the
Issuer hereby assigns to the Indenture Trustee for the benefit of the

2

 

Noteholders, each Series Enhancer and each Interest Rate Hedge Provider, a security interest
in and to, and a continuing Lien on, all of the Exterran ABS Lessor’s right, title and interest in,
to and under the following, whether now owned or existing or hereafter created or acquired and
wherever located:

          (i) All Owner Compressors, all Compressor Related Assets and all rights and remedies of
the Exterran ABS Lessor under, or with respect to, the related Compressor Related Assets;

          (ii) The Lease;

          (iii) All amounts received or receivable under the Lease;

          (iv) All amounts, revenues, Proceeds and other sums of money due or to become due, with
respect to the Compressor Related Assets including, without limitation, (1) all revenues,
payments and other moneys, including all insurance payments and proceeds and claims for
losses due, or to become due, to the Issuer under, and all claims for damages arising out of
the breach of any Compressor Related Asset; (2) the right of the Exterran ABS Lessor to
terminate, perform under, or compel performance of the terms of each Compressor Related
Asset; and (3) any guarantee of, or credit support with respect to, each Compressor Related
Asset and any rights of the Exterran ABS Lessor in respect of any subcontracts or
assignments permitted under the Related Documents;

          (v) The Transfer Agreement, the Management Agreement, the Intercreditor Agreement, each
Lease and all other Related Documents and all of the Exterran ABS Lessor’s rights and
remedies (whether directly or as assignee) under any of the foregoing agreements;

          (vi) All Accounts;

          (vii) All Chattel Paper;

          (viii) All Commercial Tort Claims;

          (ix) All Contracts;

          (x) All Documents;

          (xi) All Equipment;

          (xii) All General Intangibles and all Payment Intangibles;

          (xiii) All Goods;

          (xiv) All Instruments;

          (xv) All Intellectual Property;

          (xvi) All Inventory;

          (xvii) All Investment Property;

          (xviii) All Letter-of-Credit Rights;

          (xix) All Money;

          (xx) All Records;

          (xxi) All Supporting Obligations;

3

 

          (xxii) All property of the Exterran ABS Lessor held by the Indenture Trustee including,
without limitation, all property of every description now or hereafter in the possession or
custody of or in transit to the Indenture Trustee for any purpose, including, without
limitation, safekeeping, collection or pledge, for the account of the Issuer, or as to which
the Issuer may have any right or power (but only to the extent such property relates to the
Owner Compressors and other Collateral acquired from time to time);

          (xxiii) All insurance proceeds of the Owner Compressors and the other Collateral and
all proceeds of the voluntary or involuntary disposition of the Owner Compressors and the
other Collateral;

          (xxiv) Any and all payments made, or due to, the Exterran ABS Lessor in connection with
any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the
Owner Compressors and the other Collateral by any Governmental Authority and any other cash
or non-cash receipts from the sale, exchange, collection or other disposition of the Owner
Compressors and the other Collateral; and

          (xxv) To the extent not otherwise included above, all income, payments and Proceeds of
each of the foregoing and all accessions to, substitutions and replacements for, and rents,
profits and products of each of the foregoing.

All of the property described in this Granting Clause is herein collectively called the
“Collateral”; Collateral described in (a) of this Granting Clause is the “Issuer Collateral” and
collateral described in (b) of this Granting Clause is the “Exterran ABS Lessor Collateral.”
Notwithstanding the foregoing Grant, (i) no account, instrument, chattel paper or other obligation
or property of any kind due from, owed by, or belonging to, a Sanctioned Person and (ii) no User
Contract in which the User is a Sanctioned Person, shall, in either instance, constitute
Collateral.

     For avoidance of doubt it is expressly understood and agreed that, to the extent the UCC is
revised subsequent to the date hereof such that the definition of any of the foregoing terms
included in the description of Collateral is changed, the parties hereto desire that any property
which is included in such changed definitions which would not otherwise be included in the
foregoing grant on the date hereof be included in such grant immediately upon the effective date of
such revision, it being the intention of the Issuer that the description of Collateral set forth
above be construed to include the broadest range of assets. Notwithstanding the immediately
preceding sentence, the foregoing grant is intended to apply immediately on the date hereof to all
Collateral to the fullest extent permitted by Applicable Law regardless of whether any particular
item of Collateral is currently subject to the UCC.

     The Issuer hereby irrevocably authorizes the Indenture Trustee and each Control Party at any
time, and from time to time, to file, without the signature of the Issuer, in any filing office in
any jurisdiction necessary or desirable to perfect the security interests and Liens granted herein
or in any other Related Documents, any financing statements (including any such financing statement
claiming a security interest in all assets of the Issuer), continuation statements and amendments
thereto that (i) indicate or describe the Collateral regardless of whether any particular asset
comprised in the Collateral falls within the scope of Article 9 of the UCC, in the same manner as
described herein or in any other manner as the Indenture Trustee or any Control Party may determine
in its sole discretion is necessary or desirable to ensure the perfection of the security interests
and Liens granted herein, or (ii) provide any other information required by Article 9 of the UCC
for the sufficiency or filing office acceptance of any financing statement or amendment, including
whether the Issuer is an organization, the type of organization and any organizational
identification number issued to the Issuer. The Issuer agrees to furnish any such information to
the Indenture Trustee or any Control Party promptly upon the request from the Indenture Trustee or
such Control Party. The Issuer also ratifies its authorization for the Indenture Trustee or any
Control Party to have filed in any jurisdiction any like initial financing statements or amendments
thereto if filed prior to the date hereof. Nothing in the foregoing shall be deemed to create an
obligation of the Indenture Trustee to file any financing statements, continuation statements or
amendments thereto.

     The Exterran ABS Lessor hereby irrevocably authorizes the Indenture Trustee and each Control
Party at any time, and from time to time, to file, without the signature of the Exterran ABS
Lessor, in any filing office in any jurisdiction necessary or desirable to perfect the security
interests and Liens granted herein or in any other Related Documents, any financing statements
(including any such financing statement claiming a security interest in all

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assets of the Exterran ABS Lessor), continuation statements and amendments thereto that (i)
indicate or describe the Collateral regardless of whether any particular asset comprised in the
Collateral falls within the scope of Article 9 of the UCC, in the same manner as described herein
or in any other manner as the Indenture Trustee or any Control Party may determine in its sole
discretion is necessary or desirable to ensure the perfection of the security interests and Liens
granted herein, or (ii) provide any other information required by Article 9 of the UCC for the
sufficiency or filing office acceptance of any financing statement or amendment, including whether
the Exterran ABS Lessor is an organization, the type of organization and any organizational
identification number issued to the Exterran ABS Lessor. The Exterran ABS Lessor agrees to furnish
any such information to the Indenture Trustee or any Control Party promptly upon the request from
the Indenture Trustee or such Control Party. The Exterran ABS Lessor also ratifies its
authorization for the Indenture Trustee or any Control Party to have filed in any jurisdiction any
like initial financing statements or amendments thereto if filed prior to the date hereof. Nothing
in the foregoing shall be deemed to create an obligation of the Indenture Trustee to file any
financing statements, continuation statements or amendments thereto.

ARTICLE I

DEFINITIONS

          Section 101 Defined Terms. Capitalized terms used in this Indenture shall have the
meanings given to such terms in Appendix A hereto, as such Appendix may be amended, restated,
supplemented or otherwise modified from time to time in accordance with the provisions of this
Indenture, and the rules of usage set forth in Appendix A shall apply to this Indenture.

          Section 102 Other Definitional Provisions. (a) With respect to any Series, all terms
used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the
related Supplement.

          (b) All terms defined in this Indenture shall have the defined meanings when used in any
agreement, certificate or other document made or delivered pursuant hereto, including any
Supplement, unless otherwise defined therein.

          (c) As used in this Indenture and in any certificate or other document made or delivered
pursuant hereto or thereto, accounting terms not defined in this Indenture or in any such
certificate or other document, and accounting terms partly defined in this Indenture or in any such
certificate or other document to the extent not defined, shall have the respective meanings given
to them under GAAP consistently applied. To the extent that the definitions of accounting terms in
this Indenture or in any such certificate or other document are inconsistent with the meanings of
such terms under GAAP or regulatory accounting principles, the definitions contained in this
Indenture or in any such certificate or other document shall control.

          (d) With respect to any Collection Period, the “related Record Date,” the “related
Determination Date,” and the “related Payment Date,” shall mean, respectively, the Record Date
occurring on the last Business Day of such Collection Period and the Determination Date and Payment
Date next following the end of such Collection Period.

          (e) With respect to any Series of Notes, the “related Supplement” shall mean the Supplement
pursuant to which such Series of Notes is issued and the “related Series Enhancer” shall mean the
Series Enhancer for such Series of Notes.

          (f) All references to the Manager’s financial statements shall mean the consolidated financial
statements of the Manager and its consolidated subsidiaries.

          (g) With respect to any ratio analysis required to be performed as of the most recently
completed fiscal quarter, the most recently completed fiscal quarter shall mean the most recent
fiscal quarter for which financial statements were required hereunder to have been delivered.

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          (h) With respect to the calculations of the ratios set forth in this Indenture, the components
of such calculations are to be determined in accordance with GAAP, consistently applied, with
respect to the Manager.

          Section 103 Computation of Time Periods. Unless otherwise stated in this Indenture or
any Supplement issued pursuant to the terms hereof, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each means “to but excluding.”

          Section 104 Power of Attorney. The Issuer hereby appoints the Indenture Trustee as
its designee for purposes of exercising any power of attorney or right granted by the Manager
pursuant to the Management Agreement.

ARTICLE II

THE NOTES

          Section 201 Authorization of Notes. (a) The number of Series or Classes of Notes
which may be created by this Indenture is not limited; provided, however, that, the issuance of any
Series of Notes shall (i) comply with the provisions of Section 1006 hereof and (ii) not result in,
or with the giving of notice or the passage of time or both would result in, the occurrence of a
Trigger Event. The aggregate principal amount of Notes of each Series which may be issued,
authenticated and delivered under this Indenture is not limited except as shall be set forth in any
Supplement and as restricted by the provisions of this Indenture.

          (b) The Notes issuable under this Indenture shall be issued in such Series, and such Class or
Classes within a Series, as may from time to time be created by Supplement pursuant to this
Indenture. Each Series shall be created by a different Supplement and shall be designated, upon
the face thereof, to differentiate the Notes of such Series from the Notes of any other Series.
All of the Notes of a Series shall be identical except to the extent set forth in the related
Supplement. The Issuer intends that each such Note shall constitute a “security” within the
meaning of Article 8 of the UCC.

          (c) Upon satisfaction of and compliance with the requirements and conditions to closing set
forth in the related Supplement, Notes of the Series to be executed and delivered on a particular
Series Issuance Date pursuant to such related Supplement, may be executed by the Issuer and
delivered to the Indenture Trustee for authentication following the execution and delivery of the
related Supplement creating such Series or from time to time thereafter, and the Indenture Trustee
shall authenticate and deliver Notes upon an Issuer request set forth in an Officer’s Certificate
of the Issuer signed by one of its Authorized Signatories, without further action on the part of
the Issuer.

          Section 202 Form of Notes; Global Notes.

          (a) Notes of any Series or Class may be issued, authenticated and delivered, at the option of
the Issuer, as Public Global Notes, Rule 144A Global Notes, or Definitive Notes or as may otherwise
be set forth in a Supplement, and the form of such Notes shall be substantially in the form
attached as an exhibit to the related Supplement. Notes of each Series shall be dated the date of
their authentication and shall bear interest at such rate, be payable as to principal, premium, if
any, and interest on such date or dates, and shall contain such other terms and provisions as shall
be established in the related Supplement. Except as otherwise provided in any Supplement, the
Notes shall be issued in minimum denominations of $1,000,000 and in integral multiples of
$1,000,000 in excess thereof; provided that, one Note of each Class may be issued in a nonstandard
denomination.

          (b) If the Issuer shall choose to issue Public Global Notes or Rule 144A Global Notes, such
notes shall be issued in the form of one or more Public Global Notes or one or more Rule 144A
Global Notes which (i) shall represent, and shall be denominated in an aggregate amount equal to,
the aggregate principal amount of all Notes to be issued hereunder, (ii) shall be delivered as one
or more Notes held by the Book Entry Custodian, or, if appointed to hold such Notes as provided
below, the Notes shall be registered in the name of the Depositary or its nominee, (iii) shall be
substantially in the form of the exhibits attached to the related Supplement, with such changes

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therein as may be necessary to reflect that each such Note is a Global Note, and (iv) shall
each bear a legend substantially to the effect included in the form of the exhibits attached to the
related Supplement.

          (c) Notwithstanding any other provisions of this Section 202 or of Section 205, unless and
until a Global Note is exchanged in whole for Definitive Notes, a Global Note may be transferred,
in whole, but not in part, and in the manner provided in this Section 202, only by (i) the
Depositary to a nominee of such Depositary, (ii) by a nominee of such Depositary to such Depositary
or another nominee of such Depositary, (iii) by such Depositary or any such nominee to a successor
Depositary selected or approved by the Issuer or to a nominee of such successor Depositary or (iv)
in the manner specified in Section 202(d). The Depositary shall order the Note Registrar to
authenticate and deliver any Book Entry Notes and any Global Note for each Class of Notes having an
aggregate initial outstanding principal balance equal to the initial outstanding balance of such
Class. Note Owners shall hold their respective Ownership Interests in and to such Notes through
the book-entry facilities of the Depositary. Without limiting the foregoing, any Note Owners shall
hold their respective Ownership Interests, if any, in Public Global Notes only through Depositary
Participants.

          (d) If (i) the Issuer elects to issue Definitive Notes, (ii) the Depositary for the Notes
represented by one or more Global Notes at any time notifies the Issuer that it is unwilling or
unable to continue as Depositary of the Notes or if at any time the Depositary shall no longer be a
clearing agency registered under the Exchange Act and any other applicable statute or regulation,
and a successor Depositary is not appointed or approved by the Issuer within ninety (90) days after
the Issuer receives such notice or becomes aware of such condition, as the case may be, (iii) the
Indenture Trustee, at the direction of the Control Party for a Series of Notes, elects to terminate
the book-entry system through the Depositary with respect to such Series, or (iv) after an Event of
Default or a Manager Default, Noteholders representing more than fifty percent (50%) of a Series
notify the Depositary, or Book Entry Custodian, as the case may be, in writing that the
continuation of a book-entry system through the Depositary, or the Book Entry Custodian, as the
case may be, is no longer in the best interest of the Noteholders of such Series, the Issuer will
promptly execute, and the Indenture Trustee, upon receipt of an Officer’s Certificate evidencing
such determination by the Issuer, will promptly authenticate and make available for delivery,
Definitive Notes without coupons, in authorized denominations and in an aggregate principal amount
equal to the principal amount of the Global Note then outstanding in exchange for such Global Note
or as an original issuance of Notes and this Section 202(d) shall no longer be applicable to the
Notes. Upon the exchange of the Global Notes for such Definitive Notes without coupons, in
authorized denominations, such Global Notes shall be canceled by the Indenture Trustee. All
Definitive Notes shall be issued without coupons. Such Definitive Notes in definitive form issued
in exchange for the Global Notes pursuant to this Section 202(d) shall be registered in such names
and in such authorized denominations as the Depositary in the case of an exchange or the Note
Registrar in the case of an original issuance, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Indenture Trustee. The Indenture Trustee may
conclusively rely on any such instructions furnished by the Depositary or the Note Registrar, as
the case may be, and shall not be liable for any delay in delivery of such instructions. The
Indenture Trustee shall make such Notes available for delivery to the Persons in whose names such
Notes are so registered.

          (e) As long as the Notes outstanding are represented by one or more Global Notes:

          (i) the Note Registrar and the Indenture Trustee may deal with the Depositary for all
purposes (including the payment of principal of and interest on the Notes) as the authorized
representative of the Note Owners;

          (ii) the rights of Note Owners shall be exercised only through the Depositary and shall
be limited to those established by law and agreements between such Note Owners and the
Depositary and/or the Depositary Participants. Unless and until Definitive Notes are
issued, the Depositary will make book-entry transfers among the Depositary Participants and
receive and transmit payments of principal of, and interest on, the Notes to such Depositary
Participants; and

          (iii) whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Holders of Notes evidencing a specified percentage of the
voting rights of a particular Series, the Depositary shall be deemed to represent such
percentage only to the extent that it has received instructions to such effect from Note
Owners and/or Depositary Participants owning or

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representing, respectively, such required percentage of the beneficial interest in such
Series of Notes (or Class of Notes) and has delivered such instructions to the Indenture
Trustee.

          (f) Whenever a notice or other communication to the Noteholders is required under this
Indenture, unless and until Notes have been issued in definitive form to Note Owners, the Indenture
Trustee shall give all such notices and communications to the Depositary, with a copy to each
Series Enhancer.

          (g) The Indenture Trustee is hereby initially appointed as the Book Entry Custodian and hereby
agrees to act as such in accordance with the agreement that it has with the Depositary authorizing
it to act as such. The Book Entry Custodian may, and, if it is no longer qualified to act as such,
the Book Entry Custodian shall, appoint, by written instrument delivered to the Issuer and the
Depositary, any other transfer agent (including the Depositary or any successor Depositary) to act
as Book Entry Custodian under such conditions as the predecessor Book Entry Custodian and the
Depositary or any successor Depositary may prescribe; provided that, the predecessor Book Entry
Custodian shall not be relieved of any of its duties or responsibilities by reason of any such
appointment of other than the Depositary. If the Indenture Trustee resigns or is removed in
accordance with the terms hereof, the successor Indenture Trustee or, if it so elects, the
Depositary shall immediately succeed to its predecessor’s duties as Book Entry Custodian. The
Issuer and the Control Party for any Series shall have the right to inspect, and to obtain copies
of, any Notes held as Book-Entry Notes by the Book Entry Custodian.

          (h) No transfer of any Class of Note or interest therein shall be made unless that transfer is
made pursuant to an effective registration statement under the Securities Act, and effective
registration or qualification under applicable state securities laws, or is made in a transaction
that does not require such registration or qualification. If a transfer of any Definitive Note is
to be made without registration under the Securities Act (other than in connection with the initial
issuance thereof or a transfer thereof by the Depositary or one of its Affiliates), then the Note
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may
conclusively rely upon) either: (i) a certificate from such Noteholder substantially in the form
attached as Exhibit A hereto or such other certification reasonably acceptable to the Indenture
Trustee and a certificate from such Noteholder’s prospective transferee substantially in the form
attached as Exhibit A hereto or such other certification reasonably acceptable to the Indenture
Trustee; or (ii) an Opinion of Counsel satisfactory to the Indenture Trustee (which Opinion of
Counsel shall not be an expense of the Issuer or any Affiliate thereof) to the effect that such
transfer may be made without registration under the Securities Act, together with the written
certification(s) as to the facts surrounding such transfer from the Noteholder desiring to effect
such transfer and/or such Noteholder’s prospective transferee on which such Opinion of Counsel is
based. If such a transfer of any interest in a Book-Entry Note is to be made without registration
under the Securities Act, the transferor will be deemed to have made each of the representations
and warranties set forth on Exhibit A hereto in respect of such interest as if it was evidenced by
a Definitive Note and the transferee will be deemed to have made each of the representations and
warranties set forth in either Exhibit A hereto in respect of such interest as if it was evidenced
by a Definitive Note. None of the Depositary, the Issuer, the Indenture Trustee or the Note
Registrar is obligated to register or qualify any Class of Notes under the Securities Act or any
other securities law or to take any action not otherwise required under this Indenture to permit
the transfer of any Note or interest therein without registration or qualification. Any Noteholder
or Note Owner desiring to effect such a transfer shall, and does hereby agree to, indemnify the
Depositary, the Issuer, the Indenture Trustee, each Series Enhancer and the Note Registrar against
any liability that may result if the transfer is not so exempt or is not made in accordance with
such federal and state laws.

          Section 203 Execution; Recourse Obligation.

          (a) The Notes shall be executed on behalf of the Issuer by manual or facsimile signature of an
Authorized Signatory of the Issuer. The Notes shall be dated the date of their authentication by
the Indenture Trustee.

          (b) In case any Authorized Signatory of the Issuer whose signature or facsimile signature
shall appear on the Notes shall cease to be an Authorized Signatory of the Issuer before the
authentication by the Indenture Trustee or the delivery of such Notes, such signature or facsimile
signature shall nevertheless be valid, sufficient and binding for all purposes.

8

 

          (c) All Notes and the interest thereon shall be recourse obligations of the Issuer and shall
be secured by the Collateral. The Notes shall never constitute obligations of the Indenture
Trustee, the Contributors, the Manager, any Series Enhancer or of any shareholder or any Affiliate
of any such Person (other than the Issuer) or any officers, directors, employees or agents of any
thereof, and no recourse may be had under or upon any obligation, covenant or agreement of this
Indenture, any Supplement or of any Notes, or for any claim based thereon or otherwise in respect
thereof, against any incorporator or against any past, present, or future owner, partner of an
owner or any officer, employee or director thereof or of any successor entity, or any other Person,
either directly or through the Issuer, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed
that this Indenture and the obligations issued hereunder and under any Supplements hereto are
solely obligations of the Issuer, and that no such personal liability whatever shall attach to, or
is or shall be incurred by, any other Person under or by reason of this Indenture, any Supplement
or any Notes or implied therefrom, or for any claim based thereon or in respect thereof, all such
liability and any and all such claims being hereby expressly waived and released as a condition of,
and as a consideration for, the execution of this Indenture and the issuance of such Notes. Except
as may be provided in any Supplement, no Person other than the Issuer shall be liable for any
obligation of the Issuer under this Indenture or any Note or any losses incurred by any Noteholder.

          (d) Each of the Issuer and the Exterran ABS Lessor hereby agree that it is jointly and
severally liable for all of the Outstanding Obligations, regardless of the actual allocation of the
proceeds of the Notes among each of them. Each of the Issuer and the Exterran ABS Lessor accept
joint and several liability for all Outstanding Obligations in consideration of the financial
accommodation to be provided by this Indenture to each of them, for the mutual benefit, directly
and indirectly, of the Issuer and the Exterran ABS Lessor and in consideration of the undertakings
by each of them to accept joint and several liability for the Outstanding Obligations.

          Each of the Issuer and the Exterran ABS Lessor jointly and severally hereby irrevocably and
unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several
liability with each other with respect to the payment and performance of all of the Outstanding
Obligations, it being the intention of the parties hereto that all of the Outstanding Obligations
shall be the joint and several obligations of each of them without preferences or distinction among
them.

          The obligations of the Issuer and the Exterran ABS Lessor under the provisions of this Section
203 constitute full recourse obligations of each of them, enforceable against it to the full extent
of its properties and assets, irrespective of the validity, regularity or enforceability of this
Indenture or any other Related Document against the other or any other circumstances whatsoever
that under applicable law might constitute a defense to the joint and several obligations of such
Person.

          Section 204 Certificate of Authentication. No Notes shall be secured hereby or
entitled to the benefit hereof or shall be or become valid or obligatory for any purpose unless
there shall be endorsed thereon by manual signature a certificate of authentication by the
Indenture Trustee, substantially in the form set forth in the form of Note attached to the related
Supplement. Such certificate on any Note issued by the Issuer shall be conclusive evidence and the
only competent evidence that it has been duly authenticated and delivered hereunder.

          At the written direction of the Issuer, the Indenture Trustee shall authenticate and deliver
the Notes. The Notes shall be dated the date of authentication and delivery thereto by the
Indenture Trustee. It shall not be necessary that the same Authorized Signatory of the Indenture
Trustee execute the certificate of authentication on each of the Notes.

          Section 205 Registration; Registration of Transfer and Exchange of Notes.

          (a) The Indenture Trustee shall keep at its Corporate Trust Office books in written form for
the registration and transfer or exchange of the Notes (the “Note Register”). The Issuer hereby
appoints the Indenture Trustee as its registrar (the “Note Registrar”) and transfer agent to keep
such books and make such registrations and transfers or exchanges as are hereinafter set forth in
this Section 205 and also authorizes and directs the Indenture Trustee to provide, upon written
request by the Deal Agent or any Control Party, a copy of such registration record to the Deal
Agent or such Control Party, as the case may be. The names and addresses of the

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Holders of all Notes and all transfers of, and the names and addresses of the transferee of,
all Notes will be registered in such Note Register. The Person in whose name any Note is
registered shall be deemed and treated as the owner and Holder thereof for all purposes of this
Indenture, and the Indenture Trustee, any related Control Party and the Issuer shall not be
affected by any notice or knowledge to the contrary. If a Person other than the Indenture Trustee
is appointed by the Issuer to maintain the Note Register, the Issuer will give the Indenture
Trustee, the Deal Agent and any Control Party prompt written notice of such appointment and of the
location, and any change in the location, of the successor note registrar, and the Indenture
Trustee, the Deal Agent and any related Control Party shall have the right to inspect the Note
Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have
the right to conclusively rely upon a certificate executed on behalf of such successor note
registrar by an officer thereof as to the names and addresses of the Noteholders and Series, Class,
principal amount and number of such Notes.

          (b) Payments of principal, premium, if any, and interest on any Note shall be payable on each
Payment Date only to the registered Holder thereof on the Record Date immediately preceding such
Payment Date. The principal of, premium, if any, and interest on each Note shall be payable at the
Corporate Trust Office of the Indenture Trustee in immediately available funds in such coin or
currency of the United States of America as at the time for payment shall be legal tender for the
payment of public and private debts. Notwithstanding the foregoing or any provision in any Note to
the contrary, if so requested by the registered Holder of any Note by written notice to the
Indenture Trustee, all amounts payable to such registered Holder may be paid either (i) by
crediting the amount to be distributed to such registered Holder to an account maintained by such
registered Holder with the Indenture Trustee or by transferring such amount by wire to such other
bank in the United States, including a Federal Reserve Bank, as shall have been specified in such
notice, for credit to the account of such registered Holder maintained at such bank, or (ii) by
mailing a check to such address as such Holder shall have specified in such notice, in either case
(subject to the provisions of Section 207 hereof) without any presentment or surrender of such Note
to the Indenture Trustee at the Corporate Trust Office of the Indenture Trustee.

          (c) Upon surrender for registration of transfer of any Note at the Corporate Trust Office and
subject to the conditions of this Section 205, the Issuer shall execute and the Indenture Trustee
or its agent, upon written request, shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of the same Class, of any authorized denominations
and of a like aggregate original principal amount.

          (d) All Notes issued upon any registration of transfer or exchange of Notes shall be the
legal, valid and binding obligations of the Issuer, evidencing the same debt, and entitled to the
same benefits under this Indenture and any Supplement, as the Notes surrendered upon such
registration of transfer or exchange.

          (e) Every Note presented or surrendered for registration of transfer or for exchange shall (if
so required by the Issuer or the Indenture Trustee) be duly endorsed, or be accompanied by a
written instrument of transfer in form satisfactory to the Issuer and the Indenture Trustee duly
executed, by the Holder thereof or his attorney duly authorized in writing.

          (f) Any service charge, fees or expenses made or expense incurred by the Indenture Trustee for
any such registration, discharge from registration or exchange referred to in this Section 205
shall be paid by the Noteholder. The Indenture Trustee or the Issuer may require payment by the
Holder of a sum sufficient to cover any tax expense or other governmental charge payable in
connection therewith.

          (g) If Notes are issued or exchanged in definitive form under Section 202, such Notes will not
be registered by the Indenture Trustee unless each Prospective Owner provides the Manager, the
Issuer, the Indenture Trustee and any Replacement Manager with a written representation that the
statements in either clauses (i) or (ii) of Section 208 is an accurate representation as to all
sources of funds to be used to pay the purchase price of the Notes.

          (h) No transfer of a Note shall be deemed effective unless (x) the transferee of such Note has
certified (or shall have been deemed to have certified) that it is not a Competitor and (y) the
registration and prospectus delivery requirements of Section 5 of the Securities Act and any
applicable state securities or “Blue Sky” laws are complied with, or such transfer is exempt from
the registration and prospectus delivery requirements under the Securities Act and such laws. In
the event that a transfer is to be made without registration or qualification, such

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Noteholder’s prospective transferee shall deliver to the Indenture Trustee an investment
letter substantially in the form of Exhibit A hereto (the “Investment Letter”). The Indenture
Trustee is not under any obligation to register the Notes under the Securities Act or any other
securities law or to bear any expense with respect to such registration by any other Person or
monitor compliance of any transfer with the securities laws of the United States, regulations
promulgated in connection thereto or ERISA unless the Notes are issued or exchanged in definitive
form under Section 202.

          (i) Notwithstanding the foregoing, the restrictions set forth in clauses (g) and (h) of
Section 205 hereof shall not be applicable to any transfer of any Note (or an interest therein) by
any Noteholder to any liquidity provider or other provider of credit enhancement to a Noteholder as
provided in the Supplement for a Series of Warehouse Notes.

          Section 206 Mutilated, Destroyed, Lost and Stolen Notes. (a) If (i) any mutilated
Note is surrendered to the Indenture Trustee or the Note Registrar, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there
is delivered to the Indenture Trustee and the Issuer with respect to such Note, such security or
indemnity as the Indenture Trustee and the Issuer may require to hold the Indenture Trustee and the
Issuer (and any agent of either of them) harmless (the unsecured indemnity of a Rated Institutional
Noteholder being deemed satisfactory for such purpose), then the Issuer shall execute and the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of the same Series and Class and maturity and of
like terms as the mutilated, destroyed, lost or stolen Note; provided, however, that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become, or within thirty (30)
days shall be or become due and payable, the Issuer may pay such destroyed, lost or stolen Note
when so due or payable instead of issuing a replacement Note.

          (b) If, after the delivery of such replacement Note, or payment of a destroyed, lost or stolen
Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of the original Note
in lieu of which such replacement Note was issued presents for payment such original Note, the
Issuer and the Indenture Trustee shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any and all loss, damage, cost or expense incurred by the Issuer
or the Indenture Trustee in connection therewith.

          (c) The Indenture Trustee and the Issuer may, for each new Note authenticated and delivered
under the provisions of this Section 206, require the advance payment by the Noteholder of the
expenses, including counsel fees, service charges and any tax or governmental charge which may be
incurred by the Indenture Trustee or the Issuer. Any Note issued under the provisions of this
Section 206 in lieu of any Note alleged to be destroyed, mutilated, lost or stolen, shall be
equally and proportionately entitled to the benefits of this Indenture with all other Notes of the
same Series and Class. The provisions of this Section 206 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Notes.

          Section 207 Delivery, Retention and Cancellation of Notes. Each Noteholder is
required, and hereby agrees, to surrender to the Indenture Trustee, prior to the Legal Final
Maturity Date for such Series, any Note on which the final payment due thereon has been made. Any
such Note as to which the Indenture Trustee has made or holds the final payment thereon shall be
deemed canceled and, unless any unreimbursed payment on such Note has been made by a Series
Enhancer for such Series, shall no longer be Outstanding for any purpose of this Indenture, whether
or not such Note is ever returned to the Indenture Trustee. Matured Notes delivered upon final
payment to the Indenture Trustee and any Notes transferred or exchanged for other Notes shall be
canceled and disposed of by the Indenture Trustee in accordance with its policy of disposal and the
Indenture Trustee shall promptly deliver to the Issuer such canceled Notes upon reasonable prior
written request. If the Indenture Trustee shall acquire, for its own account, any of the Notes,
such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented
by such Notes. If the Issuer shall acquire any of the Notes, such acquisition shall operate as a
redemption or satisfaction of the indebtedness represented by such Notes. Notes which have been
canceled by the Indenture Trustee in accordance with the terms of this Indenture shall be deemed
paid and discharged for all purposes under this Indenture.

          Section 208 ERISA Deemed Representations. Each prospective initial Noteholder
acquiring Notes, each prospective transferee acquiring the Notes, and each prospective owner (or
transferee thereof) of a

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beneficial interest in Notes (each, a “Prospective Owner”) will be deemed to have represented
by such purchase to the Issuer, the Indenture Trustee, the Manager and any Replacement Manager that
either (i) it is not acquiring the Notes with the assets of a Plan or (ii) the acquisition and
holding of the Notes will not give rise to a nonexempt prohibited transaction under Section 406(a)
of ERISA or Section 4975 of the Code.

          Section 209 Determination of Requisite Global Majority. A requisite global majority
(a “Requisite Global Majority”) shall exist with respect to any action proposed to be taken
pursuant to the terms of the Indenture or any Supplement if: (a) the Control Party or Control
Parties, as the case may be, representing in aggregate more than fifty percent (50%) of the then
Aggregate Note Principal Balance shall approve or direct such proposed action (in making such a
determination the following rules shall be employed: (i) for purposes of measuring the Aggregate
Note Principal Balance, a Series of Warehouse Notes for which the Commitment Termination Date has
not occurred shall be deemed to have an unpaid principal balance equal to the aggregate Existing
Commitment of such Series, and (ii) each Control Party of a Series shall be deemed to have voted
the entire unpaid principal balance of all Notes of the related Series in favor of, or in
opposition to, such proposed action, as the case may be); and (b) unless Control Parties
representing in aggregate more than sixty-six and two thirds percent (66 2/3%) of the Aggregate
Note Principal Balance shall have approved or directed such proposed action, each Series Enhancer
with respect to each Series of Notes, regardless of whether a Series Enhancer Default with respect
to such Series Enhancer shall have occurred and be continuing as of any date of determination,
shall have also approved or directed such proposed action.

          Except as otherwise provided in Section 1002, the Indenture Trustee, provided it has sent out
notices in accordance with this Indenture, shall act as directed by the Requisite Global Majority.
In addition, the Indenture Trustee shall not have any liability for failing to act if not directed
by the Requisite Global Majority in a reasonably timely manner. By acceptance of a Note, each
Noteholder and Note Owner agree to the foregoing provisions.

ARTICLE III

PAYMENT OF NOTES; ESTABLISHMENT OF ACCOUNTS; CONTROL REQUIREMENTS;

STATEMENTS TO NOTEHOLDERS

          Section 301 Principal and Interest. Distributions of principal, premium, if any, and
interest on any Series or Class of Notes shall be made to Noteholders of each Series and Class as
set forth in Section 302 of this Indenture and the related Supplement. The Overdue Rate for the
Note of any Series shall be as set forth in the related Supplement.

          Section 302 Trust Account. (a) On or prior to the Closing Date, the Indenture
Trustee shall establish and maintain the Trust Account with Wells Fargo Bank, National Association
until all Outstanding Obligations and all amounts owing by the Issuer pursuant to the terms of each
Enhancement Agreement and each Interest Rate Swap Agreement have been paid in full. The Trust
Account shall be in the name of the Indenture Trustee, on behalf of the Noteholders, each Interest
Rate Hedge Provider and each Series Enhancer, pursuant to the terms of this Indenture. Neither the
Issuer nor the Indenture Trustee shall establish any additional Trust Accounts or other bank or
investment accounts without the prior written consent of each Control Party. The Issuer shall
promptly notify each Interest Rate Hedge Provider of any new or additional Trust Account
established subsequent to the Closing Date.

          (b) The Issuer shall cause all Securitization Collections (whether received directly by the
Issuer or on deposit from time to time in the Lockbox Account or the ABS Lockbox Account) to be
deposited into the Trust Account or, to the extent provided herein, the Purchase Account.

          (c) The Issuer hereby directs and authorizes the Indenture Trustee, upon the Indenture
Trustee’s receipt of any written request (which may be an e-mail) to such effect from the Manager
pursuant to the terms of Section 7.3 of the Management Agreement and subject to the provisions of
this Section 302(c), to distribute to the Manager from the Trust Account on a Business Day other
than a Payment Date funds in an amount equal to the sum of (i) an estimate (based on actual accrued
amounts as of the date of such request) of the Operations Fee and S&A Fee expected to be paid on
the immediately succeeding Payment Date and (ii) an estimate of the Overhaul Fee

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(based on actual accrued amounts as of the date of such request) expected to be paid on the
immediately succeeding Payment Date; provided, however, that notwithstanding any right of the
Manager pursuant hereto or pursuant to the Management Agreement to request such interim
distributions with respect to the Operations Fee, S&A Fee and Overhaul Fee, such interim
distributions shall be made only so long as (i) no Event of Default or Manager Default shall have
occurred and be continuing, (ii) the Manager Termination Date shall not have occurred unless the
Indenture Trustee (acting at the direction of the Requisite Global Majority) shall have consented
to such interim distribution(s), and (iii) with respect to the Overhaul Fee, the Overhaul Fee
Release Conditions shall have been satisfied on the date of such request.

          In addition, so long as no Event of Default shall have occurred and be continuing, the Issuer
hereby directs and authorizes the Indenture Trustee, upon the Indenture Trustee’s receipt of a
written request from Manager on any Business Day, to distribute to the Manager from the Trust
Account an amount equal to the sum of (x) all Excluded Payments then on deposit in the Trust
Account, and (y) so long as all Scheduled Principal Payment Amounts and Supplemental Principal
Payment Amounts for all Series of Notes then Outstanding were paid in full on the immediately
preceding Payment Date, all Ineligible Collections then on deposit in the Trust Account.

          All interim distributions pursuant to the provisions of this Section 302(c) shall be made on
the same day on which such request of the Manager is received, unless such request is received
after 10:00 a.m., New York City time, in which case such amount shall be distributed on the
immediately succeeding Business Day. The Indenture Trustee is under no obligation to verify that
the conditions to any interim distributions set forth in this Section 302(c) have been satisfied
before making such distributions; provided, that the Indenture Trustee shall not make any such
interim distributions if it shall have received written notice from the Issuer, the Deal Agent or
any Control Party that such applicable conditions are not satisfied and the Indenture Trustee shall
not have received any subsequent notice from such Person terminating such earlier notice.

          (d) On each Payment Date on which no Event of Default is then continuing, the Indenture
Trustee (based on the Manager Report delivered to it pursuant to the Management Agreement), shall
distribute the Available Distribution Amount (as reduced by any amounts distributed during the
related Collection Period pursuant to Section 302(c) above) from the Trust Account by wire transfer
in immediately available funds to the following Persons in the following order of priority and in
the following amounts:

          (1) to the Indenture Trustee, an amount equal to the sum of (i) all Indenture
Trustee’s Fees and (ii) Indenture Trustee Indemnified Amounts then due and payable
for all Series then Outstanding; provided, however, that the amount set forth in
clause (ii) shall not exceed $20,000 annually for each Series then Outstanding;

          (2) first, to the Manager, any Excluded Payments received during the related
Collection Period (to the extent not previously paid to the Manager pursuant to the
provisions of Section 302(c)) which amounts shall, if applicable, be promptly
remitted by the Manager to the relevant tax authorities, and second, after all
amounts owing pursuant to clause first have been paid, to the Manager, reimbursement
for any unpaid Manager Advances in accordance with the terms of the Management
Agreement;

          (3) to the Manager, an amount equal to any Management Fee then due and payable
(which amounts shall have been reduced for any related amounts previously
distributed to the Manager pursuant to Section 302(c) hereof);

          (4) first, to the Back-up Manager, an amount equal to any Back-up Manager Fee
then due and owing and not previously paid by the Manager; and second, after the
payments pursuant to clause first have been paid, to the Manager, an amount equal to
any Back-up Manager Fee previously paid by the Manager and not previously
reimbursed;

          (5) if the Manager is not an Exterran Affiliate, then first, to each applicable
insurance provider or such other Person to whom such amounts are payable, on a pro
rata basis based on the relative amounts then owing, an amount equal to any premiums
then due in respect of Property Insurance and Liability Insurance (to the extent not
paid by any Exterran Affiliate), and

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second, to the Control Party for each Series, on a pro rata basis based on the
relative amounts then owing, an amount equal to any unreimbursed premiums previously
paid by such Control Party in respect of Property Insurance and Liability Insurance
(to the extent not paid by any Exterran Affiliate);

          (6) to each Interest Rate Hedge Provider (on a pro rata basis based on the
relative amounts owing to all such Interest Rate Hedge Providers), an amount equal
to any scheduled payments (other than termination payments) and any accrued interest
thereon, then due and payable pursuant to the terms of all Interest Rate Swap
Agreements then in effect to which such Interest Rate Hedge Provider is a
counterparty with the Issuer;

          (7) to each Series Enhancer, on a pro rata basis based on the relative amounts
of Premium owing to each Series Enhancer, an amount equal to all Premiums then due
and payable to such Series Enhancer;

          (8) to the Series Account for each Series of Notes then Outstanding, an amount
equal to the Interest Payments for each such Series then due and payable (provided
that any portion of the Interest Payments relating to the reimbursement of Interest
Payments previously paid by a Series Enhancer (together with interest thereon at the
rate specified in the applicable Enhancement Agreement) shall be paid directly to
the related Series Enhancer). If sufficient funds do not exist on such Payment Date
to pay in full all amounts then due and owing pursuant to this clause (8), the
remaining Available Distribution Amount shall be allocated among all Series of Notes
then Outstanding in the same proportion as the ratio of (x) the Interest Payments
then due and owing with respect to a particular Series of Notes, to (y) the
aggregate amount of all Interest Payments then due and owing to all Series of Notes
pursuant to this clause (8);

          (9) in payment of the amounts described in clauses (A) and (B) below:

     (A) to the Series Account for each Series of Warehouse Notes then Outstanding,
on a pro rata basis, an amount equal to the sum of the Commitment Fees then due and
payable, and

     (B) to each Series Enhancer, on a pro rata basis, an amount equal to all Series
Enhancer Commitment Fees for each such Series then due and payable.

If sufficient funds do not exist to pay in full all such amounts then due and payable pursuant to
this clause (9) on any Payment Date, the remaining Available Distribution Amount shall be allocated
among each such Person in the same proportion as the ratio of (x) the amount then due and owing to
each such Person pursuant to the provisions of this clause (9) to (y) the aggregate amount then due
and owing pursuant to the provisions of this clause (9);

          (10) to the Manager, an amount equal to the Overhaul Fee then due and payable
(which amount shall have been reduced for any related amounts previously distributed
to the Manager pursuant to Section 302(c) hereof);

          (11) in payment of the amounts set forth in clauses (A) and (B) below:

     (A) to the Series Account for each Series of Term Notes and each Series of
Warehouse Notes with respect to which its Commitment Termination Date has occurred,
the Minimum Principal Payment Amounts then due and owing for each such Series on
such Payment Date to be paid in accordance with Section 302(f) hereof;

     (B) to each Interest Rate Hedge Provider (on a pro rata basis based on the
relative amounts then owing), the amount of all Note Partial Termination Amounts
then due and payable with respect to all Interest Rate Swap Agreements to which it
is a counterparty with the Issuer.

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If sufficient funds do not exist to pay in full all such amounts then due and payable pursuant to
this clause (11) on any Payment Date, the remaining Available Distribution Amount shall be
allocated among each such Person in the same proportion as the ratio of (x) the amount then due and
owing to each such Person pursuant to the provisions of this clause (11) to (y) the aggregate
amount then due and owing pursuant to the provisions of this clause (11);

          (12) to the Series Account for each Series of Term Notes and each Series of
Warehouse Notes with respect to which its Commitment Termination Date has occurred,
the Scheduled Principal Payment Amount then due and owing for each such Series on
such Payment Date to be paid in accordance with Section 302(f) hereof;

          (13) to the Series Account for each Series of Notes then Outstanding in
accordance with the provisions of Section 302(g), the portion (if any) of the
Supplemental Principal Payment Amount that is distributable with respect to such
Series of Notes pursuant to Section 702(b);

          (14) if the Manager is not an Exterran Affiliate, then first to the Person
(other than any Exterran Affiliate) to whom any Management Related Expenses are
payable, the amount of any Management Related Expenses due and owing to such Person,
and second to the Control Party for any Series, an amount equal to any unreimbursed
Management Related Expenses previously paid by such Control Party;

          (15) to the Manager, an amount equal to any Excess Operation Expenses and any
Excess S&A Expenses then due and payable;

          (16) to the Manager, an amount equal to any Incentive Management Fee then due
and payable;

          (17) to each Interest Rate Hedge Provider (on a pro rata basis based on the
relative amounts owing), an amount equal to any unpaid termination payments, and
accrued interest thereon, then due and payable pursuant to the terms of any Interest
Rate Swap Agreement;

          (18) to each of the Persons described in clauses (A) through (F) below, an
amount equal to any indemnification payments and other amounts (including Default
Fee) then owing pursuant to the terms of the Related Documents:

     (A) each Noteholder and each Person claiming through any Noteholder (which
amounts shall be paid into the Series Account for the applicable Series of Notes
held by such Noteholder for distribution to such Noteholder or other Person);

     (B) each Series Enhancer;

     (C) each Interest Rate Hedge Provider;

     (D) the Deal Agent;

     (E) the Indenture Trustee; and

     (F) if the Manager is not an Exterran Affiliate, the Manager,

If sufficient funds do not exist to pay in full all such amounts then due and payable pursuant to
this clause (18) on any Payment Date, the remaining Available Distribution Amount shall be
allocated among each such Person in the same proportion as the ratio of (x) the amount then due and
owing to each such Person pursuant to the provisions of this clause (18) to (y) the aggregate
amount then due and owing pursuant to the provisions of this clause (18);

15

 

          (19) if the Manager is an Exterran Affiliate, to the Manager, all
indemnification payments and other amounts then due and owing to the Manager
pursuant to the terms of the Related Documents; and

          (20) to the Issuer or its designee, any remaining Available Distribution
Amount.

          (e) On each Payment Date on which an Event of Default has occurred and is continuing (as
determined in accordance with Section 818), the Indenture Trustee (based on the Manager Report
delivered to it pursuant to the Management Agreement), shall distribute the Available Distribution
Amount (as reduced by any amounts distributed during the related Collection Period pursuant to
Section 302(c) above) from the Trust Account by wire transfer in immediately available funds to the
following Persons in the following order of priority and in the following amounts:

          (1) to the Indenture Trustee, an amount equal to the sum of (i) all costs and
expenses incurred by the Indenture Trustee (including the reasonable fees and
expenses of counsel to the Indenture Trustee) and (ii) the sum of (x) all Indenture
Trustee’s Fees and (y) Indenture Trustee Indemnified Amounts then due and payable
(to the extent not paid pursuant to clause (i) hereof) for all Series then
Outstanding; provided, however, that the amount described in clause (y) shall not
exceed $20,000 annually for each Series then Outstanding;

          (2) first, to the Manager, any Excluded Payments received during the related
Collection Period (to the extent not previously paid to the Manager pursuant to the
provisions of Section 302(c)), which amounts shall, if applicable, be promptly
remitted by the Manager to the relevant tax authorities, and second, after all
amounts owing pursuant to clause first have been paid, to the Manager, reimbursement
for any unpaid Manager Advances in accordance with the terms of the Management
Agreement;

          (3) to the Manager, any Management Fee then due and payable (which amounts
shall have been reduced for any related amounts previously distributed to the
Manager pursuant to Section 302(c));

          (4) first, to the Back-up Manager, an amount equal to any Back-up Manager Fee
then due and owing and not previously paid by the Manager; and second, after the
payments pursuant to clause first have been paid to the Manager, an amount equal to
any Back-up Manager Fee previously paid by the Manager and not previously
reimbursed;

          (5) if the Manager is not an Exterran Affiliate, then first, to each applicable
insurance provider or such other Person to whom such amounts are payable, on a pro
rata basis based on the relative amounts then owing, an amount equal to any premiums
then due in respect of Property Insurance and Liability Insurance (to the extent not
paid by any Exterran Affiliate), and second, to the Control Party for each Series,
on a pro rata basis based on relative amounts then owing, an amount equal to any
unreimbursed premiums previously paid by such Control Party in respect of Property
Insurance and Liability Insurance (to the extent not paid by any Exterran
Affiliate);

          (6) to each Series Enhancer, on a pro rata basis based on the relative amounts
of Premiums owing to each Series Enhancer, an amount equal to all Premiums then due
and payable to such Series Enhancer;

          (7) to each Interest Rate Hedge Provider (on a pro rata basis based on the
relative amounts owing to all such Interest Rate Hedge Providers), an amount equal
to any scheduled payments (other than termination payments) and any accrued interest
thereon then due and payable pursuant to the terms of all Interest Rate Swap
Agreements then in effect to which such Interest Rate Hedge Provider is a
counterparty with the Issuer;

16

 

          (8) to the Series Account for each Series of Notes then Outstanding, an amount
equal to the Interest Payments for each such Series then due and payable (provided
that any portion of the Interest Payments relating to the reimbursement of Interest
Payments previously paid by a Series Enhancer (together with interest thereon at the
rate specified in the applicable Enhancement Agreement) shall be paid directly to
the related Series Enhancer). If sufficient funds do not exist on such Payment Date
to pay in full all amounts then due and owing pursuant to this clause (8), the
remaining Available Distribution Amount shall be allocated among all Series of Notes
then Outstanding in the same proportion as the ratio of (x) the Interest Payment
then due and owing with respect to a particular Series of Notes, to (y) the
aggregate amount of all Interest Payments then due and owing to all Series of Notes
pursuant to this clause (8);

          (9) in payment of the amounts described in clauses (A) and (B) below:

     (A) to the Series Account for each Series of Warehouse Notes then Outstanding,
on a pro rata basis, an amount equal to the sum of the Commitment Fees then due and
payable; and

     (B) to each Series Enhancer, on a pro rata basis, an amount equal to all Series
Enhancer Commitment Fees for each such Series then due and payable.

If sufficient funds do not exist to pay in full all such amounts then due and payable pursuant to
this clause (9) on any Payment Date, the remaining Available Distribution Amount shall be allocated
among each such Person in the same proportion as the ratio of (x) the amount then due and owing to
each such Person pursuant to the provisions of this clause (9) to (y) the aggregate amount then due
and owing pursuant to the provisions of this clause (9);

          (10) to the Manager, an amount equal to the Overhaul Fee then due and payable
(which amount shall have been reduced for any related amounts previously distributed
to the Manager pursuant to Section 302(c) hereof);

          (11) the remaining Available Distribution Amount to be distributed in payment
of the amounts set forth in the following clauses (A) and (B):

     (A) to the Series Account for each Series of Notes then Outstanding (on a pro
rata basis based on the relative unpaid principal balances of each such Series of
Notes then Outstanding), an amount equal to the then unpaid principal balance of
such Series of Notes; and

     (B) to each Series Enhancer, an amount equal to all Reimbursement Amounts then
owing to such Series Enhancer on each Series of Notes for which it provides Series
Enhancement;

If sufficient funds do not exist to pay in full all such amounts then due and payable pursuant to
this clause (11) on any Payment Date, the remaining Available Distribution Amount shall be
allocated among each such Person in the same proportion as the ratio of (x) the amount then due and
owing to each such Person pursuant to the provisions of this clause (11) to (y) the aggregate
amount then due and owing pursuant to the provisions of this clause (11);

          (12) if the Manager is not an Exterran Affiliate, then first, to the Person
(other than any Exterran Affiliate) to whom any Management Related Expenses are
payable, the amount of any Management Related Expenses due and owing to such Person,
and second, to the Control Party for any Series, an amount equal to any unreimbursed
Management Related Expenses previously paid by such Control Party.

          (13) to each Interest Rate Hedge Provider (on a pro rata basis based on the
relative amounts owing), any amounts then due and payable pursuant to the terms of
any Interest Rate Swap Agreement (to the extent not paid pursuant to clause (7)
above;

17

 

          (14) to each of the Persons described in clauses (A) through (E), an amount
equal to any indemnification payments and other amounts (including Default Fee) then
owing pursuant to the terms of the Related Documents:

     (A) each Noteholder and each Person claiming through any Noteholder (which
amounts shall be paid into the Series Account for the applicable Series of Notes
held by such Noteholder for distribution to such Noteholder or other Person);

     (B) each Series Enhancer;

     (C) each Interest Rate Hedge Provider;

     (D) the Deal Agent;

     (E) the Indenture Trustee; and

     (F) if the Manager is not an Exterran Affiliate, the Manager.

If sufficient funds do not exist to pay in full all such amounts then due and payable pursuant to
this clause (14) on any Payment Date, the remaining Available Distribution Amount shall be
allocated among each such Person in the same proportion as the ratio of (x) the amount then due and
owing to each such Person pursuant to the provisions of this clause (14) to (y) the aggregate
amount then due and owing pursuant to the provisions of this clause (14);

          (15) to the Manager, an amount equal to any Excess Operation Expenses and any
Excess S&A Expenses then due and payable;

          (16) to the Manager, an amount equal to any Incentive Management Fee then due
and payable;

          (17) if the Manager is an Exterran Affiliate, to the Manager, all
indemnification payments and other amounts then due and owing to the Manager
pursuant to the terms of the Related Documents; and

          (18) after payment in full in cash of all Secured Obligations, to the Issuer or
its designee, any remaining amounts on deposit in the Trust Account on such date.

          (f) On each Payment Date on which no Event of Default is continuing, the funds available to
pay the Minimum Principal Payment Amounts or Scheduled Principal Payment Amounts, as the case may
be, owing to all Series of Notes then outstanding pursuant to the provisions of Section 302(d) will
be allocated among each Series of Notes sequentially based on the Series Issuance Date of such
Series of Notes, so that no such Minimum Principal Payment Amounts or Scheduled Principal Payment
Amounts will be paid with respect to any Series unless the Minimum Principal Payment Amounts or
Scheduled Principal Payment Amounts (as the case may be) shall have been paid in full with respect
to each Series of Notes (if any) having an earlier Series Issuance Date than such Series. For
purposes of this Section 302(f), each Series of Warehouse Notes will be deemed to have a Series
Issuance Date equal to its Commitment Termination Date. If two (2) or more Series of Notes were
issued on the same date, then such Minimum Principal Payment Amounts or Scheduled Principal Payment
Amounts, as the case may be, will be allocated among each such Series of Notes on a pro rata basis,
based on the Minimum Principal Payment Amounts or Scheduled Principal Payment Amounts, as the case
may be, then due with respect to such affected Series.

          (g) On each Payment Date on which no Event of Default is continuing, the Issuer shall, in
accordance with the priority of payments set forth in Section 302(d) make a payment of the
Supplemental Principal Payment Amount then due and owing, if any, first to each Series of Warehouse
Notes then Outstanding for which the Commitment Termination Date has not occurred on a pro rata
basis, in proportion to the then unpaid principal balance of such Warehouse Notes, until the
principal balances of all such Warehouse Notes have been paid in full,

18

 

second, any portion of the Supplemental Principal Payment Amount remaining after applying
clause first shall be paid to each Series of Warehouse Notes then Outstanding for which the
Commitment Termination Date has occurred on a pro rata basis, in proportion to the then unpaid
principal balance of such Warehouse Notes, until the principal balances of all such Warehouse Notes
have been paid in full, and third, any portion of the Supplemental Principal Payment Amount
remaining after applying clauses first and second, shall be paid to all Series of Term Notes then
Outstanding on a pro rata basis, in proportion to the then unpaid principal balance of each such
Series of Term Notes, until the principal balances of all Series of Term Notes have been paid in
full.

          (h) The Issuer shall have the right, but not the obligation, to make (or to direct the
Indenture Trustee to make) principal payments on any Series of Notes from some or all of (i)
amounts that are payable or have been paid to the Issuer pursuant to this Section 302, (ii) amounts
that the Issuer receives from advances or draws under any Series of Warehouse Notes, (iii) proceeds
of the issuance of any Series of Notes, (iv) funds representing capital contributions made to the
Issuer and (v) funds previously retained in the Trust Account during the continuation of a
Prospective Trigger Event. Without limiting the foregoing, at the direction of the Issuer, amounts
and proceeds contemplated by the preceding sentence may be included in distributions in respect of
principal payments on the Notes of one or more Series pursuant to Section 302(d).

