Document:

Exhibit

           
 
 
 
 
 
 
AMENDED AND RESTATED  
PLEDGE AND SECURITY AGREEMENT 
 
dated as of August 21, 2018 
 
between 
 
EACH OF COVANTA ENERGY, LLC  
 
AND THE OTHER GRANTORS PARTY HERETO 
 
And 
 
BANK OF AMERICA, N.A., as Collateral Agent 
 
 

 

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	TABLE OF CONTENTS

	 
	 
	 
	 
	Page

	SECTION 1.
	 
	DEFINITIONS; GRANT OF SECURITY
	 
	1

	1.1
	

	 
	General Definitions.
	 
	1

	1.2
	

	 
	Definitions; Interpretation.
	 
	7

	SECTION 2.
	 
	GRANT OF SECURITY
	 
	7

	2.1
	

	 
	Grant of Security
	 
	7

	2.2
	

	 
	Certain Limited Exclusions
	 
	8

	SECTION 3.
	 
	SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE.
	 
	8

	3.1
	

	 
	Security for Obligations.
	 
	8

	3.2
	

	 
	Continuing Liability Under Collateral
	 
	9

	SECTION 4.
	 
	REPRESENTATIONS AND WARRANTIES AND COVENANTS
	 
	9

	4.1
	

	 
	Generally.
	 
	12

	4.2
	

	 
	Equipment and Inventory.
	 
	12

	4.3
	

	 
	Receivables
	 
	12

	4.4
	

	 
	Investment Property
	 
	14

	 
	 
	  4.4.1     Investment Property Generally.
	 
	14

	 
	 
	  4.4.2     Pledged Equity Interests
	 
	16

	 
	 
	  4.4.3     Pledged Debt
	 
	17

	4.5
	

	 
	Intellectual Property
	 
	18

	SECTION 5.
	 
	FURTHER ASSURANCES; ADDITIONAL GRANTORS.
	 
	19

	5.1
	

	 
	Further Assurances. 
	 
	19

	5.2
	

	 
	Additional Grantors
	 
	20

	SECTION 6
	 
	COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT.
	 
	21

	6.1
	

	 
	Power of Attorney
	 
	21

	6.2
	

	 
	No Duty on the Part of Collateral Agent or Secured Parties.
	 
	22

	SECTION 7
	 
	REMEDIES
	 
	22

	7.1
	

	 
	Generally
	 
	22

	7.2
	

	 
	Application of Proceeds
	 
	23

	7.3
	

	 
	Sales on Credit
	 
	24

	7.4
	

	 
	Investment Property
	 
	24

	7.5
	

	 
	Intellectual Property
	 
	24

	7.6
	

	 
	Cash Proceeds
	 
	24

	SECTION 8.
	 
	COLLATERAL AGENT
	 
	26

	SECTION 9.
	 
	CONTINUING SECURITY INTEREST; TRANSFER OF LOANS.
	 
	26

	SECTION 10.
	 
	STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM
	 
	27

	SECTION 11.
	 
	AMENDMENT AND RESTATEMENT
	 
	27

	SECTION 12.
	 
	MISCELLANEOUS
	 
	28

	 
	 
	 
	 
	 

	 

	 

	 
	 
	 
	 
	 

 

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	SCHEDULES AND EXHIBITS 

	SCHEDULE 4.1 – GENERAL INFORMATION

	SCHEDULE 4.2 – LOCATION OF EQUIPMENT AND INVENTORY

	SCHEDULE 4.4 – INVESTMENT PROPERTY

	SCHEDULE 4.5 – INTELLECTUAL PROPERTY – EXCEPTIONS

	 

	EXHIBIT A – PLEDGE SUPPLEMENT

 

 
 
 
 
 

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This AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT, dated as of August 21, 2018 (this “Agreement”), between EACH OF THE UNDERSIGNED, whether as an original signatory hereto or as an Additional Grantor (as herein defined) (each, a “Grantor”), and BANK OF AMERICA, N.A., as collateral agent for the Secured Parties (as herein defined) (in such capacity as collateral agent, the “Collateral Agent”). 
RECITALS: 
WHEREAS, reference is made to that certain Second Amended and Restated Credit and Guaranty Agreement, dated as of the date hereof (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among COVANTA ENERGY LLC, a Delaware limited liability company (“Company”), COVANTA HOLDING CORPORATION, a Delaware corporation, CERTAIN SUBSIDIARIES OF COMPANY, as guarantors, the Lenders party thereto from time to time (the “Lenders”), BANK OF AMERICA, N.A., as Administrative Agent, Collateral Agent and Issuing Bank; 
WHEREAS, subject to the terms and conditions of the Credit Agreement, certain Grantors may enter into one or more Permitted Hedge Agreements, Permitted Letters of Credit and/or Permitted Cash Management Agreements with one or more Lender Counterparties; 
WHEREAS, in consideration of the extensions of credit and other accommodations of Lenders and Lender Counterparties as set forth in the Credit Agreement, the Permitted Hedge Agreements, Permitted Letters of Credit and the Permitted Cash Management Agreements, respectively, each Grantor has agreed to secure such Grantor’s obligations under the Credit Documents, the Permitted Hedge Agreements, the Permitted Letters of Credit and the Permitted Cash Management Agreements as set forth herein; 
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, each Grantor and the Collateral Agent agree as follows: 
SECTION 1.     DEFINITIONS; GRANT OF SECURITY. 
1.1 General Definitions.  In this Agreement, the following terms shall have the following meanings: 
“Account Debtor” shall mean each Person who is obligated on a Receivable or any Supporting Obligation related thereto. 
“Accounts” shall mean all “accounts” as defined in Article 9 of the UCC. 
“Additional Grantors” shall have the meaning assigned in Section 5.2. 
“Agreement” shall have the meaning set forth in the preamble. 
“Cash Proceeds” shall have the meaning assigned in Section 7.6. 
“CFC” means a “controlled foreign corporation” within the meaning of Section 957 of the Tax Code 
 
“CFC Holding Company” means (i) any direct or indirect Domestic Subsidiary 

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that has no material assets other than the Capital Stock of one or more CFCs and (ii) any direct or indirect Domestic Subsidiary that has no material assets other than the Capital Stock or Indebtedness of one or more other Domestic Subsidiaries of the type referred to in the immediately preceding clause (i). 
“Chattel Paper” shall mean all “chattel paper” as defined in Article 9 of the UCC, 
including, without limitation, “electronic chattel paper” or “tangible chattel paper”, as each term is defined in Article 9 of the UCC. 
“Collateral” shall have the meaning assigned in Section 2.1. 
“Collateral Account” shall mean any account established by the Collateral Agent. “Collateral Agent” shall have the meaning set forth in the preamble. 
“Collateral Records” shall mean books, records, ledger cards, files, 
correspondence, customer lists, blueprints, technical specifications, manuals, computer software, computer printouts, tapes, disks and related data processing software and similar items that at any time evidence or contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon. 
“Collateral Support” shall mean all property (real or personal) assigned, 
hypothecated or otherwise securing any Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or personal property. 
“Company” shall have the meaning set forth in the recitals. 
“Copyright Licenses” shall mean any and all agreements providing for the 
granting of any right in or to Copyrights (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.5(B) (as such schedule may be amended or supplemented from time to time). 
“Copyrights” shall mean all United States copyrights, whether registered or 
unregistered and:  (i) all registrations and applications therefor including, without limitation, the registrations and applications referred to in Schedule 4.5(A) (as such schedule may be amended or supplemented from time to time), (ii) all extensions and renewals thereof, (iii) all rights to sue for past, present and future infringements thereof, and (iv) all Proceeds of the foregoing, and, if not otherwise included in the definition of “Proceeds” herein, licenses, royalties, income, payments, claims, damages and proceeds of suit. 
“Credit Agreement” shall have the meaning set forth in the recitals. 
“Deposit Accounts” shall mean all “deposit accounts” as defined in Article 9 of 
the UCC. 
“Documents” shall mean all “documents” as defined in Article 9 of the UCC. 
“Equipment” shall mean all “equipment” as defined in Article 9 of the UCC 
including, without limitation, all machinery, manufacturing equipment, data processing equipment, computers, office equipment, furnishings, furniture, appliances, fixtures and tools, all accessions or 

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additions thereto, all parts thereof, whether or not at any time of determination incorporated or installed therein or attached thereto, and all replacements therefor, wherever located, now or hereafter existing, including any fixtures. 
“Excluded Property” shall have the meaning set forth in Section 2.2. 
“General Intangibles” shall mean all “general intangibles” as defined in Article 9 
of the UCC, including, without limitation, all “payment intangibles” as defined in Article 9 of the UCC, all interest rate or currency protection or hedging arrangements, all tax refunds, all licenses, permits, concessions and authorizations. 
“Goods” shall mean all “goods” as defined in Article 9 of the UCC including, 
without limitation, all Inventory and Equipment. 
“Grantors” shall have the meaning set forth in the preamble. 
“Instruments” shall mean all “instruments” as defined in Article 9 of the UCC. 
“Insurance” shall mean (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies. 
“Intellectual Property” shall mean, collectively, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks, the Trademark Licenses, the Trade Secrets, and the Trade Secret Licenses. 
“Inventory” shall mean all “inventory” as defined in Article 9 of the UCC 
including, without limitation, all goods held for sale or lease or to be furnished under contracts of service or so leased or furnished, all raw materials, work in process, finished goods, and materials used or consumed in the manufacture, packing, shipping, advertising, selling, leasing, furnishing or production of such inventory or otherwise used or consumed in any Grantor’s business; all goods in which any Grantor has an interest in mass or a joint or other interest or right of any kind; and all goods which are returned to or repossessed by any Grantor, all computer programs embedded in any goods and all accessions thereto and products thereof. 
“Investment Property” shall mean (i) all “investment property” (as such term is 
defined in Article 9 of the UCC) and (ii) all of the following (regardless of whether classified as investment property under the UCC):  all Pledged Equity Interests and Pledged Debt; provided, however, that Investment Property shall not include any Securities Accounts, Deposit Accounts or Commodities Accounts. 
“Lender” shall have the meaning set forth in the recitals. 
“Letter of Credit Right” shall mean “letter of credit right” as defined in Article 9 
of the UCC. 
“Non-Assignable Contract” shall mean any agreement, contract or license to 
which any Grantor is a party for which the assignment or granting of a security interest therein by such Grantor is restricted or purported to be restricted (either by its terms or by any federal or state statutory 

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prohibition or otherwise irrespective of whether such prohibition or restriction is enforceable under Section 9-406 through 409 of the UCC). 
“Patent Licenses” shall mean all agreements providing for the granting of any right 
in or to Patents (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.5(D) (as such schedule may be amended or supplemented from time to time). 
“Patents” shall mean all United States patents and applications for any of the 
foregoing, including, but not limited to:  (i) each patent and patent application referred to in Schedule 4.5(C) hereto (as such schedule may be amended or supplemented from time to time), (ii) all reissues, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (iii) all rights to sue for past, present and future infringements thereof, (iv) all licenses, claims, damages, and proceeds of suit arising therefrom, and (v) all Proceeds of the foregoing, and, if not otherwise included in the definition of “Proceeds” herein, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
“Pledge Supplement” shall mean any supplement to this Agreement in 
substantially the form of Exhibit A. 
“Pledged Debt” shall mean, with respect to any Grantor, all indebtedness owed to 
such Grantor, including, without limitation, all indebtedness described on Schedule 4.4(A) under the heading “Pledged Debt” (as such schedule may be amended or supplemented from time to time), issued by the obligors named therein, the instruments evidencing such indebtedness, and all interest, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness. 
“Pledged Equity Interests” shall mean all Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust Interests. 
“Pledged LLC Interests” shall mean, with respect to any Grantor, all interests in 
any limited liability company directly owned by such Grantor including, without limitation, all limited liability company interests listed on Schedule 4.4(A) under the heading “Pledged LLC Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such limited liability company interests and any interest of such Grantor on the books and records of such limited liability company and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such limited liability company interests. 
“Pledged Partnership Interests” shall mean, with respect to any Grantor, all 
interests in any general partnership, limited partnership, limited liability partnership or other partnership directly owned by such Grantor including, without limitation, all partnership interests listed on Schedule 4.4(A) under the heading “Pledged Partnership Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such partnership interests and any interest of such Grantor on the books and records of such partnership and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds 

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from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such partnership interests. 
“Pledged Stock” shall mean, with respect to any Grantor, all shares of capital stock 
directly owned by such Grantor, including, without limitation, all shares of capital stock described on Schedule 4.4(A) under the heading “Pledged Stock” (as such schedule may be amended or supplemented from time to time), and the certificates, if any, representing such shares and any interest of such Grantor in the entries on the books of the issuer of such shares, and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares. 
“Pledged Trust Interests” shall mean, with respect to any Grantor, all interests in 
a Delaware business trust or other trust directly owned by such Grantor including, without limitation, all trust interests listed on Schedule 4.4(A) under the heading “Pledged Trust Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such trust interests and any interest of such Grantor on the books and records of such trust and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such trust interests. 
“Proceeds” shall mean:  (i) all “proceeds” as defined in Article 9 of the UCC, (ii) 
payments or distributions made with respect to any Investment Property and (iii) whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected or otherwise disposed of, whether such disposition is voluntary or involuntary. 
“Receivables” shall mean all rights to payment, whether or not earned by 
performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services rendered or to be rendered, including, without limitation all such rights constituting or evidenced by any Account, Chattel Paper, Instrument, General Intangible or Investment Property, together with all of Grantor’s rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto. 
“Receivables Records” shall mean (i) all original copies of all documents, 
instruments or other writings or electronic records or other Records evidencing the Receivables, (ii) all books, correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other papers relating to Receivables, including, without limitation, all tapes, cards, computer tapes, computer discs, computer runs, record keeping systems and other papers and documents relating to the Receivables, whether in the possession or under the control of Grantor or any computer bureau or agent from time to time acting for Grantor or otherwise, (iii) all evidences of the filing of financing statements and the registration of other instruments in connection therewith, and amendments, supplements or other modifications thereto, notices to other creditors or secured parties, and certificates, acknowledgments, or other writings, including, without limitation, lien search reports, from filing or other registration officers, (iv) all credit information, reports and memoranda relating thereto and (v) all other written or nonwritten forms of information related in any way to the foregoing or any Receivable. 
“Record” shall have the meaning specified in Article 9 of the UCC. 

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“Secured Obligations” shall have the meaning assigned in Section 3.1. 
“Secured Parties” shall mean the Agents, Issuing Banks, Lenders and the Lender Counterparties and shall include, without limitation, all former Agents, Issuing Banks, Lenders and Lender Counterparties to the extent that any Obligations owing to such Persons were incurred while such Persons were Agents, Issuing Banks, Lenders or Lender Counterparties and such Obligations have not been paid or satisfied in full. 
“Supporting Obligation” shall mean all “supporting obligations” as defined in Article 9 of the UCC. 
“Tax Code” shall mean the United States Internal Revenue Code of 1986, as 
amended from time to time. 
“Trademark Licenses” shall mean any and all agreements providing for the 
granting of any right in or to Trademarks (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.5(F) (as such schedule may be amended or supplemented from time to time). 
“Trademarks” shall mean all United States trademarks, trade names, corporate 
names, company names, business names, fictitious business names, Internet domain names, service marks, certification marks, collective marks, logos, other source or business identifiers, all registrations and applications for any of the foregoing including, but not limited to:  (i) the registrations and applications referred to in Schedule 4.5(E) (as such schedule may be amended or supplemented from time to time), (ii) all extensions or renewals of any of the foregoing, (iii) the goodwill of the business connected with the use of and symbolized by the foregoing, (iv) the right to sue for past, present and future infringement or dilution of any of the foregoing or for any injury to goodwill, and (v) all Proceeds of the foregoing, and, if not otherwise included in the definition of “Proceeds” herein, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
“Trade Secret Licenses” shall mean any and all agreements providing for the 
granting of any right in or to Trade Secrets (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.5(G) (as such schedule may be amended or supplemented from time to time). 
“Trade Secrets” shall mean all trade secrets and all other confidential or 
proprietary information and know how, including but not limited to:  (i) the right to sue for past, present and future misappropriation or other violation of any Trade Secret, and (ii) all Proceeds of the foregoing, and, if not otherwise included in the definition of “Proceeds” herein, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
“UCC” shall mean the Uniform Commercial Code as in effect from time to time in 
the State of New York or, when the context relates to perfection or priority of a security interest, the Uniform Commercial Code as in effect from time to time in any other applicable jurisdiction. “United States” shall mean the United States of America. 
1.2 Definitions; Interpretation.  All capitalized terms used herein (including the preamble and recitals hereto) and not otherwise defined herein shall have the meanings ascribed thereto in the 

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Credit Agreement or, if not defined therein, in the UCC.  References to “Sections,” “Exhibits” and “Schedules” shall be to Sections, Exhibits and Schedules, as the case may be, of this Agreement unless otherwise specifically provided.  Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.  Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference.  The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter.  If any conflict or inconsistency exists between this Agreement and the Credit Agreement, the Credit Agreement shall govern.  All references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any Article of the UCC. 
At the request of Company, the Collateral Agent in its sole discretion may elect to 
modify any of the time periods referenced in this Agreement. 
SECTION 2.     GRANT OF SECURITY. 
2.1 Grant of Security.  Each Grantor hereby grants to the Collateral Agent a security interest in and continuing lien on all of such Grantor’s right, title and interest in, to and under the following property of such Grantor, in each case whether now owned or existing or hereafter acquired or arising and wherever located (all of which being hereinafter collectively referred to as the “Collateral”): 
		
	(a)
	Accounts; 

		
	(b)
	Chattel Paper; 

		
	(c)
	Documents; 

		
	(d)
	General Intangibles; 

		
	(e)
	Goods; 

		
	(f)
	Instruments; 

		
	(g)
	Insurance; 

		
	(h)
	Intellectual Property;

		
	(i)
	Investment Property;

(j)to the extent not otherwise included above, all Collateral Records, Collateral Support and Supporting Obligations relating to any of the foregoing; and 
		
	(k)
	to the extent not otherwise included above, all Proceeds, products, 

accessions, rents and profits of or in respect of any of the foregoing. 

