Document:

Guaranty and Collateral Agreement, dated as of January 31, 2008

 EXHIBIT 10.1.3 
  
  
 GUARANTEE AND COLLATERAL AGREEMENT 
 made by 
 CALPINE CORPORATION 
 and certain of its Subsidiaries 
 in favor of

 GOLDMAN SACHS CREDIT PARTNERS L.P., 
 as Collateral Agent 
 Dated as of January 31, 2008 
  
  

 Table of Contents 
  

			
	 	  	Page
	SECTION 1. Defined Terms	  	2
		
	            1.1 Definitions	  	2
	            1.2 Other Definitional Provisions	  	6
		
	SECTION 2. Guarantee	  	6
		
	            2.1 Guarantee	  	6
	            2.2 Right of Contribution	  	7
	            2.3 No Subrogation	  	8
	            2.4 Amendments, etc. with respect to the Guaranteed Obligations	  	8
	            2.5 Guarantee Absolute and Unconditional	  	8
	            2.6 Reinstatement	  	9
	            2.7 Payments	  	9
		
	SECTION 3. Grant of Security Interest	  	10
		
	SECTION 4. Representations and Warranties	  	11
		
	            4.1 Title; No Other Liens	  	11
	            4.2 Perfected First Priority Liens	  	11
	            4.3 Jurisdiction of Organization; Chief Executive Office	  	12
	            4.4 Farm Products	  	12
	            4.5 Investment Property	  	12
	            4.6 Receivables	  	13
	            4.7 Intellectual Property	  	13
	            4.8 Commercial Tort Claims	  	13
		
	SECTION 5. Covenants	  	14
		
	            5.1 Delivery of Instruments, Certificated Securities and Chattel Paper	  	14
	            5.2 Maintenance of Insurance	  	14
	            5.3 Maintenance of Perfected Security Interest; Further Documentation	  	14
	            5.4 Changes in Name, etc	  	15
	            5.5 Notices	  	15
	            5.6 Investment Property	  	15
	            5.7 Intellectual Property	  	16
	            5.8 Commercial Tort Claims	  	17
		
	SECTION 6. Remedial Provisions	  	18
		
	            6.1 Certain Matters Relating to Receivables	  	18
	            6.2 Communications with Obligors; Grantors Remain Liable	  	18
	            6.3 Pledged Stock	  	19
	            6.4 Proceeds to be Turned Over To Collateral Agent	  	20
	            6.5 Application of Proceeds	  	20
	            6.6 Code and Other Remedies	  	21
	            6.7 Registration Rights	  	22

  

 (i) 

 Table of Contents 
 (continued) 
  

			
	 	  	Page
	            6.8 Subordination	  	22
	            6.9 Deficiency	  	22
	            6.10 Intercreditor Agreement	  	22
		
	SECTION 7. The Collateral Agent	  	22
		
	            7.1 Collateral Agent’s Appointment as Attorney-in-Fact, etc	  	22
	            7.2 Duty of Collateral Agent	  	24
	            7.3 Execution of Financing Statements	  	25
	            7.4 Authority of Collateral Agent	  	25
	            7.5 Intercreditor Agreement	  	25
		
	SECTION 8. Miscellaneous	  	25
		
	            8.1 Amendments in Writing	  	25
	            8.2 Notices	  	25
	            8.3 No Waiver by Course of Conduct; Cumulative Remedies	  	25
	            8.4 Enforcement Expenses; Indemnification	  	26
	            8.5 Successors and Assigns	  	26
	            8.6 Set-Off	  	26
	            8.7 Counterparts	  	27
	            8.8 Severability	  	28
	            8.9 Section Headings	  	28
	            8.10 Integration	  	28
	            8.11 GOVERNING LAW	  	28
	            8.12 Submission To Jurisdiction; Waivers	  	28
	            8.13 Acknowledgements	  	29
	            8.14 Additional Grantors; Release of Guarantors; Releases of Collateral;	  	30
	            8.15 WAIVER OF JURY TRIAL	  	31

 SCHEDULES 
  

					
	Schedule 1        —        Notice Address
	Schedule 2        —         Investment Property
	Schedule 3        —        Perfection Matters
	Schedule 4        —        Jurisdictions of Organizational and Chief Executive
Offices
	Schedule 5        —        Intellectual Property

  

 (ii) 

 GUARANTEE AND COLLATERAL AGREEMENT 
 GUARANTEE AND COLLATERAL AGREEMENT, dated as of January 31, 2008, made by each of the signatories hereto (together with any other entity that may
become a party hereto as provided herein, the “Guarantors”), in favor of GOLDMAN SACHS CREDIT PARTNERS L.P. (“GSCP”), as Collateral Agent (in such capacity, the “Collateral Agent”) for (i) the
banks and other financial institutions or entities (the “Lenders”) from time to time party to the Credit Agreement, dated as of January 31, 2008 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among CALPINE CORPORATION, (the “Borrower”), the Lenders, General Electric Capital Corporation (including its successors, “GE Capital”), as Sub-Agent for the Revolving Lenders
thereunder (in such capacity and including any successors, the “Sub-Agent”), Credit Suisse, GSCP, Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc., as co-documentation agents (collectively, the
“Documentation Agents”) and as co-syndication agents (collectively, the “Syndication Agents”), and GSCP, as the administrative agent (in such capacity, the “Administrative Agent”) and Collateral
Agent, (ii) the banks and other financial institutions or entities (the “Bridge Loan Lenders”) from time to time party to the Bridge Loan Agreement, dated as of January 31, 2008 (as amended, supplemented or otherwise
modified from time to time, the “Bridge Loan Agreement”), among the Borrower, the Bridge Loan Lenders and GSCP, as administrative agent (in such capacity, the “Bridge Loan Agent”) and Collateral Agent, and
(iii) each other holder from time to time of First Lien Obligations other than those described in preceding clauses (i) and (ii) above. 
 WITNESSETH: 
 WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make
extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 
 WHEREAS, pursuant to the Bridge Loan
Agreement, the Bridge Loan Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 
 WHEREAS, the Borrower is a member of an affiliated group of companies that includes each other Grantor; 
 WHEREAS, the proceeds of the extensions of credit under the Credit Agreement and the Bridge Loan Agreement will be used in part to enable the Borrower to make valuable transfers to one or more of the other Grantors in connection with the
operation of their respective businesses; 
 WHEREAS, the Borrower and the other Grantors are engaged in related businesses, and each Grantor
will derive substantial direct and indirect benefit from the making of the extensions of credit under the Credit Agreement and the Bridge Loan Agreement; 
 WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement, and to the obligation of the Bridge Loan Lenders to make
their respective extensions of credit to the Borrower under the Bridge Loan Agreement, that the Grantors shall have executed and delivered this Agreement to the Collateral Agent for the ratable benefit of the Secured Parties; and 

 WHEREAS, the Grantors would also like to induce other creditors to make available from time to time First
Lien Debt (other than as described above) subject to the terms of the Intercreditor Agreement. 
 NOW, THEREFORE, in consideration of the
premises and to induce the Collateral Agent and the Lenders to enter into the Credit Agreement, to induce the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement, to induce the Collateral Agent and the
Bridge Loan Lenders to enter into the Bridge Loan Agreement, to induce the Bridge Loan Lenders to make their respective extensions of credit to the Borrower under the Bridge Loan Agreement, and to induce other First Lien Secured Parties to extend
additional First Lien Debt to the various Grantors, each Grantor hereby agrees with the Collateral Agent, for the ratable benefit of the Secured Parties, as follows: 
 Defined Terms 
 Definitions. i) Unless otherwise defined herein, terms defined in the
Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following terms are used herein as defined in the New York UCC: Accounts, Certificated Security, Chattel Paper, Commercial Tort Claims, Contract,
Documents, Equipment, Farm Products, Fixture, General Intangibles, Goods, Instruments, Inventory, Letter-of-Credit Rights and Supporting Obligations. 
 The following terms shall have the following meanings: 
 “Agreement”: this Guarantee
and Collateral Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Borrower
Obligations”: the collective reference to (i) the unpaid principal of and interest on the Loans and Letter of Credit Outstandings and all other obligations and liabilities of the Borrower (including, without limitation, interest
accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and Letter of Credit Outstandings and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any
petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent,
the Sub-Agent, the Collateral Agent or any Lender (or, in the case of any Specified Swap Agreement and Specified Cash Management Agreements, any Affiliate of any Lender), whether direct or indirect, absolute or contingent, due or to become due, or
now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, the other Loan Documents, any Letter of Credit, or any other document made, delivered or given in connection with any of
the foregoing, in each case whether on account of principal, interest, premiums (if any), reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the
Collateral Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the 

  

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foregoing agreements), (ii) the unpaid principal of and interest on the Bridge Loans and all other obligations and liabilities of the Borrower
(including, without limitation, interest accruing at the then applicable interest rate provided in the Bridge Loan Agreement after the maturity of the Bridge Loans and interest accruing at the then applicable rate provided in the Bridge Loan
Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding) to the Bridge Loan Agent, the Collateral Agent or any Bridge Loan Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection
with, the Bridge Loan Agreement, this Agreement, the other Bridge Loan Documents or any other document made, delivered or given in connection with any of the foregoing, in each case whether on account of principal, premiums (if any), interest, fees,
indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Collateral Agent or to the Bridge Loan Lenders that are required to be paid by the Borrower pursuant to the terms of any of the
foregoing agreements) and (iii) all other First Lien Obligations of the Borrower at any time incurred or outstanding. 
 “Bridge
Loan Document”: all “Loan Documents” under, and as defined in the Bridge Loan Agreement. 
 “Collateral”:
as defined in Section 3. 
 “Collateral Account”: any collateral account established by the Collateral Agent as
provided in Section 6.1 or Section 6.4. 
 “Copyrights”: (i) all copyrights arising under the
laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed in Schedule 5), all registrations and
recordings thereof, and all applications in connection therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright Office, and (ii) the right to obtain all renewals thereof.

 “Copyright Licenses”: any written agreement naming any Grantor as licensor or licensee (including, without limitation,
those listed in Schedule 5), granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright. 
 “Default”: any “Default” under, and as defined in, any then effective First Lien Document. 
 “Deposit Account”: as defined in the Uniform Commercial Code of any applicable jurisdiction and, in any event, including, without
limitation, any demand, time, savings, passbook or like account maintained with a depositary institution. 
 “Event of
Default”: any “Event of Default” (i) under, and as defined in, the Credit Agreement (or under any other “Credit Agreement” under, and as defined in, the Intercreditor Agreement) and/or the Bridge Loan Agreement (or
under any other “Bridge Loan Agreement” under, and as defined in, the Intercreditor Agreement), as applicable or (ii) at such time as the Credit Agreement and the Bridge Loan Agreement are no longer effective, under, and as defined
in, any then effective First Lien Document. 
  

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 “First Lien Debt”: as defined in the Intercreditor Agreement. 
 “First Lien Documents”: as defined in the Intercreditor Agreement. 
 “First Lien Obligations”: as defined in the Intercreditor Agreement. 
 “First Lien Secured Party”: as defined in the Intercreditor Agreement. 
 “Foreign Subsidiary”: any Subsidiary organized under the laws of any jurisdiction outside the United States of America. 
 “Foreign Subsidiary Voting Stock”: the voting Capital Stock of any Foreign Subsidiary. 
 “Guaranteed Obligations”: in (A) the case of the Borrower, all Other Loan Party Obligations of each Non-Borrower Guarantor and
(B) the case of any Non-Borrower Guarantor, all Borrower Obligations and all Other Loan Party Obligations of each other Guarantor. 
 “Guarantors”: as defined in the preamble hereto. 
 “Grantors”: the collective reference to each
Guarantor identified as a Grantor on Annex I to the signature page hereto, together with any other entity that may become a party hereto (and is identified as a Grantor) as provided herein. 
 “Intellectual Property”: the collective reference to all rights, priorities and privileges relating to intellectual property, whether
arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, and any transferable rights
to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 
 “Intercompany Note”: any promissory note evidencing loans made by any Grantor to the Borrower or any of its Subsidiaries. 
 “Intercreditor Agreement”: the Collateral Agency and Intercreditor Agreement, dated as of January 31, 2008, as same may be amended, supplemented or otherwise modified from time to time. 
 “Investment Property”: the collective reference to (i) all “investment property” as such term is defined in
Section 9-102(a)(49) of the New York UCC (other than any Foreign Subsidiary Voting Stock excluded from the definition of “Pledged Stock”) and (ii) whether or not constituting “investment property” as so defined, all
Pledged Notes and all Pledged Stock. 
 “Issuers”: the collective reference to each issuer of any Investment Property.

  

 4 

 “New York UCC”: the Uniform Commercial Code as from time to time in effect in the State
of New York. 
 “Non-Borrower Guarantor”: each Guarantor other than the Borrower. 
 “Obligations”: (i) in the case of the Borrower, the Borrower Obligations, and (ii) in the case of each Non-Borrower Guarantor,
its Other Loan Party Obligations. 
 “Officer’s Certificate”: a certificate of a Responsible Officer of the Borrower.

 “Other Loan Party Obligations”: with respect to any Non-Borrower Guarantor, all obligations and liabilities of such
Guarantor which may arise under or in connection with this Agreement (including, without limitation, pursuant to Section 2 hereof) or the Credit Agreement, any other Loan Document, the Bridge Loan Agreement or any other Bridge Loan
Document, or any other First Lien Document to which such Guarantor is a party, in each case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all
fees and disbursements of counsel to the Administrative Agent, the Bridge Loan Agent, the Collateral Agent or other relevant First Lien Secured Party, or to the Lenders, the Bridge Loan Lenders or other First Lien Secured Parties that are required
to be paid by such Guarantor pursuant to the terms of this Agreement, the Credit Agreement, any other Loan Document, any Bridge Loan Document or any other First Lien Documents) and all other First Lien Obligations of such Guarantor. 
 “Patents”: (i) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and
extensions thereof and all goodwill associated therewith, including, without limitation, any of the foregoing referred to in Schedule 5, (ii) all applications for letters patent of the United States or any other country and all
divisions, continuations and continuations-in-part thereof, including, without limitation, any of the foregoing referred to in Schedule 5, and (iii) all rights to obtain any reissues or extensions of the foregoing. 
 “Patent License”: all agreements, whether written or oral, providing for the grant by or to any Grantor of any right to manufacture, use
or sell any invention covered in whole or in part by a Patent, including, without limitation, any of the foregoing referred to in Schedule 5. 
 “Pledged Notes”: all promissory notes listed on Schedule 2, all Intercompany Notes at any time issued to any Grantor and all other promissory notes in principal amounts in excess of $500,000
issued to or held by any Grantor (other than promissory notes issued in connection with extensions of trade credit by any Grantor in the ordinary course of business). 
 “Pledged Stock”: the shares of Capital Stock listed on Schedule 2, together with any other shares, stock certificates, options, interests or rights of any nature whatsoever in respect of the
Capital Stock of any Person that may be issued or granted to, or held by, any Grantor while this Agreement is in effect; provided that in no event shall more than 65% of the total outstanding Foreign Subsidiary Voting Stock of any Foreign
Subsidiary be required to be pledged hereunder. 
  

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 “Proceeds”: all “proceeds” as such term is defined in
Section 9-102(a)(64) of the New York UCC and, in any event, shall include, without limitation, all dividends or other income from the Investment Property, collections thereon or distributions or payments with respect thereto. 
 “Receivable”: any right to payment for goods sold or leased or for services rendered, whether or not such right is evidenced by an
Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account). 
 “Responsible Officer”: the chief executive officer, president, any executive vice president or financial officer of the Borrower. 
 “Secured Debt Termination Date”: as defined in the Intercreditor Agreement. 
 “Secured Parties”: the collective reference to the Collateral Agent, and all other First Lien Secured Parties. 
 “Securities Act”: the Securities Act of 1933, as amended. 
 “Trademarks”: (i) all
trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers, and all goodwill associated therewith, all registrations and recordings
thereof, and all applications in connection therewith (other than “intent to use” applications), whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any
other country or any political subdivision thereof, or otherwise, and all common-law rights related thereto, including, without limitation, any of the foregoing referred to in Schedule 5, and (ii) the right to obtain all renewals
thereof. 
 “Trademark License”: any agreement, whether written or oral, providing for the grant by or to any Grantor of any
right to use any Trademark, including, without limitation, any of the foregoing referred to in Schedule 5. 
 Other Definitional
Provisions. i) The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. 
 The meanings given to terms
defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 Where the context requires, terms
relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 
 Guarantee 
 Guarantee. i) Each of the Guarantors hereby, jointly and severally,
absolutely, unconditionally and irrevocably, guarantees to the Collateral Agent, for the ratable benefit of the 

  

 6 

 
Secured Parties and their respective successors, indorsees, transferees and assigns, as a primary obligor and not merely as surety, the prompt and complete
payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of all Guaranteed Obligations. 
 Without
limiting the generality of paragraph 95 of the Confirmation Order, anything herein, or in any other First Lien Document to the contrary notwithstanding, the maximum liability of each Non-Borrower Guarantor hereunder shall be limited to such amount
as will, after giving effect to such maximum liability and all other liabilities (contingent or otherwise) of such Guarantor that are relevant under applicable Federal or state bankruptcy or insolvency laws, fraudulent conveyance or transfer laws,
or similar such laws, result in the obligations of such Guarantor hereunder not constituting a fraudulent transfer or conveyance under applicable Federal or state laws (after giving effect to all rights of subrogation, contribution or reimbursement,
subject to Sections 2.3 and 8.12(i)). 
 Each Non-Borrower Guarantor agrees that the Guaranteed Obligations may at any
time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Collateral Agent or any Secured Party
hereunder. 
 The guarantee contained in this Section 2 shall remain in full force and effect until the Secured Debt
Termination Date with respect to the First Lien Debt shall have occurred, notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be free from any Borrower Obligations. 
 No payment made by the Borrower, any of the Non-Borrower Guarantors, any other guarantor or any other Person or received or collected by the
Collateral Agent or any Secured Party from the Borrower, any of the Non-Borrower Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to
time in reduction of or in payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by
such Guarantor in respect of the Guaranteed Obligations or any payment received or collected from such Guarantor in respect of the Guaranteed Obligations), remain liable for the Guaranteed Obligations up to the maximum liability of such Guarantor
hereunder until the Secured Debt Termination Date with respect to the First Lien Debt shall have occurred. 
 Right of
Contribution. Each Non-Borrower Guarantor hereby agrees that to the extent that a Non-Borrower Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Non-Borrower Guarantor shall be entitled to seek and
receive contribution from and against any other Non-Borrower Guarantor hereunder which has not paid its proportionate share of such payment. Each Non-Borrower Guarantor’s right of contribution shall be subject to the terms and conditions of
Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Guarantor to the Collateral Agent and the Secured Parties, and each Guarantor shall remain liable to the
Collateral Agent and the Secured Parties for the full amount guaranteed by such Guarantor hereunder. 
  

