Document:

Exhibit 10.41(c)

 

Execution Version

 

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THE REDACTED PORTIONS OF
THIS AGREEMENT. THE REDACTIONS ARE INDICATED WITH THREE ASTERISKS (“***”). A
COMPLETE VERSION OF THIS AGREEMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION.

 

	
  To:

  	
   

  	
  Noble Environmental Power 2008 Hold Co.,
  LLC (“Noble” or “Party B”)

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  Citigroup Energy Inc. (“Party A”)

  

 

Dear Sirs:

 

The purpose of this letter agreement (this “Confirmation”) is to confirm the
terms and conditions of the Transaction entered into between us on the Trade
Date referred to below (the “Transaction”).  This Confirmation constitutes a “Confirmation”
as referred to in the Agreement specified below.

 

1.                                       This Confirmation supplements, forms part of, and is subject to, the
1992 ISDA Master Agreement dated as of the date hereof, including the Schedule
and Credit Support Annex (as amended and supplemented from time to time, the “Agreement”), between you and us. All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below.  In the event
of any inconsistency between the Agreement and this Confirmation, this
Confirmation will prevail for the purposes of this Transaction only.  All terms used but not otherwise defined
herein shall have the respective meanings assigned to such terms in the
Agreement.

 

Party A and Noble each represents to the
other that it has entered into this Transaction in reliance upon such tax,
accounting, regulatory, legal, and financial advice as it deems necessary and
not upon any view expressed by the other.

 

2.               The
terms of the particular Transaction to which this Confirmation relates are as
follows:

 

	
  Trade Date:

  	
   

  	
  June 30, 2008

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  This Confirmation is being executed and is
  effective and binding on June 27, 2008, but is dated as of June 30,
  2008, for cross reference purposes in other documents and agreements that
  contemplate the date hereof being June 30, 2008.

  
	
   

  	
   

  	
   

  
	
  Commodity:

  	
   

  	
  As per Commodity Reference Price

  
	
   

  	
   

  	
   

  
	
  Transaction Type:

  	
   

  	
  Fixed-for-Floating financial swap of
  energy, financially settled against the ***price
  as detailed 

  

 

 

	
   

  	
   

  	
  below. This Transaction is a financial
  transaction, and Party A shall have no liability hereunder for any costs
  and/or charges associated with the actual physical delivery, or generation of
  electricity, including, but not limited to, charges and/or costs relating to
  fuel, operations and maintenance, transmission or congestion, or any other
  obligation other than what is specifically provided herein.

  
	
   

  	
   

  	
   

  
	
  Notional Quantity:

  	
   

  	
  The amount of MWhs specified as the “Hedge
  Volume” in Schedule 1 attached hereto, for each Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  HE 0100 EPT beginning April 1, 2009,
  subject to the “Early COD” provision in Section 5 hereof.

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  HE 2400 EPT ending on March 31, 2019.

  
	
   

  	
   

  	
   

  
	
  Calculation Periods:

  	
   

  	
  Each calendar month during the term of the
  Transaction, commencing HE 0100 EPT on the first calendar day of such
  calendar month, and ending HE 2400 EPT on the last calendar day of such
  calendar month.

  
	
   

  	
   

  	
   

  
	
  Time Block:

  	
   

  	
  7 x 24 (i.e., around the clock) for each hour of each day
  in each Calculation Period, including Saturdays, Sundays and NERC Holidays.

  
	
   

  	
   

  	
   

  
	
  Settlement
  Amounts:

  	
   

  	
  [Notional
  Quantity * (Fixed Price – Floating Price)] – Tracking Account Adjustment
  Amount

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Where:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tracking Account Adjustment Amount =

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a) If Mismatch is positive, then an
  amount equal to the lesser of (i) the Mismatch or (ii) the
  difference of the Tracking Account Cap and Prior Tracking Account Balance

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b) if Mismatch is zero, then an
  amount equal to zero

  

 

2

 

	
   

  	
   

  	
  (c) if Mismatch is negative, then an
  amount equal to the Mismatch

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mismatch =***

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mismatch Volume = ***

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tracking Account Balance = Prior Tracking
  Account Balance + Tracking Account Adjustment Amount, expressed in dollars,
  and subject to the “Delay in COD” provision and the “No Production”
  provision, each in Section 5 hereof.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Prior Tracking Account Balance = Tracking
  Account Balance for the immediately preceding Calculation Period + Tracking
  Account Interest, expressed in dollars, except that with respect to the first
  Calculation Period, the Prior Tracking Account Balance shall be deemed to be
  zero dollars

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If the
  Settlement Amount is negative, then Noble shall pay Party A the absolute
  value of such amount, subject to the “Delay in COD” provision and the “No
  Production” provision, each in Section 5 hereof.  If the Settlement Amount is positive, then
  Party A shall pay Noble such amount, subject to the “Delay in COD” provision
  and the “No Production” provision, each in Section 5 hereof.