          Section 303 Investment of Monies Held in the Transaction Accounts. The Indenture
Trustee shall invest any cash deposited in the Transaction Accounts in such Eligible Investments as
the Manager shall direct (or, if an Event of Default has occurred and is then continuing, the
Indenture Trustee shall invest such funds in Eligible Investments as directed by the Requisite
Global Majority), in writing or by telephone and subsequently confirm such directions in writing.
Each Eligible Investment (including reinvestment of the income and proceeds of Eligible
Investments) shall be held to its maturity and shall mature or shall be payable on demand not later
than the Business Day immediately preceding the next succeeding Payment Date in the case of all
Transaction Accounts. If the Indenture Trustee has not received written instructions from the
Manager by 2:30 p.m. (New York time) on the day such funds are received as to the investment of
funds then on deposit in any of the aforementioned accounts, the Issuer hereby instructs the
Indenture Trustee to invest such funds in Eligible Investments of the type described in clause (4)
of the definition of Eligible Investments. Eligible Investments shall be made in the name of the
Indenture Trustee for the benefit of the Noteholders, any Interest Rate Hedge Provider and any
Series Enhancer. Any earnings on Eligible Investments in the Transaction Accounts shall be
retained in each such account and be distributed in accordance with the terms of this Indenture or
any related Supplement. The Indenture Trustee shall not be liable or responsible for losses on any
investments made by it pursuant to this Section 303.

          Section 304 Control. (a) Each of the Issuer, the Indenture Trustee and Wells Fargo
Bank, National Association, in its capacity as a Securities Intermediary, hereby agrees that (i)
each of the Transaction Accounts will be a “securities account” as such term is defined in Section
8-501(a) of the UCC, (ii) the Securities Intermediary shall, subject to the terms of this
Indenture, treat the Indenture Trustee as entitled to exercise the rights that comprise any
Financial Asset credited to such accounts, and the Indenture Trustee shall be the “Entitlement
Holder” within the meaning of Section 8-102(a)(7) of the UCC with respect to all such Financial
Assets, (iii) all Eligible Investments will be promptly credited to such accounts and shall be
treated as a “Financial Asset” within the meaning of Section 8-102(a)(9) of the UCC, and (iv) all
securities and other property underlying any Financial Assets credited to such accounts shall be
registered in the name of the Indenture Trustee, endorsed to the Indenture Trustee and in no case
will any financial asset credited to the Transaction Accounts be registered in the name of the
Issuer, payable to the order of the Issuer or specially indorsed to the Issuer except to the extent
the foregoing have been specially and duly endorsed to the Securities Intermediary at which such
accounts are maintained or in blank.

          (b) Upon the occurrence of an Event of Default hereunder, the Indenture Trustee, acting in
accordance with the terms of this Indenture, shall be entitled to provide an Entitlement Order (as
defined in Section 8-102(a)(8) of the UCC) to the Securities Intermediary at which such accounts
are maintained. Upon receipt of the Entitlement Order in accordance with the provisions of this
Indenture, the Securities Intermediary shall comply with such Entitlement Order without further
consent by the Issuer or any other Person.

          (c) In the event that a Corporate Trust Officer of the Indenture Trustee obtains actual
knowledge that the Indenture Trustee has or subsequently obtains by agreement, operation of law or
otherwise a security interest in the Trust Account, any Series Account or any security entitlement
credited thereto (other than a security interest for the benefit of the Noteholders), the Indenture
Trustee hereby agrees that such security interest

19

 

shall be subordinate to the security interest created by this Indenture. The financial assets
and other items deposited to the accounts will not be subject to deduction, set-off, banker’s lien,
or any other right in favor of any Person except as created pursuant to this Indenture.

          (d) On or prior to the Closing Date, each of the Issuer, the Indenture Trustee and the
Securities Intermediary shall enter into the Control Agreement, with respect to each of the Trust
Account, the Purchase Account and the Series 2007-1 Series Account substantially in the form of
Exhibit B hereto.

          Section 305 Reports. The Indenture Trustee shall promptly upon request furnish to
each Noteholder, each Series Enhancer and each Interest Rate Hedge Provider a copy of all reports,
financial statements and notices received by the Indenture Trustee pursuant to any Related
Document.

          Section 306 Records. The Indenture Trustee shall cause to be kept and maintained
adequate records pertaining to the Transaction Accounts and each Series Account and all receipts
and disbursements therefrom. The Indenture Trustee shall deliver at least quarterly an accounting
thereof in the form of a trust statement to each Control Party, and upon request to the Issuer, the
Deal Agent, the Manager and each Interest Rate Hedge Provider.

          Section 307 CUSIP Numbers.

          The Issuer in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if
so, the Indenture Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to
Holders; provided that, any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Notes or as contained in any notice of a
redemption and that reliance may be placed only on the other identification numbers printed on the
Notes, and any such redemption shall not be affected by any defect in or omission of such numbers.
The Issuer will promptly notify the Indenture Trustee of any change in the “CUSIP” numbers.

          Section 308 No Claim.

          Indemnities payable to the Indenture Trustee, the Manager and any other Person shall be
limited recourse to the Issuer and shall not constitute a “Claim” (as defined in Section 101(5) of
the Bankruptcy Code) against the Issuer in the event such amounts are not paid in accordance with
Section 302 of this Indenture.

          Section 309 Compliance with Withholding Requirements.

          Notwithstanding any other provision of this Indenture, the Indenture Trustee shall comply with
all United States federal income tax withholding requirements with respect to payments to
Noteholders of interest, original issue discount, or other amounts that the Indenture Trustee
reasonably believes are applicable under the Code. The consent of Noteholders shall not be
required for any such withholding.

          Section 310 Tax Treatment of Notes.

          The Issuer has entered into this Indenture, and the Notes will be issued, with the intention
that, for federal, state and local income, single business and franchise tax purposes, the Notes
will qualify as indebtedness. The Issuer and the Indenture Trustee, by entering into this
Indenture, and each Noteholder, by its acceptance of its Note (and any Person that is a beneficial
owner of any interest in a Note, by virtue of such Person’s acquisition of a beneficial interest
therein), agree to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness.

          Section 311 Rights of Noteholders. The Noteholders of each Series shall have the
right to receive, at the times and in the amounts specified in the related Supplement, (i) funds on
deposit in any Series Account for such Series and (ii) payments made by any Series Enhancer to the
Indenture Trustee pursuant to any Enhancement Agreement providing Series Enhancement for such
Series. Each Noteholder, by acceptance of its Notes, (a) acknowledges and agrees that (except as
expressly provided herein and in a Supplement entered into in

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accordance with Section 1006(b) hereof) the Noteholders of a Series shall not have any
interest in any Series Account for the benefit of any other Series and (b) ratifies and confirms
the terms of this Indenture and the Related Documents executed in connection with such Series.

          Section 312 Collections and Allocations. With respect to each Collection Period, the
Available Distribution Amount on deposit in the Trust Account (and the other Transaction Accounts
when provided in this Indenture) will be allocated to each Series then Outstanding in accordance
with Article III of this Indenture and the Supplements.

          Section 313 Purchase Account.

          (a) On or prior to the Closing Date, the Indenture Trustee shall establish and maintain in the
name of the Indenture Trustee an Eligible Account with the Corporate Trust Office of the Indenture
Trustee which shall be designated the purchase account (the “Purchase Account”) and which shall be
held by the Indenture Trustee pursuant to this Indenture. Any and all moneys remitted by the
Issuer, or the Manager on the Issuer’s behalf, to the Purchase Account, together with any Eligible
Investments in which such moneys are or will be invested or reinvested, shall be held in the
Purchase Account. Any and all moneys in the Purchase Account shall be invested in Eligible
Investments in accordance with this Indenture and shall be distributed in accordance with this
Section 313.

          (b) The Issuer shall (or shall cause the Manager to) deposit into the Purchase Account all
Compressor Reinvestment Sales Proceeds. The Issuer may, so long as no Control Party has sent
written direction to the contrary to each of the Issuer, the Manager, the Indenture Trustee and
each other Control Party, use, or cause the use of, all or any portion of the Compressor
Reinvestment Sales Proceeds then on deposit in the Purchase Account to pay to the Contributors the
purchase price for one or more Compressors that satisfy the Additional Compressor Criteria and the
Purchase Criteria pursuant to a transaction complying with the terms of the Contribution Agreement
and this Indenture, by delivering a written notice and certificate to the Indenture Trustee (1)
specifying (x) the amount of Compressor Reinvestment Sales Proceeds to be released from the
Purchase Account and paid over to the Contributor and identifying the Contributor to be paid, (y)
the applicable Purchase Date on which such amount shall be released and paid and (z) a description
of the Additional Compressors to be purchased and (2) representing and warranting to the Indenture
Trustee, each Noteholder, each Control Party, and each Interest Rate Hedge Provider that, as at the
Purchase Date for such Additional Compressors, such Additional Compressors satisfy all of the
Additional Compressor Criteria and the Purchase Criteria.

          (c) If the Issuer does not utilize all of the Compressor Reinvestment Sales Proceeds to
purchase Additional Compressors within thirty (30) days after the date on which such Compressor
Reinvestment Sales Proceeds were initially deposited into the Purchase Account, then the Indenture
Trustee, at the direction of the Manager or any Control Party, shall transfer from the Purchase
Account to the Trust Account any unused portion of such Compressor Reinvestment Sales Proceeds. In
determining whether or not all of the Compressor Reinvestment Sales Proceeds arising from a
specific Owner Compressor were re-invested in Additional Compressors within a thirty (30) day
period, the Issuer shall utilize a first-in, first out method of tracking Compressor Reinvestment
Sales Proceeds.

          (d) Upon the occurrence of either a Trigger Event or a Prospective Trigger Event, the
Indenture Trustee, at the direction of the Manager or any Control Party, as the case may be, shall
promptly liquidate all Eligible Investments credited to the Purchase Account and transfer all funds
from the Purchase Account to the Trust Account.

ARTICLE IV

COLLATERAL

          Section 401 Collateral.

          (a) The Notes and the obligations of the Issuer and the Exterran ABS Lessor hereunder shall be
obligations of the Issuer and the Exterran ABS Lessor as provided in Section 203 hereof. The
Noteholders, each

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Series Enhancer and each Interest Rate Hedge Provider shall also have the benefit of, and the
Notes shall be secured by and be payable solely from, the Collateral.

          (b) Notwithstanding anything contained in this Indenture to the contrary, each of the Issuer
and the Exterran ABS Lessor expressly agrees that it shall remain liable under each agreement and
contract included in the Collateral to which it is a party to observe and perform all the
conditions and obligations to be observed and performed by the Issuer thereunder and that the
Issuer shall perform all of its duties and obligations thereunder, all in accordance with and
pursuant to the terms and provisions of each such contract and agreement.

          (c) The Indenture Trustee hereby acknowledges the appointment by the Issuer and the Exterran
ABS Lessor of the Manager to service and administer the Collateral in accordance with the
provisions of the Management Agreement and, so long as such Management Agreement shall not have
been terminated in accordance with its terms, the Indenture Trustee hereby agrees to provide the
Manager with such documentation, and to take all such actions with respect to the Collateral, as
the Manager may reasonably request in writing in accordance with the express provisions of the
Management Agreement. Until such time as the Management Agreement has been terminated in
accordance with its terms, the Manager, on behalf of the Issuer and the Exterran ABS Lessor, shall
collect all payments on the User Contracts in accordance with the provisions of the Management
Agreement and the Intercreditor Agreement.

          (d) The Indenture Trustee or the Requisite Global Majority (or any other Person (including the
Back-up Manager or the Manager) designated by the Indenture Trustee or the Requisite Global
Majority) may, upon the occurrence of (i) any Event of Default (after notifying the Issuer of its
intention to do so) or (ii) an Exterran Group Event, (1) set up and maintain the ABS Lockbox
Account (unless such ABS Lockbox Account has been previously created by the Back-up Manager in
connection with a Manager Termination Notice) and (2) notify Users and any other Account Debtors of
the Issuer, including, without limitation, any Person obligated to make payments pursuant to any
User Contract, parties to the Contracts of the Issuer and obligors in respect of Instruments of the
Issuer, that (x) the User Contracts and Accounts, and the right, title and interest of the Issuer
in and under such User Contracts, Accounts, Contracts and Instruments, have been assigned to the
Indenture Trustee for the benefit of the Noteholders, each Series Enhancer and each Interest Rate
Hedge Provider, and (y) payments in respect of such User Contracts, Accounts, Contracts and
Instruments shall be made directly to the ABS Lockbox Account, and the Indenture Trustee and/or the
Requisite Global Majority (and/or any such designee) may communicate with such Users and other
Account Debtors, parties to such Contracts and obligors in respect of such Instruments to verify
with such parties, to the Indenture Trustee’s and Requisite Global Majority’s satisfaction, the
existence, amount and terms of such User Contracts, Accounts, Contracts and Instruments. The
Indenture Trustee hereby agrees that it will cause amounts on deposit from time to time in the ABS
Lockbox Account, if any, to be deposited into the Trust Account.

          (e) Notwithstanding anything contained in this Indenture to the contrary, the Indenture
Trustee or any Entitled Party may reject or refuse to accept any Collateral for credit toward
payment of the Notes that is an account, instrument, chattel paper, lease, or other obligation or
property of any kind due from, owed by, or belonging to, a Sanctioned Person.

          Section 402 Pro Rata Interest.

          (a) All Series of Notes Outstanding shall be equally and ratably entitled to the benefits of
this Indenture without preference, priority or distinction, all in accordance with the terms and
provisions of this Indenture and the related Supplement.

          (b) With respect to each Series of Notes, the execution and delivery of the related Supplement
shall be upon the express condition that, if the conditions specified in Section 701 of this
Indenture are met with respect to such Series of Notes, the security interest and all other estate
and rights granted by this Indenture with respect to such Series of Notes shall cease and become
null and void and all of the property, rights, and interest granted as security for the Notes of
such Series shall revert to and revest in the Issuer without any other act or formality whatsoever.

          Section 403 Indenture Trustee’s Appointment as Attorney-in-Fact; Certain Rights of Control
Party.

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          (a) Each of the Issuer and the Exterran ABS Lessor hereby irrevocably constitutes and appoints
the Indenture Trustee, and any officer or agent thereof, with full power of substitution, as its
true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead
of the Issuer or the Exterran ABS Lessor, as the case may be, and in the name of the Issuer or the
Exterran ABS Lessor, as the case may be, or in its own name, from time to time at the Indenture
Trustee’s discretion (as directed by the Requisite Global Majority and/or any Control Party in
accordance with this Indenture), for the purpose of carrying out the terms and purposes of this
Indenture, to take any and all appropriate action and to execute and deliver any and all documents
and instruments which may be necessary or desirable to accomplish the purposes of this Indenture
and, without limiting the generality of the foregoing, the Issuer hereby gives the Indenture
Trustee the power and right, on behalf of the Issuer, without notice to or assent by the Issuer, to
do any or all of the following as the Indenture Trustee may elect:

          (i) to ask, demand, collect, recover, compound, sue for, receive and give acquittances
and receipts for any and all monies due or to become due under the Collateral and, in the
name of the Issuer or the Exterran ABS Lessor, as the case may be, in its own name or
otherwise, to take possession of, endorse, receive and collect any checks, drafts, note,
acceptances or other Instruments for the payment of monies due under the Collateral and to
file any claim or to take or commence any other action or Proceeding in any court of law or
equity or otherwise deemed appropriate by the Indenture Trustee for the purpose of
collecting any and all such monies due under or with respect to the Collateral whenever
payable;

          (ii) to pay or discharge any Liens, including, without limitation, any tax lien, levied
or placed on or threatened against the Collateral, to effect any repairs or any insurance
called for by the terms of this Indenture and to pay all or any part of the premiums
therefor and the costs thereof; and

          (iii) to (1) direct any Person liable for any payment under or in respect of any of the
Collateral (including, without limitation, any User Contracts) to make payment of any and
all monies due or to become due thereunder directly to the Indenture Trustee or as the
Indenture Trustee shall direct, (2) receive payment of any and all monies, claims and other
amounts due or to become due at any time arising out of or in respect of the Collateral, (3)
sign and endorse any invoices, freight or express bills, bills of lading, storage or
warehouse receipts, drafts against the Issuer or the Exterran ABS Lessor, assignments,
verifications and notices in connection with Accounts and other Instruments and Documents
constituting or relating to the Collateral, (4) commence and prosecute any suits, actions or
Proceedings at law or in equity in any court of competent jurisdiction to collect the
Collateral or any part thereof and to enforce any other right in respect of the Collateral,
(5) defend any suit, action or proceeding brought against the Issuer or the Exterran ABS
Lessor with respect to the Collateral, (6) settle, compromise or adjust any suit, action or
proceeding described above and, in connection therewith, give such discharges or releases as
the Indenture Trustee may deem appropriate, (7) obtain or adjust insurance required to be
maintained by the Issuer or the Exterran ABS Lessor pursuant to any Related Document upon
the failure by the Issuer to maintain such insurance, (8) prepare and file any UCC financing
statements in the name of the Issuer or the Exterran ABS Lessor as debtor, (9) prepare, sign
and file for recordation, to the extent that there is any Intellectual Property, in any
intellectual property registry appropriate evidence of the security interest and Lien
granted herein in the Intellectual Property in the name of the Issuer or the Exterran ABS
Lessor as assignor, (10) pay or discharge taxes or Liens levied or placed upon or threatened
against the Collateral, (11) sell, transfer, pledge, make any agreement with respect to or
otherwise deal with any of the Collateral as fully and completely as though the Indenture
Trustee were the absolute owner thereof for all purposes, and (12) do, at the Indenture
Trustee’s option and Issuer’s expense, at any time, or from time to time, all acts and
things which the Indenture Trustee may reasonably deem necessary to protect, preserve or
realize upon the Collateral and the Indenture Trustee’s Lien therein in order to effect the
intent of this Indenture, all as fully and effectively as the Issuer or the Exterran ABS
Lessor, as the case may be, might do.

          The Indenture Trustee has no obligation or duty to determine whether to perfect, file, record
or maintain any perfected, filed or recorded document or instrument (all of which the Issuer shall
prepare, deliver and instruct the Indenture Trustee to execute at the Issuer’s expense) in
connection with the grant of security interest in the Collateral hereunder.

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          (b) The Indenture Trustee shall not exercise the power of attorney or any rights granted
to the Indenture Trustee pursuant to this Section 403 other than those contained in clauses (8),
(9) and (12) of Section 403(a)(iii) unless an Event of Default shall have occurred and be
continuing or such exercise is otherwise permitted hereunder. The Issuer hereby ratifies, to the
extent permitted by law, all actions that said attorney shall lawfully do, or cause to be done, by
virtue hereof. The power of attorney granted pursuant to this Section 403 is a power coupled with
an interest and shall be irrevocable until all Series of Notes and other obligations secured hereby
are paid and performed in full.

          (c) The powers conferred on the Indenture Trustee hereunder are solely to protect the
Indenture Trustee’s interests in the Collateral and shall not impose any duty upon it to exercise
any such powers except as set forth herein. The Indenture Trustee shall be accountable only for
amounts that it actually receives as a result of the exercise of such powers and neither it nor any
of its officers, directors, employees, agents or representatives shall be responsible to the Issuer
or the Exterran ABS Lessor for any act or failure to act, except for its own negligence or willful
misconduct.

          (d) Each of the Issuer and the Exterran ABS Lessor authorizes the Indenture Trustee (i) at any
time and from time to time after a Manager Default, at the written direction of the Requisite
Global Majority, to terminate the Management Agreement then in effect and/or exercise any other
remedies under Section 12.2 of the Management Agreement, (ii) at any time and from time to time
upon the occurrence of an Event of Default and at the direction of the Requisite Global Majority,
to (x) communicate in its own name with any party to any User Contract with regard to the
assignment hereunder of the right, title and interest of the Issuer or the Exterran ABS Lessor, as
the case may be, in, to and under the User Contracts and other matters relating thereto and (y)
execute, in connection with the sale of Collateral provided for in Article VIII hereof, any
endorsements, assignments or other instruments of conveyance or transfer or sale with respect to
the Collateral, (iii) at any time and from time to time, at the written direction of the Requisite
Global Majority, to take any and all actions and exercise any and all rights and remedies
(including, without limitation, all rights to give or withhold consents and/or approvals) of the
Indenture Trustee under the Intercreditor Agreement as the Requisite Global Majority shall direct,
and (iv) at any time and from time to time, at the direction of the Requisite Global Majority, to
take any and all actions and exercise any and all rights and remedies (including, without
limitation, all rights to give or withhold consents and/or approvals) stated to be exercisable by
the Indenture Trustee under the Management Agreement, Back-up Management Agreement, Contribution
Agreement or any other Related Document. The Indenture Trustee hereby agrees, for the benefit of
the Noteholders, each Series Enhancer and each Interest Rate Hedge Provider, that it shall act as
directed in accordance with this Section 403(d).

          (e) If either the Issuer or the Exterran ABS Lessor fails to perform or comply with any of its
agreements contained herein, the Indenture Trustee, with the consent of, or at the direction of,
the Requisite Global Majority, shall perform or comply, or otherwise cause performance or
compliance, with such agreement. The reasonable expenses, including attorneys’ fees and expenses,
of the Indenture Trustee incurred in connection with such performance or compliance, together with
interest thereon at the Overdue Rate specified in the related Supplement, shall be payable by the
Issuer and the Exterran ABS Lessor to the Indenture Trustee on demand and shall constitute
additional Outstanding Obligations secured hereby.

          (f) Each of the Issuer, the Exterran ABS Lessor, the Indenture Trustee, each Series Enhancer
and, by its acceptance of its respective Note, each Noteholder, hereby agrees that, if the
Indenture Trustee shall fail to act as directed by the Requisite Global Majority at any time at
which it is so required to act hereunder or under any other Related Document, then, in each case,
the Requisite Global Majority shall be entitled to take such action directly in its own capacity or
on behalf of the Indenture Trustee. If the Indenture Trustee fails to act as directed by the
Requisite Global Majority when so required to act under any Related Document, then the Indenture
Trustee shall, upon the request of the Requisite Global Majority, irrevocably appoint the Person
designated by the Requisite Global Majority, and any officer or agent thereof, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in
the place and stead of the Indenture Trustee and in the name of the Indenture Trustee or in its own
name, to take any and all actions that the Indenture Trustee is authorized to take under any
Related Document, to the extent the Indenture Trustee has failed to take such action when and as
required under such Related Document.

          Section 404 Release of Security Interest. Upon the Indenture Trustee’s receipt of an

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Officer’s Certificate in the form attached hereto as Exhibit C (a copy of which Officer’s
Certificate shall be delivered to the Deal Agent, each Series Enhancer and each Interest Rate Hedge
Provider at least three (3) Business Days prior to the effective date of such release) certifying
that such release complies with all of the provisions hereof and of the Related Documents
(including Sections 608, 614, 644, 645, 646, 647, 648, 649, and 816 hereof, Section 5.13 of the
Management Agreement and Section 3.04 of the Contribution Agreement) the Owner Compressors
identified for release in such certificate, together with the Compressor Related Assets relating to
such Owner Compressors (but only to the extent that such Compressor Related Assets are not related
to any Owner Compressors other than those identified in such certificate), will be released from
the security interest and Lien of this Indenture and all Related Documents.

          Section 405 Administration of Collateral. (a) The Indenture Trustee shall, as
promptly as practicable, notify the Noteholders, each Interest Rate Hedge Provider, each Series
Enhancer, the Back-up Manager and the Deal Agent of any Manager Default of which a Corporate Trust
Officer has received written notice. If a Manager Default shall have occurred and then be
continuing, the Indenture Trustee, in accordance with the written direction of the Requisite Global
Majority, shall deliver to the Manager (with a copy to the Deal Agent, the Back-up Manager, each
Rating Agency, each Series Enhancer and each Interest Rate Hedge Provider) a Manager Termination
Notice terminating the Manager of its responsibilities in accordance with the terms of the
Management Agreement. Upon receipt of such Manager Termination Notice, the Back-up Manager shall,
subject to the limitations set forth in the Back-up Management Agreement, assume the duties of the
Manager under the Management Agreement. If the Back-up Manager is prohibited by Applicable Law from
serving as the Manager (and delivers such documents and opinions evidencing such inability as set
forth in the Back-up Management Agreement) and if the Back-up Manager is unable to locate and
qualify a replacement Manager within sixty (60) days after the date of delivery of the Manager
Termination Notice, then the Requisite Global Majority may appoint, or petition a court of
competent jurisdiction to appoint as a Replacement Manager, a Person reasonably acceptable to the
Requisite Global Majority, having a net worth of not less than $15,000,000 and whose regular
business includes the servicing of natural gas compressors. In connection with the appointment of a
Replacement Manager, the Indenture Trustee or Deal Agent may, with the written consent of the
Requisite Global Majority, make such arrangements for the compensation of such Replacement Manager
out of the Trust Account as the Indenture Trustee acting at the direction of the Requisite Global
Majority and such Replacement Manager shall agree. The Indenture Trustee shall take such action,
consistent with the Management Agreement and the other Related Documents, as shall be necessary to
effectuate the appointment and installation of the Back-up Manager or another Replacement Manager.

          (b) Upon a Corporate Trust Officer’s obtaining the receipt of written notice by the Indenture
Trustee that a Warranty Purchase Amount has not been paid when due pursuant to the terms of the
Related Documents, the Indenture Trustee shall notify each Control Party and each Series Enhancer
of such event and shall, in the name of the Issuer, in the Indenture Trustee’s own name or
otherwise (as directed by the Requisite Global Majority) enforce any applicable repurchase
obligations of the Contributors or any other Person at the direction of the Requisite Global
Majority.

          (c) The Indenture Trustee shall as promptly as practicable (and in any event within three (3)
Business Days after the Indenture Trustee’s receipt hereof) notify and deliver to each Control
Party and each Series Enhancer, a copy of each notice or other written communication received by
the Indenture Trustee under the Intercreditor Agreement.

ARTICLE V A

REPRESENTATIONS AND WARRANTIES OF ISSUER

          To induce (i) the Noteholders to purchase the Notes hereunder, (ii) each Series Enhancer to
execute and deliver each Enhancement Agreement, (iii) each Letter of Credit Bank to issue a Letter
of Credit, (iv) the Exterran ABS Lessor to enter into each Lease and (v) each Interest Rate Hedge
Provider to enter into Interest Rate Swap Agreements, the Issuer hereby represents and warrants (as
of the Closing Date, as of each date on which an “advance” under any Supplement is made and as of
each date on which any Notes are issued subsequent to the Closing Date pursuant to any Supplement)
to the Indenture Trustee for the benefit of the Noteholders, each Series Enhancer, each Letter of
Credit Bank and each Interest Rate Hedge Provider that:

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          Section 501 Existence. The Issuer is a Delaware limited liability company duly formed
and validly existing and in good standing and is duly qualified to do business in each jurisdiction
where the nature of its business requires it to qualify, except where the failure to do so would
not have a material adverse effect upon the Issuer, the Collateral or the ability of the Issuer to
perform its obligations under the Related Documents to which it is a party. Since the date of
formation of the Issuer, the Issuer has not conducted business under any other name and does not
have any trade names, or “doing business under” or “doing business as” names. The Issuer has not
reorganized in any jurisdiction (whether the United States, any state therein, the District of
Columbia, Puerto Rico, Guam or any possession or territory of the United States, or any foreign
country or state) other than the State of Delaware.

          Section 502 Authorization. The Issuer has the limited liability company power and is
duly authorized to execute and deliver this Indenture and the other Related Documents to which it
is a party; Issuer is and will continue to be duly authorized to borrow monies hereunder; and
Issuer is and will continue to be duly authorized to perform its obligations under this Indenture
and under the other Related Documents. The execution, delivery and performance by the Issuer of
this Indenture and the other Related Documents to which it is a party and the borrowings hereunder
do not and will not require any consent or approval of any Governmental Authority, partner or any
other Person which has not already been obtained.

          Section 503 Due Qualification. The Issuer is qualified as a foreign limited liability
company in each jurisdiction and has obtained all necessary licenses and approvals as required
under Applicable Law, in each case, where the failure to be so qualified, licensed or approved,
could reasonably be expected to materially and adversely affect the ability of the Issuer to
perform its obligations under or comply with the terms of this Indenture or any other Related
Document to which it is a party.

          Section 504 No Conflict; Legal Compliance. The execution, delivery and performance of
this Indenture and each of the other Related Documents and the execution, delivery and payment of
the Notes will not: (a) contravene any provision of the limited liability company agreement of the
Issuer; (b) contravene, conflict with or violate any Applicable Law or regulation, or any order,
writ, judgment, injunction, decree, determination or award of any Governmental Authority that could
result in a Material Adverse Change; or (c) violate or result in the breach of, or constitute (with
or without notice or lapse of time or both) a default under this Indenture, the Related Documents,
any other indenture or other loan or credit agreement, or other agreement or instrument to which
the Issuer is a party or by which the Issuer, or its property and assets, may be bound or affected
that could result in a Material Adverse Change or result in a Lien on the Collateral other than
Permitted Encumbrances. The Issuer is not in violation or breach of or default under any law, rule,
regulation, order, writ, judgment, injunction, decree, determination or award or any contract,
agreement, lease, license, indenture or other instrument to which it is a party that could result
in a Material Adverse Change.

          Section 505 Validity and Binding Effect. This Indenture is, and each Related Document
to which the Issuer is a party, when duly executed and delivered, will be, legal, valid and binding
obligations of the Issuer, enforceable against the Issuer in accordance with their respective
terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws of
general application affecting the enforcement of creditors’ rights or by general principles of
equity limiting the availability of equitable remedies.

          Section 506 Financial Statements. Since December 31, 2006, there has been no Material
Adverse Change in the financial condition of any Exterran Affiliate (determined on a consolidated
basis for all Exterran Affiliates), other than as disclosed in the Form 10Q filed by Universal
Compression Holdings, Inc. or Hanover Compressor Company for the fiscal quarter ended June 30,
2007.

          Section 507 Executive Offices. The current location of the Issuer’s chief executive
office and principal place of business is 16666 Northchase Drive, Houston, Texas 77060.

          Section 508 No Agreements or Contracts. The Issuer is not now and has not been a
party to any contract or agreement (whether written or oral) other than the Related Documents.

          Section 509 Consents and Approvals. No approval, authorization, order, action or
consent of or notice to any trustee or holder of any Indebtedness or obligation of the Issuer or of
any other Person under any

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agreement, contract, lease or license or similar document or instrument to which the Issuer is
a party or by which the Issuer or any of its property or assets is bound, is required to be
obtained or given by the Issuer in order to make or consummate the transactions contemplated under
the Related Documents, including, inter alia, any issuance or sale of the Notes pursuant to the
provisions of this Indenture, except for those approvals, authorizations and consents that have
been obtained on or prior to the Closing Date (and except for notices to or consents of certain
Users in connection with the assignment of certain User Contracts, to the extent such notice or
consent requirements are permitted under clause (2) of the definition of the term “Eligible
Contract”). All consents, orders and approvals of, filings and registrations with, and other
actions in respect of, all Governmental Authorities required to be obtained by Issuer in order to
make or consummate the transactions contemplated under the Related Documents have been, or prior to
the time when required will have been, obtained, given, filed or taken and are or will be in full
force and effect, or due provision has been made therefor reasonably acceptable to the Indenture
Trustee.

          Section 510 Margin Regulations. The Issuer does not own any “margin security”, as
that term is defined in Regulation U of the Federal Reserve Board, and the proceeds of the Notes
issued under this Indenture will be used only for the purposes contemplated hereunder. None of the
proceeds of the Notes will be used, directly or indirectly, for the purpose of purchasing or
carrying any margin security, for the purpose of reducing or retiring any indebtedness which was
originally incurred to purchase or carry any margin security or for any other purpose which might
cause any of the loans under this Indenture to be considered a “purpose credit” within the meaning
of Regulations T, U and X. The Issuer will not take or permit any agent acting on its behalf to
take any action which might cause this Indenture or any document or instrument delivered pursuant
hereto to violate any regulation of the Federal Reserve Board.

          Section 511 Taxes. All federal, state, local and foreign tax returns, reports and
statements required to be filed by the Issuer have been filed with the appropriate Governmental
Authorities, and all Taxes and other impositions shown thereon to be due and payable by the Issuer
have been paid prior to the date on which any fine, penalty, interest or late charge may be added
thereto for nonpayment thereof, or any such fine, penalty, interest, late charge or loss has been
paid, or the Issuer is contesting its liability therefor in good faith and has fully reserved all
such amounts according to GAAP in the financial statements provided to the Noteholders pursuant to
Section 629 of this Indenture. The Issuer has paid when due and payable all material charges upon
the books of the Issuer and no Governmental Authority has asserted any Lien against the Issuer with
respect to unpaid Taxes. Proper and accurate amounts have been withheld by the Issuer from its
employees for all periods in full and complete compliance with the tax, social security and
unemployment withholding provisions of applicable federal, state, local and foreign law and such
withholdings have been timely paid to the respective Governmental Authorities.

          Section 512 Other Regulations. The Issuer is not an “investment company,” or an
“affiliated person” of, or a “promoter” or “principal underwriter” for, an “investment company,” as
such terms are defined in the Investment Company Act of 1940, as amended. The issuance of the Notes
hereunder and the application of the proceeds and repayment thereof by the Issuer, the granting of
the security interest and Liens hereunder and the performance of the transactions contemplated by
this Indenture and the other Related Documents will not violate any provision of the Investment
Company Act of 1940, or any rule, regulation or order issued by the Securities and Exchange
Commission thereunder.

          Section 513 Solvency and Separateness.

          (i) The capital of the Issuer is adequate for the business and undertakings of the
Issuer;

          (ii) Other than with respect to the transactions contemplated by the Related Documents
and transactions between the Exterran ABS Lessor and the Issuer permitted pursuant to the
terms of the Related Documents, the Issuer is not engaged in any business transactions with
any Exterran Affiliate;

          (iii) Two of the directors of the non-economic member of the Issuer are Independent
Directors;

27

 

          (iv) The Issuer’s funds and assets are not, and will not be, commingled with those of
any Exterran Affiliate, except as permitted by the Management Agreement and the
Intercreditor Agreement;

          (v) The organizational documents of the Issuer require the Issuer to maintain correct
and complete books and records of account;

          (vi) The Issuer is not insolvent under the Insolvency Law and will not be rendered
insolvent by the transactions contemplated by the Related Documents and after giving effect
to such transactions, the Issuer will not be left with an unreasonably small amount of
capital with which to engage in its business nor will the Issuer have intended to incur, or
believe that it has incurred, debts beyond its ability to pay as they mature. The Issuer
does not contemplate the commencement of insolvency, bankruptcy, liquidation or
consolidation proceedings or the appointment of a receiver, liquidator, trustee or similar
official in respect of the Issuer or any of its assets;

          (vii) The Issuer is holding all of its assets in its own name and is conducting its
business in its own name;

          (viii) The Issuer is maintaining its books, records and cash management accounts
separate from those of any other Person;

          (ix) The Issuer is maintaining its bank accounts separate from those of any other
Person;

          (x) The Issuer is maintaining separate financial statements, showing its assets and
liabilities separate and apart from those of any other Person;

          (xi) The Issuer is paying its own liabilities and expenses only out of its own funds
(including, inter alia, the payment of the salaries of its employees);

          (xii) The Issuer has entered and will enter into a transaction with an Affiliate only
if such transaction is commercially reasonable and on the same terms as would be available
in an arm’s length transaction with a Person or entity that is not an Affiliate of the
Issuer;

          (xiii) The Issuer is allocating fairly and reasonably any overhead expenses that are
shared with an Affiliate, including paying for office space and services performed by any
employee of an Affiliate;

          (xiv) The Issuer is holding itself out as a separate entity;

          (xv) The Issuer is maintaining adequate capital in light of its contemplated business
operations;

          (xvi) The Issuer is maintaining a sufficient number of employees in light of its
contemplated business operations;

          (xvii) Except for the membership interests of the Exterran ABS Lessor, the Issuer has
not acquired and will not acquire the obligations or securities of its Affiliates, including
partners, members or shareholders, as appropriate;

          (xviii) The Issuer has not made and will not make loans to any Person or buy or hold
evidence of indebtedness issued by any other Person (other than Contracts intended for
security, cash and investment-grade securities);

28

 

          (xix) The Issuer is using separate stationery, invoices, and checks bearing its own
name;

          (xx) The Issuer has not pledged its assets for the benefit of any other Person, other
than with respect to the Permitted Encumbrances;

          (xxi) The Issuer has corrected and will correct any misunderstanding regarding its
separate identity;

          (xxii) The Issuer is not holding out its credit as being available to satisfy the
obligations of any other Person;

          (xxiii) The Issuer is not identifying itself as a division of any other Person or
entity; and

          (xxiv) The Issuer is observing all limited liability company and other appropriate
organizational formalities including, inter alia, remaining in good standing and qualifying
to do business in each jurisdiction and obtaining all necessary licenses and approvals as
required under Applicable Law.

          Section 514 Insolvency; Fraudulent Conveyance. The Issuer is paying its debts as they
become due and is not “insolvent” within the meaning of any applicable Insolvency Law in that:

          (i) both immediately before and after giving effect to the pledge of the Collateral set
forth herein, the present value of the Issuer’s assets will be in excess of the amount that
will be required to pay the Issuer’s probable liabilities as they then exist and as they
become absolute and matured; and

          (ii) both immediately before and after giving effect to the pledge of the Collateral
set forth herein, the sum of the Issuer’s assets will be greater than the sum of the
Issuer’s debts, valuing the Issuer’s assets at a fair market value.

Each acquisition by the Issuer of Compressors has been made for “reasonably equivalent value” (as
such term is defined in Section 548 of the Bankruptcy Code) and not on account of “antecedent debt”
(as such term is defined in the Bankruptcy Code).

          Section 515 No Default. No Event of Default, Manager Default, Exterran Group Event or
Trigger Event has occurred and is continuing and no event has occurred that with the passage of
time would become an Event of Default, Manager Default, Exterran Group Event or Trigger Event.

          Section 516 No Proceedings or Injunctions. There are (i) no litigations, Proceedings
or investigations pending, or, to the knowledge of the Issuer, threatened, before any court,
regulatory body, administrative agency, or other tribunal or Governmental Authority, (A) asserting
the invalidity of this Indenture or any other Related Document to which the Issuer is a party, (B)
seeking to prevent the consummation of any of the transactions contemplated by this Indenture or
any other Related Document to which the Issuer is a party, or (C) seeking any determination or
ruling that could reasonably be expected to result in a Material Adverse Change and (ii) no
injunctions, writs, restraining orders or other orders in effect against the Issuer that could
reasonably be expected to result in a Material Adverse Change.

          Section 517 Compliance with Law. The Issuer:

          (i) is not in violation of (1) any Applicable Law, or (2) court orders to which it is
subject, the violation of either of which could reasonably be expected to materially and
adversely affect the ability of the Issuer to perform its obligations under and comply with
the terms of this Indenture or any other Related Document to which it is a party;

29

 

          (ii) has not failed to obtain any licenses, permits, franchises or other governmental
authorizations which failure could reasonably be expected to materially and adversely affect
the ownership of its property (including the Owner Compressors) or the conduct of its
business (including entering into contracts for use of Owner Compressors) including, without
limitation, with respect to transactions contemplated by this Indenture and the other
Related Documents to which it is a party; and

          (iii) is not in violation in any respect of any term of any agreement, certificate of
formation, organizational documents or other instrument to which it is a party or by which
it may be bound, which violation could reasonably be expected to materially and adversely
affect the business or condition (financial or otherwise) of the Issuer, or materially and
adversely affect the Issuer’s rights or remedies under any User Contract or the interest of
the Indenture Trustee, the Noteholders or any Series Enhancer in any Collateral.

          Section 518 Title; Liens. The Issuer has good, legal and marketable title to each of
its respective assets including the User Contracts, and none of such assets is subject to any Lien,
except for the Lien under or permitted by this Indenture.

          Section 519 Ownership; Subsidiaries. All of the issued and outstanding membership
interests of the Issuer are held by one or more Exterran Affiliate(s). The Issuer has no
subsidiaries other than the Exterran ABS Lessor.

          Section 520 No Partnership. The Issuer is not a partner or joint venturer in any
partnership or joint venture.

          Section 521 UCC Information. The information set forth in Schedule 1 hereto is true,
complete and correct in all material respects.

          Section 522 Security Interest Representations. (a) This Indenture creates a valid and
continuing security interest (as defined in the UCC) and Lien in the Issuer Collateral in favor of
the Indenture Trustee for the benefit of the Noteholders, each Series Enhancer and each Interest
Rate Hedge Provider, which security interest, upon the execution and delivery of the Control
Agreement and the completion of the filings referred to in Section 522(d) being duly made, is a
perfected first priority security interest prior to all other Liens, and is enforceable as such
against creditors of and purchasers from the Issuer.

          (b) The Compressors constitute “equipment” or “inventory” within the meaning of the UCC. The
User Contracts constitute “tangible chattel paper” or “accounts” within the meaning of the UCC and
the rights thereunder constitute “general intangibles” within the meaning of the UCC. Each of the
Transaction Accounts constitutes a “securities account” within the meaning of the UCC.

          (c) The Issuer owns and has good and marketable title to the Issuer Collateral, free and clear
of any Lien, claim or encumbrance of any Person, except for the Liens created or permitted pursuant
hereto or the Related Documents.

          (d) The Issuer has caused all appropriate financing statements or documents of similar import
to be duly filed in the proper filing office in the appropriate jurisdictions under Applicable Law
in order to perfect the security interest in the Issuer Collateral granted to the Indenture Trustee
in this Indenture and such security interest constitutes a perfected first priority security
interest in favor of the Indenture Trustee. All financing statements filed against the Issuer in
favor of the Indenture Trustee in connection herewith describing the Collateral contain a statement
to the following effect: “A purchase of, or security interest in or a Lien on, any collateral
described in this financing statement, other than a security interest in favor of the Indenture
Trustee, will violate the rights of the Indenture Trustee.”

          (e) Other than the security interest granted to the Indenture Trustee pursuant to this
Indenture or granted in any of the Related Documents, the Issuer has not pledged, assigned, sold,
granted a security interest in or a Lien (except for Permitted Encumbrances) on or otherwise
conveyed any of the Collateral, except as permitted

30

 

pursuant hereto or in the Related Documents. The User Contracts that constitute or evidence
the Collateral do not have any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed to any Person other than a financial institution in accordance with the
provisions of Section 5.11 of the Management Agreement. The Issuer has not authorized the filing
of, and is not aware of, any financing statements against the Issuer that include a description of
collateral covering any Collateral other than any financing statement or document of similar import
(i) relating to the security interest granted to the Indenture Trustee in this Indenture or (ii)
that has been terminated. The Issuer is not aware of any judgment or tax lien filings against the
Issuer.

          (f) The Issuer has received all necessary consents and approvals required by the terms of the
Collateral to pledge to the Indenture Trustee its interest and rights in such Collateral hereunder.

          (g) The Issuer has taken all steps necessary to cause the Securities Intermediary (in its
capacity as securities intermediary) to identify in its records the Indenture Trustee as the Person
having a security entitlement in each of the Transaction Accounts.

          (h) The Transaction Accounts are not in the name of any Person other than the Indenture
Trustee or the Securities Intermediary. Neither the Issuer nor the Indenture Trustee has consented
to compliance of the Securities Intermediary with entitlement orders of any Person other than the
Indenture Trustee.

     The representations and warranties set forth in this Section 522 shall survive until this
Indenture is terminated in accordance with its terms.

          Section 523 Ordinary Course. The transactions contemplated by this Indenture and the
other Related Documents are being consummated by the Issuer in furtherance of the Issuer’s ordinary
business purposes and constitute a practical and reasonable course of action by the Issuer designed
to improve the financial position of the Issuer, with no contemplation of insolvency and with no
intent to hinder, delay or defraud any of its present or future creditors.

          Section 524 Stamping and Storage of User Contracts. The Issuer has caused the
Manager, acting on behalf of the Issuer, to store and mark the User Contracts and the related
Contract Files in accordance with the provisions of Section 5.11 of the Management Agreement.

          Section 525 Identification Marks. The Issuer has used, or has caused the Manager to
use, its best efforts consistent with the Management Agreement to keep and maintain, or to cause to
be kept and maintained on each Owner Compressor, an identification sticker that complies with the
provisions of Section 19.12 of the Management Agreement.

So long as any of the Notes shall be Outstanding and until payment and performance in full of the
Outstanding Obligations, the representations and warranties contained herein shall have a
continuing effect as having been true when made.

          Section 526 Intellectual Property. The Issuer has no Intellectual Property.

          Section 527 Taxpayer Identification Number. The Issuer’s U.S. taxpayer identification
number is 26-0691927. Pursuant to Treasury Regulation Section 301.7701-3(b)(l)(ii), the Issuer is
disregarded as an entity separate from its single owner.

          Section 528 Disclosure. The Issuer has disclosed to the Deal Agent and each Control
Party all agreements, instruments and corporate or other restrictions to which it or any of its
Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect. No report, financial
statement, certificate or other information furnished (whether in writing or orally) by or on
behalf of the Issuer to the Deal Agent, the Indenture Trustee, any Control Party or any Noteholder
in connection with the transactions contemplated hereby and the negotiation of this Indenture or
delivered hereunder or under any other Related Document (in each case, as modified or supplemented
by other information so furnished) contains any material misstatement of fact or omits to state any
material fact necessary to make the statements

31

 

therein, in the light of the circumstances under which they were made, not misleading;
provided that, with respect to projected financial information, the Issuer represents only that
such information was prepared in good faith based upon assumptions believed to be reasonable at the
time.

ARTICLE V B

REPRESENTATION AND WARRANTIES OF EXTERRAN ABS LESSOR

          To induce (i) the Noteholders to purchase the Notes hereunder, (ii) each Series Enhancer to
execute and deliver each Enhancement Agreement, (iii) each Interest Rate Hedge Provider to enter
into Interest Rate Swap Agreements and (iv) the Issuer to enter into each Lease, the Exterran ABS
Lessor hereby represents and warrants (as of the Closing Date, as of each date on which an
“advance” under any Supplement is made and as of each date on which any Notes are issued subsequent
to the Closing Date pursuant to any Supplement) to the Indenture Trustee for the benefit of the
Noteholders, each Series Enhancer and each Interest Rate Hedge Provider that:

          Section 529 Existence. The Exterran ABS Lessor is a Delaware limited liability
company duly formed and validly existing and in good standing and is duly qualified to do business
in each jurisdiction where the nature of its business requires it to qualify, except where the
failure to do so would not have a material adverse effect upon the Exterran ABS Lessor, the
Collateral or the ability of the Exterran ABS Lessor to perform its obligations under the Related
Documents to which it is a party. Since the date of formation of the Exterran ABS Lessor, the
Exterran ABS Lessor has not conducted business under any other name and does not have any trade
names, or “doing business under” or “doing business as” names. The Exterran ABS Lessor has not
reorganized in any jurisdiction (whether the United States, any state therein, the District of
Columbia, Puerto Rico, Guam or any possession or territory of the United States, or any foreign
country or state) other than the State of Delaware.

          Section 530 Authorization. The Exterran ABS Lessor has the limited liability company
power and is duly authorized to execute and deliver this Indenture and the other Related Documents
to which it is a party; the Exterran ABS Lessor is and will continue to be duly authorized to
perform its obligations under this Indenture and under the other Related Documents. The execution,
delivery and performance by the Exterran ABS Lessor of this Indenture and the other Related
Documents to which it is a party and the borrowings hereunder do not and will not require any
consent or approval of any Governmental Authority, partner or any other Person which has not
already been obtained.

          Section 531 Due Qualification. The Exterran ABS Lessor is qualified as a foreign
limited liability company in each jurisdiction and has obtained all necessary licenses and
approvals as required under Applicable Law, in each case, where the failure to be so qualified,
licensed or approved, could reasonably be expected to materially and adversely affect the ability
of the Exterran ABS Lessor to perform its obligations under or comply with the terms of this
Indenture or any other Related Document to which it is a party.

          Section 532 No Conflict; Legal Compliance. The execution, delivery and performance of
this Indenture and each of the other Related Documents to which it is a party will not: (a)
contravene any provision of the limited liability company agreement of the Exterran ABS Lessor; (b)
contravene, conflict with or violate any Applicable Law or regulation, or any order, writ,
judgment, injunction, decree, determination or award of any Governmental Authority that could
result in a Material Adverse Change; or (c) violate or result in the breach of, or constitute (with
or without notice or lapse of time or both) a default under this Indenture, the Related Documents,
any other indenture or other loan or credit agreement, or other agreement or instrument to which
the Exterran ABS Lessor is a party or by which the Exterran ABS Lessor, or its property and assets,
may be bound or affected that could result in a Material Adverse Change or result in a Lien on the
Collateral other than Permitted Encumbrances. The Exterran ABS Lessor is not in violation or breach
of or default under any law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award or any contract, agreement, lease, license, indenture or other instrument to
which it is a party that could result in a Material Adverse Change.

          Section 533 Validity and Binding Effect. This Indenture is, and each Related Document
to which the Exterran ABS Lessor is a party, when duly executed and delivered, will be, legal,
valid and binding obligations of the Exterran ABS Lessor, enforceable against the Exterran ABS
Lessor in accordance with their

32

 

respective terms, except as enforceability may be limited by bankruptcy, insolvency or other
similar laws of general application affecting the enforcement of creditors’ rights or by general
principles of equity limiting the availability of equitable remedies.

          Section 534 Executive Offices. The current location of the Exterran ABS Lessor’s
chief executive office and principal place of business is 16666 Northchase Drive, Houston, Texas
77060.

          Section 535 No Agreements or Contracts. The Exterran ABS Lessor is not now and has
not been a party to any contract or agreement (whether written or oral) other than the Related
Documents.

          Section 536 Consents and Approvals. No approval, authorization, order, action or
consent of or notice to any trustee or holder of any Indebtedness or obligation of the Exterran ABS
Lessor or of any other Person under any agreement, contract, lease or license or similar document
or instrument to which the Exterran ABS Lessor is a party or by which the Exterran ABS Lessor or
any of its property or assets is bound, is required to be obtained or given by the Exterran ABS
Lessor in order to make or consummate the transactions contemplated under the Related Documents,
except for those approvals, authorizations and consents that have been obtained on or prior to the
Closing Date. All consents, orders and approvals of, filings and registrations with, and other
actions in respect of, all Governmental Authorities required to be obtained by the Exterran ABS
Lessor in order to make or consummate the transactions contemplated under the Related Documents
have been, or prior to the time when required will have been, obtained, given, filed or taken and
are or will be in full force and effect, or due provision has been made therefor reasonably
acceptable to the Indenture Trustee.

          Section 537 Taxes. All federal, state, local and foreign tax returns, reports and
statements required to be filed by the Exterran ABS Lessor have been filed with the appropriate
Governmental Authorities, and all Taxes and other impositions shown thereon to be due and payable
by the Exterran ABS Lessor have been paid prior to the date on which any fine, penalty, interest or
late charge may be added thereto for nonpayment thereof, or any such fine, penalty, interest, late
charge or loss has been paid, or the Exterran ABS Lessor is contesting its liability therefor in
good faith and has fully reserved all such amounts according to GAAP in the financial statements
provided to the Noteholders pursuant to Section 629 of this Indenture. The Exterran ABS Lessor has
paid when due and payable all material charges upon the books of the Exterran ABS Lessor and no
Governmental Authority has asserted any Lien against the Exterran ABS Lessor with respect to unpaid
Taxes. Proper and accurate amounts have been withheld by the Exterran ABS Lessor from its
employees for all periods in full and complete compliance with the tax, social security and
unemployment withholding provisions of applicable federal, state, local and foreign law and such
withholdings have been timely paid to the respective Governmental Authorities.

          Section 538 Solvency and Separateness.

          (a) The capital of the Exterran ABS Lessor is adequate for the business and undertakings of
the Exterran ABS Lessor;

          (b) Other than with respect to the transactions contemplated by the Related Documents and
transactions between the Exterran ABS Lessor and the Issuer, the Exterran ABS Lessor is not engaged
in any business transactions with any Exterran Affiliate;

          (c) Two of the directors of the non-economic member of the Exterran ABS Lessor are Independent
Directors;

          (d) The Exterran ABS Lessor’s funds and assets are not, and will not be, commingled with those
of any Exterran Affiliate, except as permitted by the Management Agreement, this Indenture, and the
Intercreditor Agreement;

          (e) The organizational documents of the Exterran ABS Lessor require the Exterran ABS Lessor to
maintain correct and complete books and records of account;

33

 

          (f) The Exterran ABS Lessor is not insolvent under the Insolvency Law and will not be rendered
insolvent by the transactions contemplated by the Related Documents and after giving effect to such
transactions, the Exterran ABS Lessor will not be left with an unreasonably small amount of capital
with which to engage in its business nor will the Exterran ABS Lessor have intended to incur, or
believe that it has incurred, debts beyond its ability to pay as they mature. The Exterran ABS
Lessor does not contemplate the commencement of insolvency, bankruptcy, liquidation or
consolidation proceedings or the appointment of a receiver, liquidator, trustee or similar official
in respect of the Exterran ABS Lessor or any of its assets;

          (g) The Exterran ABS Lessor is holding all of its assets in its own name and is conducting its
business in its own name;

          (h) The Exterran ABS Lessor is maintaining its books, records and cash management accounts
separate from those of any other Person;

          (i) The Exterran ABS Lessor is maintaining its bank accounts separate from those of any other
Person;

          (j) The Exterran ABS Lessor is maintaining separate financial statements, showing its assets
and liabilities separate and apart from those of any other Person;

          (k) The Exterran ABS Lessor is paying its own liabilities and expenses only out of its own
funds (including, inter alia, the payment of the salaries of its employees);

          (l) The Exterran ABS Lessor has entered and will enter into a transaction with an Affiliate
other than the Issuer only if such transaction is commercially reasonable and on the same terms as
would be available in an arm’s length transaction with a Person or entity that is not an Affiliate
of the Exterran ABS Lessor;

          (m) The Exterran ABS Lessor is allocating fairly and reasonably any overhead expenses that are
shared with an Affiliate other than the Issuer, including paying for office space and services
performed by any employee of an Affiliate;

          (n) The Exterran ABS Lessor is holding itself out as a separate entity;

          (o) The Exterran ABS Lessor is maintaining adequate capital in light of its contemplated
business operations;

          (p) The Exterran ABS Lessor is maintaining a sufficient number of employees in light of its
contemplated business operations;

          (q) The Exterran ABS Lessor has not acquired and will not acquire the obligations or
securities of its Affiliates, including partners, members or shareholders, as appropriate, other
than obligations of the Issuer that constitute Collateral;

          (r) The Exterran ABS Lessor has not made and will not make loans to any Person or buy or hold
evidence of indebtedness issued by any other Person (other than Contracts intended for security,
cash and investment-grade securities and other than obligations of the Issuer that constitute
Collateral);

          (s) The Exterran ABS Lessor has not pledged its assets for the benefit of any other Person,
other than with respect to the Permitted Encumbrances;

          (t) The Exterran ABS Lessor has corrected and will correct any misunderstanding regarding its
separate identity;

          (u) The Exterran ABS Lessor is not holding out its credit as being available to satisfy the
obligations of any other Person other than the Issuer;

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          (v) The Exterran ABS Lessor is not identifying itself as a division of any other Person or
entity; and

          (w) The Exterran ABS Lessor is observing all limited liability company and other appropriate
organizational formalities including, inter alia, remaining in good standing and qualifying to do
business in each jurisdiction and obtaining all necessary licenses and approvals as required under
Applicable Law.

          Section 539 Insolvency; Fraudulent Conveyance. The Exterran ABS Lessor is paying its
debts as they become due and is not “insolvent” within the meaning of any applicable Insolvency Law
in that:

          (i) both immediately before and after giving effect to the pledge of the Collateral set
forth herein, the present value of the Exterran ABS Lessor’s assets will be in excess of the
amount that will be required to pay the Exterran ABS Lessor’s probable liabilities as they
then exist and as they become absolute and matured; and

          (ii) both immediately before and after giving effect to the pledge of the Collateral
set forth herein, the sum of the Exterran ABS Lessor’s assets will be greater than the sum
of the Exterran ABS Lessor’s debts, valuing the Exterran ABS Lessor’s assets at a fair
market value.

Each acquisition by the Exterran ABS Lessor of Compressors has been made for “reasonably equivalent
value” (as such term is defined in Section 548 of the Bankruptcy Code) and not on account of
“antecedent debt” (as such term is defined in the Bankruptcy Code).

          Section 540 No Default. No Event of Default, Manager Default, Exterran Group Event or
Trigger Event has occurred and is continuing and no event has occurred that with the passage of
time would become an Event of Default, Manager Default, Exterran Group Event or Trigger Event.