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 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or
application of funds of any Guarantor by the Collateral Agent or any Secured Party, no Guarantor shall be entitled to seek or enforce its right to be subrogated to any of the rights of the Collateral Agent or any Secured Party against the Borrower
or any other Guarantor or any collateral security or guarantee or right of offset held by the Collateral Agent or any Secured Party for the payment of the Guaranteed Obligations, nor shall any Guarantor seek or be entitled to seek any contribution
or reimbursement from the Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Collateral Agent and the Secured Parties by the Borrower on account of the Borrower Obligations are
paid in full and the Secured Debt Termination Date with respect to the First Lien Debt shall have occurred. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Borrower Obligations shall not
have been paid in full or such payment is otherwise prohibited pursuant to the immediately preceding sentence, such amount shall be held by such Guarantor in trust for the Collateral Agent and the Secured Parties, segregated from other funds of such
Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Collateral Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Collateral Agent, if required), to be applied against the
Borrower Obligations, whether matured or unmatured, in such order as the Collateral Agent may determine. 
 Amendments, etc. with respect
to the Guaranteed Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any
of the Guaranteed Obligations made by the Collateral Agent or any other Secured Party may be rescinded by the Collateral Agent or such Secured Party and any of the Guaranteed Obligations may be continued, and the Guaranteed Obligations, or the
liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by the Collateral Agent or any Secured Party, and the First Lien Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in
whole or in part, as the Collateral Agent (or the relevant Secured Parties, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Collateral Agent or any Secured
Party for the payment of the Guaranteed Obligations may be sold, exchanged, waived, surrendered or released. Neither the Collateral Agent nor any Lender nor any Secured Party shall have any obligation to protect, secure, perfect or insure any Lien
at any time held by it as security for the Guaranteed Obligations or for the guarantee contained in this Section 2 or any property subject thereto. 
 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by the
Collateral Agent or any other Secured Party upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Guaranteed Obligations, and any of them, shall conclusively be deemed
to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors, on the one hand, and the
Collateral Agent and the Secured Parties, on the other hand, likewise shall 

  

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be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives
diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any of the Non-Borrower Guarantors with respect to the Guaranteed Obligations. Each Guarantor understands and agrees that the
guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of any First Lien Documents, any of the Guaranteed
Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Collateral Agent or any other Secured Party, (b) any defense, set-off or counterclaim (other
than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower or any other Person against the Collateral Agent or any other Secured Party, or (c) any other circumstance whatsoever (with or
without notice to or knowledge of the Borrower, such Guarantor or any other Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower or any other obligor for the Guaranteed Obligations, or of
such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Collateral Agent
or any other Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Guarantor or any other Person or against any collateral
security or guarantee for the Guaranteed Obligations or any right of offset with respect thereto, and any failure by the Collateral Agent or any other Secured Party to make any such demand, to pursue such other rights or remedies or to collect any
payments from the Borrower, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Guarantor or any other Person or any
such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of
the Collateral Agent or any other Secured Party against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 
 Reinstatement. Without limiting the generality of paragraph 95 of the Confirmation Order, the guarantee contained in this Section 2
shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by the Collateral Agent or any other
Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Non-Borrower Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar
officer for, the Borrower or any Non-Borrower Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 
 Payments. Each Guarantor hereby jointly and severally guarantees that payments hereunder will be paid to the Administrative Agent without set-off or counterclaim in Dollars at the Funding Office. 
  

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 Grant of Security Interest 
 Each Grantor hereby assigns and transfers to the Collateral Agent, and hereby grants to the Collateral Agent, for the ratable benefit of the Secured
Parties, a security interest in, all of the following property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the
“Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s Obligations: 
 all Accounts; 
 all Chattel Paper;

 all Contracts; 
 all Deposit
Accounts and cash; 
 all Documents; 
 all Equipment; 
 all Fixtures; 
 all General Intangibles; 
 all Instruments; 
 all Intellectual Property; 
 all Inventory;

 all Goods; 
 all Investment
Property; 
 all Letter-of-Credit Rights; 
 all Commercial Tort Claims described in Section 5.8 hereof; 
 all books and records pertaining
to the Collateral; and 
 to the extent not otherwise included, all Proceeds, Supporting Obligations and products of any and
all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing; 
 provided, however,
that notwithstanding any of the other provisions set forth in this Section 3, this Agreement shall not constitute a grant of a security interest in (i) any property to the extent that such grant of a security interest is prohibited
by any Requirements of Law of a 

  

 10 

 
Governmental Authority, requires a consent not obtained of any Governmental Authority pursuant to such Requirement of Law or is prohibited by, or constitutes
a breach or default under or results in the termination of or requires any consent not obtained under, any contract, license, agreement, instrument or other document evidencing or giving rise to such property or, in the case of any Investment
Property, Pledged Stock or Pledged Note, any applicable shareholder or similar agreement, except to the extent that such Requirement of Law or the term in such contract, license, agreement, instrument or other document or shareholder or similar
agreement providing for such prohibition, breach, default or termination or requiring such consent is ineffective under applicable law; or (ii) any voting Capital Stock of any Foreign Subsidiary (or Domestic Subsidiary of the type described in
clause (d) of the definition of Excluded Subsidiary) constituting more than 65% of the outstanding voting Capital Stock thereof; or (iii) any Capital Stock of any Project Subsidiary whose Capital Stock is pledged to secure Limited Recourse
Debt so long as such Limited Recourse Debt remains outstanding, in each case so long as the respective Lien and Indebtedness described in this clause (iii) is permitted pursuant to the Credit Agreement and the Bridge Loan Agreement, and does
not violate the provisions of any other First Lien Document. 
 Representations and Warranties 
 To induce the Collateral Agent and the Lenders to enter into the Credit Agreement, to induce the Lenders to make their respective extensions of credit to
the Borrower under the Credit Agreement, to induce the Collateral Agent and the Bridge Loan Lenders to enter into the Bridge Loan Agreement, to induce the Bridge Loan Lenders to make their respective extensions of credit to the Borrower under the
Bridge Loan Agreement, and to induce other Secured Parties to extend First Lien Obligations, each Grantor hereby represents and warrants to the Collateral Agent and each Secured Party that: 
 Title; No Other Liens. Except for the security interest granted to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to
this Agreement and the other Liens permitted to exist on the Collateral under each then outstanding First Lien Document (including the Liens granted to secure any Junior Lien Indebtedness), such Grantor owns, or has rights in, each item of the
Collateral free and clear of any and all Liens or claims of others. No effective financing statement or other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except such as have been
filed in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, pursuant to this Agreement or as are permitted by the Credit Agreement. For the avoidance of doubt, it is understood and agreed that any Grantor may, as part of
its business, grant licenses to third parties to use Intellectual Property owned or developed by a Grantor. For purposes of this Agreement and the other First Lien Documents, such licensing activity shall not constitute a “Lien” on such
Intellectual Property. Each of the Collateral Agent and each Secured Party understand that any such licenses may be exclusive to the applicable licensees, and such exclusivity provisions may limit the ability of the Collateral Agent to utilize,
sell, lease or transfer the related Intellectual Property or otherwise realize value from such Intellectual Property pursuant hereto. 
 Perfected First Priority Liens. The security interests granted pursuant to this Agreement (a) upon completion of the filings and other actions specified on Schedule 3 (which, in the case of all filings and other documents
referred to on said Schedule, have been delivered to 

  

 11 

 
the Collateral Agent in completed and duly executed form) will constitute valid perfected security interests in all of the Collateral for which such filings
and actions are effective to perfect such security interests in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, as collateral security for such Grantor’s Obligations, enforceable in accordance with the terms
hereof against all creditors of such Grantor and any Persons purporting to purchase any Collateral from such Grantor, except such Persons who are good faith purchasers to the extent set forth in the New York UCC and (b) are prior to all other
Liens on the Collateral in existence on the date hereof except for unrecorded Liens permitted by the Credit Agreement and the Bridge Loan Agreement which have priority over the Liens on the Collateral by operation of law or as otherwise permitted to
have priority over the Liens on the Collateral under Section 6.2 of the Credit Agreement and Section 6.2 of the Bridge Loan Agreement. 
 Jurisdiction of Organization; Chief Executive Office. On the date hereof, such Grantor’s jurisdiction of organization, identification number from the jurisdiction of organization (if any), and the location of such Grantor’s
chief executive office or sole place of business, as the case may be, are specified on Schedule 4. Such Grantor has furnished to the Collateral Agent a certified charter, certificate of incorporation or other organization document and
long-form good standing certificate as of a date which is recent to the date hereof. 
 Farm Products. None of the Collateral
constitutes, or is the Proceeds of, Farm Products. 
 Investment Property. i) The shares of Pledged Stock pledged by such Grantor
hereunder constitute all the issued and outstanding shares of all classes of the Capital Stock of each Issuer owned by such Grantor or, in the case of Foreign Subsidiary Voting Stock, if less, 65% of the outstanding Foreign Subsidiary Voting Stock
of each relevant Issuer. 
 All the shares of the Pledged Stock issued by an Issuer which is a Subsidiary of such Grantor have been duly
and validly issued and are, if such shares are shares of stock in a domestic corporation, fully paid and nonassessable. 
 Each of the
Pledged Notes issued by an Issuer which is a Subsidiary of such Grantor constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied
covenant of good faith and fair dealing. 
 Such Grantor is the owner of, and has good title to, the Investment Property pledged by it
hereunder, free of any and all Liens or options in favor of, or claims of, any other Person, except the security interest created by this Agreement or as otherwise permitted under Section 6.2 of the Credit Agreement and Section 6.2 of the
Bridge Loan Agreement. 
  

 12 

 Receivables. i) No amount in excess of $500,000 payable to such Grantor under or in connection
with any Receivable is evidenced by any Instrument or Chattel Paper which has not been delivered to the Collateral Agent. 
 The amounts
represented by such Grantor to the Lenders from time to time as owing to such Grantor in respect of the Receivables will at such times be accurate in all material respects. 
 Intellectual Property. i) Schedule 5 lists all Intellectual Property owned by such Grantor in its own name on the date hereof and which is
registered with the United States Copyright Office or the United States Patent and Trademark Office or any similar office or agency in any other country or any political subdivision thereof. 
 On the date hereof, all material scheduled Intellectual Property owned, used or held by such Grantor is valid, subsisting, unexpired and in full force
and effect, has not been abandoned and does not infringe the intellectual property rights of any other Person. 
 No holding, decision
or judgment has been rendered by any Governmental Authority which would limit, cancel or question the validity of, or such Grantor’s rights in, any Intellectual Property owned, used or held by such Grantor in any respect that could reasonably
be expected to have a Material Adverse Effect. 
 No action or proceeding is pending, or, to the knowledge of such Grantor,
threatened, on the date hereof (i) seeking to limit, cancel or question the validity of any Intellectual Property owned, used or held by such Grantor or such Grantor’s ownership interest therein, or (ii) which, if adversely
determined, would could reasonably be expected to have a Material Adverse Effect. 
 Commercial Tort Claims. ii) On the date hereof,
except to the extent listed in Section 3.1 above, no Grantor has rights in any Commercial Tort Claim with a reasonably expected value in excess of $1,000,000. 
 Upon the filing of a financing statement specifically describing any Commercial Tort Claim referred to in Section 5.8 hereof against such
Grantor in the jurisdiction specified in Schedule 3 hereto, the security interest granted in such Commercial Tort Claim will constitute a valid perfected security interest in favor of the Collateral Agent, for the ratable benefit of the
Secured Parties, as collateral security for such Grantor’s Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase such Collateral from Grantor except such
Persons who are good faith purchasers to the extent set forth in the New York UCC, which security interest shall be prior to all other Liens on such Collateral except for unrecorded Liens permitted by the Credit Agreement which have priority over
the Liens on such Collateral by operation of law or as otherwise permitted to have priority over the Liens on the Collateral under the relevant provisions of the then effective First Lien Documents. 
  

 13 

 Covenants 
 Each Grantor covenants and agrees with the Collateral Agent and the Secured Parties that, from and after the date of this Agreement and until the Secured Debt Termination Date with respect to the First Lien Debt:

 Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount in excess of $500,000 payable to a Grantor under
or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, such Instrument, Certificated Security or Chattel Paper shall be immediately delivered to the Collateral Agent, duly
indorsed in a manner satisfactory to the Collateral Agent, to be held as Collateral pursuant to this Agreement. 
 Maintenance of
Insurance. i) Such Grantor will maintain, with financially sound and reputable companies, insurance policies insuring such Grantor and the Collateral Agent against liability for personal injury and property damage relating to Inventory and
Equipment, such policies to be in such form and amounts and having such coverage as may be reasonably satisfactory to the Collateral Agent. 
 All such insurance shall (i) name the Collateral Agent as an additional insured party or loss payee and (ii) be reasonably satisfactory in all other respects to the Collateral Agent. 
 The Borrower shall deliver to the Collateral Agent a report of a reputable insurance broker with respect to such insurance substantially concurrently
with each delivery of the Borrower’s audited annual financial statements and such supplemental reports with respect thereto as the Collateral Agent may from time to time reasonably request. 
 Maintenance of Perfected Security Interest; Further Documentation. i) Such Grantor shall maintain the security interest created by this Agreement
as a perfected security interest having at least the priority described in Section 4.2 and shall defend such security interest against the claims and demands of all Persons whomsoever, subject to the rights of such Grantor under the
First Lien Documents to dispose of the Collateral. 
 Such Grantor will furnish to the Collateral Agent and the Lenders from time to time
statements and schedules further identifying and describing the assets and property of such Grantor and such other reports in connection therewith as the Collateral Agent may reasonably request, all in reasonable detail. 
 At any time and from time to time, upon the written request of the Collateral Agent, and at the sole expense of such Grantor, such Grantor will
promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Collateral Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this
Agreement and of the rights and powers herein granted, including, without limitation, (i) filing any financing or continuation statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to
the security interests created hereby and (ii) in the case of 

  

 14 

 
Investment Property, Deposit Accounts, Letter-of-Credit Rights and any other relevant Collateral, taking any actions necessary to enable the Collateral
Agent to obtain “control” (within the meaning of the applicable Uniform Commercial Code) with respect thereto. 
 Changes in
Name, etc. Such Grantor will not, except upon 15 days’ prior written notice to the Collateral Agent and delivery to the Collateral Agent of all additional financing statements and other executed documents reasonably requested by the
Collateral Agent to maintain the validity, perfection and priority of the security interests provided for herein, (i) change its jurisdiction of organization or the location of its chief executive office or sole place of business from that
referred to in Section 4.3 or (ii) change its name. 
 Notices. Such Grantor will advise the Collateral Agent, the
Lenders and the Bridge Loan Lenders promptly, in reasonable detail, of: 
 any Lien (other than security interests created
hereby or Liens permitted under the First Lien Documents) on any of the Collateral which would adversely affect the ability of the Collateral Agent to exercise any of its remedies hereunder; and 
 of the occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the
Collateral or on the security interests created hereby. 
 Investment Property. i) If such Grantor shall become entitled to receive or
shall receive any certificate (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any
reorganization), option or rights in respect of the Capital Stock (constituting Collateral hereunder) of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in
respect thereof, such Grantor shall accept the same as the agent of the Collateral Agent and the Secured Parties, hold the same in trust for the Collateral Agent and the Secured Parties and deliver the same forthwith to the Collateral Agent in the
exact form received, duly indorsed by such Grantor to the Collateral Agent, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor and with, if the Collateral Agent so requests, signature
guaranteed, to be held by the Collateral Agent, subject to the terms hereof, as additional collateral security for the Obligations. Any sums paid upon or in respect of the Investment Property constituting Collateral hereunder upon the liquidation or
dissolution of any Issuer shall be paid over to the Collateral Agent to be held by it hereunder as additional collateral security for the Obligations, and in case any distribution of capital shall be made on or in respect of such Investment Property
or any property shall be distributed upon or with respect to such Investment Property pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall,
unless otherwise subject to a perfected security interest in favor of the Collateral Agent, be delivered to the Collateral Agent to be held by it hereunder as additional collateral security for the Obligations. If any sums of money or property so
paid or distributed in respect of such Investment Property shall be received by such Grantor, such Grantor shall, until such money or property is paid or delivered to the Collateral Agent, hold such money or property in trust for the Collateral
Agent and the Secured Parties, segregated from other funds of such Grantor, as additional collateral security for the Obligations. 
  

