Document:

Second Lien Credit Agreement, dated as of May 5, 2006

 Exhibit 10.9 
 Execution Version 
  

 $50,000,000 
 SECOND LIEN CREDIT AGREEMENT 
 dated as of May 5, 2006 
 among

 ONTELAUNEE POWER OPERATING COMPANY, LLC, 
 as Borrower 
 THE LENDERS PARTY HERETO 
 and 
 GSO CAPITAL PARTNERS LP, 
 as Bookrunner, Lead Arranger, Administrative Agent, Collateral Agent and Syndication Agent 
  

					
	 ARTICLE I. Definitions
	  	1
			
	        SECTION 1.01.	 	Defined Terms	  	1
	        SECTION 1.02.	 	Terms Generally	  	22
	        SECTION 1.03.	 	Classification of Loans and Borrowings	  	23
		
	ARTICLE II. The Loans	  	23
			
	        SECTION 2.01.	 	Commitments	  	23
	        SECTION 2.02.	 	Loans	  	23
	        SECTION 2.03.	 	Borrowing Procedure	  	24
	        SECTION 2.04.	 	Repayment of Term Loans; Evidence of Debt	  	24
	        SECTION 2.05.	 	Fees	  	25
	        SECTION 2.06.	 	Interest on Term Loans	  	25
	        SECTION 2.07.	 	Default Interest	  	26
	        SECTION 2.08.	 	Alternate Rate of Interest	  	26
	        SECTION 2.09.	 	Termination of Term Loan Commitments	  	26
	        SECTION 2.10.	 	Conversion and Continuation of Borrowings	  	26
	        SECTION 2.11.	 	Prepayment	  	28
	        SECTION 2.12.	 	Mandatory Prepayments; Change of Control Prepayments	  	28
	        SECTION 2.13.	 	Reserve Requirements; Change in Circumstances	  	30
	        SECTION 2.14.	 	Change in Legality	  	32
	        SECTION 2.15.	 	Indemnity	  	32
	        SECTION 2.16.	 	Pro Rata Treatment	  	33
	        SECTION 2.17.	 	Sharing of Setoffs	  	33
	        SECTION 2.18.	 	Payments	  	34
	        SECTION 2.19.	 	Taxes	  	34
	        SECTION 2.20.	 	Assignment of Term Loans Under Certain Circumstances; Non-Consenting Lenders; Duty to Mitigate.	  	36
		
	ARTICLE III. Representations and Warranties	  	37
			
	        SECTION 3.01.	 	Organization; Powers	  	37
	        SECTION 3.02.	 	Authorization; No Conflicts	  	37
	        SECTION 3.03.	 	Enforceability	  	38
	        SECTION 3.04.	 	Governmental Approvals	  	38
	        SECTION 3.05.	 	Financial Statements	  	38
	        SECTION 3.06.	 	No Material Adverse Change	  	38
	        SECTION 3.07.	 	Location and Title to Properties.	  	38
	        SECTION 3.08.	 	Subsidiaries	  	39
	        SECTION 3.09.	 	Litigation; Compliance with Laws	  	39
	        SECTION 3.10.	 	Agreements	  	40
	        SECTION 3.11.	 	Federal Reserve Regulations	  	40

  

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	        SECTION 3.12.	 	Investment Company Act	  	40
	        SECTION 3.13.	 	Use of Proceeds	  	40
	        SECTION 3.14.	 	Tax Returns	  	40
	        SECTION 3.15.	 	No Material Misstatements	  	40
	        SECTION 3.16.	 	Employee Benefit Plans	  	41
	        SECTION 3.17.	 	Environmental Matters	  	41
	        SECTION 3.18.	 	Insurance	  	42
	        SECTION 3.19.	 	Security Documents	  	42
	        SECTION 3.20.	 	Labor Matters	  	43
	        SECTION 3.21.	 	Liens	  	43
	        SECTION 3.22.	 	Intellectual Property	  	43
	        SECTION 3.23.	 	Solvency	  	43
	        SECTION 3.24.	 	Energy Regulation	  	44
	        SECTION 3.25.	 	Sufficiency of Material Agreements	  	45
	        SECTION 3.26.	 	Utilities	  	45
	        SECTION 3.27.	 	Other Facilities	  	45
	        SECTION 3.28.	 	Subdivision	  	45
		
	ARTICLE IV. Conditions of Lending	  	46
			
	        SECTION 4.01.	 	Conditions	  	46
		
	ARTICLE V. Affirmative Covenants	  	49
			
	        SECTION 5.01.	 	Existence; Businesses And Properties	  	49
	        SECTION 5.02.	 	Insurance	  	49
	        SECTION 5.03.	 	Obligations and Taxes	  	50
	        SECTION 5.04.	 	Financial Statements, Reports, etc	  	50
	        SECTION 5.05.	 	Litigation and Other Notices	  	51
	        SECTION 5.06.	 	Information Regarding Collateral	  	51
	        SECTION 5.07.	 	Maintaining Records; Access to Properties and Inspections; Environmental Assessments	  	52
	        SECTION 5.08.	 	Use of Proceeds	  	53
	        SECTION 5.09.	 	Additional Collateral, etc	  	53
	        SECTION 5.10.	 	Further Assurances	  	54
	        SECTION 5.11.	 	Miscellaneous Business Covenants	  	54
	        SECTION 5.12.	 	Material Agreements	  	54
	        SECTION 5.13.	 	Collateral Assignment	  	55
	        SECTION 5.14.	 	Payments Under Gas Supply Contract	  	55
	        SECTION 5.15.	 	Compliance with FPA and PUHCA 2005	  	55
		
	ARTICLE VI. Negative Covenants	  	55
			
	        SECTION 6.01.	 	Indebtedness; Preferred Stock	  	55
	        SECTION 6.02.	 	Liens	  	56

  

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	        SECTION 6.03.	 	Sale and Lease-Back Transactions	  	58
	        SECTION 6.04.	 	Investments, Loans and Advances	  	58
	        SECTION 6.05.	 	Mergers, Consolidations, Sales of Assets and Acquisitions	  	59
	        SECTION 6.06.	 	Restricted Payments; Restrictive Agreements	  	59
	        SECTION 6.07.	 	Transactions with Affiliates	  	60
	        SECTION 6.08.	 	Business of the Borrower and Subsidiaries; Limitation on Hedging Agreements	  	61
	        SECTION 6.09.	 	Other Indebtedness and Agreements; Modifications of Certain Agreements	  	61
	        SECTION 6.10.	 	Fiscal Year	  	62
	        SECTION 6.11.	 	Accounts	  	62
	        SECTION 6.12.	 	Subsidiaries	  	62
	        SECTION 6.13.	 	Use of Site	  	62
	        SECTION 6.14.	 	Hazardous Materials	  	62
	        SECTION 6.15.	 	Payments For Asset Management Services	  	62
	        SECTION 6.16.	 	Payments of Affiliate Credit Support Reimbursement Amounts	  	62
		
	ARTICLE VII. Events of Default	  	62
		
	ARTICLE VIII. The Agents and the Arranger	  	65
		
	ARTICLE IX. Miscellaneous	  	67
			
	        SECTION 9.01.	 	Notices	  	67
	        SECTION 9.02.	 	Survival of Agreement	  	68
	        SECTION 9.03.	 	Binding Effect	  	68
	        SECTION 9.04.	 	Successors and Assigns	  	69
	        SECTION 9.05.	 	Expenses; Indemnity	  	72
	        SECTION 9.06.	 	Right of Setoff	  	74
	        SECTION 9.07.	 	Applicable Law	  	74
	        SECTION 9.08.	 	Waivers; Amendment	  	74
	        SECTION 9.09.	 	Interest Rate Limitation	  	75
	        SECTION 9.10.	 	Entire Agreement	  	75
	        SECTION 9.11.	 	WAIVER OF JURY TRIAL	  	76
	        SECTION 9.12.	 	Severability	  	76
	        SECTION 9.13.	 	Counterparts	  	76
	        SECTION 9.14.	 	Headings	  	76
	        SECTION 9.15.	 	Jurisdiction; Consent to Service of Process	  	76
	        SECTION 9.16.	 	Confidentiality	  	77
	        SECTION 9.17.	 	Delivery of Lender Addenda	  	77
	        SECTION 9.18.	 	Separateness	  	77
	
	Exhibits and Schedules

  

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	 Exhibit A
	 	Form of Administrative Questionnaire
	 Exhibit B
	 	Form of Affiliate Subordination Agreement
	 Exhibit C
	 	Form of Assignment and Acceptance
	 Exhibit D
	 	Form of Borrowing Request
	 Exhibit E
	 	Form of Guarantee and Collateral Agreement
	 Exhibit F
	 	Form of Lender Addendum
	 Exhibit G
	 	Form of Mortgage
	 Exhibit H
	 	Form of Perfection Certificate
	 Exhibit I
	 	Form of Exemption Certificate
	 Exhibit J-1
	 	Form of Opinion of Dewey Ballantine LLP
	 Exhibit J-2
	 	Form of Opinion of Blank Rome LLP
	 Exhibit K
	 	Form of Pledge and Security Agreement
	 Exhibit L
	 	[Intentionally Omitted.]
	 Exhibit M
	 	Form of Intercreditor Agreement
		
	 Schedule 1.01(b)
	 	Subsidiary Guarantors
	 Schedule 3.07
	 	Owned Real Property
	 Schedule 3.08
	 	Subsidiaries
	 Schedule 3.09
	 	Litigation
	 Schedule 3.10
	 	Material Agreements
	 Schedule 3.13
	 	Use of Proceeds
	 Schedule 3.17
	 	Environmental Matters
	 Schedule 3.18
	 	Insurance
	 Schedule 3.19(a)
	 	UCC Filing Offices
	 Schedule 3.20
	 	Labor Matters
	 Schedule 6.01
	 	Existing Indebtedness
	 Schedule 6.01(e)
	 	Subordination Provisions
	 Schedule 6.02(a)
	 	Existing Liens
	 Schedule 6.04
	 	Existing Investments

  

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 SECOND LIEN CREDIT AGREEMENT dated as of May 5, 2006 (this “Agreement”), among
ONTELAUNEE POWER OPERATING COMPANY, LLC. (the “Borrower”), the LENDERS from time to time party hereto and GSO CAPITAL PARTNERS LP (“GSO”), as bookrunner and lead arranger (in such capacities, the
“Arranger”), as syndication agent (in such capacity, the “Syndication Agent”), as administrative agent (in such capacity and together with its successors, the “Administrative Agent”) and as
collateral agent (in such capacity and together with its successors, the “Collateral Agent”). 
 The parties hereto agree as
follows: 
 ARTICLE I. 
 Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall have the
meanings specified below: 
 “ABR”, when used in reference to any Term Loan or Borrowing, refers to whether such Term Loan,
or the Term Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for such Interest Period and
(b) Statutory Reserves. 
 “Administrative Agent” shall have the meaning assigned to such term in the preamble.

 “Administrative Agent Fees” shall have the meaning assigned to such term in Section 2.05(a). 
 “Administrative Questionnaire” shall mean an Administrative Questionnaire in the form of Exhibit A, or such other form as may be
supplied from time to time by the Administrative Agent. 
 “Affiliate” shall mean, when used with respect to a specified
person, another person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified; provided, however, that, for purposes of Section 6.07, the
term “Affiliate” shall also include any person that directly or indirectly owns 10% or more of any class of Equity Interests having ordinary voting power in the election of directors (or persons performing similar functions) of the
person specified. 
 “Affiliate Credit Support” shall mean credit support provided in support of obligations of the Borrower
by (a) an Affiliate of the Borrower or (b) a third party (other than the Borrower or its Affiliates), for which an Affiliate has an obligation of payment or reimbursement (such credit support to include, for the avoidance of doubt, any
letter of credit under which an Affiliate of the Borrower is “account party”, letter of credit reimbursement obligations in connection therewith, a guaranty by such Affiliate of the Borrower’s obligations or cash collateral provided
by an Affiliate in support of the obligations of the Borrower). 
  