2.2 Certain Limited Exclusions.  Notwithstanding anything herein to the contrary, in no event shall the Collateral include or the security interest granted under Section 2.1 hereof attach to Excluded Assets (all such property excluded from the definition of “Collateral” shall be referred to as “Excluded Property”).  Notwithstanding anything contained herein to the contrary, Grantors shall not be required to take any action intended to cause Excluded Property to constitute Collateral and none of the covenants 

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or representations and warranties shall be deemed to apply to any property constituting Excluded Property.   
In addition, (i) no action shall be required in any jurisdiction other than the 
jurisdiction of organization of the relevant Grantor to create or perfect a security interest in assets of such Grantor governed by the UCC (and with respect to intellectual property, filings in the United States Patent and Trademark Office and/or United States Copyright Office, as applicable), (ii) no action shall be required to be taken in order to perfect assets requiring perfection through control agreements or by “control” (including deposit accounts, other bank accounts or securities accounts or letter of credit rights) (other than (x) the delivery of Certificated Securities required to be pledged under the Credit Documents and (y) to perfect security interests in Grantors organized as limited liability companies or partnerships); provided, that no other party (including but not limited to the Senior Representative) has taken such action to perfect such assets through control agreements or by “control”, (iii) the Grantors shall not be required to obtain any landlord waivers, estoppels or collateral access letters, (iv) no security agreements or pledge agreements governed by any foreign law shall be required and (v) no action shall require the creation or perfection of pledges of or security interests in, or the obtaining of legal opinions or other deliverables with respect to, particular assets of a Grantor, if, and for so long as and to the extent that the Administrative Agent and the Company reasonably agree in writing that the cost of creating or perfecting such pledges or security interests in such assets, or obtaining such legal opinions or other deliverables in respect of such assets, (taking into account any adverse tax consequences to Holding and its Affiliates (including the imposition of material withholding or other taxes)), shall be excessive in view of the benefits to be obtained by the Secured Parties therefrom.
SECTION 3.     SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE. 
3.1    Security for Obligations.  This Agreement secures, and the Collateral is collateral security for, the prompt and complete payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof)), of all Obligations of every Grantor (the “Secured Obligations”). 
3.2    Continuing Liability Under Collateral.  Notwithstanding anything herein to the contrary, (i) each Grantor shall remain liable for all obligations under the Collateral the same as if this Agreement had not been executed and nothing contained herein is intended or shall be a delegation of duties to the Collateral Agent or any Secured Party, (ii) each Grantor shall remain liable under each of the agreements included in the Collateral the same as if this Agreement had not been executed, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and neither the Collateral Agent nor any Secured Party shall have any obligation or liability under any of such agreements by reason of or arising out of this Agreement or any other document related thereto nor shall the Collateral Agent nor any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to take any action to collect or enforce any rights under any agreement included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, and (iii) the exercise by the Collateral Agent 

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of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral. 
SECTION 4.     REPRESENTATIONS AND WARRANTIES AND COVENANTS. 
4.1     Generally. 
(a)  Representations and Warranties.  Each Grantor hereby represents and warrants with respect to itself that: 
(i)it owns the Collateral purported to be owned by it or otherwise has the rights it purports to have in each item of Collateral reflected in the Historical Financial Statements referred in Section 4.7 of the Credit Agreement and in the most recent financial statements delivered pursuant to Section 5.1 of the Credit Agreement, and, as to all such Collateral whether now existing or hereafter acquired, will continue to own or have such rights in each such item of the Collateral, subject to its rights to dispose of or abandon such rights to the extent permitted hereunder or under the Credit Agreement, in each case free and clear of any and all Liens of all other Persons, including, without limitation, liens arising as a result of such Grantor becoming bound (as a result of merger or otherwise) as debtor under a security agreement entered into by another Person other than Permitted Liens; 
(ii)it has indicated on Schedule 4.1(A) as of the Amendment and Restatement Effective Date:  (w) the type of organization of such Grantor, (x) the jurisdiction of organization of such Grantor, (y) its organizational identification number and (z) the jurisdiction where the chief executive office or its sole place of business is, located; 
(iii)as of the Amendment and Restatement Effective Date, the full legal name of such Grantor is as set forth on Schedule 4.1(A); 
(iv)except as provided on Schedule 4.1(B), as of the Amendment and Restatement Effective Date it has not changed its legal name, jurisdiction of organization, chief executive office or sole place of business or its corporate structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) within the past one (1) year; 
(v)(x) to the extent required under this Agreement, upon the filing of all UCC financing statements naming each Grantor as “debtor” and the Collateral Agent as “secured party” and describing the Collateral in the filing offices set forth opposite such Grantor’s name on Schedule 4.1(C) hereof and other filings delivered by each Grantor and (y) to the extent not subject to Article 9 of the UCC and to the extent that a perfected first priority security interest may be obtained by the recordation of the security interest in the applicable United States Intellectual Property registries, upon recordation of the security interests granted hereunder in United States Patents, Trademarks and Copyrights in the United States Patent and Trademark Office and the United States Copyright Office, the security interests granted to the Collateral Agent hereunder constitute valid and perfected first priority Liens (subject in the case of priority only to Permitted Liens and to the rights of the United States government (including any agency or department) thereof with respect to United States government Receivables) on all of the Collateral to the extent that a security interest may be perfected by the filing of a UCC financing statement or by the recordation of the security interest in the United States Patent and Trademark Office or the United States Copyright Office;
(vi)except as set forth on Schedule 4.1(D), as such schedule may be amended or supplemented from time to time, all actions and consents (other than actions and consents required by the UCC or any other applicable law), including all filings, notices, registrations and recordings, 

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necessary for the exercise by the Collateral Agent of the voting or other rights provided for in this Agreement or the exercise of remedies in respect of the Collateral have been made or obtained; provided that filing of assignments in the applicable Intellectual Property registries may be necessary to the exercise of certain remedies in respect of Intellectual Property and the exercise of remedies in respect of Non-Assignable Contracts (other than those provided under 9-406, 9-407 and 9-408 of the UCC, to the extent that they apply) may require the consent of the other party thereto; 
(vii)no authorization, approval or other action by, and no notice to or filing with, 
any Governmental Authority or regulatory body is required for either (i) the pledge or grant by any Grantor of the security interest purported to be created in favor of the Collateral Agent hereunder or (ii) the exercise by Collateral Agent of any rights or remedies in respect of any Collateral (whether specifically granted or created hereunder or created or provided for by applicable law), except (A) for actions required with respect to accounts where the United States government or subdivision thereof is an Account Debtor, (B) for the filings contemplated by clauses (v) and (vi) above, (C) as may be required, in connection with the disposition of any Investment Property, by laws generally affecting the offering and sale of Securities and (D) for the exercise of right and remedies in respect of any Pledged Equity Interests issued by a CFC or CFC Holding Company; 
(viii)none of the Collateral constitutes, or is the Proceeds of, “farm products” (as 
defined in the UCC); 
(ix)it does not own any “as extracted collateral” (as defined in the UCC) or any 
timber to be cut; and 
(x)as of the Amendment and Restatement Effective Date, such Grantor has been duly organized as an entity of the type as set forth opposite such Grantor’s name on Schedule 
4.1(A) solely under the laws of the jurisdiction as set forth opposite such Grantor’s name on Schedule 4.1(A) and remains duly existing as such.  Such Grantor has not filed any certificates of domestication, transfer or continuance in any other jurisdiction as of the Amendment and Restatement Effective Date. 
(b) Covenants and Agreements.  Each Grantor hereby covenants and agrees  with respect to itself that: 
(i)except for the security interest created by this Agreement, it shall not create or suffer to exist any Lien upon or with respect to any of the Collateral, except Permitted Liens, and upon obtaining knowledge thereof, it shall defend the Collateral against all Persons (other than the Secured Parties) that have instituted, or made a non-frivolous threat in writing of, any Adverse Proceeding claiming an interest therein adverse to the Collateral Agent; 

(ii)it shall not produce, use or permit any Collateral to be used unlawfully or in violation of any provision of this Agreement or any applicable statute, regulation or ordinance or any policy of insurance covering the Collateral if such violation or noncompliance could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; 

(iii)it shall not change such Grantor’s legal name, identity, corporate structure (e.g., by merger, consolidation, change in corporate form or otherwise), type of organization or jurisdiction of organization unless it shall have

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 (a) notified the Collateral Agent in writing, by executing and delivering to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to applicable Schedules showing such change thereto, no more than thirty (30) days (or such longer period as may be agreed by the Collateral Agent)  after any such change or establishment, identifying such new proposed name, identity, corporate structure, jurisdiction of organization and providing such other information in connection therewith as the Collateral Agent may reasonably request and;
 (b) taken all actions reasonably determined to be necessary by the Collateral Agent to maintain the continuous validity, perfection and at least the same priority of the Collateral Agent’s security interest in the Collateral intended to be granted and agreed to hereby; provided that with respect to any Grantor that is an Immaterial Restricted Subsidiary, non-compliance with the foregoing covenant shall not result in a Default pursuant to Section 8.1 of the Credit Agreement for a period of ten (10) Business Days after the receipt of the notice pursuant to Section 8.1(e) of the Credit Agreement, so long as such Grantor is diligently pursuing in good faith the cure or correction of such non-compliance continuously during such period; 
(iv)except as otherwise permitted under the Credit Agreement or as consented 
to by the Collateral Agent (such consent not to be unreasonably withheld or delayed),  it shall not file any certificates of domestication, transfer or continuance in any jurisdiction other than the jurisdiction set forth opposite such Grantor’s name on Schedule 4.1(A); provided that with respect to any Grantor that is an Immaterial Restricted Subsidiary, non-compliance with the foregoing covenant shall not result in a Default pursuant to Section 8.1 of the Credit Agreement for a period of ten (10) Business Days after the receipt of the notice pursuant to Section 8.1(e) of the Credit Agreement, so long as such Grantor is diligently pursuing in good faith the cure or correction of such non-compliance continuously during such period; and 
(v)it shall not take or permit any action which could materially impair the Collateral Agent’s rights in the Collateral, subject to Grantors’ rights to dispose of or abandon rights in the Collateral to the extent permitted hereunder or under the Credit Agreement and the right to grant Permitted Liens. 
		
	4.2
	Equipment and Inventory. 

(a) Representations and Warranties.  Each Grantor represents and warrants with respect to itself that: 
(i)all of its Equipment and Inventory included in the Collateral (other than Equipment out for repair or Equipment and Inventory in transit) is kept on the Amendment and Restatement Effective Date and during the past 12 months has been kept only at one of the locations specified in Schedule 4.2; and 
(ii)any Goods now or hereafter produced by such Grantor constituting a substantial portion of the Collateral have been and will be produced in material compliance with the requirements of the Fair Labor Standards Act, as amended. 

(b) Covenants and Agreements.  Each Grantor covenants and agrees with 

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respect to itself that: 
(i)it shall keep the Equipment, Inventory and any Documents evidencing any of its Equipment and Inventory (other than Equipment out for repair or Equipment and Inventory in transit) in one of the locations specified on Schedule 4.2 (as such schedule may be amended or supplemented from time to time) unless it shall have notified the Collateral Agent in writing, no later than forty-five (45) days (or such longer period as may be agreed by the Collateral Agent) after any change in locations, identifying such new locations and providing such other information in connection therewith as the Collateral Agent may reasonably request; and 

(ii)it shall not deliver any Document evidencing any of its Equipment and Inventory to any Person other than the issuer of such Document to claim the Goods evidenced therefor or the Collateral Agent. 

		
	4.3
	Receivables.   

(a)  Covenants and Agreements:  Each Grantor hereby covenants and agrees 
with respect to itself that: 
		
	(i)
	at the request of the Collateral Agent after the occurrence and during the 

continuation of an Event of Default, it shall mark conspicuously, in form and manner reasonably satisfactory to the Collateral Agent, all of its Chattel Paper and Instruments (other than any delivered to the Collateral Agent as provided herein and Instruments deposited in a Deposit Account for collection in the ordinary course of business), as well as its Receivables Records with an appropriate reference to the fact that the Collateral Agent has a security interest therein; 
		
	(ii)
	other than in the ordinary course of business as generally conducted by it, 

and except as otherwise provided in subsection (iii) below or the Credit Agreement, following the occurrence and during the continuation of an Event of Default, such Grantor shall not (w) grant any extension or renewal of the time of payment of any of its Receivables, (x) compromise or settle any dispute, claim or legal proceeding with respect to any of its Receivables for less than the total unpaid balance thereof, (y) release, wholly or partially, any Person liable for the payment thereof, or (z) allow any credit or discount thereon; 
		
	(iii)
	except as otherwise provided in this subsection or the Credit Agreement, 

each Grantor shall continue to collect in accordance with its past business practice, all amounts due or to become due to such Grantor under its Receivables and any Supporting Obligation and diligently exercise in accordance with its past business practice each material right it may have under any of its Receivables, or any Supporting Obligation or Collateral Support therefor, in each case, at its own expense, and in connection with such collections and exercise, such Grantor shall take such action as such Grantor may deem necessary.  Notwithstanding the foregoing, the Collateral Agent shall have the right at any time following the occurrence and during the continuation of an Event of Default to notify, or require any Grantor to notify, any Account Debtor of the Collateral Agent’s security interest in the Receivables and any Supporting Obligation and, in addition, at any time following the occurrence and during the continuation of an Event of Default, the Collateral Agent may:  (1) direct the Account Debtors under any Receivables to make payment of all amounts due or to become due to such Grantor thereunder directly to the Collateral Agent; (2) notify, or require any Grantor to notify, each Person maintaining 

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a lockbox or similar arrangement to which Account Debtors under any Receivables have been directed to make payment to remit all amounts representing collections on checks and other payment items from time to time sent to or deposited in such lockbox or other arrangement directly to the Collateral Agent; and (3) enforce, at the expense of such Grantor, collection of any such Receivables and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done.  If the Collateral Agent notifies any Grantor that it has elected to collect the Receivables in accordance with the preceding sentence, any payments of Receivables received by such Grantor shall be forthwith (and in any event within two (2) Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Collateral Agent if required, in a Deposit Account designated by the Collateral Agent, and until so turned over, all amounts and proceeds (including checks and other instruments) received by such Grantor in respect of the Receivables, any Supporting Obligation or Collateral Support shall be received in trust for the benefit of the Collateral Agent hereunder and shall be segregated from other funds of such Grantor and such Grantor shall not adjust, settle or compromise the amount or payment of any Receivable, or release wholly or partly any Account Debtor or obligor thereof, or allow any credit or discount thereon; and 
		
	(iv)
	subject to any underlying contractual requirements or provisions, it shall 

use its commercially reasonable efforts to keep in full force and effect any material Supporting Obligation or Collateral Support relating to any of its material Receivables. 
(b) Delivery of Receivables.  With respect to any of its Receivables in excess of $5,000,000 individually that is evidenced by, or constitutes, Chattel Paper or Instruments (other than Instruments deposited or to be deposited for collection in the ordinary course of business), each Grantor shall, at the reasonable request of the Collateral Agent, cause each originally executed copy thereof to be delivered to the Collateral Agent (or its agent or designee) appropriately indorsed to the Collateral Agent or indorsed in blank:  (i) with respect to any such Receivables in existence on the date hereof, on or prior to the date hereof and (ii) with respect to any such Receivables hereafter arising, promptly after such Grantor acquiring rights therein.

 4.4 Investment Property 
4.4.1 Investment Property Generally. 
(a) Covenants and Agreements.  Each Grantor hereby covenants and agrees with respect to itself that: 
(i)in the event it acquires rights in any Investment Property in excess of $5,000,000 individually after the date hereof, it shall promptly deliver to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with Supplements to Schedules thereto, reflecting such new Investment Property; provided that no Grantor shall be required to deliver any such Pledge Supplement with respect to any Investment Property in excess of $5,000,000 individually that has been acquired during any Fiscal Quarter earlier than the date of delivery of the Compliance Certificate delivered pursuant to Section 5.1(c) of the Credit Agreement with respect to such Fiscal Quarter (or such longer period as may be agreed by the Collateral Agent); provided, further that delivery of a Pledge Supplement with respect to any Investment Property required to be delivered pursuant to Sections 5.9 or 5.11 of the Credit Agreement shall be delivered in accordance with such Sections.  Notwithstanding the foregoing, it is understood and agreed that the security interest of the Collateral Agent shall attach to all Investment Property immediately upon any Grantor’s acquisition 

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of rights therein and shall not be affected by the failure of any Grantor to deliver a supplement to Schedule 4.4 as required hereby; 
(ii)except as provided in the next sentence, in the event such Grantor receives any dividends, interest or distributions on any Investment Property, or any securities or other property upon the merger, consolidation, liquidation or dissolution of any issuer of any Investment Property, then (a) such dividends, interest or distributions and securities or other property shall be included in the definition of Collateral without further action and (b) such Grantor shall immediately take all steps, if any, necessary to ensure the validity, perfection, priority and, if applicable, control of the Collateral Agent over such Investment Property (including, without limitation, delivery thereof to the Collateral Agent if required by this Agreement) and pending any such action such Grantor shall be deemed to hold such dividends, interest, distributions, Securities or other property interest for the benefit of the Collateral Agent and shall segregate such dividends, distributions, Securities or other property from all other property of such Grantor.  Notwithstanding the foregoing, so long as no Event of Default shall have occurred and be continuing, the Collateral Agent authorizes each Grantor to retain all ordinary cash dividends and distributions paid to it; and 
(iii)each Grantor consents to the grant by each other Grantor of a Security Interest in all Investment Property to the Collateral Agent and waives any applicable restrictions on transfer that may otherwise apply thereto in the event of any exercise of remedies hereunder. 
(b)     Delivery. 
(i) Each Grantor agrees that with respect to any Investment Property evidencing ownership interests in a Subsidiary of such Grantor or any other Investment Property in excess of $5,000,000 individually in which it currently has rights it shall comply with the provisions of this Section 4.4.1(b) on or before the Amendment and Restatement Effective Date and with respect to any Investment Property required to be delivered pursuant to Sections 5.9 or 5.11 of the Credit Agreement or any other Investment Property in excess of $5,000,000 individually after the date hereof hereafter acquired by such Grantor it shall comply with the provisions of this Section 4.4.1(b) promptly after acquiring rights therein, in each case in form and substance reasonably satisfactory to the Collateral Agent.  With respect to any Investment Property that is represented by a certificate or that is an “instrument” (other than (A) any Investment Property credited to a Securities Account, (B) Investment Property but only so long as such Investment Property is not yet required to be delivered pursuant to Sections 5.9 or  5.11 of the Credit Agreement, (C) instruments in a principal amount not in excess of $5,000,000 individually and (D) instruments deposited or to be deposited for collection in the ordinary course of business), it shall cause such certificate or instrument to be promptly delivered to the Collateral Agent, indorsed in blank by an “effective indorsement” (as defined in Section 8-107 of the UCC), regardless of whether such certificate constitutes a “certificated security” for purposes of the UCC; provided that no Grantor shall be required to deliver any such Investment Property in excess of $5,000,000 individually that is not required to be delivered pursuant to Sections 5.9 or 5.11 of the Credit Agreement that has been acquired during any Fiscal Quarter earlier than the date of delivery of the Compliance Certificate delivered pursuant to Section 5.1(c) of the Credit Agreement with respect to such Fiscal Quarter (or such longer period as may be permitted by the Credit Agreement or agreed by the Collateral Agent).  For the avoidance of doubt, any Investment 

103522660_5 

Property required to be delivered pursuant to Sections 5.9 or 5.11 of the Credit Agreement shall be delivered in accordance with such Sections. 

(c)     Voting and Distributions. 
(i) So long as no Event of Default shall have occurred and be continuing and 
the Collateral Agent has not given the applicable Grantor five (5) Business Days’ prior written notice to the contrary: 
		
	(1)
	except as otherwise provided under the covenants and agreements relating to investment property in this Agreement or elsewhere herein or in the Credit Agreement, each Grantor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Investment Property or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Agreement; 

		
	(2)
	the Collateral Agent shall promptly execute and deliver (or cause to be executed and delivered) to each Grantor all proxies, and other instruments as such Grantor may from time to time reasonably request for the purpose of enabling such Grantor to exercise the voting and other consensual rights when and to the extent which it is entitled to exercise pursuant to clause (1) above; and 

		
	(3)
	upon the occurrence and during the continuation of an Event of Default and upon two (2) Business Days’ prior written notice from the Collateral Agent to such Grantor of the Collateral Agent’s intention to exercise such rights: 

		
	(A)
	all rights of each Grantor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall cease and all such rights shall thereupon become vested in the Collateral Agent who shall thereupon have the sole right to exercise such voting and other consensual rights; and 

		
	(B)
	in order to permit the Collateral Agent to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be entitled to receive hereunder:  (1) each Grantor shall promptly execute and deliver (or cause the applicable issuer to execute and deliver) to the Collateral Agent all proxies, dividend payment orders and other instruments as the Collateral Agent may from time to time reasonably request and (2) each Grantor acknowledges that the Collateral Agent may utilize the power of attorney set forth in Section 6.1. 

