Document:

TRUST INDENTURE

 Exhibit 10.2 

 TRUST INDENTURE 
 BETWEEN 
 GULF COAST INDUSTRIAL DEVELOPMENT
AUTHORITY 
 AND 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE 
 DATED AS OF OCTOBER 1, 2006 
 $60,000,000 
 GULF
COAST INDUSTRIAL DEVELOPMENT AUTHORITY 
 ENVIRONMENTAL
FACILITIES REVENUE BONDS 
 (MICROGY HOLDINGS
PROJECT) SERIES 2006 
  

 TRUST INDENTURE 
 TABLE OF CONTENTS 
  

					
	 PREAMBLE
	  		  	1
	
	ARTICLE I
	
	DEFINITIONS
			
	 SECTION 1.1.
	  	Definitions	  	3
	
	ARTICLE II
	
	THE BONDS
			
	 SECTION 2.1.
	  	Amount, Terms, and Issuance of Bonds	  	8
	 SECTION 2.2.
	  	Designation, Denominations, Maturity and Form	  	8
	 SECTION 2.3.
	  	Registered Bonds Required; Bond Registrar and Bond Register	  	9
	 SECTION 2.4.
	  	Transfer and Exchange	  	9
	 SECTION 2.5.
	  	Execution	  	10
	 SECTION 2.6.
	  	Authentication; Authenticating Agent	  	10
	 SECTION 2.7.
	  	Payment of Principal and Interest; Interest Rights Preserved	  	11
	 SECTION 2.8.
	  	Persons Deemed Owners	  	12
	 SECTION 2.9.
	  	Mutilated, Destroyed, Lost or Stolen Bonds	  	12
	 SECTION 2.10.
	  	Temporary Bonds	  	13
	 SECTION 2.11.
	  	Cancellation of Surrendered Bonds	  	13
	 SECTION 2.12.
	  	Limited Obligation	  	13
	 SECTION 2.13.
	  	Book Entry System	  	14
	 SECTION 2.14.
	  	Payments to Securities Depository	  	15
	 SECTION 2.15.
	  	CUSIP Numbers	  	15
	
	ARTICLE III
	
	APPLICATION OF BOND PROCEEDS
			
	 SECTION 3.1
	  	Application of Original Bond Proceeds	  	16
	
	ARTICLE IV
	
	DEBT SERVICE RESERVE FUND
			
	 SECTION 4.1
	  	Creation of Debt Service Reserve Fund	  	17
	 SECTION 4.2
	  	Replenishment of Debt Service Reserve Fund	  	17
	
	ARTICLE V
	
	CONSTRUCTION FUND
			
	 SECTION 5.1.
	  	Creation of Construction Fund	  	17
	 SECTION 5.2.
	  	Disbursements from Construction Fund	  	17
	 SECTION 5.3.
	  	Balance in Construction Fund	  	17

					
	 SECTION 5.4.
	  	Acceleration of Bonds	  	17
	
	ARTICLE VI
	
	BOND FUND
			
	 SECTION 6.1.
	  	Revenues to be Paid Over to the Trustee	  	18
	 SECTION 6.2.
	  	Bond Fund	  	18
	 SECTION 6.3.
	  	Revenues to Be Held for All Bondholders; Certain Exceptions	  	18
	 SECTION 6.4.
	  	Amounts Remaining in Bond Fund	  	18
	
	ARTICLE VII
	
	[RESERVED]
	
	ARTICLE VIII
	
	INVESTMENT OR DEPOSIT OF MONEYS
			
	 SECTION 8.1.
	  	Deposits	  	19
	 SECTION 8.2.
	  	Investment or Deposit of Bond Fund	  	19
	 SECTION 8.3.
	  	Investment of Moneys in the Construction Fund	  	19
	 SECTION 8.4.
	  	No Liability for Investments	  	20
	 SECTION 8.5.
	  	Covenants Regarding Rebate.	  	21
	
	ARTICLE IX
	
	REDEMPTION OF BONDS
			
	 SECTION 9.1.
	  	Bonds Subject to Redemption	  	22
	 SECTION 9.2.
	  	Company Direction of Optional Redemption	  	24
	 SECTION 9.3.
	  	Selection of Bonds to be Called for Redemption; Partial Redemption	  	24
	 SECTION 9.4.
	  	Notice of Redemption	  	24
	
	ARTICLE X
	
	COVENANTS OF THE ISSUER
			
	 SECTION 10.1.
	  	Payment of Principal of, Redemption premium, if any, and Interest on Bonds; Appointment of Paying Agent	  	26
	 SECTION 10.2.
	  	Compliance with Laws	  	26
	 SECTION 10.3.
	  	Enforcement of Agreement; Prohibition Against Amendments of Agreement; Notice of Default	  	27
	 SECTION 10.4.
	  	Further Assurances	  	27
	 SECTION 10.5.
	  	Administration Expenses	  	27
	 SECTION 10.6.
	  	Moneys to be Held in Trust	  	27
	 SECTION 10.7.
	  	Rights of Company Under Loan Agreement	  	27

					
	ARTICLE XI
	
	EVENTS OF DEFAULT AND REMEDIES
			
	 SECTION 11.1.
	  	Events of Default Defined	  	28
	 SECTION 11.2.
	  	Acceleration and Annulment Thereof	  	28
	 SECTION 11.3.
	  	Other Remedies	  	29
	 SECTION 11.4.
	  	Legal Proceedings by Trustee	  	29
	 SECTION 11.5.
	  	Discontinuance of Proceedings by Trustee	  	29
	 SECTION 11.6.
	  	Majority Holders May Direct Proceedings	  	29
	 SECTION 11.7.
	  	Limitations on Actions by Bondholders	  	30
	 SECTION 11.8.
	  	Trustee May Enforce Rights Without Possession of Bonds	  	30
	 SECTION 11.9.
	  	Remedies Not Exclusive	  	30
	 SECTION 11.10.
	  	Delays and Omissions Not to Impair Rights	  	30
	 SECTION 11.11.
	  	Application of Moneys in Event of Default	  	30
	 SECTION 11.12.
	  	Trustee and Bondholders Entitled to All Remedies Under the Act	  	31
	
	ARTICLE XII
	
	THE TRUSTEE
			
	 SECTION 12.1.
	  	Acceptance of Trust	  	32
	 SECTION 12.2.
	  	No Responsibility for Recitals, etc	  	32
	 SECTION 12.3.
	  	Trustee May Act Through Agents; Answerable Only for Willful Misconduct or Negligence	  	32
	 SECTION 12.4.
	  	Compensation	  	32
	 SECTION 12.5.
	  	Notice of Default; Right to Investigate	  	33
	 SECTION 12.6.
	  	Obligation to Act	  	33
	 SECTION 12.7.
	  	Reliance	  	33
	 SECTION 12.8.
	  	Trustee May Deal in Bonds	  	33
	 SECTION 12.9.
	  	Resignation of Trustee	  	33
	 SECTION 12.10.
	  	Removal of Trustee	  	33
	 SECTION 12.11.
	  	Appointment of Successor Trustee	  	34
	 SECTION 12.12.
	  	Qualification of Successor	  	34
	 SECTION 12.13.
	  	Instruments of Succession	  	34
	 SECTION 12.14.
	  	Merger of Trustee	  	34
	 SECTION 12.15.
	  	Trustee Not Required to Expend or Risk Own Funds	  	34
	 SECTION 12.16.
	  	Right of Trustee to Pay Taxes and Other Charges	  	34
	 SECTION 12.17.
	  	Trust Estate may be Vested in Separate or Co-Trustee	  	35
	 SECTION 12.18.
	  	Reliance Upon Counsel	  	35
	 SECTION 12.19.
	  	No Implied Duties	  	35
	 SECTION 12.20.
	  	No Responsibility for Securities Laws	  	35
	 SECTION 12.21.
	  	No Responsibility for Yield Covenants	  	35
	 SECTION 12.22.
	  	No Responsibility for Filings	  	36
	
	ARTICLE XIII
	
	THE PAYING AGENT
			
	 SECTION 13.1.
	  	The Paying Agent	  	36
	 SECTION 13.2.
	  	Notices	  	36

					
	ARTICLE XIV
	
	ACTS OF BONDHOLDERS; EVIDENCE OF OWNERSHIP
			
	 SECTION 14.1.
	  	Acts of Bondholders; Evidence of Ownership	  	37
	
	ARTICLE XV
	
	AMENDMENTS AND SUPPLEMENTS
			
	 SECTION 15.1.
	  	Amendments and Supplements Without Bondholders’ Consent	  	37
	 SECTION 15.2.
	  	Amendments With Bondholders’ Consent	  	38
	 SECTION 15.3.
	  	Amendment of Agreement	  	38
	 SECTION 15.4.
	  	Amendment of Guarantee	  	38
	 SECTION 15.5.
	  	Trustee Authorized to Join in Amendments and Supplements; Reliance on Counsel	  	38
	 SECTION 15.6.
	  	Consent of Company	  	39
	
	ARTICLE XVI
	
	DEFEASANCE
			
	 SECTION 16.1.
	  	Defeasance	  	39
	
	ARTICLE XVII
	
	MISCELLANEOUS
			
	 SECTION 17.1.
	  	No Personal Recourse	  	40
	 SECTION 17.2.
	  	Deposit of Funds for Payment of Bonds	  	40
	 SECTION 17.3.
	  	No Rights Conferred on Others	  	40
	 SECTION 17.4.
	  	Severability	  	40
	 SECTION 17.5.
	  	Notices	  	40
	 SECTION 17.6.
	  	Successors and Assigns	  	42
	 SECTION 17.7.
	  	Headings for Convenience Only	  	42
	 SECTION 17.8.
	  	Counterparts	  	42
	 SECTION 17.9.
	  	Applicable Law	  	42
	 SECTION 17.10.
	  	Notice of Change	  	42
	 SECTION 17.11.
	  	Payments Due on non-Business Days	  	42

 EXHIBIT A Form of Bond 

 TRUST INDENTURE 
 This TRUST INDENTURE dated as of October 1, 2006, is by and between the GULF
COAST INDUSTRIAL DEVELOPMENT AUTHORITY, a nonstock, nonprofit industrial development corporation existing under the laws of the State of Texas (herein called the
“Issuer”) including particularly the Development Corporation Act of 1979, as amended, Article 5190.6, V.A.T.C.S. (the “Act”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association (in its capacity herein, together with any successors in such capacity, called the “Trustee”), 
 WITNESSETH : 
 WHEREAS, pursuant to law, and particularly the Act, the Issuer is
authorized to acquire, construct, and improve certain solid waste disposal facilities and to issue its revenue bonds for such purpose; 
 WHEREAS, a Loan Agreement, dated as of October 1, 2006 (the “Agreement”), relating to the Bonds (hereinafter defined) which has been duly executed between the Issuer and Microgy Holdings, LLC, a limited liability company
organized and existing under and by virtue of the laws of the State of Delaware (the “Company”); 
 WHEREAS, the recitals and
provisions of the Agreement are incorporated herein as if set forth in their entirety, and the capitalized terms of this Indenture not otherwise defined herein shall have the same meanings, and shall be defined, as set forth in the Agreement and the
Bond Resolution (hereinafter defined); 
 WHEREAS, pursuant to the Agreement, the Board of Directors of the Issuer duly adopted a Resolution
Authorizing Gulf Coast Industrial Development Authority Environmental Facilities Revenue Bonds (Microgy Holdings, LLC Project) Series 2006; the execution of a Trust Indenture, a Loan Agreement, and an Bond Purchase Agreement; approval of a Limited
Offering Memorandum; and other matters in connection therewith (together with any amendment or supplement to such resolution as authorized therein, hereinafter called the “Bond Resolution”); 
 WHEREAS, the Bond Resolution authorized the issuance of Gulf Coast Industrial Development Authority Environmental Facilities Revenue Bonds (Microgy
Holdings Project) Series 2006 (the “Bonds”) for the purpose of making a loan to the Company to pay the costs of acquiring, constructing, and improving certain solid waste disposal facilities described in Exhibit A to the Agreement;

 WHEREAS, the Bonds, and the interest thereon, are and shall be payable from and secured by a first and superior lien on and pledge of the
payments designated as “Loan Payments” to be made by the Company pursuant to the Agreement in amounts sufficient to pay and redeem, and provide for the payment of the principal of, premium, if any, and interest on the Bonds, when due, and
the fees and expenses of and other amounts due to the Trustee and any paying agent for the Bonds, all as required by the Bond Resolution; 
 WHEREAS, pursuant to a Guarantee Agreement, dated as of October 1, 2006 (the “Guarantee”‘) the Company, MST Production Ltd., MST GP, LLC, MST Estates, LLC, Rio Leche Estates, L.L.C., Mission Biogas, L.L.C., and Hereford
Biogas, L.L.C. (the “Subsidiary Guarantors”) have, jointly and severally, unconditionally guaranteed to the Trustee the payment, when due, of the principal of, redemption premium, if any, and interest on the Bonds. 
 WHEREAS, the Trustee has agreed to accept the trusts herein created upon the terms herein set forth; and 

 WHEREAS, all other things necessary to make the Bonds, when issued, executed and delivered by the Issuer
and authenticated pursuant to this Indenture, the valid, legal and binding obligations of the Issuer, and to constitute this Indenture a valid pledge of the Revenues (as hereinafter defined) and other amounts pledged hereunder as security for the
payment of the principal of, redemption premium, if any, and interest on the Bonds authenticated and delivered under this Indenture, have been performed, and the creation, execution and delivery of this Indenture and the creation, execution and
issuance of the Bonds, subject to the terms hereof, have in all respects been duly authorized; 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH
that to provide for the payment of principal of, redemption premium, if any, and interest on all Bonds issued and outstanding under this Indenture, and in order to secure the rights of the Bondholders and the performance of the covenants contained
in the Bonds, the Agreement, and herein, the Issuer does hereby pledge, transfer and assign unto the Trustee, its successors in the trust and its assigns forever (i) all of the right, title and interest of the Issuer in and to the Revenues,
(ii) the Agreement and all right, title and interest of the Issuer under and pursuant to the Agreement, insofar as they relate to all Bonds issued and outstanding under this Indenture (except for the Unassigned Rights (as defined herein)),
including, without limitation, all of the right, title, and interest of the Issuer in and to payments to be received under and pursuant to and subject to the provisions of the Agreement, and (iii) all amounts on deposit in the Bond Fund, the
Construction Fund, the Debt Service Reserve Fund or other funds created under this Indenture other than the Rebate Fund which are not pledged hereunder and do not constitute security for the Bonds (collectively, the “Trust Estate”);
provided, however, that nothing in the Bonds or in this Indenture shall be construed as pledging the general credit of the Issuer or the State of Texas, nor shall this Indenture or the Bonds give rise to a pecuniary liability of the Issuer.

 TO HAVE AND TO HOLD all of the same hereby conveyed and assigned, or agreed or intended so to be, to the Trustee and its successors in
said trust and to it and its assigns forever. 
 IN TRUST NEVERTHELESS, upon the terms and trusts herein set forth for the equal and
proportionate benefit, security and protection of all holders and owners of the Bonds issued under and secured by this Indenture without privilege, preference, priority or distinction as to the lien or otherwise of any of the Bonds over any of the
other Bonds. 
 PROVIDED, HOWEVER, that if the Issuer, its successors or assigns, shall well and truly pay, or cause to be paid, the
principal of, redemption premium, if any, and interest on the Bonds due or to become due thereon, at the times and in the manner mentioned in the Bonds, according to the true intent and meaning thereof, and shall cause the payments to be made into
the Bond Fund as required under Article VI hereof, or shall provide, as permitted hereby, for the payment thereof by depositing with the Trustee the entire amount due or to become due thereon, and shall well and truly keep, perform and observe all
the covenants and conditions pursuant to the terms of this Indenture to be kept, performed and observed by it, and shall pay or cause to be paid to the Trustee all sums of money due or to become due in accordance with the terms and provisions
hereof, then upon such final payments this Indenture and the rights hereby granted shall cease, terminate and be void; otherwise this Indenture to be and remain in full force and effect. 
 THIS INDENTURE FURTHER WITNESSETH, and it is expressly declared, that all Bonds issued and secured hereunder are to be issued, authenticated and
delivered, and all said Revenues and receipts hereby pledged and assigned are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes hereinafter expressed,
and the Issuer has agreed and covenanted, and does hereby agree and covenant, with the Trustee and with the respective holders and owners, from time to time, of the Bonds, as follows (provided that, in the performance of the agreements of the Issuer
herein contained, any obligation it may thereby incur for the payment of 

  

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money shall not be a general debt on its part or a charge against its general credit but shall be payable solely from the Trust Estate, including the
Revenues): 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Definitions. Unless otherwise defined herein, all words and phrases defined in the
preamble hereto or in Article I of the Agreement shall have the same meaning in this Indenture. In this Indenture and any indenture supplemental hereto (except as otherwise expressly provided for or unless the context otherwise requires) the
singular includes the plural, the masculine includes the feminine, and each of the following terms shall have the following meanings: 
 “Act” means the Development Corporation Act of 1979, Article 5190.6, Vernon’s Texas Civil Statutes, as amended. 
 “Administration Expenses” means amounts payable pursuant to Sections 5.04 and 5.07 of the Agreement. 
 “Affiliate” of any Person means any other Person who, directly or indirectly, controls or is controlled by or is under common control with such other Person. 
 “Agreement” means the Loan Agreement, dated as of October 1, 2006, between the Company and the Issuer which relates to the Bonds,
as amended from time to time. 
 “Approval Certificate” means the certificate of the President or Secretary of the Issuer
approving certain terms of the Bonds, which certificate is incorporated by reference herein for all purposes. 
 “Authenticating
Agent” means the Trustee and any agent so designated in and appointed pursuant to Section 2.6 hereof. 
 “Authorized
Company Representative” means the Company’s Chief Executive Officer, its President, its Chief Financial Officer, its Treasurer, or any Assistant Treasurer or persons at any time designated to act on behalf of the Company, such
designation in each case, to be evidenced by a certificate furnished to the Issuer and the Trustee containing the specimen signature of such person or persons and signed on behalf of the Company by its Chief Executive Officer, its President, its
Chief Financial Officer, its Treasurer, or any Assistant Treasurer authorized to act on behalf of the Company. Such certificate may designate an alternate or alternates. 
 “Authorized Denominations” means the denominations for the Bonds set forth in Section 2.2 hereof. 
 “Bond” means any bond or bonds authenticated and delivered under this Indenture. 
 “Bond Counsel” means McCall, Parkhurst & Horton L.L.P. or such other firm of attorneys of nationally recognized standing in the field of law relating to municipal bond law and the excludability of interest on state
or local bonds from gross income of the owners of the Bonds for purposes of federal income taxation, selected by the Issuer and acceptable to the Trustee and the Company. 
  

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 “Bond Fund” means the trust fund so designated which is established pursuant to
Section 6.2 hereof. 
 “Bond Owner,” “Bondowner,” “Owner,” “owner,” “Bondholder,”
“bondholder, “ “holder,” “Registered Owner,” “registered owner,” or “owner of Bonds” means the person listed on the Bond Register as the registered owner of any Bond. 
 “Bond Register” and “Bond Registrar” shall have the respective meanings specified in Section 2.3 hereof.

 “Business Day” or “business day” means any day other than (i) a Saturday or Sunday or legal holiday
or a day on which banking institutions in the City of New York, New York or in the cities in which the Principal Offices of the Trustee or the Paying Agent are located are authorized or required by law or executive order to close or (ii) a day
on which the New York Stock Exchange is closed. 
 “Code” means the Internal Revenue Code of 1986, as amended, and the
rulings and regulations (including temporary and proposed regulations) promulgated thereunder or, to the extent applicable, under the Internal Revenue Code of 1954, as amended. 
 “Collateral Trust Agreement” means the Collateral Trust Agreement, dated as of October 1, 2006, among the Collateral Trustee, the
Company, and the Subsidiary Guarantors, as amended from time to time. 
 “Collateral Trustee” means Wells Fargo Bank,
National Association, as collateral trustee under the Collateral Trust Agreement, and any successor trustee or co-trustee thereunder. 
 “Company” means Microgy Holdings, LLC, a Delaware limited liability company, and its successors and assigns as permitted under the Agreement. 
 “Counsel” means an attorney at law or law firm (who may be counsel for the Issuer or the Company). 
 “Debt Service Reserve Fund” means the fund by that name created and established in Section 4.1 of this Indenture. 
 “Debt Service Reserve Requirement” means $5,151,500. 
 “Default” means any event which with the
giving of notice or the lapse of time or both would constitute an Event of Default. 
 “Division” means the Texas Economic
Development and Tourism Office, an office within the Offices of the Governor of the State and any successor to its functions and duties. 
 “DTC” means The Depository Trust Company, New York, New York. 
 “DTC Letter of Representations”
means the blanket letter of representations from the Issuer to DTC. 
 “DTC Participant” means (i) any person for
which, from time to time, DTC, or, in the event that a successor Securities Depository to DTC is acting as such under Section 2.13 hereof, such successor 
  

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 Securities Depository effectuates book-entry transfers and pledges of securities pursuant to the book-entry system
referred to in Section 2.13 hereof or (ii) any securities broker or dealer, bank, trust company or other person that clears through or maintains a custodial relationship with the person referred to in (i). 
 “Electronic Notice” means notice transmitted through a time-sharing terminal (promptly confirmed in writing) or facsimile machine, if
operative as between any two parties, or if not operative, in writing or by telephone (promptly confirmed in writing). 
 “Event of
Default” means any of the events specified in Section 11.1 hereof to be an Event of Default. 
 “Facility” or
“Facilities” means one or more, as the case may be, of the solid waste disposal facilities identified on Exhibit A to the Agreement. 
 “Favorable Opinion” means an opinion of Bond Counsel addressed to the Issuer, the Company and the Trustee and stating, unless otherwise specified herein, that the action proposed to be taken is authorized or permitted by
the Act and this Indenture and will not, in and of itself, adversely affect the excludability from gross income for federal income tax purposes of interest on the Bonds (other than as held by a “substantial user” of the Project or a
“related person” within the meaning of the Code). 
 “Governmental Obligations” means (i) direct obligations
of the United States of America, (ii) obligations the timely payment of the principal of and interest on which is fully and unconditionally guaranteed by the United States of America, and (iii) certificates, depositary receipts or other
instruments which evidence a direct ownership interest in obligations described in clause (i) and (ii) above or in any specific interest or principal payments due in respect thereof; provided, however, that the custodian of such
obligations or specific interest or principal payments shall be a bank or trust company organized under the laws of the United States of America or of any state or territory thereof or of the District of Columbia, with a combined capital stock,
surplus and undivided profits of at least $50,000,000; and provided, further, that except as may be otherwise required by law, such custodian shall be obligated to pay to the holders of such certificates, depositary receipts or other instruments the
full amount received by such custodian in respect of such obligations or specific payments and shall not be permitted to make any deduction therefrom. 
 “Governmental Unit” means the Gulf Coast Waste Disposal Authority and any successor to its functions and duties. 
 “Guarantee” means the Guarantee Agreement, dated as of October 1, 2006, among the Company, the Subsidiary Guarantors, and the Trustee. 
 “Indenture” means this Trust Indenture as amended or supplemented. 
 “Interest Payment Date” means each June 1 and December 1, commencing June 1, 2007. 
 “Issue Date” means the date on which the Bonds are first authenticated and delivered to the Underwriter against payment therefor.

 “Issuer” means the Gulf Coast Industrial Development Authority, a nonstock, nonprofit industrial development corporation
existing under the laws of the State of Texas, including particularly, the Act. 
 “Majority Holders” means the owners of a
majority in principal amount of the Bonds Outstanding. 
  

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 “Maturity Date” or “Maturity Dates” means the date or dates specified as such
in the Approval Certificate. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor thereto
maintaining a rating on the Bonds. 
 “Outstanding” or “outstanding”, in connection with Bonds means, as of
the time in question, all Bonds authenticated and delivered under this Indenture, except: 
 (i) Bonds theretofore cancelled or required to be
cancelled under Section 2.11 hereof; 
 (ii) Bonds which are deemed to have been paid in accordance with Article XVI hereof; 

(iii) Bonds in substitution for which other Bonds have been authenticated and delivered pursuant to Article II hereof and Bonds paid pursuant to
Section 2.9(a) hereof; 
 (iv) Bonds registered in the name of the Issuer; 
 (v) For purposes of any consent, request, demand, authorization, direction, notice, waiver or other action to be taken by the holders of a specified
percentage of outstanding Bonds hereunder, all Bonds held by or for the account of the Issuer or the Company, except that for purposes of any such consent, request, demand, authorization, direction, notice, waiver or action the Trustee shall be
obligated to consider as not being outstanding only Bonds known by a Responsible Officer of the Trustee by actual notice thereof to be so held. 
 In determining whether the owners of a requisite aggregate principal amount of Bonds outstanding have concurred in any request, demand, authorization, direction, notice, consent or waiver under the provisions hereof, Bonds owned by the
Company (unless all of the outstanding Bonds are then owned by the Company) shall be disregarded for the purpose of any such determination. Notwithstanding the foregoing, Bonds so owned which have been pledged in good faith shall not be disregarded
as aforesaid if the pledgee has established to the satisfaction of the Bond Registrar the pledgee’s right so to act with respect to such Bonds and that the pledgee is not the Company or an Affiliate thereof. 
 “Paying Agent” or “paying agent” means any national banking association, bank and trust company or trust company
appointed pursuant to Section 10.1 hereof. 
 “Person” means an individual, a corporation, a partnership, an
association, a joint stock company, a trust, an unincorporated organization, a governmental body or a political subdivision, a municipal corporation, a public corporation or any other group or organization of individuals. 
 “Principal Office of the Paying Agent” means the office thereof designated in Section 17.5 or such other office as may be
designated in writing to the Trustee. 
 “Principal Office of the Trustee” means the business address designated in writing
to the Issuer and the Company as its principal office for its duties hereunder, and which initially shall be as specified in Section 17.5 hereof. 
 “Project” means all of the Facilities to the extent financed with proceeds of the Bonds. 
  

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 “Rating Service” means S&P and/or Moody’s, according to which of such rating
agencies then rates the Bonds; and provided that if neither of such rating agencies then rates the Bonds, the term “Rating Service” shall refer to any national rating service (if any) which provides such rating 
 “Rebate Fund” means the fund by that name created and established in Section 8.5 of this Indenture. 
 “Record Date” means, as the case may be, the applicable Regular or Special Record Date. 
 “Regular Record Date” means the close of business on the fifteenth day (whether or not a Business Day) of the calendar month immediately
preceding the Interest Payment Date. 
 “Responsible Officer” means an officer of the Trustee who customarily handles
corporate trusts and is assigned to supervise this Indenture, and any other officer of the Trustee to whom a matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Revenues” means (i) all amounts payable to the Trustee with respect to the principal of, redemption price, if any, and interest on
the Bonds (A) on deposit in the Bond Fund, the Construction Fund, and the Debt Service Reserve Fund from the proceeds of the Bonds or obligations of the Issuer issued to refund the Bonds or from any other source and (B) paid by the Company
as Loan Payments under the Agreement or to replenish any deficiency in the Debt Service Reserve Fund, (ii) all receipts of the Trustee credited under the provisions of this Indenture against amounts described in clause (i);
(iii) investment income with respect to any moneys held by the Trustee in the Bond Fund, the Construction Fund, and the Debt Service Reserve Fund; (iv) amounts paid to the Trustee by the Company or the Subsidiary Guarantors pursuant to the
Guarantee; and (v) amounts paid to the Trustee by the Collateral Trustee pursuant to the Collateral Trust Agreement. 
 “S&P” means Standard & Poor’s Credit Market Services, a division of The McGraw-Hill Companies, Inc. or any successor thereto maintaining a rating on the Bonds. 
 “Securities Depository” means any “clearing agency” registered under Section 17A of the Securities Exchange Act of 1934,
as amended. 
 “Special Record Date” means such date as may be fixed for the payment of defaulted interest in accordance
with Section 2.7 hereof. 
 “State” means the State of Texas. 
 “Subsidiary” means any corporation, partnership, association or other business entity of which 50% or more of the Voting Stock or other
equity interests, as appropriate, is at the time directly or indirectly owned by the Company, by the Company and one or more other Subsidiaries, or by one or more other Subsidiaries. 
 “Subsidiary Guarantors” mean each of MST Production Ltd., MST GP, LLC, MST Estates, LLC, Rio Leche Estates, L.L.C., Mission Biogas,
L.L.C., and Hereford Biogas, L.L.C. 
 “Tax Letter of Representation” means the letter of representation regarding the use
of the proceeds of the Bonds and other facts that are within the Company’s knowledge, furnished by the Company to the Issuer and Bond Counsel in connection with the issuance of the Bonds. 
  

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 “Trustee” means Wells Fargo Bank, National Association, and any successor trustee or
co-trustee serving as such hereunder. 
 “Unassigned Rights” means the rights of the Issuer under Sections 5.04, 6.03 and
7.03(a) of the Agreement and the right to receive notices thereunder. 
 “Underwriter” means the initial underwriter of the
Bonds, Ziegler Capital Markets Group. 
 “Voting Stock” means, with respect to any corporation, any class of shares of stock
of such corporation having general voting power under ordinary circumstances to elect a majority of the board of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such corporation shall
have or might have voting power by reason of the happening of any contingency). 
 The words “hereof”,
“herein”, “hereto”, “hereby” and “hereunder” (except in the form of Bond) refer to the entire Indenture. Unless otherwise noted, all Section and Article references are to sections
and articles in this Indenture. 
 ARTICLE II 
 THE BONDS 
 SECTION 2.1. Amount, Terms, and Issuance of Bonds. The Bonds shall, except as
provided in Section 2.9 hereof, be in the aggregate principal amount set forth in the Approval Certificate, but in no event to exceed $60,000,000 and shall contain substantially the terms recited in the form of bond attached hereto as Exhibit A
with such changes and variations as may be necessary to conform to the provisions thereof. The Bonds shall be issued for the purpose of providing a portion of the funds necessary to pay the costs of acquiring, constructing, and improving the
Project, as provided herein and in the Agreement. The Bonds may have such additional legends thereon as shall be customary in the industry. No bonds other than the Bonds may be issued under this Indenture. No Bonds may be issued under this Indenture
except in accordance with this Article. 
 Pursuant to recommendations promulgated by the Committee on Uniform Security Identification
Procedures, “CUSIP” numbers may be printed on the Bonds. The Bonds may bear such endorsement or legend satisfactory to the Trustee as may be required to conform to usage or law with respect thereto. 
 The Issuer may issue the Bonds upon the execution of this Indenture, and the Trustee shall, at the Issuer’s written direction, authenticate the
Bonds and deliver them as specified in the direction. 
 SECTION 2.2. Designation, Denominations, Maturity and Form. The Bonds shall
be designated “Gulf Coast Industrial Development Authority Environmental Facilities Revenue Bonds (Microgy Holdings Project) Series 2006”. 
 Unless otherwise directed by the Issuer, the Bonds shall be numbered from R-1 upward, unless otherwise determined by the Trustee. Temporary Bonds issued pursuant to Section 2.10 hereof shall be numbered from TR-1
upward, unless otherwise determined by the Trustee. 
 All Bonds shall be dated as of October 1, 2006, but shall initially bear interest
from the Issue Date. 
  