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 “Affiliate Credit Support Reimbursement Amounts” shall mean the aggregate amount up to
the Affiliate Credit Support Reimbursement Limit of (a) fees, expenses and other amounts payable by or to an Affiliate of the Borrower in respect of Affiliate Credit Support and (b) without duplication, the fees, expenses, and other
amounts payable to an Affiliate as consideration for its agreement to provide or cause to be provided Affiliate Credit Support. 
 “Affiliate Credit Support Reimbursement Limit” shall mean $5,000,000 in the aggregate when combined with the First Lien Affiliate Credit Support Reimbursement Limit unless otherwise agreed to by the Administrative Agent in
its sole discretion. 
 “Affiliate Subordination Agreement” shall mean an Affiliate Subordination Agreement in the form of
Exhibit B pursuant to which Affiliate Credit Support Reimbursement Amounts owed by any Loan Party are subordinated to the Obligations. 
 “Agents” shall have the meaning assigned to such term in Article VIII. 
 “Agreement” shall have
the meaning assigned to such term in the preamble. 
 “Alternate Base Rate” shall mean, for any day, a rate per annum equal
to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective as of the opening of business on the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 
 “Applicable Margin” shall mean, (a) with respect to the Eurodollar Term Loans, 4.00% per annum and, (b) with respect to ABR Term Loans, 3.00% per annum. 
 “Arranger” shall have the meaning assigned to such term in the preamble. 
 “Asset Management Payment Limit” shall mean $300,000 for any fiscal year. 
 “Asset Sale” shall mean the sale, capital lease, sale and leaseback, assignment, conveyance, transfer, issuance or other disposition (by
way of merger, casualty, condemnation or otherwise) by the Borrower or any of the Subsidiaries to any person other than the Borrower or any Subsidiary Guarantor of (a) any Equity Interests of any of the Subsidiaries or (b) any other assets
of the Borrower or any of the Subsidiaries, including Equity Interests of any person that is not a Subsidiary (other than sales of electric energy and capacity in the ordinary course of business, or the disposition of obsolete, worn out or no longer
useful assets, scrap and Permitted Investments); provided that any asset sale or series of related asset sales described in clause (b) above having a value not in excess of $500,000 in any single transaction or series of related
transactions and $1,000,000 in the aggregate in any fiscal year of the Borrower shall be deemed not to be an “Asset Sale” for purposes of this Agreement. 
 “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an assignee (with the consent of any person whose consent is required by Section 9.04), and
accepted by the Administrative Agent, in the form of Exhibit C or such other form as shall be approved by the Administrative Agent. 
  

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 “Benefit Plan” shall mean any employee pension benefit plan (other than a Multiemployer
Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Tax Code or Section 307 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Board”
shall mean the Board of Governors of the Federal Reserve System of the United States of America. 
 “Borrower” shall have
the meaning assigned to such term in the preamble. 
 “Borrowing” shall mean Term Loans of the same Type made, converted or
continued on the same date and, in the case of Eurodollar Term Loans, as to which a single Interest Period is in effect. 
 “Borrowing Request” shall mean a request by the Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit D, or such other form as shall be approved by the Administrative
Agent. 
 “Breakage Event” shall have the meaning assigned to such term in Section 2.15. 
 “Business Day” shall mean any day other than a Saturday, Sunday or day on which commercial banks in the State of New York are authorized
or required by law to close; provided, however, that when used in connection with a Eurodollar Term Loan (including with respect to all notices and determinations in connection therewith and any payments of principal, interest or other
amounts thereon), the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Capital Lease Obligations” of any person shall mean the obligations of such person to pay rent or other amounts under any lease of (or
other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such person under GAAP, and the amount of
such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 
 “Change in
Law” shall mean (a) the adoption of any law, rule or regulation after the Second Lien Closing Date, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after
the Second Lien Closing Date or (c) compliance by any Lender (or, for purposes of Section 2.13, by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the Second Lien Closing Date. 
 “Change of
Control” shall mean (a) at any time, the Permitted Holders shall fail to own directly or indirectly, beneficially and of record, Equity Interests representing at least 51% of the aggregate ordinary voting power and aggregate equity
value represented by the issued and outstanding Equity Interests in the Borrower; (b) the Pledgor shall at any time fail to own directly or indirectly, beneficially and of record, 100% of each class of issued and outstanding 

  

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Equity Interests in the Borrower free and clear of all Liens (other than Liens under the Pledge and Security Agreement and Liens under the First Lien Pledge
and Security Agreement); or (c) any “change of control” or similar event with respect to the Borrower or any Subsidiary shall occur under the Second Lien Credit Agreement or any indenture or agreement in respect of Material
Indebtedness to which the Borrower or any Subsidiary is a party. 
 “Change of Control Offer” shall have the meaning
assigned to such term in Section 2.12(g). 
 “Change of Control Payment Date” shall have the meaning assigned to such
term in Section 2.12(g). 
 “Change of Control Prepayment Price” shall have the meaning assigned to such term in
Section 2.12(g). 
 “Charges” shall have the meaning assigned to such term in Section 9.09. 
 “Cinergy” shall mean Cinergy Marketing & Trading, LP. 
 “Cinergy Account” shall mean the “Designated Account” as such term is defined in the Gas Supply Security Agreement.

 “Cinergy Gas Supply Contract” shall mean that certain Base Contract for Sale and Purchase of Natural Gas dated
October 6, 2005 by and between the Borrower and Cinergy, as in effect on the First Lien Closing Date. 
 “Cinergy Gas Supply
Security Agreement” shall mean that certain Security Agreement dated October 6, 2005 by and between the Borrower, as grantor, and Cinergy, as secured party, as in effect on the First Lien Closing Date. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 “Collateral” shall mean all property and assets of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to
be created by any Security Document, and shall include the Site and any other Mortgaged Properties. 
 “Collateral Agent”
shall have the meaning assigned to such term in the preamble. 
 “Control” shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and
“Controlled” shall have meanings correlative thereto. It is understood and agreed that the Administrative Agent, the Arranger and the Lenders shall not, by virtue of their capacities as such under this Agreement, be deemed to
Control the Borrower or any of the Subsidiaries. 
 “Control Agreement” shall mean, with respect to each deposit account or
securities account of a Loan Party, an agreement among the Collateral Agent, the applicable Loan Party and the person with whom such account is maintained, which agreement shall establish the 

  

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Collateral Agent’s “control” (in the case of a securities account, within the meaning of Section 8-106 and 9-106 of the UCC or, in the
case of a deposit account, within the meaning of Section 9-104 of the UCC) over such account and shall otherwise be in form and substance reasonably satisfactory to the Collateral Agent. 
 “Controlled Group” shall mean all members of a controlled group of corporations and all trades or businesses (whether or not
incorporated) under common control which, together with the Borrower, are treated as a single employer under Section 414(b) or 414(c) of the Code. 
 “CS Heat Rate Call Option Agreement” shall mean that certain agreement evidenced by the International Swaps and Derivatives Association, Inc. Schedule to the Master Agreement dated as of
November 22, 2005 between the Borrower, as “Party A” and Credit Suisse Energy LLC (formerly known as Credit Suisse First Boston International) as “Party B”, together with the Confirmation attached thereto as Exhibit B and
the Credit Support Annex attached thereto. 
 “Debt Service” shall mean, for any period, without duplication, the sum of
(a) Fees, (b) interest on and principal of the Obligations, (c) amounts required to be paid in respect of Indebtedness permitted under this Agreement (including under the First Lien Credit Agreement) and (d) liquidation costs,
hedge breaking expenses and other amounts payable by the Borrower in respect of any Hedging Agreement intended to mitigate exposure to interest rate fluctuation payable during such period, net of any amount payable to the Borrower under any such
Hedging Agreement, in each case, during such period. 
 “Default” shall mean any event which upon notice, lapse of time or
both, unless cured or waived, would constitute an Event of Default. 
 “deposit account” shall have the meaning assigned to
such term in the UCC. 
 “dollars” or “$” shall mean lawful money of the United States of America.

 “Easements” shall have the meaning given in the Mortgages. 
 “Effective Tax Rate” means, with respect to any Tax Fiscal Quarter, the aggregate federal, state and local tax rate applicable to
Borrower for such Tax Fiscal Quarter, determined as if Borrower were a corporation and resident in the city of New York at all times during such Tax Fiscal Quarter subject to the highest composite U.S. federal, New York State and New York City tax
rate applicable to corporations then in effect, taking into account the character of income earned by Borrower and the deductibility of state and local taxes for federal and state tax purposes; provided, however, that the state and
local tax rate shall be taken into account only if Borrower is treated as a partnership or a “disregarded entity” for such state and local tax purposes. 
 “Environmental Laws” shall mean all Federal, state, local and foreign laws (including common law), treaties, regulations, rules, ordinances, codes, decrees, judgments, directives and orders (including
consent orders), in each case, relating to protection of the environment, natural resources, human health and safety (with respect to exposure to Hazardous Materials) or the presence, Release of, threatened Release, or exposure to, Hazardous
Materials, or the generation, manufacture, processing, distribution, use, treatment, storage, transport, recycling or handling of, or the arrangement for such activities with respect to, Hazardous Materials. 
  

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 “Environmental Liability” shall mean all liabilities, obligations, damages, losses,
claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages and remediation costs) arising out of or relating to (a) compliance or non-compliance with
any Environmental Law, (b) exposure to any Hazardous Materials, (c) the Release or threatened Release of any Hazardous Materials or (d) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or
imposed with respect to any of the foregoing. 
 “Environmental Permit” shall mean any Permit required under Environmental
Law. 
 “Equity Interests” shall mean shares of capital stock, partnership interests, membership interests or other
equivalents in a limited liability company, partnership, corporation or equivalent entity, or any obligations convertible into or exchangeable for, or giving any person a right, option or warrant to acquire, such equity interests or such convertible
or exchangeable obligations. 
 “Equity Issuance” shall mean any issuance or sale by the Borrower, or any Subsidiary of any
Equity Interests of the Borrower or such Subsidiary, as applicable, or the receipt by the Borrower or any Subsidiary of any capital contribution, as applicable. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Tax
Code, or solely for purposes of Section 302 of ERISA and Section 412 of the Tax Code, is treated as a single employer under Section 414 of the Tax Code. 
 “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder, with respect to a Benefit Plan (other than an event
for which the 30-day notice period is waived); (b) the existence with respect to any Benefit Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Tax Code or Section 302 of ERISA), whether or not
waived; (c) the filing pursuant to Section 412(d) of the Tax Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Benefit Plan; (d) the incurrence by the Borrower or
any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Benefit Plan or the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Benefit Plan or
Multiemployer Plan; (e) the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention to terminate any Benefit Plan or Plans or to appoint a trustee to administer any
Benefit Plan; (f) the adoption of any amendment to a Benefit Plan that would require the provision of security pursuant to Section 401(a)(29) of the Tax Code or Section 307 of ERISA; (g) the receipt by the Borrower or any of its
ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA Affiliates of any notice, concerning 

  

 6 

 
the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the
meaning of Title IV of ERISA; (h) the occurrence of a “prohibited transaction” with respect to which the Borrower or any of the Subsidiaries is a “disqualified person” (within the meaning of Section 4975 of the Tax
Code) or with respect to which the Borrower or any such Subsidiary could otherwise be liable; or (i) any other event or condition with respect to a Benefit Plan or Multiemployer Plan that could result in liability of the Borrower or any
Subsidiary. 
 “Eurodollar”, when used in reference to any Term Loan or Borrowing, refers to whether such Term Loan, or the
Term Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of
Default” shall have the meaning assigned to such term in Article VII. 
 “Excess Cash Flow” shall mean for any
period of determination, the amount by which Operating Revenues for such period exceed the sum, without duplication, of (a) O&M Costs for such period, (b) Debt Service for such period, (c) the Tax Distribution Amount, if any,
(d) Affiliate Credit Support Reimbursement Amounts, if any, (e) fees, if any, paid under Section 2.11 in connection with an optional prepayment thereunder, plus (f) prudent reserves, if any, established by the Borrower in its
reasonable discretion for major maintenance, necessary capital expenditures and Debt Service. 
 “Excluded Taxes” shall
mean, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income
or net profits as a result of a present or former connection between such recipient and the jurisdiction imposing such tax (or any political subdivision thereof), other than any such connection arising solely from such recipient having executed,
delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document and (b) in the case of a Foreign Lender, any United States withholding tax that is imposed with respect to amounts
payable to such Lender to the extent that (i) the obligation to withhold existed on the date such Lender became a party to this Agreement (or, in the case of an assignee that is a participation holder, on the date such participation holder
became an assignee hereunder) or, with respect to payments to a new lending office, the date such Lender designated such new lending office with respect to a Loan; provided, however, that this subparagraph (b) shall not
apply (x) to any assignee or new lending office that becomes an assignee or new lending office as a result of an assignment, participation, transfer or designation made at the request of the Borrower pursuant to Section 2.20(a) and
(y) to the extent the indemnity payment or additional amounts any assignee, or any Lender acting through a new lending office, would be entitled to receive under Section 2.19(a) without this subparagraph (b) on the date such assignee
becomes a party to this Agreement or such lending office is so designated do not exceed the indemnity payment or additional amounts that the person making the assignment, participation or transfer to such assignee, or Lender making the designation
of such new lending office, would have been entitled to receive in the absence of such assignment, participation, transfer or designation or (ii) such withholding tax is attributable to such Lender’s failure to comply with the requirements
of Section 2.19(e), or (c) any United States backup withholding tax that is attributable to a Lender’s failure to comply with the requirements of Section 2.19(f). 
  