 15 

 Without the prior written consent of the Collateral Agent or except as permitted under the Credit
Agreement, such Grantor will not (i) vote to enable, or take any other action to permit, any Issuer to issue any Capital Stock of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any
Capital Stock of any nature of any Issuer, unless all such Capital Stock is pledged by such Grantor to the Collateral Agent, for the ratable benefit of the Secured Parties, to the extent such pledge is required under this Agreement or any other
First Lien Document, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Investment Property or Proceeds thereof constituting Collateral hereunder (except pursuant to a transaction that is
permitted by the then effective First Lien Documents), (iii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Investment Property or Proceeds thereof constituting Collateral
hereunder, or any interest therein, except for the security interests created by this Agreement or (iv) enter into any agreement or undertaking restricting the right or ability of such Grantor or the Collateral Agent to sell, assign or transfer
any of the Investment Property or Proceeds thereof. 
 In the case of each Grantor which is an Issuer, such Issuer agrees that
(i) it will be bound by the terms of this Agreement relating to the Investment Property issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Collateral Agent promptly in writing
of the occurrence of any of the events described in Section 5.6(a) with respect to the Investment Property issued by it and (iii) the terms of Sections 6.3(c) and 6.7 shall apply to it, mutatis mutandis,
with respect to all actions that may be required of it pursuant to Section 6.3(c) or 6.7 with respect to the Investment Property issued by it. 
 Intellectual Property. i) Except in such Grantor’s reasonable business judgment, each Grantor will not knowingly do any act or knowingly omit to do any act whereby any material Trademark constituting
Collateral hereunder may become invalidated or impaired in any way. 
 Except in such Grantor’s reasonable business judgment, each
Grantor will not knowingly do any act, or knowingly omit to do any act, that could reasonably be expected cause any material Patent owned, used or held by such Grantor to become forfeited, abandoned or dedicated to the public. 
 Except in such Grantor’s reasonable business judgment, each Grantor will not knowingly do any act or knowingly omit to do any act whereby any
material portion of the Copyrights owned, used or held by such Grantor may become invalidated or otherwise impaired nor knowingly do any act whereby any material portion of the Copyrights owned, used or held by such Grantor may fall into the public
domain. 
  

 16 

 Such Grantor will not do any act that knowingly uses any material Intellectual Property owned by such
Grantor to infringe the intellectual property rights of any other Person. 
 Such Grantor will notify the Collateral Agent promptly if
it knows, or has reason to know, that any application or registration relating to any material Intellectual Property owned by such Grantor has become forfeited, abandoned or dedicated to the public, or of any adverse determination or development
(including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court or tribunal in any country) regarding
such Grantor’s ownership of, or the validity of, any material Intellectual Property constituting Collateral hereunder or such Grantor’s right to register the same or to own and maintain the same. 
 Whenever such Grantor, either by itself or through any agent, employee, licensee or designee, shall file an application for the registration of any
material Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, such Grantor shall report such filing to
the Collateral Agent within five Business Days after the last day of the fiscal quarter in which such filing occurs. Upon request of the Collateral Agent, such Grantor shall execute and deliver, and have recorded, any and all agreements,
instruments, documents, and papers as the Collateral Agent may request to evidence the Collateral Agent’s and the Secured Parties’ security interest in such Copyright, Patent or Trademark and the goodwill and general intangibles of such
Grantor relating thereto or represented thereby. 
 Except in such Grantor’s reasonable business judgment, each Grantor will take
all reasonable and necessary steps, including, without limitation, in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political
subdivision thereof, to maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of the material Intellectual Property constituting Collateral hereunder, including, without limitation, filing
of applications for renewal, affidavits of use and affidavits of incontestability. 
 In the event that any material Intellectual
Property constituting Collateral hereunder is infringed, misappropriated or diluted by a third party, such Grantor shall take such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual
Property including, without limitation, in such Grantor’s reasonable business judgment, suing for infringement, misappropriation or dilution, to seek injunctive relief and seeking to recover any and all damages for such infringement,
misappropriation or dilution. 
 Commercial Tort Claims. If such Grantor shall obtain an interest in any Commercial Tort Claim
with a reasonably expected value in excess of $1,000,000, such Grantor shall within (45) days of obtaining such interest advise the Collateral Agent thereof and, if requested by the Collateral Agent in writing, within 30 days after such request
sign and deliver documentation acceptable to the Collateral Agent granting a security interest under the terms and provisions of this Agreement in and to such Commercial Tort Claim. 
  

 17 

 Remedial Provisions 
 Certain Matters Relating to Receivables. i) The Collateral Agent shall have the right at reasonable times and with reasonable notice to make test
verifications of the Receivables constituting Collateral hereunder in any manner and through any medium that it reasonably considers advisable, and each Grantor shall furnish all such assistance and information as the Collateral Agent may reasonably
require in connection with such test verifications. At any time (but no more frequently than once per fiscal year (unless an Event of Default shall have occurred and be continuing, in which case there shall be no limits), upon the Collateral
Agent’s request and at the expense of the relevant Grantor, such Grantor shall use commercially reasonable efforts to cause independent public accountants or others satisfactory to the Collateral Agent to furnish to the Collateral Agent reports
showing reconciliations, aging and test verifications of, and trial balances for, the Receivables constituting Collateral hereunder. 
 The Collateral Agent hereby authorizes each Grantor to collect such Grantor’s Receivables, subject to the Collateral Agent’s direction and control, and the Collateral Agent may curtail or terminate said authority at any time
after the occurrence and during the continuance of an Event of Default. If required by the Collateral Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by any
Grantor, (i) shall be forthwith (and, in any event, within three Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Collateral Agent if required, in a Collateral Account maintained under
the sole dominion and control of the Collateral Agent, subject to withdrawal by the Collateral Agent for the account of the Secured Parties only as provided in Section 6.5, and (ii) until so turned over, shall be held by such
Grantor in trust for the Collateral Agent and the Secured Parties, segregated from other funds of such Grantor. Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of
the payments included in the deposit. 
 At the Collateral Agent’s request after the occurrence and during the continuance of an
Event of Default, each Grantor shall deliver to the Collateral Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Receivables constituting Collateral hereunder, including,
without limitation, all original orders, invoices and shipping receipts. 
 Communications with Obligors; Grantors Remain Liable.
i) The Collateral Agent in its own name or in the name of others may at any time after the occurrence and during the continuance of an Event of Default communicate with obligors under the Receivables constituting Collateral hereunder and parties to
the Contracts constituting Collateral hereunder to verify with them to the Collateral Agent’s satisfaction the existence, amount and terms of any such Receivables or Contracts. 
 Upon the request of the Collateral Agent at any time after the occurrence and during the continuance of an Event of Default, each Grantor shall notify
obligors on 

  

 18 

 
the Receivables constituting Collateral hereunder and parties to the Contracts constituting Collateral hereunder that such Receivables and the Contracts
have been assigned to the Collateral Agent for the ratable benefit of the Secured Parties and that payments in respect thereof shall be made directly to the Collateral Agent. 
 Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of the Receivables and Contracts to observe and perform
all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. Neither the Collateral Agent nor any Secured Party shall have any obligation or liability under
any Receivable (or any agreement giving rise thereto) or Contract by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any Secured Party of any payment relating thereto, nor shall the Collateral Agent or any
Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto) or Contract, to make any payment, to make any inquiry as to the nature or the
sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been
assigned to it or to which it may be entitled at any time or times. 
 Pledged Stock. i) Unless an Event of Default shall have
occurred and be continuing and the Collateral Agent shall have given written notice to the relevant Grantor of the Collateral Agent’s intent to exercise its corresponding rights pursuant to Section 6.3(b), each Grantor shall be
permitted to receive all cash dividends paid in respect of the Pledged Stock and all payments made in respect of the Pledged Notes, in each case paid in the normal course of business of the relevant Issuer and consistent with past practice, to the
extent permitted in the Credit Agreement, and to exercise all voting and corporate or other organizational rights with respect to the Investment Property; provided that no vote shall be cast or corporate or other organizational right
exercised or other action taken which, in the Collateral Agent’s reasonable judgment, would materially impair the Collateral or which would be inconsistent with or result in any violation of any provision of the Credit Agreement, the Bridge
Loan Agreement, this Agreement or any other First Lien Document. 
 If an Event of Default shall occur and be continuing and the
Collateral Agent shall give written notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the Collateral Agent shall have the right to receive any and all cash dividends, payments or other Proceeds paid in
respect of the Investment Property constituting Collateral hereunder and make application thereof to the Obligations in such order as the Collateral Agent may determine, and (ii) any or all of the Investment Property shall be registered in the
name of the Collateral Agent or its nominee, and the Collateral Agent or its nominee may thereafter exercise (x) all voting, corporate and other rights pertaining to such Investment Property at any meeting of shareholders of the relevant Issuer
or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to such Investment Property as if it were the absolute owner thereof (including, without
limitation, the right to exchange at its discretion any and all of the Investment Property constituting Collateral hereunder upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the 

  

 19 

 
corporate or other organizational structure of any Issuer, or upon the exercise by any Grantor or the Collateral Agent of any right, privilege or option
pertaining to such Investment Property, and in connection therewith, the right to deposit and deliver any and all of such Investment Property with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and
conditions as the Collateral Agent may determine), all without liability except to account for property actually received by it, but the Collateral Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not
be responsible for any failure to do so or delay in so doing. 
 Each Grantor hereby authorizes and instructs each Issuer of any
Investment Property pledged by such Grantor hereunder to (i) comply with any instruction received by it from the Collateral Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise
in accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted
hereby, pay any dividends or other payments with respect to the Investment Property directly to the Collateral Agent. 
 Proceeds to
be Turned Over To Collateral Agent. In addition to the rights of the Collateral Agent and the Secured Parties specified in Section 6.1 with respect to payments of Receivables, if an Event of Default shall occur and be continuing, all
Proceeds received by any Grantor consisting of cash, checks and other near-cash items shall be held by such Grantor in trust for the Collateral Agent and the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon
receipt by such Grantor, 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). All Proceeds constituting Collateral hereunder received by the
Collateral Agent hereunder shall be held by the Collateral Agent in a Collateral Account maintained under its sole dominion and control. All Proceeds constituting Collateral hereunder while held by the Collateral Agent in a Collateral Account (or by
such Grantor in trust for the Collateral Agent and the Secured Parties) shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.5.

 Application of Proceeds. At such intervals as may be agreed upon by the Borrower and the Collateral Agent, or, if an Event of
Default shall have occurred and be continuing, at any time at the Collateral Agent’s election, the Collateral Agent may apply all or any part of Proceeds constituting Collateral, whether or not held in any Collateral Account, and any proceeds
of the guarantee set forth in Section 2, in payment of the Obligations in the following order: 
 First, to
pay incurred and unpaid fees and expenses of the Collateral Agent under the First Lien Documents; 
 Second, to the
Collateral Agent, for application by it towards payment of amounts then due and owing and remaining unpaid in respect of the Obligations, pro rata among the Secured Parties according to the amounts of the Obligations then due and owing and
remaining unpaid to the Secured Parties; 
  

 20 

 Third, to the Collateral Agent, for application by it towards prepayment of the
Obligations, pro rata among the Secured Parties according to the amounts of the Obligations then held by the Secured Parties; and 
 Fourth, any balance remaining after the Secured Debt Termination Date with respect to the First Lien Debt shall be paid over to the Borrower or to whomsoever may be lawfully entitled to receive the same;

 provided that in the event of any inconsistency between the terms of the Intercreditor Agreement and this Section 6.5, the term of the
Intercreditor Agreement shall govern. 
 Code and Other Remedies. If an Event of Default shall occur and be continuing, the Collateral
Agent, on behalf of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights and
remedies of a secured party under the New York UCC or any other applicable law. Without limiting the generality of the foregoing, the Collateral Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of
any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may, subject to the requirements of applicable law, in
such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any
part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Collateral Agent or any Secured Party or elsewhere upon such terms and conditions
as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Collateral Agent or any Secured Party shall have the right upon any such public sale or sales,
and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released.
Each Grantor further agrees, at the Collateral Agent’s request, to assemble the Collateral and make it available to the Collateral Agent at places which the Collateral Agent shall reasonably select, whether at such Grantor’s premises or
elsewhere. The Collateral Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.6, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the
care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Collateral Agent and the Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the
payment in whole or in part of the Obligations, in such order as the Collateral Agent may elect, and only after such application and after the payment by the Collateral Agent of any other amount required by any provision of law, including, without
limitation, Section 9-615(a)(3) of the New York UCC, need the Collateral Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire
against the Collateral Agent or any Secured Party arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and
proper if given at least 10 days before such sale or other disposition. 
  

 21 

 Registration Rights. i) Each Grantor recognizes that the Collateral Agent may be unable to effect
a public sale of any or all the Pledged Stock, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted
group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such
private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner.
The Collateral Agent shall be under no obligation to delay a sale of any of the Pledged Stock for the period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Act, or under applicable
state securities laws, even if such Issuer would agree to do so. 
 Each Grantor agrees to use its commercially reasonable efforts to do
or cause to be done all such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Stock pursuant to this Section 6.7 valid and binding and in compliance with any and all other applicable
Requirements of Law. Each Grantor further agrees that a breach of any of the covenants contained in this Section 6.7 will cause irreparable injury to the Collateral Agent and the Secured Parties, that the Collateral Agent and the Secured
Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 6.7 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and
agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred. 
 Subordination. Each Grantor hereby agrees that, upon the occurrence and during the continuance of an Event of Default, unless otherwise agreed by the Collateral Agent, all Indebtedness owing by it to any
Subsidiary of the Borrower shall be fully subordinated to the indefeasible payment in full in cash of such Grantor’s Obligations. 
 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by
the Collateral Agent or any Secured Party to collect such deficiency. 
 Intercreditor Agreement. Notwithstanding anything to the
contrary in this Section 6 or Section 7.1, the Intercreditor Agreement shall govern the exercise of rights and the enforcement of remedies hereunder by the Collateral Agent and the Secured Parties. In the event of any
conflict between the terms of this Section 6 and the Intercreditor Agreement, the Intercreditor Agreement shall govern. 
 The Collateral Agent 
 Collateral Agent’s Appointment as Attorney-in-Fact, etc. i) Each Grantor hereby
irrevocably constitutes and appoints the Collateral Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power 
  

 22 

 
and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this
Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement. At any time when an Event of Default has occurred and is
continuing and without limiting the generality of the foregoing, each Grantor hereby gives the Collateral Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following:

 in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any checks, drafts,
notes, acceptances or other instruments for the payment of moneys due under any Receivable or Contract or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise
deemed appropriate by the Collateral Agent for the purpose of collecting any and all such moneys due under any Receivable or Contract or with respect to any other Collateral whenever payable; 
 in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and
papers as the Collateral Agent may reasonably request to evidence the Collateral Agent’s and the Secured Parties’ security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or
represented thereby; 
 pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any
repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 
 execute, in connection with any sale provided for in Section 6.6 or 6.7, any indorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; and 

(1) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due
thereunder directly to the Collateral Agent or as the Collateral Agent shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in
respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in
connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in
respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such
discharges or releases as the Collateral Agent may deem appropriate; (7) assign any Copyright, Patent or Trademark (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world for
such term or terms, on such conditions, and in such manner, as the Collateral Agent shall in its sole discretion determine; and (8) generally, sell, transfer, pledge and make any 

  

 23 

 
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 do, at the Collateral Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Collateral Agent deems necessary to protect, preserve or realize upon the Collateral
and the Collateral Agent’s and the Secured Parties’ security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 
 Notwithstanding anything to the contrary in this Section 7.1(a), the Collateral Agent agrees that it will not exercise any rights under the
power of attorney provided for in this Section 7.1(a) unless an Event of Default shall have occurred and be continuing. 
 If
any Grantor fails to perform or comply with any of its agreements contained herein, the Collateral Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement.

 The reasonable expenses of the Collateral Agent incurred in connection with actions undertaken as provided in this
Section 7.1, together with interest thereon at a rate per annum equal to the highest rate per annum at which interest would then be payable on any category of past due Base Rate Loans under the Credit Agreement, from the date of payment
by the Collateral Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Collateral Agent on demand. 
 Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this
Agreement is terminated and the security interests created hereby are released. 
 Duty of Collateral Agent. To the full extent
permitted by applicable law, the Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal
with it in the same manner as the Collateral Agent deals with similar property for its own account. Neither the Collateral Agent, any Secured Party nor any of their respective officers, directors, employees or agents shall be liable for failure to
demand, collect or realize upon any 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 any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof, except as provided herein. The powers conferred on the Collateral Agent and the Secured Parties hereunder are solely to protect the Collateral Agent’s and the Secured Parties’
interests 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. 
  