4.4.2 Pledged Equity Interests 
(a) Representations and Warranties.  Each Grantor hereby represents and 
warrants with respect to itself, that: 
(i)as of the Amendment and Restatement Effective Date, Schedule 4.4(A) sets forth under the headings “Pledged Stock,” “Pledged LLC Interests,” “Pledged Partnership Interests” and “Pledged Trust Interests,” respectively, all of the Pledged Stock, Pledged LLC Interests, Pledged 

103522660_5

Partnership Interests and Pledged Trust Interests owned by such Grantor and such Pledged Equity Interests constitute the percentage of issued and outstanding shares of stock, percentage of membership interests, percentage of partnership interests or percentage of beneficial interest of the respective issuers thereof indicated on such Schedule; 

(ii)it is the record and beneficial owner of such Pledged Equity Interests free of all Liens of other Persons other than Permitted Liens and (in the case of Pledged Equity Interests not issued by a Subsidiary or an Affiliate of such Grantor, to such Grantor’s best knowledge) there are no outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the issuance or sale of, any such Pledged Equity Interests; 

(iii)(in the case of Pledged Equity Interests not issued by a Subsidiary or an Affiliate of such Grantor, to such Grantor’s best knowledge) no consent of any Person including any other general or limited partner, any other member of a limited liability company, any other shareholder or any other trust beneficiary is necessary or desirable in connection with the creation, perfection or first priority status of the security interest of the Collateral Agent in any such Pledged Equity Interests or the exercise by the Collateral Agent of the voting or other rights provided for in this Agreement or the exercise of remedies in respect thereof; 

(iv)none of such Pledged LLC Interests nor Pledged Partnership Interests are or represent interests in issuers that:  (a) are registered as investment companies or (b) are dealt in or traded on securities exchanges or markets; and 

(v)except as otherwise set forth on Schedule 4.4(B) (as such schedule may be amended or supplemented from time to time), all of the Pledged LLC Interests and Pledged Partnership Interests, in each case issued by a Domestic Subsidiary of such Grantor, are or represent interests in issuers that have opted to be treated as securities under the uniform commercial code of any jurisdiction. 

(b) Covenants and Agreements.  Each Grantor hereby covenants and agrees 
that: 
		
	(i)
	unless otherwise permitted under the Credit Agreement, without the prior 

written consent of the Collateral Agent, it shall not vote to enable or take any other action to:  cause any issuer of any Pledged Partnership Interests or Pledged LLC Interests owned by such Grantor which are not securities (for purposes of the UCC) on the date hereof to elect or otherwise take any action to cause such Pledged Partnership Interests or Pledged LLC Interests to be treated as securities for purposes of the UCC unless prior to taking such actions, such Grantor shall promptly notify the Collateral Agent in writing of any such election or action and, in such event, shall take all steps necessary to establish the Collateral Agent’s “control” thereof; 
		
	(ii)
	except as expressly permitted by the Credit Agreement, without the prior 

written consent of the Collateral Agent, it shall not permit any issuer of any Pledged Equity Interest which is a Subsidiary of such Grantor to merge or consolidate unless (i) if such issuer is required to be a Grantor under this Agreement, such issuer creates a security interest that is perfected by a filed 

103522660_5 

financing statement (that is not effective solely under section 9-508 of the UCC) in collateral in which such new debtor has or acquires rights, and (ii) all the outstanding capital stock or other equity interests of the surviving or resulting corporation, limited liability company, partnership or other entity which is a Subsidiary of such Grantor and which is owned by such Grantor is, upon such merger or consolidation, pledged hereunder; provided that if the surviving or resulting Grantors upon any such merger or consolidation involves an issuer which is a CFC or CFC Holding Company, then such Grantor shall only be required to pledge equity interests in accordance with Section 2.2; and 
		
	(iii)
	each Grantor consents to the grant by each other Grantor of a security 

interest in all Investment Property to the Collateral Agent and, without limiting the foregoing, consents to the transfer of any Pledged Partnership Interest and any Pledged LLC Interest to the Collateral Agent or its nominee following the occurrence and during the continuation of an Event of Default and to the substitution of the Collateral Agent or its nominee as a partner in any partnership or as a member in any limited liability company with all the rights and powers related thereto. 
4.4.3 Pledged Debt 
(i) Representations and Warranties.  Each Grantor hereby represents and warrants with respect to itself that Schedule 4.4 sets forth as of the Amendment and Restatement Effective Date under the heading “Pledged Debt” all of the Pledged Debt owned by such Grantor in excess of $5,000,000 individually owned by any Grantor and to the knowledge of such Grantor, all of such Pledged Debt has been duly authorized, authenticated or issued, and delivered and is the legal, valid and binding obligation of the issuers thereof and is not in default. 

4.5     Intellectual Property. 
(a) Representations and Warranties.  Except as disclosed in Schedule 4.5(H), (as such schedule may be amended or supplemented from time to time), each Grantor hereby represents and warrants with respect to itself that: 
(i)Schedule 4.5 (as such schedule may be amended or supplemented from time to time) sets forth a true and complete list of (a) all United States and state registrations of and applications for Patents, Trademarks, and Copyrights owned by each Grantor; and (b) all Patent Licenses, Trademark Licenses, Trade Secret Licenses and Copyright Licenses material to the business of such Grantor except for non-exclusive licenses to commercially available software; 
(ii)except as could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (a) it is the sole and exclusive owner of the entire right, title, and interest in and to all United States Intellectual Property of such Grantor listed on Schedule 4.5 (as such schedule may be amended or supplemented from time to time), and owns or has the valid right to use, all other United States Intellectual Property that is material to the conduct of its business, free and clear of all Liens, except for Permitted Liens; and (b) all United States Intellectual Property owned by such Grantor and material to the conduct of its business is subsisting and has not been adjudged invalid or unenforceable; 
(iii)to such Grantor’s knowledge, (A) all United States Intellectual Property material to the conduct of such Grantor’s business is subsisting and unexpired, (B) no holding, decision, or judgment has been rendered in any action or proceeding before any court or administrative authority 

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challenging the validity of such Grantor’s right to register, or such Grantor’s rights to own or use, any United States Intellectual Property that could reasonably be expected to have a Material Adverse Effect and (C) no such action or proceeding is pending or threatened (except for routine office actions issued in the course of prosecution) that could reasonably be expected to have a Material Adverse Effect; 
(iv)to such Grantor’s knowledge, (a) the conduct of such Grantor’s business does not infringe upon any Intellectual Property right owned or controlled by a third party; and (b) no third party is infringing upon in any material respect any rights in any United States Intellectual Property owned by such Grantor; and 
(v)to such Grantor’s knowledge, (a) none of the Trade Secrets owned by such Grantor that are material to its business have been used, divulged, disclosed or appropriated to the detriment of such Grantor for the benefit of any other person; and (b) no employee, independent contractor or agent of such Grantor is in default or breach of any term of any employment agreement, non-disclosure agreement, assignment of inventions agreement or similar agreement or contract relating in any way to the protection, ownership, and use of such Grantor’s Intellectual Property. 

(b)     Covenants and Agreements.  Each Grantor hereby covenants and agrees with respect to itself as follows: 
(i)other than in a manner consistent with an exercise of such Grantor’s reasonable business judgment, it shall not do any act or knowingly omit to do any act whereby any of the United States Intellectual Property which is material to the business of such Grantor may lapse, or become abandoned, dedicated to the public, or unenforceable; 

(ii)it shall promptly notify the Collateral Agent if it knows that any item of the United States Intellectual Property that is material to the business of such Grantor is reasonably likely to become (a) abandoned or dedicated to the public or placed in the public domain, (b) invalid or unenforceable (other than as a result of the expiration of its non renewable, or natural term), or (c) subject to any adverse determination or development (including the institution of proceedings) in any action or proceeding in the United States Patent and Trademark Office or the United States Copyright Office, or any court (other than office actions in the course of prosecution that do not materially affect such Grantor’s right to use such Intellectual Property); 
(iii)it shall take all commercially reasonable steps in the United States Patent and Trademark Office and the United States Copyright Office to pursue any application and maintain any registration of each United States Trademark, Patent, and Copyright owned by such Grantor that is material to its business which is now or shall become included in the Intellectual Property including, but not limited to, those items on Schedule 4.5 (as it may be amended or supplemented from time to time), but only to the extent that such items remain material to such Grantor’s business; 
(iv)it shall promptly (but in no event more than once in any calendar year) report to the Collateral Agent the occurrence of any of the following which occurred since the last report to the Collateral Agent, but only to the extent that such items remain material to such Grantor’s business: (i) the filing of any application to register any Patent, Trademark or Copyright with the United States Patent and Trademark Office or the United States Copyright Office (whether such application is filed by such Grantor or through any agent, employee, licensee, or designee thereof) and (ii) the registration of any Intellectual Property by any such office, or the acquisition of any such Intellectual Property in 

103522660_5 

each case by executing and delivering to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto; and 
(v)it shall take steps that are, in such Grantor’s reasonable business judgment, commercially reasonable to protect the secrecy of all Trade Secrets that are material to the business of such Grantor. 

SECTION 5.     FURTHER ASSURANCES; ADDITIONAL GRANTORS. 
5.1     Further Assurances.   
(a)     Subject to specific limitations contained herein, each Grantor agrees that 
from time to time, at the expense of such Grantor, it shall promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or that the Collateral Agent may reasonably request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted hereby or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral.  Without limiting the generality of the foregoing, each Grantor shall: 
		
	(i)
	file such financing or continuation statements, or amendment thereto, and execute and deliver such other agreements, instruments, endorsements, powers of attorney or notices, as may be necessary or as the Collateral Agent may reasonably request, in order to perfect and preserve the security interests granted hereby; 

		
	(ii)
	take all actions necessary to ensure the recordation of appropriate evidence of the liens and security interest granted hereunder in the United States Intellectual Property with any intellectual property registry in which said Intellectual Property is registered or in which an application for registration is pending including, without limitation, the United States Patent and Trademark Office, the United States Copyright Office and the various Secretaries of State; 

		
	(iii)
	at any reasonable time following the occurrence and during the continuation of an Event of Default, upon request by the Collateral Agent, assemble the Collateral and allow inspection of the Collateral by the Collateral Agent, or persons designated by the Collateral Agent; and 

		
	(iv)
	at the Collateral Agent’s reasonable request, appear in and defend any action or proceeding that may affect such Grantor’s title to or the Collateral Agent’s security interest in all or any part of the Collateral. 

(b) Each Grantor hereby authorizes the Collateral Agent to file a Record or Records, including, without limitation, financing or continuation statements, and amendments thereto, in any jurisdictions and with any filing offices as the Collateral Agent may determine, in its reasonable 

103522660_5

discretion, are necessary to perfect the security interest granted to the Collateral Agent herein.  Such financing statements may describe the Collateral in the same manner as described herein.  Each Grantor shall furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 
5.2 Additional Grantors.  From time to time subsequent to the date hereof, additional Persons may become parties hereto as additional Grantors (each, an “Additional Grantor”), by executing a Counterpart Agreement.  Upon delivery of any such Counterpart Agreement to the Collateral Agent, notice of which is hereby waived by Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto as if Additional Grantor were an original signatory hereto.  Each Grantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Grantor hereunder, nor by any election of Collateral Agent not to cause any Subsidiary of Company to become an Additional Grantor hereunder.  This Agreement shall be fully effective as to any Grantor that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Grantor hereunder. 

SECTION 6.     COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT. 
6.1 Power of Attorney.  Until the Termination Date, each Grantor hereby irrevocably appoints the Collateral Agent (such appointment being coupled with an interest) as such Grantor’s attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor, the Collateral Agent or otherwise, from time to time in the Collateral Agent’s discretion to take any action and to execute any instrument that the Collateral Agent may deem reasonably necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, the following: 
		
	(a)
	upon the occurrence and during the continuance of any Event of Default, to 

obtain and adjust insurance required to be maintained by such Grantor or paid to the Collateral Agent pursuant to the Credit Agreement; 
		
	(b)
	upon the occurrence and during the continuance of any Event of Default, to 

ask for, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 
		
	(c)
	upon the occurrence and during the continuance of any Event of Default, to 

receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with clause (b) above; 
		
	(d)
	upon the occurrence and during the continuance of any Event of Default, to 

file any claims or take any action or institute any proceedings that the Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the Collateral; 
		
	(e)
	to prepare and file any UCC financing statements against such Grantor as 

debtor; 
		
	(f)
	to prepare, sign, and file for recordation in any intellectual property registry, 

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appropriate evidence of the lien and security interest granted herein in the Intellectual Property in the name of such Grantor as debtor; 
		
	(g)
	upon the occurrence and during the continuance of any Event of Default, to 

take or cause to be taken all actions necessary to perform or comply or cause performance or compliance with the terms of this Agreement, including, without limitation, access to pay or discharge taxes or Liens (other than Permitted Liens) levied or placed upon or threatened against the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the Collateral Agent in its sole discretion, any such payments made by the Collateral Agent to become obligations of such Grantor to the Collateral Agent, due and payable immediately without demand; and 
		
	(h)
	upon the occurrence and during the continuance of any Event of Default, 

generally to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Collateral Agent were the absolute owner thereof for all purposes, and to do, at the Collateral Agent’s option and such Grantor’s expense, at any time or from time to time, all acts and things that the Collateral Agent deems reasonably necessary to protect, preserve or realize upon the Collateral and the Collateral Agent’s security interest therein in order to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 
6.2 No Duty on the Part of Collateral Agent or Secured Parties.  The powers conferred on the Collateral Agent hereunder are solely to protect the interests of the Collateral Agent in the Collateral and shall not impose any duty upon the Collateral Agent or any Secured Party to exercise any such powers.  The Collateral Agent and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers; and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 
SECTION 7.     REMEDIES. 
7.1     Generally.   
(a) If any Event of Default shall have occurred and be continuing, the Collateral Agent may exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it at law or in equity, all the rights and remedies of the Collateral Agent on default under the UCC (whether or not the UCC applies to the affected Collateral) to collect, enforce or satisfy any Secured Obligations then owing, whether by acceleration or otherwise, and also may pursue any of the following separately, successively or simultaneously: 
		
	(i)
	require any Grantor to, and each Grantor hereby agrees that it shall at its 

expense and promptly upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place to be designated by the Collateral Agent that is reasonably convenient to both parties; 
		
	(ii)
	enter onto the property where any Collateral is located and take possession 

thereof with or without judicial process; 
		
	(iii)
	prior to the disposition of the Collateral, store, process, repair or recondition 

103522660_5

the Collateral or otherwise prepare the Collateral for disposition in any manner to the extent the Collateral Agent deems appropriate; and 
		
	(iv)
	without notice except as specified below or under the UCC, sell, assign, 

lease, license (on an exclusive or nonexclusive basis) or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable. 
		
	(b)
	The Collateral Agent or any Secured Party may be the purchaser of any or 

all of the Collateral at any public or private (to the extent that the portion of the Collateral being privately sold is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations) sale in accordance with the UCC and the Collateral Agent, as collateral agent for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale made in accordance with the UCC, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Collateral Agent at such sale.  Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted.  Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days notice to such Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification.  The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.  The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.  Each Grantor hereby waives any claims against the Collateral Agent arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree.  If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured Obligations, Grantors shall be liable for the deficiency and the fees of any attorneys employed by the Collateral Agent to collect such deficiency.  Nothing in this Section shall in any way alter the rights of the Collateral Agent hereunder. 
		
	(c)
	The Collateral Agent may sell the Collateral without giving any warranties 

as to the Collateral.  The Collateral Agent may specifically disclaim or modify any warranties of title or the like.  This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 
		
	(d)
	The Collateral Agent shall have no obligation to marshal any of the 

Collateral. 
7.2    Application of Proceeds.  Except as expressly provided elsewhere in this Agreement or in the Credit Agreement, all proceeds received by the Collateral Agent in respect of any sale, any collection from, or other realization upon all or any part of the Collateral shall 

103522660_5 

be applied in full or in part by the Collateral Agent in payment of the Secured Obligations in the following order: 
First, to pay incurred and unpaid fees and expenses of the Agents under the Credit Documents; 
Second, to the Administrative Agent, for application by it towards payment of amounts then due and owing and remaining unpaid in respect of the Secured Obligations, pro rata among the Secured Parties according to the amounts of the Secured Obligations then due and owing and remaining unpaid to the Secured Parties; and 
Third, any balance remaining after the Secured Obligations shall have been paid in full, the Commitments shall have terminated or been cancelled and the Letters of Credit shall have been cancelled, Cash Collateralized or have expired shall be paid over to the Company or to whomsoever may be lawfully entitled to receive the same. 
7.3    Sales on Credit.  If Collateral Agent sells any of the Collateral upon credit, Grantor will be credited only with payments actually made by purchaser and received by Collateral Agent and applied to indebtedness of the purchaser.  In the event the purchaser fails to pay for the Collateral, Collateral Agent may resell the Collateral and Grantor shall be credited with proceeds of the sale. 
7.4    Investment Property.  Each Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Investment Property conducted without prior registration or qualification of such Investment Property under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things, to acquire the Investment Property for their own account, for investment and not with a view to the distribution or resale thereof.  Each Grantor acknowledges that any such private sale may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act) and, notwithstanding such circumstances, each Grantor agrees that the fact that any such sale is conducted as a private sale shall not, in and of itself, cause such sale to not be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Investment Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would, or should, agree to so register it.  If the Collateral Agent determines to exercise its right to sell any or all of the Investment Property, upon written request, each Grantor shall and shall cause each issuer of any Pledged Stock to be sold hereunder, each partnership and each limited liability company, in each case, which is a Subsidiary of such Grantor, from time to time to furnish to the Collateral Agent all such information as the Collateral Agent may request in order to determine the number and nature of interest, shares or other instruments included in the Investment Property which may be sold by the Collateral Agent in exempt transactions under the Securities Act and the rules and regulations of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 

103522660_5

7.5    Intellectual Property.      
(a)     Anything contained herein to the contrary notwithstanding, upon the 
occurrence and during the continuation of an Event of Default: 
(i)the Collateral Agent shall have the right (but not the obligation) to bring suit 
or otherwise commence any action or proceeding in the name of any Grantor, the Collateral Agent or otherwise, in the Collateral Agent’s sole discretion, to enforce any Intellectual Property, in which event such Grantor shall, at the request of the Collateral Agent, do any and all lawful acts and execute any and all documents required by the Collateral Agent in aid of such enforcement and such Grantor shall promptly, upon demand, reimburse and indemnify the Collateral Agent as provided in Section 10 hereof in connection with the exercise of its rights under this Section; 
(ii)in the event of a sale or other disposition of the Intellectual Property 
pursuant to Section 7.1, such Grantor shall, upon written demand from the Collateral Agent, assign, convey or otherwise transfer to the Collateral Agent or the third-party acquirer, as the case may be, all of such Grantor’s right, title and interest in and to the Intellectual Property and shall execute and deliver to the Collateral Agent or the third-party acquirer, as the case may be, such documents as are necessary or appropriate to carry out the intent and purposes of this Agreement; 
(iii)within five (5) Business Days’ after written notice from the Collateral Agent, each Grantor shall identify to the Collateral Agent, by name, title and job responsibility, such key personnel in such Grantor’s employ on the date such notice was received that are reasonably essential to permit such Grantor to continue, directly or indirectly, to produce, advertise and sell the products and services sold or delivered by such Grantor under or in connection with material Trademarks, and such Granter shall use commercially reasonable efforts, to maintain such essential personnel in such Grantor’s employ and available to perform their then-current functions at such Grantor’s expense consistent with the salary and benefit structure applicable to each as of the date such notice was received by Grantor; and 
(iv)for the avoidance of doubt, the Collateral Agent shall have all of the rights 
specified in Sections 4.3 and 7.6 of this Agreement with respect to amounts due or to become due to such Grantor in respect of the Intellectual Property in the same manner and to the same extent as such Grantor has with respect to other Receivables. 
		