 7 

 “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average of the quotations for the day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Fee Letter” shall mean the Fee Letter dated on or about May 5, 2006, between the Borrower and GSO. 
 “Fees” shall mean the Administrative Agent Fees and any Prepayment Fees. 
 “FERC” shall mean, the Federal Energy Regulatory Commission, or any successor agency or commission thereto. 
 “Financial Officer” of any person shall mean the chief financial officer, principal accounting officer, treasurer or controller of such
person. 
 “First Lien Administrative Agent” shall have the meaning given to the term “Administrative Agent” in
the First Lien Credit Agreement. 
 “First Lien Affiliate Credit Support Reimbursement Limit” shall have the meaning given
to the term “Affiliate Credit Support Reimbursement Limit” in the First Lien Credit Agreement. 
 “First Lien Collateral
Agent” shall have the meaning given to the term “Collateral Agent” in the First Lien Credit Agreement. 
 “First
Lien Closing Date” shall mean December 7, 2005. 
 “First Lien Credit Agreement” shall mean that certain First
Lien Credit Agreement dated as of the First Lien Closing Date, among the Borrower, the lenders from time to time party thereto, and the agents from time to time party thereto. 
 “First Lien Lenders” shall have the meaning given to the term “Lenders” in the First Lien Credit Agreement. 
 “First Lien Loan Documents” shall have the meaning given to the term “Loan Documents” in the First Lien Credit Agreement.

 “First Lien Pledge and Security Agreement” shall mean that certain Pledge and Security Agreement dated as of
December 7, 2005 among the Pledgor, the Borrower and the First Lien Collateral Agent. 
 “First Lien Term Loans” shall
have the meaning given to the term “Term Loans” in the First Lien Credit Agreement. 
 “Foreign Lender” shall mean
any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction. 
  

 8 

 “FPA” shall mean the Federal Power Act, as amended. 
 “Gas Supply Contract” shall mean the Cinergy Gas Supply Contract and any replacement or additional agreement relating to gas supply for
the Project on terms and conditions reasonably satisfactory to the Administrative Agent. 
 “Gas Supply Security Agreement”
shall mean the Cinergy Gas Supply Security Agreement and any replacement or additional security agreement securing the obligations of the Borrower under a replacement Gas Supply Contract (a) having terms and conditions substantially similar to
the Cinergy Gas Supply Security Agreement, (b) requiring security not greater than amounts owed for 30 days’ supply of natural gas delivered to the Project, (c) providing a lien over no collateral other than the collateral subject to
the lien established pursuant to the Cinergy Gas Supply Security Agreement and (d) otherwise on terms and conditions reasonably satisfactory to the Administrative Agent. 
 “GAAP” shall mean generally accepted accounting principles in the United States. 
 “Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof, and any agency,
department or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Granting Lender” shall have the meaning assigned to such term in Section 9.04(j). 
 “GSO”
shall have the meaning assigned to such term in the preamble. 
 “Guarantee” of or by any person (the
“guarantor”) shall mean any obligation, contingent or otherwise, of (a) the guarantor or (b) another person (including any bank under a letter of credit) to induce the creation of which the guarantor has issued a
reimbursement, counterindemnity or similar obligation, in either case guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation, contingent or otherwise, of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to
purchase (or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such
Indebtedness or other obligation of the payment of such Indebtedness or other obligation, (iii) to maintain working capital or equity capital or otherwise maintain the net worth or solvency or any balance sheet condition of the primary obligor
so as to enable the primary obligor to pay such Indebtedness or other obligation, (iv) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation or (v) to otherwise
assure or hold harmless the owner of such Indebtedness or other obligation against loss in respect thereof; provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary
course of business. The amount of any Guarantee at any time shall be deemed to be an amount equal to the lesser at such time of (a) the stated or determinable amount of the applicable obligations of the primary obligor in respect of 

  

 9 

 
which such Guarantee is incurred and (b) the maximum amount for which the guarantor may be liable pursuant to the terms of the instrument embodying such
Guarantee or, if not stated or determinable, the maximum reasonably anticipated liability (assuming full performance) in respect thereof. 
 “Guarantee and Collateral Agreement” shall mean the Second Lien Guarantee and Collateral Agreement dated as of May 5, 2006, executed by the Borrower in favor of the Collateral Agent. 
 “Guarantors” shall mean the Subsidiary Guarantors. 
 “Hazardous Materials” shall mean any petroleum (including crude oil or fraction thereof) or petroleum products or byproducts, or any pollutant, contaminant, chemical, compound, constituent, or
hazardous, toxic or other substances, materials or wastes regulated as hazardous by, or pursuant to, any Environmental Law, or that requires removal, remediation or reporting under any Environmental Law, including asbestos, or asbestos containing
material, radon or other radioactive material, polychlorinated biphenyls and urea formaldehyde insulation. 
 “Heat Rate Call
Option” means the CS Heat Rate Call Option Agreement or a heat rate call option or similar contractual arrangement, in form and substance substantially similar to the CS Heat Rate Call Option Agreement, pursuant to which the Borrower grants
a Heat Rate Call Option Counterparty the right, but not the obligation, to call on the Borrower to supply a defined amount of energy at an indexed fuel price multiplied times an agreed, or “strike”, heat rate, which contract shall be
settled financially by way of a net payment on a basis not less frequently than every 30 days, and pursuant to which the Heat Rate Call Option Counterparty shall not take physical delivery of energy. 
 “Heat Rate Call Option Counterparty” shall mean a party other than the Borrower who is nationally recognized in purchasing and selling
Heat Rate Call Options and other energy product derivatives and whose (a) long-term unsecured senior debt is rated (i) at least BBB by S&P and Baa by Moody’s or (ii) if such party is a load serving utility, at least BBB- by
S&P and Baa3 by Moody’s or (b) obligations under the applicable Heat Rate Call Option to which it is a party are either (i) guaranteed by an entity whose long-term unsecured senior debt is rated at least BBB by S&P and Baa by
Moody’s, (ii) cash collateralized in a form and substance reasonably satisfactory to Administrative Agent, or (iii) supported by a letter of credit from a bank or financial institution having a rating of at least A- by S&P and A3
by Moody’s. 
 “Hedging Agreement” shall mean any agreement with respect to any swap, forward, future or derivative
transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, fuel or other commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic,
financial or pricing risk or value or any similar transaction or any combination of these transactions, including any Heat Rate Call Option; provided, however, that no phantom stock or similar plan providing for payments and on account
of services provided by current or former directors, officers, employees or consultants of the Borrower or any Subsidiary shall be a Hedging Agreement. 
  

 10 

 “Indebtedness” of any person shall mean, without duplication, (a) all obligations
of such person for borrowed money, (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such person under conditional sale or other title retention agreements relating to
property acquired by such person, (d) all obligations of such person in respect of the deferred purchase price of property or payment (other than current trade accounts payable incurred in the ordinary course of business), (e) all
obligations of such person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Equity Interests in such person, (f) Capital Lease Obligations of such person and the present value (discounted at the Alternate
Base Rate as in effect on the Second Lien Closing Date) of future rental payments under synthetic leases, (g) all obligations, contingent or otherwise, of such person as an account party in respect of letters of credit and letters of guaranty,
(h) all obligations, contingent or otherwise, of such person in respect of bankers’ acceptances, (i) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) any Lien on property owned or acquired by such person, whether or not the Indebtedness secured thereby has been assumed and (j) all Guarantees by such person of Indebtedness of others. Notwithstanding the foregoing,
Indebtedness shall not include trade payables and accrued expenses incurred by any person in accordance with customary practices and in the ordinary course of businesses of such person. 
 “Indemnified Taxes” shall mean Taxes other than Excluded Taxes and Other Taxes. 
 “Indemnitee” shall have the meaning assigned to such term in Section 9.05(b). 
 “Ineligible Assignee” shall mean a person who has been specifically identified in writing by the Borrower to the Administrative Agent
and the Arranger as a person for whom consent of the Borrower shall be necessary to consummate an assignment to such person pursuant to Section 9.04. 
 “Information” shall have the meaning assigned to such term in Section 9.16. 
 “Intellectual Property Collateral” shall have the meaning assigned to such term in the Guarantee and Collateral Agreement. 
 “Intercreditor Agreement” shall mean that certain Intercreditor Agreement dated as of the Second Lien Closing Date made by GSO, as First Lien Administrative Agent, First Lien Collateral Agent,
Administrative Agent and Collateral Agent and the Borrower and in the form of Exhibit M hereto. 
 “Interest Payment Date”
shall mean (a) with respect to any ABR Term Loan, the last Business Day of each March, June, September and December and (b) with respect to any Eurodollar Term Loan, the last day of the Interest Period applicable to the Borrowing of which
such Term Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months’
duration been applicable to such Borrowing. 
 “Interest Period” shall mean, with respect to any Eurodollar Borrowing,
the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is 1, 2, 3 or 6 months thereafter (or 9 or 12 months thereafter if, at the 

  

 11 

 
time of the relevant Borrowing, an interest period of such duration is available to all Lenders participating therein), as the Borrower may elect;
provided, however, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the
next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. Interest shall accrue from and including the first day of an Interest Period to but
excluding the last day of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such
Borrowing. 
 “Investments” shall have the meaning assigned to such term in Section 6.04. 
 “Lender Addendum” shall mean, with respect to any initial Lender, a Lender Addendum in the form of Exhibit F, or such other form as may
be supplied by the Administrative Agent, to be executed and delivered by such Lender on the Second Lien Closing Date. 
 “Lenders” shall mean (a) the persons that deliver a Lender Addendum (other than any such person that has ceased to be a party hereto pursuant to an Assignment and Acceptance) and (b) any person that becomes or has
become a party hereto pursuant to an Assignment and Acceptance. 
 “LIBO Rate” shall mean, with respect to any Eurodollar
Borrowing for any Interest Period, the rate per annum determined by the Administrative Agent at approximately 11:00 a.m., London time, on the date that is two Business Days prior to the commencement of such Interest Period by reference to Telerate
Page 3750 for deposits in dollars for a period equal to such Interest Period; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be
the interest rate per annum reasonably determined by the Administrative Agent to be the average of the rates per annum at which deposits in dollars are offered for such relevant Interest Period to major banks in the London interbank market in
London, England by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such Interest Period. 
 “Lien” shall mean, with respect to any property or asset, any mortgage, deed of trust, lien, deposit arrangement, pledge, hypothecation,
easement, encumbrance, collateral assignment, charge, claim or security interest or preference, priority or other security agreement of any kind or nature whatsoever in, on or of such property or asset (including any lease or title retention
agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the Uniform Commercial Code or comparable law
of any jurisdiction). 
 “Lien Subordination Agreement” shall mean that certain Subordination Agreement dated
November 22, 2005 by U.S. Bank National Association and, by joinder, the First Lien Collateral Agent, the Collateral Agent and each person from time to time party thereto. 
  

 12 

 “Loan Documents” shall mean this Agreement, the Fee Letter and the Security Documents.

 “Loan Parties” shall mean the Borrower and each Subsidiary that is or becomes a party to a Loan Document. 
 “Margin Stock” shall have the meaning assigned to such term in Regulation U. 
 “Material Adverse Effect” shall mean a material adverse effect on (a) the business, assets, liabilities, operations, financial
condition or operating results of the Borrower and the Subsidiaries, taken as a whole, or (b) the validity or enforceability of any of the Loan Documents or the rights and remedies of the Administrative Agent, the Collateral Agent or the
Secured Parties thereunder. 
 “Material Agreements” shall mean those agreements set forth in Schedule 3.10. 
 “Material Indebtedness” shall mean Indebtedness under the First Lien Loan Documents and any other Indebtedness (other than the Term
Loans), or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrower and the Subsidiaries in an aggregate principal amount exceeding $2,500,000. For purposes of determining Material Indebtedness, the
“principal amount” of the obligations of the Borrower, the Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower, the
Borrower for such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time. 
 “Maximum
Rate” shall have the meaning assigned to such term in Section 9.09. 
 “Moody’s” shall mean Moody’s
Investors Service, Inc. 
 “Mortgaged Properties” shall mean the Site and each parcel of real property and improvements
thereto acquired by a Loan Party after the Second Lien Closing Date and with respect to which a Mortgage is granted pursuant to Section 5.09 or 5.10. 
 “Mortgages” shall mean the Second Lien Mortgage, Security Agreement, Assignment of Rents and Leases and Fixture Filing dated as of May 5, 2006, by and from Borrower to GSO as Collateral Agent and
Administrative Agent, and fee mortgages or deeds of trust and other security documents granting a Lien on any Mortgaged Property to secure the Obligations, each in the form of Exhibit G, with such changes as shall be advisable under the law of the
jurisdiction in which such Mortgage is to be recorded and as are reasonably satisfactory to the Collateral Agent, as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with this Agreement.