  
	
   

  	
   

  	
   

  
	
  Payment
  Date(s):

  	
   

  	
  Twenty (20)
  Local Business Days following the end of each Calculation Period, subject to
  adjustment in accordance with the Following Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  Fixed Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Price Payer:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  Fixed Price:

  	
   

  	
  USD 63.05 per MWh, subject to the “Early
  COD” provision in Section 5 hereof

  
	
   

  	
   

  	
   

  
	
  Floating Amounts:

  	
   

  	
   

  

 

3

 

	
  Floating Price Payer:

  	
   

  	
  Noble

  
	
   

  	
   

  	
   

  
	
  Commodity Reference Price:

  	
   

  	
  ***.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If the relevant Commodity Reference Price
  used or to be used by the Calculation Agent to determine the Floating Price
  is not published for a certain hour (the “Unpublished
  Hour”), the alternate Commodity Reference Price for the
  Unpublished Hour shall be the Commodity Reference Price for the hour
  preceding the Unpublished Hour; provided however, if no Commodity Reference
  Price has been published for the hour preceding the Unpublished Hour, then
  the alternate Commodity Reference Price for the Unpublished Hour shall be the
  Commodity Reference Price for the hour closest in time to the Unpublished
  Hour for which a Commodity Reference Price has been published.

  
	
   

  	
   

  	
   

  
	
  Floating Price:

  	
   

  	
  Total Diurnal Revenue, divided by Total
  Diurnal Volume.

  
	
   

  	
   

  	
   

  
	
  Realized Price:

  	
   

  	
  The sum of the Monthly PTID Revenues for
  each PTID Node, divided by the Total PTID
  Volume, provided however that if the Total PTID Volume for any Calculation
  Period is zero, then the Realized Price for that Calculation Period shall be
  equal to the Floating Price.

  
	
   

  	
   

  	
   

  
	
  Specified Price:

  	
   

  	
  For each PTID Node, the Commodity
  Reference Price associated with such PTID Node.

  
	
   

  	
   

  	
   

  
	
  PTID Nodes:

  	
   

  	
  Means, each of the Altona Project
  Node,  Chateaugay Project Node and
  Wethersfield Project Node, each as set forth below.

  
	
   

  	
   

  	
   

  
	
  Monthly Diurnal Revenue:

  	
   

  	
  For each PTID Node, the sum of the Hourly
  Diurnal Volume times the Hourly PTID Price, for all hours in the Calculation
  Period.

  
	
   

  	
   

  	
   

  
	
  Total Diurnal Revenue:

  	
   

  	
  The sum of the Monthly Diurnal Revenue
  for each PTID node.

  

 

4

 

	
  Monthly PTID Revenue:

  	
   

  	
  For each PTID Node, sum of the Hourly
  PTID Volume times the Hourly PTID Price,
  for each hour in the Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Hourly PTID Price:

  	
   

  	
  For each PTID Node, the Specified Price
  for such PTID Node, for each hour in the Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Hourly PTID Volume:

  	
   

  	
  For each PTID Node, the amount of energy
  produced and delivered to the relevant PTID Node for each hour in the
  Calculation Period; provided, however, that Hourly PTID Volume with respect
  to any Project for which COD has not yet occurred, or for which there has
  been no energy produced during such Calculation Period, shall be zero.

  
	
   

  	
   

  	
   

  
	
  Total PTID Volume:

  	
   

  	
  For each Calculation Period, the sum of
  all Hourly PTID Volumes for all PTID Nodes, expressed in MWhs

  
	
   

  	
   

  	
   

  
	
  Hourly Diurnal Volume:

  	
   

  	
  For each PTID Node, the amount of energy
  for the applicable hour at each PTID Node as set forth in the relevant
  diurnal table attached as Schedule 2 hereto.