 24 

 Execution of Financing Statements. Pursuant to any applicable law, each Grantor authorizes the
Collateral Agent to file or record financing statements and other filing or recording documents or instruments with respect to the Collateral without the signature of such Grantor in such form and in such offices as the Collateral Agent determines
appropriate to perfect the security interests of the Collateral Agent under this Agreement. Each Grantor authorizes the Collateral Agent to use the collateral description “all personal property” in any such financing statements. Each
Grantor hereby ratifies and authorizes the filing by the Collateral Agent of any financing statement with respect to the Collateral made prior to the date hereof. 
 Authority of Collateral Agent. Each Grantor acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement with respect to any action taken by the Collateral Agent or the
exercise or non-exercise by the Collateral Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the Secured
Parties, be governed by the Intercreditor Agreement and/or relevant First Lien Documents, and by such other agreements with respect thereto as may exist from time to time among any of them, but, as between the Collateral Agent and the Grantors, the
Collateral Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry
respecting such authority. 
 Intercreditor Agreement. Each party hereto (and each Secured Party) acknowledges and agrees that the
Collateral Agent may act in accordance with, and shall be required to take certain actions as required by, the terms of the Intercreditor Agreement. Each of the parties hereto (and each Secured Party) acknowledges and agrees that any such actions
shall be permitted, and further agrees that in the event of a conflict between the provisions of this Agreement and the Intercreditor Agreement, the relevant provisions of the Intercreditor Agreement shall control. The parties hereto (and each
Secured Party) also acknowledge and agree that the Collateral Agent shall have the benefit of the provisions contained in the Intercreditor Agreement (including Article V thereof). 
 Miscellaneous 
 Amendments
in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 9.1 of the Credit Agreement and Section 8.1 of the Intercreditor Agreement.

 Notices. All notices, requests and demands to or upon the Collateral Agent or any Grantor hereunder shall be effected in the manner
provided for in Section 8.6 of the Intercreditor Agreement. 
 No Waiver by Course of Conduct; Cumulative Remedies. Neither the
Collateral Agent nor any Secured Party shall by any act (except by a written instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in
any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent or any Secured Party 
  

 25 

 
any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall
preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Collateral Agent, any Lender or any Bridge Loan Lender of any right or remedy hereunder on any one occasion shall not be construed
as a bar to any right or remedy which the Collateral Agent or such Secured Party would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of
any other rights or remedies provided by law. 
 Enforcement Expenses; Indemnification. i) Each Guarantor agrees to pay or reimburse
each Secured Party and the Collateral Agent for all its costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement and
the other First Lien Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Secured Party and of counsel to the
Collateral Agent. 
 Each Guarantor agrees to pay, and to save the Collateral Agent and the Secured Parties harmless from, any and all
liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions
contemplated by this Agreement. 
 Each Guarantor agrees to pay, and to save the Collateral Agent and the Secured Parties harmless
from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration
of this Agreement to the extent the Borrower would be required to do so pursuant to Section 9.5 of the Credit Agreement, Section 9.5 of the Bridge Loan Agreement or the relevant provisions of any other First Lien Document. 

The agreements in this Section 8.4 shall survive repayment of the Obligations and all other amounts payable under the First Lien
Documents. 
 Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall
inure to the benefit of the Collateral Agent and the Secured Parties and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written
consent of the Collateral Agent. 
 Set-Off; Limitation on Individual Actions. (a) In addition to any rights and remedies of the
Secured Parties provided by law, each Secured Party shall have the right, without notice to any Grantor, any such notice being expressly waived by each Grantor to the extent permitted by applicable law, upon any Obligations becoming due and payable
by any Grantor (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand, provisional or final), in any currency, and
any other credits, indebtedness or claims, in any 
  

 26 

 
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Secured Party, any
affiliate thereof or any of their respective branches or agencies to or for the credit or the account of such Grantor. Each Secured Party agrees promptly to notify in writing the relevant Grantor and the Collateral Agent after any such application
made by such Secured Party, provided that the failure to give such notice shall not affect the validity of such application. 
 (b)
NOTWITHSTANDING THE FOREGOING SUBSECTION (a) OR ANY CONTRARY PROVISION CONTAINED IN ANY FIRST LIEN DOCUMENT, AT ANY TIME THAT ANY OBLIGATION SHALL BE SECURED BY ANY INTEREST IN ANY REAL PROPERTY LOCATED IN CALIFORNIA, NO SECURED
PARTY (OTHER THAN THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT OR THE BRIDGE LOAN AGENT) SHALL EXERCISE ANY REMEDIES AGAINST ANY LOAN PARTY OR ANY PROPERTY THEREOF, INCLUDING WITHOUT LIMITATION, A RIGHT OF SETOFF, LIEN OR
COUNTERCLAIM OR TAKE ANY COURT OR ADMINISTRATIVE ACTION OR INSTITUTE ANY PROCEEDING TO ENFORCE ANY PROVISION OF THIS AGREEMENT OR ANY SECURITY DOCUMENT OR ANY FIRST LIEN DOCUMENT (ALTHOUGH A SECURED PARTY CAN ACCELERATE THE MATURITY OF ANY
FIRST LIEN DEBT IN ACCORDANCE WITH THE TERMS OF THE RESPECTIVE FIRST LIEN DOCUMENT) UNLESS IT IS TAKEN PURSUANT TO AN “ACT OF REQUIRED DEBT HOLDERS” (AS DEFINED IN THE INTERCREDITOR AGREEMENT) OR APPROVED IN WRITING BY THE COLLATERAL
AGENT; PROVIDED THAT IF REPUTABLE OUTSIDE CALIFORNIA COUNSEL TO SUCH SECURED PARTY PROVIDES ITS WRITTEN LEGAL OPINION (WITHOUT ANY MATERIAL QUALIFICATION OR EXCEPTION) TO THE EFFECT THAT SUCH SETOFF OR ACTION OR PROCEEDING WOULD NOT (PURSUANT TO
APPLICABLE CALIFORNIA STATE LAW, INCLUDING, WITHOUT LIMITATION, SECTIONS 580a, 580b, 580d AND 726 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE OR SECTION 2924 OF THE CALIFORNIA CIVIL CODE, IF APPLICABLE) ADVERSELY AFFECT OR IMPAIR THE VALIDITY,
PRIORITY OR ENFORCEABILITY OF THE LIENS GRANTED TO THE COLLATERAL AGENT PURSUANT TO THE SECURITY DOCUMENTS OR THE ENFORCEABILITY OF THE OBLIGATIONS UNDER THE OTHER FIRST LIEN DOCUMENTS, THEN SUCH ACTION MAY BE TAKEN OR COMMENCED SO LONG AS THE
RESPECTIVE SECURED PARTY PROVIDES AT LEAST FIVE BUSINESS DAYS’ ADVANCE WRITTEN NOTICE THEREOF TO THE COLLATERAL AGENT (TOGETHER WITH A COPY OF THE RESPECTIVE OPINION OF CALIFORNIA COUNSEL). ANY ATTEMPTED EXERCISE BY ANY SECURED PARTY OF ANY
SUCH RIGHT IN CONTRAVENTION OF THE FOREGOING PROVISIONS SHALL BE NULL AND VOID. THIS SUBSECTION (b) SHALL BE SOLELY FOR THE BENEFIT OF EACH OF THE SECURED PARTIES AND THE COLLATERAL AGENT, AND MAY BE AMENDED BY AN “ACT OF REQUIRED DEBT
HOLDERS”. 
 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of
separate counterparts (including by electronic transmission or telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
  

 27 

 Severability. Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 Section Headings. The Section headings used in this
Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 Integration. This Agreement, the Intercreditor Agreement and the other First Lien Documents represent the entire agreement of the Grantors, the Collateral Agent and the Secured Parties with respect to the
subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Collateral Agent or any Secured Party relative to subject matter hereof and thereof not expressly set forth or referred to herein, in
the Intercreditor Agreement or in the other First Lien Documents. 
 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 Submission To Jurisdiction; Waivers. Each Grantor hereby
irrevocably and unconditionally: 
 submits for itself and its property in any legal action or proceeding relating to this
Agreement, the Intercreditor Agreement and the other First Lien Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non exclusive general jurisdiction of the courts of the State of New
York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 
 consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was
brought in an inconvenient court and agrees not to plead or claim the same; 
 agrees that service of process in any such
action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Grantor at its address referred to in Section 8.2 or at such other
address of which the Collateral Agent shall have been notified pursuant thereto; 
 agrees that nothing herein shall affect
the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; 
  

 28 

 waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages; 
 acknowledges and affirms that it understands that to the extent the Obligations are secured by real property located in the State of California, such Grantor shall be liable for the full amount of the liability hereunder notwithstanding
foreclosure on such real property by trustee sale or any other reason impairing such Grantor’s or any Secured Parties’ right to proceed against the Borrower or any other Grantor; 
 waives (to the fullest extent permitted by applicable law) all rights and defenses under Section 580a, 580b, 580d and 726 of the
California Code of Civil Procedure; 
 waives (to the fullest extent permitted by applicable law), without limiting the
generality of the foregoing or any other provision hereof, all rights and defenses which might otherwise be available to such Grantor under Sections 2809, 2810, 2815, 2819, 2821, 2839, 2845, 2848, 2849, 2850, 2899 and 3433 of the California Civil
Code; and 
 waives, until the Obligations have been paid in full in cash, its rights of subrogation and reimbursement and any
other rights and defenses, in each case available to such Grantor by reason of Sections 2787 to 2855, inclusive, of the California Civil Code because the Obligations are secured by real property, including, without limitation, (1) any defenses
such Grantor may have to the guarantee provided under this Agreement by reason of an election of remedies by the Secured Parties and (2) any rights or defenses such Grantor may have by reason of protection afforded to the Borrower or any other
Grantor pursuant to the antideficiency or other laws of California limiting or discharging the Borrower’s or such Grantor’s indebtedness, including, without limitation, Section 580a, 580b, 580d or 726 of the California Code of Civil
Procedure. In furtherance of such provisions, each Grantor hereby waives all rights and defenses arising out of an election of remedies by the Secured Parties, even though that election of remedies, such as a nonjudicial foreclosure, destroys such
Grantor’s rights of subrogation and reimbursement against the Borrower or any other Grantor by the operation of Section 580d of the California Code of Civil Procedure or otherwise. 
 Acknowledgements. Each Grantor hereby acknowledges that: 
 it has been advised by counsel in the negotiation, execution and delivery of this Agreement, the Intercreditor Agreement and the other
First Lien Documents to which it is a party; 
 neither the Collateral Agent nor any Secured Party has any fiduciary
relationship with or duty to any Grantor arising out of or in connection with this Agreement, the Intercreditor Agreement or any other First Lien Documents, and the relationship between the Grantors, on the one hand, and the Collateral Agent and the
Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
  

 29 

 no joint venture is created hereby, by the Intercreditor Agreement or the other First
Lien Documents or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or among the Grantors and the Secured Parties. 
 Additional Grantors; Release of Guarantors; Releases of Collateral;. (a) Each Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to the relevant provision of any First
Lien Documents shall become a Grantor (and a Guarantor) for all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 
 (b) Non-Borrower Guarantors shall be released from this Agreement to the extent provided below, in each case at the request and expense of the Borrower:

 (i) A Non-Borrower Guarantor shall be released from its obligations hereunder in the event that all the Capital Stock of
such Non-Borrower Guarantor shall be sold, transferred or otherwise disposed of (in each case to a Person other than the Borrower or a Subsidiary) in a transaction permitted by all then effective First Lien Documents; provided that the
Borrower shall have delivered to the Collateral Agent, at least three Business Days prior to the date of the proposed release, a written request for release identifying the relevant Non-Borrower Guarantor and the terms of the sale or other
disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Borrower stating that such transaction is in compliance with all then effective First Lien Documents. 

 (ii) A Non-Borrower Guarantor shall be released from its obligations hereunder in the event that (1) same is
subsequently designated as a “Designated Project Subsidiary” under, and as defined in, the Existing Credit Agreement as originally in effect (including the related relevant provisions), as such provisions may be amended, modified, replaced
or supplemented from time to time, but in the case of any amendment, modification, replacement or supplement to the terms originally applicable in the Existing Credit Agreement, the respective designation and release of the respective Non-Borrower
Subsidiary as a Guarantor hereunder shall not violate the terms of any other First Lien Documents then in effect and (2) the Borrower has delivered an Officer’s Certificate to the Collateral Agent stating that the release is permitted
pursuant to this clause (ii) and providing in reasonable detail the supporting calculations in determining that the respective Non-Borrower Guarantor may be designated as a Designated Project Subsidiary. 
 (iii) One or more Non-Borrower Guarantors may be released from their obligations hereunder at any time if (1) consent to release
of such Non-Borrower Guarantors has been given by the requisite percentage or number of holders of each Series of First Lien Debt (used hereinafter as defined in the Intercreditor Agreement) at the time outstanding as provided for in the applicable
First Lien Documents, (2) each First Lien Representative (as defined in the Intercreditor Agreement) for each Series of First Lien Debt (which shall be identified in the Officer’s Certificate described in clause (3)) shall have
notified the 

  

 30 

 
Collateral Agent that the consent for its respective Series of First Lien Debt (as defined in the Intercreditor Agreement) has been obtained and
(3) the Borrower has delivered an Officer’s Certificate to the Collateral Agent certifying as to the consents of the holders of each Series of First Lien Debt that are necessary for such release and that any such necessary consents have
been obtained. 
 (iv) In connection with any release of any Non-Borrower Guarantor pursuant to this
Section 8.14, the Collateral Agent shall execute and deliver to the Borrower, at the Borrower’s expense, all documents that the Borrower shall reasonably request to evidence such release. Any execution and delivery of documents
pursuant to this Section 8.14 shall be without recourse to or warranty by the Collateral Agent. 
 Releases of Collateral
shall be effected in accordance with the relevant provisions of Section 4.1 of the Intercreditor Agreement 
 WAIVER OF JURY
TRIAL. EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, THE INTERCREDITOR AGREEMENT OR ANY OTHER FIRST LIEN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 [remainder of page intentionally left blank] 
  

 31 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee and Collateral Agreement to be duly
executed and delivered as of the date first above written. 
  

			
	CALPINE CORPORATION.
		
	By:	 	 /s/ Charles B. Clark, Jr.

	Name:	 	Charles B. Clark, Jr.
	Title:	 	Senior Vice President
	
	 THE GUARANTORS SET FORTH ON
 ANNEX I TO THIS
SIGNATURE PAGE:

		
	By:	 	 /s/ Charles B. Clark, Jr.

	Name:	 	Charles B. Clark, Jr.
	Title:	 	Chief Financial Officer

 ANNEX I to 
 Guarantee and Collateral Agreement 
  

			
	 GUARANTORS
	  	IDENTIFIED AS
GRANTOR
	 Anacapa Land Company, LLC
	  	ü
		
	 Anderson Springs Energy Company
	  	ü
		
	 Androscoggin Energy, Inc.
	  	ü
		
	 Antelope Energy Center, LLC
	  	ü
		
	 Auburndale Peaker Energy Center, LLC
	  	ü
		
	 Aviation Funding Corp.
	  	ü
		
	 Baytown Energy Center, LP
	  	ü
		
	 Baytown Power GP, LLC
	  	ü
		
	 Baytown Power, LP
	  	ü
		
	 Bellingham Cogen, Inc.
	  	ü
		
	 Bethpage Fuel Management Inc.
	  	ü
		
	 Blue Heron Energy Center, LLC
	  	ü
		
	 CalGen Equipment Finance Company, LLC
	  	ü
		
	 CalGen Equipment Finance Holdings, LLC
	  	ü
		
	 CalGen Expansion Company, LLC
	  	ü
		
	 CalGen Finance Corp.
	  	ü
		
	 CalGen Project Equipment Finance Company One, LLC
	  	ü
		
	 CalGen Project Equipment Finance Company Three, LLC
	  	ü
		
	 CalGen Project Equipment Finance Company Two, LLC
	  	ü
		
	 Calpine Acadia Holdings, LLC
	  	ü
		
	 Calpine Administrative Services Company, Inc.
	  	ü
		
	 Calpine Auburndale Holdings, LLC
	  	ü
		
	 Calpine Baytown Energy Center GP, LLC
	  	ü
		
	 Calpine Baytown Energy Center LP, LLC
	  	ü
		
	 Calpine c*Power, Inc.
	  	ü
		
	 Calpine CalGen Holdings, Inc.
	  	ü
		
	 Calpine California Development Company, LLC
	  	ü
		
	 Calpine California Energy Finance, LLC
	  	ü
		
	 Calpine California Holdings, Inc.
	  	ü
		
	 Calpine Calistoga Holdings, LLC
	  	ü
		
	 Calpine CCFC Holdings, Inc.
	  	ü
		
	 Calpine Central Texas GP, Inc.
	  	ü

			
	 GUARANTORS
	  	IDENTIFIED AS
GRANTOR

	 Calpine Central, Inc.
	  	ü
		
	 Calpine Central, L.P.
	  	ü
		
	 Calpine Central-Texas, Inc.
	  	ü
		
	 Calpine Channel Energy Center GP, LLC
	  	ü
		
	 Calpine Channel Energy Center LP, LLC
	  	ü
		
	 Calpine Clear Lake Energy GP, LLC
	  	ü
		
	 Calpine Clear Lake Energy, LP
	  	ü
		
	 Calpine Cogeneration Corporation
	  	ü
		
	 Calpine Construction Management Company, Inc.
	  	ü
		
	 Calpine Corporation
	  	ü
		
	 Calpine Corpus Christi Energy GP, LLC
	  	ü
		
	 Calpine Corpus Christi Energy, LP
	  	ü
		
	 Calpine Decatur Pipeline, Inc.
	  	ü
		
	 Calpine Decatur Pipeline, L.P.
	  	ü
		
	 Calpine Deer Park, LLC
	  	ü
		
	 Calpine Dighton, Inc.
	  	ü
		
	 Calpine East Fuels, Inc.
	  	ü
		
	 Calpine Eastern Corporation
	  	ü
		
	 Calpine Edinburg, Inc.
	  	ü
		
	 Calpine Energy Management, L.P.
	  	No
		
	 Calpine Energy Services Holdings, Inc.
	  	ü
		
	 Calpine Energy Services, L.P.
	  	No
		
	 Calpine Freestone Energy GP, LLC
	  	ü
		
	 Calpine Freestone Energy, LP
	  	ü
		
	 Calpine Freestone, LLC
	  	ü
		
	 Calpine Fuels Corporation
	  	ü
		
	 Calpine Gas Holdings LLC
	  	ü
		
	 Calpine Generating Company, LLC
	  	ü
		
	 Calpine Geysers Company, L.P.
	  	ü
		
	 Calpine Gilroy 1, Inc.
	  	ü
		
	 Calpine Gilroy 2, Inc.
	  	ü
		
	 Calpine Global Services Company, Inc.
	  	ü
		
	 Calpine Gordonsville GP Holdings, LLC
	  	ü

  