 “Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “Net Cash Proceeds” shall mean (a) with respect to any Asset Sale or Recovery Event, the proceeds thereof in the form of cash and
Permitted Investments (including any such proceeds subsequently received (as and when received) in respect of noncash consideration initially 

  

 13 

 
received), net of (i) selling expenses (including (A) reasonable and customary broker’s fees or commissions, legal fees, transfer and similar
taxes incurred by the Borrower and the Subsidiaries in connection therewith and (B) the Borrower’s good faith estimate of income taxes paid or payable by the Borrower, if any, in connection with such Asset Sale or Recovery Event, after
taking into account any tax credits or deductions available to Borrower and any tax sharing arrangements, and including the Borrower’s good faith estimate of Tax Distribution Amounts attributable to such Asset Sale or Recovery Event),
(ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification obligations or purchase price adjustment associated with such Asset Sale (provided that, to the extent and at the time any
such amounts are released from such reserve, the net of such amounts shall constitute Net Cash Proceeds) and (iii) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness for borrowed money which is
secured by the asset sold in such Asset Sale and which is required to be repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such asset); provided, however, that, if (x) the Borrower shall
deliver a certificate of a Financial Officer of the Borrower to the Administrative Agent within ten Business Days of the time of receipt thereof setting forth the Borrower’s intent to reinvest such proceeds in productive assets of a kind then
used or usable in the business of the Borrower and any Subsidiaries within 180 days of receipt of such proceeds and (y) no Default or Event of Default shall have occurred and shall be continuing at the time of such certificate, such proceeds
shall not constitute Net Cash Proceeds except to the extent not so used at the end of such 180 day period, at which time such proceeds shall be deemed to be Net Cash Proceeds (the “Permitted Reinvestment Proceeds”); and
(b) with respect to any issuance or disposition of Indebtedness or any Equity Issuance, the cash proceeds thereof, net of all taxes and reasonable and customary fees, commissions, costs and other expenses incurred by the Borrower and any
Subsidiaries in connection therewith. 
 “O&M Costs” shall mean, for any period, all actual cash operation and
maintenance costs incurred and paid by the Borrower and its Subsidiaries in such period, including (a) payments made by the Borrower under or in respect of any energy services agreement, any agreement for the sale of energy, capacity or
ancillary services, including a Heat Rate Call Option Agreement, (b) fuel costs, additives or chemicals and transportation costs related thereto, (c) taxes (other than those based upon the Borrower’s income), (d) costs of
maintaining insurance, (e) costs of consumables, (f) payments under any lease, (g) payments pursuant to any operating and maintenance agreement, long term service agreement or any parts or turbine services agreement, (h) legal
fees and consulting fees and expenses paid by the Borrower in connection with the management, maintenance or operation of the Project, (i) amounts paid to LS Power Equity Advisors, LLC or its Affiliates as cost reimbursement in respect of asset
management services relating to the Project in an amount not to exceed the Asset Management Payment Limit, (j) payments for restoration or repair of the Project with Permitted Reinvestment Proceeds, (k) fees paid in connection with
obtaining, transferring, maintaining or amending any Permits, (l) cash collateral provided in respect of any project agreement, (k) letter of credit fees or expenses payable in respect of any project agreement, (m) reasonable general
and administrative expenses, including all expenditures incurred to prevent the occurrence of any default under any Loan Document or any Default or Event of Default hereunder, and/or to keep the Collateral free and clear of all Liens (other than
Permitted Liens). O&M Costs shall not include (i) distributions of any kind to the Borrower or its Affiliates (other than amounts paid to LS Power Equity Advisors, LLC or its Affiliates as cost reimbursement in respect of asset management
services relating to 

  

 14 

 
the Project in an amount not to exceed the Asset Management Payment Limit, payment of the Tax Distribution Amount and Affiliate Credit Support Reimbursement
Amounts), (ii) non-cash charges, including depreciation or obsolescence charges or reserves therefore, amortization of intangibles or other bookkeeping entries of a similar nature, and (iii) Debt Service. 
 “Obligations” shall mean all obligations defined as “Obligations” in the Guarantee and Collateral Agreement and the other
Security Documents. 
 “Operating Revenues” shall mean, for any period, all of the following, without duplication, received
by the Borrower or any Subsidiary: (a) payments under or pursuant to any energy services agreement, power purchase agreement or similar agreement, (b) income derived from the sale or use of electric capacity or energy produced, transmitted
or distributed by the Project or ancillary services, (c) proceeds of any business interruption insurance, (d) investment income on amounts in the deposit accounts of the Borrower, (e) all other revenues from the operation of the
Project, and (f) amounts received by the Borrower in connection with Hedging Agreements, all as determined in conformity with cash accounting principles. 
 “Original First Lien Credit Agreement” shall mean that certain Credit Agreement dated as of December 7, 2005 among the Borrower, the lenders party thereto and GSO, as bookrunner, lead arranger,
administrative agent, collateral agent and syndication agent. 
 “Other Taxes” shall mean any and all present or future
stamp, documentary or similar taxes, charges or levies (including interest, fines, penalties and additions to such charges, taxes or levies) arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or
otherwise with respect to, any Loan Document. 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar functions. 
 “Perfection Certificate” shall mean the
Pre-Closing UCC Diligence Certificate substantially in the form of Exhibit H or any other form approved by the Collateral Agent. 
 “Permits” shall mean any and all franchises, licenses, leases, permits, approvals, notifications, certifications, registrations, authorizations, exemptions, qualifications, easements, rights of way, Liens and other rights,
privileges and approvals required under any Requirement of Law. 
 “Permitted Holders” shall mean the Pledgor, LS Power
Associates, L.P., LS Power Equity Partners, LP, LS Power Equity Partners PIE I, L.P., LS Power Development, LLC and any Affiliates, respectively. 
 “Permitted Holders Equity Issuance” shall mean (a) in the case of a Subsidiary, any issuance or sale by the Borrower of any Equity Interests to, or any receipt of any capital contribution from, the Borrower or any
other Subsidiary, and (b) any issuance or sale by the Borrower of any Equity Interests to, or any receipt of any capital contribution from, the Permitted Holders. 
 “Permitted Investments” shall mean: 
  

 15 

 (a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of
acquisition thereof; 
 (b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and
having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s; 
 (c)
investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by,
the Administrative Agent or any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000;

 (d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause
(a) above and entered into with a financial institution satisfying the criteria of clause (c) above; and 
 (e)
investments in “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended, substantially all of whose assets are invested in investments of the type described in clauses (a) through
(d) above. 
 “Permitted Lien” shall have the meaning assigned to such term in Section 6.02. 
 “Permitted Prior Lien” shall have the meaning assigned to such term in Section 3.19(b). 
 “Permitted Refinancing Indebtedness” shall mean Indebtedness issued or incurred (including by means of the extension or renewal of
existing Indebtedness) to refinance, refund, extend, renew or replace existing Indebtedness (“Refinanced Indebtedness”); provided that (a) the principal amount of such refinancing, refunding, extending, renewing or
replacing Indebtedness is not greater than the principal amount of such Refinanced Indebtedness plus the amount of any premiums or penalties and accrued and unpaid interest paid thereon and reasonable fees and expenses, in each case associated with
such refinancing, refunding, extension, renewal or replacement, (b) such refinancing, refunding, extending, renewing or replacing Indebtedness has a final maturity that is no sooner than, and a weighted average life to maturity that is no
shorter than, such Refinanced Indebtedness, (c) if such Refinanced Indebtedness or any Guarantees thereof are subordinated to the Obligations, such refinancing, refunding, extending, renewing or replacing Indebtedness and any Guarantees thereof
remain so subordinated on terms no less favorable to the Lenders, (d) no persons other than the obligors in respect of such Refinanced Indebtedness immediately prior to such refinancing, refunding, extending, renewing or replacing shall be the
obligors on such refinancing, refunding extending, renewing or replacing Indebtedness and (e) such refinancing, refunding, extending, renewing or replacing Indebtedness contains covenants and events of default and is benefited by Guarantees, if
any, which, taken as a whole, are determined in good faith by a Financial Officer of the 

  

 16 

 
Borrower to be no less favorable to the Borrower or any applicable Subsidiary and the Lenders in any material respect than the covenants and events of
default or Guarantees, if any, in respect of such Refinanced Indebtedness. 
 “Permitted Reinvestment Proceeds” has the
meaning specified for such term in the definition of “Net Cash Proceeds.” 
 “Person” and
“person” shall mean any natural person, institution, sole proprietorship, unincorporated organization, public benefit corporation, corporation, trust, business trust, joint venture, joint stock company, association, company, limited
liability company, partnership, Governmental Authority or other entity. 
 “PJM Receivables” shall mean the amounts
receivable by the Borrower from PJM Interconnection, L.L.C. which are pledged as collateral under the terms of a Gas Supply Security Agreement. 
 “Pledge and Security Agreement” shall mean the Pledge and Security Agreement dated as of May 5, 2006 among the Pledgor, the Borrower and the Collateral Agent. 
 “Pledged Collateral” shall have the meaning assigned to such term in the Guarantee and Collateral Agreement and the Pledge and Security
Agreement. 
 “Pledgor” shall mean LSP Ontelaunee Holding, LLC, a limited liability company duly organized under the laws of
Delaware. 
 “Prepayment Fee” shall have the meaning assigned to such term in Section 2.12(g). 
 “Pro Rata Portion” shall mean, when used in reference to a Lender, the Term Loans held by such Lender as a percentage of the aggregate
of all Term Loans and First Lien Term Loans. 
 “Prime Rate” shall mean the rate of interest per annum publicly quoted from
time to time by The Wall Street Journal as the “base rate” on corporate loans posted by at least 75% of the nation’s 30 largest banks (or, if The Wall Street Journal ceases quoting a prime rate of the type described, the highest per
annum rate of interest published by the Board in Federal Reserve statistical release H.15 (519) entitled “Selected Internet Rates” as the bank prime loan rate or its equivalent); each change in the Prime Rate shall be effective as of
the opening of business on the date such change is publicly announced as being effective. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually available. 
 “Project” shall mean the 560 MW combined-cycle natural gas-fired power generation plant located in Ontelaunee Township, Pennsylvania.

 “PUHCA 2005” shall mean the public Utility Holding Company Act of 2005, as amended from time to time. 
 “Real Property” shall mean all real property owned or leased from time to time by the Borrower and any Subsidiaries. 
  

 17 

 “Recovery Event” shall mean any settlement of or payment in respect of any property or
casualty insurance claim or any taking under power of eminent domain or by condemnation or similar proceeding of or relating to any property or asset of the Borrower, the Borrower or any Subsidiary (excluding, in each case, business interruption
insurance claims). 
 “Register” shall have the meaning assigned to such term in Section 9.04(d). 
 “Regulation T” shall mean Regulation T of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof. 
 “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof. 
 “Regulation X” shall mean Regulation X of the Board
as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Rejected Excess Cash
Prepayment Amount” shall have the meaning assigned to such term in Section 2.12(d). 
 “Related Fund” shall
mean, with respect to any Lender that is a fund that invests in bank or commercial loans and similar extensions of credit, any other fund that invests in bank or commercial loans and similar extensions of credit and is advised or managed by
(a) such Lender, (b) an Affiliate of such Lender or (c) an entity (or an Affiliate of such entity) that administers, advises or manages such Lender. 
 “Related Parties” shall mean, with respect to any specified person, such person’s Affiliates and the respective directors, officers, employees, agents and advisors of such person and such
person’s Affiliates. 
 “Release” shall mean any release, spill, seepage, emission, leaking, pumping, injection,
pouring, emptying, deposit, disposal, discharge, dispersal, dumping, escaping, leaching, or migration into, onto or through the environment. 
 “Required Lenders” shall mean, at any time, Lenders having Term Loans and unused Term Loan Commitments representing at least a majority of the sum of all Term Loans and unused Term Loan Commitments outstanding at such time.