          Section 541 No Proceedings or Injunctions. There are (i) no litigations, Proceedings
or investigations pending, or, to the knowledge of the Exterran ABS Lessor, threatened, before any
court, regulatory body, administrative agency, or other tribunal or Governmental Authority, (A)
asserting the invalidity of this Indenture or any other Related Document to which the Exterran ABS
Lessor is a party, (B) seeking to prevent the consummation of any of the transactions contemplated
by this Indenture or any other Related Document to which the Exterran ABS Lessor is a party, or (C)
seeking any determination or ruling that could reasonably be expected to result in a Material
Adverse Change and (ii) no injunctions, writs, restraining orders or other orders in effect against
the Exterran ABS Lessor that could reasonably be expected to result in a Material Adverse Change.

          Section 542 Compliance with Law. The Exterran ABS Lessor:

          (a) is not in violation of (1) any Applicable Law or (2) court orders to which it is subject,
the violation of either of which could reasonably be expected to materially and adversely affect
the ability of the Exterran ABS Lessor to perform its obligations under and comply with the terms
of this Indenture or any other Related Document to which it is a party;

          (b) has not failed to obtain any licenses, permits, franchises or other governmental
authorizations which failure could reasonably be expected to materially and adversely affect the
ownership of its property (including the Owner Compressors) or the conduct of its business
including, without limitation, with respect to transactions contemplated by this Indenture and the
other Related Documents to which it is a party; and

          (c) is not in violation in any respect of any term of any agreement, certificate of formation,
organizational documents or other instrument to which it is a party or by which it may be bound,
which violation could reasonably be expected to materially and adversely affect the business or
condition (financial or otherwise) of the Exterran ABS Lessor, or materially and adversely affect
the Exterran ABS Lessor’s rights or remedies under any User Contract or the interest of the
Indenture Trustee, the Noteholders or any Series Enhancer in any Collateral.

          Section 543 Title; Liens. The Exterran ABS Lessor has good, legal and marketable
title to

35

 

each of its assets, and none of such assets is subject to any Lien, except for the Lien under
or permitted by this Indenture.

          Section 544 Ownership; Subsidiaries. All of the issued outstanding membership
interests of the Exterran ABS Lessor are owned by the Issuer. The Exterran ABS Lessor has no
subsidiaries.

          Section 545 No Partnership. The Exterran ABS Lessor is not a partner or joint
venturer in any partnership or joint venture.

          Section 546 UCC Information. The information set forth in Schedule 1 hereto is true,
complete and correct in all material respects.

          Section 547 Security Interest Representations. (a) This Indenture creates a valid and
continuing security interest (as defined in the UCC) and Lien in the Exterran ABS Lessor Collateral
in favor of the Indenture Trustee for the benefit of the Noteholders, each Series Enhancer and each
Interest Rate Hedge Provider, which security interest, upon the execution and delivery of the
Control Agreement and the completion of the filings referred to in Section 547(d) being duly made,
is a perfected first priority security interest prior to all other Liens, and is enforceable as
such as against creditors of and purchasers from the Exterran ABS Lessor.

          (b) The Compressors constitute “equipment” or “inventory” within the meaning of the UCC. The
Lease constitutes “tangible chattel paper” or “accounts” within the meaning of the UCC and the
rights thereunder constitute “general intangibles” within the meaning of the UCC. Each of the
Transaction Accounts constitutes a “securities account” within the meaning of the UCC.

          (c) The Exterran ABS Lessor owns and has good and marketable title to the Exterran ABS Lessor
Collateral, free and clear of any Lien, claim or encumbrance of any Person other than the Issuer,
except for the Liens created or permitted pursuant hereto or the Related Documents.

          (d) The Exterran ABS Lessor has caused all appropriate financing statements or documents of
similar import to be duly filed in the proper filing office in the appropriate jurisdictions under
Applicable Law in order to perfect the security interest in the Exterran ABS Lessor Collateral
granted to the Indenture Trustee in this Indenture and such security interest constitutes a
perfected first priority security interest in favor of the Indenture Trustee. All financing
statements filed against the Exterran ABS Lessor in favor of the Indenture Trustee in connection
herewith describing the Collateral contain a statement to the following effect: “A purchase of, or
security interest in or a Lien on, any collateral described in this financing statement, other than
a security interest in favor of the Indenture Trustee, will violate the rights of the Indenture
Trustee.”

          (e) Other than the security interest granted to the Indenture Trustee pursuant to this
Indenture or granted in any of the Related Documents, the Exterran ABS Lessor has not pledged,
assigned, sold, granted a security interest in or a Lien (except for Permitted Encumbrances) on or
otherwise conveyed any of the Collateral, except as permitted pursuant hereto or in the Related
Documents. The User Contracts that constitute or evidence the Collateral do not have any marks or
notations indicating that they have been pledged, assigned or otherwise conveyed to any Person
other than a financial institution in accordance with the provisions of Section 5.11 of the
Management Agreement The Exterran ABS Lessor has not authorized the filing of, and is not aware
of, any financing statements against the Exterran ABS Lessor that include a description of
collateral covering any Collateral other than any financing statement or document of similar import
(i) relating to the security interest granted to the Indenture Trustee in this Indenture, or (ii)
that has been terminated. The Exterran ABS Lessor is not aware of any judgment or tax lien filings
against the Exterran ABS Lessor.

          (f) The Exterran ABS Lessor has received all necessary consents and approvals required by the
terms of the Exterran ABS Lessor Collateral to pledge to the Indenture Trustee of its interest and
rights in such Collateral hereunder.

          (g) The representations and warranties set forth in this Section 547 shall survive until this
Indenture is terminated in accordance with its terms.

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          Section 548 Identification Marks. The Exterran ABS Lessor has used, or has caused the
Manager to use, its best efforts to keep and maintain, or to cause to be kept and maintained on
each Owner Compressor, an identification sticker that complies with the provisions of Section 19.12
of the Management Agreement.

So long as any of the Notes shall be Outstanding and until payment and performance in full of the
Outstanding Obligations, the representations and warranties contained herein shall have a
continuing effect as having been true when made.

          Section 549 Intellectual Property. The Exterran ABS Lessor has no Intellectual
Property.

          Section 550 Taxpayer Identification Number. The Exterran ABS Lessor’s U.S. taxpayer
identification number is 26-0691976. Pursuant to Treasury Regulation Section 301.7701-3(b)(l)(ii),
the Exterran ABS Lessor is disregarded as an entity separate from its single owner.

          Section 551 Disclosure. The Exterran ABS Lessor has disclosed to the Deal Agent and
each Control Party all agreements, instruments and corporate or other restrictions to which it or
any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect. No report,
financial statement, certificate or other information furnished (whether in writing or orally) by
or on behalf of the Exterran ABS Lessor to the Deal Agent, the Indenture Trustee, any Control Party
or any Noteholder in connection with the transactions contemplated hereby and the negotiation of
this Indenture or delivered hereunder or under any other Related Document (in each case, as
modified or supplemented by other information so furnished) contains any material misstatement of
fact or omits to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided that, with respect to
projected financial information, the Exterran ABS Lessor represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time.

ARTICLE VI A

COVENANTS OF ISSUER

          The Issuer hereby covenants and agrees for the benefit of the Indenture Trustee, the
Noteholders, each Series Enhancer and each Interest Rate Hedge Provider that, until the
satisfaction and discharge of this Indenture in accordance with Section 701 hereof, the Issuer
shall observe each of the following covenants:

          Section 601 Payment of Principal and Interest; Payment of Taxes.

          (a) The Issuer will duly and punctually pay the principal of, and interest on, the Notes in
accordance with the terms of the Notes, this Indenture and the related Supplement;

          (b) The Issuer will take all actions as are necessary to ensure that all taxes and
governmental claims, if any, in respect of the Issuer’s activities and assets (including the
Collateral) are promptly paid; and

          (c) The Issuer will not claim any credit on, make any deduction from the principal, premium,
if any, or interest payable in respect of the Notes (other than amounts properly withheld from such
payments under any Applicable Law) or assert any claim against any present or former Noteholder by
reason of the payment of any taxes levied or assessed upon any of the Collateral.

          Section 602 Preservation of Name; Maintenance of Office; Jurisdiction of Formation.
The name on the Issuer’s certification of formation is “Exterran ABS 2007 LLC.” The chief
executive office of the Issuer is located at 16666 Northchase Drive, Houston, Texas 77060. The
Issuer shall not establish a new chief executive office or jurisdiction of organization outside the
United States of America. The Issuer is formed under the laws of the State of Delaware and has not
been previously and is not now formed under the laws of any other jurisdiction. The Issuer shall
not change its name, establish a new location for its chief executive office or its

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jurisdiction of organization unless (i) the Issuer shall provide each of the Indenture
Trustee, each Rating Agency, the Deal Agent, each Interest Rate Hedge Provider and each Control
Party not less than thirty (30) days prior written notice of its intention to do so, clearly
describing such new location or jurisdiction and providing such other information in connection
therewith as the Indenture Trustee, the Deal Agent, any Interest Rate Hedge Provider or any Control
Party may reasonably request, and (ii) not less than fifteen (15) days prior to the effective date
of such change or relocation, the Issuer shall have taken, at its own cost, all action necessary so
that such change of location does not impair the security interest of the Indenture Trustee in the
Collateral, or the perfection of the sale or contribution of the Owner Compressors to the Issuer,
and shall have delivered to the Indenture Trustee, the Deal Agent, each Interest Rate Hedge
Provider and each Series Enhancer copies of all filings required in connection therewith together
with an Opinion of Counsel, satisfactory to the Indenture Trustee, each Interest Rate Hedge
Provider and each Series Enhancer, to the effect that such change of location or jurisdiction does
not impair either the perfection or priority of the Indenture Trustee’s security interest in the
Collateral.

          Section 603 Corporate Existence. The Issuer will keep in full effect its existence,
rights and franchises as a limited liability company (or other organized entity) organized under
the laws of the State of Delaware, and will obtain and preserve its qualification in each
jurisdiction in which such qualification is necessary to protect the validity and enforceability of
this Indenture, each Supplement issued hereunder and all the Notes issued pursuant to the terms of
such Supplement. The Issuer will not liquidate or dissolve.

          Section 604 Compliance with Law. The Issuer will comply, in all material respects,
with all acts, rules, regulations, orders, decrees and directions of any Governmental Authority
applicable to the Issuer or the Collateral or any part thereof; provided, however, that the Issuer
may contest any act, regulation, order, decree or direction in any reasonable manner that shall not
materially and adversely affect the rights and remedies of the Indenture Trustee, the Noteholders,
any Interest Rate Hedge Provider or any Series Enhancer in the Collateral.

          Section 605 Protection of Issuer Collateral. The Issuer will from time to time
execute and deliver all amendments hereto and all such financing statements, continuation
statements, instruments of further assurance and other instruments, documents or filings as are
required by Applicable Law including, inter alia, any such filings in connection with Intellectual
Property, if acquired, and will, upon the reasonable request of the Manager, the Indenture Trustee,
any Interest Rate Hedge Provider, any Series Enhancer or any Control Party, take such other action
reasonably necessary or advisable to:

          (a) grant more effectively the security interest in all or any portion of the Collateral;

          (b) maintain or preserve the Lien of this Indenture (and the priority thereof) or carry out
more effectively the purposes hereof;

          (c) perfect, publish notice of, or protect the validity of the security interest in the
Collateral created pursuant to this Indenture;

          (d) enforce any of the items of the Collateral;

          (e) preserve and defend its right, title and interest to the Collateral and the rights of the
Indenture Trustee and/or any Series Enhancer in such Collateral against the claims of all Persons
(other than the Noteholders or any Person claiming through the Noteholders), including any claims
that the Compressor is a fixture; or

          (f) pay any and all taxes levied or assessed upon all or any part of the Collateral.

          Section 606 Defend Title to Collateral. The Issuer shall defend the right, title, and
interest of the Indenture Trustee and each Series Enhancer in, to, and under the Collateral,
against all claims of third parties claiming through or under the Issuer.

          Section 607 Enforce Contract Rights. Except as otherwise expressly permitted by the
terms of the Related Documents, the Issuer will promptly enforce all of its rights under, and with
respect to, the Collateral.

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          Section 608 Negative Covenants Regarding Issuer Collateral (including Related
Documents). The Issuer will not, without the prior written consent of the Indenture Trustee
(acting at the direction of the Requisite Global Majority) in each instance:

          (a) (i) except as otherwise permitted by this Indenture, any Interest Rate Swap Agreement or
the other Related Documents, take, or fail to take, any action, and will use its reasonable efforts
not to permit any action to be taken by others, which would release any Person from any of such
Person’s covenants or obligations under any agreement or instrument included in the Collateral, or
which would result in the amendment, hypothecation, subordination, termination or discharge of, or
impair the validity or effectiveness of, any such agreement or instrument;

          (ii) amend, modify or terminate the Contribution Agreement, any Lease, the
Intercreditor Agreement, the Management Agreement, the Back-up Management Agreement or any
other Related Document (other than this Indenture or the Supplement), or grant any waiver or
consent from compliance with the express terms of any of the foregoing; or

          (iii) except as required under Section 702(d) or 702(e), change any Minimum Targeted
Principal Balance or Scheduled Targeted Principal Balance for any Series of Notes (the
foregoing shall also require the prior written consent of each affected Control Party).

          (b) at any time sell, transfer, exchange or otherwise dispose of any of the Collateral, or
consent to the sale, transfer, exchange or other disposition of any of the Collateral, except in
each case as follows:

          (i) a sale of the Collateral pursuant to the provisions of Sections 614 or 816 hereof;

          (ii) sales of Owner Compressors and the Compressor Related Assets relating thereto made
in compliance with the provisions of Sections 645 and 646 hereof;

          (iii) a substitution of Owner Compressors made in accordance with the provisions of
Section 649 hereof and Section 3.04 of the Contribution Agreement;

          (iv) a sale to the User of an Owner Compressor and the Compressor Related Assets
relating thereto in accordance with the provisions of a contractual purchase option that
complies with the provisions of Section 644 hereof;

          (v) any sale or exchange of a Warranty Repurchase Compressor in accordance with the
provisions of the Contribution Agreement;

          (vi) any sale of an Owner Compressor and the Compressor Related Assets relating thereto
in connection with a Casualty Loss with respect to such Owner Compressor; or

          (vii) any transfer of an Owner Compressor and the Compressor Related Assets relating
thereto in connection with a distribution that complies with the provisions of Section 648
hereof.

          (c) (i) permit the validity or effectiveness of this Indenture to be impaired, (ii) permit the
Lien of this Indenture with respect to the Collateral to be subordinated, terminated or discharged,
except as permitted in accordance with Section 404 or Article VII hereof, or (iii) permit any
Person to be released from any covenants or obligations with respect to such Collateral, except as
may be expressly permitted by the Management Agreement.

          (d) at any time grant any Lien on, or security interest in, any Collateral (or permit any such
Lien or security interest to exist), except for Permitted Encumbrances.

          Section 609 Non-Consolidation of the Issuer. (a) The Issuer shall be operated in
such a manner that it shall not be substantively consolidated with the trust estate of any other
Person (other than the

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Exterran ABS Lessor) in the event of the bankruptcy or insolvency of the Issuer or such other
Person. Without limiting the foregoing, the Issuer shall (1) hold all of its assets in its own
name and conduct its business in its own name giving effect to the Management Agreement, (2)
maintain its books, records and cash management accounts separate from those of any other Person,
(3) maintain its bank accounts separate from those of any other Person, (4) maintain separate
financial statements, showing its assets and liabilities separate and apart from those of any other
Person, (5) pay its own liabilities and expenses only out of its own funds (including, inter alia,
the payment of the salaries of its employees), (6) enter into a transaction with an Affiliate only
if (i) such transaction is commercially reasonable and on the same terms as would be available in
an arm’s length transaction with a Person or entity that is not an Affiliate, and (ii) such
transaction is not otherwise prohibited pursuant to the provisions of Section 643 or 645 hereof;
provided, however, that nothing contained in this clause (6) shall prohibit the Issuer from
accepting capital contributions from the holder(s) of its Membership Interests, (7) allocate fairly
and reasonably any overhead expenses that are shared with an Affiliate, including paying for office
space and services performed by any employee of an Affiliate, (8) hold itself out as a separate
entity, (9) maintain adequate capital in light of its contemplated business operations, (10)
maintain a sufficient number of employees in light of its contemplated business operations, (11)
not acquire the obligations or securities of its Affiliates, including partners, members or
shareholders, as appropriate, (12) not make loans to any Person or buy or hold evidence of
indebtedness issued by any other Person (other than Contracts intended for security, cash and
investment-grade securities), (13) use separate stationery, invoices, and checks bearing its own
name (14) not pledge its assets for the benefit of any other Person, other than with respect to the
Permitted Encumbrances, (15) correct any misunderstanding regarding its separate identity, (16) not
hold out its credit as being available to satisfy the obligations of any other Person, (17) not
identify itself as a division of any other Person or entity and (18) observe all other appropriate
limited liability company and other organizational formalities including, inter alia, remaining in
good standing and qualified as a foreign limited liability company in each jurisdiction and
obtaining all necessary licenses and approvals as required under Applicable Law. Nothing in this
paragraph shall be deemed to apply to or limit any transaction or relationship with the Exterran
ABS Lessor so long as the Exterran ABS Lessor itself complies in all material respects with its
undertakings under Section 659.

          (b) Notwithstanding any provision of law which otherwise empowers the Issuer, the Issuer shall
not (1) hold itself out as being liable for the debts of any other Person other than the Exterran
ABS Lessor, (2) act other than in its official name or the names of its duly authorized officers or
agents, (3) engage in any joint activity or transaction of any kind with or for the benefit of any
Affiliate including any loan to or from or guarantee of the indebtedness of any Affiliate, except
payment of lawful distributions to the holders of its Membership Interests, including, to the
extent applicable, distributions that comply with the provisions of Section 648 hereof, (4)
commingle its funds or other assets with those of any other Person, (5) create, incur, assume,
guarantee or in any manner become liable in respect of any indebtedness (except pursuant to this
Indenture) other than trade payables and expense accruals incurred in the ordinary course of its
business or (6) take any other action that would be inconsistent with maintaining the separate
legal identity of the Issuer. Nothing in this paragraph shall be deemed to apply to or limit any
transaction or relationship with the Exterran ABS Lessor so long as the Exterran ABS Lessor itself
complies in all material respects with its undertakings under Section 659.

          Section 610 No Bankruptcy Petition. The Issuer shall not (1) commence any Insolvency
Proceeding seeking to have an order for relief entered with respect to it, or seeking
reorganization, arrangement, adjustment, wind-up, liquidation, dissolution, composition or other
relief with respect to it or its debts, (2) seek appointment of a receiver, trustee, custodian or
other similar official for it or any part of its assets, (3) make a general assignment for the
benefit of creditors, or (4) take any action in furtherance of, or consenting or acquiescing in,
any of the foregoing.

          Section 611 Liens. The Issuer shall not (i) directly or indirectly create, incur,
assume or suffer to exist any Lien (except any Permitted Encumbrance) to be created on or extend to
or otherwise arise upon or burden the Collateral or any part thereof or any of the Issuer’s
interest therein or the Proceeds thereof; or (ii) permit the Lien of this Indenture not to
constitute a valid first priority perfected security interest in the Collateral. The Issuer, at
its own expense, will promptly pay, satisfy and otherwise take such actions as may be necessary to
keep this Indenture and the Collateral free and clear of, and to duly discharge or eliminate (or
bond in a manner satisfactory to Indenture Trustee), any Lien that may arise in violation of the
foregoing. The Issuer will notify the Indenture Trustee in writing promptly upon a Responsible
Officer of the Issuer obtaining knowledge of any Lien, other than Permitted Encumbrances, that
shall attach to any Owner Compressor and of the full particulars of such Lien.

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          Section 612 Other Debt. The Issuer shall not contract for, create, incur, assume or
suffer to exist any Indebtedness other than (i) the Notes issued from time to time pursuant to this
Indenture and any Supplement to this Indenture, (ii) any Management Fees, Manager Advances and all
other amounts payable pursuant to the provisions of the Management Agreement, (iii) trade payables
and expense accruals incurred in the ordinary course and that are incidental to the purposes
permitted pursuant to the Issuer’s limited liability company agreement, (iv) obligations incurred
pursuant to Interest Rate Swap Agreements permitted or required hereunder, (v) Indebtedness in
respect of Reimbursement Amounts and obligations incurred pursuant to an Enhancement Agreement and
(vi) all amounts payable under the Lease.

          Section 613 Guarantees, Loans, Advances and Other Liabilities. The Issuer will not
make any loan, advance or credit to, or guarantee (directly or indirectly or by an instrument
having the effect of assuring another’s payment or performance on any obligation or capability of
so doing, or otherwise), endorse (except for the endorsement of checks for collection or deposit)
or otherwise become contingently liable, directly or indirectly, in connection with or for the
obligations, stock or dividends of, or own, purchase, repurchase or acquire (or agree contingently
to do so) any stock, obligations or securities of, or any other interest in, or make any capital
contribution to, any other Person.

          Section 614 Consolidation, Merger and Sale of Assets. (a) The Issuer shall not
consolidate with or merge with or into any other Person (other than with the Exterran ABS Lessor)
or sell, convey, transfer or lease all, or substantially all, of its assets, whether in a single
transaction or a series of related transactions, to any Person (other than the Exterran ABS Lessor)
except for (i) entering into User Contracts in compliance with the terms of the Management
Agreement, this Indenture, and the Related Documents, and (ii) sales pursuant to Section 608(b) and
Section 816 hereof. For the avoidance of doubt, the disposition of assets in connection with a
reduction in the amount of Outstanding Obligations under the Warehouse Notes will not be considered
to involve all, or substantially all, of the assets of the Issuer.

          (b) The obligations of the Issuer hereunder shall not be assignable nor shall any Person
succeed to the obligations of the Issuer hereunder except in each case in accordance with the
provisions of this Indenture.

          (c) The Issuer shall give prior written notice to each Rating Agency and each Series Enhancer
of any action to be taken pursuant to this Section 614.

          Section 615 Other Agreements. The Issuer will not, after the date of the issuance of
the Notes, enter into, or become a party to, any agreements or instruments other than this
Indenture, the Supplements, the Contribution Agreement, the Management Agreement, the Back-up
Management Agreement, the Note Purchase Agreements, the Control Agreement, the Enhancement
Agreement(s), the Intercreditor Agreement, the Interest Rate Swap Agreements required or permitted
hereunder and the Related Documents and other agreement(s) expressly contemplated hereby or thereby
(it being understood that the Issuer may enter into (i) any agreement(s) for acquisition or
disposition of one or more Owner Compressors and the Related Assets permitted by the terms of this
Indenture and the other Related Documents and (ii) any User Contract in respect of an Owner
Compressor made in accordance with the provisions of this Indenture, the Contribution Agreement or
the Management Agreement or the other Related Documents).

          Section 616 Organizational Documents. The Issuer will not amend or modify its
organizational documents without the prior written consent of each Control Party and each Interest
Rate Hedge Provider.

          Section 617 Capital Expenditures. The Issuer will not make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty and personalty),
except for (a) the acquisition of additional Compressors and Compressor Related Assets pursuant to
the Contribution Agreement or the Management Agreement or with amounts on deposit in the Purchase
Account and (b) overhaul expenses or capital improvements to the Owner Compressors made in the
ordinary course of its business and in accordance with the terms of the Management Agreement.

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          Section 618 Permitted Activities; Compliance with Organizational Documents. The
Issuer will observe all organizational and managerial procedures required, and will not engage in
any activity or enter into any transaction except as permitted, by its Organizational Documents,
any other formation documents of the Issuer, and the limited liability company laws of the State of
Delaware.

          Section 619 Investment Company Act. The Issuer will conduct its operations, and will
cause the Manager to conduct the Issuer’s operations, in a manner which will not subject it to
registration as an “investment company” under the Investment Company Act of 1940, as amended.

          Section 620 Payments of Collateral. If the Issuer shall receive from any Person any
payments (other than amounts distributed to the Issuer pursuant to Section 302 hereof) with respect
to the Collateral (and, in the event such Collateral has been released from the Lien of this
Indenture in accordance with the provisions of Section 404 hereof at the time such payment is
received, to the extent such payment relates to a period prior to the time such Collateral was
released from the Lien of this Indenture in accordance with Section 404 hereof or pursuant to any
Supplement hereto), the Issuer shall receive such payment in trust for the Indenture Trustee, as
secured party hereunder, and subject to the Indenture Trustee’s security interest and shall
immediately deposit such payment in the Trust Account.

          Section 621 [Reserved]

          Section 622 Notices. The Issuer shall notify the Indenture Trustee, the Deal Agent,
each Rating Agency, each Series Enhancer, and each Interest Rate Hedge Provider in writing of any
of the following immediately upon learning of the occurrence thereof, describing the same and, if
applicable, the steps being taken by the Person(s) affected with respect thereto:

          (a) Event of Default. The occurrence of an Event of Default;

          (b) Litigation. The institution of any litigation, arbitration proceeding or Proceeding
before any Governmental Authority which, if adversely resolved, would result in a Material Adverse
Change;

          (c) Material Adverse Change. The occurrence of a Material Adverse Change with respect to the
Issuer;

          (d) Liens. The existence of any Lien on the Collateral other than Permitted Encumbrances; or

          (e) Other Events. The occurrence of any Trigger Event or any Exterran Group Event.

          Section 623 Books and Records. The Issuer shall, and shall cause the Manager to,
maintain complete and accurate books and records in which full and correct entries in conformity
with GAAP shall be made of all dealings and transactions in relation to its business and
activities. The Issuer shall report, or cause to be reported, on its financial records the
transfer to the Issuer of all Owner Compressors and Compressor Related Assets in accordance with
GAAP. The Issuer will ensure that no financial statement, nor any consolidated financial
statements of the Issuer, suggests that the assets of the Issuer are available to pay the debts of
either the Contributor or the Manager. The Issuer shall (i) keep complete minutes of the meetings
and other proceedings of the Issuer, and (ii) continuously maintain the resolutions, agreements and
other instruments underlying the sale and transfer of the Owner Compressors as official records of
the Issuer.

          Section 624 Taxes. The Issuer shall, or shall cause the Manager to, pay when due, all
of its taxes, unless, and only to the extent that, the Issuer is contesting such taxes in good
faith and by appropriate proceedings and the Issuer has set aside on its books such reserves or
other appropriate provisions therefor as may be required by GAAP.

          The Issuer shall prepare and make available to the Indenture Trustee and the Deal Agent for
inspection for a reasonable time following the required date of filing (or, to the extent
permissible, file on behalf of

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the Indenture Trustee) any and all reports (other than income tax returns) to be filed by the
Issuer or the Indenture Trustee with any Governmental Authority by reason of the ownership by the
Issuer of any Owner Compressor or the contracting thereof to Users or the use thereof by the Issuer
in the provision of contract compression services, to the extent any such reports are required
because of the nature of the Owner Compressors. The provisions of this Section 624 shall be
interpreted, to the maximum extent possible, in a manner consistent with Sections 2.6 and 5.8 of
the Management Agreement.

          Section 625 Subsidiaries. The Issuer shall not create any Subsidiaries other than the
Exterran ABS Lessor.

          Section 626 Investments. The Issuer shall not make or permit to exist any Investment
in any Person except for its Investment in the Exterran ABS Lessor and Investments in Eligible
Investments made in accordance with the terms of this Indenture.

          Section 627 Use of Proceeds. Except as otherwise set forth in a Supplement, the
Issuer shall use the proceeds of the Notes only for (i) the purchase of Owner Compressors and
related Collateral, (ii) the payment of transaction expenses and (iii) general corporate purposes.
In addition, the Issuer shall not permit any proceeds of the Notes to be used, either directly or
indirectly, for the purpose, whether immediate, incidental or ultimate, of “purchasing or carrying
any margin stock” within the meaning of Regulation U of the Board of Governors of the Federal
Reserve System, as amended from time to time, and shall furnish to each Holder, upon its request, a
statement in conformity with the requirements of Regulation U.

          Section 628 Asset Base Certificate. The Issuer shall prepare and deliver to the
Indenture Trustee, each Series Enhancer, each Interest Rate Hedge Provider, each Rating Agency and
the Deal Agent, on each Determination Date, an Asset Base Certificate.

          Section 629 Financial Statements. The Issuer shall prepare and deliver (or shall
cause the Manager to prepare and deliver) to the Indenture Trustee, each Interest Rate Hedge
Provider, each Series Enhancer, each Rating Agency and the Deal Agent, (i) quarterly consolidated
financial statements of (x) the Issuer and the Exterran ABS Lessor, and (y) the Manager, in each
case, within sixty (60) days of the end of each fiscal quarter and (ii) annual consolidated
financial statements of (xx) Exterran, audited by its regular Independent Accountants, and (yy)
each of the Issuer and the Exterran ABS Lessor, audited by their regular Independent Accountants,
in each case, within one hundred twenty (120) days of the end of each fiscal year. All financial
statements shall be prepared in accordance with GAAP; provided, however, that the Issuer shall be
deemed to have furnished the annual audited financial statements of Exterran referred to above if
Exterran shall have timely made the same available on “EDGAR” and/or on its home page on the
worldwide web (at the date of this Indenture located at http://www.exterran.com); provided,
further, however, that if the Indenture Trustee is unable to access “EDGAR” or Exterran’s home page
on the worldwide web, the Issuer agrees to provide the Indenture Trustee with paper copies of the
annual audited financial statements of Exterran referred to above promptly following notice from
the Indenture Trustee that it is unable to access “EDGAR” or the Exterran home page. Delivery of
such reports, information and documents to the Indenture Trustee is for informational purposes only
and the Indenture Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the
Issuer’s compliance with any of its covenants hereunder (as to which the Indenture Trustee is
entitled to rely exclusively on Officer’s Certificates).

          Section 630 Rule 144A Information. For so long as any of the Notes are “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act and the Issuer is not
subject to Section 13 or 15(d) of the Exchange Act, the Issuer will, and shall cause Manager to,
(i) provide or cause to be provided to any Holder of Notes and any prospective purchaser thereof
designated by such a Holder, upon the request of such Holder or prospective purchaser, the
information required to be provided to such Holder or prospective purchaser by Rule 144A(d)(4)
under the Securities Act; and (ii) update such information to prevent such information from
becoming materially false and materially misleading in a manner adverse to any Noteholder.

          Section 631 Hedging Requirements. (a) The Issuer will enter into within thirty (30)
days after the Closing Date and within thirty (30) days after the issuance of any additional Series
entered into after the Closing Date (or such shorter time period as set forth in the related Series
Supplement) and at all times that any

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Outstanding Obligations remain unpaid maintain one or more Interest Rate Swap Agreements with
one or more Interest Rate Hedge Providers having an aggregate notional balance at any time of (x)
not less than the product of (i) eighty-five percent (85%) and (ii) the then Aggregate Note
Principal Balance (the amount described in this clause (x), the “Minimum Hedging Amount”) and (y)
not more than the product of (i) one hundred percent (100%) and (ii) an amount equal to the then
Asset Base (the product set forth in this clause (y), the “Maximum Hedging Amount”); provided,
however, that for any period of ninety (90) consecutive days (or such longer time as may be
approved by the Requisite Global Majority), the Maximum Hedging Amount may be increased to an
amount not to exceed the product of (i) one hundred ten percent (110%) and (ii) an amount equal to
the then Asset Base. Each Interest Rate Hedge Provider shall be an Eligible Interest Rate Hedge
Counterparty on the date on which the related Interest Rate Swap Agreement is originated. Except
to the extent set forth in the related Interest Rate Swap Agreement(s) in existence as of the
Closing Date, the Interest Rate Swap Agreement(s) will be co-terminous with the Legal Final
Maturity Date of the Series of Notes related to such Interest Rate Swap Agreement(s). All of the
foregoing requirements shall be collectively referred to as the “Hedging Requirements.” Each
Control Party shall have the right to review and approve prior to the execution thereof by the
Issuer, each Interest Rate Swap Agreement (or amendments to any existing Interest Rate Swap
Agreement) entered into subsequent to the Closing Date that differs in any material respect from
the Interest Rate Swap Agreements in effect on the Closing Date.

          (b) If the Issuer is required to enter into additional transactions and/or terminate
transactions under existing Interest Rate Swap Agreements in order to comply with the Hedging
Requirements, then the Issuer shall provide notice of such condition to the Indenture Trustee, each
Interest Rate Hedge Provider and each Control Party within five (5) Business Days after such
condition is determined to exist. The Issuer (or the Manager on behalf of the Issuer) shall remedy
such imbalance by the next succeeding Payment Date. If the Hedging Requirements are not satisfied,
and if the Issuer has failed to remedy same within such period, then the Indenture Trustee (at the
written direction of the Requisite Global Majority) shall have the right to (i) with respect to a
failure to comply with the Minimum Hedging Amount, enter into (and shall enter into as and when the
Requisite Global Majority Party shall direct in writing) Interest Rate Swap Agreements on behalf of
the Issuer to remedy such condition, and (ii) with respect to a failure to comply with the Maximum
Hedging Amount, terminate, on behalf of the Issuer, one or more Interest Rate Swap Agreements in
order to remedy such condition. The calculations to be made under this Section 631 shall exclude
all transactions where the Issuer is not required to make any scheduled periodic payments other
than premium payments or fees. If a Trigger Event is then continuing, neither the Issuer nor the
Manager on its behalf shall enter into any additional transactions under Interest Rate Swap
Agreements, except with the approval of each Control Party. So long as no Trigger Event is then
continuing, the Issuer may exercise its commercially reasonable discretion in selecting the
specific transactions and notional amounts thereof to be terminated or reduced. If a Trigger Event
is then continuing, then (i) if there is only one institution serving as the Interest Rate Hedge
Provider with respect to all Interest Rate Swap Agreements then in effect, such Interest Rate Hedge
Provider shall select the specific Interest Rate Swap Agreements to be terminated and (ii) at all
times not covered by clause (i), the notional reductions shall be effected over all outstanding
transactions under Interest Rate Swap Agreements then in effect on a pro rata basis, based on the
respective notional amounts for each calculation period, so that the notional amounts for each
current and future calculation period will comply with the Hedging Requirements. If the Issuer
fails to terminate or reduce transactions as required in this Section 631, the Indenture Trustee
(acting at the written direction of the Requisite Global Majority) shall reduce the notional
amounts, in whole or in part, for all outstanding transactions under each Interest Rate Swap
Agreement then in effect on a pro rata basis, based on the respective notional amounts for each
calculation period in accordance with the Hedging Requirements. The Indenture Trustee shall have
no duty to monitor such events, and shall be required to take action in respect of the provisions
of this Section 631 only upon written direction of the Person(s) entitled to give such direction.

          (c) On each Determination Date, the Issuer shall provide or cause to be provided to the
Indenture Trustee, each Interest Rate Hedge Provider and each Series Enhancer, a monthly report
reflecting the hedging policy calculations as of the end of the preceding calendar month based on
all transactions outstanding as of the end of such month under Interest Rate Swap Agreements then
in effect, including transactions which are scheduled to commence on a future date.

          (d) The termination provisions provided for in this Indenture relating to the Interest Rate
Swap Agreements are in addition to, and not to the exclusion of, any termination provisions
contained in the Interest Rate Swap Agreements.

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          (e) All payments received from an Interest Rate Hedge Provider shall be deposited by the
Issuer directly into the Trust Account in accordance with Section 302 hereof.

          Section 632 Separate Identity. The Issuer makes herein by this reference each of the
representations and warranties made by it to Baker Botts LLP in support of its opinions respecting
the consolidation of the Issuer and certain other parties issued and delivered in connection with
the issuance of the Notes, as if specifically made herein and agrees to comply with each of the
factual assumptions contained in such opinions.

          Section 633 Annual Perfection Opinion. Within ninety (90) days after the end of each
calendar year, beginning with the calendar year 2008, the Issuer shall furnish to the Indenture
Trustee, the Deal Agent, each Interest Rate Hedge Provider, each Rating Agency and each Series
Enhancer, an Opinion of Counsel either stating that, in the opinion of such counsel, such action
has been taken with respect to the recording, filing, re-recording and refiling of this Indenture,
any Supplements hereto and any other requisite documents, and with respect to the execution and
filing of any financing statements and continuation statements, as are necessary to maintain the
Lien created by this Indenture and reciting the details of such action or stating that, in the
opinion of such counsel, no such action is necessary to maintain such Lien.

          Section 634 Identification Marks. The Issuer shall use, and shall cause the Manager to
use, its best efforts to prominently display on each Owner Compressor an identification sticker
that complies with the provisions of Section 19.12 of the Management Agreement. Except in
accordance with Section 19.12 of the Management Agreement, the Issuer shall not allow the name of
any Person to be placed upon any Owner Compressor as a designation that might be interpreted as
indicating a claim of ownership thereto or a security interest therein by any Person other than
Issuer or the Indenture Trustee.

          Section 635 Storage and Maintenance of Contract Files. The Issuer shall at all times
cause the Manager to store and mark the User Contracts and the related Contract Files in accordance
with the provisions of Section 5.11 of the Management Agreement.

          Section 636 Use of Owner Compressors. Each Owner Compressor will be used and operated
in compliance with any and all insurance policy terms, conditions and provisions referenced in the
Related Documents and in all material respects with all statutes, laws, ordinances, rules and
regulations of any federal, national, state or local governmental body, agency or authority
applicable to the use and operation of such Owner Compressor, including, without limitation,
environmental, noise and pollution laws (including notifications and reports). Each Owner
Compressor will be used and operated solely in the manner for which it was intended and in
accordance with the license or certificate, if any, provided by the manufacturer thereof. The
Issuer shall use reasonable precautions to prevent loss or damage to each Owner Compressor from
fire and other hazards. The Issuer shall not permit any Owner Compressor to be used in any
unlawful trade or in any manner that would violate any law that would expose such Owner Compressor
to penalty, forfeiture or capture.

          Section 637 Maintenance and Repair of Owner Compressors. The Issuer, at its sole cost
and expense, shall maintain (or cause the Manager to maintain):

          (i) each Owner Compressor in a manner consistent with the Manager’s maintenance
practices applicable to its other equipment of the same or similar type as such Owner
Compressor, so as to keep each owner Compressor in good condition (ordinary wear and tear
excepted);

          (ii) each Owner Compressor in all material respects in compliance with Applicable Law
(including environmental laws);

          (iii) each Owner Compressor in compliance with the manufacturer’s maintenance standards
and procedures;

          (iv) each Owner Compressor in all respects in compliance with the insurance applicable
to such Owner Compressors;

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          (v) Property Insurance and Liability Insurance as required pursuant to the Related
Documents for all Owner Compressors; and

          (vi) all records, logs and other materials required by any Governmental Authority
having jurisdiction over any Owner Compressor or the Issuer, to be maintained in respect of
such Owner Compressor.

In addition, the Issuer shall comply with (and shall ensure that the Manager complies with) the
mutual maintenance and support provisions set forth in the Management Agreement.

          Section 638 Alterations.

          (i) Except as required or permitted by the provisions of this Section 638, the Issuer
shall not modify or alter any Owner Compressor without the prior written approval of the
Indenture Trustee (acting at the direction of the Requisite Global Majority).

          (ii) In case any Owner Compressor (or any part or component thereof) is required to be
altered, added to, replaced or modified in order to comply with any insurance policies
required pursuant to this Indenture or Applicable Law (any such alteration, additional
replacement or modification, a “Required Alteration”), the Issuer agrees to promptly make
(or cause to be made) such Required Alteration at its own expense. Thereupon, such Required
Alteration shall immediately become subject to the terms and conditions of this Indenture.

          (iii) The Issuer may make any optional renovation, improvement, addition, or alteration
to any Owner Compressor (any such renovation, improvement, addition or alteration, an
“Optional Alteration”); provided that, such Optional Alteration does not impair the value,
use or remaining useful life of such Owner Compressor. To the extent any Optional Alteration
is not readily removable without impairing the value, use or remaining useful life of the
Owner Compressor to which such Optional Alteration has been made, or is a part or appliance
which replaces any part or appliance originally incorporated or installed in or attached to
such Owner Compressor on the effective date for the related Supplement, such Optional
Alteration shall be subject to the terms of this Indenture and the Supplement to which the
related Owner Compressor is subject.

          Section 639 User Contracts. The Issuer shall (or the Manager on behalf of the Issuer
shall) enter into User Contracts so long as (i) no Event of Default is then continuing, (ii) such
User Contract is entered into in the ordinary course of business of the Issuer or the Manager and
(iii) if the term of such User Contract will be for more than thirty (30) days, the term of such
User Contract shall not extend beyond the Legal Final Maturity Date for the Series of Notes with
the then latest Legal Final Maturity Date; provided, however, that each such User Contract shall,
to the extent applicable, also comply with the provisions of Sections 643, 644 and 647 hereof.

          Upon request by the Indenture Trustee (i) after the occurrence of either an Event of Default
or a Exterran Group Event or (ii) after delivery of a Manager Termination Notice, the Issuer shall
promptly deliver to the Indenture Trustee, each Control Party and the Deal Agent (x) a schedule
certified by a Responsible Officer of the Issuer of all User Contracts for the Owner Compressors
(which schedule shall identify the Users and the contact information for such Users) and (y) for so
long as an Event of Default has occurred and is continuing, copies of each User Contract at the
time in effect.

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          Section 640 Loss, Damage or Destruction of Owner Compressors.

          (i) Risk of Loss, Damage or Destruction. The Issuer has retained and shall
retain all risk of loss, damage, theft, taking, destruction, confiscation, requisition or
commandeering, partial or complete, of or to each Owner Compressor subject to this Indenture
(“Loss, Damage or Destruction”), however caused or occasioned except for Loss, Damage or
Destruction caused by the gross negligence or willful misconduct of the Indenture Trustee.

          (ii) Payment Upon a Casualty Loss. If a Casualty Loss occurs with respect to a
Owner Compressor subject to the Lien of this Indenture, the Issuer shall, promptly upon
receipt and in any event within thirty (30) days after the occurrence of such Casualty Loss,
deposit into the Purchase Account the Casualty Proceeds that have been received with respect
to such Casualty Loss.

          (iii) Application of Payments Not Relating to a Casualty Loss. Any payments
(including, without limitation, insurance proceeds) received at any time by the Issuer from
any Governmental Authority or other Person with respect to any loss or damage to any Owner
Compressor not constituting a Casualty Loss, will be applied directly in payment of repairs
or for replacement of property, if not already paid by the Issuer, or if already paid by the
Issuer and no Event of Default shall have occurred and be continuing, shall be applied to
reimburse the Issuer for such payment. Any balance remaining after making such payment in
accordance with the provisions hereof with respect to such loss or damage shall be retained
by the Issuer. If any Event of Default shall have occurred and be continuing, all payments
hereunder shall be paid to the Trust Account and applied in accordance with the priority of
payments set forth in Section 302(e) hereof.

          Section 641 Intellectual Property Filings. The Issuer shall make all filings
necessary or desirable to ensure that the Indenture Trustee has a validly perfected first priority
security interest in any and all Intellectual Property, if any.

          Section 642 Fixture and Accessions. The Issuer shall not attach or incorporate (or
permit other Persons to attach or incorporate) any Owner Compressor to, or in, any other Owner
Compressor or other personal property or to or in any real property in a manner that could give
rise to (x) the assertion of any Lien on such Owner Compressor by reason of such attachment or (y)
the assertion of a claim that such Owner Compressor has become a fixture. The Issuer agrees to
take all actions that are necessary or desirable to ensure the continued characterization of the
Owner Compressors as personal property under Applicable Law.

          Section 643 Contracts with Exterran Affiliates. Except as otherwise permitted by
Section 645 hereof, the Issuer shall not (and shall cause the Manager to not) enter into a Contract
for an Owner Compressor with a Exterran Affiliate.

          Section 644 Contracts Containing Purchase Options. The Issuer shall not (and shall
cause the Manager to not) enter into any Contract for use of an Owner Compressor that contains a
contractual purchase option in favor of the related User, unless:

          (i) such purchase option is (x) granted or exercisable by a Person other than an
Exterran Affiliate and (y) the terms and conditions of such purchase option (including the
aggregate consideration payable upon the exercise of such option) have been negotiated on an
arm’s length basis and are consistent with prudent industry standards on the date on which
such purchase option was negotiated; and

          (ii) the Net Compressor Sales Proceeds to be received by the Issuer upon any exercise
of such purchase option must be for an amount that is not less than the then Depreciated
Value of such Owner Compressor as of the last day of the month immediately preceding each
exercise date of such purchase option; provided, however, no violation of this clause (ii)
shall occur if the sum of the then Depreciated Values of all Owner Compressors subject to
such non-conforming purchase options does not

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exceed at any time an amount equal to the product of (x) five percent (5%) and (y) the
then Aggregate Depreciated Value.

          Section 645 Sales of Owner Compressors to an Exterran Affiliate. The Issuer shall not
(and shall cause the Manager to not) sell any Owner Compressor to an Exterran Affiliate, except for
any such sale to an Exterran Affiliate (a) of a Prohibited Below DV Compressor, (b) of an Owner
Compressor that is not then subject to a User Contract and which is made for the purpose of using
such Owner Compressor at a location outside of the United States or (c) of an Owner Compressor for
the purpose of Exterran or any Subsidiary of Exterran (or, if Exterran Partners, L.P. is not a
Subsidiary of Exterran, Exterran Partners, L.P. or its Subsidiary EXLP Operating LLC) using such
Owner Compressor; provided that, in the case of any of clause (a), (b) or (c), such sale is made:

          (i) with the prior written consent of the Issuer or the Exterran ABS Lessor, as
applicable, and each Control Party;

          (ii) in the ordinary course of business of the Manager and based on a determination by
the Manager in its reasonable business judgment that such a sale is in the best interests of
the Issuer;

          (iii) for Net Compressor Sales Proceeds payable on the sale date (which, except in the
case of a sale pursuant to clause (b) made for the purpose of curing a breach of Section 647
hereof, shall be prior to removal of the Owner Compressor from the United States) in an
amount equal to the greater of (x) the then Fair Market Sales Value of such Owner Compressor
and (y) the then Depreciated Value of such Owner Compressor;

          (iv) while no Trigger Event exists (or would result from such sale) other than, in the
case of any sale to an Exterran Affiliate of Prohibited Below DV Compressors, an
Undercollateralization Event, Net Revenue Event or Free Cash Flow Event;

          (v) in the case of a sale pursuant to clause (c) above, (1) the Issuer or the Manager
shall have delivered a list of the Owner Compressors to be sold (which list shall describe
the Compressors to be sold and the User of each such Compressor) to the Indenture Trustee
and each Control Party no later than ten (10) Business Days prior to such sale and (2) the
Issuer shall have delivered to the Indenture Trustee and each Control Party, no later than
five (5) Business Days prior to such sale, a written notice specifying the Purchase Date on
which Additional Compressors will be purchased with the proceeds of such sale (which
Purchase Date shall be no later than thirty (30) days after the date of such sale),
describing the Additional Compressors to be purchased (which Additional Compressors shall
satisfy all of the Additional Compressor Criteria and Purchase Criteria); provided, however,
that in the case of any such sale that (x) in the aggregate with all sales to the same buyer
to be made on the same date or any date within seven (7) days of such sale, will result in
Net Compressor Sales Proceeds not exceeding $5,000,000 and (y) in the aggregate with all
sales made pursuant to clause (c) above in the same calendar year as such sale and for which
the items described in clauses (1) and (2) above were not delivered within the time periods
required above, will result in Net Compressor Sales Proceeds not exceeding $25,000,000, the
requirements set forth in clauses (1) and (2) above shall be deemed to be satisfied so long
as the items described in such clauses are delivered to the Indenture Trustee and the
Control Party no later than ten (10) Business Days following the date of such sale; and

          (vi) after giving effect to such sale, the Aggregate Note Principal Balance shall not
exceed the Asset Base.

In the case of a transfer of Owner Compressors to the parties described in clause (c) above, which
transfer is made in connection with a reduction in Outstanding Obligations under the Warehouse
Notes, (A) such transfer may be conducted as a sale of Owner Compressors under clause (c) above and
the proceeds of such sale shall not be deemed to be Compressor Reinvestment Sales Proceeds to be
deposited into the Purchase Account pursuant to Section 313 hereof, but instead shall be
simultaneously deposited by the Issuer in the Trust Account and used in whole or in part to reduce
the Outstanding Obligations under the Warehouse Notes in the amount set forth in the notice of
voluntary prepayment given by the Issuer in accordance herewith; and (B) such transfer shall not be
subject to the requirements set forth in clause (v) above; provided however, that the Issuer or the
Manager shall deliver a

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preliminary list of the Owner Compressors to be sold (which list shall describe the Compressors to
be sold and the User of each such Compressor) to the Indenture Trustee and each Control Party no
later than three (3) Business Days prior to such sale.

For the avoidance of doubt, “sale” includes a transfer by the Issuer of an Owner Compressor in
exchange for the receipt by the Issuer of another Owner Compressor complying with the transfer,
substitution and exchange provisions of the Indenture, the Contribution Agreement and the
Management Agreement.

          Section 646 Sales of Owner Compressors to Third Parties. The Issuer shall not (and
shall cause the Manager to not) sell an Owner Compressor to a Person that is not an Exterran
Affiliate, unless each such sale complies with all of the following:

          (i) such sale is made (A) pursuant to a purchase option that complies with the
provisions of Section 644 hereof, or (B) in the ordinary course of business of the Manager
and for Net Compressor Sales Proceeds in an amount that is not less than the then fair
market value of the Owner Compressor so sold; and

          (ii) if the amount of the Net Compressor Sales Proceeds is less than the then
Depreciated Value of the Owner Compressor(s) to be sold, then both of the following shall be
satisfied:

     (A) in case of any sale other than pursuant to an existing purchase option, no
Prospective Trigger Event or Trigger Event is then continuing or would result from
such sale; and

     (B) the sum of the Depreciated Values (measured as of the last day of the month
immediately preceding a sale) of all Owner Compressors sold pursuant to this clause
(ii) in any calendar year does not exceed an amount equal to the product of (x) two
percent (2%) and (y) the then Aggregate Depreciated Value, measured as of the first
day of such calendar year.

For the avoidance of doubt, “sale” includes a transfer by the Issuer of an Owner Compressor in
exchange for the receipt by the Issuer of another Owner Compressor complying with the transfer,
substitution and exchange provisions of the Indenture, the Contribution Agreement and the
Management Agreement.

          Section 647 Owner Compressors Located Outside of the United States. Except for
Permissible Accidental Foreign Compressors, the Issuer shall not (and shall cause the Manager to
not) permit any Owner Compressor to be located outside of the United States of America.

          Section 648 Distributions.

          The Issuer shall not make any distribution to the holders of its Membership Interests other
than: (A) distributions of cash distributed to the Issuer from the Trust Account in accordance with
Section 302(d) or 302(e) hereof; and (B) distributions of one or more Owner Compressors and the
Compressor Related Assets related thereto, which distributions under this clause (B) satisfy all of
the following requirements:

          (i) any Owner Compressors and related Compressor Related Assets to be so distributed
shall not, on the date of such distribution, be included in the calculation of any of the
Debt Limit, the Net Revenue Limit or the Free Cash Flow Limit;

          (ii) such distribution shall have been approved in advance by an affirmative vote of at
least a majority of the members of the board of directors of the Issuer;

          (iii) unless such distribution is made in connection with a reduction in Outstanding
Obligations under the Warehouse Notes, each Control Party shall have given its prior written
consent to each such in-kind distribution, such consent not to be unreasonably withheld or
delayed after giving consideration to applicable legal and credit considerations (and, as to
distributions under which

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Section 645(v) is applicable by its terms, satisfaction of the conditions set out in Section
645(v) will be deemed to constitute each Control Party’s Consent); and

          (iv) not more than three (3) such distributions shall be made in any consecutive twelve
(12) month period.

          Section 649 Substitution of Owner Compressors. The Issuer shall not accept any
Substitute Compressor or Deemed Substitute Compressor if the sum of (x) the aggregate Appraised
Value of all Substitute Compressors and Deemed Substitute Compressors to be transferred on the
applicable Substitution Date and (y) the aggregate Appraised Value of all Substitute Compressors
and Deemed Substitute Compressors transferred to the Issuer after the last day of the month
immediately preceding the applicable Substitution Date, exceeds the Maximum Substitution Limit.

          Section 650 Appraisal. Within sixty (60) days of the Control Party’s request, the
Issuer shall, at its expense, provide to the Indenture Trustee and each Control Party at least two
(2) Appraisals, each from an Eligible Appraiser, with respect to all Owned Compressors. Such
Appraisals shall be addressed to the Control Party or to another party at the Control Party’s
direction. Upon delivery of such Appraisals, the Appraised Value of each Compressor shall be
adjusted in accordance with the provisions set forth in the definition of the term “Appraised
Value”.

          Section 651 OFAC. The Issuer shall not (i) in a manner which would violate the laws
of the United States, other than pursuant to a license issued by OFAC, enter into a Contract, or
consent to such a Contract, in respect of any of the Contributed Compressors, to any Person that is
a Sanctioned Person or (ii) derive any of its assets or operating income from investments in or
transactions with any such Sanctioned Person. If the Issuer obtains knowledge that a Contributed
Compressor is under a Contract with a Sanctioned Person or located or used in a Sanctioned Country
in a manner which would violate the laws of the United States (other than pursuant to a license
issued by OFAC), then the Issuer shall, within ten (10) Business Days after obtaining knowledge
thereof, remove such Contributed Compressor from the Asset Base for so long as such condition
continues.

ARTICLE VI B

COVENANTS OF EXTERRAN ABS LESSOR

          The Exterran ABS Lessor hereby covenants and agrees for the benefit of each of the Issuer, the
Indenture Trustee, the Noteholders, each Series Enhancer and each Interest Rate Hedge Provider
that, until the satisfaction and discharge of this Indenture in accordance with Section 701 hereof,
the Exterran ABS Lessor shall observe each of the following covenants:

          Section 652 Preservation of Name; Maintenance of Office; Jurisdiction of Formation.
The name on the Exterran ABS Lessor’s certification of formation is “Exterran ABS Leasing 2007 LLC”
The chief executive office of the Exterran ABS Lessor is located at 16666 Northchase Drive,
Houston, Texas 77060. The Exterran ABS Lessor shall not establish a new chief executive office or
jurisdiction of organization outside the United States of America. The Exterran ABS Lessor is
formed under the laws of the State of Delaware and has not been previously and is not now formed
under the laws of any other jurisdiction. The Exterran ABS Lessor shall not change its name,
establish a new location for its chief executive office or its jurisdiction of organization unless
(i) the Exterran ABS Lessor shall provide each of the Indenture Trustee, each Rating Agency, the
Deal Agent, each Interest Rate Hedge Provider and each Control Party not less than thirty (30) days
prior written notice of its intention to do so, clearly describing such new location or
jurisdiction and providing such other information in connection therewith as the Indenture Trustee,
the Deal Agent, any Interest Rate Hedge Provider or any Control Party may reasonably request, and
(ii) not less than fifteen (15) days prior to the effective date of such change or relocation, the
Exterran ABS Lessor shall have taken, at its own cost, all action necessary so that such change of
location does not impair the security interest of the Indenture Trustee in the Collateral, or the
perfection of the sale or contribution of the Owner Compressors to the Exterran ABS Lessor, and
shall have delivered to the Indenture Trustee, the Deal Agent, each Interest Rate Hedge Provider
and each Series Enhancer copies of all filings required in connection therewith together with an
Opinion of Counsel, satisfactory to the Indenture Trustee, each Interest Rate Hedge Provider and
each Series Enhancer, to the effect that such change of location or jurisdiction does not impair
either

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the perfection or priority of the Indenture Trustee’s security interest in the Collateral.

          Section 653 Corporate Existence. The Exterran ABS Lessor will keep in full effect its
existence, rights and franchises as a limited liability company (or other organized entity)
organized under the laws of the State of Delaware, and will obtain and preserve its qualification
in each jurisdiction in which such qualification is necessary to protect the validity and
enforceability of this Indenture, each Supplement issued hereunder and all the Notes issued
pursuant to the terms of such Supplement. The Exterran ABS Lessor will not liquidate or dissolve.