 2 

			
	 GUARANTORS
	  	IDENTIFIED AS
GRANTOR

	 Calpine Gordonsville LP Holdings, LLC
	  	ü
		
	 Calpine Gordonsville, LLC
	  	ü
		
	 Calpine Hidalgo Design, L.P.
	  	ü
		
	 Calpine Hidalgo Energy Center, L.P.
	  	ü
		
	 Calpine Hidalgo Holdings, Inc.
	  	ü
		
	 Calpine Hidalgo Power GP, LLC
	  	ü
		
	 Calpine Hidalgo Power, LP
	  	ü
		
	 Calpine Hidalgo, Inc.
	  	ü
		
	 Calpine Jupiter, LLC
	  	ü
		
	 Calpine Kennedy Airport, Inc.
	  	ü
		
	 Calpine Kennedy Operators, Inc.
	  	ü
		
	 Calpine KIA, Inc.
	  	ü
		
	 Calpine King City, Inc.
	  	ü
		
	 Calpine King City, LLC
	  	ü
		
	 Calpine Leasing Inc.
	  	ü
		
	 Calpine Long Island, Inc.
	  	ü
		
	 Calpine Lost Pines Operations, Inc.
	  	ü
		
	 Calpine Magic Valley Pipeline, Inc.
	  	ü
		
	 Calpine Merchant Services Company, Inc.
	  	No
		
	 Calpine MVP, Inc.
	  	ü
		
	 Calpine NCTP GP, LLC
	  	ü
		
	 Calpine NCTP, LP
	  	ü
		
	 Calpine Newark, LLC
	  	ü
		
	 Calpine Northbrook Corporation of Maine, Inc.
	  	ü
		
	 Calpine Northbrook Holdings Corporation
	  	ü
		
	 Calpine Northbrook Investors, LLC
	  	ü
		
	 Calpine Northbrook Project Holdings, LLC
	  	ü
		
	 Calpine Northbrook Southcoast Investors, LLC
	  	ü
		
	 Calpine NTC, LP
	  	ü
		
	 Calpine Oneta Power I, LLC
	  	ü
		
	 Calpine Oneta Power II LLC
	  	ü
		
	 Calpine Oneta Power, L.P.
	  	ü
		
	 Calpine Operating Services Company, Inc.
	  	ü

  

 3 

			
	 GUARANTORS
	  	IDENTIFIED AS
GRANTOR

	 Calpine Operations Management Company, Inc.
	  	ü
		
	 Calpine Parlin, LLC
	  	ü
		
	 Calpine Power Company
	  	ü
		
	 Calpine Power Equipment LP
	  	ü
		
	 Calpine Power Management, Inc.
	  	No
		
	 Calpine Power Management, LP
	  	No
		
	 Calpine Power Services, Inc.
	  	ü
		
	 Calpine Power, Inc.
	  	ü
		
	 Calpine PowerAmerica, Inc.
	  	No
		
	 Calpine PowerAmerica, LP
	  	No
		
	 Calpine PowerAmerica-CA, LLC
	  	No
		
	 Calpine PowerAmerica-CT, LLC
	  	No
		
	 Calpine PowerAmerica-MA, LLC
	  	No
		
	 Calpine PowerAmerica-ME, LLC
	  	No
		
	 Calpine PowerAmerica-NH, LLC
	  	No
		
	 Calpine PowerAmerica-NY, LLC
	  	No
		
	 Calpine PowerAmerica-OR, LLC
	  	No
		
	 Calpine PowerAmerica-PA, LLC
	  	No
		
	 Calpine PowerAmerica-RI, LLC
	  	No
		
	 Calpine Producer Services, L.P.
	  	No
		
	 Calpine Project Holdings, Inc.
	  	ü
		
	 Calpine Pryor, Inc.
	  	ü
		
	 Calpine Rumford I, Inc.
	  	ü
		
	 Calpine Rumford, Inc.
	  	ü
		
	 Calpine Russell City, LLC
	  	ü
		
	 Calpine Schuylkill, Inc.
	  	ü
		
	 Calpine Sonoran Pipeline LLC
	  	ü
		
	 Calpine Stony Brook Operators, Inc.
	  	ü
		
	 Calpine Stony Brook, Inc.
	  	ü
		
	 Calpine Sumas, Inc.
	  	ü
		
	 Calpine TCCL Holdings, Inc.
	  	ü
		
	 Calpine Texas Pipeline GP, Inc.
	  	ü
		
	 Calpine Texas Pipeline LP, Inc.
	  	ü
		
	 Calpine Texas Pipeline, L.P.
	  	ü

  

 4 

			
	 GUARANTORS
	  	IDENTIFIED AS
GRANTOR

	 Calpine Tiverton I, Inc.
	  	ü
		
	 Calpine Tiverton, Inc.
	  	ü
		
	 Calpine University Power, Inc.
	  	ü
		
	 Calpine Vapor, Inc.
	  	ü
		
	 Carville Energy LLC
	  	ü
		
	 CCFC Development Company, LLC
	  	ü
		
	 CCFC Equipment Finance Company, LLC
	  	ü
		
	 CCFC Project Equipment Finance Company One, LLC
	  	ü
		
	 CES GP, LLC
	  	No
		
	 CES Marketing IX, LLC
	  	No
		
	 CES Marketing V, L.P.
	  	No
		
	 CES Marketing X, LLC
	  	No
		
	 CGC Dighton, LLC
	  	ü
		
	 Channel Energy Center, LP
	  	ü
		
	 Channel Power GP, LLC
	  	ü
		
	 Channel Power, LP
	  	ü
		
	 Clear Lake Cogeneration Limited Partnership
	  	ü
		
	 Columbia Energy LLC
	  	ü
		
	 Corpus Christi Cogeneration LP
	  	ü
		
	 CPN 3rd Turbine, Inc.
	  	ü
		
	 CPN Acadia, Inc.
	  	ü
		
	 CPN Cascade, Inc.
	  	ü
		
	 CPN Clear Lake, Inc.
	  	ü
		
	 CPN Decatur Pipeline, Inc.
	  	ü
		
	 CPN East Fuels, LLC
	  	ü
		
	 CPN Energy Services GP, Inc.
	  	No
		
	 CPN Energy Services LP, Inc.
	  	No
		
	 CPN Freestone, LLC
	  	ü
		
	 CPN Funding, Inc.
	  	ü
		
	 CPN Morris, Inc.
	  	ü
		
	 CPN Oxford, Inc.
	  	ü
		
	 CPN Pipeline Company
	  	ü
		
	 CPN Pleasant Hill Operating, LLC
	  	ü
		
	 CPN Pleasant Hill, LLC
	  	ü

  

 5 

			
	 GUARANTORS
	  	IDENTIFIED AS
GRANTOR

	 CPN Pryor Funding Corporation
	  	ü
		
	 CPN Telephone Flat, Inc.
	  	ü
		
	 Decatur Energy Center, LLC
	  	ü
		
	 Delta Energy Center, LLC
	  	ü
		
	 Dighton Power Associates Limited Partnership
	  	ü
		
	 East Altamont Energy Center, LLC
	  	ü
		
	 Fond du Lac Energy Center, LLC
	  	ü
		
	 Fontana Energy Center, LLC
	  	ü
		
	 Freestone Power Generation, LP
	  	ü
		
	 GEC Bethpage Inc.
	  	ü
		
	 Geothermal Energy Partners, LTD.
	  	ü
		
	 Geysers Power Company II, LLC
	  	ü
		
	 Geysers Power Company, LLC
	  	ü
		
	 Geysers Power I Company
	  	ü
		
	 Hillabee Energy Center, LLC
	  	ü
		
	 Idlewild Fuel Management Corp.
	  	ü
		
	 JMC Bethpage, Inc.
	  	ü
		
	 Lone Oak Energy Center, LLC
	  	ü
		
	 Los Esteros Critical Energy Facility, LLC
	  	ü
		
	 Los Medanos Energy Center LLC
	  	ü
		
	 Magic Valley Gas Pipeline GP, LLC
	  	ü
		
	 Magic Valley Gas Pipeline, LP
	  	ü
		
	 Magic Valley Pipeline, L.P.
	  	ü
		
	 MEP Pleasant Hill, LLC
	  	ü
		
	 Moapa Energy Center, LLC
	  	ü
		
	 Mobile Energy LLC
	  	ü
		
	 Modoc Power, Inc.
	  	ü
		
	 Morgan Energy Center, LLC
	  	ü
		
	 NewSouth Energy LLC
	  	ü
		
	 Northwest Cogeneration, Inc.
	  	ü
		
	 NRG Parlin Inc.
	  	ü
		
	 NTC Five, Inc.
	  	ü
		
	 NTC GP, LLC
	  	ü

  

 6 

			
	 GUARANTORS
	  	IDENTIFIED AS
GRANTOR

	 Nueces Bay Energy LLC
	  	ü
		
	 Pastoria Energy Center, LLC
	  	ü
		
	 Pastoria Energy Facility, L.L.C.
	  	ü
		
	 Pine Bluff Energy, LLC
	  	ü
		
	 RockGen Energy LLC
	  	ü
		
	 Rumford Power Associates Limited Partnership
	  	ü
		
	 San Joaquin Valley Energy Center, LLC
	  	ü
		
	 Santa Rosa Energy Center, LLC
	  	ü
		
	 Silverado Geothermal Resources, Inc.
	  	ü
		
	 Skipanon Natural Gas, LLC
	  	ü
		
	 Stony Brook Cogeneration, Inc.
	  	ü
		
	 Stony Brook Fuel Management Corp.
	  	ü
		
	 Sutter Dryers, Inc.
	  	ü
		
	 Texas City Cogeneration, L.P.
	  	ü
		
	 Texas Cogeneration Company
	  	ü
		
	 Texas Cogeneration Five, Inc.
	  	ü
		
	 Texas Cogeneration One Company
	  	ü
		
	 Thermal Power Company
	  	ü
		
	 Thomassen Turbine Systems America, Inc.
	  	ü
		
	 Tiverton Power Associates Limited Partnership
	  	ü
		
	 Wawayanda Energy Center, LLC
	  	ü
		
	 Westbrook, L.L.C.
	  	ü
		
	 Whatcom Cogeneration Partners, L.P.
	  	ü
		
	 Zion Energy LLC
	  	ü

  

 7 

			
	Accepted and Agreed to:
	
	 GOLDMAN SACHS CREDIT PARTNERS
 L.P., as
Collateral Agent

		
	By:	 	 /s/ Bruce H. Mendelsohn

	Name:	 	Bruce H. Mendelsohn
	Title:	 	Authorized Signatory

 Schedule 1 
 NOTICE ADDRESSES FOR ALL THE GUARANTORS 
 Calpine Corporation 
 50 West San Fernando Street 
 San Jose, CA 95113 
 Attention: Chief Financial Officer 
 Telecopier No.: 408-995-0505 
 with copies (which shall not constitute notice) to: 
 50 West San Fernando
Street 
 San Jose, CA 95113 
 Attention: General Counsel

 Telecopier No.: 408-995-0505 
 Kirkland & Ellis LLP

 Citigroup Center 
 153 East 53rd Street 
 New York, NY 10022 
 Attention: Rick Cieri, Esq. and Yongjin Im, Esq.

 Telecopier No.: 212-446-4900 

 Schedule 2 
 DESCRIPTION OF INVESTMENT PROPERTY 
 Pledged Stock 
  

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Anderson Springs Energy Company	 	CGC Dighton, LLC	 	 LLC Membership
 Interest
	 	100%	 	100% / 100%	 	1
						
	Anderson Springs Energy Company	 	Thermal Power Company	 	Common Stock	 	4,787,586	 	100% / 100%	 	6
						
	Aviation Funding Corp	 	KIAC Partners	 	Partnership Interest	 	50%	 	50% / 50%	 	 No Certificate
 Issued
 [n]

						
	Baytown Power GP, LLC	 	Baytown Power, LP	 	 Limited Partnership
 Interest
	 	1%	 	1% / 1%	 	 1
 [y]

						
	Baytown Power, LP	 	Baytown Energy Center, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 3
 [y]

						
	Bellingham Cogen, Inc.	 	Whatcom Cogeneration Partners, L.P.	 	Limited Partnership Interest	 	25%	 	25% / 25%	 	 No Certificate
 Issued
 [n]

						
	CalGen Equipment Finance Company, LLC	 	CalGen Project Equipment Finance Company One, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	 CalGen Equipment
 Finance Company, LLC
	 	CalGen Project Equipment Finance Company Two, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	 CalGen Equipment
 Finance Company, LLC
	 	CalGen Project Equipment Finance Company Three, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	 CalGen Equipment
 Finance Holdings, LLC
	 	CalGen Equipment Finance Company, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	CalGen Expansion Company, LLC	 	CalGen Equipment Finance Holdings, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	CalGen Expansion Company, LLC	 	Calpine Baytown Energy Center GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	CalGen Expansion Company, LLC	 	Calpine Baytown Energy Center LP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	CalGen Expansion Company, LLC	 	Calpine Channel Energy Center GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	CalGen Expansion Company, LLC	 	 Calpine Channel
 Energy Center LP, LLC
	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	CalGen Expansion Company, LLC	 	Calpine Freestone, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	CalGen Expansion Company, LLC	 	Calpine Northbrook Southcoast Investors, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	CalGen Expansion Company, LLC	 	Calpine Oneta Power I, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	CalGen Expansion Company, LLC	 	 Calpine Oneta Power II,
 LLC
	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	CalGen Expansion Company, LLC	 	Carville Energy LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	CalGen Expansion Company, LLC	 	Columbia Energy LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	CalGen Expansion Company, LLC	 	CPN Freestone, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	CalGen Expansion Company, LLC	 	Decatur Energy Center, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	CalGen Expansion Company, LLC	 	Delta Energy Center, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 5
 [y]

						
	CalGen Expansion Company, LLC	 	Los Medanos Energy Center LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	CalGen Expansion Company, LLC	 	Morgan Energy Center, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	CalGen Expansion Company, LLC	 	 Nueces Bay Energy
 LLC
	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	CalGen Expansion Company, LLC	 	Zion Energy LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine Acadia Holdings, LLC	 	Acadia Power Partners, LLC	 	LLC Membership Interest	 	50%	 	50% / 50%	 	 No Certificate
 Issued
 [n]

						
	Calpine Administrative Services Company, Inc.	 	Calpine c*Power, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	2

  

 2 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Auburndale Holdings, LLC	 	Auburndale Peaker Energy Center, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 3
 y

						
	Calpine Baytown Energy Center GP, LLC	 	Baytown Energy Center, LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 2
 [y]

						
	Calpine Baytown Energy Center LP, LLC	 	Baytown Power GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine Baytown Energy Center LP, LLC	 	Baytown Power, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 2
 [y]

						
	Calpine CalGen Holdings, Inc.	 	Calpine Generating Company, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%1	 	 12
 [y]

						
	Calpine California Energy Finance, LLC	 	Calpine California Development Company, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine California Holdings, Inc.	 	Calpine Peaker Holdings, LLC	 	LLC Membership Interest	 	50.6%	 	50.6% / 50.6%	 	 No Certificate
 Issued
 [n]

						
	Calpine Calistoga Holdings, LLC	 	Silverado Geothermal Resources, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	3
						
	Calpine CCFC Holdings, Inc.	 	CCFC Preferred Holdings, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine Central Texas GP, Inc.	 	Calpine Central, L.P.	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

						
	Calpine Central, Inc.	 	Calpine Central Texas GP, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Central, Inc.	 	Calpine Central-Texas, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	 No Certificate
 Issued

						
	Calpine Central, Inc.	 	Calpine Hidalgo Holdings, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Central, Inc.	 	Calpine Lost Pines Operations, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Central, Inc.	 	Calpine TCCL Holdings, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1

  

	 1
	 Subject to prior pledge to Wilmington Trust Company, as Collateral Agent, under the Membership Interest Pledge
Agreement, dated March 23, 2004, between Calpine CalGen Holdings, Inc., Calpine Generating Company, LLC and Wilmington Trust Company. 