 “Required Prepayment Percentage” shall mean (a) in the case of any Equity Issuance, 50%; (b) in the case of
prepayments from Excess Cash Flow pursuant to Section 2.12(d) for the period from the date hereof through and including December 31, 2008, 65%, and (c) in all other cases, 100%; provided however, that pursuant to
Section 2.12(b), the Required Prepayment Percentage shall not be applicable to a Permitted Holders Equity Issuance; provided, further, that if, on or before December 31, 2008, Borrower has (i) extended the CS Heat Rate
Call Option on substantially similar (or better in the aggregate) terms, as certified by a Responsible Officer of the Borrower, and accepted by the Administrative Agent, acting reasonably or (ii) entered into a Heat Rate Call Option on
substantially similar (or better in the aggregate) terms to the CS Heat Rate Call Option, as certified by a Responsible Officer of the Borrower, and accepted by the Administrative Agent, acting reasonably, with a Heat Rate Call Counterparty, then
such 

  

 18 

 
percentage in respect of prepayments from Excess Cash Flow pursuant to Section 2.12(d) shall be, for the period from and after December 31, 2008
until the termination of such CS Heat Rate Call Option or Heat Rate Call Option respectively described in clause (i) or (ii) of this paragraph, 65%. 
 “Requirement of Law” shall mean as to any person, the governing documents of such person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such person or any of its Real Property or personal property. 
 “Responsible
Officer” of any person shall mean any executive officer or Financial Officer of such person and any other officer or similar official thereof responsible for the administration of the obligations of such person in respect of this Agreement.

 “Restricted Payment” shall mean (a) any dividend or other distribution (whether in cash, securities or other
property) with respect to, the Equity Interests of the Borrower or any Subsidiary, (b) any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption,
defeasance, retirement, acquisition, cancellation or termination of the Equity Interests of the Borrower or any Subsidiary or (c) any option, warrant or other right to acquire the Equity Interests of the Borrower or any Subsidiary. 

“Retained Distributable Cash” shall have the meaning assigned to such term in Section 6.06. 
 “S&P” shall mean Standard & Poor’s Ratings Group, Inc. 
 “Second Lien Closing Date” shall mean May 5, 2006. 
 “Secured Parties” shall have the meaning assigned to such term in the Guarantee and Collateral Agreement. 
 “securities account” shall have the meaning assigned to such term in the UCC. 
 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 
 “Security
Documents” shall mean the Guarantee and Collateral Agreement, the Lien Subordination Agreement, the Pledge and Security Agreement, the Mortgages, the Control Agreement, the Intercreditor Agreement and each of the other security agreements,
pledges, mortgages, consents and other instruments and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.09, 5.10, 6.01 or 6.02. 
 “Site” shall mean the real property on which the Project is located as more fully described in the Mortgages. 
 “SPC” shall have the meaning assigned to such term in Section 9.04(j). 
  

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 “Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and
any other banking authority, domestic or foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Term Loan) is subject for eurocurrency funding (currently referred to as
“Eurocurrency Liabilities” in Regulation D of the Board). Eurodollar Term Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions
or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 “subsidiary” shall mean, with respect to any person (herein referred to as the “parent”), any
corporation, partnership, limited liability company, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the
general partnership interests are, at the time any determination is being made, owned, controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more subsidiaries of the parent or
by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” or “Subsidiary Guarantor” shall
mean any subsidiary of the Borrower as set forth in Schedule 1.01(b). 
 “Survey” shall mean that certain ALTA/ACSM Land
Title Survey prepared by Stackhouse Bensinger Inc., at Filename 1284-001-ALTA, Reference Number 00-636, dated September 8, 2005, as revised on September 21, 2005, and any supplement or update thereto. 
 “Syndication Agent” shall have the meaning assigned to such term in the preamble. 
 “Synthetic Purchase Agreement” shall mean any swap, derivative or other agreement or combination of agreements pursuant to which the
Borrower or any Subsidiary is or may become obligated to make any payment (other than on account of a permitted purchase by it of any Equity Interest or Restricted Indebtedness) the amount of which is determined by reference to the price or value at
any time of any Equity Interest; provided that no phantom stock or similar plan providing for payments only to current or former directors, officers or employees of the Borrower or the Subsidiaries (or to their heirs or estates) shall be
deemed to be a Synthetic Purchase Agreement. 
 “Tax Code” shall mean the Internal Revenue Code of 1986, as amended from
time to time. 
 “Tax Distribution Amount” means, for the applicable Tax Fiscal Quarter in respect of a Tax Payment Date, an
amount that, when combined with all prior Tax Distribution Amounts for all prior Tax Fiscal Quarters is equal to the sum of the following calculations for the applicable Tax Fiscal Quarter in respect of such Tax Payment Date (calculated on an
estimated basis as certified by a Financial Officer of the Borrower) and all prior Tax Fiscal Quarters (calculated on 

  

 20 

 
an estimated basis as certified by a Financial Officer of the Borrower): (1) the product of (i) the Effective Tax Rate for the relevant Tax Fiscal
Quarter and (ii) the excess, if any, of (A) the taxable income of Borrower for such Tax Fiscal Quarter over (B) the tax losses, deductions and loss carryforwards of Borrower for such Tax Fiscal Quarter or any prior Tax Fiscal Quarter,
to the extent such losses, deductions or loss carryforwards did not reduce the taxable income of Borrower in a prior Tax Fiscal Quarter, minus (2) the refunds, savings or tax credits of Borrower in such Tax Fiscal Quarter or any prior Tax
Fiscal Quarter, to the extent such refunds, savings or tax credits did not reduce the Tax Distribution Amount in a prior Tax Fiscal Quarter, in each case of (1) and (2) above, determined as if Borrower was a corporate entity separate from
Pledgor and its Affiliates and giving due regard to any limitations on the carryforward of capital losses, net operating losses and other tax attributes that would apply to Borrower if it were a corporation. 
 “Tax Fiscal Quarter” means, in respect of each Tax Payment Date in April, June, September and December, the three (3) month period
ending on the last day of March, June, September or December, respectively. 
 “Tax Payment Date” shall mean, in respect of each April, June, September and December, the 15th day of such month. 
 “Taxes” shall mean any and all present or future taxes, levies, imposts, duties,
deductions, charges, liabilities or withholdings imposed by any Governmental Authority. 
 “Term Loan Commitment” shall mean
$50,000,000 and, with respect to each Lender, the commitment, if any, of such Lender to make Term Loans hereunder as set forth on the Lender Addendum delivered by such Lender, or in the Assignment and Acceptance pursuant to which such Lender assumed
its Term Loan Commitment, as applicable, as the same may be reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. 
 “Term Loan Maturity Date” shall mean the date that is three (3) years following the Second Lien Closing Date. 
 “Term Loans” shall mean the term loans made by the Lenders to the Borrower pursuant to Section 2.01. 
 “Title Exceptions” shall mean those exceptions and other matters listed in the Title Policy, or in any unconditional and irrevocable
commitment to issue such Title Policy. 
 “Title Insurer” shall mean Fidelity National Title Insurance Company. 

“Title Policy” means that certain policy of the title insurance issued by the Title Insurer dated as of the
[                    ], 2006, including all amendments thereto, endorsements thereof and substitutions or replacements therefor. 

 

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 “Transactions” shall mean, collectively, (a) the execution, delivery and
performance by the Loan Parties of the Loan Documents to which they are a party, (b) the initial borrowings hereunder and the use of proceeds thereof, (c) the granting of Liens pursuant to the Security Documents and (d) any other
transactions related to or entered into in connection with any of the foregoing. 
 “Type”, when used in respect of any Term
Loan or Borrowing, shall refer to the Rate by reference to which interest on such Term Loan or on the Term Loans comprising such Borrowing is determined. For purposes hereof, the term “Rate” shall include the Adjusted LIBO Rate and
the Alternate Base Rate. 
 “UCC” shall mean the Uniform Commercial Code. 
 “wholly owned subsidiary” of any person shall mean a subsidiary of such person of which securities (except for directors’
qualifying shares) or other ownership interests representing 100% of the Equity Interests are, at the time any determination is being made, owned, controlled or held by such person or one or more wholly owned subsidiaries of such person or by such
person and one or more wholly owned subsidiaries of such person; a “wholly owned Subsidiary” shall mean any wholly owned subsidiary of the Borrower. 
 “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA. 
 SECTION 1.02. Terms Generally. The definitions in Section 1.01 shall
apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including”, and words of similar import, shall not be limiting and shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. The words “asset” and “property” shall be construed as having the same meaning and effect and to refer to any and all rights and interests in tangible and intangible assets and properties of any kind
whatsoever, whether real, personal or mixed, including cash, securities, Equity Interests, accounts and contract rights. The words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to
refer to this Agreement in its entirety and not to any particular provision of this Agreement unless the context shall otherwise require. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and
Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, (a) any definition of, or reference to, any Loan Document or any other agreement, instrument
or document in this Agreement shall mean such Loan Document or other agreement, instrument or document as amended, restated, supplemented or otherwise modified from time to time (subject to any restrictions on such amendments, restatements,
supplements or modifications set forth herein) and (b) all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided, however, that if the Borrower notifies the
Administrative Agent that the Borrower wishes to amend any covenant in Article VI or any related definition to eliminate the effect of any change in GAAP occurring after the Second Lien Closing Date on the operation of such covenant (or if the
Administrative Agent notifies the Borrower that the Required Lenders wish to amend Article VI or any related definition for such purpose), then the Borrower’s compliance with such covenant shall be determined on the basis of GAAP in effect
immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required Lenders. 
  

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 SECTION 1.03. Classification of Loans and Borrowings. For purposes of this Agreement,
Term Loans may be classified and referred to by Type (e.g., a “Eurodollar Term Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”). 
 ARTICLE II. 
 The Loans 
 SECTION 2.01. Commitments. Subject to the terms and conditions hereof and relying upon the representations and warranties set forth
herein, each Lender agrees, severally and not jointly, to make a Term Loan to the Borrower on the Second Lien Closing Date in a principal amount requested by the Borrower in a duly completed Borrowing Request delivered in accordance with
Section 2.03, which principal amount shall not exceed the Term Loan Commitment of such Lender. Amounts repaid or prepaid in respect of Term Loans may not be reborrowed. 
 SECTION 2.02. Loans. (a) Each Term Loan shall be made as part of a Borrowing consisting of Term Loans of the same Type made by the
Lenders ratably in accordance with their respective Term Loan Commitments; provided, however, that the failure of any Lender to make any Term Loan required to be made by it shall not in itself relieve any other Lender of its obligation
to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to make any Term Loan required to be made by such other Lender). 
 (b) Subject to Sections 2.08 and 2.14, each Borrowing shall be comprised entirely of ABR Term Loans or Eurodollar Term Loans as the Borrower
may request pursuant to Section 2.03; provided that no Borrowings may be converted into or continued as a Eurodollar Borrowing having an Interest Period in excess of one month prior to the date which is 60 days after the Closing Date.
Each Lender may at its option make any Eurodollar Term Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Term Loan; provided that any exercise of such option shall not affect the obligation of the
Borrower to repay such Term Loan in accordance with the terms of this Agreement. Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower shall not be entitled to request any Borrowing
that, if made, would result in more than ten Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be
considered separate Borrowings. 
 (c) Each Lender shall make each Term Loan to be made by it hereunder on the proposed date thereof by
wire transfer of immediately available funds to such account in New York City as the Administrative Agent may designate not later than 11:00 a.m., New York City time, and the Administrative Agent shall promptly credit the amounts so received to
an account in the name of the Borrower, which account shall be designated by the Borrower in the 

  

 23 

 
applicable Borrowing Request and shall be maintained with a bank reasonably acceptable to the Administrative Agent (and with respect to which a Control
Agreement shall have been executed and delivered) or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Lenders. 
 (d) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make
available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with
paragraph (c) of this Section and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the
extent that such Lender shall not have made such portion available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest
thereon, for each day from the date such amount is made available to the Borrower to but excluding the date such amount is repaid to the Administrative Agent at (i) in the case of the Borrower, the interest rate applicable at the time to the
Term Loans comprising such Borrowing or (ii) in the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error). If
such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s Term Loan as part of such Borrowing for purposes of this Agreement. 
 SECTION 2.03. Borrowing Procedure. In order to request a Borrowing, the Borrower shall hand deliver or fax or deliver via e-mail PDF to
the Administrative Agent a duly completed Borrowing Request (a) in the case of a Eurodollar Borrowing, not later than 1:00 p.m., New York City time, three Business Days before a proposed Borrowing and (b) in the case of an ABR Borrowing, not later
than 1:00 p.m., New York City time, one Business Day before a proposed Borrowing. Each Borrowing Request shall be irrevocable, shall be signed by or on behalf of the Borrower and shall specify the following information: (i) whether the Borrowing
then being requested is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii) the number and location of the account to which funds are to be disbursed (which shall be an account
that complies with the requirements of Section 2.02(c)); (iv) the amount of such Borrowing; and (v) if such Borrowing is to be a Eurodollar Borrowing, the initial Interest Period with respect thereto; provided, however, that, notwithstanding any
contrary specification in any Borrowing Request, each requested Borrowing shall comply with the requirements set forth in Section 2.02. If no election as to the Type of Borrowing is specified in any such notice, then the requested Borrowing shall be
an ABR Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent shall
promptly advise the applicable Lenders of any notice given in accordance with this Section 2.03 (and the contents thereof), and of each Lender’s portion of the requested Borrowing. 
 SECTION 2.04. Repayment of Term Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for
the account of each 
  