          Section 654 Compliance with Law. The Exterran ABS Lessor will comply, in all material
respects, with all acts, rules, regulations, orders, decrees and directions of any Governmental
Authority applicable to the Exterran ABS Lessor or the Exterran ABS Lessor Collateral or any part
thereof; provided, however, that the Exterran ABS Lessor may contest any act, regulation, order,
decree or direction in any reasonable manner that shall not materially and adversely affect the
rights and remedies of the Indenture Trustee, the Noteholders, any Interest Rate Hedge Provider or
any Series Enhancer in the Exterran ABS Lessor Collateral.

          Section 655 Protection of the Exterran ABS Lessor Collateral. The Exterran ABS Lessor
will from time to time execute and deliver all amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments, documents or
filings as are required by Applicable Law including, inter alia, any such filings in connection
with Intellectual Property, if acquired, and will, upon the reasonable request of the Manager, the
Indenture Trustee, any Interest Rate Hedge Provider, any Series Enhancer or any Control Party, take
such other action reasonably necessary or advisable to:

          (a) grant more effectively the security interest in all or any portion of the Exterran ABS
Lessor Collateral;

          (b) maintain or preserve the Lien of this Indenture (and the priority thereof) or carry out
more effectively the purposes hereof;

          (c) perfect, publish notice of, or protect the validity of the security interest in the
Exterran ABS Lessor Collateral created pursuant to this Indenture;

          (d) enforce any of the items of the Exterran ABS Lessor Collateral;

          (e) preserve and defend its right, title and interest to the Collateral and the rights of the
Indenture Trustee and/or any Series Enhancer in such Collateral against the claims of all Persons
(other than the Noteholders or any Person claiming through the Noteholders), including any claims
that the Compressor is a fixture; or

          (f) pay any and all taxes levied or assessed upon all or any part of the Exterran ABS Lessor
Collateral.

          Section 656 Defend Title to the Exterran ABS Lessor Collateral. The Exterran ABS
Lessor shall, and shall require the Manager to, defend the right, title, and interest of the
Indenture Trustee and each Series Enhancer in, to, and under the Exterran ABS Lessor Collateral,
against all claims of third parties claiming through or under the Exterran ABS Lessor.

          Section 657 Enforce Contract Rights. Except as otherwise expressly permitted by the
terms hereof or of the Related Documents, the Exterran ABS Lessor will promptly, or will require
the Manager to, enforce all of its rights under, and with respect to, the Exterran ABS Lessor
Collateral.

          Section 658 Negative Covenants Regarding the Exterran ABS Lessor Collateral (including
Related Documents). The Exterran ABS Lessor will not, without the prior written consent of the
Indenture Trustee (acting at the direction of the Requisite Global Majority) in each instance:

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          (a) (i) except as otherwise permitted by this Indenture, or any Interest Rate Swap Agreement
or the other Related Documents, take, or fail to take, any action, and will use its reasonable
efforts not to permit any action to be taken by others, which would release any Person from any of
such Person’s covenants or obligations under any agreement or instrument included in the Exterran
ABS Lessor Collateral, or which would result in the amendment, hypothecation, subordination,
termination or discharge of, or impair the validity or effectiveness of, any such agreement or
instrument; or

          (ii) amend, modify or terminate the Lease.

          (b) at any time sell, transfer, exchange or otherwise dispose of any of the Exterran ABS
Lessor Collateral, or consent to the sale, transfer, exchange or other disposition of any of the
Exterran ABS Lessor Collateral, except in each case as follows:

          (i) a sale of the Collateral pursuant to the provisions of Sections 664 or 816 hereof;

          (ii) sales of Owner Compressors and the Compressor Related Assets relating thereto made
in compliance with the provisions of Sections 645 and 646 hereof;

          (iii) a substitution of Owner Compressors made in accordance with the provisions of
Section 649 hereof and the applicable provisions of the Contribution Agreement and the
Transfer Agreement;

          (iv) a sale to the User of an Owner Compressor and the Compressor Related Assets
relating thereto in accordance with the provisions of a contractual purchase option that
complies with the provisions of Section 644 hereof;

          (v) any sale or exchange of a Warranty Repurchase Compressor in accordance with the
provisions of the Contribution Agreement;

          (vi) any sale of an Owner Compressor and the Compressor Related Assets relating thereto
in connection with a Casualty Loss with respect to such Owner Compressor; or

          (vii) any transfer of an Owner Compressor and the Compressor Related Assets relating
thereto in connection with a distribution that complies with the provisions of Section 648
hereof.

          (c) (i) permit the validity or effectiveness of this Indenture to be impaired, (ii) permit the
Lien of this Indenture with respect to the Exterran ABS Lessor Collateral to be subordinated,
terminated or discharged, except as permitted in accordance with Section 404 or Article VII hereof,
or (iii) permit any Person to be released from any covenants or obligations with respect to such
Collateral, except as may be expressly permitted by the Management Agreement.

          (d) at any time grant any Lien on, or security interest in, any the Exterran ABS Lessor
Collateral (or permit any such Lien or security interest to exist), except for Permitted
Encumbrances.

          Section 659 Non-Consolidation of the Exterran ABS Lessor. (a) The Exterran ABS
Lessor shall be operated in such a manner that it shall not be substantively consolidated with the
trust estate of any other Person other than Issuer in the event of the bankruptcy or insolvency of
the Exterran ABS Lessor or such other Person. Without limiting the foregoing, the Exterran ABS
Lessor shall (except as respects any relationship or transaction solely between Issuer and the
Exterran ABS Lessor) (1) hold all of its assets in its own name and conduct its business in its own
name giving effect to the Management Agreement, (2) maintain its books, records and cash management
accounts separate from those of any other Person, (3) maintain its bank accounts separate from
those of any other Person, (4) maintain separate financial statements, showing its assets and
liabilities separate and apart from those of any other Person, (5) pay its own liabilities and
expenses only out of its own funds (including, inter alia, the payment of the salaries of its
employees), (6) enter into a transaction with an Affiliate only if (i) such transaction is
commercially reasonable and on the same terms as would be available in an arm’s length

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transaction with a Person or entity that is not an Affiliate, and (ii) such transaction is not
otherwise prohibited pursuant to the provisions of Section 643 or 645 hereof; provided, however,
that nothing contained in this clause (6) shall prohibit the Exterran ABS Lessor from accepting
capital contributions from the holder of its Membership Interests, (7) allocate fairly and
reasonably any overhead expenses that are shared with an Affiliate, including paying for office
space and services performed by any employee of an Affiliate, (8) hold itself out as a separate
entity, (9) maintain adequate capital in light of its contemplated business operations, (10)
maintain a sufficient number of employees in light of its contemplated business operations, (11)
not acquire the obligations or securities of its Affiliates, including partners, members or
shareholders, as appropriate, (12) not make loans to any Person or buy or hold evidence of
indebtedness issued by any other Person (other than Contracts intended for security, cash and
investment-grade securities), (13) use separate stationery, invoices, and checks bearing its own
name (14) not pledge its assets for the benefit of any other Person, other than with respect to the
Permitted Encumbrances, (15) correct any misunderstanding regarding its separate identity, (16) not
hold out its credit as being available to satisfy the obligations of any other Person, (17) not
identify itself as a division of any other Person or entity and (18) observe all other appropriate
limited liability company and other organizational formalities including, inter alia, remaining in
good standing and qualified as a foreign limited liability company in each jurisdiction and
obtaining all necessary licenses and approvals as required under Applicable Law.

          (b) Notwithstanding any provision of law which otherwise empowers the Exterran ABS Lessor, the
Exterran ABS Lessor shall not (except as respects any relationship or transaction solely between
the Exterran ABS Lessor and the Issuer) (1) hold itself out as being liable for the debts of any
other Person, (2) act other than in its limited liability company name or the names of its duly
authorized officers or agents, (3) engage in any joint activity or transaction of any kind with or
for the benefit of any Affiliate including any loan to or from or guarantee of the indebtedness of
any Affiliate, except payment of lawful distributions to the holders of its Membership Interests,
including, to the extent applicable, distributions that comply with the provisions of Section 648
hereof, (4) commingle its funds or other assets with those of any other Person, (5) create, incur,
assume, guarantee or in any manner become liable in respect of any indebtedness (except pursuant to
this Indenture) other than trade payables and expense accruals incurred in the ordinary course of
its business or (6) take any other action that would be inconsistent with maintaining the separate
legal identity of the Exterran ABS Lessor.

          Section 660 No Bankruptcy Petition. The Exterran ABS Lessor shall not (1) commence
any Insolvency Proceeding seeking to have an order for relief entered with respect to it, or
seeking reorganization, arrangement, adjustment, wind-up, liquidation, dissolution, composition or
other relief with respect to it or its debts, (2) seek appointment of a receiver, trustee,
custodian or other similar official for it or any part of its assets, (3) make a general assignment
for the benefit of creditors, or (4) take any action in furtherance of, or consenting or
acquiescing in, any of the foregoing, unless in each case set out in (1) through (4) Issuer is a
debtor in an Insolvency Proceeding.

          Section 661 Liens. The Exterran ABS Lessor shall not (i) directly or indirectly
create, incur, assume or suffer to exist any Lien (except any Permitted Encumbrance) to be created
on or extend to or otherwise arise upon or burden the Exterran ABS Lessor Collateral or any part
thereof or any of the Exterran ABS Lessor’s interest therein or the Proceeds thereof; or (ii)
permit the Lien of this Indenture not to constitute a valid first priority perfected security
interest in the Collateral. The Exterran ABS Lessor, at its own expense, will promptly pay,
satisfy and otherwise take such actions as may be necessary to keep this Indenture and the Exterran
ABS Lessor Collateral free and clear of, and to duly discharge or eliminate (or bond in a manner
satisfactory to Indenture Trustee), any Lien that may arise in violation of the foregoing. The
Exterran ABS Lessor will notify the Indenture Trustee in writing promptly upon a Responsible
Officer of the Exterran ABS Lessor obtaining knowledge of any Lien, other than Permitted
Encumbrances, that shall attach to any Owner Compressor and of the full particulars of such Lien.

          Section 662 Other Debt. The Exterran ABS Lessor shall not contract for, create,
incur, assume or suffer to exist any Indebtedness other than (i) any Management Fees and all other
amounts payable pursuant to the provisions of the Management Agreement, (ii) trade payables and
expense accruals incurred in the ordinary course and that are incidental to the purposes permitted
pursuant to the Exterran ABS Lessor’s limited liability company agreement and (iii) indebtedness to
the Issuer that is evidenced by a note, subordinated by its terms to the Notes, and pledged to the
Indenture Trustee as part of the Issuer Collateral.

          Section 663 Guarantees, Loans, Advances and Other Liabilities. The Exterran ABS
Lessor

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will not make any loan, advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another’s payment or performance on any obligation or
capability of so doing, or otherwise), endorse (except for the endorsement of checks for collection
or deposit) or otherwise become contingently liable, directly or indirectly, in connection with or
for the obligations, stock or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations or securities of, or any other interest in, or make
any capital contribution to, any other Person.

          Section 664 Consolidation, Merger and Sale of Assets. (a) The Exterran ABS Lessor
shall not consolidate with or merge with or into any other Person other than Issuer or sell,
convey, transfer or lease all, or substantially all, of its assets, whether in a single transaction
or a series of related transactions, to any Person other than Issuer except for (i) entering into
User Contracts in compliance with the terms of the Management Agreement, this Indenture, and the
Related Documents, and (ii) sales pursuant to Section 608(b) and Section 816 hereof.

          (b) The obligations of the Exterran ABS Lessor hereunder shall not be assignable nor shall any
Person succeed to the obligations of the Exterran ABS Lessor hereunder except in each case in
accordance with the provisions of this Indenture.

          (c) The Exterran ABS Lessor shall give prior written notice to each Rating Agency, each
Control Party and each Series Enhancer of any action to be taken pursuant to this Section 664.

          Section 665 Other Agreements. The Exterran ABS Lessor will not, after the date of the
issuance of the Notes, enter into, or become a party to, any agreements or instruments other than
this Indenture, the Supplements, the Management Agreement, the Contribution Agreement, the Note
Purchase Agreement, the Back-up Management Agreement, the Control Agreement, the Enhancement
Agreement(s), the Intercreditor Agreement and the Related Documents and other agreement(s)
expressly contemplated hereby or thereby (it being understood that the Exterran ABS Lessor may
enter into (i) any agreement(s) for acquisition or disposition of one or more Owner Compressors and
the Related Assets permitted by the terms of this Indenture and the other Related Documents and
(ii) any User Contract in respect of an Owner Compressor made in accordance with the provisions of
this Indenture, the Contribution Agreement or the Management Agreement or the other Related
Documents).

          Section 666 Organizational Documents. The Exterran ABS Lessor will not amend or
modify its organizational documents without the prior written consent of each Control Party and
each Interest Rate Hedge Provider.

          Section 667 Capital Expenditures. The Exterran ABS Lessor will not make any
expenditure (by long-term or operating lease or otherwise) for capital assets (either realty and
personalty), except for (a) acquisition of additional Compressors and Compressor Related Assets in
a manner consistent with the Contribution Agreement or the Management Agreement or with amounts on
deposit in the Purchase Account and (b) overhaul expenses or capital improvements to the Owner
Compressors made in the ordinary course of its business and in accordance with the terms of the
Management Agreement.

          Section 668 Permitted Activities; Compliance with Organizational Documents. The
Exterran ABS Lessor will observe all organizational and managerial procedures required by its
Organizational Documents, any other formation documents of the Exterran ABS Lessor, and the limited
liability company laws of the State of Delaware.

          Section 669 Investment Company Act. The Exterran ABS Lessor will conduct its
operations, and will cause the Manager to conduct the Exterran ABS Lessor’s operations, in a manner
which will not subject it to registration as an “investment company” under the Investment Company
Act of 1940, as amended.

          Section 670 Payments of the Collateral. If the Exterran ABS Lessor shall receive from
any Person any payments (other than amounts distributed to the Exterran ABS Lessor pursuant to
Section 302 hereof) with respect to the Collateral (and, in the event such Exterran ABS Lessor
Collateral has been released from the Lien of this Indenture in accordance with the provisions of
Section 404 hereof at the time such payment is received, to the extent such payment relates to a
period prior to the time such Exterran ABS Lessor Collateral was released

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from the Lien of this Indenture in accordance with Section 404 hereof or pursuant to any
Supplement hereto), the Exterran ABS Lessor shall receive such payment in trust for the Indenture
Trustee, as secured party hereunder, and subject to the Indenture Trustee’s security interest and
shall immediately deposit such payment in the Trust Account.

          Section 671 Permitted Activities; Compliance with Organizational Documents. The
Exterran ABS Lessor will not engage in any activity or enter into any transaction except as
permitted under its organizational documents as in effect on the Closing Date.

          Section 672 Notices. The Exterran ABS Lessor shall notify the Indenture Trustee, the
Deal Agent, each Rating Agency, each Series Enhancer, and each Interest Rate Hedge Provider in
writing of any of the following immediately upon learning of the occurrence thereof, describing the
same and, if applicable, the steps being taken by the Person(s) affected with respect thereto:

          (a) Event of Default. The occurrence of an Event of Default;

          (b) Litigation. The institution of any litigation, arbitration proceeding or Proceeding
before any Governmental Authority which, if adversely resolved, would result in a Material Adverse
Change;

          (c) Material Adverse Change. The occurrence of a Material Adverse Change with respect to the
Exterran ABS Lessor;

          (d) Liens. The existence of any Lien on the Exterran ABS Lessor Collateral other than
Permitted Encumbrances; or

          (e) Other Events. The occurrence of any Trigger Event or any Exterran Group Event.

          Section 673 Books and Records. The Exterran ABS Lessor shall, and shall cause the
Manager to, maintain complete and accurate books and records in which full and correct entries in
conformity with GAAP shall be made of all dealings and transactions in relation to its business and
activities. The Exterran ABS Lessor shall report, or cause to be reported, on its financial
records the transfer to the Exterran ABS Lessor of all Owner Compressors and Compressor Related
Assets in accordance with GAAP. The Exterran ABS Lessor will ensure that no financial statement,
nor any consolidated financial statements of the Exterran ABS Lessor, suggests that the assets of
the Exterran ABS Lessor are available to pay the debts of either the Contributor or the Manager.
The Exterran ABS Lessor shall (i) keep complete minutes of the meetings and other proceedings of
the Exterran ABS Lessor, and (ii) continuously maintain the resolutions, agreements and other
instruments underlying the sale and transfer of the Owner Compressors as official records of the
Exterran ABS Lessor.

          Section 674 Taxes. The Exterran ABS Lessor shall, or shall cause the Manager to, pay
when due, all of its taxes, unless, and only to the extent that, the Exterran ABS Lessor is
contesting such taxes in good faith and by appropriate proceedings and the Exterran ABS Lessor has
set aside on its books such reserves or other appropriate provisions therefor as may be required by
GAAP.

          The Exterran ABS Lessor shall prepare and make available to the Indenture Trustee and the Deal
Agent for inspection for a reasonable time following the required date of filing (or, to the extent
permissible, file on behalf of the Indenture Trustee) any and all reports (other than income tax
returns) to be filed by the Exterran ABS Lessor or the Indenture Trustee with any Governmental
Authority by reason of the ownership by the Exterran ABS Lessor of any Owner Compressor or the
contracting thereof to Users or the use thereof by the Exterran ABS Lessor in the provision of
contract compression services, to the extent any such reports are required because of the nature of
the Owner Compressors. The provisions of this Section 674 shall be interpreted, to the maximum
extent possible, in a manner consistent with Sections 2.6 and 5.8 of the Management Agreement.

          Section 675 Subsidiaries. The Exterran ABS Lessor shall not create any Subsidiaries.

          Section 676 Investments. The Exterran ABS Lessor shall not make or permit to exist
any Investment in any Person except for Investments in Eligible Investments made in accordance with
the terms of this Indenture.

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          Section 677 Separate Identity. The Exterran ABS Lessor makes herein by this reference
each of the representations and warranties made by it to Baker Botts LLP in support of its opinions
respecting the consolidation of the Exterran ABS Lessor and certain other parties issued and
delivered in connection with the issuance of the Notes, as if specifically made herein and agrees
to comply with each of the factual assumptions contained in such opinions.

          Section 678 OFAC. The Exterran ABS Lessor shall not (i) in a manner which would
violate the laws of the United States, other than pursuant to a license issued by OFAC, enter into
a Contract, or consent to such a Contract, in respect of any of the Contributed Compressors to any
Person that is a Sanctioned Person or (ii) derive any of its assets or operating income from
investments in or transactions with any such Sanctioned Person. If the Exterran ABS Lessor obtains
knowledge that a Contributed Compressor is under a Contract with a Sanctioned Person or located or
used in a Sanctioned Country in a manner which would violate the laws of the United States (other
than pursuant to a license issued by OFAC), then the Exterran ABS Lessor shall, within ten (10)
Business Days after obtaining knowledge thereof, remove such Contributed Compressor from the Asset
Base for so long as such condition continues.

ARTICLE VII

DISCHARGE OF INDENTURE;

PREPAYMENTS

          Section 701 Full Discharge. Upon payment in full of all Outstanding Obligations
(including, without limitation, termination of each Interest Rate Swap Agreement and payment of all
amounts, including termination amounts, payable in connection therewith), the Indenture Trustee
shall, at the written request and at the expense of the Issuer, execute and deliver to the Issuer
such deeds or other instruments as shall be requisite to evidence the satisfaction and discharge of
this Indenture and the security and Liens hereby created, and to release the Issuer from its
covenants contained in this Indenture and the Supplements hereto in connection with the
satisfaction and discharge of the Indenture. The Indenture Trustee shall be entitled to receive an
Opinion of Counsel stating that such satisfaction and discharge is authorized and permitted.

          Section 702 Prepayment of Notes.

          (a) Optional Prepayments. The Issuer may, from time to time, make an optional
Prepayment of principal of the Notes of any Series at the times, in the amounts and subject to the
conditions and limitations set forth in the Supplement for the Series of Notes to be prepaid. Any
optional Prepayment of principal made by the Issuer pursuant to this Section 702 shall also include
accrued interest to the date of the prepayment on the amount being prepaid. All Prepayments made
in accordance with this Section 702(a) shall be accomplished by a deposit of funds (including any
amounts required pursuant to the provisions of Section 702(c) hereof) directly into the Trust
Account. Notice of any voluntary prepayment of a Series of Term Notes to be made by the Issuer
pursuant to the provisions of this Section 702(a) shall be given by the Issuer to the Indenture
Trustee, each Interest Rate Hedge Provider and, if applicable, any Series Enhancer for such Series
of Notes to be prepaid, not later than the tenth (10th) day prior to the date of such
prepayment and not earlier than the Payment Date immediately preceding the date of such prepayment.

          (b) Mandatory Prepayments. If at any time the Supplemental Principal Payment Amount
for any Payment Date is more than zero, then the Issuer shall, in accordance with Section 302 on
such Payment Date make a payment of the Supplemental Principal Payment Amount which Supplemental
Principal Payment Amount shall be paid in the following order of priority:

          (i) to each Series of Warehouse Notes then Outstanding for which the Commitment
Termination Date has not occurred on a pro rata basis, in proportion to the then unpaid
principal balance of such Series of Warehouse Notes to the unpaid principal balances of all
such Series of Warehouse Notes, until the principal balances of all such Series of Warehouse
Notes have been paid in full;

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          (ii) if any Supplemental Principal Payment Amount remains after application of clause
(i), then the aggregate amount of such excess shall be applied to each Series of Warehouse
Notes then Outstanding for which the Commitment Termination Date has occurred on a pro rata
basis, in proportion to the then unpaid principal balance of such Series of Warehouse Notes
to the unpaid principal balances of all such Series of Warehouse Notes then Outstanding,
until the principal balances of all such Series of Warehouse Notes have been paid in full;
and

          (iii) if any Supplemental Principal Payment Amount remains after application of clause
(ii), then the aggregate amount of such excess shall be applied to each Series of Term Notes
then Outstanding on a pro rata basis, in proportion to the then unpaid principal balance of
such Series of Term Notes to the unpaid principal balances of all Series of Term Notes then
Outstanding.

Solely for purposes of determining the Supplemental Principal Payment Amount for purposes of this
Section 702(b), a determination of whether or not a Trigger Event is continuing on any Payment Date
shall be determined in accordance with the following criteria:

          (iv) each of a Manager Default and an Event of Default shall continue until such event
or condition has been waived by (i) in the case of any payment default (including an Event
of Default under clause (i) or (ii) of Section 801 hereof), 100% of the Control Parties and,
to the extent required pursuant to Section 808 or 1002(a), each affected Noteholder, and
(ii) in any other case, the Requisite Global Majority and any other Person or Persons
required to consent to such waiver pursuant to Section 813;

          (v) a Net Revenue Event shall continue until the next succeeding Determination Date on
which the related Manager Report indicates that such condition no longer exists, at which
time such event shall be deemed to have been cured; and

          (vi) an Undercollateralization Event shall continue until the next succeeding
Determination Date on which the related Manager Report indicates that such condition no
longer exists, at which time such event shall be deemed to have been cured;

provided, however, the events described in clauses (i), (ii) and (iii) may not, solely for purposes
of determining whether a Supplemental Principal Payment Amount is payable, be waived or cured on
more than two (2) occasions.

          (c) Repayment of Interest Rate Hedge Provider. If the Issuer has elected to make a
voluntary Prepayment in accordance with the provisions of Section 702(a) above or is required to
make a Prepayment in accordance with the provisions of Section 702(b) above, then in addition to
such Prepayment, the Issuer shall pay such amount, including any termination payments, necessary
(in each case as determined by the Requisite Global Majority and after taking account of payment
priorities set forth in Section 302 hereunder) to reduce the aggregate notional balance of all
outstanding transactions under the Interest Rate Swap Agreements in accordance with the terms of
Section 631 hereof and the terms of the related Interest Rate Swap Agreements. So long as no
Trigger Event or Event of Default is then continuing, the Issuer (or the Manager on its behalf) may
exercise its discretion in selecting the specific transactions and the notional amounts thereof to
be terminated. If a Trigger Event or Event of Default is then continuing, the outstanding
transactions under the Interest Rate Swap Agreements will be terminated on a pro rata basis, based
on the respective notional amounts for each remaining calculation period so that the remaining
notional amounts for all future calculation periods under such transactions shall comply with the
requirements of Section 631(a) and not exceed such requirements by more than the amounts set forth
in Section 631(a)(y) hereof.

          (d) Adjustment of Prospective Minimum Principal Payment Amounts and Scheduled Principal
Payment Amounts for Partial Voluntary Prepayments. In the event that the Issuer makes a
voluntary prepayment of less than all of the then unpaid principal balance of any Series of Term
Notes in accordance with the provisions of Section 702(a), then the Issuer shall promptly (but in
any event within ten (10) Business Days after the date on which such prepayment is made) thereafter
recalculate the Minimum Targeted Principal Balances and Scheduled Targeted Principal Balances for
such Series of Notes for each future Payment Date such that, after giving effect to such
adjustment, each subsequent Minimum Targeted Principal Balance and Scheduled Targeted Principal

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Balance for such Series of Term Notes shall be reduced by an amount equal to the quotient of
(i) the aggregate amount of such prepayment actually received by the Noteholders of such Series,
divided by (ii) the number of remaining Payment Dates to and including, the Legal Final Maturity
Date (in the case of adjustments to future Minimum Principal Payment Amounts) or the Expected Final
Payment Date (in the case of adjustments to future Scheduled Principal Payment Amounts).

          (e) Allocation of Targeted Adjustment Amount. If the Manager Report delivered on any
Determination Date indicates that a Targeted Adjustment Amount exists, then the Issuer shall
promptly (but in any event within ten (10) Business Days) after receipt of such Manager Report,
apply such Targeted Adjustment Amount in the following order of priority:

          (i) to reduce (but not below zero) by the amount of such Targeted Adjustment Amount
each of the Minimum Targeted Principal Balance and the Scheduled Targeted Principal Balance,
in each case, for all remaining Payment Dates of any Series of Warehouse Notes for which the
Commitment Termination Date has occurred (or, if there are multiple Series of Warehouse
Notes for which the Commitment Termination Date has occurred, such Targeted Adjustment
Amount shall be allocated among each such Series of Warehouse Notes on a pro rata basis
based on each such Series’ then respective unpaid principal balances), and

          (ii) if any Targeted Adjustment Amount remains after application of clause (i), with
respect to either the Minimum Targeted Principal Balance or the Scheduled Targeted Principal
Balance on the next succeeding Payment Date, then, in each such case, the amount of such
excess in the aggregate shall be allocated on a pro rata basis (based on then unpaid
principal balances) among all Series of Term Notes then Outstanding and the amount allocated
to each such Series shall then be used to reduce (but not below zero) the Minimum Targeted
Principal Balances and the Scheduled Targeted Principal Balances, as applicable, in each
case, for all remaining Payment Dates of such Series of Term Notes by the amount of such
allocated Targeted Adjustment Amount.

ARTICLE VIII

DEFAULT PROVISIONS AND REMEDIES

          Section 801 Event of Default. “Event of Default”, wherever used herein with respect
to any Series of Notes, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
Governmental Authority):

          (i) default in the payment on any Payment Date of any of the following: (A) any
Interest Payment, Default Fee or Commitment Fees (if applicable) then due and payable on any
Series of Notes, (B) any Indenture Trustee’s Fees then due and payable or (C) any scheduled
payments owing to any Interest Rate Hedge Provider, and, in any such case, such default
continues in each case for two (2) Business Days after the due date thereof;

          (ii) failure to make payment in full in cash of the then unpaid principal balance of
any Series of Notes on the Legal Final Maturity Date of such Series of Notes;

          (iii) default in the due observance or performance of any covenant of the Issuer set
forth in Sections 608(a)(ii), 609 (only if such default could reasonably be expected to
result in “substantive consolidation” of the Issuer with the estate of any other Person in
connection with a bankruptcy proceeding), 610, 612, 613, 614, 615, 616, 617, 621, 625, 626
or 649 hereof;

          (iv) default in the due observance or performance of any covenant of the Issuer set
forth in Sections 606, 608(b), 608(d) and 611, which breach or failure continues unremedied
for a period of ten (10) days after the earliest of (i) any Authorized Officer of the
Issuer, or Responsible Officer of the applicable Exterran Affiliate, as the case may be,
first acquiring knowledge thereof, (ii) the Indenture

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Trustee’s giving written notice thereof to the Issuer and each Exterran Affiliate,
(iii) any Noteholder giving written notice thereof to the Issuer, each Exterran Affiliate
and the Indenture Trustee, and (iv) any Series Enhancer giving written notice thereof to the
Issuer, each Exterran Affiliate and the Indenture Trustee;

          (v) default in the due observance or performance of a covenant set forth in Section 643
or Section 645 hereof, and such default continues unremedied (which remedy (1) in the case
of Section 643, must be effected by a substitution, subject to Section 649 hereof, of each
affected Compressor, and (2) in the case of Section 645, must be effected by an additional
deposit by the Contributors into the Trust Account of an amount equal to the difference
between the amount of Net Compressor Sales Proceeds that was required to have been paid
pursuant to clause (iii) of the proviso to Section 645 and the amount of Net Compressor
Sales Proceeds actually received for each affected Owner Compressor (in the case of a sale
that satisfied all the requirements of Section 645 other than clause (iii) of the proviso to
Section 645) or by a Deemed Substitution of each affected Owner Compressor (in the case of
any other default under Section 645) for more than five (5) Business Days after the date on
which a Responsible Officer of the Issuer or the Manager first obtains knowledge of such
default; provided, however, that the Issuer shall not be entitled to cure any breach
described in this clause (v) if the exercise of such cure would cause the Aggregate Cure
Limitation to be exceeded;

          (vi) default in the due observance or performance of the covenant set forth in Section
646 hereof;

          (vii) default in the due observance or performance of the covenant set forth in Section
644 hereof and, in the case of a default of clause (ii) thereof, such default (A) results in
one or more Prohibited Below DV Compressors, and (B) the Issuer shall not have sold all of
such Prohibited Below DV Compressors to an Exterran Affiliate in a sale complying with the
provisions of Section 645 on or prior to the date occurring more than five (5) Business Days
after the date on which a Responsible Officer of the Issuer or the Manager first obtains
knowledge of such default;

          (viii) default in the due observance or performance of the covenant set forth in
Section 647 hereof and, if such breach relates to a Permissible Accidental Foreign
Compressor that is not subject to either a User Contract or other contract for compression
services at any time while such Compressor is located outside the United States, such
condition continues unremedied (which remedy must be effected by a substitution, subject to
Section 649 hereof, or a sale in compliance with Sections 645 and 646 hereof) for more than
five (5) Business Days after the date on which a Responsible Officer of the Issuer or the
Manager first obtains knowledge of such breach; provided, however, that the Issuer shall not
be entitled to cure such breach if the exercise of such cure would cause the Aggregate Cure
Limitation to be exceeded;

          (ix) default in the due observance or performance of any covenant of the Exterran ABS
Lessor set forth in Sections 608(a)(ii), 609 (only if such default could reasonably be
expected to result in “substantive consolidation” of the Exterran ABS Lessor with the estate
of any other Person in connection with a bankruptcy proceeding), 610, 612, 613, 614, 615,
616, 617, 621, 625, 626 or 649 hereof;

          (x) default in the due observance or performance of any covenant of the Exterran ABS
Lessor set forth in Sections 606, 608(b), 608(d) and 611, which breach or failure continues
unremedied for a period of ten (10) days after the earliest of (i) any Authorized Officer of
the Issuer, or Responsible Officer of the applicable Exterran Affiliate, as the case may be,
first acquiring knowledge thereof, (ii) the Indenture Trustee’s giving written notice
thereof to the Exterran ABS Lessor and each Exterran Affiliate, (iii) any Noteholder giving
written notice thereof to the Exterran ABS Lessor, each Exterran Affiliate and the Indenture
Trustee, and (iv) any Series Enhancer giving written notice thereof to the Exterran ABS
Lessor, each Exterran Affiliate and the Indenture Trustee;

          (xi) default in the due observance or performance of a covenant set forth in Section
643 or Section 645 hereof, and such default continues unremedied (which remedy (1) in the
case of Section 643, must be effected by a substitution, subject to Section 649 hereof, of
each affected Compressor, and (2) in the case of Section 645, must be effected by an
additional deposit by the Contributors into the Trust Account of an amount equal to the
difference between the amount of Net Compressor Sales Proceeds that

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was required to have been paid pursuant to clause (iii) of the proviso to Section 645
and the amount of Net Compressor Sales Proceeds actually received for each affected Owner
Compressor (in the case of a sale that satisfied all the requirements of Section 645 other
than clause (iii) of the proviso to Section 645) or by a Deemed Substitution of each
affected Owner Compressor (in the case of any other default under Section 645) for more than
five (5) Business Days after the date on which a Responsible Officer of the Exterran ABS
Lessor or the Manager first obtains knowledge of such default; provided, however, that the
Exterran ABS Lessor shall not be entitled to cure any breach described in this clause (v) if
the exercise of such cure would cause the Aggregate Cure Limitation to be exceeded;

          (xii) default in the due observance or performance of any covenant of the Issuer or any
Exterran Affiliate in any Related Document (to the extent such breach is not otherwise
addressed in this Section 801) which breach or failure, if curable, continues unremedied for
a period of thirty (30) days after the earliest to occur of (i) any Authorized Officer or
Responsible Officer of such Person first acquiring knowledge thereof, (ii) the Indenture
Trustee’s giving written notice thereof to such Person or (iii) any Noteholder or Series
Enhancer giving written notice thereof to such Person and the Indenture Trustee;

          (xiii) any representation or warranty of the Issuer or any Exterran Affiliate made in
any other Related Document shall prove to be incorrect in any material respect as of the
time when the same shall have been made and remains, if curable, unremedied for a period of
fifteen (15) days after the earliest to occur of (i) any Authorized Officer or Responsible
Officer of such Person, first acquiring knowledge thereof, (ii) the Indenture Trustee’s
giving written notice thereof to such Person or (iii) any Noteholder or Series Enhancer
giving written notice thereof to such Person and the Indenture Trustee;

          (xiv) the entry of a decree or order for relief by a court having jurisdiction in
respect of the Issuer or the Exterran ABS Lessor in any involuntary case under any
applicable Insolvency Law, or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, or sequestrator (or other similar
official) for the Issuer or the Exterran ABS Lessor or for any substantial part of their
respective properties, or ordering the winding up or liquidation of their respective
affairs, and the continuance of any such decree or order unstayed and in effect for a period
of sixty (60) consecutive days;

          (xv) the commencement by the Issuer or the Exterran ABS Lessor of a voluntary case
under any applicable Insolvency Law, or other similar law now or hereafter in effect, or the
consent by the Issuer or the Exterran ABS Lessor to the appointment of or taking possession
by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or other similar
official) of the Issuer or the Exterran ABS Lessor or any substantial part of its respective
properties, or the making by the Issuer or the Exterran ABS Lessor of any general assignment
for the benefit of creditors, or the inability or the failure by the Issuer or the Exterran
ABS Lessor generally to pay its debts as they become due, or the taking of any action by the
Issuer or the Exterran ABS Lessor in furtherance of any such action;

          (xvi) either (x) the Indenture Trustee shall fail to have a first priority perfected
security interest in all, or any portion, of the Collateral or (y) the Issuer shall incur or
assume, or permit to exist, any Liens on the Collateral (except Permitted Encumbrances) and,
in the case of this clause (y), such Liens shall continue to exist unremedied for a period
of ten (10) days after the earlier to occur of (i) receipt by Issuer of written notice
thereof from the Indenture Trustee or any Entitled Party or (ii) the date on which any
Responsible Officer of the Manager or the Issuer shall have actual knowledge of such Liens;

          (xvii) the Issuer is required to register as an investment company under the Investment
Company Act of 1940, as amended;

          (xviii) any payment shall be made by a Series Enhancer under any Enhancement Agreement;

          (xix) the rendering against either the Issuer or the Exterran ABS Lessor of a final
judgment, decree or order for the payment of money in excess of $25,000 and the continuance
of such judgment, decree or order unsatisfied, unbonded or uninsured for a period of sixty
(60) consecutive days;

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          (xx) either (x) a Manager Default occurs, and the Back-up Manager fails to assume
the role of Replacement Manager within ninety (90) days of receipt of the Manager
Termination Notice, or (y) there is no Manager for ninety (90) days;

          (xxi) any Related Document ceases to be in full force and effect (other than in
accordance with its terms);

          (xxii) as of any Payment Date, the Aggregate Note Principal Balance exceeds the Asset
Base in effect on the related Determination Date and such condition continues unremedied for
sixty (60) days; or

          (xxiii) the exercise of any remedy by the Exterran ABS Lessor against the Issuer under
the Lease.

The occurrence of an Event of Default with respect to one Series of Notes shall constitute an Event
of Default with respect to all other Series of Notes then Outstanding unless the related Supplement
with respect to each such Series of Notes shall specifically provide to the contrary.

          Section 802 Acceleration of Stated Maturity; Rescission and Annulment. (a) Upon the
occurrence of an Event of Default of a type described in Section 801(xiv) or Section 801(xv), the
unpaid principal balance of, and accrued interest on, all Classes and Series of Notes, together
with all other amounts then due and owing to the Noteholders and under all other Outstanding
Obligations, shall become immediately due and payable without further action by any Person;
provided that, the Noteholders’ rights with respect thereto shall be limited as set forth in
Section 808. Except as set forth in the immediately preceding sentence, if an Event of Default
under Section 801 occurs and is continuing, then and in every such case the Requisite Global
Majority may declare the principal of and accrued interest on all Notes of all Series then
Outstanding to be due and payable immediately, by a notice in writing to the Issuer and to the
Indenture Trustee given by the Requisite Global Majority, and upon any such declaration such
principal and accrued interest shall become immediately due and payable. Each Interest Rate Hedge
Provider shall receive prompt notice of any acceleration hereunder from the Issuer.

          (b) At any time after such a declaration of acceleration has been made and before a Sale by
the Indenture Trustee or a judgment or decree for payment of the money due has been obtained by the
Indenture Trustee as hereinafter in this Article provided, the Requisite Global Majority, by
written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and
its consequences if:

          (i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to
pay:

     (A) all of the installments of interest and premium, if any, on, and principal
of, all Notes which were overdue prior to the date of such acceleration;

     (B) to the extent that payment of such interest is lawful, interest upon
overdue installments of interest at the Overdue Rate for such Notes set forth in the
related Supplement;

     (C) all sums paid or advanced by the Indenture Trustee or the Manager hereunder
and the reasonable compensation, out-of-pocket expenses, disbursements and advances
of the Indenture Trustee, its agents and counsel incurred in connection with the
enforcement of this Indenture;

     (D) all scheduled payments then due under any Interest Rate Swap Agreement,
together with interest thereon in accordance with the terms thereof; and

          (ii) all Events of Default, other than the nonpayment of the principal of or interest
on Notes which have become due solely by such declaration of acceleration, have been cured
or waived as provided in Section 813 hereof.

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     No such rescission with respect to any Event of Default shall affect any subsequent Event of
Default or impair any right consequent thereon, nor shall any such rescission affect any Interest
Rate Swap Agreement that has been terminated in accordance with the terms thereof.

          Section 803 Collection of Indebtedness. The Issuer covenants that, if an Event of
Default occurs and is continuing and a declaration of acceleration has been made under Section 802
and not rescinded or annulled, the Issuer shall, upon demand of the Indenture Trustee (at the
direction of the Requisite Global Majority), pay to the Indenture Trustee, for the benefit of the
Noteholders of all Series then Outstanding and all Interest Rate Hedge Providers, the whole amount
then due and payable on such Notes for principal and interest, with interest upon the overdue
principal and, to the extent that payment of such interest shall be legally enforceable, upon
overdue installments of interest, at the Overdue Rate payable with respect to each such Note; and,
in addition thereto, such further amount as shall be sufficient to cover all other Outstanding
Obligations and the costs and out-of-pocket expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee, any Series Enhancer
and their respective agents and counsel incurred in connection with the enforcement of this
Indenture.

          Section 804 Remedies. If an Event of Default shall occur and be continuing, the
Indenture Trustee, by such officer or agent as it may appoint, shall notify the applicable Rating
Agencies, if any, and each Control Party of such Event of Default and shall, if and as instructed
in writing by the Requisite Global Majority, take any one or more (separately, successively or
simultaneously) of the following steps:

          (i) institute any Proceedings, in its own name and as trustee of an express trust, for
the collection of all amounts then due and payable on the Notes of all Series or under this
Indenture or the related Supplement with respect thereto, whether by declaration or
otherwise, enforce any judgment obtained, and collect from the Collateral and any other
assets of the Issuer any monies adjudged due;

          (ii) subject to (A) the quiet enjoyment rights of any User under a User Contract
permitted by the Related Documents and (B) the restrictions set forth in the Intercreditor
Agreement, sell (including any Sale made in accordance with Section 816 hereof), hold or
enter into contracts for hire of the Collateral or any portion thereof or rights or interest
therein, at one or more public or private transactions conducted in any manner permitted by
law;

          (iii) terminate the Management Agreement and engage the Back-up Manager or another
replacement Manager;

          (iv) institute any Proceedings from time to time for the complete or partial
foreclosure of the Lien created by this Indenture with respect to the Collateral;

          (v) institute such other appropriate Proceedings to protect and enforce any other
rights, whether for the specific enforcement of any covenant or agreement in this Indenture
or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy;

          (vi) exercise any remedies of a secured party under the UCC or any Applicable Law and
take any other appropriate action to protect and enforce the rights and remedies of the
Indenture Trustee or the Noteholders hereunder in order to enforce the rights of the
Indenture Trustee hereunder;

          (vii) appoint a receiver or a manager over the Issuer or its assets;

          (viii) file proofs of “Claim” (as defined under the Bankruptcy Code);

          (ix) take possession of the Collateral or any portion thereof or rights of interest
therein; or

          (x) take any or all actions permitted under Section 401(d) hereof;

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provided, however, that no Owner Compressor may be sold pursuant to this Section 804 unless the
purchase price therefor is in cash in an amount not less than the Depreciated Value for such Owner
Compressor, unless all of the Control Parties consent to such sale; and provided, further, that no
Owner Compressors may be sold by the Indenture Trustee pursuant to this Section 804 unless the
aggregate Net Compressor Sales Proceeds to be realized from such Sale equal or exceed the amount
required to repay in full all of the amounts set forth in clauses (1) through (13) of Section
302(e) hereof, unless each Control Party and each Interest Rate Hedge Provider consent to such
Sale.

          Section 805 Indenture Trustee May Enforce Claims Without Possession of Notes. (a) In
all Proceedings brought by the Indenture Trustee (and also any Proceedings involving the
interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party),
the Indenture Trustee shall be held to represent all of the Noteholders and each Interest Rate
Hedge Provider, and it shall not be necessary to make any Noteholder a party to any such
Proceedings.

          (b) All rights of action and claims under this Indenture, the related Supplement or such Notes
may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes
or the production thereof in any Proceeding relating thereto, and any such Proceeding instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any
recovery whether by judgment, settlement or otherwise shall, after provision for the payment of the
reasonable compensation, expenses, and disbursements incurred and advances made by the Indenture
Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes and each
Interest Rate Hedge Provider, subject to the subordination of payments among Classes of a
particular Series as set forth in the related Supplement.

          Section 806 Allocation of Money Collected. If the Notes of all Series have been
declared due and payable following an Event of Default and such declaration and its consequences
have not been rescinded or annulled, any money collected by the Indenture Trustee pursuant to this
Article or otherwise and any other monies that may be held or thereafter received by the Indenture
Trustee as security for such Notes shall be paid, to the extent permitted by law, to the Persons in
the amounts and in the priority set forth in Section 302(e) hereof.

          Section 807 Limitation on Suits. Except to the extent provided in Section 808 hereof,
no Noteholder shall have the right to institute any Proceeding, with respect to this Indenture, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, unless each of the
following conditions shall have been satisfied:

          (i) such Holder has previously given written notice to the Indenture Trustee of a
continuing Event of Default;

          (ii) the Requisite Global Majority shall have made written request to the Indenture
Trustee to institute Proceedings in respect of such Event of Default in its own name as the
Indenture Trustee hereunder;

          (iii) such Holder or Holders have offered to the Indenture Trustee reasonable security
or indemnity satisfactory to it against the costs, expenses and liabilities to be incurred
in compliance with such request (the unsecured indemnity of a Rated Institutional Noteholder
being deemed satisfactory for such purpose);

          (iv) the Indenture Trustee has, for thirty (30) days after its receipt by a Corporate
Trust Officer of such notice, request and offer of security or indemnity, failed to
institute any such Proceeding;

          (v) no direction inconsistent with such written request has been given to the Indenture
Trustee during such thirty (30) day period by the Requisite Global Majority; and

          (vi) if such Series of Notes has the benefit of an Enhancement Agreement, a Series
Enhancer Default has occurred and is continuing.

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It being understood and intended that no one or more Noteholders shall have any right in any manner
whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Noteholder or any Interest Rate Hedge Provider, or to obtain or
to seek to obtain priority or preference over any other Noteholder (except to the extent provided
in the related Supplement) or to enforce any right under this Indenture, except in the manner
herein provided and for the benefit of all Noteholders.

          Section 808 Right of Holders to Receive Principal and Interest. Notwithstanding any
other provision of this Indenture, each Noteholder shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest on its Note as such principal
and interest becomes due and payable and to institute any Proceeding for the enforcement of such
payment, and such rights shall not be impaired without the consent of such Holder; provided,
however, that no Noteholder shall have any right to receive payment of principal under its Notes
prior to the Legal Final Maturity Date therefor nor shall any such Noteholder institute any
Proceeding for the enforcement of any such payment prior to such Legal Final Maturity Date.

          Section 809 Restoration of Rights and Remedies. If the Indenture Trustee or any
Holder has instituted any Proceeding to enforce any right or remedy under this Indenture or the
related Supplement and such Proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Indenture Trustee, any Series Enhancer or to such Holder, then and
in every such case, subject to any determination in such Proceeding, the Issuer, the Exterran ABS
Lessor, the Indenture Trustee, any Series Enhancer and the Holders shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and remedies of the
Indenture Trustee, such Series Enhancer and the Holders shall continue as though no such Proceeding
had been instituted.

          Section 810 Rights and Remedies Cumulative. No right or remedy conferred upon or
reserved to the Indenture Trustee, any Control Party, any Series Enhancer, any Interest Rate Hedge
Provider or to the Holders pursuant to this Indenture or any Supplement is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

          Section 811 Delay or Omission Not Waiver. No delay or omission of the Indenture
Trustee, any Control Party, any Series Enhancer, any Interest Rate Hedge Provider or any Holder of
any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Indenture Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Indenture
Trustee, any Control Party, any Series Enhancer, any Interest Rate Hedge Provider, or the Holders,
as the case may be, subject to the right of the Control Party to control such right pursuant to
Section 812 hereof.

          Section 812 Control by Requisite Global Majority. Upon the occurrence of an Event of
Default, the Requisite Global Majority shall, except as set forth in the proviso to Section 804
hereof, have the right to direct the time, method and place of conducting any Proceeding for any
remedy available to the Indenture Trustee or exercising any trust or power conferred on the
Indenture Trustee; provided that, (i) such direction shall not be in conflict with any rule of law
or with this Indenture, including, without limitation, Section 804 hereof, (ii) such Requisite
Global Majority has offered to the Indenture Trustee reasonable security or indemnity against
costs, expenses and liabilities which it might incur in connection therewith as provided in Section
902(iii) hereof and (iii) the Indenture Trustee may take any other action deemed proper by the
Indenture Trustee which is not inconsistent with such direction.

          Section 813 Waiver of Past Defaults. (a) The Requisite Global Majority may, on behalf
of all Noteholders of all Series, waive any past Event of Default and its consequences, except
that:

          (i) a waiver of any payment default (including any Event of Default under clause (i) or
(ii) of Section 801 hereof) shall require the consent of all of the Control Parties and, to
the extent required pursuant to Section 1002(a), each affected Noteholder, and shall not
require Requisite Global Majority consent; and

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          (ii) any waiver in respect of a covenant or provision hereof which, pursuant to Section
1002 hereof, cannot be modified or amended without the consent of (x) each Holder of each
Outstanding Note affected thereby and each Series Enhancer or (y) each Control Party for
each Series of Notes shall, in each case, require the consent of such Persons as are
required to amend such covenant or provision (in addition to the consent of the Requisite
Global Majority).

          (b) Upon any waiver pursuant to Section 813(a) above, such Event of Default shall cease to
exist and shall be deemed to have been cured and not to have occurred for every purpose of this
Indenture; provided, however, that no such waiver shall extend to any subsequent or other Event of
Default or impair any right consequent thereon. No such waiver shall affect any Interest Rate Swap
Agreement that has been terminated in accordance with its terms.

          Section 814 Undertaking for Costs. All parties to this Indenture agree, and each
Holder of any Note by acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as the
Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard
to the merits and good faith of the claims or defenses made by such party litigant; provided,
however, that the provisions of this Section shall not apply to any suit instituted by the
Indenture Trustee, to any suit instituted by any Holder, or group of Holders, holding in the
aggregate more than 10% of the aggregate principal balance of the Notes of all Series then
Outstanding, or to any suit instituted by any Holder for the enforcement of the payment of the
principal of or interest on any Note on or after the Legal Final Maturity Date of such Note.

          Section 815 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

          Section 816 Sale of Collateral. (a) The power to effect any sale (a “Sale”) of any
portion of the Collateral pursuant to Section 804 hereof shall not be exhausted by any one or more
Sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the
entire Collateral shall have been sold or all Outstanding Obligations shall have been paid in full.
The Indenture Trustee (at the direction of the Requisite Global Majority) may from time to time
postpone any Sale by public announcement made at the time and place of such Sale.

          (b) Upon any Sale, whether made under the power of sale hereby given or under judgment, order
or decree in any Proceeding for the foreclosure or involving the enforcement of this Indenture:
(i) the Indenture Trustee, at the written direction of the Requisite Global Majority, may bid for
and purchase the property being sold, and upon compliance with the terms of such Sale may hold,
retain and possess and dispose of such property in accordance with the terms of this Indenture; and
(ii) the receipt of the Indenture Trustee or of any officer thereof making such Sale shall be a
sufficient discharge to the purchaser or purchasers at such Sale for its or their purchase money,
and such purchaser or purchasers, and its or their assigns or personal representatives, shall not,
after paying such purchase money and receiving such receipt of the Indenture Trustee or of such
officer therefor, be obliged to see to the application of such purchase money or be in any way
answerable for any loss, misappropriation or non-application thereof.

          (c) The Indenture Trustee shall execute and deliver an appropriate instrument of conveyance
transferring its interest in any portion of the Collateral in connection with a Sale thereof. In
addition, the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of
the Issuer to transfer and convey its interest (subject to the User’s rights of quiet enjoyment) in
any portion of the Collateral in connection with a Sale thereof, and to take all action necessary
to effect such Sale. No purchaser or transferee at such a Sale shall be bound to

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ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any monies.

          (d) The Indenture Trustee acknowledges that its right to sell, transfer or otherwise convey
any Interest Rate Swap Agreement or exercise any foreclosure rights with respect thereto shall be
subject to compliance with the provisions of the applicable Interest Rate Swap Agreement.

          Section 817 Action on Notes. The Indenture Trustee’s right to seek and recover
judgment on the Notes or under this Indenture or any Supplement shall not be affected by the
seeking, obtaining or application of any other relief under or with respect to this Indenture or
any Supplement. Neither the Lien of this Indenture nor any rights or remedies of the Indenture
Trustee, any Control Party, any Series Enhancer, any Interest Rate Hedge Provider or the
Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the
Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or
upon any of the assets of the Issuer.

          Section 818 Determination of Existence of Event of Default for Purposes of Section
302(e). The Indenture Trustee shall distribute amounts pursuant to the provisions of Section
302(e) hereof on each Payment Date that occurs during the period commencing on the Indenture
Trustee’s receipt of notice from the Manager, the Issuer, either Contributor or the Requisite
Global Majority that an Event of Default has occurred and is continuing on the date of such notice
and ending on the date on which the applicable Event of Default has been waived in a written notice
to the Indenture Trustee and Issuer executed by the Persons required to consent thereto pursuant to
Section 813.

          Section 819 Notification of Each Series Enhancer and Interest Rate Hedge Provider.
Upon the Indenture Trustee’s receipt of notice with respect to, without duplication, (1) any
exercise by the Requisite Global Majority of its rights under any Related Document, (2) any
direction or instruction by the Requisite Global Majority with respect to any Related Document or
(3) any declaration, waiver or other action of the Requisite Global Majority under any Related
Document, the Indenture Trustee shall deliver a written notice to each Series Enhancer (other than
any Series Enhancer constituting part of such Requisite Global Majority) and each Interest Rate
Hedge Provider informing it of such exercise, direction, instruction, declaration, waiver or action
no later than one (1) Business Day after the Indenture Trustee’s receipt of the applicable notice.

ARTICLE IX

CONCERNING THE INDENTURE TRUSTEE

          Section 901 Duties of the Indenture Trustee. The Indenture Trustee, prior to the
occurrence of an Event of Default or after the cure or waiver of any Event of Default that may have
occurred, undertakes to perform such duties and only such duties as are specifically set forth in
this Indenture and the related Supplement and no implied duties shall be inferred against it. If
an Event of Default with respect to any Series has occurred and is continuing, the Indenture
Trustee, at the written direction of the Control Party, shall exercise such of the rights and
powers vested in it by this Indenture and the related Supplement, and use the same degree of care
and skill in its exercise as a prudent Person would exercise or use under the circumstances in the
conduct of such Person’s own affairs.

          The Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Indenture Trustee which are
specifically required to be furnished pursuant to any provisions of this Indenture and any
applicable Supplement, shall determine whether they are substantially in the form required by this
Indenture and any applicable Supplement; provided, however, that the Indenture Trustee shall not be
responsible for the accuracy or content (including mathematical calculations) of any such
resolution, certificate, statement, opinion, report, document, order or other instrument furnished
pursuant to this Indenture and any applicable Supplement.

          No provision of this Indenture or any Supplement shall be construed to relieve the Indenture
Trustee from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct; provided, however, that:

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          (i) Prior to the occurrence of an Event of Default and after the cure or waiver of any
Event of Default that may have occurred, the duties and obligations of the Indenture Trustee
shall be determined solely by the express provisions of this Indenture and any Supplements
issued pursuant to the terms hereof. The Indenture Trustee shall not be liable except for
the performance of such duties and obligations as are specifically set forth in this
Indenture and any Supplements issued pursuant to the terms hereof, and no implied covenants
or obligations shall be read into this Indenture against the Indenture Trustee and, in the
absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates, statements, reports, documents, orders, opinions
or other instruments (whether in their original or facsimile form) furnished to the
Indenture Trustee and conforming to the requirements of this Indenture and any Supplements
issued pursuant to the terms hereof;

          (ii) The Indenture Trustee shall not be liable for an error of judgment made in good
faith by a Corporate Trust Officer or Corporate Trust Officers of the Indenture Trustee,
unless it shall be proved that the Indenture Trustee was negligent in ascertaining the
pertinent facts; and

          (iii) The Indenture Trustee shall not be personally liable with respect to any action
taken, suffered or omitted to be taken by it in good faith in accordance with the direction
of the Control Party relating to the time, method and place of conducting any proceeding for
any remedy available to the Indenture Trustee, or exercising any trust or power conferred
upon the Indenture Trustee, under this Indenture.

          No provisions of this Indenture shall require the Indenture Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of its duties hereunder, or in
the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate security or indemnity against such risk or liability is not
reasonably assured to it (the unsecured indemnity of a Rated Institutional Noteholder shall not
constitute reasonable grounds for believing that repayment of any such funds is not reasonably
assured to it.)

          Whether or not therein expressly so provided, every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be
subject to the provisions of this Section 901.