	(b)
	If (i) an Event of Default shall have occurred and, by reason of cure, waiver, 

modification, amendment or otherwise, no longer be continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment or other transfer to the Collateral Agent of any rights, title and interests in and to the Intellectual Property shall have been previously made, and (iv) the Secured Obligations shall not have become immediately due and payable, upon the written request of any Grantor, the Collateral Agent shall promptly execute and deliver to such Grantor, at such Grantor’s sole cost and expense, such assignments or other transfer as may be necessary to reassign 

103522660_5 

to such Grantor any such rights, title and interests as may have been assigned to the Collateral Agent as aforesaid, subject to any disposition thereof that may have been made by the Collateral Agent; provided, after giving effect to such reassignment, the Collateral Agent’s security interest granted pursuant hereto, as well as all other rights and remedies of the Collateral Agent granted hereunder, shall continue to be in full force and effect; and provided, further, the rights, title and interests so reassigned shall be free and clear of any other Liens granted by or on behalf of the Collateral Agent and the Secured Parties. 
		
	(c)
	Solely for the purpose of enabling the Collateral Agent to exercise rights 

and remedies under this Section 7 and at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Collateral Agent, to the extent it has the right to do so, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to such Grantor), subject, in the case of Trademarks, to sufficient rights to quality control and inspection in favor of such Grantor to avoid the risk of invalidation of said Trademarks and subject to exclusive licenses validly granted by Grantor in accordance with the terms this Agreement and the other Credit Documents prior to the date that the Collateral Agent exercises its rights under this Section, to use, operate under, license, or sublicense any Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located. 
7.6 Cash Proceeds.  In addition to the rights of the Collateral Agent specified in Section 4.3 with respect to payments of Receivables, all proceeds of any Collateral received by any Grantor consisting of cash, checks and other non-cash items (collectively, “Cash Proceeds”) shall, if an Event of Default shall have occurred and is continuing be held by such Grantor in trust for the Collateral Agent, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, unless otherwise provided pursuant to Section 4.4.1(a)(ii), be turned over to the Collateral Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Collateral Agent, if required) and held by the Collateral Agent in the Collateral Account.  Any Cash Proceeds received by the Collateral Agent (whether from a Grantor or otherwise):  (i) if no Event of Default shall have occurred and be continuing, shall be handled as required by this Agreement or the Credit Agreement, or otherwise be turned over to the applicable Grantor and (ii) if an Event of Default shall have occurred and be continuing, may, in the sole discretion of the Collateral Agent, (A) be held by the Collateral Agent for the ratable benefit of the Secured Parties, as collateral security for the Secured Obligations (whether matured or unmatured) and/or (B) then or at any time thereafter may be applied by the Collateral Agent against the Secured Obligations then due and owing in accordance with the Credit Agreement. 
SECTION 8.     COLLATERAL AGENT. 
The Collateral Agent has been appointed to act as Collateral Agent hereunder by Lenders and, by their acceptance of the benefits hereof, the other Secured Parties.  The Collateral Agent shall be obligated, and shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without limitation, the release or substitution of Collateral), solely in accordance with this Agreement and the Credit Agreement; provided, the Collateral Agent shall, after (x) payment in full of all Obligations under the Credit Agreement and the other Credit Documents (other than contingent indemnification and reimbursement obligations for which no claim has been made) and (y) all Letters of Credit have been cancelled or have expired or have been Cash Collateralized or otherwise secured to the satisfaction of the Issuing Bank thereof, exercise, or refrain from exercising, any remedies provided for herein in accordance with the instructions of the holders of a majority of the aggregate notional amount (or, with 

103522660_5

respect to any Permitted Hedge Agreement that has been terminated in accordance with its terms, the amount then due and payable (exclusive of expenses and similar payments but including any early termination payments then due) under such Permitted Hedge Agreement) under all Permitted Hedge Agreements, all Permitted Letters of Credit and all Permitted Cash Management Agreements.  In furtherance of the foregoing provisions of this Section, each Secured Party, by its acceptance of the benefits hereof, agrees that it shall have no right individually to realize upon any of the Collateral hereunder, it being understood and agreed by such Secured Party that all rights and remedies hereunder may be exercised solely by the Collateral Agent for the benefit of Secured Parties in accordance with the terms of this Section.  Collateral Agent may at any time give notice of its resignation to the Secured Parties and Company in accordance with Section 9.5 of the Credit Agreement. 
SECTION 9.     CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. 
This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until the Termination Date, be binding upon each Grantor, its successors and assigns, and inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and its successors, transferees and assigns.  Without limiting the generality of the foregoing, but subject to the terms of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise.  Upon the Termination Date, the security interest granted hereby shall automatically terminate hereunder and of record and all rights to the Collateral shall automatically revert to Grantors.  Upon any such termination the Collateral Agent shall, at Grantors’ expense, execute and deliver to Grantors or otherwise authorize the filing of such documents as Grantors shall reasonably request, including financing statement amendments to evidence such termination.  Upon any disposition of property permitted by the Credit Agreement or the designation of any issuer of Pledged Equity Interest as an Unrestricted Subsidiary in accordance with Section 5.14 of the Credit Agreement, the Liens granted herein shall be deemed to be automatically released and such property or Pledged Equity Interest of such Unrestricted Subsidiary shall automatically revert to the applicable Grantor with no further action on the part of any Person.  The Collateral Agent shall, at Grantor’s expense, execute and deliver or otherwise authorize the filing of such documents as Grantors shall reasonably request, in form and substance reasonably satisfactory to the Collateral Agent, including financing statement amendments to evidence such release. 
SECTION 10.     STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM. 
The powers conferred on the Collateral Agent hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers.  Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.  The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Collateral Agent accords its own property.  Neither the Collateral Agent nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or otherwise.  If any Grantor fails to perform any agreement contained herein, the Collateral Agent may itself perform, or cause 

103522660_5 

performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by each Grantor under Section 10.2 of the Credit Agreement. 
SECTION 11.     AMENDMENT AND RESTATEMENT 
This Agreement amends and restates, and supersedes and replaces, in each case in its entirety, the Pledge and Security Agreement dated as of March 28, 2012 (as such may have been amended, restated, supplemented or further modified and in effect immediately prior to the effectiveness of the Agreement, the “Original Agreement”), executed by the Grantors party thereto in favor of the Collateral Agent for the benefit of the Secured Parties party thereto, but no novation of the Secured Obligations outstanding under the Original Agreement or any amendment or supplement thereto  shall be deemed to have occurred by virtue of the amendment and restatement of the Original Agreement, and none is intended or implied. By execution hereof, each Grantor hereby confirms and reaffirms its continuing liability with respect to such Secured Obligations. 
SECTION 12.     MISCELLANEOUS. 
Any notice required or permitted to be given under this Agreement shall be given in accordance with Section 10.1 of the Credit Agreement.  No failure or delay on the part of the Collateral Agent in the exercise of any power, right or privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege.  All rights and remedies existing under this Agreement and the other Credit Documents are cumulative to, and not exclusive of, any rights or remedies otherwise available.  In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.  All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.  This Agreement shall be binding upon and inure to the benefit of the Collateral Agent and Grantors and their respective successors and assigns.  No Grantor shall, without the prior written consent of the Collateral Agent given in accordance with the Credit Agreement, assign any right, duty or obligation hereunder.  This Agreement and the other Credit Documents embody the entire agreement and understanding between Grantors and the Collateral Agent and supersede all prior agreements and understandings between such parties relating to the subject matter hereof and thereof.  Accordingly, the Credit Documents may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.  There are no unwritten oral agreements between the parties.  This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. 
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

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[Signature pages follow] 
 

103522660_5 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date fully written above.

	
			
	 
	COVANTA ENERGY, LLC, A DELAWARE LIMITED LIABILITY COMPANY, AND EACH OF ITS SUBSIDIARIES LISTED ON ANNEX A HERETO

	 
	By:
	/S/    Bradford J. Helgeson        

	 
	 
	Name: Bradford J. Helgeson

	 
	 
	Title: Authorized Officer

[Signature Page to Amended and Restated Pledge Agreement]

103522660_5

	
			
	 
	BANK OF AMERICA, N.A.
as Administrative Agent

	 
	By:
	/S/    Ronaldo Naval        

	 
	 
	Name: Ronaldo Naval

	 
	 
	Title: Vice President

[Signature Page to Amended and Restated Pledge Agreement]

103522660_5 

ANNEX A
TO PLEDGE AND SECURITY AGREEMENT
Grantor Subsidiaries	
		
	1.
	Camden County Energy Recovery Associates, L.P., a New Jersey limited partnership 
By its General Partner Covanta Camden GP, LLC and Limited Partner Covanta Energy, LLC  

	2.
	Covanta 4Recovery Transfer Systems LLC (f/k/a TransRiver Transfer Systems 
LLC), a Delaware limited liability company 
By its Sole Member Covanta Sustainable Solutions, LLC 

	3.
	Covanta Abington Transfer Solutions LLC, a Delaware limited liability company  
By its Sole Member Covanta Energy, LLC

	4.
	Covanta Alexandria/Arlington, Inc., a Virginia corporation

	5.
	Covanta ARC LLC, a Delaware limited liability company
By its Sole Member Covanta Energy, LLC

	6.
	Covanta Bristol, Inc., a Connecticut corporation

	7.
	Covanta Camden GP, LLC, a Delaware limited liability company
By its Sole Member Covanta Energy, LLC

	8.
	Covanta Company of SEMASS, LLC (f/k/a Covanta Company of SEMASS, L.P.), a 
Delaware limited liability company 
By its Sole Member Covanta ARC LLC  

	9.
	Covanta Dade Metals Recovery LLC, a Florida limited liability company
By its Sole Member Covanta Pasco, Inc.

	10.
	Covanta Delaware Valley OP, LLC, a Delaware limited liability company
By its Sole Member Covanta Energy, LLC

	11.
	Covanta Energy Americas, Inc., a Delaware corporation

	12.
	Covanta Energy Group, LLC (f/k/a Covanta Energy Group, Inc.), a Delaware limited liability company  
By its Sole Member Covanta Energy, LLC 

	13.
	Covanta Energy Marketing LLC, a Delaware limited liability company
By its Sole Member Covanta Energy, LLC

	14.
	Covanta Fairfax, Inc., a Virginia corporation

	15.
	Covanta Harrisburg, Inc., a Delaware corporation

	16.
	Covanta Haverhill, Inc., a Massachusetts corporation

	17.
	Covanta Haverhill Associates, LLC (f/k/a Covanta Haverhill Associates), a Massachusetts limited liability company 
By its Sole Member Covanta Haverhill, Inc. 

	18.
	Covanta Hempstead Company, a New York general partnership 
By its General Partners Covanta Hempstead II, LLC and Covanta ARC LLC 

	19.
	Covanta Hempstead II, LLC, a Delaware limited liability company
By its Sole Member Covanta ARC LLC

	20.
	Covanta Hillsborough, Inc., a Florida corporation

	21.
	Covanta Honolulu Resource Recovery Venture, LLC (f/k/a Covanta Honolulu 
Resource Recovery Venture), a Hawaii limited liability company 
By its Sole Member Covanta Projects, LLC 

	22.
	Covanta Huntsville, Inc., an Alabama corporation

	23.
	Covanta Indianapolis, Inc., an Indiana corporation

103522660_5

	
		
	24.
	Covanta Kent, Inc., a Michigan corporation

	25.
	Covanta Lake II, Inc., a Florida corporation

	26.
	Covanta Lancaster, Inc., a Pennsylvania corporation

	27.
	Covanta Lee, Inc., a Florida corporation

	28.
	Covanta Long Beach Renewable Energy Corp., a Delaware corporation

	29.
	Covanta MacArthur Renewable Energy, Inc., a New York corporation

	30.
	Covanta Marion Land Corp., an Oregon corporation

	31.
	Covanta Marion, Inc., an Oregon corporation

	32.
	Covanta Metals Marketing LLC, a Delaware limited liability company By its Sole Member Covanta Lancaster, Inc.

	33.
	Covanta Montgomery, Inc., Maryland corporation

	34.
	Covanta Niagara I, LLC (f/k/a Covanta Niagara, L.P.), a Delaware limited liability company 
By its Sole Member Covanta ARC LLC  

	35.
	Covanta Operations of Union, LLC, a New Jersey limited liability company
By its Sole Member Covanta Projects, LLC

	36.
	Covanta Pasco, Inc., a Florida corporation

	37.
	Covanta Pittsfield, LLC, a New York limited liability company
By its Sole Member and Manager Covanta Projects, LLC

	38.
	Covanta Plymouth Renewable Energy, LLC (f/k/a Covanta Plymouth Renewable 
Energy Limited Partnership), a Delaware limited liability company
By its Sole Member Covanta Energy, LLC  

	39.
	Covanta Power International Holdings, Inc., a Delaware corporation

	40.
	Covanta Projects, LLC (f/k/a Covanta Projects, Inc.), a Delaware limited liability company  
By its Sole Member Covanta Energy Group, LLC 

	41.
	Covanta SECONN, LLC, a Delaware limited liability company
By its sole Member Covanta ARC LLC

	42.
	Covanta Springfield, LLC, a New York limited liability company
By its Sole Member Covanta Projects, LLC

	43.
	Covanta Stanislaus, Inc., a California corporation

	44.
	Covanta Sustainable Solutions, LLC (f/k/a Covanta 4Recovery, L.P.), a Delaware limited liability company 
By its Sole Member Covanta ARC LLC 

	45.
	Covanta Tulsa Renewable Energy, LLC (f/k/a Covanta WBH, LLC), a Delaware limited liability company 
By its Sole Member Covanta Lancaster, Inc. 

	46.
	Covanta Warren Energy Resources Co., LLC (f/k/a Covanta Warren Energy 
Resources Co., Limited Partnership), a Delaware limited liability company
By its Sole Member Covanta Projects, LLC 

	47.
	Covanta York Renewable Energy LLC, a Delaware limited liability company By its Sole Member and Manager Covanta Energy, LLC

	48.
	ECOvanta, LLC, a Delaware limited liability company
By its Sole Member Covanta ARC LLC

	49.
	MSW Energy Finance Co. II, Inc., a Delaware corporation

2 

103522660_5

 
	
		
	50.
	Peabody Monofill Associates, Inc., a Massachusetts corporation

	51.
	SEMASS Partnership, a Massachusetts limited partnership  
By its General Partner and Limited Partner Covanta Company of SEMASS, L.P. and Limited Partner MSW Energy Finance Co. II, Inc.  

	52.
	Chesapeake Waste Solutions LLC, a Delaware limited liability company 

	53.
	Covanta Environmental Solutions Carriers II, LLC, a Wisconsin limited liability company

	54.
	Advanced Waste Services of Indiana, LLC, a Wisconsin limited liability company

	55.
	Waste Recovery Solutions, LLC, a Florida limited liability company

	56.
	Environmental Pharmaceuticals, LLC, an Arizona limited liability company

	57.
	Industrial Oil Tank Service Corporation, a New York corporation

	58.
	GARCO, Inc., a North Carolina corporation

	59.
	Covanta Environmental Solutions, LLC, a Delaware limited liability company

 
3 

103522660_5

SCHEDULE 4.1
TO PLEDGE AND SECURITY AGREEMENT
GENERAL INFORMATION 
		
	(A)
	Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Sole Place of Business and Organizational Identification Number of each Grantor: 

	
						
	Full Legal Name 
	Type of Organization 
	Jurisdiction of Organization 
	Chief 
Executive 
Office 
	Principal Place of 
Business 
	Organization I.D.# 

	Camden County Energy Recovery Associates, L.P.
	Limited 
Partnership 
	New Jersey
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	600013339

	Covanta 4Recovery 
Transfer Systems LLC 
(f/k/a TransRiver 
Transfer Systems LLC) 
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	3430267

	Covanta Abington 
Transfer Solutions LLC 
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	995 
Fitzwatertown 
Road Abington 
PA USA 19001 
	2897347

	Covanta 
Alexandria/Arlington, Inc. 
	Corporation
	Virginia
	445 South 
Street, 
Morristown, NJ 
07960 
	5301 Eisenhower 
Ave. Alexandria VA USA 22304 
	2610640

	Covanta ARC LLC
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	3244018

	Covanta Bristol, Inc.
	Corporation
	Connecticut
	445 South 
Street, 
Morristown, NJ 
07960 
	170 Enterprise 
Drive Bristol CT 
USA 06010 
	164349

	Covanta Camden GP, LLC
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	5373195

	Covanta Company of 
SEMASS, LLC (f/k/a 
Covanta Company of 
SEMASS, L.P.) 
 