  
	
   

  	
   

  	
   

  
	
  Total Diurnal Volume:

  	
   

  	
  For each Calculation Period, the sum of
  all Hourly Diurnal Volumes for all PTID Nodes.

  
	
   

  	
   

  	
   

  
	
  Reports:

  	
   

  	
  (a)  Within 24 hours of the end of each day,
  Party B shall provide Party A with hourly energy production data at each of
  the Projects for the prior day (which data shall be provided either by
  granting Party A website access to such data or providing an email to Party A
  detailing such data) (such information, “Daily  Noble Production Data”)  If real-time data is readily accessible to
  Party B, Party B shall use reasonable efforts to provide such data to Party A
  on a real-time basis.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)  Party
  B shall provide Party A within ten Local Business Days of the end of each
  calendar month (or as soon as reasonably practicable thereafter) a report,
  based on statements from the New York ISO, detailing the Hourly PTID Volume
  for each

  

 

5

 

	
   

  	
   

  	
  PTID Node and
  the Total PTID Volume for the Projects (such information, “NY  ISO Data”). 
  If the New York ISO fails to provide to Party B the relevant
  statements by the 15th Local Business Day following the end of any
  Calculation Period (each, a “Late Statement Period”),
  Party B shall provide Party A a report based on data from its own production
  software system (or, if such data is unavailable, based on good faith
  estimates) for such period (“Monthly Noble Production
  Data”).  Upon receipt of
  statements from the New York ISO relating to any Late Statement Period, Party
  B shall provide Party A with a true-up report.  Failure by Party B to deliver or cause to
  be delivered the information set forth in this paragraph (b) or in
  paragraph (a) above shall not constitute an Event of Default by Party B
  under the Agreement (and Party A shall calculate the Settlement Amounts
  related to any Calculation Period in which Daily Noble Production Data is not
  delivered in accordance with the “Data
  Used to Calculate Floating Price and Settlement Amounts” provision below).

  
	
   

  	
   

  	
   

  
	
  Data used to Calculate

  Floating Price and

  	
   

  	
   

  
	
  Settlement Amounts:

  	
   

  	
  For any Calculation Period, the
  Calculation Agent shall determine Hourly PTID Volume in accordance with the
  following:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)  first, using the Hourly PTID
  Volume set forth in the NY ISO Data.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)  if Party B has not provided the
  NY ISO Data by the 15th Local Business Day following such
  Calculation Period (the “Data Deadline”),
  then using the Monthly Noble
  Production Data.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)  if Party B has not provided the
  NY ISO Data or the Monthly Noble Production Data by the Data Deadline, then using the Daily Noble Production Data.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (d)  If Party B has not provided the
  Daily Noble Production Data for a PTID Node for any hour during such Calculation
  Period, then using the

  

 

6

 

	
   

  	
   

  	
  table attached hereto as Schedule 2 (the
  “Diurnal Table”) for any such PTID
  Node and any such hour.

  
	
   

  	
   

  	
   

  
	
  3.      Contact
  Information

  	
   

  	
  Party A

  	
   

  
	
   

  	
   

  	
  Lindsey Nelsen

  	
  (713) 693-6640

  (646) 291-3383

  
	
   

  	
   

  	
  CEIconfirms@citigroup.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Noble

  
	
   

  	
   

  	
  Tom Swank

  	
  (860) 581-5105

  
	
   

  	
   

  	
  Sidney Chang

  	
  (860) 581-5060

  
	
   

  	
   

  	
  Fax:

  	
  (860) 767-7198

  
	
   

  	
   

  	
   

  
	
  4.      Account
  Details:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Payments (USD) to
  Party A:

  	
   

  	
   

  
	
   

  	
   

  	
  As notified by Party A

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Payments (USD) to Noble:

  	
   

  	
  Operating
  Account

  
	
   

  	
   

  	
   

  
	
  5.      Additional Terms:

  	
   

  	
   

  

 

Definitions:

 

“Altona
Project” means Noble Altona Windpark, LLC, owner of the
anticipated 97.5 MW Altona facility in NYISO Zone D.

 

“Altona
Project Node” means PTID Node #323606.

 

“Chateaugay
Project” means Noble Chateaugay Windpark I, LLC, owner of the
anticipated 106.5 MW Chateaugay facility in NYISO Zone D.

 

“Chateaugay
Project Node” means the PTID Node number assigned to the
Chateaugay Project by the NYISO.