          Section 902 Certain Matters Affecting the Indenture Trustee. Except as otherwise
provided in Section 901 hereof:

          (i) The Indenture Trustee may conclusively rely and shall be fully protected in acting
or refraining from acting upon any Opinion of Counsel, certificate of an officer of the
Manager, certificate of auditors or any other certificate, statement, instrument, opinion,
report, notice, request, consent, order, appraisal, bond or other paper or document (whether
in its original or facsimile form) reasonably believed by it to be genuine and to have been
signed or presented by the proper party or parties;

          (ii) The Indenture Trustee may consult with counsel of its selection and any advice of
such counsel shall be full and complete authorization and protection in respect of any
action taken or suffered or omitted by it hereunder in good faith and in accordance in
reliance thereof;

          (iii) The Indenture Trustee shall be under no obligation to institute, conduct or
defend any litigation or proceeding hereunder or in relation hereto at the request, order or
direction of the Control Party, pursuant to the provisions of this Indenture, unless the
Control Party shall have offered to the Indenture Trustee reasonable security or indemnity
satisfactory to it against the costs, expenses and liabilities which may be incurred therein
or thereby (the unsecured indemnity of a Rated Institutional Noteholder being deemed
satisfactory for such purpose);

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          (iv) The Indenture Trustee shall not be liable for any action taken, suffered or
omitted by it in good faith and believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture;

          (v) The Indenture Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond or other paper or document, unless requested
in writing to do so by the Control Party; provided, however that the Indenture Trustee may
require reasonable security or indemnity satisfactory to it against any cost, expense or
liability likely to be incurred in making such investigation as a condition to so proceeding
(the unsecured indemnity of a Rated Institutional Noteholder being deemed satisfactory for
such purposes). The reasonable expense of any such examination shall be paid, on a pro rata
basis, by the Noteholders or, if paid by the Indenture Trustee, shall be reimbursed by such
Noteholders upon demand;

          (vi) The Indenture Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through its agents or attorneys and the
Indenture Trustee shall not be responsible for any misconduct or negligence on the part of
any agent or attorney appointed by it with due care hereunder; provided, however, that any
agreement with an agent or an attorney shall provide for due care by such agent or attorney
in respect of the Issuer;

          (vii) The Indenture Trustee shall not be charged with knowledge of any default or Event
of Default unless either a Corporate Trust Officer of the Indenture Trustee shall have
actual knowledge or written notice of such shall have been actually received by a Corporate
Trust Officer of the Indenture Trustee; and

          (viii) The rights, privileges, protections, immunities and benefits given to the
Indenture Trustee, including, without limitation, its right to be indemnified, are extended
to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder,
and to each agent, custodian and other Person employed to act hereunder.

          The provisions of this Section 902 shall be applicable to the Indenture Trustee in its
capacity as the Indenture Trustee under this Indenture. Delivery of any reports, information and
documents to the Indenture Trustee provided for herein (or in any Related Document) is for
informational purposes only and the Indenture Trustee’s receipt of such shall not constitute
constructive knowledge of any information contained therein or determinable from information
contained therein, including the Manager’s or Issuer’s compliance with any of its representations,
warranties or covenants under this Indenture or any of the Related Documents (as to which the
Indenture Trustee is entitled to rely exclusively on Officers’ Certificates).

          Section 903 Indenture Trustee Not Liable. (a) The recitals contained herein (other
than the representations and warranties contained in Section 911 hereof), in any Supplement and in
the Notes (other than the certificate of authentication on the Notes) shall be taken as the
statements of the Issuer, and the Indenture Trustee assumes no responsibility for their
correctness. The Indenture Trustee makes no representations as to the validity or sufficiency of
this Indenture, any Supplement, the Notes, the Collateral or any Related Document. The Indenture
Trustee shall not be accountable for the use or application by the Issuer of any of the Notes or of
the proceeds thereof, or for the use or application of any funds paid to the Issuer or the Manager
in respect of the Collateral.

          (b) The Indenture Trustee shall have no responsibility or liability for or with respect to the
existence or validity of any Owner Compressor, the perfection of any security interest (whether as
of the date hereof or at any future time), the maintenance of or the taking of any action to
maintain such perfection, the validity of the assignment of any portion of the Collateral to the
Indenture Trustee or of any intervening assignment, the compliance by any Exterran Affiliate with
any covenant or the breach by any Exterran Affiliate of any warranty or representation made
hereunder, in any Supplement or in any Related Document or the accuracy of such warranty or
representation, any investment of monies in the Trust Account or any Series Account or any loss
resulting therefrom; provided that, such investments are made in accordance with the provisions of
Section 303 hereof, or the acts or omissions of the Manager taken in the name of the Indenture
Trustee.

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          (c) Except as expressly provided herein or in any Supplement, the Indenture Trustee shall not
have any obligation or liability under any Contract by reason of or arising out of this Indenture
or the granting of a security interest in such Contract hereunder or the receipt by the Indenture
Trustee of any payment relating to any Contract pursuant hereto, nor shall the Indenture Trustee be
required or obligated in any manner to perform or fulfill any of the obligations of the Issuer or
the Manager under or pursuant to any Contract, or to make any payment, or to make any inquiry as to
the nature or the sufficiency of any payment received by it, or the sufficiency of any performance
by any party, under any Contract.

          Section 904 Indenture Trustee May Own Notes. The Indenture Trustee in its individual
or any other capacity may become the owner or pledgee of Notes with the same rights it would have
if it were not the Indenture Trustee; provided that, such transaction shall not result in the
disqualification of the Indenture Trustee for purposes of Rule 3a-7 under the Investment Company
Act of 1940.

          Section 905 Indenture Trustee’s Fees and Expenses. The fees (“Indenture Trustee’s
Fees”) of the Indenture Trustee shall be paid by the Issuer in accordance with Section 302 hereof
in an amount equal to $12,000 per year. In addition, on the Closing Date, the Issuer shall pay to
the Indenture Trustee an up-front fee equal to $7,500 plus reasonable attorneys’ fees. Subject to
the provisions of Section 902(iii) hereof, the Issuer shall, to the extent not paid by the Manager,
indemnify the Indenture Trustee and each of its officers, directors and employees for, and hold
them harmless against, (i) any loss, liability, damage claim or expense (including attorneys’ fees
and expenses) incurred without negligence or willful misconduct on their part, arising out of or in
connection with the acceptance or administration of this trust, including the costs and expenses of
defending itself both individually and in its representative capacity against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder
and (ii) any loss, liability or expense directly or indirectly incurred as a result of any penalty
or other cost imposed by the Internal Revenue Service or other taxing authority (the amounts
described in clauses (i) and (ii) collectively, the “Indenture Trustee Indemnified Amounts”).

          The obligations of the Issuer under this Section 905 to compensate the Indenture Trustee, to
pay or reimburse the Indenture Trustee for expenses, disbursements and advances and to indemnify
and hold harmless the Indenture Trustee shall constitute Outstanding Obligations hereunder and
shall survive the resignation or removal of the Indenture Trustee and the satisfaction and
discharge of this Indenture.

          When the Indenture Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 801(xi) or Section 801(xii), the expenses and the compensation for the
services are intended to constitute expenses of administration under any bankruptcy law.

          Section 906 Eligibility Requirements for the Indenture Trustee. The Indenture Trustee
hereunder shall at all times be a national banking association or a corporation, organized and
doing business under the laws of the United States of America or any State, and authorized under
such laws to exercise corporate trust powers. In addition, the Indenture Trustee or its parent
corporation shall at all times (i) have a combined capital and surplus of at least $250,000,000,
(ii) be subject to supervision or examination by Federal or state authority and (iii) have a
long-term unsecured senior debt rating of “A-2” or better by Moody’s Investors Service, Inc. and a
long-term unsecured senior debt rating of “A” by Standard & Poor’s Rating Services and short-term
unsecured senior debt rating of “P-1” or better by Moody’s Investors Service, Inc. and a short-term
unsecured senior debt rating of “A-2” by Standard & Poor’s Rating Services. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of such
supervising or examining authority, then, for the purposes of this Section 906, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. In case at any time the Indenture
Trustee shall cease to be eligible in accordance with the provisions of this Section, the Indenture
Trustee shall resign promptly in the manner and with the effect specified in Section 907 hereof.

          Section 907 Resignation and Removal of the Indenture Trustee. The Indenture Trustee
may at any time resign and be discharged from the trusts hereby created by giving written notice
thereof to the Issuer, the Manager, the Deal Agent, each Series Enhancer, each Interest Rate Hedge
Provider and the Noteholders. Upon receiving such notice of resignation, the Issuer shall promptly
appoint a successor trustee by written instrument, a copy of which original instrument shall be
delivered to the resigning Indenture Trustee and the successor Indenture Trustee. A copy of the
instrument shall also be delivered to the Deal Agent. If no successor Indenture Trustee shall

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have been so appointed and have accepted appointment within ninety (90) days after the giving
of such notice of resignation, the Requisite Global Majority may appoint a successor trustee or, if
it does not do so within thirty (30) days thereafter, the resigning Indenture Trustee may petition
at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor
trustee, which successor trustee shall meet the eligibility standards set forth in Section 906.

          If, at any time, the Indenture Trustee shall cease to be eligible in accordance with the
provisions of Section 906 hereof and shall fail to resign after written request therefor by the
Issuer, any Control Party or the Manager, or if at any time the Indenture Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Indenture
Trustee or of its property shall be appointed, or any public officer shall take charge or control
of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Issuer shall remove the Indenture Trustee and appoint a
successor Indenture Trustee by written instrument, in duplicate, one copy of which original
instrument shall be delivered to the Indenture Trustee so removed and one copy to the successor
Indenture Trustee.

          Any resignation or removal of the Indenture Trustee and appointment of a successor trustee
pursuant to any of the provisions of this Section shall become effective upon, and only upon,
acceptance of appointment by the successor trustee as provided in Section 908 hereof.

          Section 908 Successor Indenture Trustee. Any successor Indenture Trustee appointed as
provided in Section 907 hereof shall execute, acknowledge and deliver to the Issuer and to its
predecessor Indenture Trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor Indenture Trustee shall become effective and such
successor Indenture Trustee, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect
as if originally named as the Indenture Trustee herein. The predecessor Indenture Trustee shall
upon payment of all charges due it, its agents and counsel deliver to the successor Indenture
Trustee all documents relating to the Collateral, if any, delivered to it, together with any amount
remaining in the Trust Account, and any other Series Accounts. In addition, the predecessor
Indenture Trustee and, upon request of the successor Indenture Trustee, the Issuer shall execute
and deliver such instruments and do such other things as may reasonably be required for more fully
and certainly vesting and confirming in the successor Indenture Trustee all such rights, powers,
duties and obligations.

          No successor Indenture Trustee shall accept appointment as provided in this Section 908 unless
at the time of such acceptance such successor Indenture Trustee shall be eligible under the
provisions of Section 906 hereof and the Requisite Global Majority has not objected to such
appointment within ten (10) days.

          Upon acceptance of appointment by a successor Indenture Trustee as provided in this Section
908, the Issuer shall mail notice of the succession of such Indenture Trustee hereunder to each
Interest Rate Hedge Provider and to all Noteholders at their addresses as shown in the registration
books maintained by the Indenture Trustee. If the Issuer fails to mail such notice within ten (10)
days after acceptance of appointment by the successor Indenture Trustee, the successor Indenture
Trustee shall cause such notice to be mailed at the expense of the Issuer.

          Section 909 Merger or Consolidation of the Indenture Trustee. Any entity into which
the Indenture Trustee may be merged or converted or with which it may be consolidated, or any
entity resulting from any merger, conversion or consolidation to which the Indenture Trustee shall
be a party, or any entity succeeding to the business of the Indenture Trustee, shall be the
successor of the Indenture Trustee hereunder, provided such entity shall be eligible under the
provisions of Section 906 hereof, without the execution or filing of any paper, deed or conveyance
or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding.

          Section 910 Separate Indenture Trustees, Co-Indenture Trustees and Custodians. If the
Indenture Trustee is not capable of acting outside the United States, it shall have the power from
time to time to appoint one or more Persons or corporations to act either as co-trustees jointly
with the Indenture Trustee, or as separate trustees, or as custodians, for the purpose of holding
title to, foreclosing or otherwise taking action with respect to any of the Collateral, when such
separate trustee or co-trustee is necessary or advisable under any Applicable Laws or for the
purpose of otherwise conforming to any legal requirement, restriction or condition in any

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applicable jurisdiction. The separate trustees, co-trustees, or custodians so appointed shall
be trustees, co-trustees, or custodians for the benefit of all Noteholders and each Interest Rate
Hedge Provider, and shall have such powers, rights and remedies as shall be specified in the
instrument of appointment; provided, however, that no such appointment shall, or shall be deemed
to, constitute the appointee an agent of the Indenture Trustee. The Issuer shall join in any such
appointment, but such joining shall not be necessary for the effectiveness of such appointment.

          Every separate trustee, co-trustee and custodian shall, to the extent permitted by law, be
appointed and act subject to the following provisions and conditions:

          (i) all powers, duties, obligations and rights conferred upon the Indenture Trustee in
respect of the receipt, custody and payment of moneys shall be exercised solely by the
Indenture Trustee;

          (ii) all other rights, powers, duties and obligations conferred or imposed upon the
Indenture Trustee shall be conferred or imposed upon and exercised or performed by the
Indenture Trustee and such separate trustee, co-trustee, or custodian jointly, except to the
extent that under any law of any jurisdiction in which any particular act or acts are to be
performed the Indenture Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised
and performed by such separate trustee, co-trustee or custodian;

          (iii) no trustee or custodian hereunder shall be personally liable by reason of any act
or omission of any other trustee or custodian hereunder; and

          (iv) the Issuer or the Indenture Trustee may at any time accept the resignation of or
remove any separate trustee, co-trustee or custodian so appointed by it or them if such
resignation or removal does not violate the other terms of this Indenture.

          Any notice, request or other writing given to the Indenture Trustee shall be deemed to have
been given to each of the then separate trustees and co-trustees, as effectively as if given to
each of them. Every instrument appointing any separate trustee, co-trustee, or custodian shall
refer to this Indenture and the conditions of this Article. Each separate trustee and co-trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may
be provided therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be furnished to the Indenture
Trustee and each Series Enhancer.

          Any separate trustee, co-trustee or custodian may, at any time, constitute the Indenture
Trustee, its agent or attorney-in-fact, with full power and authority, to the extent not prohibited
by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.
If any separate trustee, co-trustee, or custodian shall die, become incapable of acting, resign or
be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee or custodian.

          No separate trustee, co-trustee or custodian hereunder shall be required to meet the terms of
eligibility as successor trustee under Section 906 hereof and no notice to Noteholders of the
appointment thereof shall be required under Section 908 hereof.

          The Indenture Trustee agrees to instruct the co-trustees, if any, to the extent necessary to
fulfill the Indenture Trustee’s obligations hereunder.

          Section 911 Representations and Warranties. The Indenture Trustee hereby represents
and warrants as of the date of issuance of each Series that:

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          (a) Organization and Good Standing. The Indenture Trustee is a national banking
association duly organized, validly existing and in good standing under the laws of the United
States of America, and has the power to own its assets and to transact the business in which it is
presently engaged;

          (b) Authorization. The Indenture Trustee has the power, authority and legal right to
execute, deliver and perform this Indenture and each Supplement and to authenticate the Notes, and
the execution, delivery and performance of this Indenture and each Supplement and the
authentication of the Notes has been duly authorized by the Indenture Trustee by all necessary
corporate action;

          (c) Binding Obligations. This Indenture and each Supplement, assuming due
authorization, execution and delivery by the Issuer, constitutes the legal, valid and binding
obligations of the Indenture Trustee, enforceable against the Indenture Trustee in accordance with
its terms, except that (i) such enforcement may be subject to bankruptcy, insolvency,
reorganization, moratorium or other similar laws (whether statutory, regulatory or decisional) now
or hereafter in effect relating to creditors’ rights generally and the rights of trust companies in
particular and (ii) the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to certain equitable defenses and to the discretion of the court before which
any proceeding therefor may be brought, whether in a proceeding at law or in equity;

          (d) No Violation. The performance by the Indenture Trustee of its obligations under
this Indenture and each Supplement will not conflict with, result in any breach of any of the terms
and provisions of, or constitute (with or without notice, lapse of time or both) a default under,
the charter documents or bylaws of the Indenture Trustee;

          (e) No Proceedings. There are no proceedings or investigations to which the Indenture
Trustee is a party pending, or, to the knowledge of the Indenture Trustee without independent
investigation, threatened, before any court, regulatory body, administrative agency or other
tribunal or Governmental Authority (A) asserting the invalidity of this Indenture or the Notes, (B)
seeking to prevent the issuance of the Notes or the consummation of any of the transactions
contemplated by this Indenture or (C) seeking any determination or ruling that would materially and
adversely affect the performance by the Indenture Trustee of its obligations under, or the validity
or enforceability of, this Indenture or the Notes;

          (f) Approvals. Neither the execution or delivery by the Indenture Trustee of this
Indenture nor the consummation of the transactions by the Indenture Trustee contemplated hereby
requires the consent or approval of, the giving of notice to, the registration with or the taking
of any other action with respect to any Governmental Authority under any existing federal or State
of Minnesota law governing the banking or trust powers of the Indenture Trustee;

          (g) Control of Indenture Trustee. The Indenture Trustee is not directly or indirectly
controlled by any Exterran Affiliate or any of its Affiliates. The Indenture Trustee will promptly
notify the Issuer, each Series Enhancer, each Interest Rate Hedge Provider, the Deal Agent and the
Contributors if at any time it becomes controlled by any Exterran Affiliate or any of its
Affiliates;

          (h) Knowledge of Adverse Claims. Wells Fargo Bank, National Association does not have
any knowledge of adverse claim with respect to the Collateral in which the security interest is
being granted;

          (i) No Conflict; Legal Compliance. The execution, delivery and performance of this
Indenture and each of the Supplements will not: (a) contravene any provision of the Indenture
Trustee’s Organizational Documents; (b) contravene, conflict with or violate any Applicable Law or
regulation, or any order, writ, judgment, injunction, decree, determination or award of any
Governmental Authority that could result in a Material Adverse Change; or (c) violate or result in
the breach of, or constitute (with or without Notice, lapse of time or both) a default under this
Indenture, the Related Documents, any other indenture or other loan or credit agreement, or other
agreement or instrument to which the Indenture Trustee is a party or by which the Indenture
Trustee, or its property and assets, may be bound or affected that could result in a Material
Adverse Change or result in a Lien on any Collateral other than Permitted Encumbrances. The
Indenture Trustee is not in violation or breach of or default under any law, rule, regulation,
order, writ, judgment, injunction, decree, determination or award or any

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contract, agreement, lease, license, indenture or other instrument to which it is a party that
could result in a Material Adverse Change; and

          (j) Compliance with Law. The Indenture Trustee:

          (i) is not in violation of (1) any laws, ordinances, governmental rules or regulations,
or (2) court orders to which it is subject, the violation of either of which could
reasonably be expected to materially and adversely affect the ability of the Indenture
Trustee to perform its obligations under and comply with the terms of this Indenture or any
of the Supplements or other Related Documents to which it is a party;

          (ii) has not failed to obtain any licenses, permits, franchises or other governmental
authorizations which failure could reasonably be expected to materially and adversely affect
the ownership of its property or the conduct of its business including, without limitation,
with respect to transactions contemplated by this Indenture and any of the Supplements or
other Related Documents to which it is a party; and

          (iii) is not in violation in any respect of any term of any agreement, certificate of
formation, by law, or any instrument to which it is a party or by which it may be bound,
which violation could reasonably be expected to materially and adversely affect the business
or condition (financial or otherwise) of the Indenture Trustee, or the interests of the
Noteholders, any Series Enhancer or Eligible Interest Rate Hedge Counterparty in any
Collateral.

          Section 912 Indenture Trustee Offices. The Indenture Trustee shall maintain in the
State of Minnesota an office or offices or agency or agencies where Notes may be surrendered for
registration of transfer or exchange, which office shall initially be located at MAC N9311-161,
Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479 and shall promptly notify the
Issuer, the Manager, the Noteholders and each Interest Rate Hedge Provider of any change of such
location.

          Section 913 Notice of Event of Default. If a Corporate Trust Officer of the Indenture
Trustee shall have actual knowledge that an Event of Default with respect to any Series shall have
occurred and be continuing, the Indenture Trustee shall promptly (but in any event within five (5)
Business Days) give written notice thereof to each Noteholder, each Interest Rate Hedge Provider,
each Rating Agency and each Series Enhancer of such Series. For all purposes of this Indenture, in
the absence of actual knowledge by a Corporate Trust Officer of the Indenture Trustee, the
Indenture Trustee shall not be deemed to have actual knowledge of any Event of Default unless
notified in writing thereof by the Issuer, the Contributor, the Manager, any Series Enhancer or any
Noteholder, and such notice references the applicable Series of Notes generally, the Issuer, this
Indenture or the applicable Supplement.

          Section 914 Indenture Trustee’s Application for Instructions from the Issuer. Any
application by the Indenture Trustee for written instructions from the Issuer may, at the option of
the Indenture Trustee, set forth in writing any action proposed to be taken or omitted by the
Indenture Trustee under this Indenture and the date on and/or after which such action shall be
taken or such omission shall be effective. The Indenture Trustee shall not be liable for any
action taken by, or omission of, the Indenture Trustee in accordance with a proposal included in
such application on or after the date specified in such application (which date shall not be less
than three (3) Business Days after the date any officer of the Issuer actually receives such
application, unless any such officer shall have consented in writing to any earlier date) unless
prior to taking any such action (or the effective date in the case of an omission), the Indenture
Trustee shall have received written instructions in response to such application specifying the
action to be taken or omitted.

          Section 915 Indenture Trustee’s Duties — Monthly Tape. (a) Pursuant to the
Management Agreement, the Manager is required to deliver to the Indenture Trustee and the Indenture
Trustee hereby consents to accept, on each Determination Date, the Monthly Tape, which Monthly Tape
shall contain each User’s name, address, telephone number, location of Owner Compressor(s), monthly
revenue rate, maintenance information and other pertinent terms and conditions of the User
Contract; provided, however, that the Monthly Tape is in a format to be agreed upon by the Manager
and the Indenture Trustee. The Indenture Trustee shall notify the Issuer, the

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Manager, the Deal Agent, each Interest Rate Hedge Provider and each Series Enhancer in writing
of any material inconsistencies between the related Manager Report and the Monthly Tape and of any
information that is missing from such Manager Report and shall confirm conformity of actual Manager
remittances to such Manager Report.

          (b) If the Manager disagrees with the computations provided under paragraph (a) above by the
Indenture Trustee or if the Manager has not reconciled such discrepancy, the Indenture Trustee
agrees to confer with the Manager to resolve such disagreement on or prior to the next succeeding
Determination Date and shall settle such discrepancy with the Manager, and notify the Deal Agent
and any Series Enhancer of the resolution thereof. The Manager hereby agrees to cooperate, at its
own expense, with the Indenture Trustee in reconciling any discrepancies herein. If, within thirty
(30) days of notice to the Manager, each Series Enhancer, each Interest Rate Hedge Provider, the
Deal Agent and the Indenture Trustee, such discrepancy is not resolved, the Indenture Trustee shall
promptly notify the Deal Agent, the Issuer, each Interest Rate Hedge Provider and each Series
Enhancer of such discrepancy. Following receipt of such notice from the Indenture Trustee, the
Manager shall deliver to the Rating Agencies, the Noteholders, each Series Enhancer, each Interest
Rate Hedge Provider and the Indenture Trustee no later than the related Payment Date a certificate
describing the nature and cause of such discrepancies and the Manager shall hire independent
accountants (who may also provide other services to the Manager), at Manager’s expense, to examine
the Manager Report and attempt to reconcile discrepancies at the earliest possible date. The
result, if any, of such reconciliation shall be reflected in the Manager Report for the next
succeeding Determination Date.

          Other than the duties specifically set forth in this Indenture, the Indenture Trustee shall
have no obligations hereunder, including, without limitation, to supervise, verify, monitor or
administer the performance of the Manager. The Indenture Trustee shall have no liability for any
actions taken or omitted by the Manager. The duties and obligations of the Indenture Trustee shall
be determined solely by the express provisions of this Indenture and no implied covenants or
obligations shall be read into this Indenture against the Indenture Trustee.

ARTICLE X

SUPPLEMENTAL INDENTURES; AMENDMENTS

          Section 1001 Supplemental Indentures Not Requiring Consent of Holders. (a) Without
the consent of any Holder and based on an Opinion of Counsel in form and substance reasonably
acceptable to the Indenture Trustee to the effect that such Supplement is for one of the purposes
set forth in clauses (i) through (viii) below, the Issuer, the Indenture Trustee and the Exterran
ABS Lessor, at any time and from time to time, may enter into an amendment hereto or into one or
more Supplements in form satisfactory to the Indenture Trustee, for any of the following purposes:

          (i) to add to the covenants of the Issuer and/or the Exterran ABS Lessor in this
Indenture for the benefit of the Holders of all Series then Outstanding or any Series
Enhancer, or to surrender any right or power conferred upon the Issuer in this Indenture;

          (ii) to cure any ambiguity or to correct or supplement any provision in this Indenture
which is inconsistent with any other provision in this Indenture;

          (iii) to correct or amplify the description of any property at any time subject to the
Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee
any property subject or required to be subject to the Lien of this Indenture, or to subject
additional property to the Lien of this Indenture;

          (iv) to add to the conditions, limitations and restrictions on the authorized amount,
terms and purposes of issue, authentication and delivery of the Notes, as herein set forth,
or additional conditions, limitations and restrictions thereafter to be observed by the
Issuer;

          (v) to convey, transfer, assign, mortgage or pledge any additional property to or with
the Indenture Trustee;

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          (vi) to evidence the succession of the Indenture Trustee pursuant to Article IX;

          (vii) to add any additional Events of Default; or

          (viii) to issue any additional Series of Notes in accordance with the provisions of
Section 1006 hereof.

If the terms of any such Supplement or amendment contemplated by this Section 1001 adversely
affects the rights, duties or interests of any Interest Rate Hedge Provider or any Series Enhancer,
then each such Interest Rate Hedge Provider or Series Enhancer, as the case may be, must receive a
copy of such proposed Supplement or amendment from the Issuer and also issue its prior written
consent to such Supplement or amendment.

          (b) Promptly after the execution by the Issuer, the Indenture Trustee and the Exterran ABS
Lessor of any amendment or Supplement pursuant to this Section 1001, the Issuer shall mail to the
Holders of all Notes then Outstanding, each Rating Agency, each Interest Rate Hedge Provider and
each Series Enhancer, a notice setting forth in general terms the substance of such amendment or
Supplement, together with a copy of the text of such amendment or Supplement. Any failure of the
Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such amendment or Supplement.

          Section 1002 Supplemental Amendment (Not Creating a New Series) with Consent of
Holders. (a) The Issuer, the Indenture Trustee and the Exterran ABS Lessor may, with the
consent of the Requisite Global Majority, enter into an amendment or a Supplement hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of modifying in any manner the rights of the Holders under this Indenture (to
the extent such subject matter is not addressed in Section 1001 or Section 1006 hereof); provided,
however, that no such amendment or Supplement shall amend or modify the terms of any Supplement
related to a particular Series (i.e., the Supplement establishing the Principal Terms of such
Series) without the consent of the Control Party for such Series; and provided, further, that (1)
no such amendment or Supplement shall, without the consent of the Holder of each Outstanding Note
affected thereby:

          (i) extend the due date for the payment of any principal of, or reduce the principal
amount of, or reduce any scheduled repayment of the principal balance of, any Note or reduce
the rate of interest payable thereon, change the priority of any such principal or interest
payments pursuant to this Indenture or any Supplement, or the date on which, or the place of
payment where, any such payment is to be made;

          (ii) change the coin or currency in which the principal balance of any Note or the
interest thereon is payable;

          (iii) impair the right to institute suit for the enforcement of (A) any interest
payment on any Payment Date or (B) the principal balance of any Note on or after the Legal
Final Maturity Date thereof;

          (iv) reduce the percentage of Outstanding Notes (or the commitments of the Noteholders)
required for (a) the consent of any Supplement to this Indenture, (b) the consent required
for any waiver of compliance with certain provisions of this Indenture or Events of Default
hereunder and their consequences as provided for in this Indenture or (c) the consent
required to waive any payment default on the Notes;

          (v) modify any of the provisions of this Section 1002 except to increase any percentage
provided herein or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Outstanding Note affected
thereby;

          (vi) modify or alter the definition of the terms “Advance Rate”, “Existing Commitment”,
“Initial Commitment”, “Minimum Principal Payment Amount”, “Outstanding”, “Requisite Global
Majority” or “Scheduled Principal Payment Amount”;

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          (vii) impair or adversely affect the Collateral or reduce the scope of the
definition of “Collateral”, in each case except as otherwise permitted herein;

          (viii) permit the creation of any Lien ranking prior to, or on a parity with, the Lien
of this Indenture with respect to any part of the Collateral, or terminate or release the
Lien of this Indenture on any Collateral (except to the extent authorized by the terms of
this Indenture); or

          (ix) amend Section 209 hereof or change in any manner the calculation of the Requisite
Global Majority or any other calculation made for purposes of determining the number of
Series Enhancers or Control Parties required to vote or consent with respect to any matter;
and

(2) no such amendment or Supplement shall, without the consent of each Control Party for each
Series of Notes:

          (i) modify or alter the definition of the terms “Asset Base”, “Debt Limit”, “Eligible
Compressor”, “Eligible Contract”, “Free Cash Flow Limit”, “Free Cash Flow Event”, “Minimum
Principal Payment Amount”, “Net Revenue”, “Net Revenue Event”, “Net Revenue Limit”,
“Supplemental Principal Payment Amount”, “Trigger Event” or “Undercollateralization Event”;
or

          (ii) modify or alter the provisions of Section 301, 302, 702 or 1006 of this Indenture
or any defined terms used in or related to any of the foregoing Sections.

If the terms of any such Supplement or amendment contemplated by this Section 1002 materially and
adversely affect the rights, duties or interests of any Interest Rate Hedge Provider or any Series
Enhancer, then each such Interest Rate Hedge Provider or Series Enhancer must receive a copy of
such proposed Supplement or amendment from the Issuer and also issue its prior written consent to
such Supplement or amendment.

          (b) Promptly after the execution by the Issuer, the Exterran ABS Lessor and the Indenture
Trustee of any amendment or Supplement pursuant to this Section 1002, the Issuer shall mail to the
Holders of Notes then Outstanding, each Rating Agency, each Series Enhancer and each Interest Rate
Hedge Provider related to such Series, a notice setting forth in general terms the substance of
such amendment or Supplement, together with a copy of the text of such amendment or Supplement.
Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such amendment or Supplement.

          Section 1003 Execution of Supplemental Indentures. In executing, or accepting the
additional trusts created by, a Supplement permitted by this Article or the modification thereby of
the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and shall
be fully protected in relying upon, an Opinion of Counsel stating that the execution of such
Supplement is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not
be obligated to, enter into any such Supplement which affects the Indenture Trustee’s own rights,
duties or immunities under this Indenture or otherwise.

          Section 1004 Effect of Supplemental Indentures. Upon the execution of any Supplement
under this Article, this Indenture shall be modified in accordance therewith, and such Supplement
shall form a part of this Indenture for all purposes, and every Holder of Notes theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby.

          Section 1005 Reference in Notes to Supplemental Indentures. Notes authenticated and
delivered after the execution of any Supplement pursuant to this Article may, and shall if required
by the Issuer, bear a notation in form approved by the Indenture Trustee as to any matter provided
for in such Supplement. If the Issuer shall so determine, new Notes so modified as to conform, in
the opinion of the Indenture Trustee, may be prepared and executed by the Issuer and authenticated
and delivered by the Indenture Trustee in exchange for Outstanding Notes.

          Section 1006 Issuance of Series of Notes. (a) The Issuer and the Exterran ABS Lessor
may from time to time direct the Indenture Trustee in writing to execute and authenticate one or
more Series of Notes (each, a “Series”).

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          (b) On or before the Series Issuance Date relating to any Series, the Issuer and the Indenture
Trustee, and, if required pursuant to the terms of the Lease, the Exterran ABS Lessor will execute
and deliver a Supplement which will specify the Principal Terms of such Series. The terms of such
Supplement may modify or amend the terms of this Indenture solely as applied to such Series and,
with the consent of the Control Party (and, if such Control Party is not the Series Enhancer for
such Series, the Series Enhancer) for each other Series of Notes then Outstanding, may amend this
Indenture as applicable to such other Series; provided that, any such amendment to this Indenture
satisfies all applicable provisions of Section 1002 hereof. The Issuer’s right to direct the
Indenture Trustee, and the obligation of the Indenture Trustee to authenticate, execute and deliver
the Notes of such Series and to execute and deliver the related Supplement is subject to the
satisfaction of the following conditions:

          (i) except for any Supplements executed on the Closing Date, on or before the tenth
Business Day immediately preceding the Series Issuance Date (unless the parties to be
notified agree to a shorter notice period), the Issuer shall have given the Indenture
Trustee, the Manager, each Interest Rate Hedge Provider, the Deal Agent, each Rating Agency
(and, if such additional Series is to be registered pursuant to the Securities Act, all
Rating Agencies that have rated any prior Series) and each Series Enhancer notice of the
Series and the Series Issuance Date;

          (ii) the Issuer shall have delivered to the Indenture Trustee the related Supplement,
in form satisfactory to the Indenture Trustee, executed by the Issuer;

          (iii) if applicable, the Issuer shall have delivered to the Indenture Trustee an
executed Enhancement Agreement with respect to such Series of Notes;

          (iv) if any Series of Notes then Outstanding has been assigned a rating by one or more
Rating Agencies, the Rating Agency Condition(s) shall have been satisfied with respect to
each such Series of Notes;

          (v) the Issuer shall have delivered to the Indenture Trustee, each Rating Agency, each
Interest Rate Hedge Provider, each Series Enhancer and, if required, any Noteholder, any
Opinions of Counsel required by the related Supplement, including without limitation with
respect to true sale, enforceability, non-consolidation and security interest perfection
issues;

          (vi) no Trigger Event or Prospective Trigger Event has occurred and is then continuing
or would result from the issuance of such additional Series of Notes and the representations
and warranties of the Issuer set forth in this Indenture or in any other Related Document
shall be true and correct both before and immediately after the issuance of such additional
Series of Notes and the Issuer shall have delivered to the Indenture Trustee and each Series
Enhancer an Officer’s Certificate with respect to the matters described in this clause (iv);

          (vii) such other conditions as shall be specified in the related Supplement;

          (viii) the Issuer shall have delivered to the Indenture Trustee, each Rating Agency and
each Series Enhancer, two (2) Appraisals of the Owner Compressors (including any Compressors
to be acquired by the Issuer with the proceeds of such Series), which Appraisal shall be
dated not more than one hundred eighty (180) days prior to the proposed Series Issuance
Date; provided, however, that for the first Series Issuance Date, such Appraisals shall be
due no later than sixty (60) days following the Control Party’s request;

          (ix) the Aggregate Appraised Value shall be equal to, or greater than, the then
Aggregate Note Principal Balance, calculated giving effect to the issuance of such Notes;

          (x) such additional Series of Notes shall consist of only one Class of Notes;

          (xi) the principal balance of, and accrued interest on, such additional Series of Notes
shall be denominated and payable in Dollars;

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          (xii) EESLP shall be the Manager on the Series Issuance Date of such additional Series
of Notes;

          (xiii) the interest rate per annum payable with respect to the principal balance of
such additional Series of Notes shall be either a fixed annual percentage rate or a floating
rate of interest based on a benchmark interest rate commonly utilized in commercial banking
transactions;

          (xiv) the Issuer will, not later than thirty (30) days after the Series Issuance Date,
enter into one or more Interest Rate Swap Agreements such that, after giving effect to the
issuance of such additional Series of Notes, the Issuer will be in compliance with the
Hedging Requirements, and the Issuer shall have delivered copies of such executed Interest
Rate Swap Agreements (if any) to the Indenture Trustee;

          (xv) such other conditions as shall be specified in any Series of Notes Outstanding
immediately prior to the issuance of such additional Series of Notes; and

          (xvi) the Issuer shall have delivered to the Indenture Trustee and each Series Enhancer
for each Series of Notes then Outstanding an Officer’s Certificate that all of the
conditions specified in clauses (i) through (xv) above have been satisfied.

Upon satisfaction of the above conditions, the Indenture Trustee shall execute the Supplement for
such Series and authenticate, execute and deliver the Notes of such Series.

ARTICLE XI

HOLDERS LISTS

          Section 1101 Indenture Trustee to Furnish Issuer Names and Addresses of Holders.
Unless otherwise provided in the related Supplement, the Indenture Trustee will furnish or cause to
be furnished to the Issuer (i) not more than ten (10) days after receipt of a request from the
Issuer, a list, in such form as the Issuer may reasonably require, of the names, addresses and tax
identification numbers of the Holders of Notes as of such date, and (ii) at such other times as the
Issuer may request in writing, within thirty (30) days after the receipt by the Indenture Trustee
of any such request, a list of similar form and content as of a date not more than fifteen (15)
days prior to the time such list is furnished.

          Section 1102 Preservation of Information; Communications to Holders. The Indenture
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses
of Holders contained in the most recent list furnished to the Issuer as provided in Section 1101
and the names and addresses of Holders received by the Note Registrar. The Issuer may destroy any
list furnished to it as provided in Section 1101 upon receipt of a new list so furnished.

ARTICLE XII

MISCELLANEOUS PROVISIONS

          Section 1201 Compliance Certificates and Opinions. (a) Upon any application or
request by the Issuer to the Indenture Trustee to take any action under any provision of this
Indenture or any Supplement, the Issuer shall furnish to the Indenture Trustee a certificate
stating that all conditions precedent, if any, provided for in this Indenture and any relevant
Supplement relating to the proposed action have been complied with and, if deemed reasonably
necessary by the Indenture Trustee or if required pursuant to the terms of this Indenture, an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or opinion need be
furnished.

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          (b) Every certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:

          (i) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as
to whether such covenant or condition has been complied with; and

          (ii) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.

          Section 1202 Form of Documents Delivered to Indenture Trustee. (a) In any case where
several matters are required to be certified by, or covered by an opinion of, any specified Person,
it is not necessary that all such matters be certified by, or covered by the opinion of, only one
such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents.

          (b) Any certificate or opinion may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows that the
certificate or opinion or representations with respect to the matters upon which his certificate or
opinion is based are erroneous.

          (c) Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

          Section 1203 Acts of Holders. (a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture or any Supplement to be given or
taken by Holders may be (i) embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by an agent duly appointed in writing, (ii)
evidenced by the written consent or direction of Holders of the specified percentage of the
principal amount of the Notes, or (iii) evidenced by a combination of such instrument or
instruments; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments and record are delivered to the Indenture Trustee and, where it
is hereby expressly required, to the Issuer. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this
Section 1203.

          (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner which the Indenture Trustee deems sufficient.

          (c) The ownership of Notes shall be proved by the Note Register.

          (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note
issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in
reliance thereon, whether or not notation of such action is made upon such Note.

          Section 1204 Inspection. The Requisite Global Majority shall have the right to
inspect the Owner Compressors, the receivables aging system and all books, records, reports, User
Contracts, insurance policies, and other documents relating to the Owner Compressors or the User
Contracts all in the format which the

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Manager uses for the Exterran Compressors. Such inspections shall (a) be conducted upon
reasonable request and notice to the Issuer and the Manager, (b) be conducted during normal
business hours, (c) be subject to the Manager’s customary security procedures and the execution of
reasonable and customary confidentiality agreements and (d) not unreasonably disrupt the Issuer’s
and/or the Manager’s business. The Series Enhancers and the Deal Agent each acknowledge that the
Manager for purposes of any such inspection shall grant the Requisite Global Majority and their
respective agents (including certified public accountants, auditors and Eligible Appraisers) access
to the Manager’s computer systems (including the receivables aging system) and data relating solely
to the Owner Compressors and User Contracts contained therein. The Requisite Global Majority (and
their respective agents) shall each have the right to (i) one such inspection per calendar year
(and an additional inspection by any Series Enhancer in connection with any refinancing involving
such Series Enhancer), at the cost and expense (including the legal and accounting fees incurred by
the Control Party and Deal Agent) of the Manager and (ii) one additional inspection at their own
cost and expense, unless a Trigger Event shall have occurred and be continuing, in which case, the
Requisite Global Majority (and their agents) shall have the right to such inspection any number of
times and each time the costs and expenses shall be borne by the Manager. The Requisite Global
Majority (and their agents, including certified public accountants, auditors and Eligible
Appraisers) shall also have the right to inspect the receivables aging system within ninety (90)
days of the Closing Date, at the cost and expense of the Manager. The access and examination shall
be made on the same date or dates as agreed by the Requisite Global Majority.

          Section 1205 Limitation of Rights. Except as expressly set forth in this Indenture,
this Indenture shall be binding upon the Issuer, the Noteholders and their respective successors
and permitted assigns and shall not inure to the benefit of any Person other than the parties
hereto, the Noteholders and the Manager as provided herein. Notwithstanding the previous sentence,
the parties hereto and each Noteholder (by its acceptance of a Note) acknowledge that each Series
Enhancer for a Series of Notes and each Interest Rate Hedge Provider is an express third party
beneficiary hereof entitled to enforce its rights hereunder as if actually a party hereto.

          Section 1206 Severability. If any provision of this Indenture is held to be in
conflict with any applicable statute or rule of law or is otherwise held to be unenforceable for
any reason whatsoever, such circumstances shall not have the effect of rendering the provision in
question inoperative or unenforceable in any other case or circumstance, or of rendering any other
provision or provisions herein contained invalid, inoperative, or unenforceable to any extent
whatsoever.

          The invalidity of any one or more phrases, sentences, clauses or Sections of this Indenture
shall not affect the remaining portions of this Indenture, or any part thereof.

          Section 1207 Notices. All demands, notices and communications hereunder shall be made
in writing, personally delivered, or by facsimile (with subsequent telephone confirmation of
receipt thereof), or sent by internationally recognized overnight courier service, (a) in the case
of the Indenture Trustee, at the following address: MAC N9311-161 Sixth Street and Marquette
Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services — Asset-Backed
Administration (b) in the case of the Issuer and the Exterran ABS Lessor, at the following address:
16666 Northchase Drive, Houston, Texas 77060, Attention: J. Michael Anderson telephone: (281)
836-7028, facsimile: (281) 836-8028, with a copy to Dave Edelmaier at the same address, telephone:
(281) 836-7106, facsimile (281) 836-8106, (c) in the case of each Rating Agency, at its address set
forth in the related Supplement, (d) in the case of any Series Enhancer, at its address set forth
in the related Enhancement Agreement, and (e) in the case of any Interest Rate Hedge Provider, at
its address set forth in the related Interest Rate Swap Agreement or at other such address as shall
be designated by such party in a written notice to the other parties. Any notice required or
permitted to be given to a Noteholder shall be given by certified first class mail, postage prepaid
(return receipt requested), courier, or facsimile, with subsequent telephone confirmation of
receipt thereof, in each case at the address of such Holder as shown in the Note Register or to the
telephone and fax number furnished by such Noteholder. Notice shall be effective and deemed
received (a) two (2) days after being delivered to the courier service, if sent by courier, (b)
upon receipt of confirmation of transmission, if sent by facsimile, or (c) when delivered, if
delivered by hand. Any rights to notices conveyed to a Rating Agency pursuant to the terms of this
Indenture with respect to any Series or Class shall terminate immediately if such Rating Agency no
longer has a rating outstanding with respect to such Series or Class.

          Section 1208 Consent to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST
THE ISSUER ARISING OUT OF OR RELATING TO THIS INDENTURE, OR ANY

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TRANSACTION CONTEMPLATED HEREBY, MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY
OF NEW YORK, STATE OF NEW YORK AND THE ISSUER HEREBY WAIVES ANY OBJECTION WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND, SOLELY FOR THE
PURPOSES OF ENFORCING THIS INDENTURE, THE ISSUER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE ISSUER HEREBY CONSENTS
TO SERVICE OF PROCESS BY REGISTERED MAIL, FEDERAL EXPRESS OR SIMILAR COURIER SERVICE AT THE ADDRESS
AT WHICH NOTICES ARE TO BE GIVEN, IT BEING AGREED THAT SERVICE IN SUCH MANNER SHALL CONSTITUTE
VALID SERVICE UPON SUCH PARTY AND ITS SUCCESSORS AND ASSIGNS IN CONNECTION WITH ANY SUIT, ACTION OR
PROCEEDING; PROVIDED, HOWEVER, THAT NOTHING IN THIS SECTION 1208 SHALL AFFECT THE RIGHT OF ANY SUCH
PARTY OR ITS SUCCESSORS AND ASSIGNS TO SERVICE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

          Section 1209 Captions. The captions or headings in this Indenture are for convenience
only and in no way define, limit or describe the scope or intent of any provisions or Sections of
this Indenture.

          Section 1210 Governing Law. THIS INDENTURE SHALL BE CONSTRUED BY AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE
GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW,
THAT WOULD RESULT IN APPLICATION OF LAWS OTHER THAN NEW YORK, AND THE RIGHTS, OBLIGATIONS AND
REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

          Section 1211 No Petition. The Indenture Trustee, on its own behalf, hereby covenants
and agrees, and each Noteholder by its acquisition of a Note shall be deemed to covenant and agree,
that it will not institute against the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy
or similar law, at any time other than on a date which is at least one year and one day after the
last date on which any Note of any Series was Outstanding. The provisions of this Section 1211
shall survive the repayment of all Notes and any termination of this Indenture.

          Section 1212 Counterparts; Electronic Mail. (i) This Indenture may be executed in any
number of counterparts, all of which shall constitute one and the same instrument, and any party
hereto may execute this Indenture by signing and delivering one or more counterparts. (ii) Any
signature required with respect to this Indenture may be provided via electronic mail or facsimile,
provided that any delivery by electronic mail shall be effective only if transmitted in .pdf
format, .tif format or other format in which the text is not readily modifiable by any recipient
thereof. A signature provided via electronic mail or facsimile shall be deemed to be the same, and
have the same legal effect, validity, and enforceability, as an original signature.

          Section 1213 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, AS AGAINST THE OTHER PARTIES HERETO, ANY RIGHTS IT MAY HAVE TO A JURY TRIAL IN RESPECT OF
ANY CIVIL ACTION OR PROCEEDING (WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE), INCLUDING ANY
COUNTERCLAIM, ARISING UNDER OR RELATING TO THIS AGREEMENT OR ANY OTHER RELATED DOCUMENT, INCLUDING
IN RESPECT OF THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT HEREOF OR THEREOF.

          Section 1214 Waiver of Immunity. To the extent that any party hereto or any of its
property is or becomes entitled at any time to any immunity on the grounds of sovereignty or
otherwise from any legal actions, suits or proceedings, from set-off or counterclaim, from the
jurisdiction or judgment of any competent court, from service of process, from execution of a
judgment, from attachment prior to judgment, from attachment in aid of execution, or from execution
prior to judgment, or other legal process in any jurisdiction, such party, for itself and its
successors and assigns and its property, does hereby irrevocably and unconditionally waive, and
agrees not to plead or claim, any such immunity with respect to its obligations, liabilities or any
other matter under or arising out of or in connection with this Indenture, the other Related
Documents or the subject matter hereof or thereof, subject, in each case, to the provisions of the
Related Documents and mandatory requirements of Applicable Law.

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          Section 1215 Judgment Currency. The parties hereto (A) acknowledge that the matters
contemplated by this Indenture are part of an international financing transaction and (B) hereby
agree that (i) specification and payment of Dollars is of the essence, (ii) Dollars shall be the
currency of account in the case of all obligations under the Related Documents unless otherwise
expressly provided herein or therein, (iii) the payment obligations of the parties under the
Related Documents shall not be discharged by an amount paid in a currency or in a place other than
that specified with respect to such obligations, whether pursuant to a judgment or otherwise,
except to the extent actually received by the Person entitled thereto and converted into Dollars by
such Person (it being understood and agreed that, if any transaction party shall so receive an
amount in a currency other than Dollars, it shall (A) if it is not the Person entitled to receive
payment, promptly return the same (in the currency in which received) to the Person from whom it
was received or (B) if it is the Person entitled to receive payment, either, in its sole
discretion, (x) promptly return the same (in the currency in which received) to the Person from
whom it was received or (y) subject to reasonable commercial practices, promptly cause the
conversion of the same into Dollars), (iv) to the extent that the amount so paid on prompt
conversion to Dollars under normal commercial practices does not yield the requisite amount of
Dollars, the obligee of such payment shall have a separate cause of action against the party
obligated to make the relevant payment for the additional amount necessary to yield the amount due
and owing under the Related Documents, (v) if, for the purpose of obtaining a judgment in any court
with respect to any obligation under any of the Related Documents, it shall be necessary to convert
to any other currency any amount in Dollars due thereunder and a change shall occur between the
rate of exchange applied in making such conversion and the rate of exchange prevailing on the date
of payment of such judgment, the obligor in respect of such obligation will pay such additional
amounts (if any) as may be necessary to insure that the amount paid on the date of payment is the
amount in such other currency which, when converted into Dollars and transferred to New York City,
New York, in accordance with normal banking procedures, will result in realization of the amount
then due in Dollars and (vi) any amount due under this paragraph shall be due as a separate debt
and shall not be affected by or merged into any judgment being obtained for any other sum due under
or in respect of the Related Documents. In no event, however, shall the respective judgment debtor
be required to pay a larger amount in such other currency, at the rate of exchange in effect on the
date of payment than the amount of Dollars stated to be due under the respective Related Document,
so that in any event the obligations of the respective judgment debtor under the Related Document
will be effectively maintained as Dollar obligations.

          Section 1216 Assignment of Rights of a Series Enhancer. All of the rights and
privileges (but none of the duties or obligations) granted to the Series Enhancer of a Series of
Notes hereunder or under the Related Documents shall vest in the Control Party for such Series of
Notes so long as (i) such Series of Notes does not have the benefit of an Enhancement Agreement or
(ii) if such Series of Notes has the benefit of an Enhancement Agreement, a Series Enhancer Default
has occurred and is continuing with respect to such Enhancement Agreement.

          Section 1217 Amendment of Initial Indenture.On the date of this Indenture, the
Initial Indenture shall be amended and restated as provided in this Indenture and shall be
superseded by this Indenture. The terms and conditions of this Indenture shall apply to all of the
rights, obligations and remedies incurred by the Issuer and the Exterran ABS Lessor under the
Initial Indenture, and each of the Issuer and the Exterran ABS Lessor agrees that this Indenture is
not intended to constitute a discharge of the rights, obligations and remedies existing under the
Initial Indenture.

          Section 1218 Limitation on Payment. Any amounts payable by the Issuer hereunder are
contingent upon the availability of funds to make each payment in accordance with the provisions
hereof and, to the extent such funds are not available, shall not constitute a “Claim” (as defined
in Section 101(5) of the Bankruptcy Code) against the Issuer in any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings involving the Issuer.

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82

 

          IN WITNESS WHEREOF, the Issuer, the Exterran ABS Lessor and the Indenture Trustee have caused
this Indenture to be duly executed and delivered by their respective officers duly authorized, all
as of the day and year first above written.

	 	 	 	 	 
	 	

EXTERRAN ABS 2007 LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	EXTERRAN ABS LEASING 2007 LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

AUS01:582733Amended and Restated Indenture

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity, but solely as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

AUS01:582733Amended and Restated Indenture

 

Exhibit A

to Indenture

FORM OF INVESTMENT LETTER

Wells Fargo Bank, National Association

as Indenture Trustee

Sixth Street and Marquette Avenue

MAC N9311 — 161

Minneapolis, MN 55479

Attention: Corporate Trust Services — Asset-Backed Administration

Ladies and Gentlemen:

We are delivering this letter in connection with the transfer of $                of the Series __________
Secured Notes (the “Notes”) issued pursuant to the __________ Supplement, dated as of _________,
between Exterran ABS 2007 LLC (the “Issuer”) and Wells Fargo Bank, National Association (the
“Indenture Trustee”) to the Indenture, dated as of August 20, 2007, between the Issuer and the
Indenture Trustee. Capitalized terms used herein without definition shall have the meanings
assigned thereto in the Series __________ Supplement.

We hereby confirm that:

               (i) we are an institutional accredited investor (an “Institutional Accredited
Investor”), within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act of 1933, as amended (the “Securities Act”);

               (ii) we are purchasing the Notes for our own account or for the account of one or more
other Institutional Accredited Investors;

               (iii) we are taking delivery of Notes in an amount of at least $250,000 for our own
account or for each separate account for which we are acting;

               (iv) we have such knowledge and experience in financial and business matters, we are
capable of evaluating the merits and risks of purchasing Notes and we, or the account for
which we are purchasing Notes, can bear the economic risks of investing in the Notes for an
indefinite period of time;

               (v) we are acquiring the Notes for investment and not with a view to any distribution
thereof in a transaction that would violate the Securities Act or the securities laws of any
state of the United States or any other applicable jurisdiction; provided that, the
disposition of our property and the property of any accounts for which we are acting as
fiduciary shall remain at all times within our control;

               (vi) we represent to the Initial Purchaser, the Manager, the Issuer and the Indenture
Trustee that either (1) we are not acquiring the Notes with the assets of an employee
benefit plan within the meaning of section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”) or a plan within the meaning of Section 4975 of the
Internal Revenue Code of 1986 (“Code”); or (2) the acquisition and holding of the Notes will
not give rise to a nonexempt prohibited transaction under Section 406(a) of ERISA or Section
4975 of the Code; and

               (vii) we are not a Competitor of the Issuer, Exterran or any affiliate of such parties
and we understand that the Offered Notes are contractually restricted from being transferred
to any Competitors of such parties.

     We understand that the Notes are being offered in a transaction not involving any public
offering within the meaning of the Securities Act and that the Notes have not been registered under
the Securities Act, and we agree, on

Indenture

 

 

our own behalf and on behalf of each account for which we acquire any Notes, that such Notes
may be resold, pledged or transferred only (i) in a transaction meeting the requirements of Rule
144A (“Rule 144A”) under the Securities Act, to a person that we reasonably believe is a “qualified
institutional buyer” (as defined in Rule 144A), that purchases for its own account (or for the
account or accounts of a qualified institutional buyer) and to whom notice is given that the
resale, pledge or other transfer is being made in reliance on Rule 144A, or (ii) to a person that
(A) is an Institutional Accredited Investor, is taking delivery of such Notes in an amount of at
least $250,000 and delivers a letter to you, in substantially the form of this letter, or (B) is
taking delivery of such Notes pursuant to a transaction that is otherwise exempt from the
registration requirements of the Securities Act, as confirmed in an Opinion of Counsel addressed to
the Indenture Trustee and the transferor of such Note (the “Transferor”), which opinion and counsel
must be satisfactory to the Indenture Trustee and the Transferor.

     We understand that the Indenture Trustee and the Note Registrar will not be required to accept
for registration or transfer any Notes, except upon presentation of evidence satisfactory to the
Indenture Trustee that the foregoing restrictions on transfer have been complied with. We further
understand that the Notes will bear a legend substantially to the following effect:

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT SUCH NOTE MAY BE
RESOLD, PLEDGED OR TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND (1)
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A
PERSON THAT THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR
ITS OWN ACCOUNT (OR FOR THE ACCOUNT OR ACCOUNTS OF A QUALIFIED INSTITUTIONAL BUYER) AND TO WHOM
NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT OR (3) TO A PERSON (A) THAT IS AN “INSTITUTIONAL ACCREDITED INVESTOR,” WITHIN THE
MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, IS TAKING
DELIVERY OF SUCH NOTE IN AN AMOUNT OF AT LEAST $250,000 AND DELIVERS A PURCHASER LETTER TO THE
INDENTURE TRUSTEE IN THE FORM ATTACHED TO THE SUPPLEMENTS OR (B) THAT IS TAKING DELIVERY OF SUCH
NOTE PURSUANT TO A TRANSACTION THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, AS CONFIRMED IN AN OPINION OF COUNSEL ADDRESSED TO THE INDENTURE TRUSTEE AND THE
ISSUER, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE ISSUER AND THE INDENTURE TRUSTEE.