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	2572164

	Covanta Dade Metals Recovery LLC
	Limited 
Liability 
Company 
	Florida
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	L11000047148

	Covanta Delaware Valley OP, LLC
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	2204834

 SCHEDULE 4.1-1

103522660_5

 
	
						
	Full Legal Name 
	Type of Organization 
	Jurisdiction of Organization 
	Chief 
Executive 
Office 
	Principal Place of 
Business 
	Organization I.D.# 

	Covanta Energy Americas, Inc.
	Corporation
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	2418229

	Covanta Energy Group, 
LLC (f/k/a Covanta 
Energy Group, Inc.) 
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	2708045

	Covanta Energy Marketing LLC
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	4762354

	Covanta Environmental Solutions, LLC
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	5687719

	Covanta Fairfax, Inc.
	Corporation
	Virginia
	445 South 
Street, 
Morristown, NJ 
07960 
	9898 Furnace Rd. 
Lorton VA USA 
22079 
	0304530‐9

	Covanta Harrisburg, Inc.
	Corporation
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	1670 South 19th 
St. Harrisburg PA 
USA 17104 
	4332326

	Covanta Haverhill 
Associates, LLC (f/k/a 
Covanta Haverhill 
Associates) 
	Limited 
Liability 
Company 
	Massachusetts
	445 South 
Street, 
Morristown, NJ 
07960 
	100 Recovery 
Way Haverhill 
MA USA 01835 
	1154738

	Covanta Haverhill, Inc.
	Corporation
	Massachusetts
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	133375647

	Covanta Hempstead II, LLC
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	3312863

	Covanta Hempstead Company
	Corporation
	New York
	445 South 
Street, 
Morristown, NJ 
07960 
	600 Merchants 
Concourse 
Westbury NY USA 11590 
	None as nothing is filed in the state

	Covanta Hillsborough, 
Inc. 
	Corporation
	Florida
	445 South 
Street, 
Morristown, NJ 
07960 
	350 Falkenburg 
Rd. Falkenburg FL USA 33619 
	H16487

 SCHEDULE 4.1-2

103522660_5

	
						
	Full Legal Name 
	Type of Organization 
	Jurisdiction of Organization 
	Chief 
Executive 
Office 
	Principal Place of 
Business 
	Organization I.D.# 

	Covanta Honolulu 
Resource Recovery 
Venture, LLC (f/k/a 
Covanta Honolulu 
Resource Recovery 
Venture) 
	Limited 
Liability 
Company 
	Hawaii
	445 South 
Street, 
Morristown, NJ 
07960 
	91-174 Hanua St. 
Kapolei HI USA 
96707 
	10303 G5

	Covanta Huntsville, Inc.
	Corporation
	Alabama
	445 South 
Street, 
Morristown, NJ 
07960 
	5251 Triana 
Blvd. Huntsville AL USA 35805 
	123‐860

	Covanta Indianapolis, 
Inc. 
	Corporation
	Indiana
	445 South 
Street, 
Morristown, NJ 
07960 
	2320 South Harding St. 
Indianapolis IN USA 46221 
	198412‐379

	Covanta Kent, Inc.
	Corporation
	Michigan
	445 South 
Street, 
Morristown, NJ 
07960 
	950 Market Ave. SW Grand 
Rapids MI USA 
49503 
	800205927

	Covanta Lake II, Inc.
	Corporation
	Florida
	445 South 
Street, 
Morristown, NJ 
07960 
	3830 Rogers 
Industrial Park 
Rd. Okahumpka FL USA 34762 
	P04000028902

	Covanta Lancaster, Inc.
	Corporation
	Pennsylvania
	445 South 
Street, 
Morristown, NJ 
07960 
	1911 River Rd. 
Bainbridge PA USA 17502 
	978004

	Covanta Lee, Inc.
	Corporation
	Florida
	445 South 
Street, 
Morristown, NJ 
07960 
	10500 
Buckingham Rd. 
Suite 400 Fort 
Myers FL USA 
33905    
	L53388

	Covanta Long Beach 
Renewable Energy Corp. 
	Corporation
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	118 Pier S 
Avenue Long 
Beach CA USA 
90802 
	2176606

	Covanta MacArthur 
Renewable Energy, Inc. 
	Corporation
	New York
	445 South 
Street, 
Morristown, NJ 
07960 
	4001 Veterans 
Memorial Hwy 
Ronkonkoma NY USA 11779    
	1218696

	Covanta Marion Land Corp.
	Corporation
	Oregon
	445 South 
Street, 
Morristown, NJ 
07960 
	4850 Brooklake Road, NE P.O. 
Box 9126 Brooks OR USA 97305 
	046416-84

	Covanta Marion, Inc.
	Corporation
	Oregon
	445 South 
Street, 
	4850 Brooklake Road, NE P.O.
	164271-14

 SCHEDULE 4.1-3

103522660_5

	
						
	Full Legal Name 
	Type of Organization 
	Jurisdiction of Organization 
	Chief 
Executive 
Office 
	Principal Place of 
Business 
	Organization I.D.# 

	 
	 
	 
	Morristown, NJ 
07960 
	Box 9126 Brooks OR USA 97305
	 

	Covanta Metals 
Marketing LLC  
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	5267219

	Covanta Montgomery, 
Inc. 
	Corporation
	Maryland
	445 South 
Street, 
Morristown, NJ 
07960 
	21204 
Martinburg Rd. 
Dickerson MD USA 20842 
	D02905776

	Covanta Niagara I, LLC 
(f/k/a Covanta Niagara, 
L.P.) 
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	100 Energy Blvd. 
@ 56th Street 
Niagara Falls NY 
USA 14304 
	2325262

	Covanta Operations of Union, LLC
	Limited 
Liability 
Company 
	New Jersey
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	600052953

	Covanta Pasco, Inc.
	Corporation
	Florida
	445 South 
Street, 
Morristown, NJ 
07960 
	14230 Hays Road 
Spring Hill FL USA 34610 
	M67467

	Covanta Pittsfield, LLC 
(f/k/a eco/Pittsfield, 
LLC) 
	Limited 
Liability 
Company 
	New York
	445 South 
Street, 
Morristown, NJ 
07960 
	500 Hubbard 
Ave. Pittsfield 
MA USA 01201 
	2850552

	Covanta Plymouth 
Renewable Energy, LLC 
(f/k/a Covanta Plymouth 
Renewable Energy 
Limited Partnership) 
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	1155 
Conshohocken 
Road 
Conshohocken 
PA USA 19428 
	2267862

	Covanta Power 
International Holdings, Inc. 
	Corporation
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	2460596

	Covanta Projects, LLC 
(f/k/a Covanta Projects, 
Inc.) 
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	2034649

	Covanta SECONN LLC
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	2820277

 SCHEDULE 4.1-4

103522660_5

	
						
	Full Legal Name 
	Type of Organization 
	Jurisdiction of Organization 
	Chief 
Executive 
Office 
	Principal Place of 
Business 
	Organization I.D.# 

	Covanta Springfield, 
LLC 
	Limited 
Liability 
Company 
	New York
	445 South 
Street, 
Morristown, NJ 
07960 
	188 M Street 
Agawam MA USA 01001 
	2223906

	Covanta Stanislaus, Inc.
	Corporation
	California
	445 South 
Street, 
Morristown, NJ 
07960 
	4040 Fink Rd. P.O. Box 278 
Crows Landing 
CA USA 95313 
	C1292200

	Covanta Sustainable 
Solutions, LLC (f/k/a 
Covanta 4Recovery, 
L.P.) 
	Limited 
Liability 
Company 
	Delaware 
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	2544885

	Covanta Tulsa 
Renewable Energy, LLC 
(f/k/a Covanta WBH, 
LLC) 
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	2122 South Yukon Ave. 
Tulsa OK USA 
74107 
	3710121

	Covanta Warren Energy 
Resources Co., LLC 
(f/k/a Covanta Warren 
Energy Resources Co., 
Limited Partnership) 
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	218 Mt. Pisgah 
Avenue & Quarry 
Road P.O. Box 
147 Oxford NJ USA 07863 
	2063265

	Covanta York 
Renewable Energy LLC 
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	2651 Blackbridge 
Road York PA USA 17406 
	2941502

	ECOvanta, LLC
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	2209 South 58th 
St. Philadelphia PA USA 19143 
	4805053

	GARCO, Inc.
	Corporation
	North Carolina
	445 South 
Street, 
Morristown, NJ 
07960 
	2242 Carl Dr. 
Ashebro North 
Carolina USA 
27203 
	C0384105

	MSW Energy Finance 
Co. II, Inc. 
	Corporation
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	3724574

	Peabody Monofill Associates, Inc.
	Corporation
	Massachusetts
	445 South 
Street, 
Morristown, NJ 
07960 
	2 Daventry Court 
Lynnfield MA USA 01940 
	1036462

	SEMASS Partnership
	Limited 
Partnership 
	Massachusetts
	445 South 
Street, 
Morristown, NJ 
07960 
	141 Cranberry Hwy. West 
Wareham MA USA 20576 
	L87036038

 
 SCHEDULE 4.1-5

103522660_5

	
						
	Full Legal Name 
	Type of Organization 
	Jurisdiction of Organization 
	Chief 
Executive 
Office 
	Principal Place of 
Business 
	Organization I.D.# 

	Chesapeake Waste Solutions LLC
	Limited 
Liability 
Company 
	Delaware
	445 South 
Street, 
Morristown, NJ 
07960 
	190 Shellyland road Manheim Pennsylvania USA 17545
	2954038

	Covanta Environmental 
Solutions Carriers II, 
LLC 
	Limited 
Liability 
Company 
	Wisconsin
	445 South 
Street, 
Morristown, NJ 
07960 
	3801 West 
McKinley Ave 
Milwaukee 
Wisconsin USA 
53208 
	A030838

	Advanced Waste Services of Indiana, LLC
	Limited 
Liability 
Company 
	Wisconsin
	445 South 
Street, 
Morristown, NJ 
07960 
	445 South Street, 
Morristown, NJ 
07960 
	A038749

	Waste Recovery Solutions, LLC
	Limited 
Liability 
Company 
	Florida
	445 South 
Street, 
Morristown, NJ 
07960 
	343 King Street 
Myerstown PA USA 17067 
	L15000209300

	Environmental 
Pharmaceuticals, LLC 
	Limited 
Liability 
Company 
	Arizona
	445 South 
Street, 
Morristown, NJ 
07960 
	7326 East Evans 
Road Suite B 
Scottsdale 
Arizona USA 
85260 
	L-15489436

	Industrial Oil Tank 
Service Corporation 
	Corporation
	New York
	445 South 
Street, 
Morristown, NJ 
07960 
	120 Dry Rd. 
Oriskany New 
York USA 13424 
	833546

 
		
	(B)
	Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of Business (or Principal Residence if Grantor is a Natural Person) and Corporate Structure within past one (1) year: 

None

		
	(C)
	Financing Statements:

None.

		
	(D)
	Financing Statements:

None. 

 SCHEDULE 4.1-6

103522660_5

SCHEDULE 4.2
TO PLEDGE AND SECURITY AGREEMENT

LOCATION OF EQUIPMENT AND INVENTORY 
Location of Equipment and Inventory 
 
247 A Commercial St. 
Lynn, MA 01905 
 
115 Washington St.  
Holliston MA 01746 
 
5301 Eisenhower Ave. 
Alexandria, VA  22304 
 
9898 Furnace Road 
Lorton, VA  22079 
 
1670 South 19th St. 
Harrisburg, PA  17104 
 
100 Recovery Way 
Haverhill, MA  01835 
 
600 Merchants Concourse 
Westbury, NY  11590 
 
417 North 5th Street 
Minneapolis, MN 55401 
 
505 6th Avenue North 
Minneapolis, MN 55405 
 
350 Falkenberg Rd. 
Tampa, FL 33619 
 
91-174 Hanua St. 
Kapolei, HI 96707 
 
5251 Triana Blvd. 
Huntsville, AL 35805 
 
2320 South Harding Street 
Indianapolis, IN  46221 
 
950 Market Ave. SW 
Grand Rapids, MI 49503 
 
     SCHEDULE 4.2-1 

103522660_5 

1911 River Rd. 
Bainbridge, PA 17502 
 
10500 Buckingham Rd. Suite 400 
Fort Myers, FL 33905 
 
118 Pier S. Ave  
Long Beach, CA 90802  
 
4850 Brookdale Road, NE 
P.O Box 9126 
Brooks, OR 97305 
 
4001 Veterans Memorial Highway 
Ronkonkoma, NY  11779 
 
Reserve Rd. Gate 20-40 
Hartford, CT 06114 
 
16101 Frederick Rd. 
Derwood, MD 20855 
 
14230 Hays Road 
Spring Hill, FL 34610 
 
500 Hubbard Ave. 
Pittsfield, MA  01201 
 
1155 Conshohocken Rd. 
Conshohocken, PA 
 
530 South Cherry St. 
Wallingford, CT  06492 
 
4040 Fink Road 
Crows Landing, CA  95313 
 
2122 South Yukon Avenue 
Tulsa, OK 74107 
 
218 Mt. Pisgah Avenue 
Oxford, NJ 07863 
 
2651 Blackbridge Rd. York, PA  17406 

SCHEDULE 4.2-2 

103522660_5

 209 South 58th Street Philadelphia, PA 19143 

SCHEDULE 4.2-3 

103522660_5

INVESTMENT PROPERTY
(A)Pledged Stock, Pledged LLC. Interests and Pledged Partnership Interests	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	1. 
	Camden County 
Energy Recovery Associates, L.P. 
	New Jersey
	Limited Partnership
	1% GP interest owned by Covanta Camden GP, 
LLC and 99% LP interest owned by Covanta Energy, LLC 

	2. 
	Covanta 4Recovery 
Philadelphia LLC 
(f/k/a TransRiver 
Philadelphia LLC) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Sustainable Solutions, 
LLC  

	3. 
	Covanta 4Recovery 
Transfer Systems 
LLC (f/k/a 
TransRiver Transfer 
Systems LLC) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Sustainable Solutions, 
LLC 

	4. 
	Covanta Abington 
Transfer Solutions 
LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	5. 
	Covanta 
Alexandria/Arlington, Inc. 
	Virginia
	Issued: 1,000 shares
	100% owned by Covanta Projects, LLC

	6. 
	Covanta ARC LLC
	Delaware
	Limited Liability Company
	100% by Covanta Energy, LLC

	7. 
	Covanta B-3, LLC 
(f/k/a eco/B-3, LLC) 
	New York
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	8. 
	Covanta Babylon, Inc.
	New York
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	9. 
	Covanta Bristol, Inc.
	Connecticut
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	10. 
	Covanta Camden GP, 
LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy,  LLC

	11. 
	Covanta Company of 
SEMASS, LLC (f/k/a 
Covanta Company of 
SEMASS, L.P.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	12. 
	Covanta Connecticut (S.E.), LLC
	Delaware
	Limited Liability Company
	100% owned by Covanta SECONN LLC

	13. 
	Covanta Dade Metals 
Recovery LLC 
	Florida
	Limited Liability Company
	100% owned by Covanta Pasco, Inc.

	14. 
	Covanta Dade 
Renewable Energy, 
LLC (f/k/a Covanta 
Dade Renewable 
Energy Ltd.) 
	Florida
	Limited Liability Company
	100% owned by Covanta Pasco, Inc.

	15. 
	Covanta Delano, Inc.
	Delaware
	Issued:  1,000 shares
	100% owned by Covanta Energy Americas, Inc.

	16. 
	Covanta Delaware 
Valley II, LLC  
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	17. 
	Covanta Delaware Valley OP, LLC
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	18. 
	Covanta Delaware Valley, L.P.
	Delaware
	Limited Partnership
	1% owned by Covanta Delaware Valley II, LLC as LP and  Covanta ARC LLC owns 50% as GP 
interest and 49% as LP interest  

	19. 
	Covanta Energy Americas, Inc.
	Delaware
	Issued: 1,000 shares
	100% owned by Covanta Projects, LLC

103522660_5

	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	20. 
	Covanta Energy 
Group, LLC (f/k/a 
Covanta Energy 
Group, Inc.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	21. 
	Covanta Energy 
Marketing LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	22. 
	Covanta 
Environmental 
Solutions, LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	23. 
	Covanta Fairfax, Inc.
	Virginia
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	24. 
	Covanta Harrisburg, Inc.
	Delaware
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	25. 
	Covanta Haverhill 
Associates, LLC 
(f/k/a Covanta 
Haverhill Associates) 
	Massachusetts
	Limited Liability Company
	100% owned by Covanta Haverhill, Inc. 
 

	26. 
	Covanta Haverhill, Inc.
	Massachusetts
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	27. 
	Covanta Hempstead 
II, LLC  
	Delaware
	Limited Liability Company
	100% owned by  Covanta ARC LLC

	28. 
	Covanta Hempstead Company
	New York
	General 
Partnership 
	99% owned by Covanta ARC LLC as GP; 1% owned by Covanta Hempstead II, LLC as GP

	29. 
	Covanta Hennepin 
Energy Resource Co, 
LLC (f/k/a Covanta 
Hennepin Energy 
Resource Co., 
Limited Partnership) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects,  LLC

	30. 
	Covanta 
Hillsborough, Inc. 
	Florida
	Issued:  100 shares
	100% owned by Covanta Projects, LLC

	31. 
	Covanta Honolulu 
Resource Recovery 
Venture, LLC (f/k/a 
Covanta Honolulu 
Resource Recovery 
Venture) 
	Hawaii
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	32. 
	Covanta Hudson 
Valley Renewable 
Energy LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	33. 
	Covanta Huntington, 
LLC (f/k/a Covanta 
Huntington Limited 
Partnership) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	34. 
	Covanta Huntsville, Inc.
	Alabama
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	35. 
	Covanta Hydro 
Operations West, Inc. 
	Delaware
	Issued: 100 shares
	100% owned by Covanta Energy Americas, Inc. 

	36. 
	Covanta Indianapolis, Inc.
	Indiana
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	37. 
	Covanta Kent, Inc.
	Michigan
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	38. 
	Covanta Lake II, Inc.
	Florida
	Issued: 750 shares common 
Issued: 250 shares preferred 
	100% Owned by Covanta Projects, LLC

	39. 
	Covanta Lancaster, Inc.
	Pennsylvania
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	40. 
	Covanta Lee, Inc.
	Florida
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	41. 
	Covanta Long Beach
	Delaware
	Issued: 100 shares
	100% owned by Covanta Energy, LLC

103522660_5

	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	 
	Renewable Energy Corp.
	 
	 
	 

	42. 
	Covanta MacArthur 
Renewable Energy, 
Inc. 
	New York
	Issued: 100 shares
	100% owned by Covanta Energy, LLC

	43. 
	Covanta Marion Land Corp.
	Oregon
	Issued: 1000 common shares 300 preferred shares
	100% owned by Covanta Projects, LLC

	44. 
	Covanta Marion, Inc.
	Oregon
	Issued: 10 shares
	100% owned by Covanta Projects, LLC

	45. 
	Covanta Mendota, 
LLC (f/k/a Covanta 
Mendota, L.P.) 
	California
	Limited Liability Company
	100% owned by Covanta Energy Americas, Inc.

	46. 
	Covanta Metals 
Marketing LLC  
	Delaware
	Limited Liability Company
	100% owned by Covanta Lancaster, Inc.

	47. 
	Covanta 
Montgomery, Inc. 
	Maryland
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	48. 
	Covanta Niagara I, 
LLC (f/k/a Covanta 
Niagara, L.P.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	49. 
	Covanta Onondaga 
Two LLC (f/k/a 
Covanta Onondaga 
Two Corp.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	50. 
	Covanta Operations of Union, LLC
	New Jersey
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	51. 
	Covanta Pasco, Inc.
	Florida
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	52. 
	Covanta Pittsfield, LLC (f/k/a eco/Pittsfield, LLC)
	New York
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	53. 
	Covanta Plymouth 
Renewable Energy, 
LLC (f/k/a Covanta 
Plymouth Renewable 
Energy Limited 
Partnership) 
	Delaware
	Limited Liability Company
	100% ownership by Covanta Energy, LLC

	54. 
	Covanta Power 
International 
Holdings, Inc. 
	Delaware
	Issued: 1,000 shares
	100% owned by Covanta Energy Americas, Inc.

	55. 
	Covanta Projects of 
Wallingford, LLC 
(f/k/a Covanta 
Projects of 
Wallingford, L.P.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	56. 
	Covanta Projects, 
LLC (f/k/a Covanta 
Projects, Inc.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy Group, LLC

	57. 
	Covanta SECONN 
LLC  
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	58. 
	Covanta SEMASS, 
LLC (f/k/a Covanta 
SEMASS, L.P.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	59. 
	Covanta Southeastern Connecticut, L.P.
	Delaware
	Limited Partnership
	99% owned by Covanta SECONN LLC and 1% owned by Covanta Connecticut (S.E.), LLC

	60. 
	Covanta Springfield, 
LLC 
	New York
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	61. 
	Covanta Stanislaus, Inc.
	California
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

103522660_5

	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	62. 
	Covanta Sustainable 
Solutions, LLC (f/k/a 
Covanta 4Recovery, 
L.P.) 
	Delaware 
	Limited Liability 
Company 
	100% owned by Covanta ARC LLC

	63. 
	Covanta Tulsa 
Renewable Energy, 
LLC (f/k/a Covanta 
WBH, LLC) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Lancaster, Inc.

	64. 
	Covanta Union, LLC 
(f/k/a Covanta Union, 
Inc.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	65. 
	Covanta Warren 
Energy Resources 
Co., LLC (f/k/a 
Covanta Warren 
Energy Resources 
Co., Limited 
Partnership) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	66. 
	Covanta Waste to 
Energy of Italy, Inc.  
	Delaware
	Issued: 100 shares
	100% owned by Covanta Power International Holdings, Inc.