	 2
	 Physical certificates will not be delivered at the Closing Date as these are have been previously pledged.

  

 3 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Central, L.P.	 	CPN Pleasant Hill, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 No Certificate
 Issued
 [n]

						
	 Calpine Central-Texas,
 Inc.
	 	Calpine Central, L.P.	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 No Certificate
 Issued
 [n]

						
	Calpine Channel Energy Center GP, LLC	 	Channel Energy Center, LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 1
 [y]

						
	Calpine Channel Energy Center LP, LLC	 	Channel Power GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine Channel Energy Center LP, LLC	 	Channel Power, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 2
 [y]

						
	Calpine Clear Lake Energy GP, LLC	 	Calpine Clear Lake Energy, LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

						
	Calpine Clear Lake Energy, LP	 	Clear Lake Cogeneration Limited Partnership	 	Limited Partnership Interest	 	98%	 	98% / 98%	 	 No Certificate
 Issued
 [n]

						
	Calpine Cogeneration Corporation	 	Calpine Philadelphia, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Cogeneration Corporation	 	Calpine Pryor, Inc.	 	Common Stock	 	100	 	100% / 100%	 	3
						
	Calpine Cogeneration Corporation	 	Calpine Schuylkill, Inc.	 	Common Stock	 	100	 	50% / 50%	 	3
						
	Calpine Cogeneration Corporation	 	CPN Funding, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Cogeneration Corporation	 	Philadelphia Biogas Supply, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	3
						
	Calpine Corporation	 	Androscoggin Energy, Inc.	 	Common Stock	 	1,000	 	100% / 100%1	 	52
						
	Calpine Corporation	 	Calpine Administrative Services Company, Inc.	 	Common Stock	 	1,000	 	100% / 100%3	 	21

  

	 1
	 Subject to prior pledge to The Bank of New York, as Collateral Trustee, under the Second Amendment Pledge Agreement,
dated July 16, 2003, including all attachments and amendments thereto. 

	 2
	 Physical certificates will not be delivered on the Closing Date as these are have been previously pledged.

	 3
	 Subject to prior pledge to The Bank of New York, as Collateral Trustee, under the Second Amendment Pledge Agreement,
dated July 16, 2003, including all attachments and amendments thereto. 

  

 4 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Corporation	 	Calpine Energy Services Holdings, Inc.	 	Common Stock	 	100	 	100% / 100%2	 	23
						
	Calpine Corporation	 	Calpine Fuels Corporation	 	Common Stock	 	1,000	 	100% / 100%4	 	15
						
	Calpine Corporation	 	Calpine Gas Holdings LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	Calpine Corporation	 	Calpine Greenleaf Holdings, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Corporation	 	Calpine International Holdings, Inc.	 	Common Stock	 	1,000	 	100% / 100%6	 	27
						
	Calpine Corporation	 	Calpine Monterey Cogeneration, Inc.	 	Common Stock	 	1,000	 	100% / 100%8	 	N/A9
						
	Calpine Corporation	 	Calpine Northbrook Corporation of Maine, Inc.	 	Common Stock	 	1,000	 	100% / 100%10	 	111
						
	Calpine Corporation	 	Calpine Operations Management Company, Inc.	 	Common Stock	 	1,000	 	100% / 100%1213	 	214
						
	Calpine Corporation	 	Calpine Power Company	 	Common Stock	 	1,000	 	100% / 100%1	 	12

  

	 1
	 Physical certificates will not be delivered on the Closing Date as these are have been previously pledged.

	 2
	 Subject to prior pledge to The Bank of New York, as Collateral Trustee, under the Second Amendment Pledge Agreement,
dated July 16, 2003, including all attachments and amendments thereto. 

	 3
	 Physical certificates will not be delivered on the Closing Date as these are have been previously pledged.

	 4
	 Subject to prior pledge to The Bank of New York, as Collateral Trustee, under the Second Amendment Pledge Agreement,
dated July 16, 2003, including all attachments and amendments thereto. 

	 5
	 Physical certificates will not be delivered on the Closing Date as these are have been previously pledged.

	 6
	 Subject to prior pledge to The Bank of New York, as Collateral Trustee, under the Second Amendment Pledge Agreement,
dated July 16, 2003, including all attachments and amendments thereto. 

	 7
	 Physical certificates will not be delivered on the Closing Date as these are have been previously pledged.

	 8
	 Subject to prior pledge to State Street Bank and Trust Company of California, N.A. under the Stock Pledge Agreement,
dated June 22, 1995. 

	 9
	 Physical certificates will not be delivered on the Closing Date as these are have been previously pledged.

	 10
	 Subject to prior pledge to The Bank of New York, as Collateral
Trustee, under the Second Amendment Pledge Agreement, dated July 16, 2003 including all attachments and amendments thereto. 

	 11
	 Physical certificates will not be delivered on the Closing Date
as these are have been previously pledged. 

	 12
	 Subject to prior pledge to The Bank of New York, as Collateral
Trustee, under the Second Amendment Pledge Agreement, dated July 16, 2003, including all attachments and amendments thereto. 

	 13
	 Subject to prior pledge to The Bank of New York, as Collateral
Trustee, under the Second Amendment Pledge Agreement, dated July 16, 2003, including all attachments and amendments thereto. 

	 14
	 Physical certificates will not be delivered on the Closing Date
as these are have been previously pledged. 

  

 5 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Corpus Christi Energy GP, LLC	 	Calpine Corpus Christi Energy, LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 1
 [y]

						
	Calpine Corpus Christi Energy, LP	 	Corpus Christi Cogeneration LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 3
 [y]

						
	Calpine Decatur Pipeline, Inc.	 	Calpine Decatur Pipeline, L.P.	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

						
	Calpine East Fuels, Inc.	 	CPN East Fuels, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 No Certificate
 Issued
 [n]

						
	Calpine Eastern Corporation	 	Aviation Funding Corp.	 	Common Stock	 	42	 	100% / 100%	 	3
						
	Calpine Eastern Corporation	 	Bethpage Fuel Management Inc.	 	Common Stock	 	10	 	100% / 100%	 	2
						
	Calpine Eastern Corporation	 	Calpine Power, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	3
						
	Calpine Eastern Corporation	 	CPN 3rd Turbine, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Eastern Corporation	 	CPN Bethpage 3rd Turbine, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Eastern Corporation	 	GEC Bethpage Inc.	 	Common Stock	 	100	 	100% / 100%	 	1
						
	Calpine Eastern Corporation	 	Idlewild Fuel Management Corp.	 	Common Stock	 	100	 	100% / 100%	 	2
						
	Calpine Eastern Corporation	 	JMC Bethpage, Inc.	 	Common Stock	 	10	 	100% / 100%	 	2
						
	Calpine Eastern Corporation	 	Stony Brook Cogeneration, Inc.	 	Common Stock	 	100	 	100% / 100%	 	1
						
	Calpine Eastern Corporation	 	Stony Brook Fuel Management Corp.	 	Common Stock	 	100	 	100% / 100%	 	1
						
	Calpine Eastern Corporation	 	TBG Cogen Partners	 	Partnership Interest	 	45%	 	45% / 45%	 	 No Certificate
 Issued
 [n]

						
	Calpine Edinburgh, Inc.	 	Calpine Hidalgo Power GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

  

	 1
	 Subject to prior pledge to The Bank of New York, as Collateral Trustee, under the Second Amendment Pledge Agreement,
dated July 16, 2003, including all attachments and amendments thereto. 

	 2
	 Physical certificates will not be delivered on the Closing Date as these are have been previously pledged.

  

 6 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Edinburgh, Inc.	 	Calpine Hidalgo Design, L.P.	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 No Certificate
 Issued
 [n]

						
	Calpine Edinburgh, Inc.	 	Calpine Hidalgo Power, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 No Certificate
 Issued
 [n]

						
	Calpine Energy Services Holdings, Inc.	 	Calpine Power Management, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Energy Services Holdings, Inc.	 	Calpine PowerAmerica, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Energy Services Holdings, Inc.	 	CPN Energy Services GP, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	4
						
	Calpine Energy Services Holdings, Inc.	 	CPN Energy Services LP, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Freestone Energy GP, LLC	 	Calpine Freestone Energy, LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 1
 [y]

						
	Calpine Freestone Energy, LP	 	Calpine Power Equipment LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 3
 [y]

						
	Calpine Freestone Energy, LP	 	Freestone Power Generation LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 4
 [y]

						
	Calpine Freestone, LLC	 	Calpine Power Equipment LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 1
 [y]

						
	Calpine Freestone, LLC	 	Freestone Power Generation LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 3
 [y]

						
	Calpine Fuels Corporation	 	Calpine Decatur Pipeline, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Fuels Corporation	 	Calpine Magic Valley Pipeline, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Fuels Corporation	 	Calpine MVP, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	4
						
	Calpine Fuels Corporation	 	Calpine Sonoran Pipeline LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	Calpine Fuels Corporation	 	Calpine Texas Pipeline GP, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Fuels Corporation	 	Calpine Texas Pipeline LP, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Fuels Corporation	 	CPN Decatur Pipeline, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1

  

 7 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Fuels Corporation	 	CPN Pipeline Company	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Generating Company, LLC	 	CalGen Expansion Company, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%*1	 	 1**2
 [y]

						
	Calpine Generating Company	 	CalGen Finance Corp.	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Generating Company	 	Geothermal Energy Partners, Ltd.	 	Limited Partnership Interest	 	54%	 	54% / 54%	 	 No Certificate
 Issued
 [n]

						
	Calpine Gilroy 1, Inc.	 	Calpine Gilroy Cogen, L.P.	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

						
	Calpine Gilroy 2, Inc.	 	Calpine Gilroy Cogen, L.P.	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 No Certificate
 Issued
 [n]

						
	Calpine Gordonsville, LLC	 	Gordonsville Energy, L.P.	 	Limited Partnership Interest	 	50%	 	50% / 50%	 	 No Certificate
 Issued
 [n]

						
	Calpine Hidalgo Holdings, Inc.	 	Calpine Edinburg, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Hidalgo Holdings, Inc.	 	Calpine Hidalgo, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Hidalgo Power GP, LLC	 	Calpine Hidalgo Power, LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

						
	Calpine Hidalgo Power, LP	 	Calpine Hidalgo Energy Center, L.P.	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 No Certificate
 Issued
 [n]

						
	Calpine Hidalgo, Inc.	 	Calpine Hidalgo Design, L.P.	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

  

	 1
	 Subject to prior pledge to Wilmington Trust Company under the Membership Interest Pledge Agreement, dated March 23,
2004, by and among Calpine Generating Company, LLC, CalGen Expansion Company and Wilmington Trust Company. 

	 2
	 Physical certificates will not be delivered on the Closing Date as these are have been previously pledged.

  

 8 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Hidalgo, Inc.	 	Calpine Hidalgo Energy Center, L.P.	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

						
	Calpine Kennedy Airport, Inc.	 	Calpine Kennedy Operators, Inc.	 	Common Stock	 	10	 	100% / 100%	 	3
						
	Calpine King City, Inc.	 	Calpine King City, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	2
						
	Calpine King City, LLC	 	King City Holdings, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 No Certificate
 Issued
 [n]

						
	Calpine KIA, Inc.	 	KIAC Partners	 	Partnership Interest	 	50%	 	50% / 50%	 	 No Certificate
 Issued
 [n]

						
	Calpine Long Island, Inc.	 	Calpine Kennedy Airport, Inc.	 	Common Stock	 	10	 	100% / 100%	 	2
						
	Calpine Long Island, Inc.	 	Calpine University Power, Inc.	 	Common Stock	 	10	 	100% / 100%	 	2
						
	Calpine Magic Valley Pipeline, Inc.	 	Magic Valley Pipeline, L.P.	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

						
	Calpine MVP, Inc.	 	Magic Valley Gas Pipeline GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine MVP, Inc.	 	Magic Valley Gas Pipeline, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 2
 [y]

						
	Calpine NCTP GP, LLC	 	Calpine NCTP, LP	 	LLC Membership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

						
	Calpine NCTP, LP	 	Calpine Texas Pipeline, L.P.	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 2
 [y]

						
	Calpine Northbrook Investors, LLC	 	Pine Bluff Energy, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine Northbrook Project Holdings, LLC	 	RockGen Energy LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1—25%
 2—25%
 3—25%
 4—25%
 [y]

  

 9 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Northbrook Southcoast Investors, LLC	 	Calpine Corpus Christi Energy GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine Northbrook Southcoast Investors, LLC	 	Calpine Corpus Christi Energy, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 2
 [y]

						
	Calpine Oneta Power I, LLC	 	Calpine Oneta Power, L.P.	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 3
 [y]

						
	Calpine Oneta Power II, LLC	 	Calpine Oneta Power, L.P.	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 4
 [y]

						
	Calpine Operations Management Company, Inc.	 	Calpine Construction Management Company, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Operations Management Company, Inc.	 	Calpine Global Services Company, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	3
						
	Calpine Operations Management Company, Inc.	 	Calpine Operating Services Company, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Operations Management Company, Inc.	 	Calpine Power Services, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Operations Management Company, Inc.	 	Thomassen Turbine Systems America, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Power Company	 	Anacapa Land Company, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 No Certificate
 Issued
 [n]

						
	Calpine Power Company	 	Anderson Springs Energy Company	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Power Company	 	Bellingham Cogen, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	3
						
	Calpine Power Company	 	Calpine Agnews, Inc.	 	Common Stock	 	3,000	 	100% / 100%	 	8
						
	Calpine Power Company	 	Calpine Auburndale Holdings, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	Calpine Power Company	 	Calpine CalGen Holdings, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	3
						
	Calpine Power Company	 	Calpine California Energy Finance, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	Calpine Power Company	 	Calpine Calistoga Holdings, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [n]

  

 10 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Power Company	 	Calpine CCFC Holdings, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Power Company	 	Calpine Central, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Power Company	 	Calpine Cogeneration Corporation	 	Common Stock	 	5,000	 	100% / 100%	 	4
						
	Calpine Power Company	 	Calpine Deer Park Partner, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine Power Company	 	Calpine Deer Park, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine Power Company	 	Calpine Development Holdings, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Power Company	 	Calpine Dighton, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Power Company	 	Calpine DP LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Calpine Power Company	 	Calpine East Fuels, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Power Company	 	Calpine Eastern Corporation	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Power Company	 	Calpine Gordonsville, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	Calpine Power Company	 	Calpine King City, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Power Company	 	Calpine Leasing Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Power Company	 	Calpine Northbrook Holdings Corporation	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Power Company	 	Calpine Pittsburg, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	Calpine Power Company	 	Calpine Project Holdings, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Power Company	 	Calpine Rumford I, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Power Company	 	Calpine Rumford, Inc.	 	Common Stock	 	200	 	100% / 100%	 	 3 (100 shares)
 4 (100 shares)

						
	Calpine Power Company	 	Calpine Sumas, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Power Company	 	Calpine Tiverton I, Inc.	 	Common Stock	 	100	 	100% / 100%	 	2
						
	Calpine Power Company	 	Calpine Tiverton, Inc.	 	Common Stock	 	100	 	100% / 100%	 	2
						
	Calpine Power Company	 	Calpine Vapor, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Power Company	 	CPN Cascade, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	4
						
	Calpine Power Company	 	CPN Telephone Flat, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	3

  

 11 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Power Company	 	Los Esteros Critical Energy Facility, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	Calpine Power Company	 	Modoc Power, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Power Company	 	Mount Hoffman Geothermal Company, L.P.	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 No Certificate
 Issued
 [n]

						
	Calpine Power Company	 	NewSouth Energy LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 2
 [y]

						
	Calpine Power Company	 	Northwest Cogeneration, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	3
						
	Calpine Power Company	 	Sutter Dryers, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	Calpine Power, Inc.	 	Calpine KIA, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	6
						
	Calpine Power, Inc.	 	Calpine Long Island, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	3
						
	Calpine Project Holdings, Inc.	 	Mobile Energy LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 4
 y

						
	Calpine Pryor, Inc.	 	CPN Pryor Funding Corporation	 	Common Stock	 	1,000	 	100% / 100%	 	4
						
	Calpine Rumford I, Inc.	 	Rumford Power Associates Limited Partnership	 	Limited Partnership Interest	 	98%	 	98% / 98%	 	 No Certificate
 Issued
 [n]

						
	Calpine Rumford, Inc	 	Rumford Power Associates Limited Partnership	 	Limited Partnership Interest	 	2%	 	2% / 2%	 	 No Certificate
 Issued
 [n]

						
	Calpine Russell City, LLC	 	Russell City Energy Company, LLC	 	LLC Membership Interest	 	650	 	65% / 65%	 	3
						
	Calpine Stony Brook, Inc.	 	Nissequogue Cogen Partners	 	Partnership Interest	 	50%	 	50% / 50%	 	 No Certificate
 Issued
 [n]

						
	Calpine Sumas, Inc.	 	Whatcom Cogeneration Partners, L.P.	 	Limited Partnership Interest	 	25%	 	25% / 25%	 	 No Certificate
 Issued
 [n]