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 The Bonds shall mature on their respective Maturity Dates. 
 All Bonds shall be issued in denominations of $100,000 and integral multiples of $5,000 in excess thereof. 
 SECTION 2.3. Registered Bonds Required; Bond Registrar and Bond Register. All Bonds shall be issued in fully registered form. The Bonds shall be
registered upon original issuance and upon subsequent transfer or exchange as provided in this Indenture. 
 The Issuer shall designate, at
the direction of the Company, one or more persons to act as “Bond Registrar” for the Bonds provided that the Bond Registrar appointed for the Bonds shall be either the Trustee, the Paying Agent or a person which would meet the requirements
for qualification as a successor trustee imposed by Section 12.13. The Issuer hereby appoints the Trustee as the initial Bond Registrar. Any Person other than the Trustee undertaking to act as Bond Registrar shall first execute a written
agreement, in form satisfactory to the Trustee and the Company, to perform the duties of a Bond Registrar under this Indenture, which agreement shall be filed with the Trustee and the Company. The Paying Agent and Bond Registrar, in performing their
respective duties hereunder, shall be entitled to the same protective provisions in the performance of their respective duties as are specified in Article XII of this Indenture with respect to the Trustee hereunder to the same extent and as fully
for all intents and purposes as though the Paying Agent and Bond Registrar had been expressly named therein in place of such Trustee and as though the applicable provisions of Article XII of this Indenture had been set forth herein at length.

 The Bond Registrar shall act as registrar and transfer agent for the Bonds. The Issuer shall cause to be kept at an office of the Bond
Registrar a register (herein sometimes referred to as the “Bond Register”) in which, subject to such reasonable regulations as it, the Trustee or the Bond Registrar may prescribe, the Issuer shall provide for the registration of the Bonds
and for the registration of transfers of the Bonds. The Issuer shall cause the Bond Registrar to designate, by a written notification to the Trustee, a specific office location (which may be changed from time to time, upon similar notification) at
which the Bond Register is kept. 
 The Bond Registrar shall at any time as reasonably requested by the Trustee, the Paying Agent, or the
Company certify and furnish to the Trustee, the Paying Agent, the Company and any Paying Agent as the Trustee shall specify, the names, addresses, and holdings of Bondholders and any other relevant information reflected in the Bond Register, and the
Trustee, the Remarketing Agent and any such Paying Agent shall for all purposes be fully entitled to rely upon the information so furnished to them and shall have no liability or responsibility in connection with the preparation thereof. 

SECTION 2.4. Transfer and Exchange. Upon surrender for registration of transfer of any Bond at the designated office of the Bond Registrar, the
Issuer shall execute and the Trustee or its Authenticating Agent shall authenticate and deliver in the name of the transferee or transferees, one or more new fully registered Bonds of authorized denomination for the aggregate principal amount which
the Registered Owner is entitled to receive. 
 At the option of the owner, Bonds may be exchanged for other Bonds of any other authorized
denomination, of a like aggregate principal amount and accruing interest at the same Interest Rate, upon surrender of the Bonds to be exchanged at the designated office of the Bond Registrar. Whenever any Bonds are so surrendered for exchange, the
Issuer shall execute, and the Trustee or the Authenticating Agent shall authenticate and deliver, the Bonds which the Bondholder making the exchange is entitled to receive. 
  

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 All Bonds presented for registration of transfer or exchange shall be accompanied by a written instrument
or instruments of transfer or authorization for exchange, in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner or by his attorney duly authorized in writing, and such documentation as the Bond
Registrar shall reasonably require. 
 No service charge shall be made to a Bondholder for any exchange or registration of transfer of Bonds,
but the Issuer or the Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 
 New Bonds delivered upon any registration of transfer or exchange shall be valid obligations of the Issuer, evidencing the same debt as the Bonds surrendered, shall be secured by this Indenture and shall be entitled
to all of the security and benefits hereof to the same extent as the Bonds surrendered. 
 Except as provided above, the Trustee shall not be
required to effect any transfer or exchange during the 15 days immediately preceding the date of mailing of any notice of redemption or at any time following the mailing of any such notice in the case of Bonds selected for such redemption.

 SECTION 2.5. Execution. All the Bonds shall, from time to time, be executed on behalf of the Issuer by the manual or facsimile
signature of the President of the Issuer, its seal (which may be in facsimile) shall be thereunto affixed (or printed or engraved or otherwise reproduced thereon if in facsimile), and attested by the manual or facsimile signature of the Secretary of
the Issuer. 
 If any of the officers whose manual or facsimile signatures shall be upon the Bonds shall cease to be such officers of the
Issuer before such Bonds shall have been actually authenticated by the Trustee or delivered by the Issuer, such Bonds nevertheless may be authenticated, issued and delivered with the same force and effect as though the person or persons whose
signature shall be upon such Bonds had not ceased to be such officer or officers of the Issuer; and also any such Bonds may be signed and sealed on behalf of the Issuer by those persons who, at the actual date of the execution of such Bond, shall be
the proper officers of the Issuer, although at the nominal date of such Bonds any such person shall not have been such officer of the Issuer. 
 SECTION 2.6. Authentication; Authenticating Agent. No Bond shall be valid for any purpose until either (i) the Certificate of Authentication substantially in the form set forth in Exhibit A attached hereto has been duly executed
in accordance herewith by the Trustee or (ii) in the case of Bonds initially delivered to the Underwriter, a Comptroller’s Registration Certificate attached to or endorsed on such Bond has been duly executed. Such executed Certificate of
Authentication or Comptroller’s Registration Certificate, as the case may be, shall be conclusive proof that such Bond has been duly authenticated and delivered under this Indenture and that the owner thereof is entitled to the benefit of the
trust hereby created. 
 If the Bond Registrar is other than the Trustee, the Trustee may appoint the Bond Registrar as an Authenticating
Agent with the power to act on the Trustee’s behalf and subject to its direction in the authentication and delivery of Bonds in connection with the registration of transfers and exchanges under Section 2.4 hereof, and the authentication
and delivery of Bonds by an Authenticating Agent pursuant to this Section shall, for all purposes of this Indenture, be deemed to be the authentication and delivery “by the Trustee”. 
 Any corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the 
  

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 corporate trust business of any Authenticating Agent, shall be the successor of the Authenticating Agent hereunder, if
such successor corporation is otherwise eligible as a Bond Registrar under Section 2.3, without the execution or filing or any further act on the part of the parties hereto or the Authenticating Agent or such successor corporation. 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee, the Issuer and the Company. The Trustee may at
any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent, the Issuer and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any
time any Authenticating Agent shall cease to be eligible under this Section, the Trustee may, with the consent of the Company (which shall not be unreasonably withheld) appoint a successor Authenticating Agent, shall give written notice of such
appointment to the Issuer, and shall mail notice of such appointment to all owners of Bonds as the names and addresses of such owners appear on the Bond Register. 
 SECTION 2.7. Payment of Principal and Interest; Interest Rights Preserved. (a) Subject to the provisions relating to book-entry only set forth in Section 2.13 hereof, the principal or redemption price
of any Bond shall be payable upon presentation and surrender of such Bond to the Principal Office of the Paying Agent. The principal or redemption price of the Bonds shall be payable in immediately available funds. Such payments shall be made to the
Registered Owner of the Bond so delivered, as shown in the Bond Register maintained by the Bond Registrar. 
 (b) Each Bond shall accrue
interest and be payable as to interest as follows: 
 (i) The Bonds shall accrue interest until their respective Maturity
Dates or prior redemption at the rate or rates set forth in the Approval Certificate initially from the Issue Date, and thereafter (A) from the date of authentication, if authenticated on an Interest Payment Date to which interest has been paid
or duly provided for, or (B) from the last preceding Interest Payment Date to which interest has been paid in full or duly provided for (or the Issue Date if no interest thereon has been paid or duly provided for) in all other cases.

 (ii) Subject to the provisions of paragraph (c) below, the interest due on any Bond on any Interest Payment Date shall
be paid to the Registered Owner of such Bond as shown on the Bond Register as of the Regular Record Date. The amount of interest so payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months.

 (iii) All payments of interest on the Bonds shall be paid to the Registered Owners entitled thereto in immediately
available funds by wire transfer to a bank within the continental United States or deposited to a designated account if such account is maintained with the Paying Agent as directed by the Registered Owner in writing or as otherwise directed in
writing by the Registered Owner at least five Business Days prior to each Interest Payment Date. 
 (iv) Interest due at the
maturity or redemption of a Bond shall be paid only upon presentation and surrender of each Bond. 
 (v) Interest on any Bond
which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name that Bond is registered on the Regular Record Date for such interest. 
  

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 (c) Any interest on any Bond which is payable, but is not punctually paid or provided for, on any
Interest Payment Date and within any applicable grace period (herein called “Defaulted Interest”) shall forthwith cease to be payable to the owner of such Bond on the relevant Regular Record Date by virtue of having been such owner, and
such Defaulted Interest shall be paid to the person in whose name the Bond is registered at the close of business on a Special Record Date to be fixed by the Trustee, such date to be no more than 15 nor fewer than 10 days prior to the date of
proposed payment. The Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first class postage prepaid, to each Bondholder at his address as it appears in the Bond Register,
not fewer than 10 days prior to such Special Record Date. 
 (d) Subject to the foregoing provisions of this Section, each Bond delivered
under this Indenture upon registration of transfer of or exchange for or in lieu of any other Bond shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond. 
 SECTION 2.8. Persons Deemed Owners. The Issuer, the Trustee, any Paying Agent, the Bond Registrar and any Authenticating Agent may deem and treat
the person in whose name any Bond is registered in the Bond Register as the absolute owner thereof (whether or not such Bond shall be overdue and notwithstanding any notation of ownership or other writing thereon made by anyone other than the
Issuer, the Trustee, any Paying Agent, the Bond Registrar or the Authenticating Agent) for the purpose of receiving payment of or on account of the principal of, redemption premium, if any, and (subject to Section 2.7) interest on, such Bond,
and for all other purposes, and neither the Issuer, the Trustee, any Paying Agent, the Bond Registrar, nor the Authenticating Agent shall be affected by any notice to the contrary. All such payments so made to any such Registered Owner, or upon his
order, shall be valid and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Bond. 
 SECTION 2.9. Mutilated, Destroyed, Lost or Stolen Bonds. (a) If any Bond shall become mutilated, lost, stolen or destroyed, the affected Bondholder shall be entitled to the issuance of a substitute Bond
only as follows: 
 (i) in the case of a lost, stolen or destroyed Bond, the Bondholder shall (A) provide written notice
of the loss, theft or destruction to the Trustee within a reasonable time after the Bondholder becomes aware of the loss, theft or destruction, (B) request the issuance of a substitute Bond and (C) provide evidence, satisfactory to the
Trustee, of the ownership and the loss, theft or destruction of the affected Bond; 
 (ii) in the case of a mutilated Bond,
the Bondholder shall surrender the Bond to the Trustee for cancellation; 
 (iii) in all cases, the Bondholder shall provide
indemnity against any and all claims arising out of or otherwise related to the issuance of substitute Bonds pursuant to this Section 2.9 satisfactory to the Issuer, the Trustee and the Company; and 
 (iv) in all cases, upon payment by the affected Bondholder of the fees and expenses of the Trustee and the Issuer in connection with the
issuance of any such substitute Bond. 
 Upon compliance with the foregoing, a substitute Bond of like tenor and denomination, executed by the Issuer, shall
be authenticated by the Trustee or Authenticating Agent and delivered to the Bondholder. 
  

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 Notwithstanding the foregoing, the Trustee or Authenticating Agent shall not be required to authenticate
and deliver any substitute Bond for a Bond which has been called for redemption or which has matured or is about to mature and, in any such case, the principal, redemption price or Purchase Price and interest then due or becoming due shall be paid
by the Trustee or a Paying Agent in accordance with the terms of the mutilated, lost, stolen or destroyed Bond without substitution therefor. 
 (b) Every substituted Bond issued pursuant to this Section shall constitute an additional contractual obligation of the Issuer and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Bonds duly issued hereunder. 
 (c) All Bonds shall be held and owned upon the express condition that the foregoing provisions are exclusive
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Bonds, and shall preclude any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the
replacement or payment of negotiable instruments or investment or other securities without their surrender. 
 SECTION 2.10. Temporary
Bonds. Pending preparation of definitive Bonds, or by agreement with the purchasers of all Bonds, the Issuer may issue, and, upon its request, the Trustee or Authenticating Agent shall authenticate, in lieu of definitive Bonds one or more
temporary printed or typewritten Bonds of substantially the tenor recited above in any Authorized Denomination. Upon written request of the Issuer, the Trustee shall authenticate definitive Bonds in exchange for and upon surrender of an equal
principal amount of temporary Bonds. Until so exchanged, temporary Bonds shall have the same rights, remedies and security hereunder as definitive Bonds. 
 SECTION 2.11. Cancellation of Surrendered Bonds. Bonds surrendered for payment, redemption, transfer or exchange and Bonds surrendered to the Trustee by the Issuer or by the Company for cancellation shall be
cancelled by the Trustee and such cancelled Bonds shall be delivered to the Company. 
 SECTION 2.12. Limited Obligation. The Bonds
are not and never shall become general obligations of the Issuer, but are limited obligations payable by the Issuer solely and only from the payments received under or with respect to the documents executed by the Company (except to the extent paid
out of moneys attributable to the proceeds derived from the sale of the Bonds or income from the temporary investment of such funds or other funds held hereunder), which amounts, together with any other security provided herein, are hereby
specifically assigned and pledged to such purposes, in the manner and to the extent provided herein. The Bonds shall be deemed not to constitute a debt of the State, the Governmental Unit, or of any other political corporation, subdivision, or
agency of the State or a pledge of the faith and credit of any of them. No recourse shall be had for any claim based on the Agreement, the Indenture, or the Bonds against any member, officer or employee, past, present or future, of the Issuer, or of
any successor body thereto, either directly or through the Issuer, or any such successor body, under any constitutional provision, statute or rule of law or by the enforcement of any assessment or penalty or otherwise. Neither the State, the
Governmental Unit nor any political corporation, subdivision, or agent of the State shall be obligated to pay the Bonds and neither the faith and credit nor the taxing power of the State, the Governmental Unit, or any other political corporation,
subdivision, or agency is pledged to the payment of the principal of, redemption premium, if any, or interest on the Bonds. The Bonds are special revenue obligations of the Issuer payable solely from the sources described herein and therein and the
holder thereof shall never have the right to demand payment from moneys derived by taxation or any revenues of the Issuer except the funds pledged to the payment thereof. 
  

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 SECTION 2.13. Book Entry System. (a) DTC will act as the initial Securities Depository for
the Bonds. The Bonds shall be initially issued in the form of a single fully registered Bond registered in the name of Cede & Co. (DTC’s nominee). So long as Cede & Co. is the Registered Owner of the Bonds, as nominee of DTC,
references herein to Registered Owners, Bondholders or holders of the Bonds shall mean Cede & Co. and shall not mean the beneficial owners of the Bonds. 
 (b) While DTC is the Securities Depository, the ownership interest of each of the beneficial owners of the Bonds will be recorded through the records of a DTC Participant. Transfers of beneficial ownership interests
in the Bonds which are registered in the name of Cede & Co. will be accompanied by book entries made by DTC and, in turn, by the DTC Participants who act on behalf of the beneficial owners of the Bonds. 
 (c) With respect to Bonds registered in the name of the Securities Depository, the Issuer, the Company, the Bond Registrar, the Paying Agent, and the
Trustee shall have no responsibility or obligation to any person on behalf of whom such Securities Depository holds an interest in the Bonds, except as provided in this Indenture. Without limiting the immediately preceding sentence, the Issuer, the
Bond Registrar, the Paying Agent, and the Trustee shall have no responsibility or obligation with respect to (i) the accuracy of the records of the Securities Depository with respect to any ownership interest in the Bonds, (ii) the
delivery to any person, other than a Bondholder, as shown on the Bond Register, of any notice with respect to the Bonds, including any notice of redemption, or (iii) the payment to any person, other than a Registered Owner, as shown in the Bond
Register of any amount with respect to principal of, redemption premium, if any, or interest on, the Bonds. 
 (d) Notwithstanding any other
provisions of this Indenture to the contrary, the Issuer, the Bond Registrar, the Paying Agent, and the Trustee shall be entitled to treat and consider the person in whose name each Bond is registered in the Bond Register as the absolute owner of
such Bond for the purpose of payment of principal, redemption premium, if any, and interest with respect to such Bond, for the purpose of giving notices of redemption and other matters with respect to such Bond, for the purpose of registering
transfers with respect to such Bond, and for all other purposes whatsoever. The Paying Agent shall pay all principal of, redemption premium, if any, and interest on the Bonds only to or upon the order of the respective owners, as shown in the Bond
Register as provided in this Indenture, or their respective attorneys duly authorized in writing, and all such payments shall be valid and effective to fully satisfy and discharge the Issuer’s obligations with respect to payment of principal
of, redemption premium, if any, and interest on, the Bonds to the extent of the sum or sums so paid. 
 (e) No person other than a Registered
Owner, as shown in the registration books, shall receive a Bond certificate evidencing the obligation of the Issuer to make payments of principal, redemption premium, if any, and interest, pursuant to this Indenture. 
 (f) Any provision of this Indenture permitting or requiring the delivery of Bonds shall, while the book-entry system is in effect, be satisfied by the
notation on the books of the Securities Depository, of the transfer of the beneficial owner’s interest in such Bond. 
 (g) So long as
the book-entry system is in effect, the Trustee, the Paying Agent and the Bond Registrar shall comply with the terms of the Letter of Representations. 
 (h) The Securities Depository may determine to discontinue providing its service with respect to the Bonds at any time by giving reasonable notice and all relevant information on the beneficial owners of the Bonds to
the Issuer or the Trustee. If there is no successor Securities Depository appointed by the 
  

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 Issuer, the Trustee shall authenticate and deliver Bonds to the beneficial owners thereof. In the event that the Company
determines that the Securities Depository is incapable of discharging its responsibilities described herein or in any agreement among the Issuer, the Trustee and the Securities Depository and that it is in the best interest of the beneficial owners
of the Bonds that they be able to obtain certificated Bonds, the Issuer, at the direction of the Company, shall (i) appoint a successor securities depository, qualified to act as such under Section 17(a) of the securities and Exchange Act
of 1934, as amended, notify the Securities Depository of the appointment of such successor securities depository and transfer one or more separate Bonds to such successor securities depository or (ii) notify the Securities Depository and
owners, identified by the Securities Depository, of the availability through the Securities Depository of Bonds and transfer one or more separate Bonds to owners, identified by the Securities Depository, having Bonds credited to their accounts. In
such event, the Bonds shall no longer be restricted to being registered in the Bond Register in the name of the Securities Depository, but may be registered in the name of the successor securities depository, or its nominee, or in whatever name or
names Bondholders transferring or exchanging Bonds shall designate, in accordance with the provisions of this Indenture. 
 Upon the written
consent of 100% of the beneficial owners of the Bonds, the Trustee, in accordance with any agreement among the Issuer, the Trustee, and the Securities Depository, shall withdraw the Bonds from the Securities Depository, and authenticate and deliver
Bonds fully registered to the assignees of the Securities Depository or its nominee. If the request for such withdrawal is not the result of any Issuer action or inaction, such withdrawal, authentication and delivery shall be at the cost and expense
(including costs of printing, preparing and delivering such Bonds) of the persons requesting such withdrawal, authentication and delivery. 
 SECTION 2.14. Payments to Securities Depository; Payments to Beneficial Owners. (a) Notwithstanding any other provision of this Indenture to the contrary, so long as any Bond is registered in the name of Cede & Co., as
nominee of DTC, all payments with respect to principal of, redemption premium, if any, Purchase Price, and interest on, such Bond and all notices with respect to such Bond shall be made and given, respectively, pursuant to DTC’s rules and
procedures, or in the case of a successor Securities Depository, pursuant to any agreement among the Issuer, the Trustee, the Bond Registrar, and the Securities Depository. 
 (b) With respect to Bonds registered in the name of a Securities Depository (or its nominee) neither the Trustee, the Issuer nor the Company shall have
any obligation to any of its members or participants or to any person on behalf of whom an interest is held in the Bonds. 
 SECTION 2.15.
CUSIP Numbers. The Issuer in issuing the Bonds may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Bondholders; provided that
any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Bonds or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers
printed on the Bonds, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers. 
  

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 ARTICLE III 
 APPLICATION OF BOND PROCEEDS 
 SECTION 3.1. Application of Original Proceeds of Bonds.
Proceeds received from the issuance and sale of the Bonds shall, on the Issue Date, be deposited by the Trustee as follows: 
 (a) an amount equal to the Debt Service Reserve Requirement to the Debt Service Reserve Fund; and 
 (b) the balance
of such proceeds to the Construction Fund. 
  

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 ARTICLE IV 
 DEBT SERVICE RESERVE FUND 
 SECTION 4.1 Creation of Debt Service Reserve Fund. There is hereby
created by the Issuer and ordered to be established with the Trustee a Debt Service Reserve Fund. The Debt Service Reserve Fund shall be used, and the Trustee is hereby authorized to use the Debt Service Reserve Fund, solely for the purposes of
(i) finally retiring the last of the outstanding Bonds or (ii) paying principal of and interest on any outstanding Bonds when and to the extent the amount in the Bond Fund is insufficient for such purpose on the date such payment is due.
In the event that on the Business Day prior to the due date thereof, amounts on deposit in the Bond Fund are insufficient to pay the principal and/or interest due on the Bonds, the Trustee shall draw upon the Debt Service Reserve Fund to the extent
necessary to make such payments. 
 SECTION 4.2. Replenishment of Debt Service Reserve Fund. Out of proceeds of the Bonds, there shall
be deposited to the credit of the Debt Service Reserve Fund an amount sufficient, together with other monies provided therefor, to result in there being on deposit in the Debt Service Reserve Fund money and/or investments at least equal in market
value to the Debt Service Reserve Requirement. No deposits shall be made into the Debt Service Reserve Fund as long as the money and investments in the Debt Service Reserve Fund are at least equal in market value to the Debt Service Reserve
Requirements; but if and whenever the market value of money and investments in the Debt Service Reserve Fund is reduced below the Debt Service Reserve Requirements for any reason, the Company shall pay, in accordance with the Agreement, to the
Trustee for deposit into the Debt Service Reserve Fund amounts sufficient to replenish any such deficiency. 
 ARTICLE V 
 CONSTRUCTION FUND 
 SECTION 5.1.
Creation of Construction Fund. There is hereby created and ordered to be established with the Trustee a Construction Fund. 
 SECTION
5.2. Disbursements from Construction Fund. Moneys in the Construction Fund shall be disbursed by the Trustee to pay Project Costs or to reimburse the Company for Project Costs paid by it, all in accordance with and pursuant to the provisions
of the Agreement. The Trustee shall keep and maintain adequate records pertaining to the Construction Fund and all disbursements therefrom and shall file an accounting thereof if and when requested by the Issuer or the Company. 
 SECTION 5.3. Balance in Construction Fund. Any amounts remaining in the Construction Fund after delivery of the Completion Certificate (as defined
in the Agreement) for the Project shall be used by the Trustee as provided in Section 3.03(e) of the Agreement. 
 SECTION 5.4.
Acceleration of Bonds. In the event that the principal of the Bonds shall have become due and payable pursuant to Section 11.2 hereof, subject to Section 8.5(e) hereof, any amounts held in or on deposit in the Construction Fund
shall be transferred by the Trustee to the Bond Fund. 
  

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 ARTICLE VI 
 BOND FUND 
 SECTION 6.1. Revenues to be Paid Over to the Trustee. The Issuer has caused the
Revenues to be paid directly to the Trustee. 
 SECTION 6.2. Bond Fund. (a) There is hereby created and ordered to be established
with the Trustee a Bond Fund. 
 (b) The Trustee shall maintain the Bond Fund as follows: 
 (i) The Trustee shall deposit into the Bond Fund (A) all Loan Payments; (B) amounts received from the Collateral Trustee under
the Collateral Trust Agreement; (C) amounts paid by the Guarantors pursuant to the Guarantee; and (D) and, when accompanied by directions from the Person depositing such moneys that such moneys are to be paid into the Bond Fund, all other
amounts received by the Trustee from the Company or for the account of the Company pursuant to the Agreement and all payments under and pursuant to the provisions of this Indenture or any of the provisions of the Agreement. 
 (ii) Moneys in the Bond Fund shall be applied solely to the payment when due of principal of, redemption premium, if any, and interest on
the Bonds. 
 (iii) In the event of an annulment pursuant to Section 11.2 hereof, any amounts transferred by the Trustee
from the Construction Fund to the Bond Fund pursuant to Section 5.4 hereof shall be transferred by the Trustee back to the Construction Fund. 
 SECTION 6.3. Revenues to Be Held for All Bondholders; Certain Exceptions. Until applied as provided in this Indenture to the payment of Bonds or transferred to the Company pursuant to Section 6.4 or Section 17.2, Revenues
shall be held by the Trustee in trust in the Bond Fund for the benefit of the owners of all Outstanding Bonds, except that any portion of the Revenues representing principal or redemption price, and interest on any Bonds previously matured or called
for redemption in accordance with Article IX of this Indenture, shall be held for the benefit of the owners or the former owners of such Bonds only. 
 SECTION 6.4. Amounts Remaining in Bond Fund. Any amounts remaining in the Bond Fund after payment in full of (i) the Bonds (or the provision for payment thereof having been made in accordance with the
provisions hereof), (ii) all Administration Expenses, and (iii) all other amounts required to be paid under the Agreement and this Indenture, subject to any applicable provisions of Texas law, including Title 6 of the Texas Property Code,
shall be paid to the Company pursuant to its written instructions. 
 ARTICLE VII 
 [RESERVED] 
  

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 ARTICLE VIII 
 INVESTMENT OR DEPOSIT OF MONEYS 
 SECTION 8.1. Deposits. (a) All moneys received by the
Trustee under this Indenture shall be deposited with the Trustee, until or unless invested or deposited as provided in Sections 8.2 or 8.3, as applicable, or as otherwise provided herein. All deposits with the Trustee shall be secured as required by
applicable law for such trust deposits. The Trustee may deposit such moneys with any other depository which is authorized to receive them and is subject to supervision by public banking authorities. 
 (b) Obligations purchased as an investment of moneys in any fund or account shall be deemed at all times a part of such fund or account. Any profit and
income realized from such investments shall be credited to such fund or account and any loss shall be charged to such fund or account. 
 SECTION 8.2. Investment of Bond Fund and Debt Service Reserve Fund. At the written direction of the Authorized Company Representative, the Trustee shall invest moneys held in the Bond Fund and the Debt Service Reserve Fund, in
Governmental Obligations, specified by the Authorized Company Representative in such direction, maturing not later than the date or dates when the payments for which such moneys are held are to become due. Any such investments shall be held by or
under the control of the Trustee and shall be deemed at all times a part of the Bond Fund or the Debt Service Reserve Fund, as the case may be. Upon the occurrence of, and during the continuation of, an Event of Default, the Trustee shall no longer
take investment instructions from the Company, but from a representative of the Majority Holders. 
 The interest and income received upon
such investments of the Bond Fund and any interest paid by the Trustee or any other depository and any profit or loss resulting from the sale of any investment shall be added or charged to the extent received or paid and available for payment of
amounts due on the Bonds, to the payment of the next-succeeding payment due on account of the Bonds and to the extent so applied, shall constitute payment in respect of the Agreement (notice of which payment shall be given by the Trustee to the
Company), and any realized loss shall be made up by the Company (the direction of the Company to make investments as aforesaid to include an agreement so to do). The interest and income received upon such investments of the Debt Service Reserve Fund
shall be credited to the Debt Service Reserve Fund. 
 SECTION 8.3. Investment of Moneys in the Construction Fund. (a) Moneys
held for the credit of the Construction Fund shall, upon written direction by the Authorized Company Representative, be invested and reinvested by the Trustee as specified by the Authorized Company Representative in any one or more of the following
obligations or securities, to the extent permitted by State law, on which neither the Company nor any of its Affiliates is the obligor: (i) Governmental Obligations; (ii) debt obligations which are (a) issued by any state or political
subdivision thereof or any agency or instrumentality of such state or political subdivision, and (b) at the time of purchase, rated “AAA” by S&P and rated “Aaa” by Moody’s; (iii) any bond, debenture, note,
participation certificate or other similar obligation which is either (a) issued or guaranteed by the Federal National Mortgage Association, the Federal Home Loan Bank System, the Federal Home Loan Mortgage Corporation, the federal Farm Credit
Bank or the Student Loan Marketing Association, or (b) backed by the full faith and credit of the United States of America; (iv) U.S. denominated deposit account, certificates of deposit and banker’s acceptances with domestic
commercial banks, which have a rating on their short-term certificates of deposit on the date of purchase of “A-1” by S&P or “P-1” by Moody’s, without regard to gradation, and which matures not more than 360 days after
the date of purchase; (v) commercial paper which is rated at the time of purchase within the classification or higher, “A-1” by S&P or “P-1” by Moody’s, without regard to gradation, and which matures not more than
270 days after the date of purchase; (vi) investment agreements with banks that at the time such agreement is executed are rated by S&P or Moody’s in one of the two highest rating categories assigned by S&P or Moody’s (without
regard to 
  

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 any refinement or gradation of rating category by numerical modifier or otherwise) or investment agreements with non-bank
financial institutions which, (1) all of the unsecured, direct long-term debt of either the non-banking financial institution or the related guarantor of such non-bank financial institution is rated by S&P or Moody’s at the time such
agreement is executed in one of the two highest rating categories (without regard to any refinement or gradation of rating category by numerical modifier or otherwise) for obligations of that nature; or (2) if such non-bank financial
institutions have no outstanding long-term debt that is rated, all of the short-term debt of either the non-banking financial institution or the related guarantor of such non-bank financial institution is rated by S&P or Moody’s in the
highest rating category (without regard to any refinement or gradation fo the rating category by numerical modifier or otherwise) assigned to short term indebtedness by S&P or Moody’s, provided that if at any time after purchase the
provider of the investment agreement drops below the two highest rating categories assigned by S&P or Moody’s, the investment agreement must, within 30 days, either (1) be assigned to a provider rated in one of the two highest rating
categories or (2) be secured by the provider with collateral securities the fair market value of which, in relation to the amount of the investment agreement including principal and interest, is equal to at least 102%; investment agreements
with banks or non-bank financial institutions shall not be permitted if no rating is available with respect to debt of the investment agreement provider or the related guarantor of such provider; (vii) repurchase agreements with respect to and
secured by Government Obligations or by obligations described in clause (ii) and (iii) above, which agreements may be entered into with a bank (including without limitation the Trustee), a trust company, financial services firm or a broker
dealer which is a member of the Securities Investors Protection Corporation, provided that (a) the Trustee or a custodial agent of the Trustee has possession of the collateral and that the collateral is free and clear of third-party claims,
(b) a master repurchase agreement or specific written repurchase agreement governs the transaction, (c) the collateral securities are valued no less frequently than monthly, and (d) the fair market value of the collateral securities
in relation to the amount of the repurchase obligation, including principal and interest, is equal to at least 103%, and (e) such obligations must be held in the custody of the Trustee or the Trustee’s agent; and (ix) shares of a
fixed income mutual fund, Exchange Traded Fund or other collective investment fund registered under the federal Investment Company Act of 1940 whose shares are registered under the Securities Act of 1933, and whose investments consist solely of
Investments described in paragraphs (i) through (viii) above, including money market mutual funds from which the Trustee or its affiliates derive a fee for investment advisory or other services to the fund. Such investments shall have
maturity dates, or shall be subject to redemption by the holder at the option of the holder, on or prior to the dates the moneys invested therein will be needed as reflected by a statement of the Authorized Company Representative, which statement
must be on file with the Trustee prior to any investment. 
 The Trustee shall be entitled to assume that any investment which at the time of
purchase is a permitted investment hereunder remains a permitted investment thereafter, absent receipt of written notice or actual knowledge of information to the contrary. 
 (b) All interest, income, or other gain from the investment of moneys in the Construction Fund shall be retained therein and any loss resulting from the
sale of any investment shall be charged to such Fund. 
 SECTION 8.4. No Liability for Investments. (a) The Trustee may make any
and all investments under this Article VIII through its own investment department or that of its affiliates or subsidiaries. 
 (b) The
Trustee shall have no responsibility with respect to the compliance by the Company with respect to any covenant herein regarding investments made in accordance with this Article VIII, other than to use its best reasonable efforts to comply with
instructions from the Company regarding such investments. Since the making of such investments will be subject to the Company’s direction, the Trustee specifically disclaims any obligation to the Company for any loss, fee, or other charge
arising from, or tax consequences of, investments, reinvestments, and liquidation of investments pursuant to the provisions of this Section. 
  