	67. 
	Covanta York 
Renewable Energy 
LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	68. 
	ECOvanta, LLC
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	69. 
	GARCO, Inc.
	North Carolina
	Issued:  1,000 shares
	100% owned by Covanta Environmental 
Solutions, LLC 

	70. 
	Koma Kulshan 
Associates  
	California
	Limited Partnership
	48.99% owned by Covanta Energy Americas, Inc. as LP interest and 1% GP interest and 50% owned by third party

	71. 
	Mount Kisco 
Transfer Station, Inc. 
	New York
	Issued: 10 shares
	100% owned by Covanta Sustainable Solutions, LLC

	72. 
	MSW Energy 
Finance Co. II, Inc. 
	Delaware
	Issued: 3000 shares
	100% owned by Covanta Energy, LLC

	73. 
	Peabody Monofill Associates, Inc.
	Massachusetts
	Issued: 10,000 shares
	100% owned by Covanta Projects, LLC

	74. 
	SEMASS Partnership
	Massachusetts
	Limited Partnership
	98% interest owned by Covanta Company of SEMASS, LLC in LP interest and 1% in GP 
interest and 1% owned by MSW Energy Finance Co. II, Inc. as LP interest 

	75. 
	South Fork II 
Associates Limited 
Partnership 
	Washington
	Limited Partnership
	Covanta Energy Americas, Inc. 49.9995% interest as GP and .0005% as LP interest; 50.0095% owned by third party

	76. 
	Covanta Burnaby 
Renewable Energy, 
ULC (f/k/a Montenay 
Inc.) 
	Canada
	Issued: 10,500 shares
	100% owned by Covanta Energy, LLC

	77. 
	Covanta Energy Asia Pacific Limited
	Hong Kong
	Issued: 32 shares each at HK $10.00 par value
	100% Covanta Power International Holdings, Inc.

	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

103522660_5

	
					
	78. 
	Covanta Energy Philippine Holdings, Inc.
	Philippines
	Issued: 52,605 shares at Php 100 par value (Per Philippine law each Covanta director holds 1 share)
	100%* owned by Covanta 
Power International 
Holdings, Inc. (*per Philippine law each Covanta director holds 1 share) 

	79. 
	Covanta Ince Park 
Limited 
	United Kingdom
	Issued: 1 share Value: £1
	100% owned by Covanta Energy Limited

	80. 
	Covanta Rookery South Limited
	United Kingdom
	Issued: 1 share Value: £1
	100% owned by Covanta Energy Limited

	81. 
	Edison (Bataan) 
Cogeneration 
Corporation 
	Philippines
	Issued:  4,800,000 common stock (Per Philippine law each Covanta director holds 1 share)
	100%* owned by Covanta 
Power International 
Holdings, Inc. (*per Philippine law each Covanta director holds 1 share) 

	82. 
	Enereurope Holdings III, B.V.
	Netherlands
	Issued: EUR 
20,000 and NLG 
44,074.20 
	100% owned by Covanta Power International Holdings, Inc.

	83. 
	Hidro Operaciones Don Pedro S.A.
	Costa Rica
	780 shares @ 1,00
	100% owned by Covanta Power International Holdings, Inc.

	84. 
	Olmec Insurance Ltd.
	Bermuda
	Issued:  1,000,000 common shares have been 50% called and paid totaling $500,000
	100% owned by Covanta Energy Group, LLC

	85. 
	TransRiver Canada 
Incorporated 
	Canada
	 
	100% owned by Covanta Energy, LLC

	86. 
	Covanta Burnaby 
Renewable Energy, 
ULC 
	Canada
	19,500 Common Shares
	100% owned by Covanta 
Energy, LLC 

	87. 
	Covanta Luxembourg S.A. R.L.
	Luxembourg
	Share capital 
17,000 shares @ 1 
EURO 
	100% owned by Covanta Power International Holdings, Inc.

	88. 
	Covanta Luxembourg Global Holding S.A. R.L.
	Luxembourg
	Share capital 
17,000 shares @ 1 
EURO 
	100% owned by Covanta Power International Holdings, Inc.

	89. 
	Covanta Luxembourg Holding S.A. R.L.
	Luxembourg
	Share capital 
17,000 shares @ 1 
EURO 
	100% owned by Covanta Power International Holdings, Inc.

	90. 
	Covanta Protos 
Development Limited 
	United Kingdom
	1 Ordinary Shares @ £1 each
	100% owned by Covanta Power International Holdings, Inc.

103522660_5

	
					
	91. 
	Covanta Newhurst 
Development Limited  
	United Kingdom
	2 Ordinary Shares @ £1 each
	100% owned by Covanta Power International Holdings, Inc.

	92. 
	Covanta Carribean SRL
	Barbados
	1 Common Share @ $1.00
	100% owned by Covanta Power International Holdings, Inc.

	93. 
	Chesapeake Waste Solutions LLC
	Delaware
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	94. 
	Covanta 
Environmental 
Solutions Carriers II, 
LLC 
	Wisconsin
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	95. 
	Advanced Waste 
Services of Indiana, 
	Wisconsin
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	 
	LLC
	 
	 
	 

	96. 
	Recoil, LLC
	Pennsylvania
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	97. 
	Waste Recovery 
Solutions, LLC 
	Florida
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	98. 
	Environmental 
Pharmaceuticals, LLC 
	Arizona
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	99. 
	Industrial Oil Tank 
Service Corporation 
	New York
	Authorized 400 
Common Shares 
Issued 49 shares voting and 30 shares Class B non-voting 
	100% owned by Covanta Environmental 
Solutions, LLC 

	100.
	 Covanta OPW 
Associates, Inc. 
	Connecticut
	100 shares 
common @ $1.00 
par 
	100% owned by Covanta Projects, LLC

	101.
	 Covanta Wallingford Associates, Inc. 
	Connecticut
	100 shares 
common @ $1.00 
par 
	100% owned by Covanta Projects, LLC

Pledged Trust Interests:  None. 
Pledged Debt:  None. 
	
						
	Grantor
	Issuer
	Original 
Principal 
Amount 
	Outstanding 
Principal 
Balance 
	Issue Date
	Maturity Date

	Each Grantor, as 
Payee 
	Each Grantor, as 
Maker 
	N/A
	N/A
	Closing Date
	Demand

		
	(A)
	CERTIFICATED LLCs/PARTNERSHIP INTERESTS. 

Yes. See entities identified above in Schedule 4.4(A). 
 

103522660_5

SCHEDULE 4.4
TO PLEDGE AND SECURITY AGREEMENT

INVESTMENT PROPERTY
(A)    Pledged Stock, Pledged LLC Interests and Pledged Partnership Interests
	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	1. 
	Camden County 
Energy Recovery Associates, L.P. 
	New Jersey
	Limited Partnership
	1% GP interest owned by Covanta Camden GP, 
LLC and 99% LP interest owned by Covanta Energy, LLC 

	2. 
	Covanta 4Recovery 
Philadelphia LLC 
(f/k/a TransRiver 
Philadelphia LLC) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Sustainable Solutions, 
LLC  

	3. 
	Covanta 4Recovery 
Transfer Systems 
LLC (f/k/a 
TransRiver Transfer 
Systems LLC) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Sustainable Solutions, 
LLC 

	4. 
	Covanta Abington 
Transfer Solutions 
LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	5. 
	Covanta 
Alexandria/Arlington, Inc. 
	Virginia
	Issued: 1,000 shares
	100% owned by Covanta Projects, LLC

	6. 
	Covanta ARC LLC
	Delaware
	Limited Liability Company
	100% by Covanta Energy, LLC

	7. 
	Covanta B-3, LLC 
(f/k/a eco/B-3, LLC) 
	New York
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	8. 
	Covanta Babylon, Inc.
	New York
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	9. 
	Covanta Bristol, Inc.
	Connecticut
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	10. 
	Covanta Camden GP, 
LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy,  LLC

	11. 
	Covanta Company of 
SEMASS, LLC (f/k/a 
Covanta Company of 
SEMASS, L.P.) 
 
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	12. 
	Covanta Connecticut (S.E.), LLC
	Delaware
	Limited Liability Company
	100% owned by Covanta SECONN LLC

	13. 
	Covanta Dade Metals 
Recovery LLC 
	Florida
	Limited Liability Company
	100% owned by Covanta Pasco, Inc.

	14. 
	Covanta Dade 
Renewable Energy, 
LLC (f/k/a Covanta 
Dade Renewable 
Energy Ltd.) 
	Florida
	Limited Liability Company
	100% owned by Covanta Pasco, Inc.

	15. 
	Covanta Delano, Inc.
	Delaware
	Issued:  1,000 shares
	100% owned by Covanta Energy Americas, Inc.

	16. 
	Covanta Delaware 
Valley II, LLC  
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	17. 
	Covanta Delaware Valley OP, LLC
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	18. 
	Covanta Delaware Valley, L.P.
	Delaware
	Limited Partnership
	1% owned by Covanta Delaware Valley II, LLC as LP and  Covanta ARC LLC owns 50% as GP 
interest and 49% as LP interest  

	19. 
	Covanta Energy Americas, Inc.
	Delaware
	Issued: 1,000 shares
	100% owned by Covanta Projects, LLC

SCHEDULE 4.4-1 
 
103522660_5 

SCHEDULE 4.4
TO PLEDGE AND SECURITY AGREEMENT

	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	20. 
	Covanta Energy 
Group, LLC (f/k/a 
Covanta Energy 
Group, Inc.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	21. 
	Covanta Energy 
Marketing LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	22. 
	Covanta 
Environmental 
Solutions, LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	23. 
	Covanta Fairfax, Inc.
	Virginia
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	24. 
	Covanta Harrisburg, Inc.
	Delaware
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	25. 
	Covanta Haverhill 
Associates, LLC 
(f/k/a Covanta 
Haverhill Associates) 
	Massachusetts
	Limited Liability Company
	100% owned by Covanta Haverhill, Inc. 
 

	26. 
	Covanta Haverhill, Inc.
	Massachusetts
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	27. 
	Covanta Hempstead 
II, LLC  
	Delaware
	Limited Liability Company
	100% owned by  Covanta ARC LLC

	28. 
	Covanta Hempstead Company
	New York
	General 
Partnership 
	99% owned by Covanta ARC LLC as GP; 1% owned by Covanta Hempstead II, LLC as GP

	29. 
	Covanta Hennepin 
Energy Resource Co, 
LLC (f/k/a Covanta 
Hennepin Energy 
Resource Co., 
Limited Partnership) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects,  LLC

	30. 
	Covanta 
Hillsborough, Inc. 
	Florida
	Issued:  100 shares
	100% owned by Covanta Projects, LLC

	31. 
	Covanta Honolulu 
Resource Recovery 
Venture, LLC (f/k/a 
Covanta Honolulu 
Resource Recovery 
Venture) 
	Hawaii
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	32. 
	Covanta Hudson 
Valley Renewable 
Energy LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	33. 
	Covanta Huntington, 
LLC (f/k/a Covanta 
Huntington Limited 
Partnership) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	34. 
	Covanta Huntsville, Inc.
	Alabama
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	35. 
	Covanta Hydro 
Operations West, Inc. 
	Delaware
	Issued: 100 shares
	100% owned by Covanta Energy Americas, Inc. 

	36. 
	Covanta Indianapolis, Inc.
	Indiana
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	37. 
	Covanta Kent, Inc.
	Michigan
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	38. 
	Covanta Lake II, Inc.
	Florida
	Issued: 750 shares common 
Issued: 250 shares preferred 
	100% Owned by Covanta Projects, LLC

	39. 
	Covanta Lancaster, Inc.
	Pennsylvania
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	40. 
	Covanta Lee, Inc.
	Florida
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	41. 
	Covanta Long Beach
	Delaware
	Issued: 100 shares
	100% owned by Covanta Energy, LLC

SCHEDULE 4.4-2 
 
103522660_5 

SCHEDULE 4.4
TO PLEDGE AND SECURITY AGREEMENT

	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	 
	Renewable Energy Corp.
	 
	 
	 

	42. 
	Covanta MacArthur 
Renewable Energy, 
Inc. 
	New York
	Issued: 100 shares
	100% owned by Covanta Energy, LLC

	43. 
	Covanta Marion Land Corp.
	Oregon
	Issued: 1000 common shares 300 preferred shares
	100% owned by Covanta Projects, LLC

	44. 
	Covanta Marion, Inc.
	Oregon
	Issued: 10 shares
	100% owned by Covanta Projects, LLC

	45. 
	Covanta Mendota, 
LLC (f/k/a Covanta 
Mendota, L.P.) 
	California
	Limited Liability Company
	100% owned by Covanta Energy Americas, Inc.

	46. 
	Covanta Metals 
Marketing LLC  
	Delaware
	Limited Liability Company
	100% owned by Covanta Lancaster, Inc.

	47. 
	Covanta 
Montgomery, Inc. 
	Maryland
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	48. 
	Covanta Niagara I, 
LLC (f/k/a Covanta 
Niagara, L.P.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	49. 
	Covanta Onondaga 
Two LLC (f/k/a 
Covanta Onondaga 
Two Corp.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	50. 
	Covanta Operations of Union, LLC
	New Jersey
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	51. 
	Covanta Pasco, Inc.
	Florida
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

	52. 
	Covanta Pittsfield, LLC (f/k/a eco/Pittsfield, LLC)
	New York
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	53. 
	Covanta Plymouth 
Renewable Energy, 
LLC (f/k/a Covanta 
Plymouth Renewable 
Energy Limited 
Partnership) 
	Delaware
	Limited Liability Company
	100% ownership by Covanta Energy, LLC

	54. 
	Covanta Power 
International 
Holdings, Inc. 
	Delaware
	Issued: 1,000 shares
	100% owned by Covanta Energy Americas, Inc.

	55. 
	Covanta Projects of 
Wallingford, LLC 
(f/k/a Covanta 
Projects of 
Wallingford, L.P.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	56. 
	Covanta Projects, 
LLC (f/k/a Covanta 
Projects, Inc.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy Group, LLC

	57. 
	Covanta SECONN 
LLC  
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	58. 
	Covanta SEMASS, 
LLC (f/k/a Covanta 
SEMASS, L.P.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	59. 
	Covanta Southeastern Connecticut, L.P.
	Delaware
	Limited Partnership
	99% owned by Covanta SECONN LLC and 1% owned by Covanta Connecticut (S.E.), LLC

	60. 
	Covanta Springfield, 
LLC 
	New York
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	61. 
	Covanta Stanislaus, Inc.
	California
	Issued: 100 shares
	100% owned by Covanta Projects, LLC

SCHEDULE 4.4-3 
 
103522660_5 

SCHEDULE 4.4
TO PLEDGE AND SECURITY AGREEMENT

	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	62. 
	Covanta Sustainable 
Solutions, LLC (f/k/a 
Covanta 4Recovery, 
L.P.) 
	Delaware 
	Limited Liability 
Company 
	100% owned by Covanta ARC LLC

	63. 
	Covanta Tulsa 
Renewable Energy, 
LLC (f/k/a Covanta 
WBH, LLC) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Lancaster, Inc.

	64. 
	Covanta Union, LLC 
(f/k/a Covanta Union, 
Inc.) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	65. 
	Covanta Warren 
Energy Resources 
Co., LLC (f/k/a 
Covanta Warren 
Energy Resources 
Co., Limited 
Partnership) 
	Delaware
	Limited Liability Company
	100% owned by Covanta Projects, LLC

	66. 
	Covanta Waste to 
Energy of Italy, Inc.  
	Delaware
	Issued: 100 shares
	100% owned by Covanta Power International Holdings, Inc.

	67. 
	Covanta York 
Renewable Energy 
LLC 
	Delaware
	Limited Liability Company
	100% owned by Covanta Energy, LLC

	68. 
	ECOvanta, LLC
	Delaware
	Limited Liability Company
	100% owned by Covanta ARC LLC

	69. 
	GARCO, Inc.
	North Carolina
	Issued:  1,000 shares
	100% owned by Covanta Environmental 
Solutions, LLC 

	70. 
	Koma Kulshan 
Associates  
	California
	Limited Partnership
	48.99% owned by Covanta Energy Americas, Inc. as LP interest and 1% GP interest and 50% owned by third party

	71. 
	Mount Kisco 
Transfer Station, Inc. 
	New York
	Issued: 10 shares
	100% owned by Covanta Sustainable Solutions, LLC

	72. 
	MSW Energy 
Finance Co. II, Inc. 
	Delaware
	Issued: 3000 shares
	100% owned by Covanta Energy, LLC

	73. 
	Peabody Monofill Associates, Inc.
	Massachusetts
	Issued: 10,000 shares
	100% owned by Covanta Projects, LLC

	74. 
	SEMASS Partnership
	Massachusetts
	Limited Partnership
	98% interest owned by Covanta Company of SEMASS, LLC in LP interest and 1% in GP 
interest and 1% owned by MSW Energy Finance Co. II, Inc. as LP interest 

	75. 
	South Fork II 
Associates Limited 
Partnership 
	Washington
	Limited Partnership
	Covanta Energy Americas, Inc. 49.9995% interest as GP and .0005% as LP interest; 50.0095% owned by third party

	76. 
	Covanta Burnaby 
Renewable Energy, 
ULC (f/k/a Montenay 
Inc.) 
	Canada
	Issued: 10,500 shares
	100% owned by Covanta Energy, LLC

	77. 
	Covanta Energy Asia Pacific Limited
	Hong Kong
	Issued: 32 shares each at HK $10.00 par value
	100% Covanta Power International Holdings, Inc.

 

SCHEDULE 4.4-4 
 
103522660_5 

SCHEDULE 4.4
TO PLEDGE AND SECURITY AGREEMENT

	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	78.
	Covanta Energy Philippine Holdings, Inc.
	Philippines
	Issued: 52,605 shares at Php 100 par value (Per Philippine law each Covanta director holds 1 share)
	100%* owned by Covanta 
Power International 
Holdings, Inc. (*per Philippine law each Covanta director holds 1 share) 

	79.
	Covanta Ince Park 
Limited 
	United Kingdom
	Issued: 1 share Value: £1
	100% owned by Covanta Energy Limited

	80.
	Covanta Rookery South Limited
	United Kingdom
	Issued: 1 share Value: £1
	100% owned by Covanta Energy Limited

	81.
	Edison (Bataan) 
Cogeneration 
Corporation 
	Philippines
	Issued:  4,800,000 common stock (Per Philippine law each Covanta director holds 1 share)
	100%* owned by Covanta 
Power International 
Holdings, Inc. (*per Philippine law each Covanta director holds 1 share) 

	82.
	Enereurope Holdings III, B.V.
	Netherlands
	Issued: EUR 
20,000 and NLG 
44,074.20 
	100% owned by Covanta Power International Holdings, Inc.

	83.
	Hidro Operaciones Don Pedro S.A.
	Costa Rica
	780 shares @ 1,00
	100% owned by Covanta Power International Holdings, Inc.

	84.
	Olmec Insurance Ltd.
	Bermuda
	Issued:  1,000,000 common shares have been 50% called and paid totaling $500,000
	100% owned by Covanta Energy Group, LLC

	85.
	TransRiver Canada 
Incorporated 
	Canada
	 
	100% owned by Covanta Energy, LLC

	86.
	Covanta Burnaby 
Renewable Energy, 
ULC 
	Canada
	19,500 Common Shares
	100% owned by Covanta 
Energy, LLC 

	87.
	Covanta Luxembourg S.A. R.L.
	Luxembourg
	Share capital 
17,000 shares @ 1 
EURO 
	100% owned by Covanta Power International Holdings, Inc.