     EACH PURCHASER OF A NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT TO THE INITIAL PURCHASER,
THE ISSUER, THE INDENTURE TRUSTEE AND THE MANAGER THAT EITHER (1) IT IS NOT ACQUIRING THE NOTE WITH
THE ASSETS OF A PLAN; OR (2) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A
NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE.

     THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THE NOTE MAY NOT BE RESOLD, PLEDGED OR
TRANSFERRED TO A COMPETITOR OF THE ISSUER, EXTERRAN OR ANY EXTERRAN AFFILIATE, EXCEPT IN CERTAIN
LIMITED CIRCUMSTANCES AS SET FORTH IN SECTION 205(i) OF THE INDENTURE.

     THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     We understand that this letter is required in connection with certain securities laws. If
administrative or other proceedings are commenced in connection with which this letter is or would
be relevant, we irrevocably authorize you to produce this letter or a copy of this letter to any
interested party in such proceedings.

[SIGNATURES TO FOLLOW]

Indenture

 

 

     THIS LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.

	 	 	 	 	 
	 	(Name of Purchaser)

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	Address:  	 	 

Indenture

 

 

Exhibit B

to Indenture

FORM OF CONTROL AGREEMENT

SECURITIES ACCOUNT CONTROL AGREEMENT

     This Securities Account Control Agreement, dated as of August __, 2007 (this
“Agreement”), by and among Exterran ABS 2007 LLC (the “Debtor”), Wells Fargo Bank,
National Association, as Indenture Trustee (in such capacity, together with its successors and
permitted assigns, the “Secured Party”), and Wells Fargo Bank, National Association as
securities intermediary (in such capacity, the “Securities Intermediary”), is entered into
pursuant to the provisions of Section 304 of the Indenture, dated as of August 20, 2007 (as
amended, modified or supplemented from time to time in accordance with its terms, the
“Indenture”), among the Secured Party and the Debtor. Capitalized terms used herein but
not otherwise defined shall have the meaning set forth in Appendix A to the Indenture and the rules
of construction set forth in such Appendix A shall apply to this Agreement. All references herein
to the “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the
State of New York.

     Section 1. Establishment of Securities Accounts. The Securities Intermediary
hereby confirms and agrees that:

     (a) The Securities Intermediary has established three (3) accounts described below, each in
the name “Wells Fargo Bank, National Association, as Indenture Trustee” and maintained in
the State of Minnesota (each such account and any successor account, a “Securities
Account”). The Securities Intermediary shall not change the name or account number of any
Securities Account without the prior written consent of the Secured Party:

	 	(i)	 	Trust Account, an account numbered 22469401;
	 
	 	(ii)	 	Purchase Account, an account numbered 22469402; and
	 
	 	(iii)	 	Series 2007-1 Series Account, an account numbered 22469403.

     (b) All securities or other property underlying any financial assets credited to each
Securities Account shall be registered in the name of the Securities Intermediary, endorsed to the
Securities Intermediary or in blank or credited to another securities account maintained in the
name of the Securities Intermediary and in no case will any financial asset credited to any
Securities Account be registered in the name of the Indenture Trustee, payable to the order of such
Indenture Trustee or specially endorsed to such Indenture Trustee except to the extent the
foregoing have been specially endorsed to the Securities Intermediary or in blank;

     (c) All property delivered to the Securities Intermediary shall be promptly credited to each
Securities Account; and

     (d) Each Securities Account is an account to which financial assets are or may be credited,
and the Securities Intermediary shall, subject to the terms of this Agreement, treat the Indenture
Trustee as entitled to exercise the rights that comprise any financial asset credited to the
account.

     Section 2. “Financial Assets” Election. The Securities Intermediary hereby
agrees that each item of property (whether investment property, financial asset, security,
instrument or cash) credited to each Securities Account shall be treated as a “financial asset”
within the meaning of Section 8-102(a)(9) of the UCC.

     Section 3. Entitlement Orders. If at any time the Securities Intermediary
shall receive an “entitlement order” (within the meaning of Section 8-102(a)(8) of the UCC) from
the Secured Party directing transfer or redemption of any financial asset relating to any
Securities Account, the Securities Intermediary shall comply with such entitlement order without
further consent by the Debtor or any other person.

     Section 4. Subordination of Lien, Waiver of Set-Off. In the event that the
Securities Intermediary has or subsequently obtains by agreement, by operation of law or otherwise
a security interest in any Securities Account

Indenture

 

 

or any security entitlement credited thereto, the Securities Intermediary hereby agrees that
such security interest shall be subordinate to the security interest created by the Indenture and
Section 10 hereof. The financial assets and other items deposited to any Securities
Account will not be subject to deduction, set-off, banker’s lien, or any other right in favor of
any person other than as created pursuant to the Indenture.

     Section 5. Choice of Law. This Agreement and each Securities Account (as well
as the securities entitlements related thereto) shall be governed by the laws of the State of New
York. Regardless of any provision in any other agreement, for purposes of the UCC, the State of
New York shall be deemed to be the Securities Intermediary’s jurisdiction.

     Section 6. Conflict with Other Agreements.

     (a) In the event of any conflict between this Agreement (or any portion thereof) and any other
agreement now existing or hereafter entered into with respect to any Securities Account, the terms
of this Agreement shall prevail;

     (b) No amendment or modification of this Agreement or waiver of any right or obligation
hereunder shall be binding on any party hereto unless it is in writing, signed by all of the
parties hereto, and consented to in writing by the Secured Party (at the direction of the
Requisite Global Majority). In addition, the Debtor shall provide written notice of the terms of
any such amendment, modification or waiver contemplated pursuant to this Agreement to the Rating
Agencies, at least five (5) Business Days prior to its effectiveness; and

     (c) The Securities Intermediary hereby confirms and agrees that:

	 	(i)	 	Except for the Indenture, there are no other agreements
entered into between the Securities Intermediary and the Debtor or any other
person with respect to any Securities Account;
	 
	 	(ii)	 	It has not entered into, and until the termination of this
Agreement will not enter into, any agreement with any other person relating to
any Securities Account and/or any financial asset credited thereto pursuant to
which it has agreed to comply with entitlement orders of such other person;
and
	 
	 	(iii)	 	It has not entered into, and until the termination of this
Agreement will not enter into, any agreement with the Debtor or the Secured
Party purporting to limit or condition the obligation of the Securities
Intermediary to comply with entitlement orders as set forth in Section
3 hereof.

     Section 7. Adverse Claims. Except for the claims and interest of the Secured
Party and of the Indenture Trustee in any Securities Account, the Securities Intermediary does not
know of any claim to, or interest in, any Securities Account or in any financial asset credited
thereto. If any person asserts any lien, encumbrance or adverse claim (including any writ,
garnishment, judgment, warrant of attachment, execution or similar process) against any Securities
Account or in any financial asset carried therein, the Securities Intermediary will promptly notify
the Debtor and the Secured Party thereof.

     Section 8. Maintenance of the Securities Accounts. In addition to, and not in
lieu of, the obligation of the Securities Intermediary to honor entitlement orders as agreed in
Section 3 hereof, the Securities Intermediary agrees to maintain each Securities Account as
follows:

     (a) Notice of Sole Control. If at any time the Secured Party delivers to the
Securities Intermediary a Notice of Sole Control in substantially the form set forth in Exhibit
“A” hereto, the Securities Intermediary agrees that after receipt of such notice, it will take
all instruction with respect to such Securities Account solely from the Secured Party without
further consent by the Debtor or any other person.

Indenture

 

 

     (b) Eligible Investments. Until such time as the Securities Intermediary receives a
Notice of Sole Control signed by the Secured Party, the Securities Intermediary shall make all
investments in accordance with the instructions of Exterran.

     (c) Statements and Confirmations. The Securities Intermediary will promptly send
copies of all statements, confirmations and other correspondence concerning such Securities Account
and/or any financial assets credited thereto simultaneously to the Debtor and the Secured Party at
the addresses referenced in Section 12 of this Agreement.

     (d) Tax Reporting. All items of income, gain, expense and loss recognized in such
Securities Account shall be reported to the Internal Revenue Service and all state and local taxing
authorities under the name and taxpayer identification number of the Debtor.

     Section 9. Representations, Warranties and Covenants of the Securities
Intermediary. The Securities Intermediary hereby makes the following representations,
warranties and covenants:

     (a) Each Securities Account has been established as set forth in Section 1 above and
such Securities Account will be maintained in the manner set forth herein until termination of this
Agreement;

     (b) Each Securities Account constitutes a “securities account” within the meaning of Section
8-501(a) of the UCC;

     (c) The Securities Intermediary shall not change the name or the account number of any
Securities Account without the prior written consent of the Secured Party;

     (d) No financial asset is or will be registered in the name of the Debtor, payable to the
Debtor’s order, or specifically endorsed to the Debtor, except to the extent such financial asset
has been endorsed to the Securities Intermediary or in blank;

     (e) This Agreement is the valid and legally binding obligation of the Securities Intermediary;
and

     (f) The Securities Intermediary has not entered into, and until the termination of this
Agreement will not enter into, any agreement with any other person relating to any Securities
Account and/or any financial asset credited thereto pursuant to which the Securities Intermediary
has agreed to comply with entitlement orders of such person. The Securities Intermediary has not
entered into any other agreement with the Debtor or the Secured Party purporting to limit or
condition the obligation of the Securities Intermediary to comply with entitlement orders as set
forth in Section 3 hereof.

     Section 10. Granting Clause. As security for all amounts owed under the
Indenture, the Debtor hereby pledges, assigns and conveys to the Secured Party, all of its right,
title and interest in and to each Securities Account and all securities, cash, investments or other
financial assets now or hereafter credited thereto.

     Section 11. Successors; Assignment. The terms of this Agreement shall be
binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate
successors or heirs and personal representatives who obtain such rights solely by operation of law.
The Secured Party may assign its rights hereunder only with the express written consent of the
Securities Intermediary and by sending written notice of such assignment to the Debtor.

     Section 12. Notices. All notices, demands, instructions and other
communications provided for hereunder shall, unless otherwise stated herein, be in writing and
shall be personally delivered or sent by certified mail, postage prepaid, facsimile or overnight
courier, to the intended party at the address or facsimile number of such party set forth below or
at such other address or facsimile number as shall be designated by the party in a written notice
to the other parties hereto given in accordance with this section. Copies of all notices, demands,
instructions and other communications provided for hereunder shall be delivered to the recipients
thereof at their respective addresses for notices set forth in this Agreement. All notices and
communications provided for hereunder shall be effective, (a) if

Indenture

 

 

personally delivered, when received, (b) if sent by certified mail, three business days after
having been deposited in the mail, postage prepaid and properly addressed, (c) if transmitted by
facsimile, when sent, receipt confirmed by telephone or electronic means and (d) if sent by
overnight courier, three business days after having been given to the courier unless sooner
received by the addressee.

     Any communication, notice or demand to be given hereunder shall be duly given hereunder if
given in the form and manner set forth in the Indenture and (a) if to the Secured Party, Wells
Fargo Bank, National Association, MAC N9311-161, Sixth Street and Marquette Avenue, Minneapolis, MN
55479, telephone: (612) 667-8058, facsimile: (612) 667-3464, attention: Corporate Trust Services
- Asset-Backed Administration, (b) if to the Debtor, at Exterran ABS 2007 LLC, 4444 Brittmoore
Road, Houston, Texas 77041, telephone: (713) 335-7295, facsimile: (713) 446-6720, attention: J.
Michael Anderson, with a copy to Exterran at 4444 Brittmoore Road, Houston, Texas 77041, telephone:
(713) 335-7295, facsimile: (713) 446-6720, attention: J. Michael Anderson, and (c) if to the
Securities Intermediary, at Wells Fargo Bank, National Association, MAC N9311-161, Sixth Street and
Marquette Avenue, Minneapolis, MN 55479, telephone: (612) 667-8058, facsimile: (612) 667-3464,
attention: Corporate Trust Services — Asset-Backed Administration, or, in any case, in such other
form and manner or to such other address or facsimile number as shall be designated by any party
hereto to each other party hereto.

     Section 13. Termination. The rights and powers granted herein to the Secured
Party, granted in order to perfect its security interest in each Securities Account, are powers
coupled with interest and will neither be affected by the bankruptcy of the Debtor nor by the lapse
of time. The obligations of the Securities Intermediary hereunder shall continue in effect until
the security interests of the Secured Party in each Securities Account have been terminated
pursuant to the terms of this Agreement and the Secured Party has notified the Securities
Intermediary of such termination in writing. The Secured Party agrees to provide Notice of
Termination in substantially the form of Exhibit “B” hereto to the Securities Intermediary
upon the request of the Debtor on or after the termination of the Secured Party’s security interest
in each Securities Account pursuant to the terms of this Agreement and the Indenture.

     Section 14. Counterparts. This Agreement may be executed in any number of
counterparts, all of which shall constitute one and the same instrument, and any party hereto may
execute this Agreement by signing and delivering one or more counterparts.

     Section 15. No Petition. The Secured Party, on its own behalf and not in its
capacity as Indenture Trustee or Secured Party, hereby covenants and agrees that it will not
institute against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any Insolvency Law or any other federal or state bankruptcy
or similar law, at any time other than on a date which is at least one year and one day after the
last date on which any Series of Notes are Outstanding. The provisions of this Section 15 shall
survive the repayment of all Notes and any termination of this Agreement.

     Section 16. Limitation on Payment. Any amounts payable by the Debtor
hereunder shall be paid in accordance with the provisions hereof and shall not constitute a “Claim”
(as defined in Section 101(5) of the Bankruptcy Code) against the Debtor in any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings involving the Debtor in the
event that such amounts are not paid in accordance with this Agreement.

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Indenture

 

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	

DEBTOR:

EXTERRAN ABS 2007 LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SECURED PARTY:

WELLS FARGO BANK, NATIONAL ASSOCIATION

 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SECURITIES INTERMEDIARY:

WELLS FARGO BANK, NATIONAL ASSOCIATION

 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Exhibit “A” to Form of Control Agreement

[Letterhead of Wells Fargo Bank, National Association]

[Date]

     Re: Notice of Sole Control

Ladies and Gentlemen:

     As referenced in the Securities Account Control Agreement, dated as of August 20, 2007 (the
“Agreement”), among Exterran ABS 2007 LLC (the “Debtor”), Wells Fargo Bank,
National Association (the “Secured Party” or “we” or “us” or “our”)
and Wells Fargo Bank, National Association (the “Securities Intermediary” or “you”
or “your”) (a copy of which is attached), we hereby give you notice of our sole control
over the securities accounts described below in the name “Wells Fargo Bank, National Association,
as Indenture Trustee” (each of such accounts and any successor accounts, a “Securities
Account”) and all financial assets credited thereto:

	 	(i)	 	Trust Account, an account numbered 22469401;
	 
	 	(ii)	 	Purchase Account, an account numbered 22469402; and
	 
	 	(iii)	 	Series 2007-1 Series Account, an account numbered 22469403.

     You are hereby instructed not to accept any direction, instructions or entitlement orders with
respect to any Securities Account or the financial assets credited thereto from any person other
than the undersigned, unless otherwise ordered by a court of competent jurisdiction.

     You are instructed to deliver a copy of this notice by facsimile transmission to the Debtor.

	 	 	 	 	 
	 	Very truly yours,

WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Indenture

 

 

Exhibit “B” to Form of Control Agreement

[Letterhead of Wells Fargo Bank, National Association]

[Date]

     Re: Termination of Control Agreement

     You are hereby notified that the Securities Account Control Agreement, dated as of August 20,
2007 (the “Agreement”), among Exterran ABS 2007 LLC (the “Debtor”), Wells Fargo
Bank, National Association (the “Secured Party” or “we” or “us” or
“our”) and Wells Fargo Bank, National Association (the “Securities Intermediary” or
“you” or “your”) (a copy of which is attached) is terminated and you have no
further obligations to the undersigned pursuant to such Agreement. Notwithstanding any previous
instructions to you, you are hereby instructed to accept all future directions with respect to the
following Securities Account from the Debtor:

	 	(i)	 	Trust Account, an account numbered 22469401;
	 
	 	(ii)	 	Purchase Account, an account numbered 22469402; and
	 
	 	(iii)	 	Series 2007-1 Series Account, an account numbered 22469403.

     This notice terminates any obligations you may have to the undersigned with respect to such
account. However, nothing contained in this notice shall alter any obligations that you may
otherwise owe to the Debtor pursuant to any other agreement.

     You are instructed to deliver a copy of this notice by facsimile transmission to the Debtor.

	 	 	 	 	 
	 	Very truly yours,

WELLS FARGO BANK, NATIONAL

ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Exhibit C

OFFICER’S CERTIFICATE

pursuant to Section 404 of the Indenture

     Exterran Energy Solutions, L.P., as Manager (the “Manager”), and Exterran ABS 2007
LLC, as Issuer (the “Issuer”), each hereby certifies to Wells Fargo Bank, National
Association, as Indenture Trustee (the “Indenture Trustee”), pursuant to Section 404 of the
Indenture, dated as of August 20, 2007 (as amended, the “Indenture”), between the Indenture
Trustee and the Issuer, the following: (i) the release complies with the requirements of Section
404 of the Indenture in order to release the security interest on the Owner Compressors and the
Compressor Related Assets described in the Bill of Sale attached hereto and incorporated herein by
reference for all purposes, and (ii) such release complies with all the provisions of the Indenture
and the Related Documents.

     Executed effective as of
_________, 20___.

	 	 	 	 	 
	 	EXTERRAN ENERGY SOLUTIONS, L.P. as Manager

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	EXTERRAN ABS 2007 LLC, as Issuer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Indenture

 

 

Appendix A To Indenture

DEFINED TERMS

Part I. Rules of Usage and Definitions

     The following rules of usage shall apply to this Appendix A and the Related Documents (and
each appendix, schedule, exhibit and annex to the foregoing) unless otherwise required by the
context or unless otherwise defined therein:

     (a) The defined terms shall include the plural as well as the singular, and the use of any
gender herein shall be deemed to include any other gender.

     (b) Accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles as in effect on the date of the Indenture.

     (c) [Reserved]

     (d) Except as otherwise expressly provided, references in any document to articles, sections,
paragraphs, clauses, annexes, appendices, schedules or exhibits are references to articles,
sections, paragraphs, clauses, annexes, appendices, schedules or exhibits in or to such document.

     (e) The headings, subheadings and table of contents used in any document are solely for
convenience or reference and shall not constitute a part of any such document nor shall they affect
the meaning, construction or effect of any provision thereof.

     (f) References to any Person shall include such Person, its successors and permitted assigns
and transferees.

     (g) Except as otherwise expressly provided, reference to any agreement means such agreement as
amended, restated, modified, extended or supplemented from time to time in accordance with the
applicable provisions thereof and of any other Related Documents applicable thereto.

     (h) Except as otherwise expressly provided, references to any law includes any amendment or
modification to such law or restatement thereof, and any rules or regulations issued thereunder or
any law enacted in substitution or replacement therefor.

     (i) When used in any document, words such as “hereunder,” “hereto,” “hereof’ and “herein” and
other words of like import shall, unless the context clearly indicates to the contrary, refer to
the whole of the applicable document (including this Appendix A to the extent incorporated or
referred to therein (whether or not actually attached thereto)) and not to any particular article,
section, subsection, paragraph or clause thereof.

     (j) References to “including” means including without limiting the generality of any
description preceding such term and for purposes hereof the rule of ejusdem generis shall not be
applicable to limit a general statement, followed by or referable to an enumeration of specific
matters, to matters similar to those specifically mentioned.

     (k) For the avoidance of any doubt, with respect to any defined term included in Section 12 of
the Management Agreement which is defined by reference to the Senior Secured Credit Agreement, any
additional defined terms used within such definition shall have the meaning set forth in the Senior
Secured Credit Agreement.

     (l) All terms used in the UCC in effect in the State of New York and not specifically defined
in the Related Documents are used therein as defined in the UCC; provided, however, that references
in the Related Documents to any section of the UCC shall mean, on or after the effective date of
the adoption of any revision to the UCC in the applicable jurisdiction, such revised or successor
section thereto.

A-1

 

     (m) Except as otherwise expressly provided, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each mean “to but excluding.”

     (n) For any calculation respecting the Aggregate Depreciated Value of Owner Compressors or the
Net Revenue from User Contracts, (i) no Owner Compressor or its Depreciated Value, and (ii) no User
Contract or the Net Revenue therefrom, shall be excluded from such calculation more than once even
if such Owner Compressor or its Depreciated Value, or the User Contract or the Net Revenue
therefrom, is excludable under such calculation under more than one criterion.

A-2

 

Part II. Defined Terms

     ABS Lockbox Account: One or more of the separate bank accounts established pursuant to
Section 401(d) of the Indenture or Item 9 in Exhibit B to the Back-up Management Agreement and, in
each case, maintained for the benefit of the Noteholders, each Interest Rate Hedge Provider and
each Series Enhancer.

     Account Debtor: Any “account debtor” as defined in the UCC, including, without limitation,
any Person obligated to make payments pursuant to any User Contract.

     Accounts: Any “account,” as such term is defined in Section 9-102(a)(2) of the UCC.

     Act: Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by the Indenture or any Supplement to be given or taken by Noteholders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders
in person or by agents duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Indenture Trustee, with a copy (or if expressly required, an original) to the Issuer and the
Manager. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Noteholders signing such instrument or
instruments.

     Additional Compressor: Each Compressor acquired by the Issuer with Compressor Reinvestment
Sales Proceeds, that, on the Purchase Date on which such Compressor is acquired by the Issuer,
complies with all of (i) the Purchase Criteria and (ii) the Additional Compressor Criteria.

     Additional Compressor Criteria: With respect to each purchase of one or more Compressor(s) by
the Issuer with the proceeds of amounts on deposit in the Purchase Account from time to time, all
of the following, as of the Purchase Date thereof:

	 	(1)	 	the Additional Compressor has a Depreciated Value (or, if more than one
Additional Compressor is proposed to be acquired on such date, all Additional
Compressors proposed to be acquired in connection with such purchase, have an aggregate
Depreciated Value) that is not less than the Depreciated Value of the Owner Compressor
being replaced (or, if more than one Owner Compressor is being replaced in connection
with such purchase, the aggregate Depreciated Value of all Owner Compressors being
replaced in connection with such purchase);
	 
	 	(2)	 	after giving effect to the acquisition of such Additional Compressors, the
Weighted Average Age of all Eligible Compressors (including the Additional Compressors)
constituting the Owner Compressors does not exceed by more than five percent (5%) the
Weighted Average Age of all Eligible Compressors constituting the Owner Compressors on
the Closing Date, as adjusted for the increase to the Weighted Average Age resulting
from aging during the period commencing on the Closing Date to the proposed Purchase
Date for such Additional Compressor(s);
	 
	 	(3)	 	the monthly contract rate (net of current monthly expenses) for the Additional
Compressor (or, if more than one Additional Compressor is proposed to be acquired on
such date, the aggregate monthly contract rate (net of aggregate current monthly
expenses) for all such Additional Compressors) is not less than the monthly contract
rate (net of current monthly expenses) of the Owner Compressor being replaced (or, if
more than one Additional Compressor is proposed to be replaced on such date, the
aggregate monthly contract rate (net of aggregate current monthly expenses) for all
such Owner Compressors being replaced);
	 
	 	(4)	 	the Excess H/P Concentration Amount and the Excess Customer Concentration
Amount, calculated after giving effect to the purchase of such Additional
Compressor(s), will not exceed the corresponding amounts calculated immediately prior
to such purchase; and
	 
	 	(5)	 	each such Additional Compressor qualifies as an Eligible Compressor and, if
such Additional Compressor is subject to a Contract on the proposed Purchase Date, such
Contract qualifies as an Eligible Contract.

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     Additional Exterran Lenders: This term has the meaning set forth in Section 1 of the
Intercreditor Agreement.

     Additional Insured: Has the meaning set forth in Section 5.7(b) of the Management Agreement.

     Adjusted Eurodollar Rate: With respect to any Series of Notes then Outstanding on any day
during an Interest Accrual Period, the interest rate per annum set forth in the related Supplement.

     Advance Rate: Eighty percent (80%).

     Affiliate: With respect to any Person, any other Person directly or indirectly controlling,
controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control”, when used with respect to any specified Person, means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

     After-Tax or After-Tax Basis: After deduction of the net amount of all Taxes actually
required to be paid by any Person with respect to the receipt or accrual by it of an amount
(including additional amounts received by reason of such amounts being paid on an After-Tax Basis)
of such payment.

     Aggregate Appraised Value: As of any date of determination, the sum of the Appraised Values
of all Owner Compressors that are then classified as Eligible Compressors.

     Aggregate Cure Limitation: As of any date of determination with respect to any Owner
Compressor to be sold by the Issuer or to be replaced with a Substitute Compressor or Deemed
Substitute Compressor, the aggregate maximum number of individual Owner Compressors as to which a
cure of a default under Section 643, 645 or 647 of the Indenture may be effected, which maximum
number shall be deemed to be exceeded if either:

	 	(i)	 	the total number of Owner Compressors (including such Owner Compressor) that
have been (x) sold by the Issuer or the Exterran ABS Lessor, (y) replaced with
Substitute Compressors or Deemed Substitute Compressors or (z) the subject of a deposit
by a Contributor into the Trust Account in connection with a breach of clause (iii) of
the proviso to Section 645 of the Indenture during the twelve (12) month period ending
on such date of determination exceeds the greater of (A) eight (8) and (B) a number
equal to the aggregate number of Owner Compressors on such date of determination
divided by two thousand eight hundred (2,800) (rounded, if not an integer, upwards to
the nearest integer); or
	 
	 	(ii)	 	the total number of Owner Compressors (including such Owner Compressor) that
have been (x) sold by the Issuer or the Exterran ABS Lessor, (y) replaced with
Substitute Compressors or Deemed Substitute Compressors or (z) the subject of a deposit
by a Contributor into the Trust Account in connection with a breach of clause (iii) of
the proviso to Section 645 of the Indenture during the period from the Closing Date
until the indefeasible payment in full of all Outstanding Obligations exceeds a number
equal to five percent (5%) of the aggregate number of all Owner Compressors on such
date of determination (rounded, if not an integer, upwards to the nearest integer).

For sake of clarity, the sale or transfer of Owner Compressors in accordance with the provisions of
Section 3.03 of the Contribution Agreement are not subject to the Aggregate Cure Limitation.

     Aggregate Depreciated Value: As of any date of determination, an amount equal to the excess
of (a) the sum of the Depreciated Values of all Owner Compressors on such date minus (b) the sum of
the Depreciated Values of each Owner Compressor that (i) to the extent included in the amount set
forth in clause (a), has been subject to a Casualty Loss and that has not been repaired within
thirty (30) days after the date of such Casualty Loss or (ii) is not then an Eligible Compressor
and one hundred twenty (120) days or more have passed since the earlier of the date the Manager
obtains actual knowledge that an item of Equipment has become an Ineligible Compressor or the

2

 

first date on which the Manager Report that shows, or should have shown, such Owner Compressor
to be an Ineligible Compressor.

     Aggregate Five Percent Limit: As of any date of determination, an amount equal to the product
of (i) five percent (5%) and (ii) the then Aggregate Depreciated Value.

     Aggregate Note Principal Balance: As of any date of determination, an amount equal to the sum
of the then unpaid principal balance of all Series of Notes then Outstanding.

     Applicable Debt Margin: With respect to any Series of Notes, the increment over the Adjusted
Eurodollar Rate used in the calculation of the Interest Payment on such Series of Notes, as such
increment is set forth in the related Supplement.

     Applicable Law: With respect to any Person, Owner Compressor or User Contract, as the case
may be, all existing laws, rules, regulations (including proposed, temporary and final income tax
regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of
and interpretations by any Governmental Authority and judgments, decrees, injunctions, writs, or
orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or
agency of competent jurisdiction, applicable to such Person, Owner Compressor or User Contract, as
the case may be.

     Appraisal: An appraisal prepared by an Eligible Appraiser in conformity with, and subject to,
the requirements of the code of professional ethics and standards of professional conduct of the
American Society of Appraisers with respect to one or more Owner Compressors. The Appraisal shall
specify a Fair Market Sales Value based upon the replacement cost and income approach for the pool
of all Owner Compressors in the aggregate and the form of any such Appraisal shall be satisfactory
to the Requisite Global Majority.

     Appraised Value: With respect to an Owner Compressor as of any date of determination, an
amount equal to either (i) the Fair Market Sales Value set forth in the most recent Appraisal with
respect to such Owner Compressor (or if two (2) Appraisals were provided at the same time as the
most recent Appraisal, the mathematical average of the Fair Market Sales Values set forth on such
two (2) most recent Appraisals); or (ii) with respect to Owner Compressors for which an Appraisal
has not been provided prior to the determination date, the then Net Book Value of such Owner
Compressor; provided, however, that Net Book Value may not be used with respect to any Owner
Compressor (and Appraisals must be delivered with respect thereto) if, on the Contribution Date or
Substitution Date (as applicable) for such Owner Compressor, the sum of the Appraised Values of all
Owner Compressors which were transferred to the Issuer based on Net Book Value in the preceding
twelve (12) month period exceeds an amount equal to the product of (x) fifteen percent (15%) and
(y) the Aggregate Depreciated Value at the beginning of such twelve (12) month period.

     If a Contributed Compressor cannot, pursuant to this definition, be valued at Net Book Value,
then the Issuer shall deliver to the Indenture Trustee, Deal Agent and each Series Enhancer on the
applicable Contribution Date or Substitution Date for such Compressor, two (2) Appraisals with
respect to such Compressor, each of which Appraisals shall be dated not more than one hundred
eighty (180) days prior to such Contribution Date or Substitution Date.

     Asset Base: As of any date of determination, an amount equal to the least of (i) the Debt
Limit then in effect, (ii) the Net Revenue Limit then in effect, and (iii) the Free Cash Flow Limit
then in effect.

     Asset Base Certificate: A certificate with appropriate insertions setting forth the
components of the Asset Base as of the last day of the month for which such certificate is
submitted, which certificate shall be in the form attached as Exhibit A to the Management Agreement
and shall be certified by an Authorized Signatory.

     Asset Base Deficiency: As of any Payment Date or Determination Date, as the case may be, the
condition that will exist if (i) the Aggregate Note Principal Balance as of such date of
determination exceeds (ii) the Asset Base as of such date of determination (or such earlier date as
is specified in the Related Documents). If the usage of such term requires a numerical value, then
such term shall mean the amount of such excess.

3

 

     Authorized Officer: With respect to any matter, any officer of or other Person representing
the Issuer, the Manager or a Noteholder, as the case may be, who is authorized to act for that
party with respect to the applicable matter.

     Authorized Signatory: Any Person designated by written notice delivered to the Indenture
Trustee, the Deal Agent and each Series Enhancer as authorized to execute documents and instruments
on behalf of a Person.

     Available Distribution Amount: For any Payment Date, an amount equal to the sum (without
duplication) of (i) the excess of (x) all Securitization Collections received during the
immediately preceding Collection Period, over (y) the aggregate amount of Compressor Reinvestment
Sales Proceeds deposited in the Purchase Account during such Collection Period, (ii) all amounts
received by the Issuer on the related Determination Date pursuant to any Interest Rate Swap
Agreement, (iii) all Manager Advances received by the Issuer on the related Determination Date,
(iv) all Warranty Purchase Amounts deposited into the Trust Account during the related Collection
Period, (v) all amounts transferred from the Purchase Account to the Trust Account on such Payment
Date or during the related Collection Period, (vi) any earnings on Eligible Investments in the
Transaction Accounts that were credited to such accounts during the related Collection Period and
transferred to the Trust Account and (vii) any other funds then deposited into the Trust Account by
the Issuer that are designated as constituting part of the Available Distribution Amount for a
Payment Date.

     Average Contract Rate: For any calendar month, the quotient obtained by dividing (x) the
aggregate gross contract rate actually billed as reflected on the operating reports of the Manager
at the end of each calendar month relating to the Owner Compressors or the Other Exterran
Compressors (which for the purposes of this calculation shall only include similar billing line
items to those included in the billing of the Owner Compressors), as the case may be, that were
actually under contract for rental or contract compression services during such calendar month, by
(y) the aggregate number of horsepower represented by the Owner Compressors or the Other Exterran
Compressors, as the case may be, that generated the billings referenced in clause (x) above.

     Average Hedged Rate: With respect to all Series of Notes then Outstanding as of any date
of determination, a rate per annum (expressed as a percentage) equal to:

     (1) until and including August 19, 2009, a fraction, the numerator of which is the sum
of (i) the product of (x) the sum of the notional balances of all Interest Rate Swap
Agreements then in effect and (y) the weighted average (based on notional balances) of the
interest rate per annum payable by the Issuer on each Interest Rate Swap Agreement, (ii) the
product of (x) the weighted average (based on unpaid principal balance) of the Adjusted
Eurodollar Rate per annum then in effect for all Series of Notes then Outstanding and (y)
the portion of the Aggregate Note Principal Balance not subject to an Interest Rate Swap
Agreement, and (iii) the product of (x) the weighted average (based on unpaid principal
balance) of the Applicable Debt Margin for all Series of Notes then Outstanding and (y) the
Aggregate Note Principal Balance, and the denominator of which is the Aggregate Note
Principal Balance; and

     (2) after August 19, 2009, the sum of (i) the weighted average (based on unpaid
principal balance), of the Adjusted Eurodollar Rate per annum then in effect for all Series
of Notes Outstanding and (ii) the weighted average (based on unpaid principal balance) of
the Applicable Debt Margin for all Series of Notes then Outstanding.

     Back-up Management Agreement: (a) The Back-up Management Agreement, to be dated on or prior
to September 15, 2007, among the Back-up Manager, the Issuer and the Manager or (b) any other
back-up management agreement, in form and substance reasonably acceptable to the Requisite Global
Majority, among an Eligible Back-up Manager, the Manager and the Issuer.

     Back-up Manager: The Person performing the duties of the Back-up Manager under the Back-up
Management Agreement; initially, Caterpillar Inc. or such other back-up manager acceptable to the
Requisite Global Majority.

4

 

     Back-up Manager Fee: The amount set forth in a separate letter agreement between the Manager,
the Issuer and the Back-up Manager, as such letter agreement may be amended, modified or
supplemented from time to time with the prior written consent of the Requisite Global Majority,
which fee shall not exceed, without the prior written consent of the Requisite Global Majority,
$300,000 per year or $25,000 per month.

     Back-up Manager Indemnified Party: This term has the meaning set forth in Section 6.1 of the
Back-up Management Agreement.

     Back-up Manager Termination Notice: This term has the meaning set forth in Section 4.1 of the
Back-up Management Agreement.

     Bank Agent: This term has the meaning set forth in Section 1 of the Intercreditor Agreement.

     Bankruptcy Code: The Bankruptcy Reform Act of 1978, as amended.

     Bill of Sale: The Compressor Transfer Certificate, dated as of August 20, 2007, with respect
to the Compressors conveyed by the Contributors to the Issuer or the Exterran ABS Lessor and any
related warranty of title from the Contributors, if any.

     Book Entry Custodian: The Person appointed pursuant to the terms of the Indenture to act in
accordance with a certain letter of representations agreement such Person has with DTC, in which
DTC delegates its duties to maintain the Book Entry Notes to such Person and authorizes such Person
to perform such duties.

     Book Entry Notes: Each Note for so long as such Note is registered in the name of its
depository or its nominee in accordance with the terms and conditions of the Indenture.

     Business Day: Any day other than a Saturday, a Sunday or a day on which banking institutions
in New York City, Houston, Texas, Charlotte, North Carolina (or for the purposes of determining
LIBOR only, London, England), or the city in which the Corporate Trust Office of the Indenture
Trustee is located, are authorized or are obligated by law, executive order or governmental decree
to be closed.

     Business Entity: A corporation (or, when used as an adjective, corporate), limited liability
company, partnership (whether general or limited), business trust, joint stock company,
unincorporated association, joint venture or other applicable business entity, whether or not
having distinct legal existence, and any asset or group of assets that is or can be operated as or
as part of a business unit.

     CA Indemnified Party: Has the meaning set forth in Section 7.01 of the Contribution
Agreement.

     Casualty Loss: With respect to an Owner Compressor, the occurrence or existence of any of the
following events or conditions: (a) the loss of such Owner Compressor or any substantial part
thereof, (b) the loss of the use of such Owner Compressor due to theft or disappearance for a
period in excess of forty-five (45) days, or existing at the Legal Final Maturity Date for the
Series with the latest Legal Final Maturity Date, (c) the destruction, damage beyond repair, or
requisition of such Owner Compressor or any substantial part thereof permanently unfit for normal
use for any reason whatsoever or (d) the condemnation, confiscation, seizure, or requisition of use
or title to such Owner Compressor or any substantial part thereof by any Governmental Authority
under the power of eminent domain or otherwise beyond the earlier of (x) fifteen (15) days and (y)
the Legal Final Maturity Date of the Series with the latest Legal Final Maturity Date.

     Casualty Proceeds: The net proceeds received by, or on behalf of, the Issuer or the Exterran
ABS Lessor as a result of a Casualty Loss with respect to any Owner Compressor, whether derived
from insurance payments, payments from Users of such Owner Compressors, or otherwise.

     Chattel Paper: Any Contract or other “chattel paper,” as such term is defined in Section
9-102(a)(11) of the UCC.

5

 

     Claim: Shall mean any and all claims, actions, damages, losses, liabilities, costs and
expenses (including reasonable attorneys’ fees) unless otherwise defined in any Related Document.

     Class: With respect to any Series, all Notes issued pursuant to the related Supplement having
the same rights to payment and the same Legal Final Maturity Date.

     Closing: With respect to any Series, the time at which each of the conditions precedent set
forth in the related Supplement and Note Purchase Agreement shall have been duly fulfilled or
satisfied.

     Closing Date: August 20, 2007.

     Code: The Internal Revenue Code of 1986, as amended, or any successor statute thereto.

     Collateral: Has the meaning set forth in the Granting Clause of the Indenture.

     Collection Period: With respect to the first Payment Date, the period commencing on the
Closing Date and ending on the last day of the calendar month in which the Closing Date occurs, and
for any subsequent Payment Date, the period from the first day of the calendar month immediately
preceding the month in which such Payment Date occurs through the last day of such calendar month.

     Collections: Has the meaning set forth in Section 1 of the Intercreditor Agreement.

     Commercial Tort Claims: All “commercial tort claims” as defined in Article 9 of the UCC.

     Commitment Fee: With respect to any Series of Warehouse Notes for each Payment Date, the fee
designated as such in the related Supplement.

     Commitment Termination Date: With respect to any Series of Warehouse Notes, the date set
forth in the related Supplement.

     Competitor: Any Person (other than any Exterran Affiliate) engaged and competing with either
the Issuer or Exterran or its affiliates in the business of contracting, leasing or selling
Compressors; provided, however, that in no event shall any insurance company, bank, bank holding
company, savings institution, finance company or trust company, fraternal benefit society, pension,
retirement or profit sharing trust or fund, or any collateralized bond obligation fund or similar
fund (or any trustee of any such fund) or any holder of any obligations of any such fund (solely as
a result of being such a holder) be deemed to be a Competitor.

     Compressor: A natural gas compressor equipment unit, together with any tangible components
thereof, all related appliances, parts, accessories, appurtenances, accessions, additions,
improvements and replacements thereto, all other equipment or components of any nature from time to
time incorporated or installed therein and all substitutions for any of the foregoing.

     Compressor Reinvestment Sales Proceeds: For any Collection Period, an amount equal to the sum
of (i) all Casualty Proceeds received during such Collection Period and (ii) all Net Compressor
Sales Proceeds received during such Collection Period from sales of Owner Compressors made in
accordance with the provisions of Sections 645 and 646 of the Indenture; provided, however, that
Compressor Reinvestment Sales Proceeds shall not include any cash payments received by, or on
behalf of, the Issuer or the Exterran ABS Lessor in order to cure a default pursuant to the
provisions of the Indenture.

     Compressor Related Assets: With respect to any Compressor, all of the following: (i) the
Management Agreement, the Contribution Agreement, (in each case, to the extent relating to such
Compressor) and any agreement, contract or warranty (a) relating to such Compressor or the use or
management of such Compressor, or (b) with the manufacturer of such Compressor (including any such
agreement relating to the design, assembly and contracting of such Compressor), and, in each case,
all amendments, restatements, modifications, additions and supplements thereafter made with respect
to such Compressor, (ii) any User Contract to which such Compressor is

6

 

subject, but only to the extent that such User Contract relates to such Compressor, including
all contract compression revenues accruing on or after the date of transfer to the Issuer,
including the right to terminate, perform under or compel performance of the terms thereof, (iii)
all documents in the Contract File relating to such Compressor, (iv) all Supporting Obligations,
guarantees, cash deposits or credit support, supporting or securing payment or performance under
any User Contract to which such Compressor is subject, (v) all Records relating to such Compressor,
and (vi) all payments, proceeds and income of the foregoing or related thereto, including all
insurance proceeds and claims, losses or damages arising out of the breach of any User Contract.

     Compressor Termination Event: Has the meaning set forth in Section 3.3 of the Management
Agreement.

     Compressor Transfer Certificate: A Compressor Transfer Certificate and Bill of Sale
substantially in the form of Exhibit B to the Contribution Agreement, executed and delivered by a
Contributor in accordance with the terms of the Contribution Agreement.

     Concentration Measurement Date: Each of (i) each date on which funds are advanced by the
related Noteholders pursuant to the terms of each Series of Warehouse Notes and (ii) the last day
of each March, June, September and December, commencing on September 30, 2007.

     Contract: Each and every item of Chattel Paper, installment sales agreement, equipment
contract or contract agreement (including progress payment authorizations) other than a Lease
relating to any Compressor or to which any Compressor is subject. The term “Contract” includes (i)
all payments to be made to the owner of such Compressor under any such agreement, (ii) all rights
of the owner of the Compressor under such agreement, (iii) all Supporting Obligations provided by
the User under any such agreement and (iv) any and all schedules, supplements, amendments,
renewals, extensions or guaranties thereof.

     Contract File: With respect to each Contract relating to any Owner Compressor, to the extent
the applicable Contributor has such Contract available, or if entered into after the Closing Date,
the file(s) containing all of the following:

	 	(1)	 	an originally executed counterpart (or, in the circumstances set out in the
Indenture, an electronic version) of such Contract executed by each of the Issuer (or
the Manager on behalf of the Issuer) and the User; and
	 
	 	(2)	 	a copy of any master agreement related thereto.

     Contributed Assets: The Contributed Compressors and Related Contributed Assets related
thereto, collectively.

     Contributed Compressor: An Owner Compressor contributed, sold, transferred or substituted by
a Contributor to the Issuer in accordance with the terms of the Contribution Agreement, including
any one or all of the following, as the context may require, (i) any Owner Compressors contributed
to the Issuer on or subsequent to the Closing Date in accordance with the provisions of Section
2.01 of the Contribution Agreement, (ii) any Additional Compressors sold to the Issuer in
accordance with the provisions of Section 2.02 of the Contribution Agreement, (iii) any Substitute
Compressors transferred to the Issuer in accordance with the provisions of Section 3.04 of the
Contribution Agreement and (iv) any Deemed Substitute Compressors transferred in accordance with
Section 2.01 of the Contribution Agreement.

     Contribution Agreement: The Contribution and Sale Agreement, dated as of August 20, 2007,
among the Contributors and the Issuer, as such agreement may be amended, modified or supplemented
from time to time in accordance with its terms.

     Contribution Date: With respect to the Contribution Agreement, each day on which an Owner
Compressor is (i) sold by a Contributor to the Issuer in accordance with the terms of the
Contribution Agreement (including the Closing Date), or (ii) contributed by a Contributor to the
Issuer in accordance with the terms of the Contribution Agreement, or (iii) both (i) and (ii) above
as the context may require.

7

 

     Contributor: Each of EESLP and any other Exterran Affiliate that becomes a party as a
“Contributor” to the Contribution Agreement, in accordance with the provisions of Section 3.06
thereof, and each of their respective successors and permitted assigns.

     Control Agreement: With respect to the Trust Account, the Purchase Account and the Series
2007-1 Series Account. an agreement substantially in the form of Exhibit B to the Indenture.

     Control Party: With respect to each Series of Notes, the Person(s) identified as such in the
related Supplement. With respect to the references in Section 650 and Section 1006(b)(viii)
hereof and the definition of “Appraised Value” contained herein, the term “Control Party” refers to
Variable Funding Capital Company LLC, which is the Control Party under the Series 2007-1 Notes and
constitutes the Requisite Global Majority. Copyright Licenses: Any and all agreements providing
for the granting of any right in or to Copyrights, and all renewals and extensions thereof.

     Copyrights: All United States, state and foreign copyrights, all mask works fixed in
semi-conductor chip products (as defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether
registered or unregistered and whether published or unpublished, now or hereafter in force
throughout the world, all registrations and applications therefor including, without limitation,
all rights and privileges corresponding thereto throughout the world, all extensions,
continuations, reissues and renewals of any thereof, the right to sue for past, present and future
infringements of any of the foregoing, and all proceeds of the foregoing, including, without
limitation, licenses, royalties, fees, income, payments, claims, damages and proceeds of suit.

     Corporate Trust Office: The principal office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office shall initially be
located at MAC N9311-161, Sixth Street and Marquette Avenue, Minneapolis, MN 55479.

     Corporate Trust Officer: Any Treasurer, Assistant Treasurer, Assistant Trust Officer, Trust
Officer, Assistant Vice President, Vice President or Senior Vice President of the Indenture Trustee
or any other officer having direct responsibility for the administration of the Indenture and who
customarily performs functions similar to those performed by the Persons who at the time shall be
such officers to whom any corporate trust matter is referred because of their knowledge of and
familiarity with the particular subject.

     Credit and Collection Policy: The credit and collection policy of Exterran initially
specified in Exhibit B to the Management Agreement and subsequently reported in accordance with the
terms of the Management Agreement.

     Deal Agent: Wells Fargo Securities, LLC.

     Debt: Has the meaning set forth in the Senior Secured Credit Agreement.

     Debt Limit: As of any date of determination, an amount equal to the sum of (1) all Money and
Eligible Investments on deposit in the Purchase Account, and (2) the product of (x) the Advance
Rate, and (y) the excess of (a) the then Aggregate Depreciated Value on such date over (b) the
Excluded Depreciated Value on such date.

     Deemed Substitute Compressor: Has the meaning set forth in the Contribution Agreement.

     Deemed Substitution: Any contribution or other transfer of one or more Compressors to the
Issuer, which contribution or transfer is certified by a Contributor to be a Deemed Substitution
pursuant to the Contribution Agreement.

     Default Fee: The incremental amounts specified in the related Supplement payable by the
Issuer resulting from (i) the failure of the Issuer to pay when due any principal of or interest on
the Notes of the related Series or (ii) the occurrence of an Event of Default.

8

 

     Definitive Note: A Note issued in definitive form pursuant to the terms and conditions of
Section 202 of the Indenture.

     Deposit Account: Has the meaning set forth in Article 9 of the UCC.

     Depositary: The Depository Trust Company until a successor depositary shall have become such
pursuant to the applicable provisions of the Indenture and thereafter “Depositary” shall mean or
include each Person who is then a Depositary thereunder. For purposes of the Indenture, unless
otherwise specified pursuant to Section 202 of the Indenture, any successor Depositary shall, at
the time of its designation and at all times while it serves as Depositary, be a clearing agency
registered under the Exchange Act, and any other applicable statute or regulation.

     Depositary Participants: A broker, dealer, bank, other financial institution or other Person
for whom from time to time the Depositary effects book-entry transfers and pledges of securities
deposited with the Depositary.

     Depreciated Value: For any Owner Compressor as of the last day of the preceding calendar
month prior to any date of determination, one of the following amounts: (i) on the Closing Date
(with respect to the Owner Compressors owned on the Closing Date) or on the Contribution Date,
Purchase Date or Substitution Date, as applicable (with respect to Owner Compressors that have been
acquired after the Closing Date), the then Appraised Value; and (ii) on any subsequent Payment
Date, the excess of (x) the initial Appraised Value of such Owner Compressor, over (y) the product
of (A) the initial Appraised Value of such Owner Compressor and (B) the fraction (expressed as a
percentage) the numerator of which is the number of Payment Dates from the Closing Date (or if an
Owner Compressor is acquired after the Closing Date, the Contribution Date, Purchase Date or
Substitution Date, as applicable) to but not including such Payment Date and the denominator of
which is the Depreciation Life.

     Depreciation Life: The number of Payment Dates from the Closing Date (or, if an Owner
Compressor, is acquired after the Closing Date, the Contribution Date, Purchase Date or
Substitution Date, as applicable) to the Depreciation Life End Date.

     Depreciation Life End Date: Twenty (20) years from the Closing Date or such later date that
has been consented to by each Control Party and the Requisite Global Majority.

     Determination Date: The third (3rd) Business Day prior to any Payment Date.

     Documents: Any “documents,” as such term is defined in Section 9-102(a)(30) of the UCC.

     Dollars: The lawful currency of the United States of America.

     Domestic Contract Compression Business: One of the following: (i) with respect to Exterran
and its Subsidiaries, the natural gas compression contract services business of Exterran and its
Subsidiaries in the United States of America and (ii) with respect to the Issuer, the natural gas
compression contract services business of the Issuer in the United States of America.

     DTC: The Depository Trust Company.

     EESLP: Exterran Energy Solutions, L.P., a Delaware limited partnership (formerly known as
Hanover Compression Limited Partnership), together with its respective successors and permitted
assigns.

     EI: Exterran, Inc., a Texas corporation (formerly known as Universal Compression, Inc.), and
its successors and permitted assigns.

     Eligible Account: Either (a) a segregated account with an Eligible Institution, (b) a
segregated trust account with the corporate trust department of a depository institution organized
under the laws of the United States or any of the states thereof, including the District of
Columbia (or any domestic branch of a foreign bank), and acting as a trustee for funds deposited in
such account, so long as the senior securities of such depository institution shall have a credit
rating from each Rating Agency in one of its generic credit rating categories no lower than “A3” or
“A-”, as

9

 

the case may be or (c) any account held with the Indenture Trustee; provided that, the
institution then acting as Indenture Trustee is an Eligible Institution.

     Eligible Appraiser: An appraiser reasonably acceptable to the Requisite Global Majority,
Exterran and the Rating Agencies which is independent with respect to Exterran and its Affiliates
within the meaning of the code of professional ethics of the American Society of Appraisers. Each
of the following shall be deemed an Eligible Appraiser: (x) Standard and Poor’s Corporate Value
Consulting and Marshall and Stevens and (y) the appraiser that shall have conducted the most recent
fleet appraisals on behalf of an Exterran Affiliate.

     Eligible Back-up Manager: Caterpillar Inc. or any other Person acceptable to the Requisite
Global Majority to fulfill the duties of the Back-up Manager pursuant to the Related Documents.

     Eligible Compressor: As of any date of determination (or, in the cases of clauses (8), (9)
and (10), solely as of the dates set forth therein), an Owner Compressor:

	 	(1)	 	which is located within the United States of America;
	 
	 	(2)	 	which is not considered a fixture under the Applicable Law of the jurisdiction
in which such Owner Compressor is then located;
	 
	 	(3)	 	which, within ninety (90) days of the Closing Date or the related Contribution
Date, Purchase Date or Substitution Date, as the case may be, will bear a sticker or
other clearly visible marker in accordance with Section 19.12 of the Management
Agreement;
	 
	 	(4)	 	which is designed for, and in suitable operating condition for, use in natural
gas activities;
	 
	 	(5)	 	which is (A) maintained in accordance with a schedule and to a standard that is
not less than the higher of (x) the schedule and maintenance standards suggested by the
manufacturer of such Owner Compressor (and in any event sufficient to maintain in full
force and effect any applicable manufacturer’s warranties) and (y) the schedule and
maintenance standards applicable to the Exterran Compressors (taken as a whole), and
(B) if used as a source of spare parts in connection with the mutual maintenance
provisions set forth in Section 5.13 of the Management Agreement, returned to
operational status within ninety (90) days after the date on which such Owner
Compressor was used in connection with such mutual maintenance provisions;
	 
	 	(6)	 	which is subject to insurance coverage that complies with the terms of the
Related Documents and which is in full force and effect;
	 
	 	(7)	 	in which the Indenture Trustee has valid and enforceable Lien and which is not
subject to any Lien other than Permitted Encumbrances;
	 
	 	(8)	 	which on the Closing Date (with respect to the Owner Compressors in place on
such date) or the subsequent related Contribution Date, Substitution Date or Purchase
Date (with respect to the Owner Compressors acquired after the Closing Date), (1) did
not cause the Owner Compressors purchased, substituted, contributed or otherwise
acquired on such date, to have an aggregate Weighted Average Age at such time to exceed
by more than five percent (5%) the Weighted Average Age of the Exterran Compressors
(taken as a whole) on such date, (2) did not cause the Weighted Average Age of all
Eligible Compressors (including all Eligible Compressors purchased, substituted,
contributed or otherwise acquired on such date) to exceed by more than five percent
(5%) the Weighted Average Age of all Owner Compressors on the Closing Date (as adjusted
for the increase to Weighted Average Age during the period commencing on the Closing
Date and ending on such acquisition date), and (3) will, based on the then most current
Appraisal, indicate a remaining weighted average economic useful life beyond the Legal
Final Maturity Date for the Series of Notes with the latest Legal Final Maturity Date;

10

 

	 	(9)	 	which, on the related Contribution Date, Purchase Date or Substitution Date, as
the case may be, and when considered with all other Eligible Compressors transferred to
the Issuer on such date, did not increase any Excess H/P Concentration Amount then in
existence;
	 
	 	(10)	 	which, on the related Contribution Date, Purchase Date or Substitution Date, as
the case may be, and when considered with all other Eligible Compressors transferred to
the Issuer on such date, did not increase any Excess Customer Concentration Amount then
in existence;
	 
	 	(11)	 	which is not then on lease to a Sanctioned Person or, to the best knowledge of
the Issuer or the Manager, is not subleased to a Sanctioned Person or located, operated
or used in a Sanctioned Country unless it is used pursuant to a license granted by
OFAC; and
	 
	 	(12)	 	which has more than ninety nine (99) horsepower.