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Lender the principal amount of each Term Loan of such Lender made to the Borrower on the Term Loan Maturity Date, together with accrued and unpaid interest
and Fees on the principal amount to be paid to but excluding the date of prepayment. 
 (b) Each Lender shall maintain in accordance
with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Term Loan made by such Lender to the Borrower from time to time, including the amounts of principal and interest payable
and paid to such Lender from time to time under this Agreement. 
 (c) The Administrative Agent shall maintain accounts in which it will
record (i) the amount of each Term Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender
hereunder and (iii) the amount of the sum received by the Administrative Agent hereunder from the Borrower or any Guarantor and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) of this Section shall be conclusive evidence of the existence and amounts of the obligations therein recorded absent
manifest error; provided, however, that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrower to repay the Term Loans made to
the Borrower in accordance with the terms of this Agreement. Promptly following the completion of each month after the Second Lien Closing Date, the Administrative Agent shall render to the Borrower a monthly accounting of transactions with respect
to the Term Loans setting forth the balance of the accounts for such immediately preceding month. 
 (e) Any Lender may request that
Term Loans made by it hereunder be evidenced by a promissory note. In such event, the Borrower shall execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in a form and substance reasonably
acceptable to the Administrative Agent. Notwithstanding any other provision of this Agreement, in the event any Lender shall request and receive such a promissory note, the interests represented by such note shall at all times (including after any
assignment of all or part of such interests pursuant to Section 9.04) be subject to the terms and conditions of this Agreement. 
 SECTION 2.05. Fees. (a) The Borrower agrees to pay to the Administrative Agent, for its own account, the fees in the amounts and at the times from time to time agreed to in writing by the Borrower (or any Affiliate)
and the Administrative Agent, including pursuant to the Fee Letter (the “Administrative Agent Fees”). 
 (b) All Fees
shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among the Lenders. Once paid, none of the Fees shall be refundable under any circumstances. 
 SECTION 2.06. Interest on Term Loans. (a) Subject to the provisions of Section 2.07, the Term Loans comprising each ABR
Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of
360 days at all other times) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin. 
  

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 (b) Subject to the provisions of Section 2.07, the Term Loans comprising each Eurodollar
Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable
Margin. 
 (c) Interest on each Term Loan shall be payable on the Interest Payment Dates applicable to such Term Loan except as
otherwise provided in this Agreement. The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination
shall be conclusive absent manifest error. 
 SECTION 2.07. Default Interest. Upon the occurrence and during the continuance
of an Event of Default, the Borrower shall on written demand from the Administrative Agent (or the Administrative Agent acting at the direction of the Required Lenders) pay interest, to the extent permitted by law, on all Obligations at a rate per
annum (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate Base Rate is determined by reference to the Prime Rate, and over a year of 360 days at all other times) equal to
the rate that would be applicable to such Obligations plus 2.00%. 
 SECTION 2.08. Alternate Rate of Interest. In the event,
and on each occasion, that prior to the commencement of any Interest Period for a Eurodollar Borrowing (a) the Administrative Agent shall have determined that adequate and reasonable means do not exist for determining the Adjusted LIBO Rate for
such Interest Period or (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Term
Loans included in such Borrowing for such Interest Period, the Administrative Agent shall, as soon as practicable thereafter, give written or fax notice of such determination to the Borrower and the Lenders. In the event of any such determination,
until the Administrative Agent shall have advised the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any request by the Borrower for a Eurodollar Borrowing pursuant to Section 2.03 or 2.10
shall be deemed to be a request for an ABR Borrowing and (ii) any Interest Period election that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective. Each
determination by the Administrative Agent under this Section 2.08 shall be conclusive absent manifest error. 
 SECTION 2.09. Termination of Term Loan Commitments. All Term Loan Commitments shall automatically terminate on the Second Lien Closing Date. 
 SECTION 2.10. Conversion and Continuation of Borrowings. The Borrower shall have the right at any time upon prior irrevocable notice to the Administrative Agent via hand delivery or fax or e-mail PDF
delivery (a) not later than 1:00 p.m., New York City time, one Business Day prior to conversion, to convert any Eurodollar Borrowing of the Borrower into an ABR Borrowing, (b) not later than 1:00 p.m., New York City time, three
Business Days prior to conversion or continuation, to convert any ABR Borrowing of the Borrower into a Eurodollar Borrowing for an Interest Period designated by the Borrower, to provide that any Term Loan be made as a Eurodollar Borrowing or to
continue any Eurodollar 
  

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Borrowing of the Borrower as a Eurodollar Borrowing for an additional Interest Period designated by the Borrower and (c) not later than 10:00 a.m.,
New York City time, three Business Days prior to conversion, to convert the Interest Period with respect to any Eurodollar Borrowing of the Borrower to another permissible Interest Period, subject in each case to the following: 
 (i) each conversion or continuation shall be made pro rata among the Lenders in accordance with the respective principal amounts of the
Term Loans comprising the converted or continued Borrowing; 
 (ii) if less than all the outstanding principal amount of any
Borrowing shall be converted or continued, then each resulting Borrowing shall satisfy the limitations specified in Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum number of Borrowings of the relevant Type; 

(iii) each conversion shall be effected by each Lender and the Administrative Agent by recording for the account of such Lender the new
Term Loan of such Lender resulting from such conversion and reducing the Term Loan (or portion thereof) of such Lender being converted by an equivalent principal amount; accrued interest on any Eurodollar Term Loan (or portion thereof) being
converted shall be paid by the Borrower at the time of conversion; 
 (iv) if any Eurodollar Borrowing is converted at a time
other than the end of the Interest Period applicable thereto, the Borrower shall pay, upon demand, any amounts due to the Lenders pursuant to Section 2.15; 
 (v) any portion of a Borrowing maturing or required to be repaid in less than one month may not be converted into or continued as a
Eurodollar Borrowing; 
 (vi) any portion of a Eurodollar Borrowing that cannot be converted into or continued as a Eurodollar
Borrowing by reason of the immediately preceding clause shall be automatically converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing; and 
 (vii) after the occurrence and during the continuance of a Default or Event of Default, no outstanding Term Loan may be converted into, or
continued as, a Eurodollar Term Loan. 
 Each notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this
Agreement and specify (A) the identity and amount of the Borrowing that the Borrower requests be converted or continued, (B) whether such Borrowing is to be converted to or continued as a Eurodollar Borrowing or an ABR Borrowing,
(C) if such notice requests a conversion, the date of such conversion (which shall be a Business Day) and (D) if such Borrowing is to be converted to or continued as a Eurodollar Borrowing, the Interest Period with respect thereto. If no
Interest Period is specified in any such notice with respect to any conversion to or continuation as a Eurodollar Borrowing, the Borrower shall be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent
shall advise the Lenders of any notice given 

  

 27 

 
pursuant to this Section 2.10 and of each Lender’s portion of any converted or continued Borrowing. If the Borrower shall not have given notice in
accordance with this Section 2.10 to continue any Borrowing into a subsequent Interest Period (and shall not otherwise have given notice in accordance with this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of
the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be converted or continued into an ABR Borrowing. 
 SECTION 2.11. Prepayment. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon at least three Business Days’ prior written or fax or e-mail PDF
notice (or telephone notice promptly confirmed by written or fax or e-mail PDF notice) in the case of Eurodollar Term Loans, or written or fax or e-mail PDF notice (or telephone notice promptly confirmed by written or fax or e-mail PDF notice) at
least one Business Day prior to the date of prepayment in the case of ABR Term Loans, to the Administrative Agent before 1:00 p.m., New York City time; provided, however, that each partial prepayment shall be in an amount that is an
integral multiple of $100,000 and not less than $1,000,000. 
 (b) Each notice of prepayment shall specify the prepayment date and the
principal amount of each Borrowing (or portion thereof) to be prepaid (or being offered to be prepaid, as applicable), shall be irrevocable and shall commit the Borrower to prepay such Borrowing by the amount stated therein on the date stated
therein; provided that a notice of prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or
prior to the specified date) if such condition is not satisfied. All prepayments under this Section 2.11 shall be subject to Section 2.15. All principal payments under this Section 2.11 shall be without premium or penalty and shall be
accompanied by accrued and unpaid interest and Fees on such principal amount to be prepaid to but excluding the date of payment. 
 SECTION 2.12. Mandatory Prepayments; Change of Control Prepayments. Subject to the requirements of the First Lien Credit Agreement and the Intercreditor Agreement: 
 (a) Not later than the fifth Business Day following the completion of any Asset Sale or not later than the tenth Business Day following the
occurrence of any Recovery Event and, in each case, the receipt of Net Cash Proceeds resulting therefrom, the Borrower shall, apply the Required Prepayment Percentage of such Net Cash Proceeds received with respect thereto to prepay outstanding Term
Loans in accordance with Section 2.12(f). 
 (b) In the event and on each occasion that an Equity Issuance other than a Permitted
Holders Equity Issuance occurs, the Borrower shall, substantially simultaneously with (and in any event not later than the fifth Business Day next following) the occurrence of such Equity Issuance other than a Permitted Holders Equity Issuance and
the receipt of Net Cash Proceeds resulting therefrom, apply the Required Prepayment Percentage of such Net Cash Proceeds therefrom to prepay outstanding Term Loans in accordance with Section 2.12(f). 
 (c) In the event that any Loan Party or any subsidiary of a Loan Party shall receive Net Cash Proceeds from the issuance or other incurrence of
Indebtedness of any Loan Party or any subsidiary of a Loan Party (other than Indebtedness permitted pursuant to Section 6.01), the 

  

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Borrower shall, substantially simultaneously with (an in any event not later than the fifth Business Day next following) the receipt of such Net Cash
Proceeds by such Loan Party or such subsidiary subject to Section 2.11(b), apply an amount equal to the Required Prepayment Percentage of such Net Cash Proceeds to prepay outstanding Term Loans in accordance with Section 2.12(f); provided
that nothing in this Section 2.12(c) shall be construed as permitting the issuance or other incurrence of Indebtedness except as otherwise permitted under Section 6.01. 
 (d) No later than 45 days after the end of each fiscal quarter of the Borrower, commencing on the fiscal quarter ending on September 30,
2006, the Borrower shall: 
 (i) offer to each Lender to prepay such Lender’s outstanding Term Loans (on a ratable basis
with any offer required to be made to the First Lien Lenders pursuant to the First Lien Credit Agreement) in accordance with Section 2.12(f), in an aggregate principal amount offered that equals the Required Prepayment Percentage of Excess Cash
Flow for the fiscal quarter then ended (it being understood and agreed that the calculation of Excess Cash Flow for the fiscal quarter ending September 30, 2006 shall be measured for the period beginning with the Second Lien Closing Date and
ending on September 30, 2006) (the sum of amounts offered for prepayment under this Section 2.12(d) but rejected, together with amounts offered for prepayment under Section 2.12(d) of the First Lien Credit Agreement but rejected,
collectively, the “Rejected Excess Cash Prepayment Amount”); and 
 (ii) prepay each Lender’s
outstanding Term Loans in accordance with Section 2.12(f), in an aggregate principal amount equal to Retained Distributable Cash applicable to the first fiscal quarter of the period of four fiscal quarters then ending; provided,
however, that no prepayment shall be required under this Section 2.12(d)(ii) until such time that four consecutive fiscal quarters of the Borrower shall have elapsed and the Borrower shall have failed to deliver to the Administrative
Agent the certification in Section 6.06 permitting the Borrower to make a Restricted Payment of Retained Distributable Cash. 
 (e) The Borrower shall deliver to the Administrative Agent, at the time of each prepayment required under this Section 2.12, (i) a certificate signed by a Financial Officer of the Borrower setting forth in reasonable detail
the calculation of the amount of such prepayment and (ii) to the extent practicable, at least 5 Business Days’ prior written notice of such prepayment (and the Administrative Agent shall promptly provide the same to each Lender). Each
notice of prepayment shall specify the prepayment date, the Type of each Term Loan being prepaid (or being offered to be prepaid, as applicable) and the principal amount of each Term Loan (or portion thereof) to be prepaid (or being offered to be
prepaid, as applicable). All prepayments of Borrowings pursuant to this Section 2.12 shall be subject to Section 2.15, but shall otherwise be without premium or penalty. 
 (f) Mandatory prepayments under paragraphs (a), (b), (c) and (d) of this Section shall be applied to prepay outstanding Term Loans (and
the corresponding accrued and unpaid interest and Fees on the principal amount of Term Loans so prepaid), with any remaining amounts following such application being retained by the Borrower. Each offer to a Lender to prepay its 