						
	Calpine TCCL Holdings, Inc.	 	Texas Cogeneration Company	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Calpine Texas Pipeline GP, Inc.	 	Calpine Texas Pipeline, L.P.	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 1
 [y]

  

 12 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	Calpine Texas Pipeline LP, Inc.	 	Calpine NCTP, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 No Certificate
 Issued
 [n]

						
	Calpine Texas Pipeline LP, Inc.	 	Calpine NCTP GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	1
						
	Calpine Tiverton I, Inc.	 	Tiverton Power Associates Limited Partnership	 	Limited Partnership Interest	 	98%	 	98% / 98%	 	 No Certificate
 Issued
 [n]

						
	Calpine Tiverton, Inc.	 	Tiverton Power Associates Limited Partnership	 	Limited Partnership Interest	 	2%	 	2% / 2%	 	 No Certificate
 Issued
 [n]

						
	Calpine University Power, Inc.	 	Calpine Stony Brook Operators, Inc.	 	Common Stock	 	10	 	100% / 100%	 	3
						
	Calpine University Power, Inc.	 	Calpine Stony Brook, Inc.	 	Common Stock	 	10	 	100% / 100%	 	3
						
	CCFC Development Company, LLC	 	Lone Oak Energy Center, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	CCFC Equipment Finance Company, LLC	 	CCFC Project Equipment Finance Company One, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	CGC Dighton, LLC	 	Dighton Power Associates Limited Partnership	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

						
	Channel Power GP, LLC	 	Channel Power, LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 1
 [y]

						
	Channel Power, LP	 	Channel Energy Center, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 2
 [y]

						
	CPN Acadia, Inc.	 	Calpine Acadia Holdings, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	CPN Clear Lake, Inc.	 	Clear Lake Cogeneration Limited Partnership	 	Limited Partnership Interest	 	2%	 	2% / 2%	 	 No Certificate
 Issued
 [n]

						
	CPN Decatur Pipeline, Inc.	 	Calpine Decatur Pipeline, L.P.	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 No Certificate
 Issued
 [n]

						
	CPN Freestone, LLC	 	Calpine Freestone Energy GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

  

 13 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	CPN Freestone, LLC	 	Calpine Freestone Energy, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 2
 [y]

						
	CPN Funding, Inc	 	CPN Morris, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	2
						
	CPN Pleasant Hill, LLC	 	CPN Pleasant Hill Operating, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 No Certificate
 Issued
 [n]

						
	CPN Pleasant Hill, LLC	 	MEP Pleasant Hill, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	GEC Bethpage Inc.	 	TBG Cogen Partners	 	Partnership Interest	 	45%	 	45% / 45%	 	 No Certificate
 Issued
 [n]

						
	Geysers Power Company II, LLC	 	Geysers Power Company, LLC	 	LLC Membership Interest	 	34.85697%	 	34.85697% / 34.85697%	 	 2
 [y]

						
	Geysers Power I Company	 	Geysers Power Company, LLC	 	LLC Membership Interest	 	65.14303%	 	65.14303% / 65.14303%	 	 1
 [y]

						
	JMC Bethpage, Inc.	 	TBG Cogen Partners	 	Partnership Interest	 	10%	 	10% / 10%	 	 No Certificate
 Issued
 [n]

						
	Magic Valley Gas Pipeline GP, LLC	 	Magic Valley Gas Pipeline, LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 1
 [y]

						
	Magic Valley Gas Pipeline, LP	 	Magic Valley Pipeline, L.P.	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 No Certificate
 Issued
 [n]

						
	Modoc Power, Inc.	 	Calpine Siskiyou Geothermal Partners, L.P.	 	Limited Partnership Interest	 	44.34%	 	44.34% / 44.34%	 	 No Certificate
 Issued
 [n]

						
	Modoc Power, Inc.	 	Mount Hoffman Geothermal Company, L.P.	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 No Certificate
 Issued
 [n]

						
	Northwest Cogeneration, Inc.	 	Whatcom Cogeneration Partners, L.P.	 	Limited Partnership Interest	 	50%	 	50% / 50%	 	 No Certificate
 Issued
 [n]

						
	NTC Five, Inc.	 	Calpine NTC, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 2
 [y]

						
	NTC Five, Inc.	 	NTC GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

  

 14 

											
	 Grantor:
	 	 Issuer
	 	 Type of Interest
	 	 Number of Shares
 or Units Held
	 	 Percentage Owned of
Issued & Outstanding
Interests/Percentage
Pledged
	 	 Certificate Number(s)
 [Article 8 Y/N]

	NTC GP, LLC	 	Calpine NTC, LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 1
 [y]

						
	Nueces Bay Energy LLC	 	Corpus Christi Cogeneration LP	 	Limited Partnership Interest	 	1%	 	1% / 1%	 	 2
 [y]

						
	Stony Brook Cogeneration, Inc.	 	Nissequogue Cogen Partners	 	Partnership Interest	 	50%	 	50% / 50%	 	 No Certificate
 Issued
 [n]

						
	Texas Cogeneration Company	 	Calpine Clear Lake Energy GP, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [y]

						
	Texas Cogeneration Company	 	Calpine Clear Lake Energy, LP	 	Limited Partnership Interest	 	99%	 	99% / 99%	 	 No Certificate
 Issued
 [n]

						
	Texas Cogeneration Company	 	CPN Clear Lake, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Texas Cogeneration Company	 	NTC Five, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Texas Cogeneration Company	 	Texas Cogeneration Five, Inc.	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Texas Cogeneration Company	 	Texas Cogeneration One Company	 	Common Stock	 	1,000	 	100% / 100%	 	1
						
	Texas Cogeneration One Company	 	Texas City Cogeneration, L.P.	 	Limited Partnership Interest	 	0.10%	 	0.10% / 0.10%	 	 No Certificate
 Issued
 [n]

						
	Thermal Power Company	 	Geysers Power Company II, LLC	 	LLC Membership Interest	 	100%	 	100% / 100%	 	 1
 [n]

						
	Thermal Power Company	 	Geysers Power I Company	 	Common Stock	 	100	 	100% / 100%	 	2

  

 15 

 Schedule 3 
 PERFECTION MATTERS 
 Uniform Commercial Code Filings 
 To duly file the appropriate UCC financing statements with the respective filing offices as set forth on Schedule 3.18(a) of the Credit Agreement,
which is incorporated herein by reference. 
 Patent and Trademark Filings 
 To file and record of a grant of security interest in United States Trademarks in the United States Patent and Trademark Office and to pay all filing and
recordation fees associated therewith. 
 Actions with respect to Pledged Stock 
 To deliver the possession of the relevant certificates representing the Pledged Stock, the Master Promissory Note and the corresponding endorsement to the
Collateral Agent. 

 Schedule 4 
 LOCATION OF JURISDICTION OF ORGANIZATION AND CHIEF EXECUTIVE OFFICE 
 1. The relevant jurisdiction of organization and chief
executive office of each Grantor that is set forth on Schedule 3.6 of the Credit Agreement and incorporated herein by reference. 
 2. As to Calpine
Corporation, the jurisdiction of organization is the State of Delaware, and the addresses for its chief executive offices are listed below: 
 — 50 W. San Fernando Street, San Jose, CA 95113 
 — 717 Texas Avenue, Suite 1000, Houston, Texas 77002 

 Schedule 5 
 INTELLECTUAL PROPERTY 
  

									
	 Trademark
	 	 Jurisdiction
	 	 Application Number and
Application Date
	 	 Registration Number and
Registration Date
	 	 Owner

					
	 C and Design
 

	 	Canada	 	 1107005
 19-Jun-2001
	 	 615304
 20-Jul-2004
	 	Calpine Corporation
					
	 C and Design
 

	 	Canada	 	 1107002
 19-Jun-2001
	 	 608168
 21-Apr-2004
	 	Calpine Corporation
					
	 C and Design 
 

	 	European Community	 	 002379311
 17-Sep-2001
	 	 002379311
 02-May-2003
	 	Calpine Corporation
					
	 C and Design 
 

	 	Mexico	 	 525716
 19-Dec-2001
	 	 738363
 19-Mar-2002
	 	Calpine Corporation
					
	 C and Design 
 

	 	Mexico	 	 525714
 19-Dec-2001
	 	 737411
 28-Feb-2002
	 	Calpine Corporation
					
	 C and Design 
 

	 	Mexico	 	 525712
 19-Dec-2001
	 	 767957
 11-Nov-2002
	 	Calpine Corporation
					
	 C and Design 
 

	 	Mexico	 	 525711
 19-Dec-2001
	 	 826858
 29-Mar-2004
	 	Calpine Corporation

									
					
	 C and Design
 

	 	Mexico	 	 525713
 19-Dec-2001
	 	 739096
 25-Mar-2002
	 	Calpine Corporation
					
	 C and Design 
 

	 	United States of America	 	 76/195598
 18-Jan-2001
	 	 2781097
 11-Nov-2003
	 	Calpine Corporation
					
	CALPINE	 	Canada	 	 1107004
 19-Jun-2001
	 	 614674
 12-Jul-2004
	 	Calpine Corporation
					
	CALPINE	 	Canada	 	 1107003
 19-Jun-2001
	 	 588644
 02-Sep-2003
	 	Calpine Corporation
					
	CALPINE	 	European Community	 	 002379360
 17-Sep-2001
	 	 002379360
 24-Apr-2003
	 	Calpine Corporation
					
	CALPINE	 	Mexico	 	 525708
 19-Dec-2001
	 	 800055
 22-Jul-2003
	 	Calpine Corporation
					
	CALPINE	 	Mexico	 	 525715
 19-Dec-2001
	 	 744732
 30-Apr-2002
	 	Calpine Corporation
					
	CALPINE	 	Mexico	 	 525707
 19-Dec-2001
	 	 744731
 30-Apr-2002
	 	Calpine Corporation
					
	CALPINE	 	Mexico	 	 525709
 19-Dec-2001
	 	 737409
 28-Feb-2002
	 	Calpine Corporation
					
	CALPINE	 	Mexico	 	 525710
 19-Dec-2001
	 	 737410
 28-Feb-2002
	 	Calpine Corporation
					
	CALPINE	 	United States of America	 	 76/195597
 18-Jan-2001
	 	 2751748
 19-Aug-2003
	 	Calpine Corporation
					
	REPOWERING AMERICA	 	United States of America	 	 76/195596
 18-Jan-2001
	 	 3098433
 30-May-2006
	 	Calpine CorporationSeparation Agreement and General Release, dated November 28, 2007

 EXECUTION COPY 
 Exhibit 10.6.14.2 
 PRIVILEGED AND CONFIDENTIAL 
 SUBJECT TO FRE 408 
 Separation Agreement and General Release 
 This Separation Agreement and General Release (the “Separation
Agreement”) relates to your Employment Agreement dated as of May 25, 2006, and as amended from time to time, with Calpine Corporation, a California corporation, (the “Company”) (the “Employment Agreement”). The Company
and its affiliates, including without limitation those affiliates that are affiliated debtors in possession in the Company’s Chapter 11 cases, shall be sometimes hereinafter referred to as the “Group.” This Separation Agreement is
made as of this 28th day of November 2007 by and among the Company and THOMAS N. MAY (“Executive,” and together with the Company and the Group, “the Parties”). 
 WHEREAS, Executive has been employed by the Company under terms set forth in the Employment Agreement; and 
 WHEREAS, Executive’s employment with the Company has ended (the “Separation”) effective as of September 14, 2007 (the
“Separation Date”); and, 
 WHEREAS, the Parties desire to enter into this Separation Agreement in order to set forth the
definitive rights and obligations of the Parties in connection with the Separation. 
 NOW, THEREFORE, in consideration of the mutual
covenants, commitments and agreements contained herein, and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties intending to be legally bound hereby agree as follows: 
 1. Acknowledgment of Separation. The Parties acknowledge and agree that the Separation is effective as of the Separation Date. 

2. Termination of Employment. Effective as of the Separation Date, Executive ceased serving as EVP, and President CMSC of the Company,
and any and all other offices (or other positions) which he held at the Company and any member of the Group. 
 3. Executive’s
Acknowledgment of Consideration. Executive specifically acknowledges that he is receiving consideration for the waiver of certain rights he may have relative to his employment with the Company or the termination thereof. 
 4. Payments and Benefits Upon and After the Separation. 
 (a) Final Pay. Executive acknowledges having received all final wages and accrued unused vacation, plus any expenses incurred
prior to the Separation Date that are reimbursable pursuant to the Company’s relevant expense reimbursement policies, minus applicable federal, state and local tax withholdings, for services performed for the Company through and including the
Separation Date. 

 EXECUTION COPY 
  
 (b) COBRA and COBRA Premium Payments. For a period of twelve months following the Separation Date,
the Company shall, at its sole cost and expense (but disregarding any individual tax liability of Executive), and based on the election of continuation health coverage by the Executive pursuant to the provisions of Section 4980B of the Internal
Revenue Code of 1986, as amended (“COBRA”), provide Executive (and his spouse and eligible dependents) with group health benefits substantially similar to those benefits that Executive (and his spouse and eligible dependents) received
immediately prior to the Separation Date (which may at the Company’s election be pursuant to reimbursement of the applicable COBRA premium). Such coverage shall be provided to Executive as COBRA benefits and shall terminate prior to the twelve
month period if Executive, his spouse or eligible dependents are no longer eligible for COBRA coverage or are otherwise provided with similar group health benefits from another source. To the extent possible, the payment of Executive’s (and his
spouse’s and dependents’) COBRA coverage shall be made in a tax efficient manner for the Executive so long as there are no adverse tax consequences for the Company. 
 (c) Guaranteed Minimum Success Fee. Executive shall receive a payment equal to 2 times Executive’s base salary (i.e.,
$1,000,000) as of the Separation Date in satisfaction of the Guaranteed Minimum Success Fee set forth in Section 3(e)(i) of the Employment Agreement. The Guaranteed Minimum Success Fee shall be paid ratably on a monthly basis over the 24 month
period commencing with the first day of the first month following the Separation Date if, and only if, the Revocation Period (as defined below) expires without this Agreement having been revoked; provided that, as required by Section 409A of
the Code, payments of the Guaranteed Minimum Success Fee shall be suspended until the first day following the six month anniversary of the Separation Date. The initial payment shall include all installments that would otherwise have been made during
this suspension period plus interest on the delayed installments at an annual rate (compounded monthly) equal to the federal short-term rate (as in effect under Section 1274(d) of the Internal Revenue Code of 1986, as amended). 
 (d) Success Fee. Executive shall be eligible to participate in the Company’s Emergence Incentive Plan in accordance with
Section 3(d) of the Employment Agreement, as though Executive was or is employed as the Company’s EVP and President CMSC on the Plan Effective Date (as defined in the Employment Agreement). 
 (e) Relocation Expenses. The Company shall pay Executive $150,000 in a lump-sum within 15 days after the expiration of the
Revocation Period to reimburse Executive for any expenses he may incur in connection with the relocation of Executive and his family, costs associated with the sale of Executive’s current home and for costs and expenses incurred by Executive in
obtaining advice from professionals of his choosing in connection with his separation from employment with the Company and the negotiation of this Agreement. 
 (f) Certain Indemnification Obligations. The Company agrees that it will continue its reasonable efforts to assist Executive
regarding Executive’s credit history and any other issues that arise related to Robert Smith’s use of Executive’s personal identity information. The Company agrees that it will continue its reasonable efforts to pursue criminal action
against 

  

 2 

 EXECUTION COPY 
  
 
Robert Smith related to his taking and use of Executive’s personal identity information. Executive agrees to provide any and all information necessary
for the Company to assist Executive and to pursue criminal action against Mr. Smith. The Company will continue with these efforts for one year from the date Executive executes this Agreement. Executive acknowledges that upon the expiration of
the one year time frame, the Company will have met any and all obligations to Executive regarding Mr. Smith’s taking and use of Executive’s personal identity information. 
 (g) Release and Indemnification. The Company agrees that it shall seek to treat Executive the same as current executive-level
employees of the Company in connection with obtaining bankruptcy court approval of the release of claims the Company or its creditors may have against Executive or in connection with the ongoing indemnification of Executive by the Company for claims
related to Executive’s performance of services for the Company. 
 (h) Effectiveness of Obligations. For the sake
of clarity, the provisions of this Section 4 (other than Section 4(a)) shall not become effective and shall not bind the Company until the Revocation Expires without Executive having revoked all or any portion of this Agreement.

 5. No Right to Recoup Signing Bonus. The Company acknowledges that it has no right (and waives any right it may have)
under section 3(f) of the Employment Agreement, or otherwise, to recoup any portion of the signing bonus paid to Executive pursuant to the Employment Agreement. 
 6. Proprietary Information; Non-Competition; Non-Solicitation; Non-Disparagement. 
 (a) Definition of Proprietary Information. “Proprietary Information” means confidential or proprietary information, knowledge or data concerning (1) the businesses, strategies, operations,
financial affairs, organizational matters, personnel matters, budgets, business plans, marketing plans, studies, policies, procedures, products, ideas, processes, software systems, trade secrets and technical know-how of the Company and its
affiliates from time to time (together, the “Group”), (2) any other matter relating to the Group, (3) any matter relating to clients of the Group or other third parties having relationships with the Group and (4) any
confidential information from which the Group derives business advantage or economic value. Proprietary Information includes (A) the names, addresses, phone numbers and buying habits and preferences and other information concerning clients and
prospective clients of the Group, and (B) information and materials concerning the personal affairs of employees of the Group. In addition, Proprietary Information may include information furnished to Executive orally or in writing (whatever
the form or storage medium) or gathered by inspection, in each case before or after the date of this Agreement. Proprietary Information does not include information (X) that was or becomes generally available to Executive on a non-confidential
basis, if the source of this information was not reasonably known to Executive to be bound by a duty of confidentiality, (Y) that was or becomes generally available to the public, other than as a result of a disclosure by Executive, directly or
indirectly, or (Z) that Executive can establish was independently developed by Executive without reference to Proprietary Information. 
  