 

“LIBOR”
means the three month “LIBO Rate” as such term is defined in the Financing
Agreement in effect from time to time as determined by an affiliate of Party A.

 

“Project”
means each of the Altona Project, Chateaugay Project and Wethersfield Project
and “Projects” means all such Projects
together.

 

“Wethersfield
Project” means Noble Wethersfield Windpark, LLC, owner of the
anticipated 126 MW Wethersfield facility in NYISO Zone A.

 

7

 

“Wethersfield
Project Node” means the PTID Node number assigned to the
Wethersfield Project by the NYISO.

 

Tracking
Account:

 

A notional account and not a
physical deposit account (the “Tracking Account”)
will be maintained by the Calculation Agent and used for the purposes set forth
below.  A positive Tracking Account
balance indicates that amounts in the Tracking Account are owed by Party A to
Noble.  A negative Tracking Account
balance indicates that amounts (in absolute value terms) in the Tracking
Account are owed by Noble to Party A. 
Either Party may, in its sole discretion, make payments to the other
Party in excess of those required herein for the purpose of adjusting the
Tracking Account.  Such payments shall,
on a dollar-for-dollar basis, decrease (if payment is made by Party A to
Noble), or increase (if payment is made by Noble to Party A), the Tracking
Account balance immediately upon either Party’s receipt of such payment.  The Calculation Agent shall maintain and make
all calculations and adjustments relating to the notional value of the Tracking
Account balance.

 

Early
COD:

 

If COD occurs more than one
month prior to the Effective Date set forth above, then at the request of Party
B, Party A shall enter into an amendment to this Confirmation drafted by Party
A and otherwise reasonably satisfactory to Party A to change the Effective Date
to the first day of the month following the month during which COD occurs with
the fixed price for the added Calculation Period(s) to be reflective of
market at the time of the amendment, as mutually agreed between the Parties.

 

Delay in
COD:

 

If COD occurs after the
Effective Date, until COD occurs, the party owing the Settlement Amount may, ***.  To the extent applicable, within ***
Local Business Days following COD, Party A shall pay to Party B any excess of
the Tracking Account balance over the Tracking Account Cap.

 

No
Production:

 

Following COD, if no Project
produces energy during a Calculation Period, the party owing the Settlement
Amount may, in lieu of payment of the Settlement Amount, have all or a portion
of such Settlement Amount applied to increase the Tracking Account balance, if
the Settlement Amount is owed by Party A to Party B, or decrease the Tracking
Account balance, if the Settlement Amount is owed by Party B to Party A,
provided that such application does not cause the Tracking Account balance to
be greater than Tracking Account Cap.

 

8

 

Tracking
Account Adjustments:

 

The Tracking Account Balance
shall be adjusted each month by the Tracking Account Adjustment Amount.

 

Tracking Account Interest:

 

Tracking Account balances, positive or
negative, shall accrue interest equal to LIBOR plus *** basis points per annum (or, during any period when the Tracking
Account balance is more negative than an amount equal to -1 times the Energy
Hedge Provider First Lien Cap, then at LIBOR plus
*** basis points), calculated and compounded monthly, with accrued
interest on a negative balance serving to make more negative the Tracking
Account balance, and accrued interest on a positive balance serving to increase
the Tracking Account balance.

 

Tracking Account Cap:

 

There shall be a cap on the positive balance
of the Tracking Account equal to $*** (the “Tracking Account Cap”); provided
that such cap shall not apply to the extent described in “Delay in COD” above.

 

Tracking Account Treatment at Hedge Expiration:

 

Upon the Termination Date:

 

(i)            if
there is a positive balance in the Tracking Account, then Party A shall pay to
Noble such balance (the “Party A Tracking Account Balance”)
within *** Local Business Days of the Termination Date.  In the event Party A does not pay Noble the
Party A Tracking Account Balance when due, such failure shall constitute an
Event of Default under this Agreement, and Noble shall have the right to
immediately exercise all remedies available to it and all unpaid amounts owing
to Noble shall accrue interest at the Default Rate.

 

(ii)           If
there is a negative balance in the Tracking Account, then Noble shall pay to
Party A the absolute value of such balance (the “Noble
Tracking Account Balance”) either (a) within *** Local
Business Days of the Termination Date; or (b) upon written notice to Party
A prior to the Termination Date, over time with interest as follows:

 

(1)           Interest
shall accrue on the outstanding Noble Tracking Account Balance at a per annum
rate equal to the overnight LIBOR in effect on the date that is two Local
Business Days prior to the Termination Date plus ***%,
compounded monthly.