  

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Term Loans under paragraph (d)(i) of this Section 2.12 shall be in writing and shall be in an amount that corresponds to such Lender’s Pro Rata
Portion of the total amount offered to be prepaid under such paragraph. Each Lender shall respond to Borrower in writing to each such offer within ten (10) Business Days of receipt thereof; provided, however, that if any Lender
does not so respond, such offer shall be deemed rejected. Each mandatory prepayment under paragraphs (a), (b), (c) and (d)(ii) of this Section 2.12 shall be applied by the Administrative Agent to reduce the Term Loans of each Lender in an
amount that corresponds to such Lender’s Pro Rata Portion of the total amount prepaid. 
 (g) If a Change of Control shall occur,
the Borrower shall be obligated to make an offer to prepay (the “Change of Control Offer”) each Lender’s outstanding Term Loans at a prepayment price (the “Change of Control Prepayment Price”) equal to such
Lender’s outstanding Term Loans, without premium or penalty, together accrued and unpaid interest, if any, on such principal amount to be prepaid to but excluding the Change of Control Payment Date (as defined below) in accordance with the
procedures that follow. Within 30 days of the occurrence of a Change of Control, the Borrower shall send by first-class mail, postage prepaid, to the Administrative Agent a notice stating (i) that the Change of Control Offer is being made
pursuant to this Section 2.12(g) and that all Term Loans offered for prepayment will be accepted for prepayment; (ii) the Change of Control Prepayment Price and the prepayment date (which shall be a Business Day no earlier than 30 days nor
later than 45 days from the date such notice is mailed (the “Change of Control Payment Date”)); (iii) that any Term Loan not prepaid shall continue to accrue interest; (iv) that, unless the Borrower defaults in the
payment of the Change of Control Prepayment Price, any Term Loans accepted for prepayment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; and (v) any other procedures that a
Lender must follow to accept a Change of Control Offer or effect withdrawal of such acceptance. On the Change of Control Payment Date, the Borrower shall (A) accept for payment Term Loans or portions thereof prepaid pursuant to the Change of
Control Offer, (B) deposit with the Administrative Agent an amount in dollars sufficient to pay the Change of Control Prepayment Price of all Term Loans or portions thereof that have accepted the prepayment and (C) deliver to the
Administrative Agent an officers’ certificate stating the amount of the Term Loans or portions thereof prepaid by the Borrower. The Administrative Agent shall promptly mail to each Lender that has so accepted payment in an amount equal to the
principal amount for such Term Loans, and if requested by any Lender, the Borrower shall execute and issue, and the Administrative Agent shall promptly mail to such Lender, a new promissory note equal in principal amount to any portion of the
Term Loans held by such Lenders that has not been so prepaid in accordance with this Section. 
 SECTION 2.13. Reserve
Requirements; Change in Circumstances. (a) Notwithstanding any other provision of this Agreement, if any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or the Administrative Agent (except
any such reserve requirement which is reflected in the Adjusted LIBO Rate), or 
  

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 (ii) impose on any Lender, the Administrative Agent or the London interbank market any
other condition affecting this Agreement or Eurodollar Term Loans made by such Lender, 
 and the result of any of the foregoing shall be to increase the
cost to such Lender of making or maintaining any Eurodollar Term Loan (or of maintaining its obligation to make any such Term Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or
otherwise) by an amount reasonably deemed by such Lender or the Administrative Agent to be material, then the Borrower will pay to such Lender or the Administrative Agent, as the case may be, upon demand such additional amount or amounts as will
compensate such Lender, as the case may be, for such additional costs incurred or reduction suffered. 
 (b) If any Lender or the
Administrative Agent shall have determined that any Change in Law regarding capital adequacy has or would have the effect of reducing the rate of return on such Lender’s or the Administrative Agent’s capital or on the capital of such
Lender’s or the Administrative Agent’s holding company, if any, as a consequence of this Agreement or the Term Loans made by such Lender to a level below that which such Lender or the Administrative Agent or such Lender’s or the
Administrative Agent’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Administrative Agent’s policies and the policies of such Lender’s or the Administrative
Agent’s holding company with respect to capital adequacy) by an amount deemed by such Lender or the Administrative Agent to be material, then from time to time the Borrower shall pay to such Lender or the Administrative Agent, as the case may
be, such additional amount or amounts as will compensate such Lender or the Administrative Agent or such Lender’s or the Administrative Agent’s holding company for any such reduction suffered. 
 (c) A certificate of the Lender or the Administrative Agent setting forth the amount or amounts necessary to compensate such Lender or the
Administrative Agent or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section and showing the basis of the computation shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender or the Administrative Agent, as the case may be, the amount or amounts shown as due on any such certificate delivered by it within 10 Business Days after its receipt of the same. 
 (d) Failure or delay on the part of any Lender or the Administrative Agent to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender’s or the Administrative Agent’s right to demand such compensation; provided that the Borrower shall not be under any obligation to compensate any Lender or the Administrative Agent under paragraph (a) or
(b) above for increased costs or reductions with respect to any period prior to the date that is 180 days prior to such request if such Lender or the Administrative Agent knew or could reasonably have been expected to know of the circumstances
giving rise to such increased costs or reductions and of the fact that such circumstances would result in a claim for increased compensation by reason of such increased costs or reductions; provided further that the foregoing
limitation shall not apply to any increased costs or reductions arising out of the retroactive application of any Change in Law within such 180-day period. The protection of this Section shall be available to each Lender and the Administrative
Agent regardless of any possible contention of the invalidity or inapplicability of the Change in Law that shall have occurred or been imposed. 
  

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 SECTION 2.14. Change in Legality. (a) . Notwithstanding any other provision of
this Agreement, if any Change in Law shall make it unlawful for any Lender to make or to continue to fund or maintain any Eurodollar Term Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Term Loan,
then, unless such Lender is able to make or to continue to fund or to maintain such Eurodollar Term Loan at another branch or office of such Lender without, in such Lender’s reasonable opinion, adversely affecting it or its Term Loans or the
income obtained therefrom, by written notice to the Borrower and to the Administrative Agent: 
 (i) such Lender may declare
that Eurodollar Term Loans will not thereafter (for the duration of such unlawfulness) be made by such Lender hereunder (or be continued for additional Interest Periods and ABR Term Loans will not thereafter (for such duration) be converted into
Eurodollar Term Loans), whereupon any request for a Eurodollar Borrowing (or to convert an ABR Borrowing to a Eurodollar Borrowing or to continue a Eurodollar Borrowing for an additional Interest Period) shall, as to such Lender only, be deemed a
request for an ABR Term Loan (or a request to continue an ABR Term Loan as such for an additional Interest Period or to convert a Eurodollar Term Loan into an ABR Term Loan, as the case may be), unless such declaration shall be subsequently
withdrawn; and 
 (ii) such Lender may require that all outstanding Eurodollar Term Loans made by it be converted to ABR Term
Loans, in which event all such Eurodollar Term Loans shall be automatically converted to ABR Term Loans as of the effective date of such notice as provided in paragraph (b) below. 
 In the event any Lender shall exercise its rights under (i) or (ii) above, all payments and prepayments of principal that would otherwise have been applied to repay the Eurodollar Term Loans that would have
been made by such Lender or the converted Eurodollar Term Loans of such Lender shall instead be applied to repay the ABR Term Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Term Loans. Any such conversion
of a Eurodollar Term Loan under (i) above shall be subject to Section 2.15. 
 (b) For purposes of this Section 2.14, a
notice to the Borrower by any Lender shall be effective as to each Eurodollar Term Loan made by such Lender, if lawful, on the last day of the Interest Period then applicable to such Eurodollar Term Loan; in all other cases such notice shall be
effective on the date of receipt by the Borrower. 
 SECTION 2.15. Indemnity. The Borrower shall indemnify each Lender
against any loss or expense that such Lender may sustain or incur as a consequence of (a) any event, other than a default by such Lender in the performance of its obligations hereunder, which results in (i) such Lender receiving or being
deemed to receive any amount on account of the principal of any Eurodollar Term Loan prior to the end of the Interest Period in effect therefor, (ii) the conversion of any Eurodollar Term Loan to an ABR Term Loan, or the conversion of the
Interest Period with respect to any Eurodollar Term Loan, in each case other than on the last day of the Interest 
  

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Period in effect therefor or (iii) any Eurodollar Term Loan to be made by such Lender (including any Eurodollar Term Loan to be made pursuant to a
conversion or continuation under Section 2.10) not being made after notice of such Term Loan shall have been given by the Borrower hereunder (any of the events referred to in this clause (a) being called a “Breakage
Event”) or (b) any default in the making of any payment or prepayment required to be made hereunder. In the case of any Breakage Event, such loss shall include an amount equal to the excess, as reasonably determined by such Lender, of
(A) its cost of obtaining funds for the Eurodollar Term Loan that is the subject of such Breakage Event for the period from the date of such Breakage Event to the last day of the Interest Period in effect (or that would have been in effect) for
such Term Loan over (B) the amount of interest likely to be realized by such Lender in redeploying the funds released or not utilized by reason of such Breakage Event for such period. A certificate of any Lender setting forth any amount or
amounts which such Lender is entitled to receive pursuant to this Section 2.15 shall be delivered to the Borrower and shall be conclusive absent manifest error. 
 SECTION 2.16. Pro Rata Treatment. Except as required under Section 2.14 and under Section 2.12, each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of
interest or Fees on the Term Loans, each reduction of the Term Loan Commitments and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be allocated pro rata among the Lenders in accordance with
their respective applicable Term Loan Commitments (or, if such Term Loan Commitments shall have expired or been terminated, in accordance with the respective principal amounts of their outstanding Term Loans). Each Lender agrees that in computing
such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole dollar amount. 
 SECTION 2.17. Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise of a right of banker’s lien, setoff or
counterclaim against the Borrower or any other Loan Party, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other security or interest arising from, or in lieu of, such secured claim, received by
such Lender under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means, obtain payment (voluntary or involuntary) in respect of any Term Loan as a result of which the unpaid principal portion of its Term
Loans shall be proportionately less than the unpaid principal portion of the Term Loans of any other Lender, it shall be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly pay to such other Lender the
purchase price for, a participation in the Term Loans of such other Lender, so that the aggregate unpaid principal amount of the Term Loans and participations in Term Loans held by each Lender shall be in the same proportion to the aggregate unpaid
principal amount of all Term Loans then outstanding as the principal amount of its Term Loans prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the principal amount of all Term Loans outstanding prior to such
exercise of banker’s lien, setoff or counterclaim or other event; provided, however, that if any such purchase or purchases or adjustments shall be made pursuant to this Section 2.17 and the payment giving rise thereto shall
thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or adjustment restored without interest. The Borrower expressly consents to the foregoing
arrangements and agrees that any Lender holding a participation in a Term Loan deemed to have been so purchased may exercise any and 
  

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all rights of banker’s lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower to such Lender by reason thereof as fully
as if such Lender had made a Term Loan directly to the Borrower in the amount of such participation. 
 SECTION 2.18. Payments. (a) The Borrower shall make each payment (including principal of or interest on any Borrowing or any Fees or other amounts) hereunder and under any other Loan Document not later than
12:00 (noon), New York City time, on the date when due in immediately available dollars, without setoff, defense or counterclaim. Each payment shall be made to the Administrative Agent at its offices at 280 Park Avenue, New York, NY 10017.