 3 

 EXECUTION COPY 
  
 (b) Acknowledgements. Executive acknowledges that he obtained or created Proprietary Information in
the course of Executive’s involvement in the Group’s activities. Executive agrees that the Proprietary Information is the exclusive property of the Group. In addition, nothing in this Agreement will operate to weaken or waive any rights
the Group may have under statutory or common law, or any other agreement, to the prohibition of unfair competition or the protection of trade secrets, confidential business information and other confidential information. 
 (c) Post-Employment. After the termination of Executive’s employment, Executive will not use or disclose any Proprietary
Information for any purpose. For the avoidance of doubt, but without limitation of the foregoing, Executive will not directly or indirectly use Proprietary Information from which the Group derives business advantage or economic benefit to solicit,
impair or interfere with, or attempt to solicit, impair or interfere with, any person or entity, who, at the time of the termination of Executive’s employment, is then a customer, vendor or business relationship of the Group (or who Executive
knew was a potential customer, vendor or business relationship of the Company within the six months prior to the termination of Executive’s Employment). Nothing in this Agreement precludes Executive from providing information pursuant to a
lawful subpoena or court order; provided that Executive shall promptly notify the Company of the receipt of any such subpoena or court order and cooperate with the Company in any action taken or requested by the Company to keep such information
confidential. 
 (d) Non-Competition; Non-Solicitation; Non-Disparagement. 
 (i) Non-Competition. For 12 months after the Separation Date, Executive shall not directly or indirectly manage, operate,
participate in, be employed by, perform consulting services for, or otherwise be connected with NRG Energy, Inc., Mirant Corporation, Reliant Energy, Dynegy Inc., Edison Mission Energy/Edison International, Constellation Energy Group, Inc. (FPL
Group, Inc.) and Pacific Gas & Electric Company (each a “Competitive Enterprise”); nor has Executive received compensation from any other company or business during the time Executive was employed with the Company unless the
arrangement giving rise to such compensation was (i) disclosed to and approved by the Chief Executive Officer and the Board in advance or (ii) was otherwise permitted by the terms of the Employment Agreement. Executive may invest in any
Competitive Enterprise, provided that Executive and Executive’s immediate family members (as defined in Section 1361(c)(B) of the Code) do not own collectively more than one percent of the voting securities of any such entity at any
time. Executive may reduce this non-compete provision from 12 months to as short as 6 months by repaying a pro rata portion of the Guaranteed Minimum Success Fee (net of any associated income and employment taxes) prior to operating, participating
in, being employed by or performing consulting services for the above referenced competitive enterprises. Within 10 days after the filing of Executive’s federal income tax return for the year in which such repayment is made, Executive shall pay
to the Company the amount by which Executive’s federal and state income tax liability for such year was reduced as a result of such repayment. 
 (ii) Non-Solicitation. For 18 months after the Separation Date, Executive will not directly or indirectly solicit or attempt to solicit anyone who, at the time of the termination of Executive’s employment,
was then an employee of the Group (or who was an 

  

 4 

 EXECUTION COPY 
  
 
employee of the Group within the six months prior to the termination of his Employment) to resign from the Group or to apply for or accept employment with
any company or other enterprise. 
 (iii) Non-Disparagement. The Parties mutually covenant and agree that neither will
directly or indirectly disparage the other (or any officers, directors, employees, or advisors to any member of the Group) or make or solicit any comments, statements, or the like to any clients, competitors, suppliers, employees or former employees
of the Company, the press, other media, or others that may be considered derogatory or detrimental to the good name or business reputation of the other party. Nothing herein shall be deemed to constrain either party’s cooperation in any
Board-authorized investigation, governmental action or judicial proceeding. Executive and Company shall agree on any press release relating to such termination and the Company and Executive shall not publicly discuss or comment on Executive’s
termination in any manner other than as mutually agreed in any such press release. Bob May, as CEO of Calpine and Executive’s direct supervisor, will serve as the sole point of contact for the Group regarding all inquiries regarding
Executive’s tenure and performance at Calpine. 
 7. General Release and Waiver. 
 (a) General Release. Except as otherwise set forth in this Agreement, Executive, for and on behalf of himself and each of his
heirs, executors, administrators, personal representatives, successors and assigns, to the maximum extent permitted by law, hereby acknowledges full and complete satisfaction of and fully and forever releases, acquits and discharges the Company,
together with its subsidiaries, parents and affiliates, including but not limited to any of the Company’s affiliated debtors in the Company’s Chapter 11 cases, and each of their past and present direct and indirect stockholders, directors,
members, partners, officers, employees, attorneys, agents and representatives, and their heirs, executors, administrators, personal representatives, successors and assigns (collectively, the “Releasees”), from any and all claims, demands,
suits, causes of action, liabilities, obligations, judgments, orders, debts, liens, contracts, agreements, covenants and causes of action of every kind and nature, whether known or unknown, suspected or unsuspected, concealed or hidden, vested or
contingent, in law or equity, existing by statute, common law, contract or otherwise, which have existed, may exist or do exist, through and including the execution and delivery by Executive of this Separation Agreement, including, without
limitation, any of the foregoing arising out of or in any way related to or based upon: 
 (i) Executive’s application
for and employment with the Company, his being an officer or employee of the Company, or the Separation; 
 (ii) any and all
claims in tort or contract, and any and all claims alleging breach of an express or implied, or oral or written, contract, policy manual or employee handbook; 
 (iii) any alleged misrepresentation, defamation, interference with contract, intentional or negligent infliction of emotional distress,
sexual harassment, negligence or wrongful discharge; or 
  

 5 

 EXECUTION COPY 
  
 (iv) any federal, state or local statute, ordinance or regulation, including but not limited to the Age
Discrimination in Employment Act of 1987, as amended, Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act and Women’s Equity Act of 1991; Sections 1981 through 1988 of Title 42 of the United States Code; the Equal Pay
Act of 1963, as amended; the Occupational Safety and Health Act of 1970; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Consolidated Omnibus Budget Reconciliation Act of 1985; the Vocational Rehabilitation
Act of 1973; the Worker Adjustment Retraining and Notification Act of 1988; the Employee Retirement Income Security Act of 1974; the Fair Labor Standards Act and the National Labor Relations Act, as amended, the California Fair Employment and
Housing Act, the California Civil Rights Act, the California Equal Pay Law. 
 (b) Exceptions. Notwithstanding the
above, this Separation Agreement shall not : (I) limit in any way the Executive’s right to enforce this Separation Agreement; or (II) release any claim for indemnification and continued errors and omissions or other liability coverage
(under the Employment Agreement or otherwise). 
 (c) Current or Pending Claims of any Kind and No Relief for Released
Claims. Executive has not and as of the date of this Separation Agreement will not have filed any civil action, suit, arbitration, administrative charge or legal proceeding against any Releasee, nor has the Executive assigned, pledged or
hypothecated any claim as of the Separation Date to any person and no other person has any interest in the claims that Executive is releasing herein. Executive agrees that should any person or entity file or cause to be filed any civil action, suit,
arbitration or other legal proceedings seeking equitable or monetary relief concerning any claim released by Executive, Executive will not seek or accept any personal relief from or as the result of any action, suit or arbitration or other legal
proceeding. 
 (d) Effect of Release and Waiver. Executive understands and intends that this Section 7
constitutes a general release of all claims except as otherwise provided in Sections 7(a) and (b), above, and that no reference therein to a specific form of claim, statute or type of relief is intended to limit the scope of such general
release and waiver. 
 (e) Waiver of Unknown Claims. If Executive hereafter discovers claims or facts in addition to
or different than those which he now knows or believes to exist with respect to the subject matter of this Separation Agreement and which, if known or suspected at the time of entering into this Separation Agreement, may have materially affected
this Separation Agreement and his decision to enter into it; nevertheless, Executive hereby waives any right, claim or cause of action that might arise as a result of such different or additional claims or facts and hereby expressly waives any and
all rights and benefits confirmed upon Executive by the provisions of California Civil Code Section 1542, which provides as follows: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE GENERAL RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
DEBTOR.” 
  

 6 

 EXECUTION COPY 
  
 8. Confidentiality. The Company and Executive agree that the terms and conditions of this Separation Agreement
are to be strictly confidential, except that Executive may disclose the terms and conditions to his family, attorneys, accountants, advisors, tax consultants, state and federal tax authorities or as may otherwise be required by law. The Company may
disclose the terms and conditions of this Separation Agreement as the Company deems necessary to its officers, employees, board of directors, stockholders, insurers, attorneys, accountants, state and federal tax authorities, or as may otherwise be
required by law. Executive asserts that he has not discussed (other than in the course of negotiating the terms of this Agreement), and agrees that except as expressly authorized by the Company he will not discuss, this Separation Agreement or the
circumstances of his Separation with any employee of the Company, and that he will take affirmative steps to avoid or absent himself from any such discussion even if he is not an active participant therein. EXECUTIVE ACKNOWLEDGES THE SIGNIFICANCE
AND MATERIALITY OF THIS PROVISION TO THIS RELEASE, AND HIS UNDERSTANDING THEREOF. 
  

	 	9.	Return of Corporate Property; Conveyance of Information. 

 (a) Company Property. Executive hereby covenants and agrees to immediately return all documents, keys, credit cards (without
further use thereof), and all other items which are the property of the Company and/or which contain Confidential Information; and, in the case of documents, to return any and all materials of any kind and in whatever medium evidenced, including,
without limitation, all hard disk drive data, diskettes, microfiche, photographs, negatives, blueprints, printed materials, tape recordings and videotapes. 
 (b) Information. Executive hereby acknowledges and affirms that he possesses intellectual information regarding the Company and
their businesses, operations, and customer relationships. In addition to the obligation to turn over any physical embodiment of such information as defined in the Federal Rules of Civil Procedure and pursuant to Section 6(a), above, and
to keep such information strictly confidential pursuant to Section 6, above, Executive agrees to make himself available from time to time at the Company’s request (during normal business hours, with reasonable prior notice and
reasonably taking into account Executive’s personal and professional schedule) to discuss and disseminate such information and to otherwise cooperate with the Company’s efforts relating thereto. The Company shall pay for all pre-approved,
reasonable out of pocket expenses incurred by Executive in connection with Executive’s cooperation hereunder. 
 10.
Remedies. Executive and the Company hereby acknowledge and affirm that in the event of any breach by Executive of any of his covenants, agreements and obligations hereunder, or by the Company of its covenants, agreements, and obligations,
monetary damages would be inadequate to compensate the Releasees or Executive. Accordingly, in addition to other remedies which may be available to the Releasees or Executive hereunder or otherwise at law or in equity, any Releasee or Executive
shall be entitled to specifically enforce such covenants, obligations and restrictions through injunctive and/or equitable relief, in each case without the posting of any bond or other security with respect thereto. Should any provision hereof be
adjudged to any extent invalid by any court or tribunal of competent jurisdiction, each provision shall be deemed modified to the minimum extent necessary to render it enforceable. 
  

 7 

 EXECUTION COPY 
  
 11. Acknowledgment of Voluntary Agreement; ADEA Compliance. Executive acknowledges that he has entered into
this Separation Agreement freely and without coercion, that he has been advised by the Company to consult with counsel of his choice, that he has had adequate opportunity to so consult, and that he has been given all time periods required by law to
consider this Separation Agreement, including but not limited to the 21-day period required by the ADEA. Executive understands that he may execute this Separation Agreement less than 21 days from its receipt from the Company, but agrees that such
execution will represent his knowing waiver of such 21-day consideration period. Executive further acknowledges that within the 7-day period following his execution of this Separation Agreement (the “Revocation Period”) he shall have the
unilateral right to revoke this Separation Agreement, and that the Company’s obligations hereunder shall become effective only upon the expiration of the Revocation Period without Executive’s revocation hereof. In order to be effective,
notice of Executive’s revocation of this Separation Agreement must be received by the Company on or before the last day of the Revocation Period. 
 12. Complete Agreement; Inconsistencies. This Separation Agreement, including the Employment Agreement and any other documents referenced herein, constitute the complete and entire agreement and
understanding of the Parties with respect to the subject matter hereof, and supersedes in its entirety any and all prior understandings, commitments, obligations and/or agreements, whether written or oral, with respect thereto; it being understood
and agreed that this Separation Agreement and including the mutual covenants, agreements, acknowledgments and affirmations contained herein, is intended to constitute a complete settlement and resolution of all matters as set forth herein.

 13. Third Party Beneficiaries. The Releasees are intended third-party beneficiaries of this Separation Agreement, and this
Separation Agreement may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Releasees hereunder. In the event of Executive’s death before all payments due Executive under this Agreement have
been made, any further amounts owed Executive pursuant to this Agreement shall be paid to Executive’s heirs or assigns, and Executive’s heirs or assigns are intended third-party beneficiaries with respect to the payments set forth in
Section 4 of this Separation Agreement in the event of Executive’s death, and this Separation Agreement may be enforced by each of them in accordance with the terms of that Section 4 in respect of the rights granted to
such heirs or assigns therein. Except and to the extent set forth in the preceding two sentences, this Separation Agreement is not intended for the benefit of any Person other than the Parties, and no such other Person shall be deemed to be a third
party beneficiary hereof. Without limiting the generality of the foregoing, it is not the intention of the Company to establish any policy, procedure, course of dealing or plan of general application for the benefit of or otherwise in respect of any
other employee, officer, director or stockholder, irrespective of any similarity between any contract, agreement, commitment or understanding between the Company and such other employee, officer, director or stockholder, on the one hand, and any
contract, agreement, commitment or understanding between the Company and Executive, on the other hand, and irrespective of any similarity in facts or circumstances involving such other employee, officer, director or stockholder, on the one hand, and
the Executive, on the other hand. 
  

 8 

 EXECUTION COPY 
  
 14. Tax Withholdings. Notwithstanding any other provision herein, the Company shall be entitled to withhold
from any amounts otherwise payable hereunder to Executive any amounts required to be withheld in respect of federal, state or local taxes. 
 15. Governing Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Separation Agreement shall be governed by, and construed in accordance with, the laws of the State of
New York, without giving effect to any choice of law or conflict of law rules or provisions that would cause the application hereto of the laws of any jurisdiction other than the State of New York. In furtherance of the foregoing, the internal law
of the State of New York shall control the interpretation and construction of this Release, even though under any other jurisdiction’s choice of law or conflict of law analysis the substantive law of some other jurisdiction may ordinarily
apply. 
 16. Severability. The invalidity or unenforceability of any provision of this Separation Agreement shall not affect
the validity or enforceability of any other provision of this Separation Agreement, which shall otherwise remain in full force and effect. 
 17. Counterparts. This Separation Agreement may be executed in separate counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Duplicates of
originals shall have the same effect as originals. 
 18. Successors and Assigns. The Parties’ obligations hereunder shall be
binding upon their successors and assigns. The Parties’ rights and the rights of the other Releasees shall inure to the benefit of, and be enforceable by, any of the Parties’ and Releasees’ respective successors and assigns. The
Company may assign all rights and obligations of this Separation Agreement to any successor in interest to the assets of the Company. In the event that the Company is dissolved, all obligations of the Company under this Separation Agreement shall be
provided for in accordance with applicable law. 
 19. Amendments and Waivers. No amendment to or waiver of this Separation
Agreement or any of its terms shall be binding upon any Party unless consented to in writing by such Party. 
 20. Headings.
The headings of the Sections and subsections hereof are for purposes of convenience only, and shall not be deemed to amend, modify, expand, limit or in any way affect the meaning of any of the provisions hereof. 
 21. Attorneys Fees. In the event a Party seeks to enforce the terms of this agreement, or for damages for a breach arising out of or
relating to this Agreement, the party shall be entitled to an award of reasonable attorneys fees and costs if the party prevails in connection with such action. 
 * * * * * 
 (Intentionally Blank) 
  

 9 

 EXECUTION COPY 
  
 IN WITNESS WHEREOF, the Parties have executed this Separation Agreement effective as of the date of the first signature
affixed below or as otherwise provided in this Separation Agreement. 
 READ CAREFULLY BEFORE SIGNING 
 I have read this Separation Agreement and have had the opportunity to consult legal counsel prior to my signing of this Separation Agreement. I
understand that by executing this Separation Agreement, I will relinquish any right or demand I may have against the Releasees or any of them. 
  

							
		 		 	
				
	DATED: November 28, 2007	 		 	By	 	/s/ Thomas N. May
		 		 		 	Thomas N. May
		 		 		 	

 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 
  

							
		 		 	
				
	DATED:                                   
 	 		 	By:	 	/s/ Robert P. May
		 		 		 	CALPINE CORPORATION
		 		 		 	 By:
 Its:

  

 10

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