 

(2)           Party
B shall pay to Party A quarterly payments due on or before the last day of each
calendar quarter following the Termination Date in an amount equal to the
amount necessary to effect complete repayment of the Noble Tracking Account
Balance plus interest thereon using a mortgage style quarterly amortization
schedule with a final maturity date that is five (5) years following the
Termination Date.  These quarterly
payments shall be applied first to accrued but unpaid interest on the Noble
Tracking Account Balance with the remainder applied to the outstanding amount
thereof.  Party A shall provide a
schedule for these quarterly payments within 10 Local Business Days after the
Termination Date.

 

9

 

(3)           In
addition to such quarterly payments, Noble shall be required to prepay the
outstanding Noble Tracking Account Balance in the amount of funds available for
such prepayment from time to time after the Termination Date in accordance with
Section 5.2(a)(ix) and 5.2(a)(xvi) of the Depositary Agreement (or,
if the Depositary Agreement is no longer in effect, on each date when such
quarterly payments are due, in an amount equal to ***% of
any positive difference between (i) the revenues of Party B received for
the preceding calendar quarter, less (ii) the operating expenses
(including expenses with respect to state and local taxes, but not, for the
purpose of clarity, expenses with respect to principal, interest, federal
income taxes, depreciation or amortization or other noncash items) of Party B
for the preceding calendar quarter), such prepayments to be applied to any
payments due on the outstanding Noble Tracking Account Balance in the inverse
order of maturity.

 

(4)           Noble
may elect to prepay the Noble Tracking Account Balance, in whole or in part, at
any time, with no prepayment penalty.

 

(5)           Notwithstanding
the occurrence of the Termination Date, this Confirmation shall remain in place
(and in full force and effect as part of the Agreement) until the Designated
Confirmation Termination Date.

 

Tracking Account Treatment upon Early Termination Date:

 

For the avoidance of doubt, upon any Early
Termination Date or other termination and liquidation of this Confirmation
prior to the Termination Date, the calculation of the Early Termination Payment
pursuant to Section 6(e) of the Schedule shall account for the
balance, if any, negative or positive, of the Tracking Account.

 

10

 

Please confirm that the foregoing correctly
sets forth the terms of our agreement by signing and returning this
Confirmation.

 

 

	
   

  	
  Yours faithfully,

  
	
   

  	
   

  
	
   

  	
  CITIGROUP ENERGY INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephanie Sever

  
	
   

  	
  Name:

  	
  Stephanie Sever

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

Confirmed as of the date first written above:

 

NOBLE ENVIRONMENTAL POWER 2008 HOLD CO., LLC

 

 

	
  By:

  	
  /s/ Walter Howard

  	
   

  
	
  Name:

  	
  Walter Howard

  	
   

  
	
  Title:

  	
  President

  	
   

  

 

 

Schedule 1

 

	
   

  	
   

  	
  Hedge Volume

  	
   

  
	
   

  	
   

  	
  MWh per Calculation Period

  	
   

  
	
  January

  	
   

  	
  ***

  	
   

  
	
  February

  	
   

  	
  ***

  	
   

  
	
  March

  	
   

  	
  ***

  	
   

  
	
  April

  	
   

  	
  ***

  	
   

  
	
  May

  	
   

  	
  ***

  	
   

  
	
  June

  	
   

  	
  ***

  	
   

  
	
  July

  	
   

  	
  ***

  	
   

  
	
  August

  	
   

  	
  ***

  	
   

  
	
  September

  	
   

  	
  ***

  	
   

  
	
  October

  	
   

  	
  ***

  	
   

  
	
  November

  	
   

  	
  ***

  	
   

  
	
  December

  	
   

  	
  ***

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Annual Volume

  	
   

  	
  ***

  	
   

  

 

2Exhibit 10.41(d)

 

Guarantee of Citigroup Energy Inc.

by Citigroup Inc.

 

Guarantee,
dated as of June 30, 2008, of Citigroup Inc., a Delaware corporation (the “Guarantor”),
in favor of Noble Environmental Power 2008 Hold Co., LLC (the “Counterparty”)
and Citibank, N.A., as the First Lien Collateral Agent (the “First Lien
Collateral Agent”) under the Intercreditor Agreement (as defined in the
Agreement).