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 SECTION 8.5. Covenants Regarding Rebate. 
 (a) A special Rebate Fund is hereby established by the Issuer with the Trustee. The Rebate Fund shall be for the sole benefit of the United States of
America and shall not be subject to the claim of any other person, including without limitation the Bondholders. The Rebate Fund is established for the purpose of complying with section 148 of the Code and the Treasury Regulations promulgated
pursuant thereto. The money deposited in the Rebate Fund, together with all investments thereof and investment income therefrom, shall be held in trust and applied solely as provided in this section. The Rebate Fund is not a portion of the Trust
Estate and is not subject to the lien of this Indenture. Notwithstanding the foregoing, the Trustee with respect to the Rebate Fund is afforded all the rights, protections and immunities otherwise accorded to it hereunder. 
 (b) Unless the Bonds qualify for an exception to rebate under Section 148 of the Code, within ten days after the close of each “Bond
Year,” the Trustee shall receive from the Company a computation in the form of a certificate of an Authorized Company Representative of the amount of “Excess Earnings,” if any, for the period beginning on the date of delivery of the
Bonds and ending at the close of such “Bond Year” and the Company shall pay to the Trustee for deposit into the Rebate Fund an amount equal to the difference, if any, between the amount then in the Rebate Fund and the Excess Earnings so
computed. The term “Bond Year” means with respect to the Bonds each one-year period ending on the anniversary of the date of delivery of the Bonds or such other period as may be elected by the Issuer in accordance with the Regulations and
notice of which election has been given to the Trustee. If, at the close of any Bond Year, the amount in the Rebate Fund exceeds the amount that would be required to be paid to the United States of America under paragraph (d) below if the Bonds
had been paid in full, such excess may be transferred from the Rebate Fund and paid to the Company, and the Company shall use such excess for such purposes for which, or to be redeposited to such fund from which, such amounts were originally
derived. 
 (c) In general, “Excess Earnings” for any period of time means the sum of 
 (i) the excess of — 
 (A) the aggregate amount earned during such period of time on all “Nonpurpose Investments” (including gains on the disposition of such obligations) in which “Gross Proceeds” of the issue are
invested (other than amounts attributable to an excess described in this subparagraph (c)(i)), over 
 (B) the amount that
would have been earned during such period of time if the “Yield” on such Nonpurpose Investments (other than amounts attributable to an excess described in this subparagraph (c)(i)) had been equal to the yield on the issue, plus 

(ii) any income during such period of time attributable to the excess described in subparagraph (c)(i) above. 
 The terms Nonpurpose Investments, Gross Proceeds, and Yield shall have the meanings given to such terms in section 148 of the Code and the Regulations
promulgated pursuant to such section. 
 (d) The Trustee shall pay to the United States of America at least once every five years, to the
extent that funds are available in the Rebate Fund or otherwise provided by the Company, an amount that ensures that at least 90 percent of the Excess Earnings from the date of delivery of the Bonds to the close of the period for which the payment
is being made will have been paid. The Trustee shall pay to the United States of America not later than 60 days after the Bonds have been paid in full, to the extent that funds are 
  

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 available in the Rebate Fund or otherwise provided by the Company, 100 percent of the amount then required to be paid
under section 148(f) of the Code as a result of Excess Earnings, unless the Bonds qualify for the exception to rebate set forth in Section 148(f)(4)(B) of the Code or the Regulations thereunder. 
 (e) The amounts to be computed, paid, deposited or disbursed under this section shall be determined by the Company acting on behalf of the Issuer within
ten days after (i) each Bond Year after the date of issuance of each issue or series of Bonds and (ii) the date on which the Bonds have been paid in full, unless the Trustee shall have been provided a Favorable Opinion with respect to the
noncompliance with such requirements. By such date, the Company shall also notify, in writing, the Trustee and the Issuer of the determinations the Company has made and the payment to be made pursuant to the provisions of this section. All such
determinations shall be conclusive and binding on the Trustee and the Issuer. Upon written request of any registered owner of Bonds, the Company shall furnish to such registered owner of Bonds a certificate (supported by reasonable documentation,
which may include calculation by Bond Counsel or by some other service organization) showing compliance with this section and other applicable provisions of section 148 of the Code. 
 (f) The Trustee shall maintain a record of the periodic determinations by the Company of the Excess Earnings for a period beginning on the first
anniversary date of the issuance of the Bonds and ending on the date of the final retirement of the Bonds. Such records shall state each such anniversary date and contain a summary prepared by the Company of the manner in which the Excess Earnings,
if any, was determined. The Trustee shall provide to the Company periodic statements of transactions and investments with respect to the various funds and accounts created pursuant to this Indenture. Such statements shall be provided as part of the
ordinary services contemplated herein. In the event that the Company requests the Trustee to provide copies of the statements to a rebate consultant or other person for the purpose of performing analysis or calculations relating to arbitrage rebate
as required under this Indenture (or other financing agreement) or for any other reason, then the Trustee shall be entitled to additional compensation for its services with respect to providing such additional statements. 
 (g) If the Trustee shall declare the principal of the Bonds and the interest accrued thereon immediately due and payable as the result of an Event of
Default specified in the Indenture, or if the Bonds are optionally or mandatorily prepaid or redeemed prior to maturity as a whole in accordance with their terms, any amount remaining in any of the funds shall be transferred to the Rebate Fund to
the extent that the amount therein is less than the Excess Earnings computed by the Company as of the date of such acceleration or redemption, and the balance of such amount shall be used immediately by the Trustee for the purpose of paying
principal of, redemption premium, if any, and interest on the Bonds when due. In furtherance of such intention, the Issuer hereby authorizes and directs its President to execute any documents, certificates or reports required by the Code and to make
such elections, on behalf of the Issuer, which may be permitted by the Code as are consistent with the purpose for the issuance of the Bonds. 
 ARTICLE IX 
 REDEMPTION OF BONDS 
 SECTION 9.1. Bonds Subject to Redemption. The Bonds shall be subject to redemption prior to maturity as set forth below: 
 (a) Optional Redemption. The Bonds shall be subject to redemption at the option of the Issuer, at the direction of the Company, in
whole or in part, and if in part, in Authorized Denominations from funds available for such purpose in the Bond Fund, on December 1, 2016, and on any date thereafter, at a redemption price equal to the principal amount of the Bonds to be
redeemed and accrued interest, if any, to the date of redemption. 
  

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 (b) Mandatory Redemption. The outstanding Bonds are subject to mandatory redemption and shall be
redeemed by the Issuer, in part, prior to their scheduled maturity, with money from the Bond Fund, at a redemption price equal to the principal amount thereof and accrued interest, if any, to the date of redemption, on December 1 of each of the
following years, in the principal amounts, respectively, as shown in the following schedule: 
  

				
	Redemption
Year	 	Principal
Amount
	2012	 	$	950,000
	2013	 	 	1,015,000
	2014	 	 	1,085,000
	2015	 	 	1,165,000
	2016	 	 	1,245,000
	2017	 	 	1,330,000
	2018	 	 	1,425,000
	2019	 	 	1,525,000
	2020	 	 	1,630,000
	2021	 	 	1,745,000
	2022	 	 	1,865,000
	2023	 	 	1,995,000
	2024	 	 	2,135,000
	2025	 	 	2,285,000
	2026	 	 	2,445,000
	2027	 	 	2,620,000
	2028	 	 	2,800,000
	2029	 	 	2,995,000
	2030	 	 	3,205,000
	2031	 	 	3,430,000
	2032	 	 	3,670,000
	2033	 	 	3,930,000
	2034	 	 	4,205,000
	2035	 	 	4,495,000
	2036	 	 	4,810,000

 The principal amount of the Bonds so required to be redeemed on any such mandatory redemption date shall be
reduced by the principal amount of any Bonds which, at least 45 days prior such redemption date, (1) shall have been acquired by the Trustee at the direction of the Company, at a price not exceeding the principal amount of such Bonds plus
accrued interest to the date of purchase thereof and delivered to the Trustee for cancellation, or (2) shall have been redeemed pursuant to any other redemption provision herein and not previously so credited. 
 (c) Extraordinary Mandatory Redemption. 
 (i) Taxability. The Bonds shall be subject to mandatory redemption, at a redemption price equal to 106% the principal amount being redeemed plus accrued interest to the redemption date on the one hundred
eightieth day (or such earlier date as may be designated by the Company) after a final determination by a court of competent jurisdiction or an administrative agency (including the Internal Revenue Service), or receipt by the Company of an opinion
of Bond Counsel obtained by the Company, to the effect the interest payable on the Bonds is or will be included in the gross income of the owners thereof for federal income tax purposes, other than any Owner who is a “substantial user” of
the Project or a “related person” within the meaning of Section 147(a) of the Code. Subject to the foregoing provisions of this Section 9.1(c)(i), the Bonds shall be redeemed in whole unless, in the opinion of Bond Counsel
mutually acceptable to the Issuer, the Trustee and the Company, the redemption of a portion of such Bonds would have the result that interest payable on the Bonds remaining outstanding after such redemption would not be includable in the gross
income for federal income tax purposes of any owner of any such Bonds. Any such partial redemption shall be in such amount as is necessary to accomplish such result; and 
  

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 (ii) Excess Proceeds. The Bonds are subject to mandatory redemption, in part, on
any date, to the extent that proceeds of the Bonds are transferred to the Bond Fund pursuant to Section 5.3 hereof, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date. 
 (d) Extraordinary Optional Redemption. 
 The Bonds shall be subject to optional redemption by the Issuer, at the written direction of the Company, in part, in each case in an amount not to exceed twenty-five percent (25%) of the original principal amount of the Bonds, at any
time and from time to time, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date, if: 
 (i) the Company shall have determined that the continued construction or operation of a Facility is impracticable, uneconomical or undesirable due to (A) the imposition of taxes, other than ad valorem taxes
currently levied upon privately owned property used for the same general purpose as such Facility, or other liabilities or burdens with respect to such Facility or the operation thereof, (B) changes in technology, in environmental standards or
legal requirements or in the economic availability of materials, supplies, equipment or labor or (C) destruction of or damage to all or part of such Facility; 
 (ii) all or substantially all of a Facility shall have been condemned or taken by eminent domain; 
 (iii) the construction or operation of a Facility shall have been enjoined or shall have otherwise been prohibited by any order, decree,
rule or regulation of any court or of any federal, state or local regulatory body, administrative agency or other governmental body; or 
 (iv) a Facility or portion thereof shall have been sold and the proceeds of sale shall not have been reinvested as provided in the Guarantee. 
 SECTION 9.2. Company Direction of Optional Redemption. The Trustee shall call Bonds for optional redemption when and only when it shall have been
notified by the Company to do so. The Company will give written notice of any optional redemption to the Trustee and the Issuer as provided in Section 9.4 of this Indenture. 
 SECTION 9.3. Selection of Bonds to be Called for Redemption; Partial Redemption. Except as otherwise provided herein or in the Bonds, the
particular Bonds to be called for redemption shall be selected by the Trustee by lot or any other customary random method determined by the Trustee to be fair and reasonable provided that a portion of a Bond may be redeemed only in Authorized
Denominations. If less than all the Bonds are to be redeemed, such redemption must be in an amount which will result in the Bonds that remain outstanding being in Authorized Denominations. 
 SECTION 9.4. Notice of Redemption. (a) The Company shall deliver notice to the Trustee and the Issuer of its intention to prepay the
principal of, redemption premium, if any, and interest on the Bonds and cause the Bonds to be called for optional redemption at least ten (10) Business Days prior to the date the Trustee gives notice to the Registered Owners of the Bonds of the
proposed redemption of the Bonds. The Trustee shall cause notice of any redemption of Bonds hereunder, which notice shall be prepared by the Company, to be mailed by first class mail, postage prepaid (except when DTC or a Securities Depository is
the Registered Owner of all of the Bonds and except for any person or entity owning or providing evidence of ownership satisfactory to the Trustee of a legal or beneficial ownership in at least $1,000,000 of principal 
  

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 amount of Bonds who so requests, in which cases, by certified mail, return receipt requested), to the Registered Owners
of all Bonds to be redeemed at the registered addresses appearing in the Bond Register kept for such purpose pursuant to Article II hereof. Each such notice shall (i) be mailed at least 30 days prior to the redemption date for Bonds,
(ii) identify the Bonds to be redeemed if less than all Bonds are to be redeemed (specifying the CUSIP numbers, if any, assigned to the Bonds), (iii) specify the redemption date and the redemption price, (iv) state whether the notice
is conditional or not as permitted by paragraph (b) hereof, and (v) state that on the redemption date the Bonds called for redemption will be payable at the office of the Trustee designated in such notice, that from that date, provided
funds have been deposited with the Trustee sufficient for redemption, interest will cease to accrue and that no representation is made as to the accuracy or correctness of the CUSIP numbers printed therein or on the Bonds; provided, however, that
the Bonds are registered with DTC or a successor Securities Depository, redemption notices will be sent to Cede & Co. pursuant to the procedures set forth in the DTC Letter of Representations or the procedures of such successor Securities
Depository. Any failure on the part of DTC or a successor Securities Depository , a direct participant or indirect participant to give such notice to the Owner or any defect therein shall not affect the sufficiency or validity of any proceedings for
the redemption of the Bonds. No defect affecting any Bond, whether in the notice of redemption or mailing thereof (including any failure to mail such notice), shall affect the validity of the redemption proceedings for any other Bonds. 

(b) Conditional Notice. If at the time of mailing of notice of an optional redemption there shall not have been deposited with the Trustee
moneys sufficient to redeem all the Bonds called for redemption, such notice may state that it is conditional, that is, subject to the deposit of the redemption moneys with the Trustee on or prior to the redemption date, and such notice shall be of
no effect unless such moneys are so deposited on or prior to the redemption date. If such redemption is not effectuated, the Trustee shall, at the expense of the Company, within five days thereafter, give notice in the manner in which the notice of
redemption was given that such moneys were not so received and shall rescind the redemption. 
 (c) Additional Notice of Redemption.
In addition to the redemption notice required above, if there is more than one Registered Owner of the Bonds, further notice (the “Additional Notice”) shall be given by the Trustee as set out below. No defect in the Additional Notice nor
any failure to give all or any portion of the Additional Notice shall in any manner defeat the effectiveness of a call for redemption if notice is given as prescribed in paragraph (a) above. 
 (i) Each Additional Notice shall contain the information required in paragraph (a) above for an official notice of redemption plus
(A) the date of the Bonds as originally issued; (B) the interest rate borne by each Bond being redeemed; (C) the maturity date of each Bond being redeemed; and (D) any other descriptive information needed to identify accurately
the Bonds being redeemed. 
 (ii) Each Additional Notice shall be published one time in a financial newspaper or journal which
regularly carries notices of redemption of other obligations similar to the Bonds, such publication to be made at least 30 days prior to the date fixed for redemption. 
 (iii) Upon the payment of the redemption price of the Bonds being redeemed, each check or other transfer of funds issued for such purpose
shall bear the CUSIP number identifying, by issue and maturity, the Bonds being redeemed with the proceeds of such check or other transfer, provided that neither the Issuer, the Company, nor the Trustee shall be deemed to have made any
representation as to the correctness of such CUSIP number. 
 (iv) Each Additional Notice shall be sent at least 30 days
before the redemption date by registered or certified mail, facsimile, or overnight delivery service to the following registered 
  

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 securities depositories: The Depository Trust Company of New York, New York and Philadelphia Depository
Trust Company of Philadelphia, Pennsylvania and to such other registered securities depositories as may be specified by the Company to the Trustee in writing and to one or more national information services that disseminate notices of redemption of
obligations such as the Bonds as shall be specified by the Company to the Trustee in writing. 
 (v) The Trustee’s
agreement to give the additional notices specified in this subsection (c) is made as a matter of courtesy and accommodation only and the Trustee shall incur no liability to any person for its failure to give such additional notices. 

ARTICLE X 
 COVENANTS OF THE
ISSUER 
 SECTION 10.1. Payment of Principal of, Redemption Premium, if any, and Interest on Bonds; Appointment of Paying Agent.
The Issuer covenants that it will promptly pay or cause to be paid, the principal of, redemption premium, if any, and interest on every Bond issued under this Indenture at the place, on the dates and in the manner provided herein and in the Bond
according to the true intent and meaning thereof; provided, however, that the obligation of the Issuer hereunder to make or cause to be made any payment to the Trustee in respect of the principal of, redemption premium, if any, or interest on the
Bonds shall be reduced by the amount of moneys, if any, on deposit in the Bond Fund and available to be applied by the Trustee toward the payment of the principal of, redemption premium, if any, or interest on the Bonds. The principal of, redemption
premium, if any, and interest (except interest paid from the proceeds from the sale of the Bonds) are payable solely from the Trust Estate, including Revenues, which Revenues are specifically pledged and assigned for the payment thereof in the
manner and to the extent herein specified, and nothing in the Bonds or this Indenture should be considered as assigning or pledging any funds or assets of the Issuer other than the Trust Estate in the manner and to the extent herein specified.
Anything in this Indenture to the contrary notwithstanding, it is understood that whenever the Issuer makes any covenant involving financial commitments, it pledges no funds or assets other than the Trust Estate in the manner and to the extent
herein specified, but nothing herein shall be construed as prohibiting the Issuer from using any other funds or assets. 
 The Issuer shall,
with the approval of the Company, appoint one or more Paying Agents for such purpose, each such agent to be a national banking association, a bank and trust company or a trust company. The Issuer hereby appoints the Trustee as Paying Agent, such
appointment and designation to remain in effect until notice of change is filed with the Trustee. The Issuer shall give prompt written notice to the Trustee of the designation of each such Paying Agent and of its designated office location for
purposes of such agency, and of any change in the Paying Agent or of its designated office location. Any Paying Agent other than the Trustee shall be a person which meets the requirements for qualifications of a paying agent imposed by
Section 13.2 hereof. 
 SECTION 10.2. Compliance with Laws. The Issuer covenants that it will faithfully perform at all times any
and all covenants, undertakings, stipulations and provisions contained in this Indenture, in any and every Bond executed, authenticated and delivered hereunder and in all resolutions pertaining thereto. The Issuer covenants that it is duly
authorized under the Constitution and laws of the State, including particularly and without limitation the Act, to issue Bonds authorized hereby and to execute this Indenture and to make the pledge and covenants in the manner and to the extent
herein set forth; that all action on its part for the issuance of the Bonds and the execution and delivery of this Indenture has been duly and effectively taken; and that the Bonds in the hands of the holders and owners thereof are and will be valid
and enforceable obligations of the Issuer according to the import thereof. 
  

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 SECTION 10.3. Enforcement of Agreement; Prohibition Against Amendments of Agreement; Notice of
Default. The Issuer shall cooperate with the Trustee in enforcing the payment of all amounts under the Agreement and shall require the Company to perform its obligations under the Agreement. So long as no Event of Default hereunder shall have
occurred and be continuing, the Issuer may exercise all its rights under the Agreement as amended or supplemented from time to time, including the right to amend the Agreement; provided that it shall not amend the Agreement without the consent of
the Trustee pursuant to Section 15.3. The Issuer shall give prompt notice to the Trustee of any default known to the Issuer under the Agreement. 
 SECTION 10.4. Further Assurances. Except to the extent otherwise provided in this Indenture, the Issuer shall not enter into any contract or take any action by which the rights of the Trustee, the Bondholders
or the Company may be impaired and shall, from time to time, execute and deliver such further instruments and take such further action as may be required to carry out the purposes of this Indenture. 
 SECTION 10.5. Administration Expenses. It is understood and agreed that pursuant to the provisions of Sections 5.04 and 5.07 of the Agreement, the
Company agrees to pay the Administration Expenses. All such payments under the Agreement which are received by the Trustee shall not be paid into the Bond Fund, but shall be segregated by the Trustee and expended solely for the purpose for which
such payments are received. 
 SECTION 10.6. Moneys to be Held in Trust. All moneys required to be deposited with or paid to the
Trustee or any Paying Agent for deposit into the Bond Fund, the Construction Fund, or the Debt Service Reserve Fund under any provision of this Indenture and all moneys withdrawn from the Bond Fund, the Construction Fund, or the Debt Service Reserve
Fund and held by any Paying Agent, shall be held by the Trustee or such Paying Agent in trust, or deposited with or paid to the Trustee for the redemption of Bonds, notice of which redemption has been duly given, and for moneys deposited with or
paid to the Trustee pursuant to Article XVI hereof, shall, while held by the Trustee or any Paying Agent, constitute part of the Trust Estate and be subject to the lien hereof. Any moneys received by or paid to the Trustee pursuant to any provision
of the Agreement calling for the Trustee to hold, administer and disburse the same in accordance with the specific provisions of the Agreement shall be held, administered and disbursed pursuant to such provisions. The Issuer agrees that if it shall
receive any moneys pursuant to applicable provisions of the Agreement, it will forthwith upon receipt thereof pay the same over to the Trustee to be held, administered and disbursed by the Trustee in accordance with the provisions of the Agreement
pursuant to which the Issuer may have received the same. Furthermore, if for any reason the Agreement ceases to be in force and effect while any Bonds are outstanding, the Issuer agrees that if it shall receive any moneys derived from the Project,
it will forthwith upon receipt thereof pay the same over to the Trustee to be held, administered and disbursed by the Trustee in accordance with provisions of the Agreement that would be applicable if the Agreement were then in force and effect, and
if there be no such provisions which would be so applicable, then the Trustee shall hold, administer and disburse such moneys solely for the discharge of the Issuer’s obligations under this Indenture. 
 SECTION 10.7. Rights of Company Under Agreement. Nothing herein contained shall be deemed to impair the rights and privileges of the Company set
forth in the Agreement. The Issuer and the Trustee agree that the Company in its own name or in the name of the Issuer may enforce all of the rights of the Issuer, all obligations of the Trustee, and all of the Company’s rights provided for in
this Indenture. 
  

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 ARTICLE XI 
 EVENTS OF DEFAULT AND REMEDIES 
 SECTION 11.1. Events of Default Defined. Each of the
following shall be an “Event of Default” hereunder: 
 (a) Payment of the principal or redemption price of any Bond
is not made when it becomes due and payable at maturity or upon call for redemption; or 
 (b) Payment of any interest on any
Bond is not made when it becomes due and payable; or 
 (c) The occurrence and continuance of any “Event of Default”
under the Agreement; or 
 (d) Default in the payment of any other amount required to be paid under this Indenture or in the
performance or observance of any other of the covenants, agreements or conditions contained in this Indenture, or in the Bonds issued under this Indenture, and continuance thereof for a period of 90 days after written notice specifying such failure
and requesting that it be remedied shall have been given to the Issuer and the Company by the Trustee, which may give such notice in its discretion and shall give such notice at the written request of the holders of not less than 25% in principal
amount of the Bonds then outstanding, unless the Trustee, or the Trustee and holders of a principal amount of Bonds not less than the principal amount of Bonds the holders of which requested such notice, as the case may be, shall agree in writing to
an extension of such period prior to its expiration; provided, however, that the Trustee, or the Trustee and the holders of such principal amount of Bonds, as the case may be, shall be deemed to have agreed to an extension of such period if
corrective action is instituted by the Issuer, or the Company on behalf of the Issuer, within such period and is being diligently pursued; or 
 (e) The occurrence and continuance of any “Event of Default” under, and as defined in, the Guarantee. 
 SECTION 11.2. Acceleration and Annulment Thereof. If any Event of Default occurs and is continuing, the Trustee may, and upon written request of the owners of at least 25% in principal amount of all Bonds then Outstanding shall, by
notice in writing to the Issuer and the Company, declare the principal of and accrued interest on all Bonds then Outstanding to be immediately due and payable; and upon such declaration the said principal, together with interest accrued thereon to
the date of acceleration, shall become due and payable immediately at the place of payment provided therein, anything in the Indenture or in the Bonds to the contrary notwithstanding. Upon the occurrence of any acceleration hereunder, the Trustee
shall immediately declare all payments under the Agreement pursuant to Section 5.03 thereof to be due and payable immediately. 
 Immediately after any acceleration hereunder, the Trustee, to the extent it has not already done so, shall notify in writing the Issuer, the Company, and the Paying Agent of the occurrence of such acceleration. Upon the occurrence of any
acceleration hereunder, the Trustee shall notify by first class mail, postage prepaid, the owners of all Bonds Outstanding of the occurrence of such acceleration. 
 If, after the principal of the Bonds has become due and payable, all arrears of interest upon the Bonds are paid by the Issuer, and the Issuer also performs all other things in respect to which it may have been in
default hereunder and pays the reasonable charges of the Trustee and the Bondholders, including reasonable and necessary attorneys’ fees and expenses, then, and in every such case, the owners of a majority in principal 
  

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 amount of the Bonds then Outstanding, by written notice to the Issuer and to the Trustee, may annul such acceleration and
its consequences, and such annulment shall be binding upon the Trustee and upon all owners of Bonds issued hereunder. No such annulment shall extend to or affect any subsequent default or impair any right or remedy consequent thereon. The Trustee
shall forward a copy of any notice from Bondholders received by it pursuant to this paragraph to the Company. Immediately upon such annulment, the Trustee shall cancel, by notice to the Company, any demand for prepayment of all amounts due under the
Agreement made by the Trustee pursuant to this Section. The Trustee shall promptly give written notice of such annulment to the Issuer, the Company, the Collateral Trustee, the Paying Agent, and, if notice of the acceleration of the Bonds shall have
been given to the Bondholders, shall give notice thereof to the Bondholders. 
 SECTION 11.3. Other Remedies. If any Event of Default
occurs and is continuing, the Trustee, before or after the principal of the Bonds becomes immediately due and payable, may enforce each and every right granted to it under the Agreement and any supplements or amendments thereto. In exercising such
rights and the rights given the Trustee under this Article, the Trustee shall take such action as, in the judgment of the Trustee applying the standards described in Section 12.6, would best serve the interests of the Bondholders. 

SECTION 11.4. Legal Proceedings by Trustee. If any Event of Default has occurred and is continuing, the Trustee in its discretion may, and upon
the written request of the owners of a majority in principal amount of all Bonds then Outstanding and receipt of indemnity to its satisfaction shall, subject to the provisions of Article XII hereof, in its own name: 
 (i) By mandamus, or other suit, action or proceeding at law or in equity, enforce all rights of the Bondholders, including the right to
require the Issuer to enforce any rights under the Agreement and to require the Issuer to carry out any other provisions of this Indenture for the benefit of the Bank and the Bondholders and to perform its duties under the Act; 
 (ii) Bring suit to enforce the Bonds; 
 (iii) By action or suit in equity require the Issuer to account as if it were the trustee of an express trust for the Bondholders; and 
 (iv) By action or suit in equity enjoin any acts or things which may be unlawful or in violation of the rights of the Bondholders.

 SECTION 11.5. Discontinuance of Proceedings by Trustee. If any proceeding commenced by the Trustee on account of any Event of
Default is discontinued or is determined adversely to the Trustee, then the Company, the Issuer, the Trustee and the Bondholders shall be restored to their former positions and rights hereunder as though no such proceedings had been commenced.

 SECTION 11.6. Majority Holders May Direct Proceedings. The owners of a majority in principal amount of the Bonds then Outstanding
shall have the right, after furnishing indemnity satisfactory to the Trustee, to direct the method and place of conducting all remedial proceedings by the Trustee hereunder, provided that (i) such directions shall not be otherwise than in
accordance with law or the provisions of this Indenture and (ii) the Trustee shall have the right to decline to follow any such direction which in the reasonable opinion of the Trustee conflicts with law or with the Indenture or would be
unjustly prejudicial to Bondholders not parties to such direction. 
  

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 SECTION 11.7. Limitations on Actions by Bondholders. No Bondholder shall have any right to pursue
any remedy hereunder unless: 
 (i) the Trustee shall have been given written notice of an Event of Default, 
 (ii) the owners of at least a majority in principal amount of all Bonds then Outstanding shall have requested the Trustee, in writing, to
exercise the powers hereinabove granted or to pursue such remedy in its or their name or names, 
 (iii) the Trustee shall
have been offered indemnity satisfactory to it against reasonable costs, expenses and liabilities, including, without limitation, reasonable costs and expenses of its counsel, except that no offer of indemnification shall be required solely for a
declaration of acceleration under Section 11.2, and 
 (iv) the Trustee shall have failed to comply with such request
within a reasonable time. 
 Notwithstanding the foregoing provisions of this Section or any other provision of this Indenture, the
obligation of the Issuer shall be absolute and unconditional to pay hereunder, but solely from the Revenues and other funds pledged under this Indenture, the principal or redemption price of, and interest on, the Bonds to the respective owners
thereof on the respective due dates thereof, and nothing herein shall affect or impair the right of action, which is absolute and unconditional, of such owners to enforce such payment. 
 SECTION 11.8. Trustee May Enforce Rights Without Possession of Bonds. All rights under the Indenture and the Bonds may be enforced by the Trustee
without the possession of any Bonds or the production thereof at the trial or other proceedings relative thereto, and any proceeding instituted by the Trustee shall be brought in its name for the ratable benefit of the owners of the Bonds.