	88.
	Covanta Luxembourg Global Holding S.A. R.L.
	Luxembourg
	Share capital 
17,000 shares @ 1 
EURO 
	100% owned by Covanta Power International Holdings, Inc.

	89.
	Covanta Luxembourg Holding S.A. R.L.
	Luxembourg
	Share capital 
17,000 shares @ 1 
EURO 
	100% owned by Covanta Power International Holdings, Inc.

	90.
	Covanta Protos 
Development Limited 
	United Kingdom
	1 Ordinary Shares @ £1 each
	100% owned by Covanta Power International Holdings, Inc.

	91.
	Covanta Newhurst 
Development Limited  
	United Kingdom
	2 Ordinary Shares @ £1 each
	100% owned by Covanta Power International Holdings, Inc.

	92.
	Covanta Carribean SRL
	Barbados
	1 Common Share @ $1.00
	100% owned by Covanta Power International Holdings, Inc.

	93.
	Chesapeake Waste Solutions LLC
	Delaware
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	94.
	Covanta 
Environmental 
Solutions Carriers II, 
LLC 
	Wisconsin
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	95.
	Advanced Waste 
Services of Indiana, LLC
	Wisconsin
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

SCHEDULE 4.4-5 
 
103522660_5 

SCHEDULE 4.4
TO PLEDGE AND SECURITY AGREEMENT

	
					
	 
	Company Name 
 
	Jurisdiction of Incorporation
	Capital Stock or Equity Interests
	Description of Anticipated Ownership As of the Closing Date

	96.
	Recoil, LLC
	Pennsylvania
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	97.
	Waste Recovery 
Solutions, LLC 
	Florida
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	98.
	Environmental 
Pharmaceuticals, LLC 
	Arizona
	Limited Liability Company
	100% owned by Covanta Environmental 
Solutions, LLC 

	99.
	Industrial Oil Tank 
Service Corporation 
	New York
	Authorized 400 
Common Shares 
Issued 49 shares voting and 30 shares Class B non-voting 
	100% owned by Covanta Environmental 
Solutions, LLC 

	100.
	 Covanta OPW 
Associates, Inc. 
	Connecticut
	100 shares 
common @ $1.00 
par 
	100% owned by Covanta Projects, LLC

	101.
	 Covanta Wallingford Associates, Inc. 
	Connecticut
	100 shares 
common @ $1.00 
par 
	100% owned by Covanta Projects, LLC

 
Pledged Trust Interests:  None. 
Pledged Debt:  None. 
	
						
	Grantor
	Issuer
	Original 
Principal 
Amount 
	Outstanding 
Principal 
Balance 
	Issue Date
	Maturity Date

	Each Grantor, as 
Payee 
	Each Grantor, as 
Maker 
	N/A
	N/A
	Closing Date
	Demand

 
		
	(B)
	CERTIFICATED LLCs/PARTNERSHIP INTERESTS. 

Yes. See entities identified above in Schedule 4.4(A). 
 

SCHEDULE 4.4-6 
 
103522660_5 

          SCHEDULE 4.5 
      TO PLEDGE AND SECURITY AGREEMENT 

 
INTELLECTUAL PROPERTY 
		
	(A)
	Copyrights 

U.S. Copyrights and Copyright Applications Owned By GARCO INC. d/b/a GARCO 
DISTRIBUTING 
	
			
	Copyright
	Registration Number
	Issue Date (Filing Date)

	Garco dealer catalog: motorcycle parts & accessories
	TX0000058924
	3/16/78

 
		
	(B)
	Copyright Licenses 

None. 
		
	(C)
	Patents 

U.S. Patents and Patent Applications Owned By COVANTA ENVIRONMENTAL 
SOLUTIONS, LLC 
	
			
	Patent
	Patent Number (Application Number)
	Issue Date (Filing Date)

	Expanded Size Sludge Vacuum Tanker
	8,328,290
	12/11/12

 
 
U.S. Patents and Patent Applications COVANTA ENERGY LLC 

SCHEDULE 4.5-1 
 
103522660_5 

          SCHEDULE 4.5 
      TO PLEDGE AND SECURITY AGREEMENT 

	
			
	Patent
	Patent Number (Application Number)
	Issue Date (Filing Date)

	Dynamic Control of SNCR 
System for Semi-Batch Fed 
Stoker Based on MSW Combustion 
	7,712,306
	5/11/10

	Method for Supplying 
Combustion Gas in 
Incineration Systems 
	7,975,628
	7/12/11

	Tertiary Air Addition to Solid 
Waste-Fired Furnaces for NOx Control 
	8,443,739
	05/21/13

	Gasification Combustion System
	8,707,875
	04/29/14

	Gasification Combustion System
	8,701,573
	04/22/14

	Gasification Combustion System
	8,997,664
	4/7/15

	Aerodynamic Tube Shields
	(14/757,495)
	(12/23/15)

	System and Method for 
Automatic Control of 
Differential Pressure in a 
Baghouse System 
	9,782,711
	10/10/17

 
 
U.S. Patents and Patent Applications Owned By COVANTA HOLDING CORP. 
 
	
			
	Patent
	Patent Number (Application Number)
	Issue Date (Filing Date)

	Method To Improve The 
Characteristics Of Ash From 
Municipal Solid Waste Combustors 
	7,682,446
	March 23, 2010

 
		
	(D)
	Patent Licenses 

None 
		
	(E)
	Trademarks 

U.S. Trademark Registrations and Applications Owned By COVANTA 
ENVIRONMENTAL SOLUTIONS, LLC 

SCHEDULE 4.5-2 
 
103522660_5 

          SCHEDULE 4.5 
      TO PLEDGE AND SECURITY AGREEMENT 

	
				
	Country
	Mark
	Registration Number (Application Number)
	Registration Date (Filing Date)

	USA 
	VACSIMIZER
	AN: 77/826,201 
RN: 3,780,873 
	(2/9/10) 
4/27/10 

 
U.S. Trademark Registrations and Applications Owned By COVANTA ENERGY 
CORPORATION 
	
				
	Country
	Mark
	Registration Number (Application Number)
	Registration Date (Filing Date)

	USA
	COVANTA
	AN: 77/054,918 
RN: 3,451,902 
	(12/1/06) 
6/24/08 

	USA
	4RECOVERY
	AN: 85/417,332 
RN: 4,211,745 
	(9/8/11) 
6/20/12 

	USA
	Bolt (Design)
	AN: 85/417,331 
RN: 4,339,412 
	(9/8/11) 
5/21/13 

	USA
	COVANTA 4RECOVERY
	AN: 85/417,335 
RN: 4,339,413 
	(9/8/11) 
5/21/13 

	USA
	ECOVANTA
	AN: 85/183,842 
RN: 4,032,755 
	(11/23/10) 
9/27/11 

	USA
	REF-FUEL
	AN: 73/835,929 
RN: 1,602,911 
	(11/3/89) 
6/19/90 

	USA
	REF FUEL
	AN: 85/286,283 
RN: 4,172,649 
	(4/5/11) 
7/10/12 

	USA
	REF FUEL Logo (Design)
	AN: 85/286,300 
RN: 4,176,687 
	(4/5/11) 
7/17/12 

	USA
	RX4SAFETY
	AN: 85/293,670 
RN: 4,062,821 
	(4/13/11) 
11/29/11 

 
		
	(F)
	Trademark Licenses

 None. 
		
	(G)
	Trade Secret Licenses 

None. 
		
	(H)
	Exceptions to Representations and Warranties in Section 4.5 

SCHEDULE 4.5-3 
 
103522660_5 

          SCHEDULE 4.5 
      TO PLEDGE AND SECURITY AGREEMENT 

None.

SCHEDULE 4.5-4 
 
103522660_5 

      
     EXHIBIT A 
TO PLEDGE AND SECURITY AGREEMENT

 
PLEDGE SUPPLEMENT 
This PLEDGE SUPPLEMENT, dated [mm/dd/yy], is delivered by [NAME OF GRANTOR] a [NAME OF STATE OF INCORPORATION] corporation located at (the “Grantor”) is delivered in favor of BANK OF AMERICA, N.A., as Collateral Agent (the “Collateral Agent”), pursuant to the Amended and Restated Pledge and Security Agreement, dated as of August 21, 2018 (as it may be from time to time amended, restated, modified or supplemented, the “Security Agreement”), among COVANTA ENERGY LLC, the other Grantors named therein, and the Collateral Agent.  Capitalized terms used herein not otherwise defined herein shall have the meanings ascribed thereto in the Security Agreement. 
[Grantor hereby confirms the grant to the Collateral Agent set forth in the Security Agreement of, and does hereby grant to the Collateral Agent, a security interest in and continuing lien on all of Grantor’s right, title and interest in and to all Collateral to secure the Secured Obligations, in each case whether now owned or hereafter acquired or arising and wherever the same may be located.  Grantor represents and warrants with respect to itself that the attached Supplements to Schedules accurately and completely set forth all additional information required pursuant to the Security Agreement and hereby agrees that such Supplements to Schedules shall constitute part of the Schedules to the Security Agreement.] 
IN WITNESS WHEREOF, Grantor has caused this Pledge Supplement to be duly executed and delivered by its duly authorized officer as of [mm/dd/yy]. 
 
[NAME OF GRANTOR] 
 
 
By:  ________________________________ Name: 
Title: 
 
 
 

103522660_5Exhibit

 
 
AMENDED AND RESTATED INTERCOMPANY SUBORDINATION AGREEMENT 
This AMENDED AND RESTATED INTERCOMPANY SUBORDINATION 
AGREEMENT, dated as of August 21, 2018 (as may be amended, restated, supplemented, replaced or otherwise modified from time to time, the “Agreement”, is entered into by and among COVANTA ENERGY, LLC, a Delaware limited liability company (the “Company”), COVANTA HOLDING CORPORATION, a Delaware corporation (“Holding”), CERTAIN SUBSIDIARIES OF COMPANY, as Guarantor Subsidiaries under and as defined in the Credit Agreement (defined below) (collectively, the “Guarantor Subsidiaries,” and together with the Company and Holding, the “Covanta Parties”), CERTAIN OTHER SUBSIDIARIES OF COMPANY as Non-Guarantor Subsidiaries under and as defined in the Credit Agreement (defined below) (collectively, the “Non-Guarantor Subsidiaries”) and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the benefit of the Secured Parties (as such term is defined in the Credit Agreement defined below). 
RECITALS: 
WHEREAS, each capitalized term used but not otherwise defined herein shall have 
the meaning assigned to such term in the Second Amended and Restated Credit and Guaranty Agreement dated as of the date hereof (as the same may hereafter be amended, restated, supplemented, replaced or otherwise modified from time to time, the “Credit Agreement”) by and among the Company, Holding and certain of the other Covanta Parties, the Lenders from time to time party thereto, the Administrative Agent and certain other parties thereto; 
WHEREAS, pursuant to the Credit Agreement, the Permitted Hedge Agreements, 
the Permitted Letters of Credit and the Permitted Cash Management Agreements, the Company and certain other Covanta Parties shall owe the Obligations to the Secured Parties; 
WHEREAS, certain of the Covanta Parties are or may become indebted to each 
other and Non-Guarantor Subsidiaries pursuant to one more Intercompany Notes, including, without limitation, the Amended and Restated Master Intercompany Note identified on Exhibit A hereto (the Indebtedness of each of the Covanta Parties to any other Covanta Party or any NonGuarantor Subsidiary, now existing or hereafter incurred (whether created directly or acquired by assignment or otherwise), and interest and premiums, if any, thereon and other amounts payable in respect thereof are hereinafter collectively referred to as the “Intercompany Indebtedness”); and 
WHEREAS, the obligations of the Secured Parties under the Credit Agreement, the Permitted Hedge Agreements, Permitted Letters of Credit and the Permitted Cash Management Agreements are subject to the condition, among others, that the Intercompany Indebtedness be subordinated to the Senior Indebtedness (as defined below) in the manner set forth herein. 
NOW, THEREFORE, intending to be legally bound hereby, the parties hereto 
covenant and agree as follows: 

103516529_3 

1.Subordination of Liabilities.  Each Covanta Party, for itself, its successors 
and assigns, covenants and agrees, and each holder of Intercompany Indebtedness by its acceptance thereof likewise covenants and agrees, that the payment of the principal of, and interest on, and all other amounts owing in respect of, Intercompany Indebtedness is hereby  expressly subordinated, to the extent and in the manner hereinafter set forth, to the indefeasible payment in full in cash or discharge in full of Senior Indebtedness in cash and cash collateralization of any outstanding letters of credit thereunder.  The subordination provisions set forth herein shall constitute a continuing offer to all persons who, in reliance upon such provisions, become holders of, or continue to hold, Senior Indebtedness, and such provisions are made for the benefit of the holders of Senior Indebtedness, and such holders are hereby made obligees hereunder to the same extent as if their names were written herein as such, and they and/or each of them may proceed to enforce such provisions. 
“Senior Indebtedness” means, at any time, the Obligations as such term is defined 
in the Credit Agreement, but excluding indemnification and other contingent obligations (other than contingent reimbursement obligations in respect of amounts that may be drawn under outstanding letters of credit) in respect of which no assertion of liability and no claim or demand for payment has been made (and, in the case of indemnification obligations, no notice for indemnification has been issued by the indemnitee) at such time. 
2.Covanta Parties Not to Make Payments with Respect to Intercompany Indebtedness in Certain Circumstances.  (a) Upon the maturity of any Senior Indebtedness (including interest thereon or fees or any other amounts owing in respect thereof), whether at stated maturity, by acceleration or otherwise, all principal thereof and premium, if any, and interest thereon or fees or any other amounts owing in respect thereof, in each case to the extent due and owing at such time, shall first be paid in full in cash or discharged in full, or such payment duly provided for in cash or in a manner satisfactory to the holder or holders of such Senior Indebtedness, including cash collateralization of any outstanding letters of credit thereunder, before any payment is made on account of the principal of (including installments thereof), or interest on, or any amount otherwise owing in respect of, Intercompany Indebtedness.  Each holder of Intercompany Indebtedness hereby agrees that, so long as an Event of Default has occurred and is continuing, no amounts owing in respect of Intercompany Indebtedness shall be made, asked, demanded, sued for, or otherwise taken, accepted or received (it being understood that such actions may be taken prior to the maturity of any Senior Indebtedness (whether at stated maturity, by acceleration or otherwise) so long as no Event of Default has occurred and is continuing). 
(b)     In the event that notwithstanding the provisions of the preceding 
subsection (a) of this Section 2, any Covanta Party shall make any payment on account of the principal of, or interest on, or amounts otherwise owing in respect of, Intercompany Indebtedness at a time when payment is not permitted by said subsection (a), such payment shall be held by the holder of such Intercompany Indebtedness, in trust for the benefit of, and shall be paid forthwith 

     2 
103516529_3 

over and delivered to, the holders of Senior Indebtedness or their representative or representatives under the agreements pursuant to which Senior Indebtedness may have been issued, as their respective interests may appear, for application pro rata to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in cash and cash collateralize any outstanding letters of credit thereunder in accordance with the terms of such Senior Indebtedness, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness.  Without in any way modifying the subordination provisions set forth herein or affecting the subordination effected hereby, the relevant Covanta Party shall give holders of Intercompany Indebtedness prompt written notice of any maturity of Senior Indebtedness after which such Senior Indebtedness remains unsatisfied. 
3.     Intercompany Indebtedness Subordinated to Prior Payment of all 
Senior Indebtedness on Dissolution, Liquidation or Reorganization of any Covanta Party.  Upon any distribution of assets of any Covanta Party that constitute Collateral upon any dissolution, winding up, liquidation or reorganization of such Covanta Party (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise): 
(a)the holders of all Senior Indebtedness shall first be entitled to receive payment in full in cash or in a manner satisfactory to the holder or holders of such Senior Indebtedness of the principal thereof, premium, if any, and interest (including, without limitation, all interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar proceeding at the rate provided in the governing documentation whether or not such interest is an allowed claim in such proceeding) and all other amounts due thereon before the holders of Intercompany Indebtedness is entitled to receive any payment on account of the principal of or interest on or any other amount owing in respect of Intercompany Indebtedness; 
(b)any payment or distribution of assets of such Covanta Party of any kind or character that constitute Collateral, whether in cash, property or securities, to which holders of Intercompany Indebtedness would be entitled except for the subordination provisions set forth herein, shall be paid by the liquidating trustee or agent or other person making such payment or distribution, whether a trustee or agent, directly to the holders of Senior Indebtedness or their representative or representatives under the agreements pursuant to which Senior Indebtedness may have been issued, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness; and 
(c)in the event that, notwithstanding the foregoing provisions of this Section 3, any payment or distribution of assets of such Covanta Party of any kind or character that constitute Collateral, whether in cash, property or securities, shall be received by holders of Intercompany Indebtedness on account of principal of, or interest or other amounts due on, Intercompany Indebtedness before all Senior Indebtedness is paid in full in cash or in a manner satisfactory to the holder or holders of such Senior Indebtedness or otherwise discharged in full, or effective provisions made for its payment, such payment or distribution shall be received and held in trust for and shall be paid over to the holders of Senior 

     3 
103516529_3 

Indebtedness remaining unpaid or unprovided for or their representative or representatives under the agreements pursuant to which Senior Indebtedness may have been issued, for application to the payment of such Senior Indebtedness until all such Senior Indebtedness shall have been paid in full in cash or in a manner satisfactory to the holder or holders of such Senior Indebtedness or otherwise discharged in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 
Without in any way modifying the subordination provisions set forth herein or 
affecting the subordination effected hereby, such Covanta Party shall give prompt written notice to holders of Intercompany Indebtedness of any dissolution, winding up, liquidation or reorganization of such Covanta Party (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise). 
4.     Furtherance of Subordination.  If any proceeding referred to in Section 3 
above is commenced by or against any Covanta Party: 
(a)the Administrative Agent, acting on behalf of each holder of Senior Indebtedness, is hereby irrevocably authorized and empowered (in its own name or in the name of the holders of Intercompany Indebtedness or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution referred to in Section 3(b) and give acquittance therefor and to file claims and proofs of claim and take such other action (including, without limitation, voting the claims arising under Intercompany Indebtedness or enforcing any security interest or other lien securing payment of Intercompany Indebtedness) as it may deem necessary or advisable for the exercise or enforcement of or causing enforcement of any of the rights or interests of the holders of Senior Indebtedness hereunder; 
(b)each holder of Intercompany Indebtedness shall duly and promptly take such action as the Administrative Agent may request (i) to collect Intercompany Indebtedness for the account of the holders of Senior Indebtedness and to file appropriate claims or proofs of claim in respect of Intercompany Indebtedness, (ii) to execute and  deliver to the Administrative Agent such powers of attorney, assignments or other instruments as the Administrative Agent may request in order to enable the Administrative Agent to enforce any and all claims with respect to, and any security interests and other liens securing payment of, Intercompany Indebtedness, and (iii) to collect and receive any and all payments or distributions that may be payable or deliverable upon or with respect to Intercompany Indebtedness; and 
(c)The holders of Senior Indebtedness are hereby authorized to demand specific performance of this Agreement, whether or not such Covanta Party shall have complied with any of the provisions hereof applicable to it, at any time when the holders of Intercompany Indebtedness shall have failed to comply with any of the provisions of this Agreement applicable to it. Each holder of Intercompany Indebtedness hereby irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance. 