     Eligible Contract: A User Contract with respect to any Owner Compressor:

	 	(1)	 	which by its terms, is either (x) during the initial stated base term thereof,
an absolute, irrevocable, noncancelable and unconditional obligation of the related
User (subject only to setoff or cancellation for the failure of the owner thereunder to
meet performance guarantees or maintain run time for the related Owner Compressors that
are set forth in such User Contract, or otherwise permitted within this definition) to
pay a specified dollar amount to the owner thereunder (or its assigns) during the
initial stated base term thereof, or (y) after the initial stated base term thereof, a
month-to-month absolute obligation of the related User (subject only to set off for
failure by the owner under such User Contract to maintain the Owner Compressors in
accordance with the User Contract, or otherwise permitted within this definition) to
pay the specified payment for each month during which the related Owner Compressors
have not been returned to the obligor thereunder or its designee in accordance with the
terms of the User Contract;
	 
	 	(2)	 	which by its terms, does not (x) prohibit one or more assignments of the
owner’s rights thereunder, or (y) require notice to or the consent of the related User
or, if notice to or the consent of the related User is required, such notice has been
given or consent has been obtained; provided, however, that if on or after the Closing
Date, such prohibition or notice to or consent requirement is contained in an existing
User Contract form with a User (and in which case (i) Exterran has determined that it
would not be commercially reasonable to negotiate a new form or (ii) the User has
refused to modify such term), these criteria shall not apply to such existing User
Contract form;
	 
	 	(3)	 	which by its terms, prohibits setoff (other than for failure by the owner
hereunder to meet performance guarantees or maintain run time for the related Owner
Compressors that are set forth in such User Contract); provided, however, that if such
prohibition is not adequately contained (either by its express terms or by silence) in
an existing User Contract form with a User (and in which case (i) Exterran has
determined that it would not be commercially reasonable to negotiate a new form or (ii)
the User has refused to modify such term), these criteria shall not apply to such
existing User Contract form;
	 
	 	(4)	 	which provides for payment from the User in Dollars;
	 
	 	(5)	 	for which the related User is not (x) an Exterran Affiliate or (y) a
Governmental Authority;
	 
	 	(6)	 	which represents the legal, valid and binding obligation of the User
thereunder, enforceable against such User in accordance with its terms (subject to the
effects of bankruptcy, insolvency, reorganization, moratorium or other similar laws
related to or affecting creditors’ rights generally and to general equitable
principles);

11

 

	 	(7)	 	which, if entered into after the Closing Date, was duly executed by parties
having the capacity to do so (except for rate increase notices which will only be
executed by the Issuer or the Manager);
	 
	 	(8)	 	which, if entered into after the Closing Date, complies with at least one of
these statements:

	 	(A)	 	is in the form, or is substantially in the form, attached as
Exhibit D to the Contribution Agreement, with such amendments or modifications
thereto as are commercially reasonable under the circumstances;
	 
	 	(B)	 	if the related User has sufficient market power or presence to
require use of its own contract form, is documented on a contract form required
by such User with such amendments or modifications thereto as the parties may
agree (but only if the Issuer or Manager has determined that it would not be
commercially reasonable to negotiate a new form); or
	 
	 	(C)	 	if the related User has an ongoing business relationship with
Exterran, was documented on a contract form previously used prior to the Closing
Date (but only if the Issuer or Manager has determined that it would not be
commercially reasonable to negotiate a new form);

	 	(9)	 	which complies with the requirements of Section 5.11 of the Management Agreement;
	 
	 	(10)	 	which, if entered into after the Closing Date and consists of a master contract
and one or more schedules issued pursuant to the terms of such master contract,
specifically identifies the master contract agreement pursuant to which such User
Contract was issued;
	 
	 	(11)	 	for which, if entered into after the Closing Date, there exist not more than
two (2) originally executed counterparts, one of which is in the possession of the
owner (or its assignee) and the other is in the possession of the related User;
	 
	 	(12)	 	which, if entered into after the Closing Date, does not bear any handwritten
alterations or revisions to the terms, conditions or provisions of such User Contract,
unless each such alteration or revision is accompanied by written evidence of the
assent of the owner and such User to such alteration or revision; and
	 
	 	(13)	 	if such User Contract contains a contractual purchase option in favor of the
applicable User and the Net Compressor Sales Proceeds to be received by the Issuer upon
the exercise of such purchase option is less than the Depreciated Value of such Owner
Compressor as of the Payment Date immediately preceding the applicable date of such
purchase, then the Owner Compressor that relates to such User Contract is a Permitted
Below DV Compressor.

     Eligible Institution: Any one or more of the following institutions: (i) the corporate trust
department of the Indenture Trustee or (ii) a depositary institution organized under the laws of
the United States of America or any one of the states thereof or the District of Columbia (or any
domestic branch of a foreign bank), (a) which has both (x) a long-term unsecured senior debt rating
of not less than “A” by S&P and “A2” by Moody’s and (y) a short term unsecured senior debt rating
rated in the highest rating category by each Rating Agency and (b) whose deposits are insured by
the Federal Deposit Insurance Corporation.

     Eligible Interest Rate Hedge Counterparty: At the time of execution and delivery of the
related Interest Rate Swap Agreement, any bank or other financial institution (or any party
providing credit support on such Person’s behalf) which has rating(s) equal to or better than the
Hedge Counterparty Required Rating or is otherwise approved by the Requisite Global Majority.

12

 

     Eligible Investments: One or more of the following:

	 	(1)	 	direct obligations of, and obligations fully and unconditionally guaranteed as
to the timely payment of principal and interest by, the United States or obligations of
any agency or instrumentality thereof when such obligations are backed by the full
faith and credit of the United States;
	 
	 	(2)	 	certificates of deposit and bankers’ acceptances (which shall each have an
original maturity of not more than 6 months) of any United States depository
institution or trust company incorporated under the laws of the United States or any
State and subject to supervision and examination by federal and/or State authorities;
provided that, the long-term unsecured senior debt obligations of such depository
institution or trust company at the date of acquisition thereof have been rated “AA-”
(or its equivalent) or better by the Rating Agencies, or the short-term unsecured
senior debt obligations of such depository institution or trust company are rated by
each Rating Agency in its highest rating category;
	 
	 	(3)	 	commercial paper (having original maturities of not more than one hundred
eighty (180) days of any corporation (other than the Issuer), incorporated under the
laws of the United States or any State thereof which on the date of acquisition has
been rated by each Rating Agency in the highest short-term unsecured commercial paper
rating category;
	 
	 	(4)	 	any U.S. dollar denominated money market fund having assets in excess of
$100,000,000 that has been rated by each Rating Agency in its highest rating category
(including any designations of “plus” or “minus”) or that invests solely in Eligible
Investments;
	 
	 	(5)	 	eurodollar deposits (which shall each have an original maturity of not more
than 6 months) of any depository institution or trust company; provided that, the
long-term unsecured senior debt obligations of such depository institution or trust
company at the date of acquisition thereof have been rated “AA-” (or its equivalent) by
the Rating Agencies, or the short-term unsecured senior debt obligations of such
depository institution or trust company are rated by each Rating Agency in its highest
rating category;
	 
	 	(6)	 	repurchase obligations with a term not to exceed ninety (90) days with respect
to any security described in clause (1) above and entered into with a depository
institution or trust company (acting as a principal) rated “AA or higher by the Rating
Agencies; provided, however, that collateral transferred pursuant to such repurchase
obligation must (A) be valued weekly at current market price plus accrued interest, (B)
pursuant to such valuation, have a value equal to, at all times, 105% of the cash
transferred by the Indenture Trustee in exchange for such collateral and (C) be
delivered to the Indenture Trustee or, if the Indenture Trustee is supplying the
collateral, an agent for the Indenture Trustee, in such a manner as to accomplish
perfection of a security interest in the collateral by possession of certificated
securities; and
	 
	 	(7)	 	other obligations or securities that are acceptable to the related Control
Parties as an Eligible Investment hereunder and that will not result in a reduction or
withdrawal in the then current rating of the Notes, if any Series of Notes is then
rated, as evidenced by a letter to such effect from each Rating Agency and the related
Control Parties.

Each of the Eligible Investments may be purchased by or through an Affiliate of the Indenture
Trustee.

     Employee Benefit Plan: An “employee benefit plan” as defined in Section 3(3) of ERISA or a
“Plan” within the meaning of Section 4975(e)(1) of the Code.

     Enhancement Agreement: With respect to any Series of Notes, any agreement, instrument or
document identified in the related Supplement governing the terms of any Series Enhancement or
pursuant to which any Series Enhancement is issued or outstanding.

13

 

     Entitled Party: The Deal Agent, the Indenture Trustee, the Noteholders, the Issuer, the
Exterran ABS Lessor, each Series Enhancer, each Interest Rate Hedge Provider, and the respective
successors and permitted assigns of the foregoing.

     Entitlement Order: This term has the meaning set forth in Section 8-102(a)(8) of the UCC.

     Equipment: Any equipment, as such term is defined in Section 9-102(a)(33) of the UCC.

     ERISA: The Employee Retirement Income Security Act of 1974, as amended.

     Event of Default: The occurrence and continuance beyond any applicable notice and cure period
of any of the events or conditions set forth in Section 801 of the Indenture.

     Excess 499 H/P Amount: As of any date of determination, a fraction (expressed as a
percentage):

     (A) the numerator of which is the excess, if any, of (i) the quotient of (x) the total
horsepower attributable to all Owner Compressors having 100 or more horsepower but not more
than 499 horsepower, divided by (y) the total horsepower for all Owner Compressors; over
(ii) the product of (a) one hundred ten percent (110%) and (b) the quotient of (i) the total
horsepower attributable to all Exterran Compressors having 100 or more horsepower but not
more than 499 horsepower and (ii) the total horsepower for all Exterran Compressors having
100 or more horsepower; and

     (B) the denominator of which is (i) the quotient of (x) the total horsepower
attributable to all Owner Compressors having 100 or more horsepower but not more than 499
horsepower, divided by (y) the total horsepower for all Owner Compressors;

which excess has not been cured on or prior to the expiration of the one hundred twenty (120) day
period commencing on the earlier to occur of (A) the date on which a Responsible Officer of
Exterran obtains actual knowledge of the existence of such condition(s) and (B) the date of
delivery of the first Manager Report that indicates (or should have indicated) that such excess
existed; provided, however, such amount will not be used in the calculation of the Debt Limit until
expiration of the cure period set forth above. For the purpose herein, horsepower is measured as
of the last day of the preceding Collection Period.

     Excess 999 H/P Amount: As of any date of determination, a fraction (expressed as a
percentage):

     (A) the numerator of which is the excess, if any, of (i) the quotient of (x) the total
horsepower attributable to all Owner Compressors having 500 or more horsepower but not more
than 999 horsepower, divided by (y) the total horsepower for all Owner Compressors; over
(ii) the product of (a) one hundred ten percent (110%) and (b) the quotient of (i) the total
horsepower attributable to all Exterran Compressors having 500 or more horsepower but not
more than 999 horsepower and (ii) the total horsepower for all Exterran Compressors having
100 or more horsepower; and

     (B) the denominator of which is (i) the quotient of (x) the total horsepower
attributable to all Owner Compressors having 500 or more horsepower but not more than 999
horsepower, divided by (y) the total horsepower for all Owner Compressors;

which excess has not been cured on or prior to the expiration of the one hundred twenty (120) day
period commencing on the earlier to occur of (A) the date on which a Responsible Officer of
Exterran obtains actual knowledge of the existence of such condition(s) and (B) the date of
delivery of the first Manager Report that indicates (or should have indicated) that such excess
existed; provided, however, such amount will not be used in the calculation of the Debt Limit until
expiration of the cure period set forth above. For the purpose herein, horsepower is measured as of
the last day of the preceding Collection Period.

14

 

     Excess Customer Concentration Amount: As of any date of determination, a percentage equal to
the sum of (i) the Excess Top Customer Concentration Amount and (ii) the Excess Top 5 Customer
Concentration Amount, in each case measured as of the most recent Concentration Measurement Date.

     Excess H/P Concentration Amount: As of any date of determination, a percentage equal to the
sum of the Excess 499 H/P Amount and the Excess 999 H/P Amount, in each case measured as of the
last day of the most recently completed Collection Period.

     Excess Operations Expenses: Has the meaning given such term within the definition of
“Operations Fee”.

     Excess S&A Expenses: Has the meaning given such term within the definition of “S&A Fee”.

     Excess Top Customer Concentration Amount: As of any date of determination, a fraction
(expressed as a percentage):

     (A) the numerator of which is the excess, if any, of (1) the quotient of (i) the total
horsepower (measured as of such Concentration Measurement Date) of those Eligible
Compressors then under contract to the highest Top User divided by (ii) the total
horsepower for all Owner Compressors, over (2) fifteen percent (15%); and

     (B) the denominator of which is the quotient of (i) the total horsepower (measured as
of such Concentration Measurement Date) of those Eligible Compressors then under contract
to the highest Top User divided by (ii) the total horsepower for all Owner Compressors;

which excess has not been cured on or prior to the expiration of the ninety (90) day period
commencing on the earlier to occur of (A) the date on which a Responsible Officer of Exterran
obtains actual knowledge of the existence of such condition and (B) the date of delivery of the
first Manager Report that indicates (or should have indicated) that such excess existed; provided,
however, such amount (i) will not be used in the calculation of the Excluded Depreciated Value
until expiration of the cure period set forth above and (ii) upon expiration of such cure period,
will be used in the calculation of the Excluded Depreciated Value until the earlier to occur of (x)
the next succeeding Concentration Measurement Date or (y) the date on which an officer of the
Manager delivers a certificate indicating that such condition has been remedied.

     Excess Top 5 Customer Concentration Amount: As of any date of determination, a fraction
(expressed as a percentage):

	 	(A)	 	the numerator of which is the excess, if any, of (1) the quotient of (i) the
total horsepower (measured as of such Concentration Measurement Date) of those Eligible
Compressors then under contract to the five (5) Top Users divided by (ii) the total
horsepower for all Owner Compressors, over (2) fifty percent (50%); and
	 
	 	(B)	 	the denominator of which is the quotient of (i) the total horsepower (measured
as of such Concentration Measurement Date) of those Eligible Compressors then under
contract to the five (5) Top Users divided by (ii) the total horsepower for all Owner
Compressors;

which excess has not been cured on or prior to the expiration of the ninety (90) day period
commencing on the earlier to occur of (A) the date on which a Responsible Officer of Exterran
obtains actual knowledge of the existence of such condition and (B) the date of delivery of the
first Manager Report that indicates (or should have indicated) that such excess existed; provided,
however, such amount (i) will not be used in the calculation of the Excluded Depreciated Value
until expiration of the cure period set forth above and (ii) upon expiration of such cure period,
will be used in the calculation of the Excluded Depreciated Value until the earlier to occur of (x)
the next succeeding Concentration Measurement Date or (y) the date on which an officer of the
Manager delivers a certificate indicating that such condition has been remedied.

     Exchange Act: The Securities Exchange Act of 1934, as amended.

15

 

     Excluded Depreciated Value: For purposes of calculating the Debt Limit as of any date of
determination, an amount equal to the sum of (A) the product of (x) the then Excess Top Customer
Concentration Amount and (y) the sum of the Depreciated Values of those Owner Compressors under
contract to the highest Top User, (B) the product of (x) the Excess 499 H/P Amount and (y) the sum
of the Depreciated Values of those Owner Compressors with 100 or more horsepower but not more than
499 horsepower, (C) the product of (x) the Excess 999 H/P Amount and (y) the sum of the Depreciated
Values of those Owner Compressors with 500 or more horsepower but not more than 999 horsepower and
(D) the product of (x) the Excess Top 5 Customer Concentration Amount and (y) the sum of the
Depreciated Values of those Owner Compressors under contract to the five (5) Top Users. An
Eligible Compressor shall be included in only one of the foregoing categories for purposes of
determining the Excluded Depreciated Value.

     Excluded Net Revenues: For purposes of calculating the Net Revenue Limit as of any date of
determination, an amount equal to the product of (A) the excess of (i) one hundred percent (100%)
over (ii) the Pro-Forma Management Fee Rate and (B) the sum of the following:

     (1) the product of (x) that portion of the Pro-Forma Gross Compressor Contract Revenues for
all Eligible Compressors included in the calculation of Pro-Forma Gross Compressor Contract
Revenues that have 100 or more horsepower but not more than 499 horsepower, and (y) the Excess 499
H/P Amount for such Payment Date;

     (2) the product of (x) that portion of the Pro-Forma Gross Compressor Contract Revenues for
all Eligible Compressors included in the calculation of Pro-Forma Gross Compressor Contract
Revenues that have 500 or more horsepower but not more than 999 horsepower, and (y) the Excess 999
H/P Amount for such Payment Date;

     (3) the product of (x) that portion of the Pro-Forma Gross Compressor Contract Revenues for
all Eligible Compressors included in the calculation of Pro-Forma Gross Compressor Contract
Revenues then under contract to the five (5) Top Users, and (y) the Excess Top 5 Customer
Concentration Amount for such Payment Date; and

     (4) the product of (x) that portion of the Pro-Forma Gross Compressor Contract Revenues for
all Eligible Compressors included in the calculation of Pro Forma Gross Compressors then under
contract to the highest Top User and (y) the Excess Top Customer Concentration Amount.

An Eligible Compressor shall be included in only one of the foregoing categories for purposes of
determining the Excluded Net Revenues.

     Excluded Payments: Any payments received from a User in connection with any use fees, taxes,
fees or other charges imposed by any Governmental Authority or any indemnity payments made by a
User pursuant to the terms of the related User Contract (including, without limitation, any
payments received from a User to reimburse Manager or Issuer for sale, use or similar taxes paid by
Manager or Issuer).

     Existing Commitment: With respect to any Series of Notes, the amount identified as such in
the related Supplement.

     Expected Final Payment Date: With respect to any Series, the date stated in the related
Supplement on which the principal balance of all of the Notes of such Series are expected to be
paid in full assuming that the full amount of all Scheduled Principal Payment Amounts of such
Series are paid on each Payment Date.

     Exterran : Exterran Holdings, Inc., a Delaware corporation, and its successors and permitted
assigns.

     Exterran ABS Lessor: Exterran ABS Leasing 2007 LLC, a wholly-owned subsidiary of the Issuer
and a Delaware limited liability company.

     Exterran ABS Lessor Collateral: Has the meaning set forth in the Granting Clause of the
Indenture.

     Exterran Affiliate: Any one or more of Exterran, the Contributors, or any Affiliate of any of
the foregoing.

16

 

     Exterran Compressors: As of any date of determination, all Compressors that are a part of the
Domestic Contract Compression Business of Exterran and its Subsidiaries.

     Exterran Group Event: The occurrence of any of the following events:

	 	(1)	 	either of Exterran or EESLP shall commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts
under any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other similar
official of it or any substantial part of its property, or shall consent to any such
relief or to the appointment of or taking possession by any such official in any
involuntary case or other Proceeding commenced against it, or shall make a general
assignment for the benefit of creditors, or shall take any Business Entity action to
authorize any of the foregoing;
	 
	 	(2)	 	an involuntary case or other Proceeding shall be commenced against either of
Exterran or EESLP seeking liquidation, reorganization or other relief with respect to
it or its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or
other similar official of it or any substantial part of its property, and such
involuntary case or other Proceeding shall remain undismissed and unstayed for a period
of sixty (60) days; or an order for relief shall be entered against any of Exterran, EI
or EESLP under the federal bankruptcy laws as now or hereafter in effect;
	 
	 	(3)	 	either of Exterran or EESLP shall fail generally to pay its debts as they
become due;
	 
	 	(4)	 	either of Exterran or EESLP shall admit its inability to pay its debts as and
when they fall due or becomes or is deemed to be unable to pay its debts or insolvent,
or convenes a meeting for the purpose of proposing; or otherwise proposes or enters
into, any composition or arrangement with its creditors or any group or class thereof,
or anything analogous to, or having a substantially similar effect to, any of the
events specified in this paragraph or in paragraph (1) or (2) above occurs in any
jurisdiction; and
	 
	 	(5)	 	any action, suit or Proceeding shall be commenced against either of Exterran or
EESLP or any entity party to the Intercreditor Agreement seeking relief of any nature
whatsoever from or with respect to the transactions contemplated by the Intercreditor
Agreement or which in any manner draws into question the validity of the Intercreditor
Agreement and such action, suit or Proceeding shall remain undismissed and unstayed for
a period of sixty (60) days; or an order for relief shall be entered against either of
Exterran or EESLP or any entity party to the Intercreditor Agreement under any
Applicable Law as now or hereafter in effect.

     Exterran Managed Compressors: As of any date of determination, all Compressors managed by
Exterran on behalf of third parties in the United States of America.

     Exterran Operations Fee: Has the meaning set forth in Section 11.3(a) of the Management
Agreement.

     Exterran S&A Fee: Has the meaning set forth in Section 11.2(a) of the Management Agreement.

     Fair Market Sales Value: With respect to any Compressor, an amount equal to the value which
would be obtained in an arm’s length transaction between an informed and willing purchaser under no
compulsion to buy and an informed and willing seller under no compulsion to sell the Compressor.

     Federal Reserve Board: The Board of Governors of the Federal Reserve System or any successor
thereto.

     Financial Assets: Any “financial asset,” as such term is defined in Section 8-102(9) of the
UCC.

17

 

     Free Cash Flow Event: The condition that will exist on any date of determination if the Free
Cash Flow Limit, calculated as of the last day of the immediately preceding calendar month, is less
than the Aggregate Note Principal Balance as of such date of determination.

     Free Cash Flow Limit: As of any date of determination, an amount equal to the product of (x)
Net Revenue, calculated as of the last day of the immediately preceding calendar month, and (y)
four and one half (4.5).

     General Intangibles: Any “general intangible,” as such term is defined in Section 9-106 of
the UCC.

     Generally Accepted Accounting Principles or GAAP: Those generally accepted accounting
principles and practices which are recognized as such by the American Institute of Certified Public
Accountants acting through its Accounting Principles Board or by the Financial Accounting Standards
Board or through other appropriate boards or committees thereof consistently applied as to the
party in question.

     Global Note: Either a Rule 144A Global Note or a Public Global Note.

     Goods: Any “goods,” as such term is defined in Section 9-102(a)(44) of the UCC.

     Governmental Authority: Any of the following: (a) any federal, state, county, municipal or
foreign government or political subdivision thereof, any central bank (or similar monetary or
regulatory authority) thereof, any body or entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government, any court or arbitrator, and
any accounting board or authority (whether or not a part of government) which is responsible for
the establishment or interpretation of national or international accounting principles, in each
case whether foreign or domestic; (b) any governmental or quasi-governmental agency, authority,
board, bureau, commission, department, instrumentality or public body, (c) any court or
administrative tribunal or (d) with respect to any Person, any arbitration tribunal or other
non-governmental authority to whose jurisdiction that Person has consented.

     Gross Compressor Contract Revenues: For any Collection Period, an amount equal to the sum of
each contractual payment (excluding Indemnity Amounts) to be billed to a User of an Eligible
Compressor during such Collection Period.

     Hanover Legacy Substitution: The acceptance by the Issuer of a Substitute Compressor for a
Predecessor Compressor that had been owned by EESLP (or an Affiliate of EESLP) prior to the Closing
Date and such Predecessor Compressor was determined subsequently to have not been an Eligible
Compressor on the Closing Date, as provided in the Contribution Agreement.

     Hedge Counterparty Required Rating: As applicable, (i) with respect to a Person as an issuer
or with respect to long-term senior unsecured debt of such Person, (a) “A1” by Moody’s to the
extent such Person has a long-term rating only (for so long as any Series Notes are Outstanding
under the Indenture and are rated by Moody’s); or (b) “A2” by Moody’s to the extent such Person has
both a long-term and short-term rating and the short-term rating is “P-1” (for so long as any
Series Notes are Outstanding under the Indenture and are rated by Moody’s); and (ii) with respect
to a Person as an issuer or with respect to the long-term senior unsecured debt of such Person,
BBB- by S&P or a short-term debt rating of “A-3” by S&P (for so long as any Series Notes are
Outstanding under the Indenture and are rated by S&P); provided that, should a Rating Agency effect
an overall downward adjustment of its short-term or long-term ratings, then the applicable Hedge
Counterparty Required Rating shall be downwardly adjusted accordingly; provided, further, that any
adjustment to the applicable Hedge Counterparty Required Rating pursuant to the preceding proviso
shall be subject to the prior written consent of the applicable Rating Agency.

     Hedging Requirements: Has the meaning set forth in Section 631(a) of the Indenture.

     Holder: See Noteholder.

     Impositions: Has the meaning set forth in Section 5.8 of the Management Agreement.

18

 

     Incentive Management Fee: For each Payment Date, one of the following amounts:

	 	(1)	 	if Exterran, any Exterran Affiliate or Caterpillar Inc. is then fulfilling the
role of the Manager on such Payment Date, an amount equal to the product of (x)
twenty-five percent (25%) and (y) the portion of the Available Distribution Amount for
such Payment Date available for the payment of the Incentive Management Fee in
accordance with the provisions of Section 302(d) or Section 302(e), as applicable, of
the Indenture; or
	 
	 	(2)	 	if Exterran, any Exterran Affiliate or Caterpillar Inc., is not then fulfilling
the role of the Manager, the amount designated as such to be set forth in a separate
letter agreement among the Issuer, Exterran and the Back-up Manager; provided, however,
that (a) the amount of such Incentive Management Fee must be approved in writing by the
Requisite Global Majority and (b) if the Manager shall fail to appoint a Back-up
Manager in accordance with the terms of the Related Documents, then the Requisite
Global Majority may (without the need of obtaining the consent of the Issuer or the
Manager) establish a market-based Incentive Management Fee with a Back-up Manager
appointed by the Requisite Global Majority.

     Indebtedness: With respect to any Person means, without duplication, (a) any obligation of
such Person for borrowed money, including, without limitation, (i) any obligation incurred through
the issuance and sale of bonds, debentures, notes or other similar debt instruments and (ii) any
obligation for borrowed money which is non-recourse to the credit of such Person but which is
secured by any asset of such Person, (b) any obligation of such Person on account of deposits or
advances, (c) any obligation of such Person for the deferred purchase price of any property or
services, except accounts payable arising in the ordinary course of such Person’s business, (d) any
obligation of such Person as lessee under a capital lease, (e) any Indebtedness of another secured
by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person
and (f) any obligation in respect of interest rate or foreign exchange hedging agreements.

     Indemnified Party: This term has the meaning set forth in Section 6.2 of the Back-up
Management Agreement.

     Indemnitee: Each of the Deal Agent, each Series Enhancer, the Indenture Trustee, each
Noteholder, each Interest Rate Hedge Provider, the Intercreditor Collateral Agent, each of their
respective Affiliates, and each of the successors and permitted assigns and each of the partners,
directors, officers, employees, servants and agents of each of the foregoing and of each such
Affiliate and of such successors and permitted assigns.

     Indemnity Amounts: Indemnity payments, reimbursement payments and payments in respect of
costs and expenses, in each case payable under any Related Document to the Noteholders (or their
related credit or liquidity providers), the Deal Agent, each Interest Rate Hedge Provider, each
Series Enhancer or any other Indemnitee for increased costs, funding costs, breakage costs, taxes,
other taxes, costs, expenses or other indemnity or reimbursement payments.

     Indenture: The Indenture, dated as of August 20, 2007, among the Issuer, the Exterran ABS
Lessor and the Indenture Trustee and all amendments thereof and supplements thereto, including,
with respect to any Series, the related Supplement.

     Indenture Trustee: The Person performing the duties of the Indenture Trustee under the
Indenture; initially, Wells Fargo Bank, National Association.

     Indenture Trustee Indemnified Amounts: Has the meaning set forth in Section 905 of the
Indenture.

     Indenture Trustee’s Fees: Has the meaning set forth in Section 905 of the Indenture.

     Independent Accountants: Either (i) any “Big 4” accounting firm or (ii) any other independent
certified public accountants of internationally recognized standing selected by the Issuer and
acceptable to the Requisite Global Majority.

19

 

     Independent Director: A director who is not a current or former employee, officer, director,
partner, member, or shareholder, creditor or customer of Exterran or any of its Affiliates and is
not related by blood or marriage to any such person and who has not received, and was not an
employee, officer, director, partner, member or shareholder of any Person that has received, from
Exterran or any Exterran Affiliate, in any year within the five (5) years immediately preceding or
any year during such director’s incumbency as an Independent Director, fees or other income in
excess of five percent (5%) of the gross income of such Person for any applicable year; provided
that, an Independent Director may serve in similar capacities for other special purpose entities
formed by Exterran or its Affiliates. As used in this defined term, “control”, including the terms
“controlling,” “controlled by” and “under common control with,” means the direct or indirect
possession of the power to direct or cause the direction of the management and policies of a
person, whether through the ownership of at least 10% of the voting securities, by contract or
otherwise. No resignation or removal of an Independent Director shall be effective until a
successor Independent Director has been elected to replace such Independent Director.

     Ineligible Collections: For any Collection Period and each Ineligible Contract, all Gross
Compressor Contract Revenues, Net Compressor Sales Proceeds and Casualty Proceeds received in
respect of such Ineligible Contract.

     Ineligible Compressor: As of any date of determination, any Owner Compressor that is not then
classified as an Eligible Compressor.

     Ineligible Contract: As of any date of determination, any User Contract that is not then
classified as an Eligible Contract.

     Initial Commitment: With respect to any Noteholder of any Series, the aggregate initial
commitment of such Noteholder, expressed as a dollar amount, to purchase up to a specified
principal balance of all Notes of such Series, which commitment shall be set forth in the related
Supplement.

     Initial Purchaser: With respect to each Series of Notes, the Person(s) identified as such in
the related Supplement.

     Initial Sold Assets: The Sold Compressors sold or contributed by EI to the Issuer on the
Closing Date pursuant to the Bill of Sale, together with (a) all Related Sold Assets relating
thereto and (b) any contract compression revenues from User Contracts received on or after the
Closing Date related to the Sold Compressors.

     Insolvency Law: The Bankruptcy Code or similar applicable law in any State or other
applicable jurisdiction.

     Insolvency Proceeding: Any Proceeding under any applicable Insolvency Law.

     Institutional Accredited Investor: One or more accredited investors of the types set forth in
clauses (a) (1), (2), (3) and (7) of Rule 501 under the Securities Act.

     Instruments: Any “instrument,” as such term is defined in Section 9-102(a)(47) of the UCC.

     Intellectual Property. Collectively, the Copyrights, the Copyright Licenses, the patents, the
Patent Licenses, the Trademarks, the Trademark Licenses, the Trade Secrets, and the Trade Secret
Licenses.

     Intercreditor Agreement: Either or both, as the context may require, of the following:

     (i) the Intercreditor and Collateral Agency Agreement dated as of August 20, 2007 (as amended,
supplemented, amended and restated or otherwise modified from time to time in accordance with the
provisions thereof) among the Issuer, Exterran, Inc., the Indenture Trustee, the Bank Agent, the
Intercreditor Collateral Agent and the Additional Exterran Lenders that from time to time become a
party thereto; and

20

 

     (ii) the Intercreditor and Collateral Agency Agreement dated as of August 20, 2007 (as
amended, supplemented, amended and restated or otherwise modified from time to time in accordance
with the provisions thereof) among the Issuer, Exterran Energy Solutions, L.P., the Indenture
Trustee, the Bank Agent, the Intercreditor Collateral Agent and the Additional Exterran Lenders
that from time to time become a party thereto

     Intercreditor Collateral Agent: This term has the meaning set forth in Section 1 of the
Intercreditor Agreement.

     Interest Accrual Period: With respect to a Payment Date, the period beginning with, and
including, the immediately preceding Payment Date and ending on the day immediately preceding such
Payment Date, or with respect to a Series of Notes, such other period as is specified in the
related Supplement.

     Interest Coverage Ratio: Has the meaning set forth in the Senior Secured Credit Agreement.

     Interest Payments: For each Series of Notes which are Outstanding on any Payment Date, the
aggregate amount of the “Interest Payments” (as defined in the related Supplement for such Series)
for such Payment Date.

     Interest Rate Hedge Provider: Any Eligible Interest Rate Hedge Counterparty or any
counterparty to a cap, collar or other hedging instrument permitted to be entered into pursuant to
the Indenture.

     Interest Rate Swap Agreement: An ISDA master swap agreement between the Issuer and the
Interest Rate Hedge Provider named therein, including any schedules and confirmations prepared and
delivered in connection therewith, pursuant to which interest rate swap transactions are documented
which provide that (i) the Issuer will receive payments from the Interest Rate Hedge Provider based
on LIBOR, (ii) the Issuer will make payments to the Interest Rate Hedge Provider based on a fixed
rate of interest and (iii) recourse by the Interest Rate Hedge Provider to the Issuer is limited to
the portion of the Collateral that is available for distribution to such Interest Rate Hedge
Provider pursuant to the Indenture.

     Inventory: Any “inventory,” as such term is defined in Section 9-102(a)(48) of the UCC.

     Investment: When used in connection with any Person, any investment by or of that Person,
whether by means of purchase or other acquisition of securities of any other Person or by means of
loan, advance, capital contribution, guaranty or other debt or equity participation or interest, or
otherwise, in any other Person, including any partnership and joint venture interests of such
Person in any other Person. The amount of any Investment shall be the original principal or capital
amount thereof less all returns of principal or equity thereon (and without adjustment by reason of
the financial condition of such other Person) and shall, if made by the transfer or exchange of
property other than cash, be deemed to have been made in an original principal or capital amount
equal to the fair market value of such property.

     Investment Letter: Has the meaning set forth in Section 205(h) of the Indenture.

     Investment Property: Has the meaning set forth in Section 9-102(a)(49) of the UCC.

     Issuer: Exterran ABS 2007 LLC, a limited liability company organized under the laws of the
State of Delaware, and its successors and permitted assigns.

     Issuer Collateral: Has the meaning set forth in the Granting Clause of the Indenture.

     Lease: The Equipment Master Rental Agreement and all schedules issued pursuant thereto
between the Issuer and the Exterran ABS Lessor pursuant to which the Issuer leases the Owner
Compressors from the Exterran ABS Lessor, on terms reasonably satisfactory to the Control Party and
any Series Enhancer.

     Legal Final Maturity Date: With respect to any Series, the date specified in the related
Supplement on which the unpaid principal balance of, and accrued interest on, all of the Notes of
such Series will be due and payable.

21

 

     Liability Insurance: Has the meaning set forth in Section 5.7(a) of the Management Agreement.

     LIBOR: The London Interbank Offered Rate.

     Lien: Any security interest, lien (statutory or other), charge, pledge, equity, mortgage,
hypothecation, assignment for security or encumbrance of any kind or nature whatsoever.

     Lien Claim: Has the meaning set forth in Section 4.2 of the Management Agreement.

     Limited Liability Company Agreement. The limited liability company agreement of Exterran ABS
2007 LLC or Exterran ABS Leasing 2007 LLC, as applicable, as such agreement shall be amended,
supplemented or modified from time to time in accordance with its term.

     Lockbox: A lockbox or post office box covered by a Lockbox Agreement.

     Lockbox Account: This term has the meaning set forth in Section 1 of the Intercreditor
Agreement.

     Lockbox Agreement: This term has the meaning set forth in Section 1 of the Intercreditor
Agreement.

     Loss, Damage or Destruction: This term shall have the meaning set forth in Section 640 of the
Indenture.

     MA Indemnified Party: Has the meaning set forth in Section 16.2 of the Management Agreement.

     Majority of Holders: With respect to each Series of Notes, Noteholders representing more than
fifty percent (50%) (or such higher percentage as shall be set forth in the related Supplement) of
the then unpaid principal balance of all Notes of such Series (or, if such Series of Notes is a
Series of Warehouse Notes for which the Commitment Termination Date has not occurred, more than
fifty percent (50%) of the aggregate Existing Commitment for such Series).

     Management Agreement: Either or both, as the context may require, of (i) for so long as EESLP
is the Manager, the Management Agreement, dated as of August 20, 2007, among the Manager, the
Issuer and the Exterran ABS Lessor, as such agreement shall be amended, supplemented or modified
from time to time in accordance with its terms, and (ii) for all times not covered by clause (i),
any management agreement entered into between the Issuer and the Replacement Manager.

     Management Fee: For any Payment Date, an amount equal to the sum of (i) the Operations Fee,
(ii) the S&A Fee and (iii) any charges for Reimbursable Services, in each case to the extent then
due and payable pursuant to Section 11.1 of the Management Agreement, in each case to the extent
that such amount has not been previously withheld by, or otherwise paid to, the Manager in
accordance with the terms of the Related Document, but excluding any Excess S&A Expenses and Excess
Operations Expenses.

     Management Related Expenses: Any costs, expenses or fees paid or payable by the Issuer
pursuant to the Management Agreement (other than the indemnification amounts thereunder, Excess
Operations Expenses, Excess S&A Expenses, the Operations Fee, the S&A Fee, the Overhaul Fee, the
Incentive Management Fee and any amounts in respect of Reimbursable Services), including, without
limitation, costs, expenses and fees incurred under Sections 5.7, 9.3, and 9.9 thereof and costs,
expenses and fees incurred under the last sentence of Section 5.8 thereof.

     Management Replacement Date: This term shall have the meaning set forth in the Back-up
Management Agreement.

     Management Term: The term of the management, marketing, maintenance and other obligations of
the Manager and the Issuer under the Management Agreement with respect to any Owner Compressor,
which term shall commence as of the Closing Date and continue until terminated as provided in the
Management Agreement.

22

 

     Manager: The Person performing the duties of the Manager under the Management Agreement;
initially, EI, which has since merged into EESLP.

     Manager Advance: Has the meaning set forth in Section 8.1(a) of the Management Agreement.

     Manager Default: The occurrence and continuance beyond any applicable notice and cure period
of any of the events or conditions set forth in Section 12.1 of the Management Agreement.

     Manager Guarantor: Exterran

     Manager Guaranty: The Guaranty, dated as of August 20, 2007, issued for the benefit of the
Issuer, the Equipment Lessor and the Indenture Trustee.

     Manager Malfeasance: Has the meaning set forth in Section 4.2 of the Management Agreement.

     Manager Report: A written informational statement in the form attached as Exhibit C to the
Management Agreement to be provided by the Manager in accordance with the Management Agreement and
furnished to the Indenture Trustee, the Deal Agent, each Series Enhancer and each Interest Rate
Hedge Provider.

     Manager Termination Date: The date on which a Manager Termination Notice is given.

     Manager Termination Notice: A written notice setting forth with specificity the section of
the Management Agreement which was breached and resulted in a Manager Default, to be provided to
the Manager by the Indenture Trustee pursuant to Section 405(a) of the Indenture with a copy to
each Rating Agency, each Series Enhancer, the Deal Agent, each Interest Rate Hedge Provider and the
Back-up Manager.

     Mandatory Alteration: Has the meaning set forth in Section 5.9 of the Management Agreement.

     Material Adverse Change: Any set of circumstances or events (i) which is, or could reasonably
be expected to be, material and adverse to the business, financial condition, operations or
properties of either Contributor, Exterran, the Issuer, the Indenture Trustee or the Manager,
individually or taken together as a whole, (ii) which has had, or could reasonably be expected to
have, a material and adverse effect on the ability of any Person described in clause (i) to perform
its respective obligations under the Related Documents, or a material and adverse effect on
enforceability or validity of any Related Document or (iii) which has had, or could reasonably be
expected to have, a material and adverse effect on the rights and remedies of the Noteholders, any
Series Enhancer or the Indenture Trustee.

     Maximum Hedging Amount: Has the meaning set forth in Section 631(a) of the Indenture.

     Maximum Substitution Limit: As of any date of determination, an amount equal to the sum of
(a) the excess of (i) the product of (x) ten percent (10%) and (y) the sum of the Appraised Values
of all Owner Compressors on such date, over (ii) the sum of the Appraised Values of all Substitute
Compressors (as such term is modified below) and Deemed Substitute Compressors, in each case
measured as of the last day of the month immediately preceding the applicable Substitution Date,
and (b) the Appraised Value of all Hanover Legacy Substitutions, in each case as transferred to
Issuer on a cumulative basis for the period commencing on the Closing Date to such date of
determination; provided that, at any time during which the Series 2007-1 Notes are the only Series
of Notes Outstanding, the Maximum Substitution Limit will be an amount equal to the product of (x)
ten percent (10%) and (y) (I) the sum of the Appraised Values of all Owner Compressors owned by
the Issuer as of November 30, 2007, increased by (II) the sum of the Appraised Values of all Owner
Compressors (exclusive of Substitute Compressors) acquired by the Issuer after January 31, 2008.

The following Compressors shall not be considered to be Deemed Substitute Compressors or Substitute
Compressors for the purpose of calculating the amount set forth in clause (ii) above, and the
Appraised Values of such Compressors shall be excluded from such amount and shall not be considered
a Deemed Substitution:

23

 

	 	(1)	 	any Additional Compressor sold to the Issuer pursuant to the provisions of
Section 2.01(a)(ii) of the Contribution Agreement;
	 
	 	(2)	 	any Eligible Compressor transferred to the Issuer pursuant to the provisions of
Section 3.04(a)(i)(A)- (D) of the Contribution Agreement;
	 
	 	(3)	 	any Hanover Legacy Substitution;
	 
	 	(4)	 	any Eligible Compressor transferred to the Issuer pursuant to the provisions of
Section 3.04(a)(i)(E) of the Contribution Agreement in connection with the mutual
maintenance and servicing provision set forth in Section 5.13 of the Management
Agreement; and
	 
	 	(5)	 	any Owner Compressor transferred by the Issuer to the holder of its Membership
Interests in accordance with the provision of Section 648(B) of the Indenture.

     In calculating the amount set forth in clause (ii) above, the Appraised Values of the
following Compressors shall be included in such calculation:

	 	(1)	 	any Owner Compressor transferred to the Issuer in connection with a cure of a
breach of the covenants set forth in Sections 643, 645 or 647 of the Indenture; and
	 
	 	(2)	 	without duplication of the amounts set forth in clause (1), any Eligible
Compressor transferred to the Issuer in connection with a Deemed Substitution.

     Membership Interests: Has the meaning set forth in Section 2.01 of the Contribution
Agreement.

     Minimum Hedging Amount: Has the meaning set forth in Section 631(a) of the Indenture.

     Minimum Principal Payment Amount: On each Payment Date for each Series of Notes, an amount
equal to the excess of (i) the then unpaid principal balance of such Series of Notes then
Outstanding, over (ii) the Minimum Targeted Principal Balance for such Series of Notes for such
Payment Date.

     Minimum Targeted Principal Balance: For each Series of Notes for any Payment Date, the amount
identified as such in the related Supplement for such Payment Date.

     Money: Any “money” as defined in the UCC.

     Monthly Operations Fee Rate: Has the meaning set forth in Section 11.3(a) of the Management
Agreement.

     Monthly Tape: An electronic data file containing the following information and any such other
information as may be mutually agreed by the Issuer, the Requisite Global Majority and the Manager:
(i) User name, address and telephone number, (ii) the Owner Compressor(s) contracted to such User,
(including the manufacturer thereof and the related horsepower), (iii) the location of such
Compressors, (iv) the monthly revenue for each Owner Compressor and (v) the monthly expenses for
each Owner Compressor.

     Monthly Utilization Rate: For any calendar month, either, as applicable, (i) a fraction
(expressed as a percentage), the numerator of which is equal to (x) the total horsepower of the
Owner Compressors that generated revenue during the month, and the denominator of which is equal to
(y) the total horsepower of the Owner Compressors as of the last day of such calendar month; or
(ii) a fraction (expressed as a percentage), the numerator of which is equal to (x) the total
horsepower of the Other Exterran Compressors that generated revenue during the month, and the
denominator of which is equal to (y) the total horsepower of the Other Exterran Compressors as of
the last day of such calendar month.

     Moody’s: Moody’s Investors Services, Inc. and any successor.

24

 

     Net Book Value: With respect to an Owner Compressor, the net book value thereof determined in
accordance with GAAP as reflected on the books and records of the applicable Person.

     Net Compressor Sales Proceeds: With respect to each Owner Compressor sold by, or on behalf
of, the Issuer in accordance with the terms of the Related Documents, the net amount of the cash
proceeds from the sale of such Owner Compressor, after deducting from the gross cash proceeds of
such sale (i) all sales taxes and other Taxes as may be applicable to the sale or transfer of such
Owner Compressor, (ii) all out of pocket fees, costs and expenses of such sale reasonably incurred
by the Issuer in the case of a sale after the Legal Final Maturity Date, (iii) all discounts,
offsets, credits or deductions from such proceeds, and (iv) any other amounts for which, if not
paid, the Issuer would be liable as a result of such sale or which, if not paid, would constitute a
Lien on such Owner Compressor.

     Net Revenue: As of any date of determination, an amount equal to the product of (i) the
annualized equivalent of the then Pro-Forma Gross Compressor Contract Revenues and (ii) a
percentage equal to the excess of (a) one hundred percent (100%) over (b) the Pro-Forma Management
Fee Rate (stated as a percentage) then in effect. For purposes of calculating Net Revenue in
connection with an advance under a Series of Warehouse Notes, any Eligible Compressor to be
acquired with the proceeds of such advance shall be included in such calculation.

     Net Revenue Event: The condition that will exist on any Payment Date if (x) Net Revenue,
calculated as of the last day of the preceding calendar month, is less than the product of (i) the
Average Hedged Rate and (ii) the Aggregate Note Principal Balance as of such date of determination.
Once a Net Revenue Event occurs, such Net Revenue Event will continue until the earlier to occur
of (x) the date on which such Net Revenue Event is waived by the Requisite Global Majority and (y)
subject to any restrictions or limitations set forth in the Related Documents, the date on which a
subsequent or revised Manager Report indicates that such condition is no longer continuing.

     Net Revenue Limit: As of any date of determination, an amount equal to the product of (x)
thirty-seven and one-half percent (37.5%), and (y) a fraction, the numerator of which is the excess
of (1) Net Revenue as of such date of determination over (2) Excluded Net Revenues as of such date
of determination, and the denominator of which is the Average Hedged Rate then in effect.

     Note Owners: With respect to a Global Note, the Person who is the owner of such Global Note,
as reflected on the books of (i) the Depositary (a direct participant) or (ii) a Person maintaining
an account with the Depositary (an indirect participant), in each case in accordance with the rules
of the Depositary.

     Note Partial Termination Amount: With respect to any Payment Date, the amount of any early
termination or other unpaid amounts (excluding taxes, indemnities and similar amounts), and any
interest accrued thereon, payable to one or more Interest Rate Hedge Providers as a result of the
termination by the Issuer (in whole or in part) of one or more transactions under the Interest Rate
Swap Agreements such that, after giving effect to the termination of such Interest Rate Swap
Agreements (including any payments of principal on such Payment Date), the aggregate notional
amounts of all transactions under the Interest Rate Swap Agreements remaining in effect shall not
exceed the Maximum Hedging Amount.

     Note Purchase Agreement: With respect to any Series of Notes, any underwriting agreement or
note purchase agreement for the Notes of such Series.

     Note Register: The register maintained by the Indenture Trustee pursuant to Section 205 of
the Indenture.

     Note Registrar: Has the meaning as set forth in Section 205 of the Indenture.

     Noteholder or Holder: The Person in whose name a Note is registered in the Note Register.

     Notes: Any one of the promissory notes executed by the Issuer and authenticated by or on
behalf of the Indenture Trustee, substantially in the form attached to the related Supplement.

     Notice of Sole Control: An Exhibit to the Control Agreement.

25

 

     OFAC: The Office of Foreign Assets Control of the United States Department of the Treasury.

     Officer’s Certificate: A certificate signed by a duly authorized officer of the Person who is
required to sign such certificate.

     Operations Fee: For any Payment Date one of the following amounts:

	 	(1)	 	if Exterran or any Affiliate thereof is then fulfilling the role of the
Manager, an amount equal to the then applicable Exterran Operations Fee; or
	 
	 	(2)	 	at all times not covered by clause (1), the actual operating fees incurred by a
Replacement Manager in the Collection Period immediately preceding such Payment Date
with respect to the Owner Compressors (including any Impositions of the type described
in the first sentence of Section 5.8 of the Management Agreement, to the extent such
Impositions are not Excluded Payments); provided, however, that to the extent that the
amount set forth in this paragraph (2) exceeds an amount equal to one hundred seventeen
percent (117%) of the amount that would have otherwise been payable pursuant to
paragraph (1), then the amount of such excess shall be paid as “Excess Operations
Expenses”, in each case to the extent that all or a portion of such amount has not been
previously withheld by the Manager in accordance with the terms of the Related
Document.

     For all Owner Compressors that, to the best knowledge of the Manager, are then subject to a
continuing Casualty Loss, the Operations Fee shall be equal to zero.

     Operations Fee Rate: As of any date of determination, the excess of (i) one (1), over (i) the
“Gross Margin Percentage for Domestic Contract Operations” or similar language, as set forth in the
most recent quarterly or annual consolidated financial statement of Exterran delivered to the
Indenture Trustee pursuant to the provisions of Section 629 of the Indenture.

     Opinion of Counsel: A written opinion of counsel, who, unless otherwise specified, may be
counsel employed by the Issuer, the Contributors or the Manager, in each case reasonably acceptable
to the Person or Persons to whom such Opinion of Counsel is to be delivered. The counsel rendering
such opinion may rely (i) as to factual matters on a certificate of a Person whose duties relate to
the matters being certified and (ii) insofar as the opinion relates to local law matters, upon
opinions of local counsel.

     Optional Alteration: This term shall have the meaning set forth in Section 638 of the
Indenture.

     Organizational Documents: With respect to any Person, any certificate of incorporation,
charter, by-laws, memorandum of association, partnership agreement, limited liability company
agreement, certificate of formation of a limited liability company, certificate of limited
partnership, certificate of trust, trust agreement or other agreement or instrument under which
such Person is formed or organized, and which established the legal personality of such Person
under Applicable Law, and any amendment to any of the foregoing.

     Other Exterran Compressors: As of any date of determination, all of the Exterran Compressors
other than the Owner Compressors.

     Other Taxes: Has the meaning set forth in Section 206(b) of the Series 2007-1 Supplement
dated as of the Closing Date by and between the Issuer and the Indenture Trustee.

     Outstanding: When used with reference to the Notes and as of any particular date, any Note
theretofore and thereupon being authenticated and delivered except:

	 	(1)	 	any Note canceled by the Indenture Trustee or proven to the satisfaction of the Indenture
Trustee to have been duly canceled by the Issuer at or before said date;

26

 

	 	(2)	 	any Note, or portion thereof, called for payment or redemption for which
monies equal to the principal amount or redemption price thereof, as the case may be,
with interest to the date of maturity or redemption, shall have theretofore been
deposited with the Indenture Trustee (whether upon or prior to maturity or the
redemption date of such Note);
	 
	 	(3)	 	any Note in lieu of or in substitution for which another Note shall
subsequently have been authenticated and delivered; and
	 
	 	(4)	 	for voting purposes only, any Note held by the Issuer, the Contributors,
Exterran, or any Affiliate of any such Person.

Notwithstanding the foregoing, any Note on which any portion of principal or interest has been paid
by a Series Enhancer pursuant to an Enhancement Agreement shall be Outstanding until the Series
Enhancer has been reimbursed in full therefor in accordance with the related Enhancement Agreement.

     Outstanding Obligations: As of any date of determination an amount equal to the sum of (i)
the then unpaid principal balance of, and all accrued and unpaid interest payable on, all Notes,
(ii) all other amounts (including Indemnity Amounts) owing to Noteholders or to any other Person
under the Related Documents, including, without limitation, any amounts (including Reimbursement
Amounts) owed to any Series Enhancer under any Insurance Agreement, Policy or any other Related
Document, (iii) all amounts payable by the Issuer under any Interest Rate Swap Agreement (including
without limitation, all termination amounts and breakage costs), and (iv) any premium payable to
any Holder with respect to any Series.

     Overdue Rate: For any Series of Notes, the interest rate per annum set forth in the
Supplement.

     Overhaul Fee: For any Payment Date and with respect to any Owner Compressor that has
undergone an overhaul during the immediately preceding calendar month, the amount set forth in
Section 5.6(c) of the Management Agreement (to the extent that all or a portion of such amount has
not been previously withheld by the Manager in accordance with the terms of the Related Documents).

     Overhaul Fee Release Conditions: As of any date of determination, the existence of all of the
following conditions: (i) no Event of Default or Manager Default shall have occurred and then be
continuing; (ii) the Manager Termination Date shall not have occurred; and (iii) no Asset Base
Deficiency is then existing or would result from such payment.

     Overhaul Policy: The overhaul policy of Exterran initially specified in Exhibit D to the
Management Agreement and subsequently reported in accordance with the terms of the Management
Agreement.

     Owner Compressors: As of any date, all Compressors that are either owned by the Issuer or
leased by Issuer from the Exterran ABS Lessor under a Lease as of such date (including, without
limitation, all Contributed Compressors).

     Owner Lien Claim Amount: Has the meaning set forth in Section 4.2 of the Management
Agreement.

     Ownership Interests: An ownership interest in a Global Note.

     Parent: With respect to any Person, any corporation, association, partnership, limited
liability company, joint venture or other business entity which owns or controls, directly or
indirectly, more than fifty percent (50%) of the voting stock or other voting equity interests in
such Person.

     Payment Date: With respect to any Series, the twentieth (20th) day of each calendar month (or
if such day is not a Business Day, the next succeeding Business Day) commencing on September
20th, 2007.

     Payment Intangibles: Any “payment intangibles,” as such term in defined in Section
9-102(a)(61) of the UCC.

27

 

     Permissible Accidental Foreign Compressors: Any Owner Compressor that has been relocated to
either Canada or Mexico for less than five (5) Business Days after the date on which a Responsible
Officer of the Issuer or the Manager obtains knowledge of such condition; provided, however, that
in no event shall the sum of the then Depreciated Values of all Permissible Accidental Foreign
Compressors exceed (rounded, if not an integer, upwards to the nearest integer) an amount equal to
the product of (i) two percent (2%), and (ii) the then Aggregate Depreciated Value.

     Permitted Affiliate Sale: Any sale of an Owner Compressor by the Issuer to an Exterran
Affiliate that complies with the requirements of Section 645 of the Indenture.

     Permitted Below DV Compressors: As of any date of determination, any Owner Compressor that
(i) is then subject to a User Contract, (ii) such User Contract contains a contractual purchase
option in favor of such User, (iii) the Net Compressor Sales Proceeds to be received by the Issuer
upon any exercise of such purchase option is less than the Depreciated Value of such Owner
Compressor as of the Payment Date immediately preceding the applicable date on which such purchase
is to be consummated and (iv) the Depreciated Value of such Owner Compressor, in the aggregate with
the Depreciated Values of all other Permitted Below DV Compressors, does not exceed the Aggregate
Five Percent Limit. For purposes of applying clause (iv), each affected User Contract will be
considered individually in chronological order (i.e., oldest to most recent) based on the date of
such User Contract.

     Permitted Encumbrance: With respect to the Collateral, any or all of the following:

	 	(1)	 	Liens for taxes, assessments or other governmental charges or levies not yet
due or which are being contested in good faith by appropriate action and for which
adequate reserves have been maintained;
	 
	 	(2)	 	with respect to the Owner Compressors, carriers’, warehousemen’s, mechanics’,
suppliers’, vendors’, workmen’s, repairmen’s, employees’, or other like Liens arising
in the ordinary course of business for amounts not yet due or which are being contested
in good faith by appropriate Proceedings;
	 
	 	(3)	 	any Lien created by any Related Document;
	 
	 	(4)	 	with respect to the Owner Compressors, each Lease and each User Contracts with
respect thereto entered into in the ordinary course of business;
	 
	 	(5)	 	with respect to the Owner Compressors, the rights of others under each Lease
and each User Contracts expressly permitted by the terms of the Indenture; and
	 
	 	(6)	 	pre-judgment Liens for claims against the Issuer or any User permitted under
the Indenture which are contested in good faith and Liens arising out of judgments or
awards against the Issuer or any permitted User with respect to which an appeal or
proceeding for review is being prosecuted in good faith and to which a stay of
execution has been obtained pending such appeal or review;

provided that, any Proceedings of the type described in clauses (1) and (2) above: (A) could not
be reasonably expected to subject the Issuer, the Indenture Trustee or any Noteholder to any civil
or criminal penalty or liability, (B) do not involve a material danger of the sale, forfeiture or
loss of the Collateral and (C) for the payment of such Liens adequate reserves are provided by the
Manager in accordance with its general practice, if any.

     Person: An individual, a partnership, a limited liability company, a corporation, a joint
venture, an unincorporated association, a joint-stock company, a trust, or other entity or a
Governmental Authority.

     Plan: An “employee benefit plan,” as defined in Section 3(3) of ERISA or a “Plan” within the
meaning of Section 4975(e)(1) of the Code.

     Predecessor Compressor: Has the meaning set forth in Section 3.04 of the Contribution
Agreement.

28

 

     Premium: With respect to any Series of Notes having the benefit of an Enhancement Agreement,
the amount identified as such in the related Supplement.

     Prepayments: Any mandatory or optional prepayment of principal of any Series of Notes prior
to the Legal Final Maturity Date of such Series of Notes including, without limitation, any
prepayment pursuant to Section 702 of the Indenture.

     Principal Terms: With respect to any Series, (i) the name or designation of such Series; (ii)
the initial principal amount of the Notes to be issued for such Series (or method for calculating
such amount); (iii) the interest rate (including the Applicable Debt Margin) and any commitment fee
to be paid with respect to such Series (or method for the determination thereof); (iv) the Payment
Date and the date or dates from which interest shall accrue and principal shall be paid; (v) the
designation of any Series Accounts and the terms governing the operation of any such Series
Accounts; (vi) the terms of the Series Enhancement with respect thereto and the related premium
payable with respect to such Series Enhancement, if any; (vii) the Expected Final Payment Date and
the Legal Final Maturity Date for the Series; (viii) the subordination of any future Series to the
existing Series; (ix) the Control Party with respect to such Series; (x) the designation of such
Series as either Warehouse Notes or Term Notes and (xi) any other terms of such Series.