 SECTION 11.9. Remedies Not Exclusive. No remedy herein conferred is intended to be exclusive of any other remedy or remedies, and
each remedy is in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. 
 SECTION
11.10. Delays and Omissions Not to Impair Rights. No delays or omission in respect of exercising any right or power accruing upon any default shall impair such right or power or be a waiver of such default, and every remedy given by this
Article may be exercised from time to time and as often as may be deemed expedient. 
 SECTION 11.11. Application of Moneys in Event of
Default. Any moneys received by the Trustee under this Article shall be applied in the following order: 
 (i) To the
payment of the reasonable costs and expenses of the Trustee, including reasonable counsel fees and expenses, any disbursements of the Trustee with interest thereon at the prime rate of the Trustee and its reasonable compensation; and 
 (ii) To the payment of principal or redemption price (as the case may be) and interest then owing on the Bonds, and in case such moneys
shall be insufficient to pay the same in full, then to the payment of principal or redemption price and interest ratably, without preference or priority of one over another or of any installment of interest over any other installment of interest;
and 
 (iii) To the payment of reasonable costs and expenses of the Issuer, including reasonable counsel fees, incurred in
connection with the Event of Default. 
  

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 The surplus, if any, shall be paid to the Company. 
 SECTION 11.12. Trustee and Bondholders Entitled to All Remedies Under the Act. It is the purpose of this Article to provide such remedies to the
Trustee and the Bondholders as may be lawfully granted under the provisions of the Act, but should any remedy herein granted be held unlawful, the Trustee and the Bondholders shall nevertheless be entitled to every other remedy granted hereunder and
every remedy provided by the Act. It is further intended that, insofar as lawfully possible, the provisions of this Article shall apply to and be binding upon any trustee or receiver appointed under applicable law. 
  

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 ARTICLE XII 
 THE TRUSTEE 
 SECTION 12.1. Acceptance of Trust. The Trustee accepts and agrees to execute the
trusts hereby created, but only upon the additional terms set forth in this Article XII, to all of which the Issuer, the Trustee (as Trustee, Paying Agent, and Bond Registrar), the Company and the Bondholders agree. 
 SECTION 12.2. No Responsibility for Recitals, etc. The recitals, statements and representations in this Indenture or in the Bonds, save only the
Trustee’s Certificate of Authentication upon the Bonds, have been made by the Issuer and not by the Trustee; and the Trustee shall be under no responsibility for the correctness thereof, or for the validity, priority, recording or re-recording,
filing or re-filing of this Indenture or the Agreement or any financing statements or amendments thereto, other than continuation statements and amendments necessitated by factual changes of which the Trustee has actual knowledge (e.g. name changes
or changes in place of incorporation), or for insuring the Project or collecting any insurance moneys, or for the validity of the execution by the Issuer of this Indenture or of any supplements thereto or instruments of further assurance, or for the
validity or sufficiency of the security afforded by this Indenture or the Bonds issued hereunder or intended to be secured hereby, or as to the maintenance of the security hereof. The Trustee shall not be bound to ascertain or inquire as to the
performance or observance of any covenants, conditions or agreements on the part of the Issuer or on the part of the Company hereunder or under the Agreement, except as expressly provided herein or in the Agreement. 
 The Trustee shall not be accountable for the application of the proceeds of any Bonds authenticated or delivered hereunder which has been made by or on
behalf of the Company or the Issuer. 
 SECTION 12.3. Trustee May Act Through Agents; Answerable Only for Willful Misconduct or
Negligence. The Trustee may exercise any powers hereunder and perform any duties required of it through attorneys, agents, officers or employees, and shall be entitled to rely on the advice of Counsel concerning all questions hereunder or under
the Agreement. The Trustee shall not be answerable for the default, negligence or misconduct of any attorney or agent selected by it with reasonable care. Except as otherwise provided herein, the Trustee shall not be answerable for the exercise of
any discretion or power under the Indenture nor for anything whatsoever in connection with the trust hereunder, except only its own willful misconduct or negligence. 
 SECTION 12.4. Compensation. The Company shall pay to the Trustee such compensation for its services hereunder as is specified in the Agreement or such other written agreement between the Company and the
Trustee, and also all its reasonable expenses and disbursements, including the reasonable fees, costs and expenses of its counsel (including in-house counsel and legal staff). If the Company shall have failed to make any such payment within a
reasonable time, the Trustee shall have, in addition to any other rights hereunder, a claim, prior to the Bondholders, for the payment of its compensation and the reimbursement of its expenses (both ordinary and extraordinary) and any advances made
by it upon the moneys and obligations in the Bond Fund, except for moneys or obligations held by the Trustee for the payment of particular Bonds. When the Trustee incurs expenses or renders services in connection with an Event of Default specified
in Section 6.01(c) of the Agreement, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal or state
bankruptcy, insolvency or other similar law. 
 The provisions of this Section shall survive the termination of this Indenture. 

 

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 SECTION 12.5. Notice of Default; Right to Investigate. The Trustee shall, within the later of
(i) 30 days after the occurrence thereof, or (ii) 15 days after it obtains actual knowledge thereof, give written notice by first class mail to registered owners of Bonds of all Events of Default known to the Trustee, unless such Events of
Default have been remedied. The Trustee shall not be deemed to have notice of any Event of Default under Section 11.1(c), (d), or (e) (other than payment defaults under Sections 6.01(a) of the Agreement) unless notified in writing of such
default by the owners of at least 25% in principal amount of all Bonds then Outstanding or if it has actual notice thereof. The Trustee may, however, at any time require of the Issuer full information as to the performance of any covenant hereunder;
and, if information satisfactory to it is not forthcoming, the Trustee may make or cause to be made, at the expense of the Company, an investigation into the affairs of the Issuer related to this Indenture. Copies of any notice required by this
Section 12.5 shall also be sent to each Paying Agent. 
 SECTION 12.6. Obligation to Act. Except during the continuance of an
Event of Default, the Trustee shall undertake to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee. If any Event of
Default shall have occurred and be continuing, the Trustee shall exercise such of the rights and remedies vested in it by this Indenture and shall use the same degree of care in their exercise as a prudent person would exercise or use in the
circumstances in the conduct of his own affairs. The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Bondholders pursuant to this Indenture unless
such Bondholders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred in compliance with such request or direction. Wherever, in this Indenture provision is
made for indemnity by the owners of the Bonds, if the owner providing such indemnity has an aggregate net worth or net asset value of at least $50,000,000, as set forth in its most recent audited financial statements or as otherwise satisfactorily
demonstrated to the Trustee, the Trustee may not require any indemnity bond or other security for such indemnity. In any case where more than one owner is providing indemnity, such indemnity shall be several and not joint and, as to each owner, such
indemnity obligations shall not exceed its percentage interest of outstanding Bonds. 
 SECTION 12.7. Reliance. The Trustee may act on
any requisition, resolution, notice, telegram, request, consent, direction, waiver, certificate, statement, affidavit, voucher, bond, or other paper or document which it in good faith believes to be genuine and to have been passed or signed by the
proper persons or to have been prepared and furnished pursuant to any of the provisions of the Indenture, and the Trustee shall be under no duty to make any investigation as to any statement contained in any such instrument, but may accept the same
as conclusive evidence of the accuracy of such statement. 
 SECTION 12.8. Trustee May Deal in Bonds. The Trustee may in good faith
buy, sell, own, hold and deal in any of the Bonds and may join in any action which any Bondholders may be entitled to take with like effect as if the Trustee were not a party to this Indenture. The Trustee may also engage in or be interested in any
financial or other transaction with the Issuer or the Company. 
 SECTION 12.9. Resignation of Trustee. The Trustee may resign and be
discharged of the trusts created by the Indenture by written resignation filed with the Issuer and the Company not fewer than 60 days before the date when it is to take effect. Such resignation shall take effect only upon the appointment and
acceptance of a successor trustee. 
 SECTION 12.10. Removal of Trustee. Any Trustee hereunder may be removed at any time by an
instrument appointing a successor to the Trustee so removed, executed by the Majority Holders and filed with the Trustee and the Issuer. A successor Trustee may be appointed by the Majority Holders in the same instrument. Subject to
Section 12.11 hereof, if a successor Trustee does not take office within 60 days after 
  

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 the retiring Trustee resigns or is removed, the retiring Trustee, the Company, the Issuer, or the holders of at least 25%
in principal amount of the outstanding Bonds may petition, at the expense of the Company, a court of competent jurisdiction for the appointment of a successor Trustee. Such removal shall take effect only upon the appointment and acceptance of a
successor Trustee. 
 SECTION 12.11. Appointment of Successor Trustee. If the Trustee or any successor trustee resigns or is removed
or dissolved, or if its property or business is taken under the control of any state or federal court or administrative body, a vacancy shall forthwith exist in the office of the Trustee, and the Issuer, at the direction of the Company, shall
appoint a successor and shall mail notice of such appointment to registered owners of the Bonds. If the Issuer fails to make such appointment promptly, the owners of a majority in principal amount of the Bonds then Outstanding may do so. 

SECTION 12.12. Qualification of Successor. A successor trustee shall be a national banking association with trust powers or a bank and trust
company or a trust company having capital and surplus of at least $50,000,000 and rated Baa3/P-3 or better by Moody’s or be otherwise acceptable to Moody’s if the Bonds are then rated by Moody’s or BBB- or better by S&P or be
otherwise acceptable by S&P if the Bonds are then rated by S&P, if there be one able and willing to accept the trust on reasonable and customary terms. 
 SECTION 12.13. Instruments of Succession. Any successor trustee shall execute, acknowledge and deliver to the Issuer an instrument accepting such appointment hereunder; and thereupon such successor trustee,
without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor in the trust hereunder, with like effect as if originally named Trustee
herein. The Trustee ceasing to act hereunder shall pay over to the successor trustee all moneys held by it hereunder; and, upon request of the successor trustee, the Trustee ceasing to act and the Issuer shall execute and deliver an instrument
transferring to the successor trustee all the estates, properties, rights, powers and trusts hereunder of the Trustee ceasing to act. 
 SECTION 12.14. Merger of Trustee. Any corporation or association into which any Trustee hereunder may be merged or with which it may be consolidated, or any corporation or association resulting from any merger or consolidation to
which any Trustee hereunder shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor trustee under the Indenture, without the execution or filing of any paper
or any further act on the part of the parties hereto, anything herein to the contrary notwithstanding. 
 SECTION 12.15. Trustee Not
Required to Expend or Risk Own Funds. No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of
any of its rights or powers. 
 SECTION 12.16. Right of Trustee to Pay Taxes and Other Charges. In case any tax, assessment or
governmental or other charge upon any part of the trust estate is not paid as required herein, the Trustee may, but shall not be required to, pay such tax, assessment or governmental or other charge, without prejudice, however, to any rights of the
Trustee or the Bondholders hereunder arising in consequence of such failure; and any amount at any time so paid under this Section 12.16, with interest thereon from the date of payment at the prime rate of the Trustee, shall become so much
additional indebtedness secured by this Indenture, and the same shall be paid out of the proceeds of Revenues collected from the property herein conveyed, if not otherwise caused to be paid; but the Trustee shall be under no obligation to make any
such payment unless it shall have been requested to do so by the owners of at least 25% in aggregate principal amount of all Bonds then Outstanding and shall have been provided with adequate funds for the purpose of such payment. 
  

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 SECTION 12.17. Trust Estate may be Vested in Separate or Co-Trustee. It is the purpose of this
Indenture that there shall be no violation of any law of any jurisdiction (including particularly the law of the State) denying or restricting the right of banking corporations or associations to transact business as trustee in such jurisdiction. It
is recognized that in case of litigation under this Indenture or the Agreement, and in particular in case of the enforcement of either on default, or in case the Trustee deems that by reason of any present or future law of any jurisdiction it may
not exercise any of the powers, rights or remedies herein granted to the Trustee or hold title to the trust estate, in trust, as herein granted, or take any other action which may be desirable or necessary in connection therewith, it may be
necessary that the Trustee appoint an additional individual or institution as a separate or co-trustee. The expense of any separate or co-trustee shall be borne by the Company. The following provisions of this Section 12.17 are adapted to these
ends. 
 In the event that the Trustee appoints an additional individual or institution as a separate or co-trustee, each and every remedy,
power, right, claim, demand, cause of action, immunity, estate, title, interest and lien expressed or intended by this Indenture to be exercised by or vested in or conveyed to the Trustee with respect thereto shall be exercisable by and vested in
such separate or co-trustee but only to the extent necessary to enable such separate or co-trustee to exercise such powers, rights and remedies, and every covenant and obligation necessary to the exercise thereof by such separate or co-trustee shall
run to and be enforceable by either of them. 
 Should any deed, conveyance or instrument in writing from the Issuer be required by the
separate trustee or co-trustee so appointed by the Trustee for more fully and certainly vesting in and confirming to him such properties, rights, powers, trusts, duties and obligations, any and all such deeds, conveyances and instruments in writing
shall, on request, be executed, acknowledged and delivered by the Issuer. In case any separate trustee or co-trustee, or a successor to either, shall become incapable of acting, resign or be removed, all the estate properties, rights, powers,
trusts, duties and obligations of such separate trustee or co-trustee, so far as permitted by law, shall vest in and be exercised by the Trustee until the appointment of a new trustee or successor to such separate trustee or co-trustee. 

No trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder. 
 SECTION 12.18. Reliance Upon Counsel. The Trustee may consult with Counsel satisfactory to it, and the opinion of such Counsel selected by the
Trustee shall be full and complete authorization and protection in respect of any action taken or suffered by such Trustee hereunder in good faith and in reliance thereon. 
 SECTION 12.19. No Implied Duties. The Trustee shall be obligated to perform such duties and only such duties as are herein and in the Bonds
specifically set forth and as are required by applicable law and no implied duties or obligations of the Trustee shall be read into this Indenture or the Bonds. The permissive rights of the Trustee to do things enumerated in this Indenture shall not
be construed as a duty. 
 SECTION 12.20. No Responsibility for Securities Laws. The Trustee shall have no responsibility with respect
to any information in any offering memorandum or other disclosure material distributed with respect to the Bonds or for compliance with securities laws in connection with the issuance and sale of the Bonds. 
 SECTION 12.21. No Responsibility for Yield Covenants. Except as specified in Section 8.5 hereof, the Trustee shall have no responsibility
with respect to compliance by the Issuer or the Company with Section 148 of the Code or any covenant in this Indenture or in the Agreement regarding yields on investments. 
  

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 SECTION.12.22. No Responsibility for Filings. The Trustee shall not be responsible for
(i) the validity, priority, recording, rerecording, filing, or refiling of this Indenture or any supplemental indenture; (ii) any instrument or document of further assurance or collateral assignment; (iii) any financing statements or
amendments or modifications thereto, other than continuation statements and amendments necessitated by factual changes of which the Trustee has actual knowledge (e.g. name changes or changes in place of incorporation); (iv) the validity of the
execution of the Issuer of this Indenture or any supplemental indenture or documents of further assurance; (v) the sufficiency of the security of the Bonds issued hereunder; and (vi) the value of or title to the Project. 
 ARTICLE XIII 
 THE PAYING AGENT

 SECTION 13.1. The Paying Agent. (a) The Paying Agent shall agree to 
 (i) hold all sums held by it for the payment of the principal or redemption price of, or interest on, Bonds in trust for the benefit of
the owners of such Bonds until such sums shall be paid to such owners or otherwise disposed of as herein provided; 
 (ii) at
any time during the continuance of any default in the payment of principal or redemption price of or interest on the Bonds, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and

 (iii) keep such books and records as shall be consistent with prudent industry practice and to make such books and records
available for inspection by the Issuer, the Trustee, the Bank, and the Company at all reasonable times. 
 (b) The Paying Agent shall be a
corporation duly organized under the laws of the United States of America or any state or territory thereof, or a bank with trust powers or a trust company having a combined capital stock, surplus and undivided profits of at least $50,000,000 and
authorized by law to perform all the duties imposed upon it by this Indenture. The Paying Agent may at any time resign and be discharged of the duties and obligations created by this Indenture by giving at least 60 days’ notice to the Issuer,
the Trustee, and the Company. In the event that the Issuer, at the request of the Company, shall fail to appoint a successor Paying Agent, upon the resignation or removal of the Paying Agent, the Trustee shall either appoint a Paying Agent or itself
act as Paying Agent until the appointment of a successor Paying Agent. Any successor Paying Agent shall either be rated Baa/P-3 or better by Moody’s or be otherwise acceptable to Moody’s if the Bonds are then rated by Moody’s. The
Paying Agent may be removed at any time by an instrument signed by the Company, filed with the Issuer and the Trustee. 
 In the event of the
resignation or removal of the Paying Agent, the Paying Agent shall deliver any Bonds and moneys held by it in such capacity to its successor or, if there is no successor, to the Trustee. 
 (c) The Paying Agent in performing its duties hereunder shall be entitled to the same protective provisions in the performance of its duties as are
specified in Article XII of this Indenture with respect to the Trustee hereunder to the same extent and as fully for all intents and purposes as though the Paying Agent had been expressly named therein in place of such Trustee and as though the
applicable provisions of Article XII of this Indenture had been set forth herein at length. 
 SECTION 13.2. Notices. The Trustee
shall, within 30 days of the resignation or removal of the Paying Agent or the appointment of a successor Paying Agent, give notice thereof by first class mail, postage prepaid, to the owners of the Bonds. 
  

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 ARTICLE XIV 
 ACTS OF BONDHOLDERS; EVIDENCE OF OWNERSHIP 
 SECTION 14.1. Acts of Bondholders; Evidence of
Ownership. Except as otherwise stated herein, any action to be taken by Bondholders may be evidenced by one or more concurrent written instruments of similar tenor signed or executed by such Bondholders (or their beneficial owners) in person or
by an agent appointed in writing. The initial purchasers of the Bonds from the Underwriter are hereby acknowledged by the Trustee as the beneficial owners thereof. The fact and date of the execution by any person of any such instrument may be proved
by acknowledgment before a notary public or other officer empowered to take acknowledgments or by an affidavit of a witness to such execution. Where such execution is by an officer of a corporation or a member of a partnership, on behalf of such
corporation or partnership, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the person executing the same, may also be
proved in any other manner which the Trustee deems sufficient. The ownership of the Bonds shall be proved by the Bond Register. Any action by the owner of any Bond shall bind all future owners of the same Bond in respect of anything done or suffered
by the Issuer or the Trustee in pursuance thereof. 
 ARTICLE XV 
 AMENDMENTS AND SUPPLEMENTS 
 SECTION 15.1. Amendments and Supplements Without
Bondholders’ Consent. This Indenture may be amended or supplemented at any time and from time to time, without the consent of the Bondholders, but with the consent of the Paying Agent, if the amendment or supplement would materially
adversely affect or alter the duties or obligations of the Paying Agent under this Indenture, by a supplemental indenture authorized by a resolution of the Issuer and filed with the Trustee, for one or more of the following purposes: 
 (i) to add additional covenants of the Issuer or to surrender any right or power herein conferred upon the Issuer; 
 (ii) for any purpose not inconsistent with the terms of this Indenture or to cure any ambiguity or to correct or supplement any provision
contained herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, or to make such other provisions in regard to matters or questions arising under
this Indenture which shall not adversely affect the interests of the owners of the Bonds; 
 (iii) to permit the Bonds to be
converted to certificateless securities or vice versa or securities represented by a master certificate held in trust, ownership of which, in either case, is evidenced by book entries on the books of the Bond Registrar, for any period of time, or to
conform to the procedures of the Securities Depository to effect the book-entry system set forth in Section 2.13 hereof; 
 (iv) to permit the appointment of a co-trustee under this Indenture; 
 (v) to authorize different authorized
denominations of the Bonds and to make correlative amendments and modifications to this Indenture regarding exchangeability of Bonds of different authorized denominations, redemptions of portions of Bonds of particular authorized denominations and
similar amendments and modifications of a technical nature; 
  

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 (vi) to modify, alter, supplement or amend this Indenture in such manner as shall permit
the qualification hereof under the Trust Indenture Act of 1939, as from time to time amended; 
 (vii) to modify, alter, amend
or supplement this Indenture in any other respect which is not materially adverse to the Bondholders; and 
 (viii) to conform
to the requirements of any Rating Service. 
 Before the Issuer and the Trustee shall enter into any supplemental indenture pursuant to this
Section, there shall have been delivered to the Trustee a Favorable Opinion stating the requirements of such opinion and also stating that such supplemental indenture will, upon the execution and delivery thereof, be valid and binding upon the
Issuer in accordance with its terms. 
 SECTION 15.2. Amendments With Bondholders’ Consent. This Indenture may be amended or
supplemented at any time or from time to time, except with respect to (i) the principal, redemption price , and interest payable upon any Bonds, (ii) the Interest Payment Dates, the dates of maturity or the redemption provisions of any
Bonds, and (iii) this Article, by a supplemental indenture consented to by the Company, and if the amendment or supplement would materially adversely affect or alter the duties or obligations of the Paying Agent under this Indenture, with the
consent of the Paying Agent, and approved by the Majority Holders which would be affected by the action proposed to be taken. This Indenture may be amended with respect to the matters enumerated in clauses (i) through (iii) of the
preceding sentence with the unanimous consent of all Bondholders, the Company and the Paying Agent and the Trustee, if required by the preceding sentence of this Section. 
 Before the Issuer and the Trustee shall enter into any supplemental indenture pursuant to this Section, there shall have been delivered to the Trustee a Favorable Opinion stating the requirements of such opinion and
also stating that such supplemental indenture will, upon the execution and delivery thereof, be valid and binding upon the Issuer in accordance with its terms. 
 SECTION 15.3. Amendment of Agreement. The Issuer and the Company may enter into, with the consent of the Trustee but without the consent of the holders of the Bonds, any amendment, change, addition to, consent,
waiver, or modification of the Agreement (i) to cure any ambiguity, formal defect, omission or inconsistent provisions , (ii) to conform to the requirements of the Indenture or the Rating Service, or (iii) to make any other change
that does not adversely affect the interest of the Bondholders. If the Issuer and the Company propose to amend the Agreement in such a manner as would adversely affect the interests of the Bondholders, the Trustee shall notify Bondholders of the
proposed amendment and may consent thereto with the consent of at least a majority in aggregate principal amount of the Bonds then Outstanding which would be affected by the action proposed to be taken; provided, that the Trustee shall not, without
the unanimous consent of the owners of all Bonds then Outstanding, consent to any amendment which would (i) decrease the payments payable, or change the date payments are so payable, under Section 5.03 of the Agreement, (ii) reduce
the stated term of the Agreement, (iii) reduce the Company’s obligations under Section 5.03 of the Agreement, or (iv) reduce the aforesaid aggregate principal amount of the Bonds, the owners of which are required to consent to
such an amendment. 
 SECTION 15.4. Amendment of Guarantee. The Guarantee may be amended only in accordance with the provisions
thereof. 
 SECTION 15.5. Trustee Authorized to Join in Amendments and Supplements; Reliance on Counsel. The Trustee is authorized to
join with the Issuer in the execution and delivery of any supplemental indenture or amendment permitted by this Article and in so doing shall be fully protected by a Favorable Opinion that such supplemental indenture or amendment is so permitted and
has been duly authorized by the Issuer and that all things necessary to make it a valid and binding agreement have been done. 
  

 -38- 

 SECTION 15.6. Consent of Company. Anything herein to the contrary notwithstanding, so long as the
Company is not in default under the Agreement, a supplemental indenture under this Article which affects any right of the Company shall not become effective unless and until the Company shall have consented in writing to the execution and delivery
of such supplemental indenture. 
 ARTICLE XVI 
 DEFEASANCE 
 SECTION 16.1. Defeasance. (a) If the Issuer shall pay or cause to be paid to
the holders and owners of the Bonds the principal of and interest to become due thereon at the times and in the manner stipulated therein, and if the Issuer shall keep, perform and observe all and singular the covenants and promises in the Bonds and
in this Indenture expressed as to be kept, performed and observed by it on its part and shall pay or cause to be paid all other sums payable hereunder by the Issuer, then these presents and the estate and rights hereby granted shall cease, terminate
and be void, and thereupon the Trustee shall cancel and discharge the lien of this Indenture, and execute and deliver to the Issuer such instruments in writing as shall be requisite to satisfy the lien hereof, and reconvey to the Issuer the estate
hereby conveyed, and assign and deliver to the Issuer any property at the time subject to the lien of this Indenture which may then be in its possession, except moneys or Governmental Obligations held by it for the payment of the principal of and
interest on the Bonds. 
 (b) Provision for the payment of Bonds shall be deemed to have been made when the Trustee holds in the Bond Fund,
in trust and irrevocably set aside exclusively for such payment, (i) moneys sufficient to make such payment of principal, redemption premium, if any, and interest on the Bonds; and/or (ii) noncallable, nonprepayable Governmental
Obligations (provided that in either case the Trustee shall have received a Favorable Opinion) maturing as to principal and interest in such amounts and at such times as will provide sufficient moneys (without consideration of any reinvestment
thereof) to make such payment of principal, redemption premium, if any, and interest on the Bonds. 
 No Bonds in respect of which a deposit
under clause (i) or (ii) above has been made shall be deemed paid within the meaning of this Article unless the Trustee is satisfied that the amounts deposited are sufficient to make all payments that might become due on the Bonds, with
respect to which the Trustee may rely on a verification certificate or report of independent certified public accountants, a copy of which certificate or report shall also be furnished to Moody’s, if the Bonds are then rated by Moody’s
and/or S&P, if the Bonds are then rated by S&P. Neither the obligations nor moneys deposited with the Trustee pursuant to this Section shall be withdrawn or used for any purpose other than, and shall be segregated and held in trust for, the
payment of the principal, redemption price and interest on the Bonds with respect to which such deposit has been made. In the event that such moneys or obligations are to be applied to the payment of principal or redemption price of any Bonds more
than 60 days following the deposit thereof with the Trustee, the Trustee shall mail a notice to the owners of the Bonds to be redeemed or deemed paid or redeemed, stating that such moneys or obligations have been deposited and identifying the Bonds
for the payment of which such moneys or obligations are being held to all owners of Bonds for the payment of which such moneys or obligations are being held at their registered addresses and to S&P, if the Bonds are then rated by S&P, and
Moody’s, if the Bonds are then rated by Moody’s. 
  

 -39- 

 (c) Anything in Article XVI to the contrary notwithstanding, if moneys or Governmental Obligations have
been deposited or set aside with the Trustee pursuant to this Article for the payment of the principal, or redemption price of the Bonds and the interest thereon and the principal or redemption price of such Bonds and the interest thereon shall not
have in fact been actually paid in full, no amendment to the provisions of this Article shall be made without the consent of the owner of each of the Bonds affected thereby. 
 The Issuer or the Company may at any time surrender to the Trustee for cancellation by it any Bonds previously authenticated and delivered hereunder,
which the Issuer or the Company may have acquired in any manner whatsoever, and such Bonds, upon such surrender and cancellation, shall be deemed to be paid and retired. 
 ARTICLE XVII 
 MISCELLANEOUS 
 SECTION 17.1. No Personal Recourse. No recourse shall be had for any claim based on the Agreement, the Indenture or the Bonds against any member,
officer or employee, past, present or future, of the Issuer or of any successor body as such, either directly or through the Issuer or any such successor body, under any constitutional provision, statute or rule of law, or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise. 
 SECTION 17.2. Deposit of Funds for Payment of Bonds. If the
principal or redemption price of any Bonds becoming due, either at maturity or by call for redemption or otherwise, together with all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with
Section 16.1, all interest on such Bonds shall cease to accrue on the due date and all liability of the Issuer with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter the owners of such Bonds shall be
restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the Trustee shall hold such funds in trust for such owners. 
 Moneys which remain unclaimed two years after the due date shall, subject to any applicable provisions of Title 6 of the Texas Property Code, at the
written request of the Company, and if the Company is not, at the time, to the knowledge of the Trustee, in default with respect to any covenant in the Agreement or the Bonds, be paid to the Company pursuant to its payment instructions, and the
owners of the Bonds for which the deposit was made shall thereafter be limited to a claim against the Company. Such moneys shall be held in trust uninvested or invested in Governmental Obligations maturing the next day. 
 SECTION 17.3. No Rights Conferred on Others. Nothing herein contained shall confer any right upon any person other than the parties hereto, the
Company, the Bank and the owners of the Bonds. 
 SECTION 17.4. Severability. If any term or provision of this Indenture or the Bonds
or the application thereof for any reason or circumstance shall to any extent be held invalid or unenforceable, the remaining provisions or the application of such term or provision to persons and situations other than those as to which it is held
invalid or unenforceable, shall not be affected thereby, and each term and provision hereof and thereof shall be valid and enforced to the fullest extent permitted by law. 
 SECTION 17.5. Notices. Unless otherwise provided hereunder or in the Agreement, all notices, certificates or other communications hereunder to be
given by any of the following parties to any of the other following parties shall be deemed to have been sufficiently given and received by such parties only upon 
  

 -40- 

 actual receipt and delivery thereof by mail, overnight delivery, by Electronic Notice, or by telephone, confirmed in
writing, to the relevant party as follows: 
  

			
	Company:	  	Microgy Holdings, LLC
		  	One Cate Street, 4th Floor
		  	Portsmouth, New Hampshire 03801
		  	Attention: Richard E. Kessel
		  	Fax #: (603)431-2650
		
		  	With a copy to:
		
		  	General Counsel
		  	Fax #: (603)433-6372
		
	Issuer:	  	Gulf Coast Industrial Development Authority
		  	910 Bay Area Boulevard
		  	Houston, Texas 77058
		  	Fax #: (281)488-3331
		  	Attention: President
		
	Trustee; Paying Agent; Bond Registrar:	  	 Wells Fargo Bank, National Association
 4
Penn Center, Suite 810
 1600 JFK Boulevard
 Philadelphia,
Pennsylvania 19103
 Fax#: (215)861-9460
 Attention: Corporate
Trust Services Group

		  
		  
		  
		  
		  
		
	Any Paying Agent other than the Trustee:	  	At the address designated to the Issuer and the Trustee

 All notices or other communications by the Trustee to any Bondholder hereunder shall be deemed to
have been sufficiently given and received by such Bondholder upon the mailing thereof by first class mail. 
 The Issuer, the Company, the
Trustee, the Paying Agent, and the Bond Registrar may, by notice given hereunder, designate any further or different addresses to which subsequent notices, certificates or other communications shall be sent. 
 If the Company fails to timely make or pay any payment hereunder or under the Agreement or upon notification by the Internal Revenue Service that the
interest on the Bonds is, or may be, subject to federal income taxation, the Trustee promptly shall inform the Division of such an occurrence, by sending written notice to the following address: 
 Office of the Governor of the State of Texas 
 Texas Economic Development and Tourism Office 
 P.O. Box 12428 
 Austin, Texas 78711 
 Attention: Executive Director 
 or the latest address specified by the Division in writing 
  

 -41- 

 SECTION 17.6. Successors and Assigns. All the covenants, promises and agreements in this Indenture
contained by or on behalf of the Issuer, or by or on behalf of the Trustee, shall bind and inure to the benefit of their respective successors and assigns, whether so expressed or not. 
 SECTION 17.7. Headings for Convenience Only. The descriptive headings in this Indenture are inserted for convenience only and shall not control or
affect the meaning or construction of any of the provisions hereof. 
 SECTION 17.8. Counterparts. The Indenture may be executed in
any number of counterparts, each of which when so executed and delivered shall be an original; but such counterparts shall together constitute but one and the same instrument. 
 SECTION 17.9. Applicable Law. This Indenture shall be governed by and construed in accordance with the laws of the State; provided, however, that
the rights, duties, immunities and standards of care relating to the Trustee shall be governed by the law of the jurisdiction in which its Principal Office is located. 
 SECTION 17.10. Notice of Change. The Trustee shall give notice to Moody’s (if the Bonds are then rated by Moody’s) at 99 Church Street, New York, NY 10007, Attention: Structured Transactions Group,
Corporate Department, and S&P (if the Bonds are then rated by S&P) at 55 Water Street, New York, New York 10041, of any of the following events: 
 (i) a change in the Trustee or Paying Agent; 
 (ii) an amendment to the Indenture or the
Agreement; or 
 (iii) payment or provision therefor of all the Bonds. 
 The Trustee makes this covenant as a matter of courtesy and accommodation only and shall not be liable to any Person for any failure to comply therewith.