     4 
103516529_3 

5.Subrogation.  Subject to the prior payment or discharge in cash in full of 
all Senior Indebtedness, holders of Intercompany Indebtedness shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of assets of any Covanta Party applicable to Senior Indebtedness until all amounts owing in respect of Intercompany Indebtedness shall be paid or discharged in full, and for the purpose of such subrogation no payments or distributions to the holders of Senior Indebtedness by or on behalf of such Covanta Party or by or on behalf of holders of Intercompany Indebtedness by virtue of the subordination provisions set forth herein that otherwise would have been made to the holders of Intercompany Indebtedness, shall be deemed to be payment by such Covanta Party to or on account of Intercompany Indebtedness, it being understood that the subordination provisions set forth herein are and are intended solely for the purpose of defining the relative rights of the holders of Intercompany Indebtedness, on the one hand, and the holders of Senior Indebtedness, on the other hand. 
6.Obligation of the Covanta Parties Unconditional.  Nothing contained in 
the subordination provisions set forth herein or in the documents evidencing Intercompany Indebtedness is intended to or shall impair, as between any Covanta Party and the holders of Intercompany Indebtedness, the obligation of such Covanta Party, which is absolute and unconditional, to pay to the holders of Intercompany Indebtedness the principal of and interest on Intercompany Indebtedness as and when the same shall become due and payable in accordance with its terms, or is intended to or shall affect the relative rights of the holders of Intercompany Indebtedness and creditors of such Covanta Party other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the holders of Intercompany Indebtedness from exercising all remedies otherwise permitted by applicable law, subject to the rights, if any, under the subordination provisions set forth herein of the holders of Senior Indebtedness in respect of cash, property, or securities of such Covanta Party received upon the exercise of any such remedy.  Upon any distribution of assets of such Covanta Party referred to herein, the holders of Intercompany Indebtedness shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding up, liquidation or reorganization proceedings are pending, or a certificate of the liquidating trustee or agent or other person making any distribution to the holders of Intercompany Indebtedness, for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of Senior Indebtedness and other indebtedness of such Covanta Party, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or hereto. 
7.Subordination Rights Not Impaired by Acts or Omissions of any Covanta Party or Holders of Senior Indebtedness.  No rights of any present or future holders of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by an act or failure to act on the part of any Covanta Party or by any act or failure to act in good faith by any such holder, or by any noncompliance by such Covanta Party with the terms and provisions of Intercompany Indebtedness, regardless of any knowledge thereof which any such holder may have or be otherwise charged with.  The holders of Senior Indebtedness may, without in any way affecting the obligations of the holders of Intercompany Indebtedness with respect thereto, at any time or from time to time and in their absolute discretion, change the manner, place or terms of payment of, change or extend the time of payment of, or renew or alter, any Senior Indebtedness, or amend, modify or supplement any agreement or instrument governing or evidencing 

     5 
103516529_3 

such Senior Indebtedness or any other document referred to therein, or exercise or refrain from exercising any other of their rights under Senior Indebtedness including, without limitation, the waiver of a default thereunder and  the release of any collateral securing such Senior Indebtedness, all without notice to or consent from the holders of Intercompany Indebtedness. 
8.Additional Subsidiaries.  Upon execution and delivery after the date 
hereof by any (x) Guarantor Subsidiary of a counterpart signature page hereto, such Guarantor Subsidiary shall become a “Covanta Party” hereunder or (y) Non-Guarantor Subsidiary of a counterpart signature page hereto, such Non-Guarantor Subsidiary shall become a “Non- Guarantor Subsidiary” hereunder, in each case with the same force and effect as if originally named as a Covanta Party or Non-Guarantor Subsidiary (as applicable) hereunder.  The rights and obligations of each Covanta Party hereunder shall remain in full force and effect notwithstanding the addition of any new Covanta Party as a party to this Agreement. 
9.Continuing Force and Effect.  This Agreement shall continue in force for 
so long as any portion of Senior Indebtedness remains unpaid and any Commitments under the Credit Agreement remain outstanding, it being contemplated that this Agreement be of a continuing nature. 
10.Modification, Amendments or Waivers.  Any and all agreements 
amending or changing any provision of this Agreement or the rights of the holders of Senior Indebtedness hereunder, and any and all waivers or consents hereunder, shall be made only by written agreement, waiver or consent signed by the Covanta Parties and the Administrative Agent, acting on behalf of the holders of Senior Indebtedness. 
11.Severability.  The provisions of this Agreement are intended to be 
severable.  If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such  invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction. 
12.Governing Law.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
13.Successors and Assigns.  This Agreement shall inure to the benefit of the Secured Parties and their respective successors and assigns, as permitted in the Credit Agreement, and the obligations of the Covanta Parties and the Non-Guarantor Subsidiaries shall be binding upon their respective successors and assigns.  The duties and obligations of the Covanta Parties and the Non-Guarantor Subsidiaries may not be delegated or transferred without the written consent of the Requisite Lenders under the Credit Agreement and any such delegation or transfer without such consent shall be null and void. 
14.Counterparts.  This Agreement may be executed in any number of 

     6 
103516529_3 

counterparts and by the different parties hereto on separate counterparts, each of which, when executed and delivered, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. 
15.Remedies.  In the event of a breach by any of the Covanta Parties or any of 
the Non-Guarantor Subsidiaries in the performance of any of the terms of this Agreement, the Administrative Agent, on behalf of the Secured Parties, may demand specific performance of this Agreement and seek injunctive relief and may exercise any other remedy available at law or in equity, it being recognized that the remedies of the Administrative Agent, on behalf of the Secured Parties, at law may not fully compensate the Administrative Agent, on behalf of the Secured Parties, for the damages they may suffer in the event of a breach hereof. 
16.Notices.  All notices, statements, requests and demands and other 
communications given to or made among the Covanta Parties, the Non-Guarantor Subsidiaries, the Administrative Agent or the holders of Senior Indebtedness in accordance with the provisions of this Agreement shall be given or made as provided in Section 10.1 of the Credit Agreement. 
17.Termination.  Upon the Termination Date, this Agreement shall terminate 
and be of no further force and effect. 
18.Amendment and Restatement.  This Agreement is an amendment and 
restatement of the Intercompany Subordination Agreement dated as of March 28, 2012 (as such may have been amended, restated, supplemented or further modified and in effect immediately prior to the effectiveness of the Agreement, the “Original Agreement”) and is in no way intended to constitute a novation thereof.  The provisions of this Agreement shall prevail in the event of any conflict or inconsistency between such provisions and those of the Original Agreement. 
Remainder of page intentionally left blank] 

     7 
103516529_3 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date fully written above.

	
			
	 
	COVANTA ENERGY, LLC, A DELAWARE LIMITED LIABILITY COMPANY, AND EACH OF ITS SUBSIDIARIES LISTED ON ANNEX A HERETO

	 
	By:
	/S/    Bradford J. Helgeson        

	 
	 
	Name: Bradford J. Helgeson

	 
	 
	Title: Authorized Officer

	
			
	 
	COVANTA HOLDING CORPORATION, A DELAWARE CORPORATION

	 
	By:
	/S/    Bradford J. Helgeson        

	 
	 
	Name: Bradford J. Helgeson

	 
	 
	Title: Executive Vice President and Chief Financial Officer

[Signature Page to Amended and Restated Intercompany Subordination Agreement]

     8 
103516529_3 

	
			
	 
	BANK OF AMERICA, N.A.
as Administrative Agent

	 
	By:
	/S/    Ronaldo Naval        

	 
	 
	Name: Ronaldo Naval

	 
	 
	Title: Vice President

[Signature Page to Amended and Restated Intercompany Subordination Agreement]

     9 
103516529_3 

ANNEX A TO SIGNATURE PAGE 
Guarantor Subsidiaries  
	
		
	1.  
	Camden County Energy Recovery Associates, L.P., a New Jersey limited partnership 
By its General Partner Covanta Camden GP, LLC and Limited Partner Covanta Energy, LLC  

	2.  
	Covanta 4Recovery Transfer Systems LLC (f/k/a TransRiver Transfer Systems 
LLC), a Delaware limited liability company 
By its Sole Member Covanta Sustainable Solutions, LLC 

	3.  
	Covanta Abington Transfer Solutions LLC, a Delaware limited liability company  By its Sole Member Covanta Energy, LLC

	4.  
	Covanta Alexandria/Arlington, Inc., a Virginia corporation

	5.  
	Covanta ARC LLC, a Delaware limited liability company
By its Sole Member Covanta Energy, LLC

	6.  
	Covanta Bristol, Inc., a Connecticut corporation

	7.  
	Covanta Camden GP, LLC, a Delaware limited liability company
By its Sole Member Covanta Energy, LLC

	8.  
	Covanta Company of SEMASS, LLC (f/k/a Covanta Company of SEMASS, L.P.), a 
Delaware limited liability company 
By its Sole Member Covanta ARC LLC  

	9.  
	Covanta Dade Metals Recovery LLC, a Florida limited liability company By its Sole Member Covanta Pasco, Inc.

	10.  
	Covanta Delaware Valley OP, LLC, a Delaware limited liability company By its Sole Member Covanta Energy, LLC

	11.  
	Covanta Energy Americas, Inc., a Delaware corporation

	12.  
	Covanta Energy Group, LLC (f/k/a Covanta Energy Group, Inc.), a Delaware limited liability company  
By its Sole Member Covanta Energy, LLC 

	13.  
	Covanta Energy Marketing LLC, a Delaware limited liability company
By its Sole Member Covanta Energy, LLC

	14.  
	Covanta Fairfax, Inc., a Virginia corporation

	15.  
	Covanta Harrisburg, Inc., a Delaware corporation

	16.  
	Covanta Haverhill, Inc., a Massachusetts corporation

	17.  
	Covanta Haverhill Associates, LLC (f/k/a Covanta Haverhill Associates), a Massachusetts limited liability company 
By its Sole Member Covanta Haverhill, Inc. 

	18.  
	Covanta Hempstead Company, a New York general partnership 
By its General Partners Covanta Hempstead II, LLC and Covanta ARC LLC 

	19.  
	Covanta Hempstead II, LLC, a Delaware limited liability company
By its Sole Member Covanta ARC LLC

	20.  
	Covanta Hillsborough, Inc., a Florida corporation

	21.  
	Covanta Honolulu Resource Recovery Venture, LLC (f/k/a Covanta Honolulu Resource Recovery Venture), a Hawaii limited liability company

     10 
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	By its Sole Member Covanta Projects, LLC

	22.  
	Covanta Huntsville, Inc., an Alabama corporation

	23.  
	Covanta Indianapolis, Inc., an Indiana corporation

	24.  
	Covanta Kent, Inc., a Michigan corporation

	25.  
	Covanta Lake II, Inc., a Florida corporation

	26.  
	Covanta Lancaster, Inc., a Pennsylvania corporation

	27.  
	Covanta Lee, Inc., a Florida corporation

	28.  
	Covanta Long Beach Renewable Energy Corp., a Delaware corporation

	29.  
	Covanta MacArthur Renewable Energy, Inc., a New York corporation

	30.  
	Covanta Marion Land Corp., an Oregon corporation

	31.  
	Covanta Marion, Inc., an Oregon corporation

	32.  
	Covanta Metals Marketing LLC, a Delaware limited liability company
By its Sole Member Covanta Lancaster, Inc.

	33.  
	Covanta Montgomery, Inc., Maryland corporation

	34.  
	Covanta Niagara I, LLC (f/k/a Covanta Niagara, L.P.), a Delaware limited liability company 
By its Sole Member Covanta ARC LLC  

	35.  
	Covanta Operations of Union, LLC, a New Jersey limited liability company
By its Sole Member Covanta Projects, LLC

	36.  
	Covanta Pasco, Inc., a Florida corporation

	37.  
	Covanta Pittsfield, LLC, a New York limited liability company
By its Sole Member and Manager Covanta Projects, LLC

	38.  
	Covanta Plymouth Renewable Energy, LLC (f/k/a Covanta Plymouth Renewable 
Energy Limited Partnership), a Delaware limited liability company
By its Sole Member Covanta Energy, LLC  

	39.  
	Covanta Power International Holdings, Inc., a Delaware corporation

	40.  
	Covanta Projects, LLC (f/k/a Covanta Projects, Inc.), a Delaware limited liability company  
By its Sole Member Covanta Energy Group, LLC 

	41.  
	Covanta SECONN LLC, a Delaware limited liability company By its sole Member Covanta ARC LLC

	42.  
	Covanta Springfield, LLC, a New York limited liability company By its Sole Member Covanta Projects, LLC

	43.  
	Covanta Stanislaus, Inc., a California corporation

	44.  
	Covanta Sustainable Solutions, LLC (f/k/a Covanta 4Recovery, L.P.), a Delaware limited liability company 
By its Sole Member Covanta ARC LLC 

	45.  
	Covanta Tulsa Renewable Energy, LLC (f/k/a Covanta WBH, LLC), a Delaware limited liability company 
By its Sole Member Covanta Lancaster, Inc. 

	46.  
	Covanta Warren Energy Resources Co., LLC (f/k/a Covanta Warren Energy 
Resources Co., Limited Partnership), a Delaware limited liability company
By its Sole Member Covanta Projects, LLC 

	47.  
	Covanta York Renewable Energy LLC, a Delaware limited liability company By its Sole Member and Manager Covanta Energy, LLC

     11 
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	48.  
	ECOvanta, LLC, a Delaware limited liability company By its Sole Member Covanta ARC LLC

	49.  
	MSW Energy Finance Co. II, Inc., a Delaware corporation

	50.  
	Peabody Monofill Associates, Inc., a Massachusetts corporation

	51.  
	SEMASS Partnership, a Massachusetts limited partnership  
By its General Partner and Limited Partner Covanta Company of SEMASS, L.P. and Limited Partner MSW Energy Finance Co. II, Inc.  

	52.  
	Chesapeake Waste Solutions LLC, a Delaware limited liability company 

	53.  
	Covanta Environmental Solutions Carriers II, LLC, a Wisconsin limited liability company

	54.  
	Advanced Waste Services of Indiana, LLC, a Wisconsin limited liability company

	55.  
	Waste Recovery Solutions, LLC, a Florida limited liability company

	56.  
	Environmental Pharmaceuticals, LLC, an Arizona limited liability company

	57.  
	Industrial Oil Tank Service Corporation, a New York corporation

	58.  
	GARCO, Inc., a North Carolina corporation

	59.  
	Covanta Environmental Solutions, LLC, a Delaware limited liability company

     12 
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ANNEX B TO SIGNATURE PAGE  
Non-Guarantor Subsidiaries  
 
	
		
	1.  
	Covanta Babylon, Inc., a New York corporation

	2.  
	Covanta Connecticut (S.E.), LLC, a Delaware limited liability company

	3.  
	Covanta Dade Renewable Energy, LLC (f/k/a Covanta Dade Renewable Energy Ltd.), a Florida limited liability company

	4.  
	Covanta Delano, Inc., a Delaware corporation

	5.  
	Covanta Delaware Valley II, LLC, a Delaware limited liability company

	6.  
	Covanta Delaware Valley, L.P., a Delaware limited partnership

	7.  
	Covanta Essex Company, a New Jersey corporation

	8.  
	Covanta Essex LLC, a Delaware limited liability company

	9.  
	Covanta Essex II, LLC, a Delaware limited liability company

	10.  
	Covanta Huntington, LLC (f/k/a Covanta Huntington Limited Partnership), a Delaware limited liability company

	11.  
	Covanta Hydro Operations West, Inc., a Delaware corporation

	12.  
	Covanta Mendota, LLC (f/k/a Covanta Mendota, L.P.), a California limited liability company

	13.  
	Covanta Onondaga Limited Partnership, a Delaware limited partnership

	14.  
	Covanta Onondaga Two LLC (f/k/a Covanta Onondaga Two Corp.), a Delaware limited liability company

	15.  
	Covanta Southeastern Connecticut Company, a Connecticut corporation

	16.  
	Covanta Southeastern Connecticut, L.P., a Delaware limited partnership

	17.  
	Covanta Union, LLC (f/k/a Covanta Union, Inc.), a Delaware limited liability company

	18.  
	Koma Kulshan Associates LP, a California limited partnership

	19.  
	South Fork II Associates Limited Partnership, a Washington limited partnership

	20.  
	Covanta Burnaby Renewable Energy, Inc., Canada

	21.  
	Covanta Durham York Renewable Energy Limited Partnership, Canada

	22.  
	Covanta Energy (Ireland) Limited, Ireland

	23.  
	Covanta Energy Asia Holdings Ltd., Mauritius

	24.  
	Covanta Energy Asia Pacific Holdings, Ltd., China

	25.  
	Covanta Energy Asia Pacific Ltd., Hong Kong

	26.  
	Covanta Energy China (Delta) Ltd., Mauritius

	27.  
	Covanta Energy China (Gamma) Ltd., Mauritius

	28.  
	Covanta Energy India (Balaji) Limited, Mauritius

	29.  
	Covanta Energy International Investments Limited (f/k/a Covanta Energy India Investments, Ltd.), Mauritius

	30.  
	Covanta Energy Limited, United Kingdom

	31.  
	Covanta Energy Philippines Holdings, Inc., Philippines

	32.  
	Covanta Europe Engineering Limited, Ireland

	33.  
	Covanta Europe Holdings S.a.r.l., Luxembourg

	34.  
	Covanta Europe Operations Limited, Ireland

	35.  
	Covanta Five Ltd., Mauritius

     13 
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	36.  
	Covanta Holding UK Limited, United Kingdom

	37.  
	Covanta Ince Park LLP, United Kingdom

	38.  
	Covanta Rookery South Ltd., United Kingdom

	39.  
	Covanta Waste to Energy Asia Limited, Hong Kong

	40.  
	Covanta Waste to Energy Asia Ltd., Mauritius

	41.  
	Dublin Waste to Energy Group (Holdings) Limited, Ireland

	42.  
	Dublin Waste to Energy (Holdings) Limited, Ireland

	43.  
	Dublin Waste to Energy Supply Limited, Ireland

	44.  
	Dublin Waste to Energy Limited, Ireland

	45.  
	Edison (Bataan) Cogeneration Corporation, Philippines

	46.  
	Enereurope Holdings III, B.V., Netherlands

	47.  
	Hidro Operaciones Don Pedro S.A., Costa Rica

	48.  
	Olmec Insurance Ltd., Bermuda

	49.  
	TransRiver Canada Incorporated, Canada

	50.  
	Covanta Environmental Solutions, Inc., Canada

	51.  
	Covanta Environmental Solutions Ontario, Inc., Canada     

	52.  
	Return-Tech Inc., Canada

	53.  
	35 Industrial Inc., Canada

	54.  
	Covanta Burnaby Renewable Energy, ULC, Canada

	55.  
	Covanta Luxembourg S.A. R.L., Luxembourg

	56.  
	Covanta Luxembourg Global Holding S.A. R.L., Luxembourg

	57.  
	Covanta Luxembourg Holding S.A. R.L., Luxembourg

	58.  
	Covanta Holding 2 UK Limited, United Kingdom

	59.  
	Covanta Holding 3 UK Limited, United Kingdom

	60.  
	Covanta Europe Assets Limited, United Kingdom

	61.  
	Covanta Protos Development Limited, United Kingdom

	62.  
	Covanta Newhurst Development Limited, United Kingdom

	63.  
	Covanta Caribbean SRL, Barbados

 
      

     14 
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EXHIBIT A Intercompany Indebtedness 
Amended and Restated Master Intercompany Promissory Note dated August 21, 2018 made by each of the Covanta Parties listed therein. 

     15 
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