 

1.             Guarantee.  In order to induce the Counterparty to enter
into an ISDA Master Agreement, dated as of the date hereof (the “Agreement”),
with the Guarantor’s wholly-owned subsidiary Citigroup Energy Inc. (“Primary
Obligor”), the Guarantor absolutely and unconditionally guarantees to the
Counterparty, its successors and permitted assigns, as primary obligor and not
as a surety, the prompt payment of all amounts payable by Primary Obligor under
the Agreement, whether due or to become due, secured or unsecured, joint or
several together with any and all expenses referred to under Section 11 of
the Agreement incurred by Counterparty in enforcing Counterparty’s rights under
this Guarantee (the “Obligations”) all without regard to any counterclaim,
set-off, deduction or defense of any kind which Primary Obligor or the
Guarantor may have or assert, and without abatement, suspension, deferment or
diminution on account of any event or condition whatsoever; provided however,
that notwithstanding anything else to the contrary in this Guarantee, Guarantor’s
obligations under this Guarantee shall be subject to Primary Obligor’s
defenses, rights to set-off, counterclaim or withhold payment as provided in
the Agreement.  Any capitalized term used
herein and not otherwise defined shall have the meaning assigned to it in the
Agreement.  Notwithstanding anything to
the contrary herein, the aggregate amount covered by this Guarantee shall not
exceed U.S. $150,000,000.

 

2.             Nature
of Guarantee.  This Guarantee
is a guarantee of payment and not of collection.  The Counterparty shall not be obligated, as a
condition precedent to performance by the Guarantor hereunder, to file any
claim relating to the Obligations in the event that Primary Obligor becomes
subject to a bankruptcy, reorganization or similar proceeding, and the failure
of the Counterparty to file a claim shall not affect the Guarantor’s
obligations hereunder.  This Guarantee
shall continue to be effective or be reinstated if any payment to the
Counterparty by Primary Obligor on account of any Obligation is returned to
Primary Obligor or is rescinded upon the insolvency, bankruptcy or
reorganization of Primary Obligor.

 

3.             Consents,
Waivers; Renewals and Payment.

(i)            The Guarantor agrees that the
Counterparty may at any time and from time to time, either before or after the
maturity thereof, without notice to or further consent of the Guarantor, change
the time, manner or place of payment or any other term of, any Obligation,
exchange, release, nonperfection or surrender any collateral for, or renew or
change any term of any of the Obligations owing to it, and may also enter into
a written agreement with Primary Obligor or with any other party to the
Agreement or person liable on any Obligation, or interested therein, for the
extension, renewal, payment, compromise, modification, waiver, discharge or
release thereof, in whole or in part, without impairing or affecting this
Guarantee.  The Obligations of the
Guarantor under this Guarantee are unconditional, irrespective of the value,
genuineness, validity, or enforceability of the Obligations, any law,
regulation or order of any jurisdiction or any other event affecting the term
of any Obligation or of Counterparty’s rights with respect thereto and to 

 

1

 

the
fullest extent permitted by applicable law, any other circumstance which might
constitute a defense available to, or a discharge of, the Guarantor, including (a) any
law, rule or policy that is now or hereafter promulgated by any
governmental authority (including any central bank) or regulatory body that may
adversely affect Counterparty’s ability or obligation to make or receive such
payments, (b) any nationalization, expropriation, war, riot, civil
commotion or other similar event, (c) any inability to convert any
currency into the currency of payment of such obligation, (d) any inability
to transfer funds in the currency of payment of such obligation to the place of
payment therefor.  The Guarantor agrees
that the Counterparty may have recourse to the Guarantor for payment of any of
the Obligations, whether or not the Counterparty has proceeded against any
collateral security or any obligor principally or secondarily obligated for any
Obligation.  The Guarantor waives
demands, promptness, diligence and all notices that may be required by law or
to perfect the Counterparty’s rights hereunder except notice to the Guarantor
of a default by Primary Obligor under the Agreement, provided, however, that
any delay in the delivery of notice shall in no way invalidate the
enforceability of this Guarantee.  No
failure, delay or single or partial exercise by the Counterparty of its rights
or remedies hereunder shall operate as a waiver of such rights or
remedies.  All rights and remedies
hereunder or allowed by law shall be cumulative and exercisable from time to
time.