 SECTION 17.11. Payments Due on non-Business Days. In any case where the date of payment of interest on or principal of any Bonds or
the date fixed for redemption of any Bonds or any Purchase Date shall not be a Business Day, then payment of such interest or principal and any redemption premium or Purchase Price need not be made by such Paying Agent on such date but may be made
on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption or the Purchase Date, and no interest shall accrue for the period after such date. 
  

 -42- 

 IN WITNESS WHEREOF, the Issuer has caused these presents to be signed in its name and behalf by the
President and its corporate seal to be hereunto affixed and attested by the Secretary, and, to evidence its acceptance of the trust hereby created, the Trustee has caused these presents to be signed in its behalf by its duly authorized officers.

  

									
		 		 		 	GULF COAST INDUSTRIAL DEVELOPMENT AUTHORITY
					
		 		 		 	By:	 	 /s/ Ron Crowder

	ATTEST:	 		 		 	President
					
	By:	 	 /s/ [illegible]
	 		 		 	
		 	Secretary	 		 		 	
				
	[SEAL]	 		 		 	

  

 -43- 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	    as Trustee
		
	By:	 	 /s/ Marvin Kierstead

	Title:	 	Vice President

  

 -44- 

 EXHIBIT A TO THE 
 TRUST INDENTURE 
 FORM OF BOND 
  

				
	No. R-  	  	$	            

 THE FOLLOWING TWO BRACKETED PARAGRAPHS ARE TO BE DELETED IF BOND IS NOT BOOK ENTRY ONLY:

 [Unless this Bond is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”) to the Issuer or its agent for registration of transfer, exchange, or payment, and any Bond issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein. 
 As provided in the Indenture referred to herein, until the termination
of the system of book-entry-only transfers through DTC, and notwithstanding any other provision of the Indenture to the contrary, this Bond may be transferred, in whole but not in part, only to a nominee of DTC, or by a nominee of DTC to DTC or a
nominee of DTC, or by DTC or a nominee of DTC to any successor securities depository or any nominee thereof.]* 
 UNITED
STATES OF AMERICA 
 STATE OF TEXAS

 GULF COAST INDUSTRIAL DEVELOPMENT AUTHORITY

 ENVIRONMENTAL FACILITIES REVENUE BONDS 
 (MICROGY HOLDINGS PROJECT) SERIES 2006 
  

			
	Maturity Date:
                            	  	CUSIP                     
		
	Dated Date: October 1, 2006	  	
		
	Issue Date:                     , 2006	  	
		
	Registered Owner:	  	
		
	Principal Amount: $            	  	
		
	Interest Rate:             %	  	

  

	*	To be printed only on definitive Bonds 

 The
GULF COAST INDUSTRIAL DEVELOPMENT AUTHORITY (the “Issuer”), a nonstock, nonprofit industrial development corporation existing under the laws of the State of Texas
particularly the Development Corporation Act of 1979, as amended, Article 5190.6, Vernon’s Texas Civil Statutes (the “Act”), and acting on behalf of the Gulf Coast Waste Disposal Authority (the “Governmental Unit”), for

  

 A-1 

 value received, hereby promises to pay (but only out of the sources hereinafter mentioned) to the Registered Owner set
forth above, or registered assigns, on the Maturity Date, unless this Bond shall have been called for redemption in whole or in part, upon surrender hereof, the Principal Amount set forth above and to pay (but only out of the sources hereinafter
mentioned) to the Registered Owner, or registered assigns, interest thereon at the rate set forth above calculated on the basis of a 360-day year of twelve 30-day months from the most recent Interest Payment Date (hereinafter defined) to which
interest has been paid or duly provided for, or from the date of authentication hereof if such date is on an Interest Payment Date to which interest has been paid or duly provided for, or from the Issue Date specified above if no interest has been
paid or duly provided for, such payments of interest to be made on each Interest Payment Date until the principal or redemption price hereof has been paid or duly provided for as aforesaid. The principal or redemption price of this Bond (or of a
portion of this Bond, in the case of a partial redemption) is payable to the Registered Owner hereof in immediately available funds upon presentation and surrender hereof at the principal corporate trust office of the Trustee (hereinafter defined)
or its successor, as paying agent (the “Paying Agent”), under the Trust Indenture dated as of October 1, 2006 (the “Indenture”) by and between the Issuer and Wells Fargo Bank, National Association, or its successor, as
trustee (the “Trustee”) securing the series of Bonds of which this Bond is one. CAPITALIZED TERMS NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS SPECIFIED THEREFOR IN THE INDENTURE. All payments of interest on Bonds shall be paid to
the Registered Owner hereof whose name appears in the Bond Register kept by the Bond Registrar as of the close of business on the applicable Regular or Special Record Dates in immediately available funds by wire transfer to a bank within the
continental United States or deposited to a designated account if such account is maintained with the Paying Agent as directed by the Registered Owner in writing or as otherwise directed in writing by the Registered Owner at least five Business Days
prior to each Interest Payment Date. The Regular Record Date for any Interest Payment Date shall be the close of business on the 15th day (whether or not a Business Day) of the calendar month immediately preceding such Interest Payment Date. Any
interest on any Bond which is payable, but is not punctually paid or provided for, on any Interest Payment Date and within any applicable grace period (herein called “Defaulted Interest”) shall forthwith cease to be payable to the
Registered Owner hereof on the relevant Regular Record Date by virtue of having been such Registered Owner, and such Defaulted Interest shall be paid to the person in whose name this Bond is registered at the close of business on a Special Record
Date to be fixed by the Trustee, such date to be no more than 15 nor fewer than 10 days prior to the date of proposed payment. This Bond is registered as to both principal and interest in the Bond Register kept by the Bond Registrar and may be
transferred or exchanged, subject to the further conditions specified in the Indenture, only upon surrender hereof at the office of the Bond Registrar. This Bond is payable solely from the sources hereinafter mentioned. 
 THE BONDS SHALL BE DEEMED NOT TO CONSTITUTE A DEBT OF THE STATE OF TEXAS, THE GOVERNMENTAL UNIT, OR OF ANY OTHER POLITICAL CORPORATION, SUBDIVISION, OR
AGENCY OF THE STATE OR A PLEDGE OF THE FAITH AND CREDIT OF ANY OF THEM. NO RECOURSE SHALL BE HAD FOR ANY CLAIM BASED ON THE AGREEMENT, THE INDENTURE, OR THE BONDS AGAINST ANY MEMBER, OFFICER OR EMPLOYEE, PAST, PRESENT OR FUTURE, OF THE ISSUER, OR OF
ANY SUCCESSOR BODY THERETO, EITHER DIRECTLY OR THROUGH THE ISSUER, OR ANY SUCH SUCCESSOR BODY, UNDER ANY CONSTITUTIONAL PROVISION, STATUTE OR RULE OF LAW OR BY THE ENFORCEMENT OF ANY ASSESSMENT OR PENALTY OR OTHERWISE. NEITHER THE STATE OF TEXAS,
THE GOVERNMENTAL UNIT, NOR ANY POLITICAL CORPORATION, SUBDIVISION, OR AGENCY OF THE STATE OF TEXAS SHALL BE OBLIGATED TO PAY PRINCIPAL OF, REDEMPTION PREMIUM, IF ANY, OR INTEREST ON THE BONDS AND NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF
THE STATE OF TEXAS, THE GOVERNMENTAL UNIT, OR ANY OTHER POLITICAL CORPORATION, SUBDIVISION, OR AGENCY IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, REDEMPTION PREMIUM, IF ANY, OR INTEREST ON THE BONDS. THIS BOND IS A SPECIAL REVENUE OBLIGATION OF
THE ISSUER PAYABLE SOLELY FROM THE SOURCES DESCRIBED HEREIN AND IN THE INDENTURE AND THE HOLDER HEREOF SHALL NEVER HAVE THE RIGHT TO DEMAND PAYMENT FROM MONEYS DERIVED BY TAXATION OR ANY REVENUES OF THE ISSUER EXCEPT THE FUNDS PLEDGED TO THE PAYMENT
HEREOF. 
  

 A-2 

 This Bond is one of a duly authorized issue of revenue bonds of the Issuer issued in the aggregate
principal amount of $             designated “Gulf Coast Industrial Development Authority Environmental Facilities Revenue Bonds (Microgy Holdings Project) Series 2006”
(the “Bonds”) issued under the Indenture. The Bonds are being issued by the Issuer for the purpose of financing a portion of the costs of acquiring, constructing and improving certain solid waste disposal facilities (each a
“Facility,” and, collectively, the “Project”). The Issuer will loan the proceeds of the Bonds to Microgy Holdings, LLC (the “Company”) pursuant to the provisions of a Loan Agreement, dated as of October 1, 2006
(the “Agreement”), between the Issuer and the Company. 
 The Bonds are payable solely from and secured by a pledge of the Trust
Estate, which includes, among other things, (i) all of the right, title and interest of the Issuer in and to the Revenues, including, without limitation, “Loan Payments” made by the Company pursuant to the Agreement, payments received
by the Trustee pursuant to a Guarantee Agreement, dated as of October 1, 2006 (the “Guarantee”), from the Company and MST Production Ltd., MST GP, LLC, MST Estates, LLC, Rio Leche Estates, L.L.C., Mission Biogas, L.L.C., and Hereford
Biogas, L.L.C. (the “Subsidiary Guarantors”) to the Trustee, and from payments received by the Trustee pursuant to a Collateral Trust Agreement, dated as of October 1, 2006, among Wells Fargo Bank, National Association, as collateral
trustee, the Company, and the Subsidiary Guarantors, (ii) the Agreement and all right, title and interest of the Issuer under and pursuant to the Agreement, insofar as they relate to all the Bonds issued and outstanding under the Indenture
(except for the indemnification and expense reimbursement rights and other rights contained in the Agreement and any rights of the Issuer to receive notices, certificates, requests, requisitions, directions and other communications under the
Agreement), including, without limitation, all payments to be received under and pursuant to and subject to the provisions of the Agreement, and (iii) all amounts on deposit in the Bond Fund, the Construction Fund, the Debt Service Reserve
Fund, or other funds created under the Indenture (other than the Rebate Fund). Except as otherwise specified in the Indenture, this Bond is entitled to the benefits of the Indenture equally and ratably both as to principal (redemption price,
including redemption premium) and interest with all other Bonds issued under the Indenture, to which reference is made for a description of the rights of the owners of the Bonds; the rights and obligations of the Issuer; the rights, duties and
obligations of the Trustee; and the provisions relating to amendments to and modifications of the Indenture, to all of which the Registered Owner of this Bond assents by acceptance of this Bond. Reference is also hereby made to the Agreement for the
provisions, among others, with respect to the nature and extent of the rights, duties and obligations thereunder of the Issuer, the Trustee and the Company and the modification or amendment of the Agreement. 
 FOR SO LONG AS THIS BOND IS HELD IN BOOK-ENTRY FORM REGISTERED IN THE NAME OF CEDE & CO. ON THE REGISTRATION BOOKS OF THE ISSUER KEPT BY THE
TRUSTEE, AS BOND REGISTRAR, THIS BOND, IF CALLED FOR PARTIAL REDEMPTION IN ACCORDANCE WITH THE INDENTURE, SHALL BECOME DUE AND PAYABLE ON THE REDEMPTION DATE DESIGNATED IN THE NOTICE OF REDEMPTION GIVEN IN ACCORDANCE WITH THE INDENTURE AT, AND ONLY
TO THE EXTENT OF, THE REDEMPTION PRICE, PLUS ACCRUED INTEREST TO THE SPECIFIED REDEMPTION DATE; AND THIS BOND SHALL BE PAID, TO THE EXTENT SO REDEEMED, (i) UPON PRESENTATION AND SURRENDER THEREOF AT THE OFFICE SPECIFIED IN SUCH NOTICE OR
(ii) AT THE WRITTEN REQUEST OF CEDE & CO., BY CHECK OR DRAFT MAILED TO CEDE & CO. BY THE TRUSTEE OR BY WIRE TRANSFER TO CEDE & CO. BY THE TRUSTEE IF CEDE & CO. AS BONDOWNER SO ELECTS. IF, ON THE REDEMPTION
DATE, MONEYS FOR THE REDEMPTION OF BONDS TO BE REDEEMED, TOGETHER WITH INTEREST TO THE REDEMPTION DATE, SHALL BE HELD BY THE TRUSTEE SO AS TO BE AVAILABLE THEREFOR ON SUCH DATE, AND AFTER NOTICE OF REDEMPTION SHALL HAVE BEEN GIVEN IN ACCORDANCE WITH
THE INDENTURE, THEN, FROM AND 
  

 A-3 

 AFTER THE REDEMPTION DATE, THE AGGREGATE PRINCIPAL AMOUNT OF THIS BOND SHALL BE IMMEDIATELY REDUCED BY AN AMOUNT EQUAL TO
THE AGGREGATE PRINCIPAL AMOUNT THEREOF SO REDEEMED, NOTWITHSTANDING WHETHER THIS BOND HAS BEEN SURRENDERED TO THE TRUSTEE FOR CANCELLATION. 
 If an Event of Default occurs, the principal of all Bonds issued under the Indenture may become due and payable upon the conditions and in the manner and with the effect provided in the Indenture. 
 No recourse shall be had for the payment of the principal of, redemption premium, if any, or interest on this Bond, or for any claim based hereon or on
the Indenture, against any member, officer or employee, past, present or future, of the Issuer or of any successor body, as such, either directly or through the Issuer or any such successor body, under any constitutional provision, statute or rule
of law, or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. 
 Authorized Denominations 
 Bonds will be issued in the denominations of $100,000 and integral multiples of $5,000 in excess thereof. 
 Interest Payment Dates 
 Interest is payable
semiannually on each June 1 and December 1, commencing June 1, 2007, until maturity or prior redemption. 
 Optional Redemption

 The Bonds shall be subject to redemption at the option of the Issuer, at the direction of the Company, in whole or in part, and if in
part , in authorized denominations, from funds available for such purpose in the Bond Fund, on December 1, 2016, and on any date thereafter, at a redemption price equal to the principal amount of the Bonds to be redeemed and accrued interest,
if any, to the date of redemption. 
 Mandatory Redemption 
 The outstanding Bonds are subject to mandatory redemption and shall be redeemed by the Issuer, in part, prior to their scheduled maturity, with money from the Bond Fund, at a redemption price equal to the principal
amount thereof and accrued interest, if any, to the date of redemption, on December 1 of each of the following years, in the principal amounts, respectively, as shown in the following schedule: 
  

				
	Redemption
Year	 	Principal
Amount
	2012	 	$	950,000
	2013	 	 	1,015,000
	2014	 	 	1,085,000
	2015	 	 	1,165,000
	2016	 	 	1,245,000
	2017	 	 	1,330,000
	2018	 	 	1,425,000
	2019	 	 	1,525,000
	2020	 	 	1,630,000
	2021	 	 	1,745,000
	2022	 	 	1,865,000
	2023	 	 	1,995,000
	2024	 	 	2,135,000
	2025	 	 	2,285,000
	2026	 	 	2,445,000
	2027	 	 	2,620,000
	2028	 	 	2,800,000
	2029	 	 	2,995,000
	2030	 	 	3,205,000
	2031	 	 	3,430,000
	2032	 	 	3,670,000
	2033	 	 	3,930,000
	2034	 	 	4,205,000
	2035	 	 	4,495,000
	2036	 	 	4,810,000

  

 A-4 

 The principal amount of the Bonds so required to be redeemed on any such mandatory redemption date shall be reduced by
the principal amount of any Bonds which, at least 45 days prior such redemption date, (1) shall have been acquired by the Trustee at the direction of the Company, at a price not exceeding the principal amount of such Bonds plus accrued interest
to the date of purchase thereof and delivered to the Trustee for cancellation, or (2) shall have been redeemed pursuant to any other redemption provision herein and not previously so credited. 
 Extraordinary Mandatory Redemption 
 (i) Taxability. The Bonds shall be subject to mandatory redemption, at a redemption price equal to 106% of the principal amount being redeemed plus accrued interest to the redemption date on the one hundred eightieth day (or such
earlier date as may be designated by the Company) after a final determination by a court of competent jurisdiction or an administrative agency (including the Internal Revenue Service), or receipt by the Company of an opinion of Bond Counsel obtained
by the Company, to the effect that the interest payable on the Bonds is or will be included in the gross income of the owners thereof for federal income tax purposes, other than any Owner who is a “substantial user” of the Project or a
“related person” within the meaning of Section 147(a) of the Code. Subject to the foregoing provisions, the Bonds shall be redeemed in whole unless, in the opinion of Bond Counsel mutually acceptable to the Issuer, the Trustee and the
Company, the redemption of a portion of such Bonds would have the result that interest payable on the Bonds remaining outstanding after such redemption would not be includable in the gross income for federal income tax purposes of any owner of any
such Bonds. Any such partial redemption shall be in such amount as is necessary to accomplish such result; and 
 (ii)
Excess Proceeds. The Bonds shall be subject to mandatory redemption, in part, on any date, to the extent that proceeds of the Bonds are transferred to the Bond Fund pursuant to Section 5.3 of the Indenture, at a redemption price equal to
the principal amount being redeemed plus accrued interest to the redemption date. 
 Extraordinary Optional Redemption 
 The Bonds are also subject to optional redemption by the Issuer, at the written direction of the Company, in part, in each case in an amount not to exceed
twenty-five percent (25%) of the original principal amount of the Bonds, at any time, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date, if: 
 (i) the Company shall have determined that the continued construction or operation of a Facility is impracticable, uneconomical or
undesirable due to (A) the imposition of taxes, other than ad valorem taxes currently levied upon privately owned property used for the same general purpose as such Facility, or other liabilities or burdens with respect to such Facility or the
operation thereof, (B) changes in technology, in environmental standards or legal requirements or in the economic availability of materials, supplies, equipment or labor or (C) destruction of or damage to all or part of such Facility;

 (ii) all or substantially all of a Facility shall have been condemned or taken by eminent domain; or 
  

 A-5 

 (iii) the construction or operation of a Facility shall have been enjoined or shall have
otherwise been prohibited by any order, decree, rule or regulation of any court or of any federal, state or local regulatory body, administrative agency or other governmental body. 
 (iv) a Facility or a portion thereof shall have been sold and the proceeds of sale shall not have been reinvested as provided in the
Guarantee. 
 The Company shall deliver notice to the Trustee of its intention to prepay the principal of, redemption premium, if any, and
interest on the Bonds and cause the Bonds to be called for optional redemption at least ten (10) Business Days prior to the date the Trustee gives notice to the Registered Owners of the Bonds of the proposed redemption of the Bonds. The Trustee
shall cause notice of any redemption of Bonds under the Indenture, which notice shall be prepared by the Company, to be mailed by first class mail, postage prepaid (except when DTC is the Registered Owner of all of the Bonds and except for any
person or entity owning or providing evidence of ownership satisfactory to the Trustee of a legal or beneficial ownership in at least $1,000,000 of principal amount of Bonds who so requests, in which cases, by certified mail, return receipt
requested), to the Registered Owners of all Bonds to be redeemed at the registered addresses appearing in the Bond Register kept for such purpose pursuant to Article II of the Indenture. Each such notice shall (i) be mailed at least 30 days
prior to the redemption date for the Bonds, (ii) identify the Bonds to be redeemed if less than all Bonds are to be redeemed (specifying the CUSIP numbers, if any, assigned to the Bonds), (iii) specify the redemption date and the
redemption price, (iv) state whether the notice is conditional or not as permitted by the Indenture, and (v) state that on the redemption date the Bonds called for redemption will be payable at the office of the Trustee designated in such
notice, that from that date interest will cease to accrue and that no representation is made as to the accuracy or correctness of the CUSIP numbers printed therein or on the Bonds; provided, however, that so long as DTC or its nominee is the sole
Registered Owner of the Bonds under the Book-Entry Only System, redemption notices will be sent to Cede & Co. Any failure on the part of DTC, a direct participant or indirect participant to give such notice to the Owner or any defect
therein shall not affect the sufficiency or validity of any proceedings for the redemption of the Bonds. No defect affecting any Bond, whether in the notice of redemption or mailing thereof (including any failure to mail such notice), shall affect
the validity of the redemption proceedings for any other Bonds. 
 Selection of Bonds for Redemption 
 Except as otherwise provided in the Indenture, the particular Bonds to be called for redemption shall be selected by the Trustee by lot or any other
customary random method determined by the Trustee to be fair and reasonable provided that a portion of a Bond may be redeemed only in authorized denominations. 
 Transfer of Bonds 
 This Bond is transferable by the Registered Owner hereof at the designated office of the Bond Registrar,
upon surrender of this Bond, accompanied by a duly executed instrument of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, subject to such reasonable regulations as the Issuer or the Bond Registrar may prescribe,
and upon payment of any tax or other governmental charge incident to such transfer. Upon any such transfer, a new Bond or Bonds in the same aggregate principal amount will be issued to the transferee. Except as set forth in this Bond and as
otherwise provided in the Indenture, the person in whose name this Bond is registered shall be deemed the owner hereof for all purposes, and the Issuer, any Paying Agent, the Bond Registrar, the Authenticating Agent and the Trustee shall not be
affected by any notice to the contrary. 
  

 A-6 

 This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or
benefit under the Indenture until either (i) the Certificate of Authentication hereon shall have been signed by the Trustee as Bond Registrar, or any successor, or (ii) a manually signed Comptroller’s Registration Certificate has been
attached hereto or endorsed hereon. 
 It is hereby certified, recited and declared that all acts, conditions and things required to exist,
happen and be performed precedent to and in the execution and delivery of the Indenture and the issuance of this Bond do exist, have happened and have been performed in due time, form and manner as required by law; and that the issuance of this Bond
and the issue of which it forms a part, together with all other obligations of the Issuer, does not exceed or violate any constitutional or statutory limitation. 
 IN WITNESS WHEREOF, the Issuer has caused this Bond to be executed in its name by the manual or facsimile signature of its President and attested by the manual or facsimile signature of the Secretary, all as of the
date first above written. 
  

									
		 		 		 	 GULF COAST INDUSTRIAL DEVELOPMENT AUTHORITY

					
		 		 		 	By:	 	  

	ATTEST:	 		 		 	President
					
	By:	 	  
	 		 		 	
		 	Secretary	 		 		 	[SEAL]

 (FORM OF CERTIFICATE OF AUTHENTICATION) 
 CERTIFICATE OF AUTHENTICATION 
 This
Bond is one of the Bonds referred to in the within mentioned Indenture. 
  

			
	  

	as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

	
	Date of Authentication:
	
	  

  

 A-7 

 (FORM OF ASSIGNMENT) 
 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto 
  

  

					
	 Please Insert Social Security
 or other Identifying Number of Assignee
	 		 	 
	  	 		 	 

  

			
	the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
	  	 	  
	  	 	attorney or agent to transfer the within Bond on the books kept
	 for registration thereof, with full power of substitution in the premises.

 Dated:
                             
 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. 
 [FORM OF COMPTROLLER’S REGISTRATION CERTIFICATE 
 (to be attached to Initial Bonds only)] 
 COMPTROLLER’S REGISTRATION CERTIFICATE:
            REGISTER NO. 
 I hereby certify that this Bond has been examined,
certified as to validity, and approved by the Attorney General of the State of Texas, and that this Bond has been registered by the Comptroller of Public Accounts of the State of Texas. 
 Witness my signature and seal this 
  

	
	  

	 Comptroller of Public Accounts
of the State of Texas

  

 A-8GUARANTEE AGREEMENT

 Exhibit 10.3 
 MICROGY HOLDINGS, LLC 
 and the 
 SUBSIDIARY GUARANTORS 
 named herein 
 as guarantors 
 GULF COAST INDUSTRIAL DEVELOPMENT AUTHORITY 
 ENVIRONMENTAL FACILITIES REVENUE BONDS 
 (Microgy Holdings Project) 
 Series 2006 
 and Other Guaranteed Obligations 
  

 GUARANTEE AGREEMENT 
 Dated as of October 1, 2006 
  

 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as Trustee 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	
	ARTICLE 1.
	DEFINITIONS
			
	Section 1.01	 	Definitions	  	1
	Section 1.02	 	Other Definitions	  	19
	Section 1.03	 	Rules of Construction	  	19
	
	ARTICLE 2.
	COMPANY GUARANTEE
			
	Section 2.01	 	Guarantee	  	20
	Section 2.02	 	Execution and Delivery of Guarantee Agreement	  	21
	Section 2.03	 	Releases	  	21
	
	ARTICLE 3.
	COVENANTS
			
	Section 3.01	 	Reports and Financial Information	  	21
	Section 3.02	 	Compliance Certificate	  	22
	Section 3.03	 	Taxes	  	22
	Section 3.04	 	Stay, Extension and Usury Laws	  	23
	Section 3.05	 	Payments into Cash Collateral Fund	  	23
	Section 3.06	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	24
	Section 3.07	 	Incurrence of Indebtedness and Issuance of Stock	  	25
	Section 3.08	 	Gas Price Protection Arrangements	  	27
	Section 3.09	 	Transactions with Affiliates	  	27
	Section 3.10	 	Liens	  	28
	Section 3.11	 	Line of Business	  	28
	Section 3.12	 	Corporate Existence	  	29
	Section 3.13	 	Limitation on Sale and Leaseback Transactions	  	29
	Section 3.14	 	Payments for Consent	  	29
	Section 3.15	 	Additional Subsidiary Guarantors	  	30
	Section 3.16	 	Suspension of Covenants When Guaranteed Obligations Rated Investment Grade	  	30
	Section 3.17	 	Insurance	  	30
	Section 3.18	 	Subordination of Intercompany Indebtedness	  	30
	Section 3.19	 	Working Capital Lines of Credit	  	31
	Section 3.20	 	Right of Bondholders to Add Certain Collateral	  	31
	Section 3.21	 	Application of Proceeds of Asset Sales	  	32
	Section 3.22	 	Request for Ratings	  	33
	
	ARTICLE 4.
	SUCCESSORS
			
	Section 4.01	 	Merger, Consolidation, or Sale of Assets	  	33

  

 i 

					
	Section 4.02	 	Successor Person Substituted	  	35
	
	ARTICLE 5.
	DEFAULTS AND REMEDIES
			
	Section 5.01	 	Events of Default	  	36
	Section 5.02	 	Rights of Holders of Bonds to Receive Payment	  	37
	
	ARTICLE 6.
	TRUSTEE
			
	Section 6.01	 	Duties of Trustee	  	38
	Section 6.02	 	Rights of Trustee	  	39
	Section 6.03	 	Individual Rights of Trustee	  	39
	Section 6.04	 	Trustee’s Disclaimer	  	39
	Section 6.05	 	Notice of Defaults	  	40
	Section 6.06	 	[Reserved]	  	40
	Section 6.07	 	Compensation and Indemnity	  	40
	
	ARTICLE 7.
	AMENDMENT, SUPPLEMENT AND WAIVER
			
	Section 7.01	 	Without Consent of Holders of Secured Obligations	  	41
	Section 7.02	 	With Consent of Holders of Guaranteed Obligations	  	42
	Section 7.03	 	Revocation and Effect of Consents	  	43
	Section 7.04	 	Trustee to Sign Amendments, etc.	  	43
	
	ARTICLE 8.
	COLLATERAL AND SECURITY
			
	Section 8.01	 	Security	  	44
	Section 8.02	 	Collateral	  	44
	Section 8.03	 	Further Assurances	  	44
	Section 8.04	 	Collateral Trustee	  	45
	Section 8.05	 	Security Documents	  	45
	Section 8.06	 	Release of Security Interests	  	46
	Section 8.07	 	Environmental Indemnity	  	46
	
	ARTICLE 9.
	COLLATERAL SHARING
			
	Section 9.01	 	Equal and Ratable Lien Sharing by Holders of Guaranteed Obligations	  	47
	Section 9.02	 	Enforcement of Security Interests	  	48
	Section 9.03	 	Amendment and Supplement	  	48
	
	ARTICLE 10.
	SUBSIDIARY GUARANTEES
			
	Section 10.01	 	Guarantee	  	48
	Section 10.02	 	Limitation on Subsidiary Guarantor Liability	  	50
	Section 10.03	 	Execution and Delivery of Guarantee Agreement	  	50

  

 ii 

					
	Section 10.04	 	Subsidiary Guarantors May Consolidate, etc., on Certain Terms	  	50
	Section 10.05	 	Releases	  	51
	
	ARTICLE 11.
	MISCELLANEOUS
			
	Section 11.01	 	Notices	  	51
	Section 11.02	 	Certificate and Opinion as to Conditions Precedent	  	52
	Section 11.03	 	Statements Required in Certificate or Opinion	  	52
	Section 11.04	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	53
	Section 11.05	 	Governing Law	  	53
	Section 11.06	 	No Adverse Interpretation of Other Agreements	  	53
	Section 11.07	 	Successors	  	53
	Section 11.08	 	Severability	  	53
	Section 11.09	 	Counterpart Originals	  	53
	Section 11.10	 	Table of Contents, Headings, etc	  	54

 EXHIBITS 
 Exhibit A Form of Supplemental Guarantee Agreement 
  

 iii 

 GUARANTEE AGREEMENT dated as of October 1, 2006, by and among Microgy Holdings, LLC, a
Delaware limited liability company (the “Company”), the Subsidiary Guarantors (as defined herein) and Wells Fargo Bank, National Association, as trustee (the “Trustee”), under the Indenture (as defined herein).