     Proceeding: Any suit in equity, action at law, or other judicial or administrative
proceeding.

     Proceeds: “Proceeds,” as such term is defined in Section 9-102(a)(64) of the UCC.

     Pro-Forma Gross Compressor Contract Revenues: As of any date of determination, an amount
equal to the sum of all contract compression payments (excluding Indemnity Amounts) billed during
the immediately preceding Collection Period for all Eligible Compressors; provided, however, that
all contract compression payments owing by any User for whom more than twenty percent (20%)
(measured by Dollar value) of the unpaid contract compression payments owing by such User are more
than one hundred twenty (120) days past due shall be excluded from such calculation.

     Pro-Forma Management Fee Rate: As of any date of determination, a percentage equal to the sum
of the then S&A Fee Rate and the Operations Fee Rate.

     Prohibited Below DV Compressor: As of any date of determination, any Owner Compressor that
(i) is then subject to a User Contract, (ii) such User Contract contains a contractual purchase
option in favor of such User, (iii) the Net Compressor Sales Proceeds to be received by the Issuer
upon any exercise of such purchase option are less than the Depreciated Value of such Owner
Compressor as of the Payment Date immediately preceding such exercise date, and (iv) such Owner
Compressor is not a Permitted Below DV Compressor.

     Property Insurance: Has the meaning set forth in Section 5.7 of the Management Agreement.

     Prospective Owner: Has the meaning set forth in Section 208 of the Indenture.

     Prospective Trigger Event: The existence of any event or condition which, with the giving of
notice or the passage of time or both, would constitute a Trigger Event.

     Public Global Notes: A Book Entry Note evidencing all or part of an issuance of Notes
registered under the Securities Act and to which the provisions of Article II of the Indenture
shall apply.

     Purchase Account: The account established by and held in the name of the Indenture Trustee
for the benefit of the Noteholders, each Interest Rate Hedge Provider and each Series Enhancer
pursuant to Section 313 of the Indenture.

     Purchase Criteria: With respect to each purchase of a Compressor(s) by the Issuer with funds
on deposit in the Purchase Account, all of the following:

29

 

          (1) the Issuer and the Manager determine in good faith that such purchase of such
Compressor(s) is in the best interests of the Issuer;

          (2) such purchase price of the Compressor(s) being purchased does not exceed the then
fair market value of the Compressor(s) purchased and reflects an Appraised Value;

          (3) the Additional Compressor Criteria is satisfied with respect to such Compressor(s);

          (4) the Minimum Targeted Principal Balance and Scheduled Targeted Principal Balance for
all Series of Notes shall have been adjusted by the Targeted Adjustment Amount in accordance
with the terms of the Indenture;

          (5) no Prospective Trigger Event or Trigger Event exists immediately prior to, or
following, such purchase; and

          (6) if the Appraised Value for such Compressor(s) is not permitted (pursuant to the
definition of “Appraised Value”) to be determined by reference to the Net Book Value
thereof, then the Issuer shall have received two (2) Appraisals with respect thereto, which
Appraisals shall be dated not more than one hundred eighty (180) days prior to the
Contribution Date or Substitution Date (as applicable) for such Compressor(s).

     Purchase Date: Each day on which the Issuer acquires an Additional Compressor with funds on
deposit in the Purchase Account.

     Qualified Institutional Buyer: Has the meaning as defined in Rule 144A of the Securities Act.

     Rated Institutional Noteholder: An institutional Noteholder that has (or, if a Conduit Lender
has a liquidity provider, the liquidity provider that has) long term unsecured debt obligations
that are then rated “BBB-” or better by S&P and “Baa3” or better by Moody’s.

     Rating Agency or Rating Agencies: With respect to any outstanding Series or Class of Notes,
each statistical rating agency selected by the Issuer with the approval of any Control Party for
such Series to rate such Series or Class and that has an outstanding rating with respect to such
Series or Class.

     Rating Agency Condition: With respect to any action to be taken or proposed action to be
taken, shall mean that each Rating Agency shall have notified the Issuer, the Manager, each related
Series Enhancer, each Interest Rate Hedge Provider and the Indenture Trustee in writing that such
action will not result in a reduction or withdrawal of any rating at issuance of any Notes which
are outstanding with respect to which it is a Rating Agency, including any underlying rating issued
to a Series Enhancer of such Notes as if such Notes were issued without the benefit of any credit
enhancement provided by such Series Enhancer.

     Record Date: With respect to any Payment Date, the last Business Day of the month preceding
the month in which the related Payment Date occurs, except as otherwise provided with respect to a
Series in the related Supplement. For Notes issued in book entry form, the last Business Day
preceding the Payment Date.

     Records: All contracts and other documents, books, records and other information (including
without limitation, computer programs, tapes, disks, punch cards, data processing software and
related property and rights) maintained with respect to any Compressor and/or any related
Compressor Related Assets which the transferor of such Compressor has itself generated and in which
the Issuer has acquired an interest pursuant to the Related Documents.

     Reimbursable Services: Has the meaning set forth in Section 11.5 of the Management Agreement.

     Reimbursement Amounts: Has the meaning set forth in the applicable Enhancement Agreement.

30

 

     Related Contributed Assets: With respect to any Compressor to be contributed to, substituted
into, or acquired by, as the case may be, the Issuer pursuant to the terms of the Contribution
Agreement, all Compressor Related Assets with respect to such Compressor.

     Related Documents: Any and all of the Indenture, the Supplement, the Series Notes, the
Management Agreement, the Back-up Management Agreement, the Contribution Agreement, the Transfer
Agreement, the Manager Guaranty, the Bill of Sale, all Note Purchase Agreements, all Interest Rate
Swap Agreements, the Lease, each Enhancement Agreement, the Control Agreement, the Intercreditor
Agreement, and any and all other agreements, documents and instruments executed and delivered by or
on behalf or in support of the Issuer with respect to the issuance and sale of the Series Notes, as
any of the foregoing may from time to time be amended, modified, supplemented or renewed; provided,
the Back-up Management Agreement shall not be deemed to be a “Related Document” until such time as
the Back-up Management Agreement shall have been duly executed and delivered by the parties
thereto.

     Related Sold Assets: With respect to any Sold Compressor to be sold by the Contributors to
the Issuer pursuant to the Bill of Sale, all Compressor Related Assets with respect to such Sold
Compressor.

     Replacement Manager: Any Person appointed to replace the Manager as manager of the Owner
Compressors pursuant to the provisions of Section 12.2 of the Management Agreement.

     Required Alteration: This term shall have the meaning set forth in Section 638 of the
Indenture.

     Requisite Global Majority: This term shall have the meaning set forth in Section 209 of the
Indenture.

     Responsible Officer: With respect to any Person other than the Indenture Trustee, the chief
executive officer, the president, the chief financial officer, the senior vice president, the
executive vice president, the chief operating officer or the treasurer of such Person, and with
respect to the Indenture Trustee, an officer in the Corporate Trust Services Department of Wells
Fargo Bank, National Association with responsibility for this transaction.

     Rule 144A: Rule 144A under the Securities Act, as such Rule may be amended from time to time.

     Rule 144A Global Notes: A Note evidencing all or a part of an issuance of the Notes,
registered in the name of the Depositary or its nominee, and delivered to the Depositary pursuant
to the Depositary’s instruction, in accordance with Section 202 of the Indenture and bearing the
legend prescribed in Section 202 of the Indenture.

     Run-time Credit Ratio: A fraction (expressed as a percentage) the numerator of which is equal
to the aggregate run-time credits issued by the Manager to Users of the Owner Compressors during
the three (3) immediately preceding calendar months and the denominator of which is the contract
payments which were actually billed by the Manager with respect to the Owner Compressors subject to
a User Contract during the three (3) immediately preceding calendar months.

     S&A Fee: For any Payment Date, the S&A Fee then due and payable pursuant to Section 11.1 of
the Management Agreement, in each case to the extent that all or a portion of such amount has not
been previously withheld by or otherwise paid to the Manager in accordance with the terms of the
Related Document, calculated as follows:

	 	(1)	 	if Exterran or any Affiliate thereof is then fulfilling the role of the
Manager, the S&A Fee shall be an amount equal to the then applicable Exterran S&A Fee;
provided, however, that to the extent that any adjustment to the Exterran S&A Fee
pursuant to Section 11.2(c) of the Management Agreement results in an increase in the
Exterran S&A Fee in excess of the increase in the Producer Price Index for the one year
period ending on the date of such adjustment (plus two percent (2%) while no Trigger
Event is continuing and zero at all other times), then the S&A Fee shall be capped at
an amount equal to such Exterran S&A Fee as increased by the increase in the Producer
Price Index (plus two percent (2%) while no Trigger Event is continuing and zero at all
other

31

 

	 	 	 	times) and the amount by which the Exterran S&A Fee exceeds such increase in the
increase in Producer Price Index (plus two percent (2%) while no Trigger Event is
continuing and zero at all other times) shall be classified and paid as “Excess S&A
Expenses”; or
	 
	 	(2)	 	if Exterran or any Affiliate thereof is not then fulfilling the role of the
Manager the actual selling and administrative fees incurred by a Replacement Manager in
the Collection Period immediately preceding such Payment Date with respect to the Owner
Compressors; provided, however, that to the extent that the amount set forth in this
paragraph (2) exceeds an amount equal to one hundred seventeen percent (117%) of the
amount that would have been payable pursuant to paragraph (1) above, then the amount of
such excess shall be classified and paid as “Excess S&A Expenses”.

     S&A Fee Rate: This term shall have the meaning set forth in Section 11.2(b) of the Management
Agreement.

     S&P: Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. and any
successor.

     Sale: Has the meaning set forth in Section 816 of the Indenture.

     Sanctioned Country: A country subject to a sanctions program identified on the list
maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/programs, or as
otherwise published from time to time.

     Sanctioned Person: Any of the following currently or in the future: (i) a person named on the
list of Specially Designated Nationals or Blocked Persons maintained by OFAC available at
http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or (ii) (A) an agency of the government of
a Sanctioned Country, (B) an organization controlled by a Sanctioned Country or (C) a person
resident in a Sanctioned Country, to the extent the agency, organization, or person is subject to a
sanctions program administered by OFAC.

     Scheduled Principal Payment Amount: On each Payment Date for each Series of Notes, the amount
equal to the excess, if any, of (i) the then unpaid principal balance of such Series of Notes
(after giving effect to any payment of the Minimum Principal Payment Amount for such Series of
Notes for such Payment Date) over (ii) the Scheduled Targeted Principal Balance for such Series of
Notes for such Payment Date.

     Scheduled Targeted Principal Balance: For each Series of Notes for each Payment Date, the
amount identified as such in the related Supplement for such Payment Date.

     Secured Obligations: This term has the meaning set forth in the Granting Clause of the
Indenture.

     Securities Account: Has the meaning set forth in Section 8-501(a) of the UCC.

     Securities Act: The Securities Act of 1933, as amended from time to time.

     Securities Entitlement: Has the meaning set forth in Section 8-102(17) of the UCC.

     Securities Intermediary: Has the meaning set forth in Section 8-102(a)(14) of the UCC.

     Securitization Collateral: This term has the meaning set forth in the Intercreditor
Agreement.

     Securitization Collections: This term has the meaning set forth in the Intercreditor
Agreement.

     Security: Has the meaning set forth in Section 2(1) of the Securities Act.

32

 

     Senior Secured Credit Agreement: The Senior Secured Credit Agreement, dated as of August 20,
2007, among Exterran, Universal Compressor Canada, Limited Partnership, Wachovia Bank, as
administrative agent, and the other lenders named therein, as amended, modified, restated or
supplemented.

     Series: Any series of Notes established pursuant to a Series Supplement.

     Series 2007-1 Notes: The Series of Notes issued by the Issuer on the Closing Date and
designated as such.

     Series Account: Any deposit, trust, escrow or similar account maintained for the benefit of
the Noteholders of any Series as specified in the related Supplement.

     Series Enhancement: The rights and benefits provided to the Noteholders of any Series
pursuant to any surety bond, financial guaranty insurance policy, insurance agreement or other
similar arrangement.

     Series Enhancer: With respect to any Series of Notes, this term shall have the meaning set
forth in the related Supplement.

     Series Enhancer Commitment Fees: With respect to any Series of Warehouse Notes that have the
benefit of an Enhancement Agreement, the amount identified as such in the related Supplement.

     Series Enhancer Default: With respect to any Series of Notes, this term shall have the
meaning set forth in the related Supplement.

     Series Issuance Date: With respect to any Series, the date on which the Notes of such Series
are originally issued in accordance with Section 1006 of the Indenture and the related Supplement.

     Series Noteholders: With respect to any Series of Notes, the Person(s) reflected in the Note
Register as being a registered owner of a Note.

     Series Notes: See Series.

     Series Supplement: A Supplement to the Indenture pursuant to which a Series of Notes is
established.

     Services Standard: A level of care, diligence and skill consistent with generally accepted
industry standards; or if the Manager is Exterran or an Exterran Affiliate, the higher of (i) the
standard set forth above and (ii) the standards which Exterran or an Exterran Affiliate employs
with respect to Other Exterran Compressors of similar type, model or age.

     Sold Compressor: A Compressor sold or contributed by the Contributors to the Issuer.

     State: Any state of the United States of America and, in addition, the District of Columbia.

     Status Report: This term has the meaning set forth in Section 3.3(c) of the Back-up
Management Agreement.

     Subsidiary: A subsidiary of a Person means any corporation, association, partnership, limited
liability company, joint venture or other business entity of which more than fifty percent (50.0%)
of the voting stock or other equity interests (in the case of Persons other than corporations) is
owned or controlled directly or indirectly by such Person, or one or more of the Subsidiaries of
such Person, or a combination thereof.

     Substitute Compressor: Has the meaning set forth in Section 3.04 of the Contribution
Agreement.

     Substitution Date: Each day on which a Substitute Compressor is substituted for a Predecessor
Compressor in accordance with the terms of the Contribution Agreement.

33

 

     Supplement: Any supplement to the Indenture executed in accordance with Article X of the
Indenture.

     Supplemental Principal Payment Amount: On any Payment Date is equal to one of the following
amounts: (i) prior to the occurrence and continuance of a Trigger Event, an amount equal to the
excess (if any) of the Aggregate Note Principal Balance (after giving effect to the payment on such
Payment Date of Minimum Principal Payment Amounts and Scheduled Principal Payment Amounts for all
Series of Notes, to the extent actually paid (or available to be paid after giving effect to the
payment of all amounts senior pursuant to Section 302 of the Indenture)) over the Asset Base, and
(ii) after the occurrence and continuance of a Trigger Event (as determined in accordance with the
provisions of Section 702(b) of the Indenture), an amount equal to the remaining Available
Distribution Amount available on that Payment Date after paying amounts senior pursuant to Section
302 of the Indenture.

     Supporting Obligations: Any “supporting obligations,” as such term in defined in Section
9-102(a)(77) of the UCC.

     Systems Data: This term has the meaning set forth in Section 2.2(b) of the Back-up Management
Agreement.

     Targeted Adjustment Amount: For any specified Collection Period, is equal to the excess of
(X) the product of (i) the Advance Rate, and (ii) the excess of (a) the sum of the Depreciated
Values of all Owner Compressors that were released from the Lien of the Indenture during the
immediately preceding Collection Period as the result of a Casualty Loss, condemnation, transfer,
sale, substitution or other exchange permitted pursuant to the terms of the Related Documents other
than a distribution permitted under Section 648 of the Indenture, over (b) the sum of (i) the
Depreciated Values of all Owner Compressors that became subject to the Lien of the Indenture during
the immediately preceding Collection Period as the result of a purchase, contribution, substitution
or other exchange permitted pursuant to the terms of the Related Documents and (ii) the change
(positive or negative) in amounts on deposit in the Purchase Account on the last day of the
immediately preceding Collection Period (as compared to the last day of the Collection Period
preceding such Collection Period) over (Y) the aggregate unpaid principal balance on the last day
of the immediately preceding Collection Period of all Warehouse Notes for which no Commitment
Termination Date has occurred; provided, however, that the Targeted Adjustment Amount shall not be
less than zero (0).

     Tax and Taxes: Any and all present and future fees (including license, documentation and
registration fees), taxes (including income, gross receipt, sales, rental, use, turnover, value
added, property (tangible and intangible), excise and stamp taxes), Other Taxes, licenses, levies,
imposts, duties, recording charges or fees, charges, assessments and withholdings of any nature
whatsoever, together with any and all assessments, penalties, fines, additions thereto and interest
thereon, in each case imposed by any Governmental Authority or other taxing authority (other than
those arising out of the applicable Indemnitee’s negligence).

     Term Note: Any Note that pays principal and interest on each Payment Date from and after its
Series Issuance Date.

     Top Users: Those Users with the largest percentage of Eligible Compressors based on the total
horsepower (measured as of a Concentration Measurement Date) of the Eligible Compressors contracted
to such Users.

     Transaction Accounts: The Trust Account, the Purchase Account, each Series Account and each
ABS Lockbox Account, collectively.

     Transfer Agreement: The transfer certificate and bill of sale, dated as of August 20, 2007,
between the Issuer, as transferor, and the Exterran ABS Lessor, as transferee.

     Transition Plan: This term has the meaning set forth in Section 2.2(a) of the Back-up
Management Agreement.

34

 

     Trigger Event: The occurrence and continuance beyond any applicable grace or cure period of
any of the following events or conditions: (i) a Manager Default, (ii) an Event of Default, (iii)
an Undercollateralization Event, (iv) a Net Revenue Event, (v) a Free Cash Flow Event, or (vi) the
Issuer’s failure to comply with the Hedging Requirements within thirty (30) days from the Closing
Date (such failure is not subject to any grace or cure period).

     Trust Account: The account established by and held in the name of the Indenture Trustee for
the benefit of the Noteholders, each Interest Rate Hedge Provider, and each Series Enhancer
pursuant to Section 302 of the Indenture.

     UCC: The Uniform Commercial Code as the same may, from time to time, be in effect in the
State of New York; provided, however, in the event that, by reason of mandatory provisions of law,
any or all of the attachment, perfection or priority of the Indenture Trustee’s security interest
in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other
than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect from
time to time in such other jurisdiction for purposes of the provisions hereof relating to such
attachment, perfection of priority and for purposes of definitions related to such provisions.

     UCC Contracts: All contracts, undertakings, franchise agreements or other agreements (other
than rights evidenced by Chattel Paper, Documents or Instruments), arising out of or in any way
related to the Owner Compressors or the Notes, in or under which the Issuer may now or hereafter
have any right, title or interest, including, without limitation, the Management Agreement, the
Contribution Agreement, the Bill of Sale, any Interest Rate Swap Agreements and any related
agreements, security interests or UCC or other financing statements and, with respect to an
Account, any agreement relating to the terms of payment or the terms of performance thereof.

     United States: The United States of America.

     Undercollateralization Event: The condition that will exist on any Payment Date if (x) the
Aggregate Note Principal Balance as of such Payment Date (measured after giving effect to any
advances and/or principal payments to be made on the Notes on such Payment Date and sale and
contribution of Eligible Compressors on or prior to such Payment Date), exceeds (y) the sum of (i)
the Debt Limit as of such Payment Date (measured after giving effect to acquisitions and
dispositions of Owner Compressors to be made on or prior to such Payment Date) and (ii) the product
of (A) the sum of (a) the product of (I) the Excess Customer Concentration Amount and (II) the
Aggregate Depreciated Value, (b) the product of (I) the Excess 499 H/P Amount and (II) the sum of
the Depreciated Values of those Owner Compressors with 100 or more horsepower but not more than 499
horsepower and (c) the product of (I) the Excess 999 H/P Amount and (II) the sum of the Depreciated
Values of those Owner Compressors with 500 or more horsepower but not more than 999 horsepower, in
each case measured as of such Payment Date, and (B) the Advance Rate.

Once an Undercollateralization Event occurs, such Undercollateralization Event shall continue until
the earlier to occur of (i) the date on which such Undercollateralization Event is waived by the
Requisite Global Majority and (ii) subject to the limitations and restrictions set forth in the
Related Documents, the date on which a subsequent or revised Manager Report indicates that such
condition is no longer continuing.

     US $ or US Dollars: The lawful currency of the United States of America.

     User: Any Person who contracts for contract compression services or compressor rentals, which
services or rentals utilize an Owner Compressor from the Issuer or the Manager, acting on behalf of
the Issuer.

     User Contract: Any Contract for contract compression services or any Contract renting one or
more Owner Compressors entered into between the Issuer (or the Manager acting on behalf of the
Issuer) and a User.

     Warehouse Notes: Any Series of Notes that by its terms has a revolving period during which
periodic payments of principal on such Series of Notes are not scheduled to be paid.

35

 

     Warranty Purchase Amount: With respect to any Contributed Compressor, the Appraised Value of
such Contributed Compressor as of the Contribution Date.

     Warranty Repurchase Compressor: Any Owner Compressor that is required to be repurchased in
accordance with the terms of the Contribution Agreement or the Management Agreement, as the case
may be.

     Weighted Average Age: As of any date of determination, an amount equal to the sum, for each
Eligible Compressor, of a fraction, the numerator of which is equal to the product of (x) the
number of years (or portion thereof) elapsed from the date on which such Eligible Compressor was
originally built and (y) the number of horsepower in such Eligible Compressor, and the denominator
of which is equal to the total number of horsepower for all Eligible Compressors; provided,
however, that for purposes of Section 3.04 of the Contribution Agreement, the Weighted Average Age
shall be determined solely on the basis of all Predecessor Compressors or Substitute Compressors,
as the case may be, actually transferred on such Substitution Date in accordance with Section 3.04
of the Contribution Agreement.

     Wells Fargo Bank: Wells Fargo Bank, National Association, a national association, and its
successors and permitted assigns (as successor by merger to Wachovia Bank, National Association).

     Wells Fargo Securities: Wells Fargo Securities, LLC, a Delaware limited liability company,
and its successors and permitted assigns (formerly known as Wachovia Capital Markets, LLC).

36

 

SCHEDULE 1 TO INDENTURE

PERFECTION CERTIFICATE

EXTERRAN ABS 2007 LLC

     The undersigned, an authorized representative of Exterran ABS 2007 LLC (the “Issuer”)
hereby certifies, with reference to the Indenture, dated as of August 20, 2007 (the
“Indenture”), among the Issuer, Exterran ABS Leasing 2007 LLC and Wells Fargo Bank,
National Association, as Indenture Trustee, as follows:

     1. Name. The exact legal name of the Issuer as that name appears on its Certificate
of Formation and other organizational documents, is as follows:

	 	 	 	Exterran ABS 2007 LLC
	 
	 	2.	 	Other Identifying Factors.
	 
	 	(a)	 	The following is the mailing address of the Issuer:
	 
	 	 	 	4444 Brittmoore Road

Houston, Texas 77041
	 
	 	(b)	 	If different from its mailing address, the Issuer’s place of business or, if more
than one, its chief executive office is located at the following address:

	 	 	 	 	 	 	 

	 

	 	Address
	 	County
	 	State

	 	(c)	 	The following is the type of organization of the Issuer:
	 
	 	 	 	Limited Liability Company
	 
	 	(d)	 	The following is the jurisdiction of the Issuer’s organization:
	 
	 	 	 	Delaware
	 
	 	(e)	 	The following is the Issuer’s state issued organizational identification number:
26-0691927.

     3. Other Names, Etc. The following is a list of all other names (including trade
names or similar appellations) used by the Issuer, or any other business or organization to which
the Issuer became the successor by merger, consolidation, acquisition, change in form, nature or
jurisdiction of organization or otherwise, now or at any time during the past five years.

     4. Unusual Transactions. Except for those purchases, acquisitions and other
transactions described on Schedule 1 attached hereto, all of the Collateral consists of goods which
have been acquired by the Issuer in the ordinary course from a person in the business of selling
goods of that kind, now or at any time during the past five years.

1

 

IN WITNESS WHEREOF, this instrument is executed by the undersigned as of August 20, 2007.

	 	 	 	 	 
	 	EXTERRAN ABS 2007 LLC

 	 
	 	By:  	 	 
	 	 	Name:  	J. Michael Anderson 	 
	 	 	Title:  	Senior Vice President 	 

2

 

	 	 	 	 	 

Schedule 1

Purchases, Acquisitions and Other Transactions

None

3

 

SCHEDULE 2 TO INDENTURE

PERFECTION CERTIFICATE

EXTERRAN ABS LEASING 2007 LLC

     The undersigned, an authorized representative of Exterran ABS Leasing 2007 LLC (the
“Lessor”) hereby certifies, with reference to the Indenture, dated as of August 20, 2007
(the “Indenture”), among Exterran ABS 2007 LLC, the Lessor and Wells Fargo Bank, National
Association, as Indenture Trustee, as follows:

     1. Name. The exact legal name of the Lessor as that name appears on its Certificate
of Formation and other organizational documents, is as follows:

	 	 	 	Exterran ABS Leasing 2007 LLC
	 
	 	2.	 	Other Identifying Factors.
	 
	 	(a)	 	The following is the mailing address of the Lessor:
	 
	 	 	 	4444 Brittmoore Road
	 	 	 	Houston, Texas 77041
	 
	 	(b)	 	If different from its mailing address, the Lessor’s place of business or, if more
than one, its chief executive office is located at the following address:

	 	 	 	 	 	 	 

	 

	 	Address
	 	County
	 	State

	 	(c)	 	The following is the type of organization of the Lessor:
	 
	 	 	 	Limited Liability Company
	 
	 	(d)	 	The following is the jurisdiction of the Lessor’s organization:
	 
	 	 	 	Delaware
	 
	 	(e)	 	The following is the Lessor’s state issued organizational identification number:
26-0691976.

     3. Other Names, Etc. The following is a list of all other names (including trade
names or similar appellations) used by the Lessor, or any other business or organization to which
the Lessor became the successor by merger, consolidation, acquisition, change in form, nature or
jurisdiction of organization or otherwise, now or at any time during the past five years.

     4. Unusual Transactions. Except for those purchases, acquisitions and other
transactions described on Schedule 1 attached hereto, all of the Collateral consists of goods which
have been acquired by the Lessor in the ordinary course from a person in the business of selling
goods of that kind, now or at any time during the past five years.

1

 

     IN WITNESS WHEREOF, this instrument is executed by the undersigned as of August 20, 2007.

	 	 	 	 	 
	 	EXTERRAN ABS LEASING 2007 LLC

 	 
	 	By:  	 	 
	 	 	Name:  	J. Michael Anderson 	 
	 	 	Title:  	Senior Vice President 	 

2

 

	 	 	 	 	 

Schedule 1

Purchases, Acquisitions and Other Transactions

None

3exv10w1

Exhibit 10.1

INDEMNIFICATION AGREEMENT

     This Indemnification Agreement (this “Agreement”) is made and entered into as of this __ day
of ______, 20__, by and between Thor Industries, Inc., a Delaware corporation (the “Company”), and
[___________], an individual (“Indemnitee”).

RECITALS

     WHEREAS, the Certificate of Incorporation (the “Certificate”) and the bylaws (the “Bylaws”) of
the Company provide for the indemnification of the officers and directors of the Company to the
maximum extent permitted by the Delaware General Corporation Law, as amended (the “DGCL”);

     WHEREAS, the Certificate, the Bylaws and the DGCL permit contracts between the Company and the
officers and directors of the Company with respect to indemnification of such officers and
directors;

     WHEREAS, in accordance with the DGCL, the Company may purchase and maintain a policy or
policies of directors’ and officers’ liability insurance covering certain liabilities that may be
incurred by its officers or directors in the performance of their obligations to the Company;

     WHEREAS, in order to induce Indemnitee to serve and/or continue to serve as an officer and/or
director of the Company, the Company desires that the Indemnitee shall be indemnified and advanced
expenses as set forth herein.

AGREEMENT

     NOW, THEREFORE, in consideration of Indemnitee’s service as an officer and/or director of the
Company from and after the date hereof, the Company and Indemnitee hereby agree as follows:

     1. Certain Definitions Capitalized terms used but not otherwise defined in this Agreement
shall have the meanings set forth below:

     “Corporate Status” means the fact that a person is or was a director, officer, employee or
agent of the Company or an Enterprise. A Proceeding shall be deemed to have been brought by reason
of a person’s “Corporate Status” if it brought because of the status described in the preceding
sentence or because of any action or inaction on the part of such person in connection with such
status.

     “Disinterested Director” means a director of the Company who is not and was not a party to the
Proceeding in respect of which indemnification is sought by Indemnitee.

     “Enterprise” means the Company and any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise in which Indemnitee is or was serving at the request of
the Company as a director, officer, employee, agent or fiduciary.

1

 

     “Expenses” shall include all attorney’s fees, disbursements and retainers, court costs,
transcript costs, fees of experts, witness fees, travel and deposition costs, printing and binding
costs, telephone charges, postage, delivery service fees, judgments, fines, penalties, amounts paid
in settlement and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, settling,
or appealing a Proceeding, or being prepared to be a witness or otherwise participating in a
Proceeding.

     “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of corporation law and neither currently is, nor in the past five (5) years has been,
retained to represent: (i) the Company or Indemnitee in any matter material to either such party
(other than with respect to matters concerning the Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding
giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

     “Proceeding” includes any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
actual, threatened or completed proceeding, whether brought by or in the right of the Company or
otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is
or will be involved as a party or otherwise, including one pending on or before the date of this
Agreement. For purposes of this definition, the term “threatened” shall be deemed to include, but
not be limited to, Indemnitee’s good faith belief that a claim or other assertion may lead to
institution of a Proceeding.

     “Reviewing Party” means the person or persons selected to make the determination of the
availability of indemnification pursuant to Section 5.3 hereof.

     2. Indemnification.

     2.1 Proceedings Not By or In The Right Of the Company. If Indemnitee was or is a party or is
threatened to be made a party to any Proceeding, other than a Proceeding by or in the right of the
Company, by reason of Indemnitee’s Corporate Status, the Company shall hold harmless and indemnify
Indemnitee to the fullest extent authorized or permitted by the provisions of the DGCL, the
Certificate and the Bylaws, as such may be amended from time to time (but in the case of such
amendment, only to the extent that such amendment permits the Company to provide broader
indemnification rights than the law permitted the Company to provide prior to such amendment)
against all Expenses to the extent actually and reasonably incurred by Indemnitee or on his or her
behalf in connection with such Proceeding or any claim, issue or matter therein, but only if
Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not
opposed to the best interests of the Company and that, with respect to any criminal Proceeding, he
or she had no reasonable cause to believe his or her conduct was unlawful.

2

 

     2.2 Proceedings By or In Right of the Company. If Indemnitee was or is a party or is
threatened to be made a party to any Proceeding by or in the right of the Company, by reason of
Indemnitee’s Corporate Status, the Company shall hold harmless and indemnify Indemnitee to the
fullest extent authorized or permitted by the provisions of the DGCL, the Certificate and the
Bylaws, as such may be amended from time to time (but in the case of such amendment, only to the
extent that such amendment permits the Company to provide broader indemnification rights than the
law permitted the Company to provide prior to such amendment), against expenses which shall include
all of the expenses set forth in the definition of Expenses herein but shall specifically exclude
judgments, fines, penalties and amounts in settlement (“Limited Expenses”) to the extent actually
and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding,
but only if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in
or not opposed to the best interests of the Company; provided, however, that, if applicable law so
provides, no indemnification against such expenses shall be made in respect of any claim in such
Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless, and
only to the extent that, the Court of Chancery of the State of Delaware, or the court in which such
Proceeding was brought, shall determine that, despite the adjudication of liability Indemnitee is
fairly and reasonably entitled to indemnity for such expenses.

     2.3 Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a party to and is successful, on the merits or otherwise, in any
Proceeding, he shall be indemnified to the maximum extent permitted by law, as such may be amended
from time to time, against all Limited Expenses actually and reasonably incurred by him or on his
behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is
successful, on the merits or otherwise, as to one or more but less than all claims, issues or
matters in such Proceeding, the Company shall indemnify Indemnitee against all Limited Expenses
actually and reasonably incurred by him or on his behalf in connection with each successfully
resolved claim, issue or matter. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such
claim, issue or matter.

     3. Advancement of Expenses.

     3.1 Notwithstanding, any other provision of this Agreement, the Company shall advance all
Limited Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding prior to
the final disposition of such Proceeding upon receipt of a statement or statements from Indemnitee
which shall reasonably evidence such amount incurred by Indemnitee and shall include or be preceded
or accompanied by an undertaking by or on behalf of Indemnitee to repay such amount if it shall
ultimately be determined that such person is not entitled to be indemnified by the Company. Any
advances and undertakings to repay pursuant to this Section 3.1 shall be unsecured and
interest free and shall provide that, if Indemnitee has commenced or thereafter commences legal
proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should
be indemnified under applicable law with respect to such Proceeding, Indemnitee shall not be
required to reimburse the Company for any such advance in respect of such Proceeding until a final
judicial determination is made with respect thereto (as to which all rights of appeal therefrom
have been exhausted or lapsed).

3

 

     3.2 Advances pursuant to Section 3 hereof shall be made within two (2) business days
after the receipt by the Company of a written statement or statements from Indemnitee requesting
such advance or advances from time to time, whether prior to or after final disposition of such
Proceeding, and accompanied by or preceded by the undertaking referred to in Section 3.1
above. 

     4. Contribution in the Event of Joint Liability.

     4.1 Whether or not the indemnification provided in Section 2 hereof is available, in
respect of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if
joined in such Proceeding), the Company shall pay, in the first instance, the entire amount of any
judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such
payment and the Company hereby waives and relinquishes any right of contribution it may have
against Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the
Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such
settlement provides for a full and final release of all claims and Proceedings asserted against
Indemnitee.

     4.2 Without diminishing or impairing the obligations of the Company set forth in the preceding
subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion
of any judgment or settlement in any Proceeding in which the Company is jointly liable with
Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount
of Expenses actually and reasonably incurred and paid or payable by Indemnitee in proportion to the
relative benefits received by the Company and all officers, directors or employees of the Company
other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such
Proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events
from which such Proceeding arose; provided, however, that the proportion determined
on the basis of relative benefit may, to the extent necessary to conform to law, be further
adjusted by reference to the relative fault of the Company and all officers, directors or employees
of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined
in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the
transaction or events that resulted in such Expenses, as well as any other equitable considerations
which applicable law may require to be considered. The relative fault of the Company and all
officers, directors or employees of the Company other than Indemnitee who are jointly liable with
Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the
other hand, shall be determined by reference to, among other things, the degree to which their
actions were motivated by intent to gain personal profit or advantage, the degree to which their
liability is primary or secondary, and the degree to which their conduct was active or passive.

     4.3 The Company shall fully indemnify and hold Indemnitee harmless from any claims of
contribution which may be brought by other officers, directors or employees of the Company who may
be jointly liable with Indemnitee.

     4.4 To the fullest extent permissible under applicable law, if the indemnification provided
for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu
of indemnifying Indemnitee, shall contribute to the amount incurred by

4

 

Indemnitee, for Expenses, in connection with any claim relating to an indemnifiable event
under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the
circumstances of such Proceeding in order to reflect (i) the relative benefits received by the
Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such
Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees
and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

     5. Procedures and Presumptions for the Determination of Entitlement to Indemnification.

     5.1 Timing of Payments. All payments of Expenses and other amounts by the Company to the
Indemnitee pursuant to this Agreement shall be made as soon as practicable after a written demand
therefor by Indemnitee is presented to the Company, but in no event later than (i) thirty (30) days
after such demand is presented or (ii) such later date as may be permitted for the determination of
entitlement to indemnification pursuant to Section 5.7 hereof, if applicable;
provided, however, that advances of Expenses shall be made within the time provided
in Section 3.2 hereof.

     5.2 Request for Indemnification. Whenever Indemnitee believes that he or she is entitled to
indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written
request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification. Indemnitee shall submit his or her claim for
Indemnification within a reasonable time, not to exceed two (2) years after any judgment, order,
settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere (or
its equivalent) or other full or partial final determination or disposition of the Proceeding (with
the latest date of the occurrence of any such event to be considered the commencement of the two
(2) year period). The Secretary of the Company shall, promptly upon receipt of such a request for
indemnification, advise the board of directors of the Company (the “Board of Directors”) in writing
that Indemnitee has requested indemnification.

     5.3 Reviewing Party. Upon written request by Indemnitee for indemnification pursuant to the
first sentence of Section 5.2 hereof, a determination, if required by applicable law, with
respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the
following three methods, which shall be at the election of the Board of the Directors (1) by a
majority vote of the Disinterested Directors, even though less than a quorum, or a committee
thereof designated by a majority vote of such Disinterested Directors; (2) by Independent Counsel
in a written opinion to the Board of the Directors; or (3) by vote of the majority of the
stockholders of the Company.

     5.4 Determination by Independent Counsel. If the determination of entitlement to
indemnification is to be made by Independent Counsel pursuant to Section 5.3 hereof, the
Independent Counsel shall be selected as provided in this Section 5.4. The Independent
Counsel shall be selected by the Board of Directors. Indemnitee may, within ten (10) days after
such written notice of selection shall have been given, deliver to the Company a written objection
to such selection; provided, however, that such objection may be asserted only on the ground that
the Independent Counsel so selected does not meet the requirements of “Independent Counsel”

5

 

as defined in this Agreement, and the objection shall set forth with particularity the factual
basis of such assertion. Absent a proper and timely objection, the person so selected shall act as
Independent Counsel. If a written objection is made and substantiated, the Independent Counsel
selected may not serve as Independent Counsel unless and until such objection is withdrawn or a
court has determined that such objection is without merit. If, within thirty (30) days after
submission by Indemnitee of a written request for indemnification pursuant to Section 5.2
hereof, no Independent Counsel shall have been selected or an Independent Counsel shall have been
selected but an objection thereto shall have been properly made and remained unresolved, either the
Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of
competent jurisdiction for resolution of any objection which shall have been made by Indemnitee to
the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of
a person selected by the court or by such other person as the court shall designate, and the person
with respect to whom all objections are so resolved or the person so appointed shall act as
Independent Counsel under Section 5.3 hereof. The Company shall pay any and all reasonable
fees and expenses incurred by such Independent Counsel in connection with acting pursuant to
Section 5.3 hereof, and the Company shall pay all fees and expenses incident to the
procedures of this Section 5.4, regardless of the manner in which such Independent Counsel
was selected or appointed.

     5.5 Burden of Proof. In making a determination with respect to entitlement to
indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled to
indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the
burden of proof and the burden of persuasion by clear and convincing evidence. In making a
determination with respect to entitlement to indemnification hereunder which under this Agreement
or applicable law requires a determination of Indemnitee’s good faith and/or whether Indemnitee
acted in a manner which he or she reasonably believed to be in or not opposed to the best interests
of the Company, the Reviewing Party shall presume that Indemnitee has at all times acted in good
faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion by clear and convincing evidence. Indemnitee shall be deemed to have acted in
good faith if Indemnitee’s action is based on the records or books of account of the Enterprise,
including financial statements, or on information supplied to Indemnitee by the officers of the
Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or
on information or records given or reports made to the Enterprise by an independent certified
public accountant or by an appraiser or other expert selected with reasonable care by the
Enterprise. In addition, the knowledge and/or actions, or failure to act, of any other director,
officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of
determining the right to indemnification under this Agreement.

     5.6 No Presumption in Absence of a Determination or As Result of an Adverse Determination;
Presumption Regarding Success. Neither the failure of any Reviewing Party to have made a
determination as to whether Indemnitee has met any particular standard of conduct or had any
particular belief, nor an actual determination by any Reviewing Party that Indemnitee has not met
such standard of conduct or did not have such belief, prior to the commencement of legal
proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified
under this Agreement under applicable law, shall be a defense to Indemnitee’s claim or create a
presumption that Indemnitee has not met any particular

6

 

standard of conduct or did not have any particular belief. In addition, the termination of
any Proceeding by judgment, order, settlement (whether with or without court approval) or
conviction, or upon a plea of nolo contendere, or its equivalent, shall not (except as otherwise
expressly provided in this Agreement) of itself adversely affect the right to indemnification or
create a presumption that Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not permitted by this
Agreement or applicable law. In the event that any Proceeding to which Indemnitee is a party is
resolved in any manner other than by final adverse judgment (as to which all rights of appeal
therefrom have been exhausted or lapsed) against Indemnitee (including, without limitation,
settlement of such Proceeding with or without payment of money or other consideration) it shall be
presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone
seeking to overcome this presumption shall have the burden of proof and the burden of persuasion,
by clear and convincing evidence.

     5.7 Timing of Determination. If the Reviewing Party shall not have made a determination
within thirty (30) days after the date of Indemnitee’s request for indemnification pursuant to
Section 5.2 hereof, the requisite determination of entitlement to indemnification shall be
deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under applicable law; provided,
however, that such 30 day period may be extended for a reasonable time, not to exceed an additional
fifteen (15) days, if the Reviewing Party in good faith requires such additional time for the
obtaining of or evaluating of documentation and/or information relating thereto; and provided,
further, that the foregoing provisions of this Section 5.7 shall not apply if the
determination of entitlement to indemnification is to be made by the stockholders pursuant to
Section 5.3 of this Agreement and if (A) within fifteen (15) days after the receipt by the
Company of the request for indemnification pursuant to Section 5.2 hereof, the Board of
Directors or the Disinterested Directors, if appropriate, resolve to submit such determination to
the stockholders for their consideration at an annual meeting thereof to be held within
seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special
meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of
making a determination of entitlement to indemnification, such meeting is held for such purpose
within sixty (60) days after having been so called and such determination is made thereat.

     5.8 Cooperation. Indemnitee shall cooperate with the person, persons or entity making such
determination with respect to Indemnitee’s entitlement to indemnification, including providing to
such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the
Board of Directors, or stockholder of the Company shall act reasonably and in good faith in making
a determination under this Agreement of the Indemnitee’s entitlement to indemnification under this
Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by
Indemnitee in so cooperating with the person, persons or entity making such determination shall be
borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company shall indemnify Indemnitee therefor and shall hold Indemnitee
harmless therefrom.

7

 

     6. Liability Insurance. The Company shall obtain and maintain a policy or policies of
insurance with a reputable insurance company providing the Indemnitee with coverage in such amount
as shall be determined by the Board of Directors for losses from acts or omissions of Indemnitee,
and to ensure the Company’s performance of its indemnification obligations under this Agreement.
In all policies of director and officer liability insurance obtained by the Company, Indemnitee
shall be named as an insured party in such manner as to provide Indemnitee with the same rights and
benefits as are afforded to the most favorably insured directors or officers, as applicable, of the
Company. Any reductions to the amount of director and officer liability insurance coverage
maintained by the Company as of the date hereof shall be subject to the approval of the Board of
Directors. Notwithstanding the foregoing, the Company shall have no obligation to obtain or
maintain such insurance if the Board of Directors determines in good faith that such insurance is
not reasonably available, if the premium costs for such insurance are disproportionately high
compared to the amount of coverage provided, or if the coverage provided by such insurance is
limited by exclusions so as to provide an insufficient benefit. The Company shall promptly notify
Indemnitee of any such determination not to provide insurance coverage. In the event that the
Company does maintain such insurance for the benefit of Indemnitee, the right to indemnification
and advancement of Expenses as provided herein shall only apply to the extent that Indemnitee has
not been indemnified and actually reimbursed pursuant to such insurance.

     7. Remedies of Indemnitee.

     7.1 In the event that (i) a determination is made pursuant to Section 5 of this
Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement
of Expenses is not timely made pursuant to Section 3.2 of this Agreement, (iii) no
determination of entitlement to indemnification shall have been made within the time period
specified in Section 5.7 of this Agreement, or (iv) payment of indemnified amounts is not
made within the applicable time periods specified in Section 5.1 of this Agreement,
Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware,
or in any other court of competent jurisdiction, of his or her entitlement to such indemnification.
The Company shall not oppose Indemnitee’s right to seek any such adjudication.

     7.2 In the event that a determination shall have been made pursuant to Section 5.3 of
this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding
commenced pursuant to this Section 7 shall be conducted in all respects as a de novo review
on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination under
Section 5.3 hereof.

     7.3 If a determination shall have been made pursuant to Section 5.3 of this Agreement
that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in
any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
misstatement not materially misleading in connection with the application for indemnification, or
(ii) a prohibition of such indemnification under applicable law.

     7.4 In the event that Indemnitee, pursuant to this Section 7, seeks a judicial
adjudication of his or her rights under, or to recover damages for breach of, this Agreement, or to

8

 

recover under any directors’ and officers’ liability insurance policies maintained by the
Company, the Company shall pay on his behalf, in advance, any and all Expenses actually and
reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, advancement of expenses or
insurance recovery.

     7.5 The Company shall be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 7 that the procedures and presumptions of this Agreement are not
valid, binding and enforceable and shall stipulate in any such court that the Company is bound by
all the provisions of this Agreement.

     8. Non-Exclusivity, Survival of Rights, Subrogation; No Duplicative Payments; Certain
Amendments.

     8.1 The rights of indemnification as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the
Certificate, the Bylaws, any agreement, a vote of stockholders or a resolution of the Board of
Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any
action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment,
alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial
decision, permits greater indemnification than would be afforded currently under the Certificate,
Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by
this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred
is intended to be exclusive of any other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
right or remedy.

     8.2 In the event of any payment by the Company under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee with
respect thereto and Indemnitee shall execute all papers required and take all action necessary to
secure such rights, including execution of such documents as are necessary to enable the Company to
bring suit to enforce such rights.

     8.3 The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually
received such payment under any insurance policy, contract, agreement or otherwise.

     8.4 In the event the Company enters into an indemnification agreement with another officer or
director, as the case may be, containing terms more favorable to the indemnitee than the terms
contained herein (and absent special circumstances justifying such more favorable terms),
Indemnitee shall be afforded the benefit of such more favorable terms and such more favorable terms
shall be deemed incorporated by reference herein as if set forth in full herein. As promptly as
practicable following the execution thereof, the Company shall (a) send a copy of

9

 

the agreement containing more favorable terms to Indemnitee, and (b) prepare, execute and
deliver to Indemnitee an amendment to this Agreement containing such more favorable terms.

     9. Exceptions to Right of Indemnification. Notwithstanding any other provision of this
Agreement, Indemnitee shall not be entitled to indemnification under this Agreement:

     9.1 with respect to any Proceeding brought by Indemnitee, or any claim therein, unless (a) the
bringing of such Proceeding or making of such claim shall have been approved by the Board of
Directors or (b) such Proceeding is being brought by the Indemnitee to assert, interpret or enforce
his or her rights under this Agreement or any other agreement or insurance policy or under the
Company’s Certificate or Bylaws now or hereafter in effect.

     9.2 for Expenses incurred by Indemnitee with respect to any action instituted (i) by
Indemnitee to enforce or interpret this Agreement, if a court having jurisdiction over such action
finally determines (and all rights of appeal therefrom have been exhausted or lapsed) that
necessary assertions made by Indemnitee as a basis for such action were not made in good faith or
were frivolous, or (ii) by or in the name of the Company to enforce or interpret this Agreement, if
a court having jurisdiction over such action finally determines (and all rights of appeal therefrom
have been exhausted or lapsed) that each of the material defenses asserted by Indemnitee was made
in bad faith or was frivolous.

     9.3 for Expenses and other liabilities arising from the purchase and sale by Indemnitee of
securities in violation of Section 16(b) of the Securities Exchange Act of 1934, or any similar
state or successor statute.

     9.4 for which payment has actually been made to or on behalf of Indemnitee under any insurance
policy or other indemnity provision, except with respect to any excess beyond the amount paid under
any insurance policy or other indemnity provision.

     10. Duration of Agreement. All agreements and obligations of the Company contained herein
shall continue during the period Indemnitee is an officer or director of the Company (or is or was
serving at the request of the Company as a director, officer, employee or agent of another
Enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding
(or any proceeding commenced under Section 7 hereof) by reason of his Corporate Status,
whether or not Indemnitee is acting or serving in any such capacity at the time any liability or
expense is incurred for which indemnification can be provided under this Agreement. This Agreement
shall continue in effect regardless of whether Indemnitee continues to serve as an officer or
director of the Company or any other Enterprise at the Company’s request.

     11. Miscellaneous.

     11.1 Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon
being served with any summons, citation, subpoena, complaint, indictment, information or other
document relating to any Proceeding or matter which may be subject to indemnification covered
hereunder. Subject to Section 5.2 herein, the failure to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee

10

 

under this Agreement or otherwise, unless and only to the extent that such failure or delay
materially prejudices the Company.

     11.2 No Employment Agreement. Nothing contained in this Agreement shall be construed as
giving Indemnitee any right to be retained in the employment of the Company or any of its
subsidiaries or affiliated entities.

     11.3 Entire Agreement. This Agreement and the certificates, documents, instruments and
writings that are delivered pursuant hereto constitutes the entire agreement and understanding of
the Company and Indemnitee in respect of its subject matters and supersedes all prior
understandings, agreements, or representations by or among the Company and Indemnitee, written or
oral, to the extent they relate in any way to the subject matter hereof.

     11.4 Successors. All of the terms, agreements, covenants, representations, warranties, and
conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by,
the Company and the Indemnitee and their respective successors and permitted assigns.

     11.5 Assignment. Neither the Company nor Indemnitee may assign either this Agreement or any
of its rights, interests, or obligations hereunder without the prior written approval of the other;
provided, however, that the Company shall assign all (but not less than all) of its rights,
obligations and interests hereunder to any direct or indirect successor to all or substantially all
of the business or assets of the Company by purchase, merger, consolidation or otherwise and shall
cause such successor to be bound by and expressly assume the terms and provisions hereof.
Notwithstanding anything to the contrary contained herein, this Agreement will inure to the benefit
of and be enforceable by Indemnitee’s personal or legal representatives, executors, administrators,
successors, heirs, distributes and legatees.

     11.6 Notices. All notices, requests, demands, claims and other communications hereunder will
be in writing. Any notice, request, demand, claim or other communication hereunder will be deemed
duly given if (and then three business days after) it is sent by registered or certified mail,
return receipt requested, postage prepaid, and addressed to the intended recipient as set forth
below:

11

 

	 	 	 

	 

	 	If to Company:
	 
	 	 
	 

	 	Thor Industries, Inc.
	 
	 	 
	 

	 	Attn: Walter Bennett
	 

	 	419 West Pike Street
	 

	 	Jackson Center, Ohio 45334
	 

	 	Tel: (937) 596-6111
	 

	 	Fax: (937) 596-7937
	 
	 	 
	 

	 	Copy to (which will not constitute notice):
	 
	 	 
	 

	 	Akin Gump Strauss Hauer & Feld LLP
	 
	 	 
	 

	 	Attn: Ackneil M. Muldrow III, Esq.
	 

	 	One Bryant Park
	 

	 	New York, New York 10036
	 

	 	Tel: (212) 872-1000
	 

	 	Fax: (212) 872-1002
	 
	 	 
	 

	 	If to Indemnitee:
	 
	 	 
	 

	 	[____________]
	 

	 	[____________]
	 

	 	Tel:    (   )
	 

	 	Fax:    (   )
	 
	 	 
	 

	 	Copy to (which will not constitute notice):
	 
	 	 
	 

	 	[Insert name of Indemnitee’s law firm]

	 	 	 	 	 	 	 

	 

	 	Attn:   	 	 	 	 
	 

	 	[Insert address]	 	 	 	 
	 

	 	Tel:    (    )
	 	 
	 

	 	Fax:   (    )
	 	 

     Either party may send any notice, request, demand, claim, or other communication hereunder to
the intended recipient at the address set forth above using any other means (including personal
delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic
mail), but no such notice, request, demand, claim, or other communication will be deemed to have
been duly given unless and until it actually is received by the intended recipient. Either party
may change the address to which notices, requests, demands, claims, and other communications
hereunder are to be delivered by giving the other Parties notice in the manner herein set forth.

     11.7 Specific Performance. The Company and Indemnitee each acknowledges and agrees that the
other would be damaged irreparably if any provision of this Agreement is not

12

 

performed in accordance with its specific terms or is otherwise breached. Accordingly, each
party agrees that the other party will be entitled to an injunction or injunctions to prevent
breaches of the provisions of this Agreement and to enforce specifically this Agreement and its
terms and provisions in any action instituted in any court of the United States or any state
thereof having jurisdiction over the parties and the matter, in addition to any other remedy to
which they may be entitled at law or in equity.

     11.8 Counterparts. This Agreement may be executed in one or more counterparts, each of which
will be deemed an original but all of which together will constitute one and the same instrument.

     11.9 Headings. The article and section headings contained in this Agreement are inserted for
convenience only and will not affect in any way the meaning or interpretation of this Agreement.

     11.10 Governing Law. This Agreement and the performance of the parties’ obligations hereunder
will be governed by and construed in accordance with the laws of the State of Delaware, without
giving effect to any choice of law principles thereof.

     11.11 Amendments and Waivers. No amendment, modification, replacement, termination,
cancellation or waiver of any provision of this Agreement will be valid, unless the same will be in
writing and signed by each of the parties hereto. No waiver by either party of any default,
misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be
deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or
covenant hereunder or affect in any way any rights arising because of any prior or subsequent such
occurrence.

     11.12 Severability. The provisions of this Agreement will be deemed severable and the
invalidity or unenforceability of any provision will not affect the validity or enforceability of
the other provisions hereof; provided that if any provision of this Agreement, as applied to any
party or to any circumstance, is adjudged by a court, arbitrator, or mediator of competent
jurisdiction not to be enforceable in accordance with its terms, the parties agree that the court,
arbitrator, or mediator making such determination will have the power to modify the provision in a
manner consistent with its objectives such that it is enforceable, and/or to delete specific words
or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

     11.13 Expenses. Except as otherwise expressly provided in this Agreement, each party will
bear its own costs and expenses incurred in connection with the preparation, execution and
performance of this Agreement, including all fees and expenses of agents, representatives,
financial advisors, legal counsel and accountants.

     11.14 Construction. The parties have participated jointly in the negotiation and drafting of
this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement
will be construed as if drafted jointly by the parties and no presumption or burden of proof will
arise favoring or disfavoring either party because of the authorship of any provision of this
Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer
to such law as amended and all rules and regulations promulgated thereunder, unless the

13

 

context requires otherwise. The words “include,” “includes,” and “including” will be deemed to
be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include
the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a
whole and not to any particular subdivision unless expressly so limited. The parties hereto intend
that each representation, warranty, and covenant contained herein will have independent
significance. If either party has breached any representation, warranty, or covenant contained
herein in any respect, the fact that there exists another representation, warranty or covenant
relating to the same subject matter (regardless of the relative levels of specificity) which the
party has not breached will not detract from or mitigate the fact that the party is in breach of
the first representation, warranty, or covenant.

     11.15 Remedies. Except as expressly provided herein, the rights, obligations and remedies
created by this Agreement are cumulative and in addition to any other rights, obligations, or
remedies otherwise available at law or in equity. Except as expressly provided herein, nothing
herein will be considered an election of remedies.

     11.16 Electronic Signatures.

     (a) Notwithstanding the Electronic Signatures in Global and National Commerce Act (15 U.S.C.
Sec. 7001 et. seq.), the Uniform Electronic Transactions Act, or any other law
relating to or enabling the creation, execution, delivery, or recordation of any contract or
signature by electronic means, and notwithstanding any course of conduct engaged in by the parties,
no party will be deemed to have executed this Agreement or other document contemplated thereby
(including any amendment or other change thereto) unless and until such party shall have executed
this Agreement or other document on paper by a handwritten original signature or any other symbol
executed or adopted by such party with current intention to authenticate this Agreement or such
other document contemplated.

     (b) Delivery of a copy of this Agreement or such other document bearing an original signature
by facsimile transmission (whether directly from one facsimile device to another by means of a
dial-up connection or whether mediated by the worldwide web), by electronic mail in “portable
document format” (“.pdf”) form, or by any other electronic means intended to preserve the original
graphic and pictorial appearance of a document, will have the same effect as physical delivery of
the paper document bearing the original signature, provided a copy bearing an original signature on
paper is subsequently physically delivered. “Originally signed” or “original signature” means or
refers to a signature that has not been mechanically or electronically reproduced.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

14

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
hereinabove written.

	 	 	 	 	 	 	 

	 	 	THOR INDUSTRIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	Indemnitee	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 

15

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