 

(ii)           The Guarantor agrees that until
termination of this Guarantee in accordance with its terms, the Guarantor shall
make all payments due to the Counterparty under this Guarantee directly to the
below referenced account (or any other account designated in writing by First
Lien Collateral Agent and, so long as no First Lien Event of Default as defined
in the Intercreditor Agreement has occurred and is continuing, Counterparty); provided,
however, that until such time as Guarantor receives notice from
the First Lien Collateral Agent that a First Lien Event of Default has
occurred, Guarantor shall accept demands for payment only from the Counterparty
and make payments only to the Counterparty at the account described
herein.  Upon receiving a written notice
of a First Lien Event of Default from the First Lien Collateral Agent and a
statement from the First Lien Collateral Agent that the First Lien Collateral
Agent has succeeded to all rights and obligations of Counterparty under the
Agreement, Guarantor will accept any demands or instructions solely from
the First Lien Collateral Agent and shall make payments only as
instructed by the First Lien Collateral Agent.

 

4.             Representations
and Warranties.  The Guarantor
hereby represents and warrants that:

 

                                (i)            the Guarantor is duly organized,
validly existing and in good standing under the laws of the State of Delaware;

 

                                (ii)           the Guarantor has the requisite
corporate power and authority to issue this Guarantee and to perform its
obligations hereunder, and has duly authorized, executed and delivered this
Guarantee;

 

                                (iii)          the Guarantor is not required to
obtain any authorization, consent, approval, exemption or license from, or to
file any registration with, any government authority as a condition to the
validity of, or to the execution, delivery or performance of, this Guarantee;

 

                                (iv)          as of the date of this Guarantee,
there is no action, suit or proceeding pending or threatened against the
Guarantor before any court or arbitrator or any governmental body, agency or
official in which there is a reasonable possibility of an adverse decision
which could affect, in a materially adverse manner, the ability of the
Guarantor to perform any of its obligations under, or which in any manner
questions the validity of, this Guarantee;

 

2

 

                                (v)           the execution, delivery and
performance of this Guarantee by the Guarantor does not contravene or
constitute a default under any statute, regulation or rule of any
governmental authority or under any provision of the Guarantor’s certificate of
incorporation or by-laws or any contractual restriction binding on the
Guarantor; and

 

                                (vi)          this Guarantee constitutes the legal,
valid and binding obligation of the Guarantor enforceable in accordance with
its terms, subject to the effect of any bankruptcy, insolvency, reorganization,
moratorium or similar law affecting creditors’ rights generally, and to general
principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law).

 

5.             Subrogation.  Upon payment by Guarantor of any sums to
Counterparty under this Guarantee, all rights of Guarantor against Primary
Obligor arising as a result thereof by way of right of subrogation or otherwise
shall in all respects be subordinate and junior in right of payment to the
prior indefeasible payment in full of all the obligations of Primary Obligor
under the Agreement, including all Transactions then in effect between Primary
Obligor and Counterparty.

 

6.             Termination.  This Guarantee is a continuing guarantee and
shall remain in full force and effect until such time as it may be revoked by
the Guarantor by notice given to the Counterparty and the First Lien Collateral
Agent, such notice to be deemed effective upon receipt thereof by the Counterparty
and the First Lien Collateral Agent or at such later date as may be specified
in such notice; provided, however, that this Guarantee shall be irrevocable in
respect of, and any such revocation shall not limit or terminate this Guarantee
in respect of, any Transaction effected under the Agreement (including any
obligations arising under such Transaction after the date of such revocation)
which shall have been entered into prior to the effectiveness of such
revocation.

 

7.             Notices.  Any notice or communication required or
permitted to be made hereunder shall be made to the appropriate addresses set
forth below (or to such other addresses as either party may designate by notice
to the other party):

 

	
   

  	
  If
  to the Counterparty:

  
	
   

  	
   

  
	
   

  	
  Noble Environmental Power 2008 Hold Co., LLC

  
	
   

  	
  8 Railroad Avenue

  
	
   

  	
  Suite 8, Second Floor

  
	
   

  	
  Essex, CT 06426

  
	
   

  	
  Attention: Thomas Swank and Sidney Chang

  
	
   

  	
  Facsimile:+1 (860) 767-7198

  
	
   

  	
   

  
	
   

  	
  If
  to the First Lien Collateral Agent:

  
	
   

  	
   

  
	
   