 The Company, the Subsidiary Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders (as defined herein) of the Guaranteed Obligations (as defined herein), which, on the date hereof consist of the Gulf Coast Industrial Development Authority’s (“GCIDA”) Environmental Facilities Revenue
Bonds (Microgy Holdings Project), Series 2006, in the original aggregate principal amount of $60,000,000 (the “Bonds”): 
 ARTICLE 1. 
 DEFINITIONS 
 Section 1.01 Definitions. 
 “Acquired Debt” means, with respect to any specified Person: 
 (1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such
specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary Guarantor of, such specified Person; and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 
 “Act of Guaranteed Debtholders” means, as to any matter, a direction in writing delivered to the Collateral Trustee by or with the
written consent of the Required Guaranteed Debtholders. 
 “Affiliate” of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 
 “Asset Percentage” means with respect to any specified Person as of any date, 5% of the Tangible Assets of such Person as of the end of
the most recent fiscal quarter. 
 “Asset Sale” means: 
 (1) the sale, lease, conveyance or other disposition of any assets; provided that the sale, conveyance or other disposition of all
or substantially all of the assets of the Company and its Subsidiary Guarantors taken as a whole or of a Subsidiary Guarantor shall be governed by the provisions of Section 4.01; and 
  

 1 

 (2) the issuance of Equity Interests in any of the Subsidiary Guarantors. 
 Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 
 (3) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than 5% of Tangible
Assets of the Company; 
 (4) a transfer of assets between or among the Company and the Subsidiary Guarantors; 
 (5) an issuance of Equity Interests by a Subsidiary Guarantor to the Company or to a Subsidiary Guarantor; 
 (6) the sale or lease of products (including environmental attributes) or services in the ordinary course of business and any sale or
other disposition of damaged, worn out or obsolete assets or assets no longer used or useful in the Company’s or any Subsidiary Guarantor’s business; 
 (7) the sale or other disposition of cash or Cash Equivalents; 
 (8) a Permitted Investment; 
 (9) a disposition resulting from any condemnation or other taking, or temporary or permanent requisition of, any property, any interest therein or right appurtenant thereto, or any change of grade affecting any
property, in each case, as the result of the exercise of any right of condemnation or eminent domain, including any sale or other transfer to a Governmental Authority in lieu of, or in anticipation of, any of the foregoing events; 
 (10) a disposition of assets (other than any assets securing this Guarantee Agreement) in connection with a foreclosure, transfer or deed
in lieu of foreclosure or other exercise of remedial action; and 
 (11) a disposition of a contract relating to any Hedging
Obligation or any collateral delivered under a Hedging Obligation. 
 “Attributable Debt” in respect of a sale and leaseback
transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such
lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided,
however, that if such sale and 
  

 2 

 leaseback transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be
determined in accordance with the definition of “Capital Lease Obligation.” 
 “Bankruptcy Law” means Title 11,
U.S. Code or any similar federal or state law for the relief of debtors. 
 “Board of Directors” means: 
 (12) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of
such board; 
 (13) with respect to a partnership, the Board of Directors of each general partner of the partnership;

 (14) with respect to a limited liability company, the managing member or members or any controlling committee of managing
members or Board of Directors thereof; and 
 (15) with respect to any other Person, the board or committee of such Person
serving a similar function. 
 “Business Day” means any day other than a Legal Holiday. 
 “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease
that would at that time be required to be capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon
which such lease may be prepaid by the lessee without payment of a penalty. 
 “Capital Stock” means: 
 (16) in the case of a corporation, corporate stock; 
 (17) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
 (18) in the case of a partnership or limited liability company, partnership interests
(whether general or limited) or membership interests; and 
 (19) any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any
right of participation with Capital Stock. 
  

 3 

 “Cash Collateral Fund” means a deposit account at all times under the sole dominion and
control of the Collateral Trustee (acting on its own or through its agent, sub-agent, or co-trustee) that is being held by the Collateral Trustee or such agent, sub-agent or co-trustee for the benefit of the Holders of the Bonds. 
 “Cash Equivalents” means: 
 (20) United States dollars; 
 (21) securities issued or directly and fully guaranteed or
insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more
than one year from the date of acquisition; 
 (22) deposit accounts with any bank that has a long-term debt rating at the
time of investment of A+ or better by S&P and A1 or better by Moody’s (an “Approved Bank”); 
 (23) time
deposits, certificates of deposit, acceptances or prime commercial paper issued by an Approved Bank at the time acquired or issued (as applicable and whichever is latest), in each case, having a maturity of not more than one year from the date of
acquisition; 
 (24) repurchase obligations for underlying securities of the types described in clause (2) entered into
with an Approved Bank at the time acquired, issued or entered into (as applicable and whichever is latest), in each case, having a maturity of not more than one year from the date of acquisition and secured by securities of the type described in
clause (2), the market value of which (including accrued interest) is not less than the amount of the applicable repurchase agreement; 
 (25) commercial paper with a rating at the time of investment of A-1 by S&P and P-1 by Moody’s and, in each case, maturing within one year after the date of acquisition; and 
 (26) money market funds which invest primarily in Cash Equivalents of the kinds described in clauses (1) through (6) of this
definition. 
 “Collateral” means the Collateral described in Section 8.02. 
 “Collateral Trust Agreement” means the Collateral Trust Agreement dated November 1, 2006, executed and delivered by the Company,
the Subsidiary Guarantors and the Collateral Trustee, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time in accordance with its terms. 
  

 4 

 “Collateral Trustee” means Wells Fargo Bank, National Association or one of its
affiliates, in its capacity as Collateral Trustee under the Collateral Trust Agreement, together with its successors in such capacity. 
 “Commercial Operation” means, when used with respect to a Facility, the placing into service of such Facility for the production of the outputs for which it was designed at its design capacity. 
 “Company” means Microgy Holdings, LLC, and any and all successors thereto. 
 “Consolidated Cash Flow” means, for any period, the Consolidated Net Income of the Company for such period, without duplication:

 (27) plus depreciation, depletion, amortization (including amortization of intangibles) and other non-cash expenses
(excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period) of the Company and its Subsidiary Guarantors for such period to the extent that such depreciation, amortization
and other non-cash expenses were deducted in computing such Consolidated Net Income; 
 (28) less any non-cash items of
income to the extent such non-cash items of income were included in computing such Consolidated Net Income; 
 (29)
plus cash received during such period related to mark-to-market activities; 
 (30) less cash paid during such
period related to mark-to-market activities; 
 (5) less cash paid during such period into the Major Maintenance Fund.

 provided, however, that for purposes of this definition, any mark-to-market earnings or losses shall be excluded from the calculation of
Consolidated Cash Flow to the extent taken into account in calculating Consolidated Net Income for such period. 
 “Consolidated Net
Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Subsidiary Guarantors for such period, on a consolidated basis, determined in accordance with GAAP; provided
that: 
 (31) the Net Income of any Person that is not a Subsidiary Guarantor or that is accounted for by the equity
method of accounting shall be included only to the extent of the amount of dividends or similar distributions (including pursuant to other intercompany payments) paid in cash to the specified Person; 
 (32) the cumulative effect of a change in accounting principles shall be excluded; and 
  

 5 

 (33) any non-cash impairment charges incurred subsequent to the Issue Date shall be
excluded. 
 “Consolidated Net Worth” means, with respect to any specified Person as of any date, the assets of such Person
less the liabilities of such Person all as determined on a consolidated basis in accordance with GAAP. 
 “Corporate Trust Office of
the Trustee” means the office of the Trustee at which at any particular time the trust created by the Indenture shall be principally administered (which address at the date of this Guarantee Agreement is as set forth in Section 11.01.

 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of
Default. 
 “Default Period” means a period that commences on the date a Notice of Default is delivered to the Collateral
Trustee and continues until the date (if ever) on which all Notices of Default are withdrawn or deemed withdrawn under the Collateral Trust Agreement. 
 “Description of the Guarantee” means the section titled “The Guarantee” in the Limited Offering Memorandum, dated November 7, 2006, related to the issuance and sale of the Bonds.

 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the latest date on which any Indebtedness guaranteed hereby matures. The amount of Disqualified Stock deemed to be
outstanding at any time for purposes of this Guarantee Agreement shall be equal to the maximum amount that the Company and its Subsidiary Guarantors may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions
of, such Disqualified Stock, exclusive of accrued dividends. 
 “Environmental Claim” means any investigation, notice,
notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (i) pursuant to or in connection with any actual or
alleged violation of any Environmental Law; (ii) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (iii) in connection with any actual or alleged damage, injury, threat or harm to health,
safety, natural resources or the environment. 
 “Environmental Laws” means any and all current or future foreign or
domestic, federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments or any other requirements of Governmental Authorities relating to (i) environmental matters, including those relating
to any Hazardous Materials Activity; (ii) the generation, use, storage, transportation or disposal of Hazardous Materials; or (iii) occupational safety and health, industrial hygiene, land use or the protection of human, plant or animal
health or welfare, in any manner applicable to the Company or any of its Subsidiary Guarantors or any Facility. 
  

 6 

 “Equally and Ratably” means, after allowing for the payment priorities in the Order of
Application, that such Liens or proceeds shall be allocated and distributed to the Trustee for account of the holders of the Bonds and to the Secured Debt Representative for any other Guaranteed Obligations for account of the Holders of such
Guaranteed Obligations, ratably in proportion to the principal, interest and premium (if any) outstanding, when the allocation or distribution is made, on the Bonds and all other Guaranteed Obligations (allocated proportionately to the Secured Debt
Representatives for other Guaranteed Obligations if there is more than one), respectively. 
 For this purpose, all amounts apportioned and
distributed to the Trustee or the Secured Debt Representative for any other Guaranteed Obligations may be allocated, apportioned and distributed by it in accordance with the applicable provisions of the indentures, guarantee agreements or other
agreement governing such Bonds and other Guaranteed Obligations, including to give effect to any payment priorities provided for therein as among the Holders. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital
Stock). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Facility” means any real property (including all buildings, fixtures or other improvements located thereon) now or hereafter owned or
leased by the Company or any of its Subsidiary Guarantors. 
 “Fair Market Value” means the value that would be paid by a
willing buyer to a willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the chief financial officer or Board of Directors of the Company (unless otherwise provided in this Guarantee
Agreement). 
 “Fixed Charge Coverage Ratio” means for any period, the ratio of the Consolidated Net Income without taking
into account any unrealized gain or loss on mark-to-market hedging activities, plus depreciation plus interest expense plus income taxes of the Company and its Subsidiary Guarantors for such period to the interest expense plus the principal payments
related to the Guaranteed Obligations. 
 “GAAP” means generally accepted accounting principles set forth in the opinions
and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have
been approved by a significant segment of the accounting profession, which are in effect from time to time. 
 “Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of, or pertaining to, government. 
  

 7 

 “Government Securities” means direct obligations of, or obligations guaranteed by, the
United States of America, and the payment for which the United States pledges its full faith and credit. 
 “guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to
maintain financial statement conditions or otherwise). 
 “Guarantee” means the guarantee of the Guaranteed Obligations by
the Company and the Subsidiary Guarantors. 
 “Guaranteed Obligations” means: 
 (34) Bonds; and 
 (35) Obligations that are designated by the Company, in an Officer’s Certificate delivered to the Collateral Trustee, as Guaranteed Obligations hereunder, entitled to share Equally and Ratably in this Guarantee and the benefits and
proceeds of all Liens held by the Collateral Trustee in the Collateral. 
 “Hazardous Materials” means any chemical,
material or substance, exposure to which is prohibited, limited or regulated by any Governmental Authority or which may or could pose a hazard to the health and safety of the owners, occupants or any Persons in the vicinity of any Facility or to the
indoor or outdoor environment. 
 “Hazardous Materials Activity” means any past, current, proposed or threatened activity,
event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence, existence, location, release, threatened release, discharge, placement, generation, transportation, processing,
construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing. 
 “Hedging Obligations” means the net obligations of the Company or any Subsidiary Guarantor under: 
 (36) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest
rate collar agreements; 
 (37) other agreements or arrangements designed to manage interest rate risk; and 
 (38) other agreements or arrangements designed to protect the Company or any Subsidiary Guarantor against fluctuations in currency

  

 8 

 exchange rates or fluctuations in the prices of commodities which are inputs to or products of the
Facilities, including without limitation any Gas Price Protection Arrangements. 
 “Holder” means a Person in whose name a
Guaranteed Obligation is registered. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such
Person (excluding accrued expenses or trade payables), whether or not contingent (without duplication): 
 (39) in respect of
borrowed money; 
 (40) evidenced by bonds, debentures or similar instruments or letters of credit or reimbursement agreements
in respect thereof or guarantees thereof; 
 (41) in respect of banker’s acceptances; 
 (42) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 
 (43) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such
property is acquired or such services are completed; or 
 (44) representing or entered into in connection with any Hedging
Obligations, 
 if and to the extent any of the preceding items (other than guarantees, letters of credit, Attributable Debt and Hedging Obligations) would
appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether
or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. 
 The amount of any Indebtedness outstanding as of any date will be: 
 (45) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 
 (46) the principal amount of and premium (if any) on the Indebtedness, in the case of any other Indebtedness; and 
 (47) in respect of Indebtedness of other Persons secured by a Lien on the assets of the specified Person, the lesser of: 
 (a) the Fair Market Value of such asset at such date of determination, and 
  

 9 

 (b) the amount of such Indebtedness of such other Persons. 
 “Indemnified Liabilities” means, collectively, any and all liabilities, obligations, losses, damages (including natural resource
damages), penalties, claims (including Environmental Claims), costs (including the costs of any investigation, study, sampling, testing, abatement, cleanup, removal, remediation or other response action necessary to remove, remediate, clean up or
abate any Hazardous Materials Activity), expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for Indemnitees in connection with any investigative, administrative or judicial
proceeding commenced or threatened by any Person, and any fees or expenses incurred by Indemnitees in enforcing this indemnity), whether direct, indirect or consequential and whether based on Environmental Laws, on common law or equitable cause or
on contract or otherwise, that may be imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of any Environmental Claim or any Hazardous Materials Activity relating to or arising from, directly or
indirectly, any past or present activity, operation, land ownership, or practice of the Company or any of its Subsidiary Guarantors. 
 “Indenture” means, with respect to the Bonds, the Trust Indenture between the GCIDA and the Trustee, dated October 1, 2006, as amended, supplemented or otherwise modified from time to time in accordance with the terms
thereof and, with respect to any other Guaranteed Obligations, the indenture or similar instrument under which such Guaranteed Obligations are issued. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P or BBB or higher by Fitch Ratings. 
 “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including
Affiliates) in the forms of loans (including guarantees or similar obligations), advances or capital contributions (excluding payroll, commission, travel and similar advances to officers and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.
“Investment” shall exclude extensions of trade credit by the Company and its Subsidiary Guarantors in the ordinary course of business and Guaranteed Obligations. If the Company or any Subsidiary of the Company sells or otherwise disposes
of any Equity Interests of any direct or indirect Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company shall be deemed to have made an Investment
on the date of any such sale or disposition equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of. The acquisition by the Company or any Subsidiary of the Company of a Person that holds
an Investment in a third Person will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person. Except as
otherwise provided in this Guarantee Agreement, the amount of an Investment shall be its Fair Market Value at the time the Investment is made and without giving effect to subsequent changes in value. 
  

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 “Issue Date” means November 9, 2006. 
 “Legal Holiday” means a Saturday, a Sunday or legal holiday or a day on which banking institutions in the City of New York, or in the
cities in which the Principal Offices of the Trustee or Paying Agent are located are required or authorized by law, or executive order to close or (ii) a day on which the New York Stock Exchange is closed. If a payment date is a Legal Holiday
at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement and any lease that constitutes a security interest. 
 “Loan Agreement” means the Loan Agreement between the Company and GCIDA relating to the Bonds, dated as of October 1, 2006, as the
same may be amended, modified, restated, renewed, extended, refinanced, or replaced, in whole or in part. 
 “Major Maintenance
Fund” means the fund by that name established under the Collateral Trust Agreement. 
 “Moody’s” means
Moody’s Investors Service, Inc. 
 “Net Income” means the net income (loss) of the Company, determined in accordance
with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 
 (48) any gain (or loss),
together with any related provision for taxes on such gain (or loss), realized in connection with: 
 (a) any Asset Sale;

 (b) the disposition of any securities by the Company or any of its Subsidiary Guarantors or the extinguishment of any
Indebtedness of the Company or any of its Subsidiary Guarantors; and 
 (49) any extraordinary gain (or loss), together with
any related provision for taxes on such extraordinary gain (or loss). 
 “Net Proceeds” means the aggregate cash proceeds
received by the Company or any of its Subsidiary Guarantors in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the
direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes paid or payable as a result of
the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and amounts reserved for adjustment in respect of the sale price of such asset or assets established in accordance with
GAAP. 
  

 11 

 “Notice of Default” means a written notice given to the Collateral Trustee by the
Required Guaranteed Debtholders or any Secured Debt Representative, stating that a Default has occurred and is continuing. 
 “Obligations” means any principal, interest, premium, fees, indemnifications, reimbursements, expenses, damages and other liabilities payable under the documentation governing any Indebtedness. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, Assistant Secretary, or any Vice-President of such Person. 
 “Officer’s Certificate” means a certificate signed on behalf of the Company by an Officer of the Company, who must be the principal executive officer, the principal financial officer, the
treasurer or the principal accounting officer of the Company, that meets the requirements of Section 11.03 hereof. 
 “Opinion
of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 11.03 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the
Company or the Trustee. 
 “Order of Application” has the meaning assigned to it in the Collateral Trust Agreement.

 “Permitted Business” means the business of recycling solid waste for the production of gas, energy and potentially
tradeable environmental attributes such as renewable energy credits and carbon sequestration credits and providing related services and products in the energy market and any businesses incidental or reasonably related thereto, and such other
business as would not be material to the Company and the Subsidiary Guarantors taken as a whole. 
 “Permitted Investments”
means: 
 (50) any Investment in the Company or in a Subsidiary Guarantor; 
 (51) any Investment in Cash Equivalents; 
 (52) any Investment by the Company or any Subsidiary Guarantor in a Person, if as a result of such Investment: 
 (a) such Person becomes a Subsidiary Guarantor; or 
 (b) such Person is merged, consolidated
or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Subsidiary Guarantor; 
  

 12 

 (53) any Investment made as a result of the receipt of non-cash consideration from an
Asset Sale; 
 (54) any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other
than Disqualified Stock) of the Company; 
 (55) any Investments received in compromise or resolution of (A) Obligations
of trade creditors or customers that were incurred in the ordinary course of business of the Company or any of its Subsidiary Guarantors, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of
any trade creditor or customer; or (B) litigation, arbitration or other disputes with Persons who are not Affiliates; 
 (56) Investments represented by or entered into in connection with Hedging Obligations; 
 (57) any Investment
acquired by the Company or any of its Subsidiary Guarantors on account of any claim against, or interest in, any other Person (A) acquired in good faith in connection with or as a result of a bankruptcy, workout, reorganization or
recapitalization of such other Person or (B) as a result of a bona fide foreclosure by the Company or any of its Subsidiary Guarantors with respect to any claim against any other Person; 
 (58) repurchases of the Bonds or pari passu Indebtedness; 
 (59) any Investments in the Debt Service Reserve Fund and the Cash Collateral Fund; 
 (60) payment of consolidated taxes pursuant to the Tax Sharing Agreement among the Company and its Subsidiaries named therein, as amended,
supplemented or modified from time to time and any other tax allocation agreements among the Company and its Subsidiaries; 
 (61) receivables owing to the Company or a Subsidiary Guarantor, if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade
terms may include such concessionary trade terms as the Company or such Subsidiary Guarantor deems reasonable under the circumstances; and 
 (62) other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all
other Investments made pursuant to this clause (13) that are at the time outstanding not in excess of the Asset Percentage. 
  

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 “Permitted Liens” means: 
 (63) Liens held by the Collateral Trustee Equally and Ratably securing all Indebtedness in respect of Guaranteed Obligations; 

(64) Liens on assets of a Subsidiary Guarantor in existence on the date on which such Person becomes a Subsidiary Guarantor;

 (65) Liens securing obligations under sale leaseback transactions permitted by the provisions of Section 3.13 hereof;

 (66) Liens in favor of the Company or the Subsidiary Guarantors; 
 (67) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 
 (68) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’ Liens, in each case, incurred
in the ordinary course of business; 
 (69) survey exceptions, encumbrances, easements or reservations, including those for
licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines, other utilities, mineral reservations and rights and leases, zoning restrictions and other restrictions as to the use of real property or other exceptions to title that
were not incurred in connection with Indebtedness and that (A) exist on the Issue Date and are recorded on such date, (B) are permitted under the terms of the security documents or (C) do not in the aggregate materially adversely
affect the value of said properties or materially impair their use in the operation of the business of the Company or a Subsidiary Guarantor; 
 (70) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Guarantee Agreement if such Permitted Refinancing Indebtedness is incurred by the same obligor on the Indebtedness being
extended, refinanced, renewed, replaced, defeased or refunded (except as provided in clause (4) of the definition of Permitted Refinancing Indebtedness); provided, however, that: 
 (a) the new Lien shall be limited to all or part of the same categories of property and assets that secured or, under the written
agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); 
 (b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (i) the outstanding principal
amount or, if greater, committed amount of the Permitted Refinancing Indebtedness and (ii) an amount 
  

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 necessary to pay any fees and expenses, including premiums, related to such refinancings, refunding,
extension, renewal or replacement and (iii) any protective advances with respect to the property and assets that secure such Permitted Refinancing Indebtedness; 
 (71) financing statements (including precautionary statements) filed in connection with a Capital Lease Obligation or an operating lease,
in each case, not prohibited hereunder; provided that no such financing statement extends to, covers or refers to as collateral, any property or assets of the Company or a Subsidiary Guarantor, other than the property or assets which are
subject to such Capital Lease Obligation or such operating lease; 
 (72) Liens arising out of or in connection with any
judgment that does not constitute an Event of Default or in connection with any litigation or other legal proceeding as to which an appeal to contest or review is timely commenced in good faith by appropriate proceedings and as to which adequate
reserves have been established in accordance with GAAP; provided that any right to levy, seizure, attachment, sequestration, foreclosure or garnishment of any property and assets of the Company or a Subsidiary Guarantor thereof arising out of
or in connection with any such Lien has been and continues to be enjoined or effectively stayed; 
 (73) inchoate statutory
Liens arising under ERISA; 
 (74) Liens (A) on cash and short-term investments (i) deposited by the Company or any
of its Subsidiaries in margin accounts with or on behalf of futures contract brokers or paid over to other counterparties or (ii) pledged or deposited as collateral to a contract counterparty or issuer of surety bonds by the Company or any of
its Subsidiaries, in the case of clause (i) or (ii), to secure obligations with respect to (a) contracts for commercial and trading activities in the ordinary course of business and contracts (including without limitation, physical
delivery, option (whether cash or financial), exchange, swap and futures contracts) for the purchase, transmission, distribution, sale, lease or hedge of any energy-related commodity or service or (b) interest rate, commodity price, or currency
rate management contracts or derivatives and (B) encumbering assets other than accounts or receivables arising out of contracts or agreements relating to the generation, distribution or transmission of energy; provided that all such
agreements or contracts are entered into in the ordinary course of business; 
 (75) Liens arising by virtue of any statutory
or common law provision relating to banker’s liens, rights of set off or similar rights, contractual rights of setoff or netting arrangements entered into in the ordinary course of business and similar rights with respect to deposit accounts,
commodity accounts and/or securities accounts; 
  

 15 

 (76) Liens arising under Section 9.343 of the Texas Uniform Commercial Code or
similar statutes of states other than Texas; 
 (77) pledges and deposits to secure the payment of worker’s compensation,
unemployment insurance, social security benefits or obligations under similar laws, or to secure the payment or performance of statutory or public obligations (including environmental, municipal and public utility commission obligations and
requirements), reimbursement or indemnity obligations arising out of surety, performance, or other similar bonds, and other obligations of a like nature, in each case incurred in the ordinary course of business; 
 (78) Liens granted by a Person in favor of a commercial trading counterparty pursuant to a netting agreement, which Liens encumber rights
under agreements that are subject to such netting agreement and which Liens secure such Person’s obligations to such counterparty under such netting agreement; provided, that any such agreements and netting agreements are entered into in
the ordinary course of business; and provided, further, that the Liens are incurred in the ordinary course of business and when granted, do not secure obligations which are past due; 
 (79) Liens on proceeds from the issuance of Guaranteed Obligations and Liens on Indebtedness of the Company held by a trustee securing the
Guaranteed Obligations; 
 (80) Liens created in connection with the indemnity and contribution obligations in favor of
underwriters or Bond purchasers in connection with the Bonds; 
 (81) Liens incurred in the ordinary course of business of the
Company or any Subsidiary Guarantor of the Company securing obligations that in the aggregate at any one time outstanding do not exceed the Asset Percentage; 
 (82) Liens securing any working capital line of credit required by Section 3.19 hereof; and 
 (83) Liens granted in support of any Hedging Obligations. 
 “Permitted Prior Liens” means (1) Liens described in clauses (2), (3), (4), (5), (6), (7), (9), (12), (13), (14), (15), (18) and (20) of the definition of “Permitted Liens,”
(2) Liens refinancing or replacing any of the Liens contemplated in clause (1) of this definition and (3) Liens that arise by operation of law and are not voluntarily granted, to the extent entitled by law to priority over the
security interests created by the security documents. 
 “Permitted Refinancing Indebtedness” means any Indebtedness of the
Company or any of its Subsidiary Guarantors issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Subsidiary Guarantors (other than
intercompany Indebtedness); provided that: 
  

 16 

 (84) the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all
expenses, costs and fees and premiums incurred in connection therewith); 
 (85) such Permitted Refinancing Indebtedness has a
final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded; 
 (86) such Indebtedness is incurred either by the Company or by the Subsidiary Guarantor who is the obligor on the
Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 
 (87) if incurred by the Company, such
Indebtedness may be guaranteed by the Subsidiary Guarantors. 
 “Person” means any individual, corporation, partnership,
joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 
 “Required Guaranteed Debtholders” means, at any time, the Holders of a majority in aggregate principal amount of all Guaranteed Obligations then outstanding, voting together as a single class. For this purpose only,
Guaranteed Obligations registered in the name of, or beneficially owned by, the Company or any of its Subsidiaries shall be deemed not to be outstanding. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of
the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject. 
 “SEC” means the Securities and Exchange Commission. 

“Secured Debt Representative” means: 
 (88) in the case of the Bonds, the Trustee; 
 (89) in the case of any other Guaranteed
Obligations, the trustee, agent or representative of the Holders of such Guaranteed Obligations who maintains, or on whose behalf is maintained, the transfer register for or who acts as administrative agent for such Guaranteed Obligations and is
appointed as Secured Debt Representative (for purposes related to the administration of the security documents) pursuant to the indenture or agreement governing such Guaranteed Obligations. 
  

 17 

 “security documents” means the Collateral Trust Agreement, and all security agreements,
pledge agreements, control agreements, collateral assignments, mortgages, deed of trust or other grants or transfers for security or agreements related thereto executed and delivered by the Company or any Subsidiary Guarantor creating (or purporting
to create) a Lien upon Collateral in favor of the Collateral Trustee to secure this Guarantee Agreement, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time. 
 “S&P” means Standard & Poor’s Ratings Services. 
 “Stated Maturity” means, with respect to any installment of interest or principal on Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date
originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any specified Person: 
 (90) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the
corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 
 (91) any partnership (A) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such
Person or (B) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 “Subsidiary Guarantors” means each of: 
 (92) the Subsidiary entities signatory hereto; and

 (93) any other Subsidiary of the Company that executes a supplement to this Guarantee Agreement in accordance with the
provisions of this Guarantee Agreement, 
 and their respective successors and assigns. 
 “Tangible Assets” means as of any date with respect to a Subsidiary Guarantor the tangible assets of that Subsidiary Guarantor, and with
respect to the Company, the combined tangible assets of the Company and the Subsidiary Guarantors, in each case as determined in accordance with GAAP. 
  

 18 

 “Trustee” means, with respect to the Bonds, the party named as such in the preamble to
this Guarantee Agreement until a successor replaces it in accordance with the applicable provisions of the Indenture and thereafter means the successor serving thereunder and hereunder and, with respect to any other Guaranteed Obligations, the
Person acting in a similar capacity under the Indenture relating to such Guaranteed Obligations. 
 “Weighted Average Life to
Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (94) the
sum of the products obtained by multiplying (A) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by
(B) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 
 (95) the then outstanding principal amount of such Indebtedness. 
 Section 1.02 Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Affiliate Transaction”
	  	3.09
	 “Event of Default”
	  	5.01
	 “Gas Price Protection Arrangements”
	  	3.08
	 “incur”
	  	3.07
	 “Indemnitee”
	  	8.07
	 “Permitted Debt”
	  	3.07
	 “Termination Date”
	  	3.18

 Section 1.03 Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term not otherwise defined has
the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 
 (5) “will” shall be interpreted to express a command; 
 (6) provisions apply to successive events and transactions; 
  

 19 

 (7) references to sections of or rules under the Exchange Act will be deemed to include
substitute, replacement of successor sections or rules adopted by the SEC from time to time. 
 ARTICLE 2. 
 COMPANY GUARANTEE 
 Section 2.01 Guarantee.

 (a) Subject to this Article 2, the Company hereby unconditionally guarantees to each Holder of a Bond and any other Guaranteed Obligation
and to the Trustee and its successors and assigns, and any Person in a similar capacity with respect to any other Guaranteed Obligation irrespective of the validity and enforceability of this Guarantee Agreement, the Indenture, the Bonds or any
other Guaranteed Obligation or the obligations of the Company hereunder or thereunder, that: 
 (1) the principal and premium
and interest on the Bonds and all other Guaranteed Obligations shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Bonds and all other
Guaranteed Obligations, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and

 (2) in case of any extension of time of payment or renewal of any Bonds or any of such other obligations, that same shall
be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Company will be obligated to pay the same immediately. The Company agrees that this is a guarantee of
payment and not a guarantee of collection. 
 (b) The Company hereby agrees that its obligations hereunder are unconditional, irrespective of
the validity, regularity or enforceability of the Bonds or any other Guaranteed Obligations, the Indenture or this Guarantee Agreement, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions
hereof or thereof, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. The Company hereby waives diligence, presentment, demand of payment, filing of
claims with a court in the event of insolvency or bankruptcy, any right to require a proceeding first against a Subsidiary Guarantor, protest, notice and all demands whatsoever and covenant that this Guarantee Agreement will not be discharged except
by complete performance of the obligations contained in the Bonds, any other Guaranteed Obligations, the Indenture and this Guarantee Agreement. Notwithstanding the foregoing, nothing in this Agreement shall be construed as a waiver by the Company
or any Subsidiary Guarantor of any right to enforce the obligations of the Trustee or the Issuer arising under this Agreement, the Loan Agreement, the Indenture, the Collateral Trust Agreement or any other agreement related thereto. 
  

 20 

 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the
Subsidiary Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Subsidiary Guarantors, any amount paid by either to the Trustee or such Holder, this Guarantee Agreement, to the
extent theretofore discharged, shall be reinstated in full force and effect. 
 (d) The Company agrees that it will not be entitled to any
right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. The Company further agrees that, as between the Company, on the one hand, and the Holders and
the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in the Indenture for the purposes of this Guarantee Agreement, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in the Indenture, such obligations (whether or not due and payable) will
forthwith become due and payable by the Company for the purpose of this Guarantee Agreement. The Company will have the right to seek contribution from any non-paying Subsidiary Guarantor so long as the exercise of such right does not impair the
rights of the Holders under this Guarantee. 
 Section 2.02 Execution and Delivery of Guarantee Agreement. 
 To evidence its Guarantee set forth in Section 2.01, the Company hereby agrees that this Guarantee Agreement shall be executed on behalf of the
Company by one of its Officers. 
 Section 2.03 Releases. 
 (a) This Guarantee of the Company shall be released with respect to the Guaranteed Obligations automatically upon satisfaction and discharge or defeasance of the Bonds pursuant to the Indenture. 
 (b) Upon delivery by the Company to the Trustee of an Officer’s Certificate and an Opinion of Counsel to the effect that the action or event giving
rise to the release of this Guarantee pursuant to Section 2.03(a) has occurred or was made by the Company in accordance with the provisions of this Guarantee Agreement, the Trustee shall execute any documents reasonably required in order to
evidence the release of the Company from its obligations under this Guarantee. 
 ARTICLE 3. 
 COVENANTS 
 Section 3.01 Reports and Financial
Information. 
 So long as any Bonds are outstanding, the Company shall comply with its Continuing Disclosure Agreement. 
  

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 Section 3.02 Compliance Certificate. 
 (a) The Company and each Subsidiary Guarantor shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officer’s Certificate stating that a review of the activities of the Company and
its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Guarantee Agreement
and the security documents, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Guarantee
Agreement and the security documents in all material respects and is not in default in the performance or observance of any of the terms, provisions and conditions of this Guarantee Agreement or the security documents (or, if a Default or Event of
Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has
occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Bonds is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes
to take with respect thereto. The Company’s fiscal year ends December 31st. 
 (b) So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the year-end financial
statements delivered pursuant to Section 3.01 above shall be accompanied by a written statement of the Company’s independent public accountants (who shall be Vitale, Caturano & Company, Ltd. or another firm of established national
reputation) that in making the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Company has violated any provisions of Article 3 or Article 4
hereof in so far as such provisions relate to financial and accounting matters or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or
indirectly to any Person for any failure to obtain knowledge of any such violation. 
 (c) So long as any of the Bonds are outstanding, the
Company shall deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take
with respect thereto. 
 Section 3.03 Taxes. 
 The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the
failure to effect such payment is not adverse in any material respect to the Holders. 
  

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 Section 3.04 Stay, Extension and Usury Laws. 
 The Company and each of the Subsidiary Guarantors covenants (to the extent that it may lawfully do so) that they shall not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Guarantee Agreement; and the
Company and each of the Subsidiary Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 3.05 Payments into Cash Collateral Fund. 
 (a) The Company shall deposit into the Cash Collateral Fund maintained
with the Collateral Trustee, an amount equal to 50% of its Consolidated Cash Flow, except as follows: 
 (i) In the event that
the Company has maintained an average Fixed Charge Coverage Ratio of at least 2.5 to 1 for the preceding four audited semi-annual periods, and the balance in the Cash Collateral Fund is at least $5,000,000, the Company shall not be obligated to make
any further deposits to the Cash Collateral Fund, except in accordance with clause (b) below. 
 (ii) In the event that
the Company has maintained an average Fixed Charge Coverage Ratio of at least 2.0 to 1 for the preceding four audited semi-annual periods, has a projected Fixed Charge Coverage Ratio at least 2.0 to 1 for the succeeding two semi-annual periods and
has entered into fixed price gas sales contracts having a term of three or more years for at least 40% of the salable gas output of the Facilities, and the balance in the Cash Collateral Fund is at least $5,000,000, the Company shall not be
obligated to make any further deposits to the Cash Collateral Fund, except in accordance with clause (b) below. 
 (iii)
In the event that the Company has achieved an Investment Grade Rating, the Company may request the Trustee to pay over to the Company and the Trustee shall pay over to the Company all amounts in the Cash Collateral Fund, and the Company shall not be
obligated to make any further deposits to the Cash Collateral Fund for so long as the Company maintains its Investment Grade Rating. 
 (b)
In the event the balance in the Cash Collateral Fund has reached $5,000,000 and subsequently falls below $5,000,000 (except as a result of Section 3.05(a)(iii) above), the Company will make semi-annual deposits of Consolidated Cash Flow as
described in paragraph (a) above. Such deposits will continue until the events described in paragraph (a)(i), (a)(ii) or (a)(iii) of this Section 3.05 have occurred. 
 (c) Any deposits required to be made to the Cash Collateral Fund will be made within 30 days of the close of each semi-annual period and will be
accompanied by an Officer’s Certificate in the form of Exhibit 1 setting forth the calculation of the amount due. 
  

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 (d) Any amounts required to be paid to purchase, collateralize or maintain a Gas Price Protection
Arrangement may be paid by the Company from the Cash Collateral Fund or may be paid from Consolidated Cash Flow otherwise required to be deposited in the Cash Collateral Fund in lieu of such deposit. Any amounts received by the Company upon
termination of any Gas Price Protection Arrangement will be deposited in the Cash Collateral Fund, to the extent of any amount drawn from the Cash Collateral Fund in respect of such Gas Price Protection Arrangement, subject to paragraphs (a)(i),
(a)(ii) and (a)(iii) of this Section 3.05. 
 Section 3.06 Dividend and Other Payment Restrictions Affecting Subsidiaries. 
 (a) The Company and its Subsidiary Guarantors shall not, directly or indirectly, create or permit to exist or become effective any consensual encumbrance
or restriction on the ability of any Subsidiary Guarantor to: 
 (1) pay dividends or make any other distributions on its
Capital Stock to the Company or any of its Subsidiary Guarantors, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Company or any of its Subsidiary Guarantors; 
 (2) make loans or advances to the Company or any of its Subsidiary Guarantors; or 
 (3) transfer any of its properties or assets to the Company or any of its Subsidiary Guarantors. 
 (b) The restrictions in Section 3.06(a) hereof shall not apply to encumbrances or restrictions existing under or by reason of: 
 (1) applicable law, rule, regulation or order; 
 (2) customary non-assignment provisions in contracts, agreements, leases, permits and licenses entered into or issued in the ordinary
course of business; 
 (3) purchase money obligations for property acquired in the ordinary course of business and Capital
Lease Obligations that impose restrictions on the property purchased or leased; 
 (4) any agreement for the sale or other
disposition of a Subsidiary Guarantor that restricts distributions by that Subsidiary Guarantor pending the sale or other disposition; 
 (5) Permitted Liens that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (6) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
  

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 (7) restrictions or conditions contained in any Hedging Obligation or related credit
support or trading, netting, operating, construction, service, supply, purchase, sale or similar agreement to which the Company or any Subsidiary Guarantor is a party entered into in the ordinary course of business; provided that such
agreement prohibits the encumbrance of solely the property or assets of the Company or such Subsidiary Guarantor that are the subject of such agreement, the payment rights arising thereunder and/or the proceeds thereof and not to any other asset or
property of the Company or such Subsidiary Guarantor or the assets or property of any other Subsidiary Guarantor; 
 (8)
Indebtedness of a Subsidiary Guarantor existing at the time it became a Subsidiary Guarantor if such restriction was not created in connection with or in anticipation of the transaction or series of transactions pursuant to which such Subsidiary
Guarantor became a Subsidiary Guarantor or was acquired by the Company; and 
 (9) with respect to clause (3) of
Section 3.06(a) hereof only, restrictions encumbering property at the time such property was acquired by the Company or any of its Subsidiary Guarantors, so long as such restrictions relate solely to the property so acquired and were not
created in connection with or in anticipation of such acquisition. 
 Section 3.07 Incurrence of Indebtedness and Issuance of Stock. 
 (a) The Company and its Subsidiary Guarantors shall not, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or
indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the Company shall not issue any Disqualified Stock and the Subsidiary Guarantors shall not issue
any shares of Capital Stock to any Person other than the Company or another Subsidiary Guarantor; provided, however, that the Company may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and the Subsidiary Guarantors
may incur Indebtedness (including Acquired Debt), if the Fixed Charge Coverage Ratio for the Company’s most recently ended eight full fiscal quarters for which internal financial statements are available immediately preceding the date on which
such additional Indebtedness is incurred or such Disqualified Stock is issued would have been at least 2.5 to 1, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had
been incurred or the Disqualified Stock had been issued, as the case may be, at the beginning of such eight-quarter period. 
 (b) The
provisions of Section 3.07(a) will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 
 (1) the incurrence by the Company and the Subsidiary Guarantors of Indebtedness evidenced by or in support of the Bonds, in an aggregate
principal amount at any one time outstanding under this clause (1), including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any 
  

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 Indebtedness incurred pursuant to this clause (1), without duplication, not to exceed $60,000,000 less
the aggregate amount of all repayments, optional or mandatory, of the principal of any Indebtedness incurred pursuant to this clause (1) that have been made by the Company and/or the Subsidiary Guarantors since the Issue Date; 

(2) the incurrence by the Company or any of its Subsidiary Guarantors of intercompany Indebtedness between or among the Company and any
of its Subsidiary Guarantors; 
 (3) the incurrence by the Company or any of its Subsidiary Guarantors of Hedging Obligations
and related Indebtedness in the ordinary course of business and not for speculative purposes; 
 (4) the incurrence by the
Company or any of its Subsidiary Guarantors of Indebtedness in respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptances, performance and surety bonds provided by the Company or a Subsidiary Guarantor in the
ordinary course of business; 
 (5) the incurrence by the Company or any of its Subsidiary Guarantors of Indebtedness arising
from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five Business Days; 
 (6) working capital debt, including any working capital debt required by Section 3.19 not exceeding an amount equal to 5% of the
original principal amount of the Bonds plus any other Guaranteed Obligations at the time outstanding. 
 The Company and its Subsidiary
Guarantors will not incur any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Company or that Subsidiary Guarantor unless such Indebtedness is also contractually
subordinated in right of payment to payments under this Guarantee Agreement on substantially identical terms; provided, however, that no Indebtedness of the Company will be deemed to be contractually subordinated in right of payment to any
other Indebtedness of the Company solely by virtue of being unsecured or by virtue of being secured on a junior basis. 
 The accrual of
interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Stock in the form of additional
shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this covenant. Notwithstanding any other provision of this covenant, the maximum amount of
Indebtedness that the Company or any Subsidiary Guarantor may incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. 
  

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 Section 3.08 Gas Price Protection Arrangements. 
 The Company shall, at all times when the Bonds are outstanding, maintain a gas price protection program on a sufficient quantity of gas to provide a pro
forma Fixed Charge Coverage Ratio of at least 1.0 to 1 for all Guaranteed Obligations issued to fund Facilities under construction or in operation through the use of one or more long term contracts or puts, collared product pricing, bi-lateral fixed
price wholesale contracts or similar type pricing assurance agreements (each, a “Gas Price Protection Arrangement”). The Gas Price Protection Arrangements shall have a term covering a period of at least two years from the date of the first
drawing on external funding for construction of each Facility and thereafter the Gas Price Protection Arrangements will at all times have a minimum duration of one year. 
 Section 3.09 Transactions with Affiliates. 
 (a) The Company and its Subsidiary Guarantors shall not
make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of the Company (each, an “Affiliate Transaction”), unless: 
 (1) such Affiliate Transaction is on terms that are no less favorable (as reasonably determined by the Company) to the Company or the relevant Subsidiary Guarantor than those that would have been obtained in a comparable transaction by the
Company or such Subsidiary Guarantor with an unrelated Person; and 
 (2) the Company delivers to the Trustee: 
 (A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
the Asset Percentage of any of the parties to the Affiliate Transaction, a resolution of the Board of Directors set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with this Section 3.09(a) and that
such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors; and 
 (B)
with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of the Asset Percentage, an opinion as to the fairness to the Company or such Subsidiary Guarantor of such Affiliate
Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing. 
 (b) The
following items shall not be deemed to be Affiliate Transactions and, therefore, shall not be subject to the provisions of Section 3.09(a) hereof: 
 (1) any employment agreement or director’s engagement agreement, employee benefit plan, officer and director indemnification agreement or any 
  

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 similar arrangement entered into by the Company or any of its Subsidiary Guarantors in the ordinary
course of business or approved by the relevant Board of Directors; 
 (2) transactions between or among the Company and/or its
Subsidiary Guarantors; 
 (3) transactions with a Person that is an Affiliate of the Company solely because the Company owns,
directly or through a Subsidiary Guarantor, an Equity Interest in, or controls, such Person; 
 (4) payment of reasonable
directors’ fees to Persons who are not otherwise Affiliates of the Company; 
 (5) any issuance of Equity Interests
(other than Disqualified Stock) of the Company to Affiliates of the Company; 
 (6) any agreement, instrument or arrangement
as in effect as of the Issue Date or any amendment thereto or any transaction contemplated thereby (including pursuant to any amendment thereto) in any replacement agreement thereto so long as any such amendment or replacement agreement is not more
disadvantageous to the Holders in any material respect than the original agreement as in effect on the Issue Date as determined by the Company; 
 (7) any pro rata distribution (including a rights offering) to all holders of a class of Equity Interests or Indebtedness of the Company or any of its Subsidiary Guarantors, including Persons who are Affiliates of the
Company or any of its Subsidiary Guarantors; and 
 (8) any transaction involving sales of gas, electric capacity, energy,
ancillary services, transmission services and products, steam, emissions credits, fuel, fuel transportation and fuel storage in the ordinary course of business on terms that are no less favorable (as reasonably determined by the Company) to the
Company or the relevant Subsidiary Guarantor of the Company than those that would have been obtained in a comparable transaction by the Company or such Subsidiary Guarantor with an unrelated Person. 
 Section 3.10 Liens. 
 The Company and its Subsidiary
Guarantors shall not, directly or indirectly, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind on any asset now owned or hereafter acquired, except Permitted Liens. 
 Section 3.11 Line of Business. 
 The Company and its
Subsidiary Guarantors shall not engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and its Subsidiaries taken as a whole. 
  

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 Section 3.12 Corporate Existence. 
 Subject to Article 4 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 
 (1) its limited liability company existence, and the corporate, limited liability company, partnership or other entity existence of each
of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 
 (2) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the
Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if (a) the Company shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Bonds and (b) if a Subsidiary is to be dissolved, such Subsidiary has
no assets. 
 Section 3.13 Limitation on Sale and Leaseback Transactions. 
 The Company and the Subsidiary Guarantors shall not enter into any sale and leaseback transaction; provided that the Company or any Subsidiary
Guarantor may enter into a sale and leaseback transaction if: 
 (1) the Company or that Subsidiary Guarantor, as applicable,
could have incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale and leaseback transaction under the provisions of Section 3.07 hereof; and 
 (2) the gross cash proceeds of that sale and leaseback transaction are at least equal to the Fair Market Value of the property that is the
subject of that sale and leaseback transaction. 
 The preceding restrictions shall not apply to a sale and leaseback transaction entered
into between the Company and a Subsidiary Guarantor or between Subsidiary Guarantors. 
 Section 3.14 Payments for Consent. 
 The Company and the Subsidiary Guarantors shall not, directly or indirectly, pay or cause to be paid any monetary consideration to or for the benefit of
any holder of any Guaranteed Obligations for or as an inducement to any consent under or waiver or amendment of any of the terms or provisions of this Guarantee Agreement unless such consideration is offered to be paid and is paid to all Holders of
the Guaranteed Obligations that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
  

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 Section 3.15 Additional Subsidiary Guarantors. 
 If the Company or any of its Subsidiary Guarantors acquires or creates another Subsidiary that is to become a guarantor of any Indebtedness, then that
Subsidiary shall become a Subsidiary Guarantor and (A) execute a supplemental guarantee agreement substantially in the form as Exhibit A hereto and a joinder agreement to the Security Documents in form and substance reasonably satisfactory
to the Trustee providing that such Subsidiary shall become a Subsidiary Guarantor under this Guarantee Agreement and a party as grantor to the Security Documents and (B) deliver an Opinion of Counsel satisfactory to the Collateral Trustee, in
each case, within 30 Business Days of the date on which it was required to become a guarantor of any Indebtedness. 
 Section 3.16 Suspension of Covenants
When Guaranteed Obligations Rated Investment Grade. 
 If on any date following the Issue Date: 
 (a) the rating assigned to any Guaranteed Obligations by either S&P or Moody’s is an Investment Grade Rating after giving effect to the
suspension of covenants contemplated by this Section 3.16 upon the achievement of such Investment Grade Rating, and 
 (b) no Default or
Event of Default shall have occurred and be continuing, 
 then, beginning on that day and subject to the provisions of the following paragraph, the
provisions of Sections 3.05, 3.06, 3.07, 3.08, 3.09 and 4.01(4) hereof shall be suspended. 
 Notwithstanding the foregoing, if the ratings
assigned by both such rating agencies with respect to any Guaranteed Obligations should subsequently decline to below an Investment Grade Rating, the provisions of Sections 3.05, 3.06, 3.07, 3.08, 3.09 and 4.01(a)(4) hereof shall be
reinstituted as of and from the date of such rating decline. 
 Section 3.17 Insurance. 
 The Company and the Subsidiary Guarantors shall maintain with financially sound and reputable insurance companies, insurance on their property and assets
(including the Collateral) in at least such amounts, with such deductibles and against at least such risks as is customary for companies of the same or similar size engaged in the same or similar businesses as those of the Company and the Subsidiary
Guarantors and furnish to the Collateral Trustee, upon written request, full information as to its property and liability insurance carriers. Holders of Bonds, as a class, will be named as an additional insured on all liability insurance policies of
the Company and its Subsidiary Guarantors and the Collateral Trustee will be named as loss payee on all property and casualty insurance policies. 
 Section
3.18 Subordination of Intercompany Indebtedness. 
 (a) Each of the Company and the Subsidiary Guarantors hereby agrees that any
intercompany Indebtedness or other intercompany receivables, intercompany payables or intercompany advances directly or indirectly made by or owed to the Company or such Subsidiary Guarantor by any Subsidiary Guarantor or the Company, as applicable,
of whatever 
  

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 nature at any time outstanding shall be subordinate and subject in right of payment to the prior indefeasible payment in
cash of the Guaranteed Obligations as they become due. Each of the Company and the Subsidiary Guarantors hereby agrees that it shall not become obligated or otherwise liable for any intercompany Indebtedness, or other intercompany receivable,
intercompany payable or intercompany advance that is owed to any Person other than the Company or any Subsidiary Guarantor, unless such Person agrees that such Indebtedness, receivable, payable or advance (as applicable) is completely subordinated
to the Guaranteed Obligations and subject in right of payment to the prior indefeasible payment in cash of the Guaranteed Obligations as they become due, and that no payment on any such Indebtedness, receivable, payable or advance shall be made by
the Company or any Subsidiary Guarantor until payment in full in cash of all Guaranteed Obligations that are outstanding, due and payable (for purposes of this Section 3.18, only, the “Termination Date”); except: intercompany
receivables, intercompany payables, intercompany advances and intercompany Indebtedness made to, or on behalf of, any Person, other than the Company or any Subsidiary Guarantor, permitted pursuant to the terms hereof may be paid or repaid, in each
case so long as no Event of Default shall have occurred and be continuing, from Consolidated Cash Flow of the Company after payments into the Cash Collateral Fund required by Section 3.05; provided, however that payments (i) in respect of
taxes (ii) reimbursements of costs and expenses for operation and maintenance and (iii) repayments of amounts advanced for Gas Price Protection Arrangements may be paid before payments into the Cash Collateral Fund. 
 (b) In the event that any payment on any such intercompany Indebtedness, receivable, payable or advance shall be received by the Company or any
Subsidiary Guarantor other than as permitted by Section 3.18(a) before the Termination Date, the Company or such Subsidiary Guarantor, as applicable, shall receive such payments and hold the same in trust for, segregate the same from its own
assets and shall immediately pay over to, the Collateral Trustee for the benefit of the Holders of Guaranteed Obligations all such sums to the extent necessary so that the holders of Guaranteed Obligations shall have been indefeasibly paid in full,
in cash, all Obligations owed or which may become owing. 
 Section 3.19 Working Capital Lines of Credit. 
 No later than the commencement of Commercial Operation of each Facility, the Company will establish and maintain a working capital line of credit in the
amount of not less than $400,000 per Facility. 
 Section 3.20 Right of Bondholders to Add Certain Collateral. 
 (a) If the Company or any Affiliate of the Company proposes to issue or guarantee indebtedness to finance facilities to be located in California to use
Microgy technology for the production of gas for sale to Pacific Gas and Electric Company pursuant to the Agreement for the Sale and Purchase of Gas between Microgy, Inc. and Pacific Gas and Electric Company dated October 4, 2006 (as used in
this Section 3.20, the “California Facilities”), the Company will: 
 (i) provide the Holders of the Bonds with a
financial feasibility study and preliminary term sheet demonstrating the pro forma effect of making such Indebtedness Guaranteed Obligations hereunder; and 
  

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 (ii) afford the Bondholders the one-time right to require such Indebtedness to be Guaranteed Obligations
and the assets constituting the California Facilities to be added to the Collateral. 
 (b) If within 30 days of the delivery of the
financial projections and term sheet discussed in Section 3.20(a) above to the Bondholders, the Holders of not less than a majority of the Bonds so direct: 
 (i) the Indebtedness to be incurred for the California Facilities will be incurred by one or more Subsidiaries of the Company; 
 (ii) upon the incurrence of such Indebtedness, such Subsidiaries will become Subsidiary Guarantors in accordance with the terms of this Guarantee Agreement; 
 (iii) the Company’s ownership interests in such Subsidiary Guarantors will become part of the Collateral; 
 (iv) the assets comprising the California Facilities will become part of the Collateral; and 
 (v) the Obligations issued to fund the California Facilities will be Guaranteed Obligations. 
 (c) If tax-exempt municipal obligations are issued to fund the California Facilities, the Company will cause the Holders of the Bonds to have a first
right of purchase (in proportion to their ownership of the Bonds) or a reasonable time when such municipal obligations are first offered for sale to investors. 
 Section 3.21 Application of Proceeds of Asset Sales. 
 The Company shall, within 360 days of any Asset Sale, either
(i) reinvest not less than 95% of the proceeds of such Asset Sale in assets to be used in a Permitted Business or (ii) apply 100% of the proceeds to the redemption or purchase at a price not in excess of 100% of principal amount of
Guaranteed Obligations plus accrued interest to the date of redemption or purchase. If proceeds are to be reinvested and the sale was of assets financed with the proceeds of tax-exempt bonds, the use of proceeds is conditioned on the prior receipt
of the Trustee of an opinion of bond counsel to the effect that such application will not adversely affect the exclusion from gross income for federal income tax purposes of interest on such bonds. If proceeds are to be reinvested and if the Asset
Sale was of all or substantially all of a Facility, the Company shall provide to the Trustee a feasibility study by a nationally recognized feasibility consultant demonstrating that as proposed to be built and operated, the pro forma Fixed Charge
Coverage Ratio will be not less than 2.0 to 1 for the three years immediately following Commercial Operation of the assets acquired with the proceeds of the Asset Sale. 
  

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 Section 3.22 Request for Ratings. 
 Upon the written request of the holders of a majority of Secured Obligations, the Company will prepare at its expense an application to Moody’s, S&P and Fitch Ratings to seek an Investment Grade Rating and
will use commercially reasonable efforts to obtain such rating; provided, however, that the Company shall not be required to make such application more than once every year. 
 Section 3.23 Major Maintenance Fund. 
 The Company will contribute, from Consolidated Cash Flow before
any deposit into the Cash Collateral Fund, annually within 120 days of the end of each fiscal year an amount equal to 1.0% of the Company’s plant and equipment (exclusive of real estate and before accumulated depreciation) shown on its most
recent annual financial statements for deposit in the Major Maintenance Fund maintained with the Collateral Trustee. Such amounts shall be available to the Company at any time to pay capital expenditures upon requisition by the Company to the
Collateral Trustee. 
 ARTICLE 4. 
 SUCCESSORS 
 Section 4.01 Merger, Consolidation, or Sale of Assets. 
 (a) The Company shall not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Company is the surviving
corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Subsidiary Guarantors taken as a whole, in one or more related transactions, to another
Person; unless: 
 (1) either: 
 (A) the Company is the surviving company; or 
 (B) the Person formed by or surviving any
such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a corporation, partnership or limited liability company organized or existing under the laws of
the United States, any state thereof or the District of Columbia; 
 (2) the Person formed by or surviving any such
consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company under this Guarantee Agreement and the security
documents pursuant to a supplemental guarantee agreement reasonably satisfactory to the Trustee; 
 (3) immediately after such
transaction, no Default or Event of Default exists; and 
  

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 (4) the Company or the Person formed by or surviving any such consolidation or merger (if
other than the Company), or to which such sale, assignment, transfer, conveyance or other disposition has been made: 
 (A)
would have Consolidated Net Worth immediately after the transaction equal to or greater than the Consolidated Net Worth of the Company immediately preceding the transaction; and 
 (B) would, on the date of such transaction after giving pro forma effect thereto and to any related financing transactions as if the same
had occurred at the beginning of the applicable eight-quarter period, either (i) have a pro forma Fixed Charge Coverage Ratio that is at least equal to the actual Fixed Charge Coverage Ratio of the Company as of such date or (ii) be
permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 3.07(a). 
 In addition, the Company shall not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions, to any other Person. 
 (b) Unless treated as an Asset Sale under Section 3.21, no Subsidiary Guarantor shall, directly or indirectly: (1) consolidate or merge with or
into another Person (whether or not the Subsidiary Guarantor is the surviving corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions,
to another Person; unless: 
 (1) either: 
 (A) the Subsidiary Guarantor is the surviving company; or 
 (B) the Person formed by or surviving any such consolidation or merger (if other than the Subsidiary Guarantor) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any state thereof or the District of Columbia; 
 (2) the Person formed by or surviving any such consolidation or merger (if other than the Subsidiary Guarantor) or the Person to which
such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Subsidiary Guarantor under this Guarantee Agreement and the security documents pursuant to a supplemental guarantee agreement
reasonably satisfactory to the Trustee; 
 (3) immediately after such transaction, no Default or Event of Default exists; and

  

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 (4) the Company: 
 (A) would have Consolidated Net Worth immediately after the transaction equal to or greater than the Consolidated Net Worth of the
Company immediately preceding the transaction; and 
 (B) would, on the date of such transaction after giving pro forma
effect thereto and to any related financing transactions as if the same had occurred at the beginning of the applicable eight-quarter period, either (i) have a pro forma Fixed Charge Coverage Ratio that is at least equal to the actual Fixed
Charge Coverage Ratio of the Company as of such date or (ii) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 3.07(a). 
 In addition, a Subsidiary Guarantor shall not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related
transactions, to any other Person. 
 (c) Notwithstanding the foregoing: 
 (1) any Subsidiary Guarantor may consolidate with, merge into or transfer all or part of its properties and assets to the Company or any
other Subsidiary Guarantor; and 
 (2) the Company may merge with an Affiliate solely for the purpose of reincorporating the
Company or re-forming in another jurisdiction. 
 Section 4.02 Successor Person Substituted. 
 (a) Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets
of the Company and its Subsidiary Guarantors taken as a whole in a transaction that is subject to, and that complies with the provisions of, Section 4.01(a) hereof, the successor Person formed by such consolidation or into or with which the
Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other
disposition, the provisions of this Guarantee Agreement referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Guarantee Agreement
with the same effect as if such successor Person had been named as the Company herein. 
 (b) Upon any consolidation or merger, or any sale,
assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of a Subsidiary Guarantor in a transaction that is subject to, and that complies with the provisions of, Section 4.01(b) hereof, the
successor Person formed by such consolidation or into or with which the Subsidiary Guarantor is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from
and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Guarantee Agreement referring to the “Subsidiary Guarantor” shall refer instead to the successor 
  

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 Person and not to the Subsidiary Guarantor), and may exercise every right and power of the Subsidiary Guarantor under
this Guarantee Agreement with the same effect as if such successor Person had been named as such Subsidiary Guarantor herein. 
 ARTICLE 5.
 
 DEFAULTS AND REMEDIES 
 Section
5.01 Events of Default. 
 Each of the following is an “Event of Default”: 
 (1) the default in the payment when due of the principal of, or premium, if any, or interest on any Guaranteed Obligations, subject to
applicable grace periods; 
 (2) the Company or any of its Subsidiary Guarantors fails to comply with the provisions of
Section 4.01 hereof; 
 (3) the Company or any of its Subsidiary Guarantors fails to observe or perform any other
covenant, representation, warranty or other agreement in this Guarantee Agreement or the Security Documents for 60 days after notice to the Company from a Secured Debt Representative or the Holders of at least 25% in aggregate principal amount of
the Guaranteed Obligations then outstanding; 
 (4) failure by the Company or any of its Subsidiary Guarantors to pay final
and non-appealable judgments aggregating in excess of the Asset Percentage, which are not covered by indemnities or third-party insurance, which judgments are not paid, discharged, vacated or stayed for a period of 90 days; 
 (5) the unenforceability of any of the security documents against the Company or any of its Subsidiary Guarantors for any reason so that
the Fair Market Value of the Collateral is less than 100% of the Indebtedness secured thereby; 
 (6) any security document or
any Lien purported to be granted thereby is held in any judicial proceeding to be unenforceable or invalid, in whole or in part, or ceases for any reason within the control of the Company or any of its Subsidiary Guarantors (other than pursuant to a
release that is delivered or becomes effective as set forth in this Guarantee Agreement) to be fully enforceable and perfected so that the Fair Market Value of the Collateral is less than 100% of the Indebtedness secured thereby; 
 (7) except as permitted by this Guarantee Agreement, the Guarantee is held in any judicial proceeding to be unenforceable or invalid or
ceases for any reason to be in full force and effect or the Company or any Subsidiary Guarantor or any Person acting on behalf of the Company or any Subsidiary Guarantor, denies or disaffirms its obligations under this Guarantee Agreement;

  

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 (8) the Company or any of its Subsidiary Guarantors pursuant to or within the meaning of
Bankruptcy Law: 
 (a) commences a voluntary case, 
 (b) consents to the entry of an order for relief against it in an involuntary case, 
 (c) consents to the appointment of a custodian of it or for all or substantially all of its property, 
 (d) makes a general assignment for the benefit of its creditors, or 
 (e) generally is not paying its debts as they become due; or 
 (9) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (a) is for relief against the Company or any of its Subsidiary Guarantors in an involuntary case; 
 (b) appoints a custodian of the Company or any of its Subsidiary Guarantors or for all or substantially all of the property of the Company
or any of its Subsidiary Guarantors; or 
 (c) orders the liquidation of the Company or any of its Subsidiary Guarantors;

 and the order or decree remains unstayed and in effect for 90 consecutive days; or 
 (10) the occurrence of an event of default under the Indenture or the Loan Agreement or any comparable instrument under which Guaranteed
Obligations are issued. 
 Section 5.02 Rights of Holders of Bonds to Receive Payment. 
 Notwithstanding any other provision of this Guarantee Agreement, the right of any Holder of a Guaranteed Obligation to receive payment of principal,
purchase price, premium (if any) and interest on the Guaranteed Obligation, on or after the respective due dates expressed in the Bond (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the
institution or prosecution thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Guarantee Agreement upon any property subject to such Lien. 
  