  	
  Citibank,
  N.A., as First Lien Collateral Agent

  
	
   

  	
  c/o
  Citibank Agency & Trust

  
	
   

  	
  388
  Greenwich St., 14th Floor

  
	
   

  	
  New
  York, NY 10013

  
	
   

  	
  Attn:

  	
  Wayne
  R. Stahl, Vice President

  

 

3

 

	
   

  	
  Telephone:

  	
  (212)
  816-5836

  
	
   

  	
  Facsimile:

  	
  (212)
  816-5544

  
	
   

  	
   

  
	
   

  	
  If
  to the Guarantor:

  
	
   

  	
   

  
	
   

  	
  Citigroup
  Inc.

  
	
   

  	
  c/o
  Citigroup Global Markets

  
	
   

  	
  388
  Greenwich St.

  
	
   

  	
  New
  York, NY 10013

  
	
   

  	
  Attention:
  Treasurer

  
	
   

  	
  Facsimile
  No.: 212-816-2250

  
	
   

  	
   

  
	
   

  	
  With
  a copy to:

  
	
   

  	
   

  
	
   

  	
  Legal
  Department

  
	
   

  	
  388
  Greenwich Street

  
	
   

  	
  17th
  Floor

  
	
   

  	
  New
  York, NY 10013

  
	
   

  	
  Attention:
  Senior Deputy General Counsel, Citi Markets and Banking

  
	
   

  	
  Facsimile
  No.: 212-816-5550

  

 

8.             GOVERNING
LAW; JURISDICTION.  This
Guarantee shall be governed by and construed in accordance with the laws of the
State of New York.  The Guarantor hereby
irrevocably consents to, for the purposes of any proceeding arising out of this
Guarantee, the exclusive jurisdiction of the courts of the State of New York
and the United States District Court located in the borough of Manhattan in New
York City.

 

9.             Waiver
of Immunity.  To the extent
that the Guarantor has or hereafter may acquire any immunity from jurisdiction
of any court or from any legal process (whether through service or notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise)
with respect to the Guarantor or the Guarantor’s property, the Guarantor hereby
irrevocably waives such immunity in respect of the Guarantor’s obligations
under this Guarantee.

 

10.           Waiver
of Jury Trial.  The Guarantor
hereby irrevocably waives all right to trial by jury in any action, proceeding
or counterclaim (whether based on contract, tort or otherwise) arising out of
or relating to this Guarantee or the negotiation, administration or enforcement
hereof.

 

11.           Miscellaneous.  Each reference herein to the Guarantor,
Counterparty, First Lien Collateral Agent or Primary Obligor shall be deemed to
include their respective successors and assigns.  The provisions hereof shall inure in favor of
each such successor or assign.  This
Guarantee (i) shall supersede any prior or contemporaneous
representations, statements or agreements, oral or written, made by or between
the parties with regard to the subject matter hereof, (ii) may be amended
only by a written instrument executed by the Guarantor, First Lien Collateral
Agent and Counterparty and (iii) may not be assigned by either party
without the prior written consent of the other party; provided, however,
that Counterparty shall be
permitted to assign this Guarantee without Guarantor’s consent pursuant to a
collateral assignment of the Guarantee by Counterparty to the First Lien
Collateral Agent or an actual assignment resulting therefrom, in which case the
assignee will succeed to the rights of Counterparty and First Lien Collateral
Agent hereunder.

 

4

 

12.           Limitation
of Liability.  Notwithstanding
anything to the contrary contained herein or in the Agreement, whether express
or implied, Guarantor shall in no event be required to pay or be liable to the
Counterparty for any consequential, indirect or punitive damages, opportunity
costs or lost profits.

 

IN WITNESS WHEREOF, the undersigned has
executed this Guarantee as of the date first above written.

 

	
  CITIGROUP INC.

  
	
   

  
	
  By:

  	
  /s/ Joseph J. Martinelli

  	
   

  
	
  Name:

  	
  Joseph J. Martinelli

  	
   

  
	
  Title:

  	
  Assistant Treasurer

  	
   

  

 

Acknowledged
and Agreed:

 

	
  CITIBANK, N.A., First
  Lien Collateral Agent

  
	
   

  
	
  By:

  	
  /s/ Stuart J. Murray

  	
   

  
	
  Name:

  	
  Stuart J. Murray

  	
   

  
	
  Title:

  	
  Director

  	
   

  

 

5

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