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 ARTICLE 6. 
 TRUSTEE 
 Section 6.01 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Guarantee
Agreement, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (1) the duties of the Trustee will be determined solely by the express provisions of this Guarantee Agreement and the Trustee need perform only those duties that are specifically set forth in this Guarantee Agreement
and no others, and no implied covenants or obligations shall be read into this Guarantee Agreement or any Security Document against the Trustee; and 
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Guarantee Agreement. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Guarantee Agreement, but need not verify
the contents thereof. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act,
or its own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this
Section 6.01; and 
 (2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (d) Whether or not therein expressly so
provided, every provision of this Guarantee Agreement or any Security Document that in any way relates to the Trustee is subject to paragraphs (a), (b), (c), (e) and (f) of this Section 6.01. 
 (e) No provision of this Guarantee Agreement or any Security Document will require the Trustee to expend or risk its own funds or incur any liability.
The Trustee will be under no obligation to exercise any of its rights and powers under this Guarantee Agreement or any Security Document at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory
to it against any loss, liability or expense. 
  

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 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 Section 6.02 Rights of Trustee. 
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and will not be
responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee will not be liable for any action it
takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Guarantee Agreement. 
 (e) Unless otherwise specifically provided in this Guarantee Agreement, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
 (f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Guarantee Agreement at the request or direction
of any of the Holders unless such Holders have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.

 Section 6.03 Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Bonds and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the
event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, or resign. 
 Section 6.04 Trustee’s
Disclaimer. 
 The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Guarantee
Agreement, any Security Document, it shall not be accountable for any Subsidiary Guarantor’s use of the proceeds from the Bonds, it will not be responsible for the use or application of any money received by any paying agent other than the
Trustee, and it will not be responsible for any statement or recital herein or any statement in the Bonds or any other document in connection with the sale of the Bonds or pursuant to this Guarantee Agreement. 
  

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 Section 6.05 Notice of Defaults. 
 If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Bonds a notice of the Default or Event of Default within 90 days after it occurs.
Except in the case of a Default or Event of Default in payment of principal of, premium or interest on any Bond, the Trustee may withhold from Holders the notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding notice is in the best interests of the Holders. 
 Section 6.06 [Reserved] 
 Section 6.07 Compensation and Indemnity. 
 (a) The Company and Subsidiary Guarantors, jointly and
severally, shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Agreement and services hereunder. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express
trust. The Company and Subsidiary Guarantors, jointly and severally, shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services.
Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 (b) The
Company and the Subsidiary Guarantors, jointly and severally, shall indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under
this Guarantee Agreement, any security document or the Collateral Trust Agreement including the costs and expenses of enforcing this Guarantee Agreement, any security document or the Collateral Trust Agreement against the Company and the Subsidiary
Guarantors (including this Section 6.07) and defending itself against any claim (whether asserted by the Company, the Subsidiary Guarantors or any Holder or any other Person) or liability in connection with the exercise or performance of any of
its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company or any of the Subsidiary Guarantors of their obligations hereunder. The Company or such Subsidiary Guarantor shall defend the claim and the Trustee shall
cooperate in the defense. The Trustee may have separate counsel and the Company and/or Subsidiary Guarantors shall pay the reasonable fees and expenses of such counsel. Neither the Company nor any Subsidiary Guarantor need pay for any settlement
made without its consent, which consent shall not be unreasonably withheld. 
 (c) The obligations of the Company and the Subsidiary
Guarantors under this Section 6.07 will survive the satisfaction and discharge of this Guarantee Agreement. 
 (d) To secure the
Company’s and Subsidiary Guarantors’ payment obligations in this Section 6.07, the Trustee will have a Lien prior to the Guaranteed Obligations on all money or 
  

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 property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Bonds.
Such Lien shall survive the satisfaction and discharge of this Guarantee Agreement. 
 (e) When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 5.01(8) or (9) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law. 
 (f) The Company’s and Subsidiary Guarantors’ obligations under this Section 6.07
shall survive the resignation or removal of the Trustee, any termination of this Guarantee Agreement, including any termination or rejection of this Guarantee Agreement in any insolvency or similar proceeding and the repayment of all the Guaranteed
Obligations. 
 ARTICLE 7. 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 7.01 Without Consent of Holders of Secured Obligations. 
 Notwithstanding Section 7.02 of this Guarantee Agreement, the Company, the Subsidiary Guarantors and the Trustee may amend or supplement this
Guarantee Agreement without the consent of any Holder: 
 (1) to cure any ambiguity, defect or inconsistency; 
 (2) to provide for the assumption of the Company’s or a Subsidiary Guarantor’s obligations to the Holders of the Guaranteed
Obligations by a successor to the Company or such Subsidiary Guarantor pursuant to Article 4 or Article 10 hereof; 
 (3) to
make any change that would provide any additional rights or benefits to the Holders, including the addition of guarantees, or that does not adversely affect the legal rights under this Guarantee Agreement of any such Holder; 
 (4) to make, complete or confirm any grant of Collateral permitted or required by the security documents, the Collateral Trust Agreement
or this Guarantee Agreement or any release of Collateral that becomes effective as set forth in the security documents, the Collateral Trust Agreement or this Guarantee Agreement; 
 (5) to conform the text of this Guarantee Agreement to any provision of the Description of the Guarantees to the extent that such
provision in the Description of the Guarantees was intended to be a verbatim recitation of a provision of this Guarantee Agreement; or 
 (6) to allow any Person to execute a supplemental guarantee agreement to become a Subsidiary Guarantor. 
  

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 Upon the request of the Company authorizing the execution of any such amended or supplemental guarantee
agreement, and upon receipt by the Trustee of the documents described in Section 3.15 hereof, the Trustee shall join with the Company and the Subsidiary Guarantors in the execution of any amended or supplemental guarantee agreement authorized
or permitted by the terms of this Guarantee Agreement and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental guarantee
agreement that affects its own rights, duties or immunities under this Guarantee Agreement or otherwise. 
 Section 7.02 With Consent of Holders of
Guaranteed Obligations. 
 (a) Except as provided above in Section 7.01 and below in this Section 7.02, the Company and the
Trustee may amend or supplement this Guarantee Agreement with the consent of the Holders of at least a majority in principal aggregate amount of the Guaranteed Obligations then outstanding (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, Guaranteed Obligations), and any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium or interest on
Guaranteed Obligations, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Guarantee Agreement may be waived with the consent of the Holders of a majority in principal aggregate
amount of the then outstanding Guaranteed Obligations (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, Guaranteed Obligations). 
 Upon the written request of the Company and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of
Guaranteed Obligations as aforesaid, and upon receipt by the Trustee of the documents described in Section 3.15 hereof, the Trustee shall join with the Company in the execution of such amended or supplemental guarantee agreement unless such
amended or supplemental guarantee agreement directly affects the Trustee’s own rights, duties or immunities under this Guarantee Agreement or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into
such amended or supplemental guarantee agreement. 
 After an amendment, supplement or waiver under this Section 7.02 becomes effective,
the Company shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any way impair or affect the
validity of any such amended or supplemental guarantee agreement or waiver. 
 Subject to Section 5.02 hereof, the Holders of a majority
in aggregate principal amount of the Guaranteed Obligations then outstanding may waive compliance in a particular instance by the Company with any provision of this Guarantee Agreement. However, without the consent of each Holder affected, an
amendment or waiver under this Section 7.02 may not (with respect to any Guaranteed Obligations held by a non-consenting Holder): 
 (1) reduce the principal amount of Guaranteed Obligations whose Holders must consent to an amendment, supplement or waiver; 
  

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 (2) waive a Default or Event of Default in the payment of principal of or interest or
premium on such Guaranteed Obligation (except a rescission of acceleration of the Guaranteed Obligations by the Holders of at least a majority in aggregate principal amount of the Guaranteed Obligations and a waiver of the payment default that
resulted from such acceleration); 
 (3) make any Guarantee payable in money other than that stated in this Guarantee
Agreement; 
 (4) make any change in the provisions of this Guarantee Agreement relating to waivers of past Defaults or the
rights of Holders of Guaranteed Obligations to receive payments of principal of or interest or premium on the Guaranteed Obligations; or 
 (5) make any change in Section 5.02 hereof or in the foregoing amendment and waiver provisions. 
 (b)
Notwithstanding any other provision of this Guarantee Agreement, no amendment or supplement to the provisions of Article 9 hereof may be made in a manner which conflicts with the provisions of Section 9.03 hereof. 
 Section 7.03 Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Guaranteed Obligation is a continuing consent by the Holder of a Guaranteed Obligation and every subsequent Holder of a Guaranteed Obligation or
portion of a Guaranteed Obligation that evidences the same debt as the consenting Holder’s Guaranteed Obligation, even if notation of the consent is not made on any Guaranteed Obligation. However, any such Holder of a Guaranteed Obligation or
subsequent Holder of a Guaranteed Obligation may revoke the consent as to its Guaranteed Obligation if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement
or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 Section 7.04 Trustee to Sign Amendments, etc.

 The Trustee shall sign any amended or supplemental guarantee agreement authorized pursuant to this Article 7 if the amendment or
supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amended or supplemental guarantee agreement, the Trustee will be entitled to receive and will be fully protected in relying upon, in
addition to the documents required by Section 10.04 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental guarantee agreement is authorized or permitted by this Guarantee
Agreement. 
  

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 ARTICLE 8. 
 COLLATERAL AND SECURITY 
 Section 8.01 Security. 
 The punctual payment of (i) the principal of, premium and interest on the Bonds and all other Guaranteed Obligations, (ii) interest on overdue
principal of, premium and interest on, the Bonds and all other Guaranteed Obligations, and (iii) the performance of all other obligations of the Company to the Holders or the Trustee under this Guarantee Agreement, according to the terms
hereunder are secured Equally and Ratably by liens upon the Company’s and each Subsidiary Guarantor’s rights in the Collateral. 
 Section 8.02
Collateral. 
 This Guarantee Agreement is secured Equally and Ratably by security interests granted to the Collateral Trustee in
substantially all of the tangible and intangible assets of the Company and the Subsidiary Guarantors as more fully described in the Collateral Trust Agreement (as so described, the “Collateral”). 
 Section 8.03 Further Assurances. 
 (a) The Company and
each Subsidiary Guarantor shall do or cause to be done all acts and things which may be required, or which the Collateral Trustee from time to time may reasonably request, to assure and confirm that the Collateral Trustee holds Equally and Ratably,
for the benefit of the Trustee and the Holders of the Guaranteed Obligations duly created, enforceable and perfected Liens (subject to Permitted Prior Liens) upon all property, whether real, personal (including after-acquired personal property) or
mixed, of the Company and the Subsidiary Guarantors that is subject to any Lien securing any Guaranteed Obligation. 
 (b) If the Company or
any of the Subsidiary Guarantors owns or acquires any property that is subject to a Lien securing this Guarantee Agreement, but is not subject to a valid, enforceable perfected Lien (subject to Permitted Prior Liens) in favor of the Collateral
Trustee as secured Equally and Ratably for all of the Guaranteed Obligations, then the Company shall, or shall cause such Subsidiary Guarantor to, concurrently: 
 (1) execute and deliver to the Collateral Trustee a security document upon substantially the same terms as the security documents
delivered in connection with the issuance of this Guarantee Agreement, granting a Lien upon such property to the Collateral Trustee for the benefit of the Holders of Guaranteed Obligations, Equally and Ratably; 
 (2) cause the Lien granted in such security document to be duly perfected in any manner permitted by law and cause each other Lien that
secures Indebtedness upon such property to be (A) released, unless it is a Permitted Lien, or (B) subordinated to the Collateral Trustee’s Liens if it is not a Permitted Prior Lien; and 
  

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 (3) deliver to the Trustee and Collateral Trustee any opinion of counsel delivered to or
for the benefit of any Guaranteed Obligations relating to such security document or the Lien granted therein. 
 (c) Upon the written request
of the Collateral Trustee at any time and from time to time, the Company and each Subsidiary Guarantor shall promptly execute, acknowledge and deliver such security documents, instruments, certificates, notices and other documents and take such
other actions as shall be required or which the Collateral Trustee may reasonably request to grant, perfect or maintain the priority of (subject to Permitted Prior Liens) the Liens and benefits intended to be conferred as contemplated by the
security documents for the benefit of the Holders of the Guaranteed Obligations. 
 Section 8.04 Collateral Trustee. 
 (a) The Company has appointed Wells Fargo Bank, National Association, or one of its affiliates to serve as the Collateral Trustee for the benefit of the
Holders of: 
 (1) the Bonds; and 
 (2) any and all future Guaranteed Obligations; outstanding from time to time. 
 (b) The Collateral Trustee (directly or through co-trustees, agents or sub-agents) holds, and is entitled to enforce, all Liens on the Collateral.

 (c) Except as provided in the Collateral Trust Agreement or the security documents or as directed by an Act of Guaranteed Debtholders, the
Collateral Trustee is not obligated: 
 (1) to act upon directions purported to be delivered to it by any other Person;

 (2) to foreclose upon or otherwise enforce any Lien; or 
 (3) to take any other action whatsoever with regard to any or all of the security documents, the Liens created thereby or the Collateral.

 Section 8.05 Security Documents. 
 (a)
Each Holder hereby authorizes the Trustee and the Collateral Trustee, as applicable, on behalf of and for the benefit of the Holders, to be the agent for and representative of the Holders with respect to the Guaranteed Obligations, the Collateral
and the Security Documents. 
 (b) Anything contained in this Guarantee Agreement and the Security Documents to the contrary notwithstanding,
each Holder hereby agrees that no Holder or the Trustee shall have any right individually to realize upon any of the Collateral, it being understood and agreed that all powers, rights and remedies of the Trustee hereunder may be exercised solely by
the Trustee in accordance with the terms hereof and all powers, rights and remedies in respect of the Collateral under the security documents may be exercised solely by the Collateral Trustee. 
  

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 Section 8.06 Release of Security Interests. 
 (a) The Collateral will be released from the Collateral Trustee’s Liens: 
 (1) in whole, at any time when no Default Period is continuing, if neither the Company nor any Subsidiary Guarantor has any Guaranteed
Obligations secured by Liens; 
 (2) as to any or all Collateral at any time, if (A) consent to the release of Collateral
has been given by an Act of Guaranteed Debtholders and (B) such release has become effective in accordance with the terms of the consent; and 
 (3) in accordance with the provisions of the security documents as in effect from time to time. 
 (b) The
Collateral Trustee’s Liens upon Collateral will no longer secure this Guarantee Agreement and the right of the holders of Guaranteed Obligations to the benefits and proceeds of the Collateral Trustee’s Liens on Collateral will terminate
and be discharged at the Company’s written request: 
 (1) upon satisfaction and discharge of the Guaranteed Obligations
pursuant to the indenture or other similar instrument under which they were issued.; 
 (2) upon defeasance of the Guaranteed
Obligations pursuant to the indenture or other similar instrument under which they were issued; or 
 (3) upon payment in full
in cash of the Guaranteed Obligations that are outstanding, due and payable at the time the Guaranteed Obligations are paid in full in cash. 
 (c) If any Collateral is released in accordance with this Guarantee Agreement or any security document and if the Company has delivered the certificates and documents required by the Security Documents and this Section 8.06, the
Trustee, upon receipt of such certificates and Opinion of Counsel, shall notify the Collateral Trustee of the receipt of such documents. 
 Section 8.07
Environmental Indemnity. 
 (a) Each of the Company and the Subsidiary Guarantors jointly and severally agrees to defend (subject to
Indemnitees’ selection of counsel), indemnify, pay and hold harmless the Trustee and each Holder and each of their respective Affiliates and each and all of the directors, officers, partners, trustees, employees, attorneys and agents, and (in
each case) their respective heirs, representatives, successors and assigns (each of the foregoing, an “Indemnitee”) from and against any and all Indemnified Liabilities; provided, no Indemnitee shall be entitled to
indemnification hereunder with respect to any Indemnified Liability to the extent such 
  

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 Indemnified Liability is found by a final and nonappealable decision of a court of competent jurisdiction to have
resulted directly and primarily from the gross negligence or willful misconduct of such Indemnitee. 
 (b) All amounts due under
Section 8.07(a) hereof shall be payable not later than 10 days after written demand therefor. 
 (c) To the extent that the undertakings
to defend, indemnify, pay and hold harmless set forth in Section 8.07(a) hereof may be unenforceable in whole or in part because they are violative of any law or public policy, each of the Company and Subsidiary Guarantors shall contribute the
maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. 
 (d) Neither the Company nor any Subsidiary Guarantor shall ever assert any claim against any Indemnitee, on any theory of liability, for any lost profits
or special, indirect or consequential damages or (to the fullest extent lawful) any punitive damages arising out of, in connection with, or as a result of, this Guarantee Agreement, any Security Document or any agreement or instrument or transaction
contemplated hereby or relating in any respect to any Indemnified Liability, and each of the Company and Subsidiary Guarantors hereby forever waives, releases and agrees not to sue upon any claim for any such lost profits or special, indirect,
consequential or (to the fullest extent lawful) punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
 (e) The agreements in this Section 8.07 shall survive repayment of the Bonds and all other amounts payable hereunder and the resignation and removal of the Trustee or collateral agent. 
 ARTICLE 9. 
 COLLATERAL SHARING

 Section 9.01 Equal and Ratable Lien Sharing by Holders of Guaranteed Obligations. 
 (a) Notwithstanding (1) anything to the contrary contained in the agreements governing the Guaranteed Obligations, (2) the time of incurrence of
any Guaranteed Obligations, (3) the order or method of attachment or perfection of any Liens securing this Guarantee Agreement, (4) the time or order of filing or recording of financing statements, mortgages or other documents filed or
recorded to perfect any Lien upon any Collateral, (5) the time of taking possession or control over any Collateral or (6) the rules for determining priority under any law governing relative priorities of Liens: 
 (1) all Liens at any time granted by the Company or any of its Subsidiary Guarantors in the Collateral to secure this Guarantee Agreement
shall secure, Equally and Ratably, all liabilities of the Company or such Subsidiary under or in respect of this Guarantee Agreement; and 
 (2) all proceeds of all Liens at any time granted by the Company or any its Subsidiary Guarantors in the Collateral to secure this Guarantee Agreement shall be allocated and distributed Equally and Ratably on account
of all liabilities of the Company or such Subsidiary under or in respect of this Guarantee Agreement. 
  

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 (b) The provisions of Section 9.01(a) hereof are intended for the benefit of, and will be
enforceable as a third party beneficiary by, each present and future Holder of Guaranteed Obligations and each present and future Secured Debt Representative. 
 (c) It is understood that Collateral may be released pursuant to the provisions of Section 8.06 hereof. 
 Section 9.02
Enforcement of Security Interests. 
 The enforcement of the Collateral Trustee’s Liens in the Collateral shall be governed by the
Collateral Trust Agreement. 
 Section 9.03 Amendment and Supplement. 
 (a) No amendment or supplement to the provisions of Section 9.01 hereof that adversely affects the right of any Holder of Guaranteed Obligations to share in the Collateral Equally and Ratably will: 
 (1) be effective unless set forth in a writing signed by the appropriate Secured Debt Representatives with the consent of the Holders of
at least a majority in principal amount of the Guaranteed Obligations then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, any Guaranteed Obligations); or

 (2) be effective without the written consent of the Company. 
 No waiver of the provisions of this Article 9 will in any event be effective unless set forth in a writing signed and consented to, as required for an
amendment under this Section 9.03, by the party to be bound thereby. 
 (b) Any amendment or supplement to the provisions of the
Security Documents will be effective only in accordance with the provisions of Section 9.01 of the Collateral Trust Agreement. 
 ARTICLE 10. 
 SUBSIDIARY GUARANTEES 
 Section 10.01 Guarantee. 
 (a) Subject to this Article 10, each of the Subsidiary Guarantors hereby,
jointly and severally, unconditionally guarantees to each Holder of a Guaranteed Obligations and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Guarantee Agreement, the Indenture, the
Guaranteed Obligation or the obligations of the Company hereunder or thereunder, that: 
  

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 (1) the principal of, and premium and interest on the Bonds and all other Guaranteed
Obligations shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Bonds and all other Guaranteed Obligations, if any, if lawful, and all
other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any extension of time of payment or renewal of any Bonds or any of such other obligations, that same shall be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Subsidiary Guarantors will be jointly and severally obligated to pay the same immediately. Each Subsidiary Guarantor agrees that
this is a guarantee of payment and not a guarantee of collection. 
 (b) The Subsidiary Guarantors hereby agree that their obligations
hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Bonds or any other Guaranteed Obligations, the Indenture or this Guarantee Agreement, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Bonds with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge
or defense of a guarantor. Each Subsidiary Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the
Company, protest, notice and all demands whatsoever and covenant that this Subsidiary Guarantee will not be discharged except by complete performance of the obligations contained in the Bonds, the Indenture and this Guarantee Agreement. 

(c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Subsidiary Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or the Subsidiary Guarantors, any amount paid by either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated
in full force and effect. 
 (d) Each Subsidiary Guarantor agrees that it will not be entitled to any right of subrogation in relation to the
Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Subsidiary Guarantor further agrees that, as between the Subsidiary Guarantors, on the one hand, and the Holders and the
Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in the Indenture for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will
forthwith become due and payable by the Subsidiary Guarantors for the purpose of this Subsidiary 
  

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 Guarantee. The Subsidiary Guarantors will have the right to seek contribution from any non-paying Subsidiary Guarantor so
long as the exercise of such right does not impair the rights of the Holders under the Subsidiary Guarantee. 
 Section 10.02 Limitation on Subsidiary
Guarantor Liability. 
 Each Subsidiary Guarantor, and by its acceptance of Bonds, each Holder, hereby confirms that it is the intention
of all such parties that the Subsidiary Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any
similar federal or state law to the extent applicable to any Subsidiary Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors hereby irrevocably agree that the obligations of such Subsidiary
Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Subsidiary Guarantor that are relevant under such laws, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under this Article 10, result in the obligations of such
Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance. 
 Section 10.03 Execution and Delivery of
Guarantee Agreement. 
 To evidence its Subsidiary Guarantee set forth in Section 10.01, each Subsidiary Guarantor hereby agrees that
this Guarantee Agreement shall be executed on behalf of such Subsidiary Guarantor by one of its Officers. 
 Section 10.04 Subsidiary Guarantors May
Consolidate, etc., on Certain Terms. 
 Except as otherwise provided in Section 10.05, no Subsidiary Guarantor may sell or otherwise
dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Subsidiary Guarantor is the surviving Person) another Person, other than the Company or another Subsidiary Guarantor, unless:

 (1) immediately after giving effect to that transaction, no Default or Event of Default exists; and 
 (2) subject to Section 10.05 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by or
surviving any such consolidation or merger assumes all the obligations of that Subsidiary Guarantor under this Guarantee Agreement and all Security Documents delivered by that Subsidiary Guarantor pursuant to a supplemental guarantee agreement.

 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental guarantee
agreement, executed and delivered to the Trustee and satisfactory in form to the Trustee, of this Guarantee Agreement and the due and punctual performance of all of the covenants and conditions of this Guarantee Agreement to be performed by the
Subsidiary Guarantor, such successor Person shall succeed to and be substituted for the Subsidiary Guarantor with the same effect as if it had been named herein as a 
  

 50 

 Subsidiary Guarantor. All the Subsidiary Guarantees so issued will in all respects have the same legal rank and benefit
under this Guarantee Agreement as the Subsidiary Guarantees theretofore and thereafter issued in accordance with the terms of this Guarantee Agreement as though all of such Subsidiary Guarantees had been issued on the Issue Date. 
 Except as set forth in Articles 3 and 4 hereof, and notwithstanding clauses (a) and (b) above, nothing contained in this Guarantee Agreement
will prevent any consolidation or merger of a Subsidiary Guarantor with or into the Company or another Subsidiary Guarantor, or will prevent any sale or conveyance of the property of a Subsidiary Guarantor as an entirety or substantially as an
entirety to the Company or another Subsidiary Guarantor. 
 Section 10.05 Releases. 
 The Subsidiary Guarantee of a Subsidiary Guarantor shall be released automatically and all security interests granted by that Subsidiary Guarantor or
granted in such Subsidiary Guarantor’s Capital Stock to the Collateral Trustee shall be released with respect to the Guaranteed Obligations automatically upon satisfaction and discharge or defeasance of the Bonds pursuant to the Indenture.

 ARTICLE 11. 
 MISCELLANEOUS 
 Section 11.01 Notices. 
 Any notice or communication by the Company, any Subsidiary Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return
receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
 If to the
Company and/or any Subsidiary Guarantor: 
 Microgy Holdings, LLC 
 4 Cate Street 
 Portsmouth, NH 
 Telecopier No.: 
 Attention: General Counsel

 If to the Trustee: 
 Wells
Fargo 
 Four Penn Center, Suite 810 
 1600 JFK Boulevard 
 Philadelphia, PA 19103 
 Telecopier No.: 215-861-9460 
 Attention: Corporate Trust Services Group 
 The Company, any Subsidiary Guarantor or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or
communications. 
  

 51 

 All notices and communications (other than those sent to Holders) will be deemed to have been duly given:
at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and the next Business Day after
timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder
will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Trustee Registrar under the Indenture. Failure to mail
a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
 If a notice or
communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each Secured Debt Representative at the same time. 
 Section 11.02 Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the
Trustee to take any action under this Guarantee Agreement, the Company shall furnish to the Trustee: 
 (1) an Officer’s
Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 14.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Guarantee Agreement relating to the proposed action have been satisfied; and 
 (2) an Opinion of Counsel in form
and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 11.03 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 Section 11.03 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Guarantee Agreement must include: 
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  

 52 

 (4) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied. 
 Section 11.04 No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No director, officer, employee, incorporator, member, partner or stockholder of the Company or any Subsidiary Guarantor, as such, will have any liability
for any obligations of the Company or the Subsidiary Guarantors under the Guaranteed Obligations, this Guarantee Agreement, the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder of Guaranteed Obligations by accepting a Guaranteed Obligation waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Guaranteed Obligations. The waiver may not be effective to waive
liabilities under the federal securities laws. 
 Section 11.05 Governing Law. 
 THE INTERNAL LAW OF THE STATE OF TEXAS WILL GOVERN AND BE USED TO CONSTRUE THIS GUARANTEE AGREEMENT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 11.06 No Adverse
Interpretation of Other Agreements. 
 This Guarantee Agreement may not be used to interpret any other indenture, loan or debt agreement
of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Guarantee Agreement. 
 Section 11.07 Successors. 
 All agreements of the Company in this Guarantee Agreement and the Bonds will bind its successors.
All agreements of the Trustee in this Guarantee Agreement will bind its successors. All agreements of each Subsidiary Guarantor in this Guarantee Agreement will bind its successors, except as otherwise provided in Section 10.05. 
 Section 11.08 Severability. 
 In case any provision in
this Guarantee Agreement is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 11.09 Counterpart Originals. 
 The parties may sign any number of copies of this Guarantee
Agreement. Each signed copy will be an original, but all of them together represent the same agreement. 
  

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 Section 11.10 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Guarantee Agreement have been inserted for convenience of
reference only, are not to be considered a part of this Guarantee Agreement and will in no way modify or restrict any of the terms or provisions hereof. 
 Section 11.11 Waiver of Jury Trial. 
 BY AGREEING TO THIS SECTION, THE PARTIES IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT
THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY DISPUTE. THE COMPANY AND THE SUBISDIARY GUARANTORS WAIVE TRIAL BY JURY IN RESPECT OF ANY ACTION OR PROCEEDING TO WHICH ANY OF THEM MAY BE A PARTY ARISING OUT OF ANY INDEBTEDNESS OR ANY GUARANTEED
OBLIGATION. IT IS AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTION AR PROCEEDING, INCLUDING CLIAMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS GUARANTEE AGREEMENT. THIS
WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE AND NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. EACH PARTY REPRESENTS AND WARRANTS
THAT IT HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL AND THAT IT HAS HAD THE OPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. 
 [Signatures on following pages] 
  

 54 

 SIGNATURES 
 Dated as of October 1, 2006 
  

			
	MICROGY HOLDINGS, LLC, as Guarantor
		
	By:	 	 /s/ John F. O’Neill

	Name:	 	John F. O’Neill
	Title:	 	Vice President and Treasurer
	
	SUBSIDIARY GUARANTORS:
	
	MST PRODUCTION LTD., as Guarantor
		
	By:	 	 /s/ John F. O’Neill

	Name:	 	John F. O’Neill
	Title:	 	
	
	MST GP, LLC., as Guarantor
		
	By:	 	 /s/ John F. O’Neill

	Name:	 	John F. O’Neill
	Title:	 	Vice President and Treasurer
	
	MST ESTATES, as Guarantor
		
	By:	 	 /s/ John F. O’Neill

	Name:	 	John F. O’Neill
	Title:	 	Vice President and Treasurer
	
	RIO LECHE ESTATES, L.L.C., as Guarantor
		
	By:	 	 /s/ John F. O’Neill

	Name:	 	John F. O’Neill
	Title:	 	Vice President and Treasurer
	
	MISSION BIOGAS, L.L.C., as Guarantor
		
	By:	 	 /s/ John F. O’Neill

	Name:	 	John F. O’Neill
	Title:	 	Vice President and Treasurer
	
	HEREFORD BIOGAS, L.L.C., as Guarantor
		
	By:	 	 /s/ John F. O’Neill

	Name:	 	John F. O’Neill
	Title:	 	Vice President and Treasurer

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ Marvin Kierstead

	Name:	 	Marvin Kierstead
	Title:	 	Vice President

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