 (b) Except as otherwise expressly provided herein, whenever any payment (including principal of or interest on any Borrowing or any
Fees or other amounts) hereunder or under any other Loan Document shall become due, or otherwise would occur, on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of interest or Fees, if applicable. 
 SECTION 2.19. Taxes 
 (a) Any and all payments by or on account of any obligation of the Borrower or any other Loan Party hereunder or under any other Loan Document shall
be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes, unless required by applicable law. If any Indemnified Taxes or Other Taxes are required to be withheld or deducted from such payments, then (i) the sum
payable by the Borrower shall be increased as necessary so that after all required deductions or withholding (including deductions or withholdings applicable to additional sums payable under this Section) the Administrative Agent or such Lender (as
the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or such other Loan Party shall make (or cause to be made) such deductions and (iii) the Borrower or such other
Loan Party shall pay (or cause to be paid) the full amount deducted to the relevant Governmental Authority in accordance with applicable law. In addition, the Borrower or any other Loan Party hereunder shall pay (or cause to be paid) any Other Taxes
to the relevant Governmental Authority in accordance with applicable law. 
 (b) The Borrower shall indemnify the Administrative Agent
and each Lender, within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, or any of their respective Affiliates, on or with respect
to any payment by or on account of any obligation of the Borrower or any Loan Party hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section)
and any penalties, interest and expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability, showing the basis and calculation thereof, delivered to the Borrower by a Lender, or by the Administrative Agent on its behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
  

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 (c) As soon as practicable after any payment of Indemnified Taxes or Other Taxes pursuant to
Section 2.19(a), the Borrower shall deliver (or cause to be delivered) to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such
payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (d) If a Lender or the Administrative
Agent receives a refund, which in its reasonable discretion is attributable to any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or other Loan Party, it shall within 30 days from the date of such receipt pay
over such refund to the relevant Borrower or Loan Party, net of all out-of-pocket expenses of such Lender or the Administrative Agent and without interest (other than interest paid by the relevant Governmental Authority with respect to such refund,
so as to leave such Lender or the Administrative Agent, as the case may be, in no worse position as it would have been without the imposition of such Indemnified Taxes or other Taxes). 
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower
or other Loan Party is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the reasonable written request of the
Borrower, such properly completed and duly executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate; provided that such documentation is not unduly burdensome on such
Lender. In addition, each Foreign Lender shall furnish on or before it becomes a party to the Agreement either (i) two accurate and complete duly executed U.S. Internal Revenue Service Form W-8BEN (or successor form) or (ii) an accurate
and complete U.S. Internal Revenue Service Form W-8ECI (or successor form), certifying, in either case, to such Foreign Lender’s legal entitlement to an exemption from or reduction in U.S. federal withholding tax with respect to all interest
payments hereunder; provided that any Foreign Lender that is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code and is relying on the so-called “portfolio interest exemption” shall also furnish a
“Non-Bank Certificate” in the form of Exhibit I together with a Form W-8BEN. Any Lender providing forms or other documentation pursuant to Section 2.19 shall provide new copies of the applicable forms on or before the date such forms
expire or become obsolete and shall promptly notify the Borrower or the Administrative Agent if any form or other documentation previously submitted becomes incorrect. Notwithstanding any other provision of this paragraph, a Foreign Lender shall not
be required to deliver any form pursuant to this paragraph that such Foreign Lender is not legally able to deliver. 
 (f) Any Lender
that is a United States person, as defined in Section 7701(a)(30) of the Internal Revenue Code, shall deliver to the Borrower (with a copy to the Administrative Agent) two accurate and complete original signed copies of Internal Revenue Service
Form W-9, or any successor form that such person is entitled to provide at such time in order to comply with United States back-up withholding requirements. 
 (g) Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower contained in this Section 2.19 shall survive the payment in full of all
amounts due hereunder. 
  

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 SECTION 2.20. Assignment of Term Loans Under Certain Circumstances; Non-Consenting Lenders;
Duty to Mitigate. (a) In the event (i) any Lender delivers a certificate requesting compensation pursuant to Section 2.13, (ii) any Lender delivers a notice described in Section 2.14, (iii) the Borrower is required
to pay any additional amount to any Lender or to any Governmental Authority or the Administrative Agent on account of any Lender pursuant to Section 2.19 or (iv) any Lender refuses to execute a proposed amendment, modification or waiver of
this Agreement requested by the Borrower which requires the consent of Lenders (other than the Required Lenders) to become effective (and which is approved by at least the Required Lenders), the Borrower may, at its sole expense and effort
(including with respect to the processing and recordation fee referred to in Section 9.04(b)), upon notice to such Lender and the Administrative Agent, require such Lender to transfer and assign, without recourse (in accordance with and subject
to the restrictions contained in Section 9.04), all of its interests, rights and obligations under this Agreement to an assignee that shall assume such assigned obligations and, in the case of replacements of Lenders pursuant to clause
(iv) of this Section, that shall agree to execute such proposed amendment, modification or waiver (which assignee may be another Lender, if a Lender accepts such assignment); provided that (A) such assignment shall not conflict with
any law, rule or regulation or order of any court or other Governmental Authority having jurisdiction, (B) solely with respect to replacements of Lenders pursuant to clauses (i), (ii) or (iii) of this Section, the Borrower shall have
received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, and (C) the Borrower or such assignee shall have paid to the affected Lender in immediately available funds an amount equal to the
sum of the principal of and interest accrued to the date of such payment on the outstanding Term Loans of such Lender plus all Fees (including any applicable Prepayment Fees) and other amounts accrued for the account of such Lender hereunder
(including any amounts under Section 2.13 and Section 2.15); provided, further that, if prior to any such transfer and assignment the circumstances or event that resulted in such Lender’s claim for compensation under
Section 2.13 or notice under Section 2.14 or the amounts payable pursuant to Section 2.19, as the case may be, cease to cause such Lender to suffer increased costs or reductions in amounts received or receivable or reduction in return
on capital, or cease to have the consequences specified in Section 2.14, or cease to result in amounts being payable under Section 2.19, as the case may be (including as a result of any action taken by such Lender pursuant to
paragraph (b) below), or if such Lender shall waive its right to claim further compensation under Section 2.13 in respect of such circumstances or event or shall withdraw its notice under Section 2.14 or shall waive its right to
further payments under Section 2.19 in respect of such circumstances or event, as the case may be, then such Lender shall not thereafter be required to make any such transfer and assignment hereunder. Each Lender agrees that if the Borrower
exercises its rights of assignment under this paragraph, it shall promptly execute and deliver all agreements and documentation necessary to effectuate such assignment as set forth in Section 9.04. In connection with any such replacement, if
the replaced Lender does not execute and deliver to the Administrative Agent a duly completed Assignment and Acceptance and/or any other documentation necessary to reflect such replacement within five Business Days of the date on which the
replacement Lender executes and delivers such Assignment and Acceptance to the replaced Lender, then such replaced Lender shall be deemed to have executed and delivered such Assignment and Acceptance and the Borrower shall be entitled (but not
obligated) to execute and deliver such Assignment and Acceptance and/or other documentation on behalf of such replaced Lender. 
  

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 (b) If (i) any Lender shall request compensation under Section 2.13, (ii) any Lender
delivers a notice described in Section 2.14 or (iii) the Borrower is required to pay any additional amount to any Lender or to any Governmental Authority or to the Administrative Agent on account of any Lender, pursuant to
Section 2.19, then such Lender shall use reasonable efforts (which shall not require such Lender to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any action inconsistent with its internal policies or legal or
regulatory restrictions or suffer any disadvantage or burden deemed by it to be significant) (A) to file any certificate or document reasonably requested in writing by the Borrower or (B) to assign its rights and delegate and transfer its
obligations hereunder to another of its offices, branches or affiliates, if such filing or assignment would reduce its claims for compensation under Section 2.13 or enable it to withdraw its notice pursuant to Section 2.14 or would reduce
amounts payable pursuant to Section 2.19, as the case may be, in the future. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such filing or assignment, delegation and transfer.

 ARTICLE III. 
 Representations and Warranties 
 The Borrower represents and warrants to the Arranger, the Administrative Agent, the
Collateral Agent, the Syndication Agent and each of the Lenders, as of the Second Lien Closing Date, that: 
 SECTION 3.01. Organization; Powers. The Borrower and each of the Subsidiaries listed on Schedule 3.08, if any, (a) is duly organized or formed, validly existing and (to the extent such concept is applicable) in good
standing under the laws of the jurisdiction of its organization or formation, except, with respect to any Subsidiaries, where the failure to be in good standing, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect, (b) has all requisite power and authority, and the legal right, to own and operate its property and assets, to lease the property it operates as lessee and to carry on its business as now conducted and as proposed to be
conducted, (c) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where the failure so to qualify, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect and (d) has the power and authority, and the legal right, to execute, deliver and perform its obligations under (in each case to the extent that it is a party thereto) this Agreement, each of the other Loan
Documents and each other agreement or instrument contemplated hereby or thereby to which it is or will be a party, including, in the case of the Borrower, to borrow hereunder, in the case of each Loan Party, to grant the Liens contemplated to be
granted by it under the Security Documents and, in the case of each Subsidiary Guarantor, if any, to Guarantee the Obligations as contemplated by the Guarantee and Collateral Agreement, if any. 
 SECTION 3.02. Authorization; No Conflicts. The Transactions (a) have been duly authorized by all requisite corporate, partnership
or limited liability company and, if required, stockholder, partner or member action and (b) will not (i) violate (A) any provision of material law, statute, rule or regulation applicable to it, (B) any provision of the
certificate or articles of incorporation or other constitutive documents or by-laws of the Borrower or any Subsidiary, 
  

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(C) any material order of any Governmental Authority or arbitrator applicable to it or (D) after giving effect to the Transactions, any provision
of any indenture, material agreement or other material instrument to which the Borrower or any Subsidiary is a party or by which any of them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or
constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture, material agreement or other
material instrument or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the Borrower or any Subsidiary (other than Liens created under the Security
Documents and the Liens securing obligations under the First Lien Credit Agreement, on a first priority basis). 
 SECTION 3.03. Enforceability. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document when executed and delivered by each Loan Party party thereto will constitute, a
legal, valid and binding obligation of such Loan Party enforceable against such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION 3.04. Governmental Approvals. No action, consent or approval of, registration or filing with, Permit from, notice to, or any other action by, any Governmental Authority is required in connection with the
Transactions, except for such (a) as have been made or obtained and are in full force and effect, and (b) that, if not obtained and kept in full force and effect, would not reasonably be expected to cause a Material Adverse Effect.

 SECTION 3.05. Financial Statements. The financial statements delivered by Borrower pursuant to Section 4.10(h)
(a) have been prepared in good faith by the Borrower, in accordance with GAAP (but for the absence of footnotes), (b) are based on the best information available to the Borrower after due inquiry as of the date of delivery thereof, and
(c) present fairly in all material respects the financial position of the Borrower as of such date. 
 SECTION 3.06. No
Material Adverse Change. No event, change or condition has occurred since December 31, 2005 that has caused, or could reasonably be expected to cause, a Material Adverse Effect. 
 SECTION 3.07. Location and Title to Properties. 
 (a) Schedule 3.07 lists all of the material Real Property owned by the Borrower and its Subsidiaries as of the Second Lien Closing Date and such property is the only property material to the ownership,
conduct, use, maintenance and operation of the Project by the Borrower and its Subsidiaries. None of the Real Property set forth on Schedule 3.07 is leased. 
 (b) Each of the Borrower and its Subsidiaries, if any, has good and insurable title to the Mortgaged Property, free and clear of all Liens except Permitted Liens. 
 (c) Each parcel of Mortgaged Property has adequate rights of access to public ways to permit the Mortgaged Property to be used for its intended
purpose, except where the failure to have such rights, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  

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 SECTION 3.08. Subsidiaries . As of the Second Lien Closing Date, the Borrower has no
Subsidiaries. Borrower has conducted no business other than the acquisition, ownership and operation of the Project. 
 SECTION 3.09. Litigation; Compliance with Laws. (a) There are no actions, suits or proceedings at law or in equity or by or before any arbitrator or Governmental Authority now pending or, to the knowledge of the
Borrower, threatened against or affecting the Borrower or any Subsidiary, any business, property or rights of any such person or the Project (i) that involve any Loan Document or the Transactions, (ii) except as set forth on Schedule 3.09,
or (iii) as to which, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 (b) None of the Borrower or any of the Subsidiaries or any of their respective material properties or assets is in violation of, nor will the continued operation of their material properties and assets as
currently conducted violate, any law, rule or regulation (including any zoning, building, Environmental Law, ordinance, code or approval or any building permits) or any restrictions of record or agreements affecting the Mortgaged Property, or is in
default with respect to any judgment, writ, injunction, decree or order of any Governmental Authority, where such violation or default, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. The
Borrower has obtained each Environmental Permit and other material approval, consent, waiver, exemption, variance, franchise, order, permit, authorization, right or license of or from a Governmental Authority that must be obtained, and FERC has
accepted for filing each rate schedule, agreement or tariff that must be filed, by or on behalf of the Borrower as of the Second Lien Closing Date to operate, maintain, repair, own or use the Project, to sell electricity from the Project or deliver
fuel to the Project, and for Borrower to enter into each Loan Document and to consummate any transaction contemplated thereby, in each case in accordance with all applicable laws; provided, however, that FERC has not yet acted upon the Change in
Status Notice, filed by Borrower on October 7, 2005, in Docket No. ER05-1266-002 
 SECTION 3.10. Agreements.
(a) Schedule 3.10 lists completely and correctly all Material Agreements to which the Borrower is a party. As of the Second Lien Closing Date, no event of force majeure or material default by a counterparty thereto has occurred and is
continuing under any Material Agreement. 
 (b) None of the Borrower or any of the Subsidiaries is a party to any agreement or
instrument, or subject to any corporate restriction, that, individually or in the aggregate, has resulted or could reasonably be expected to result in a Material Adverse Effect. 
 (c) None of the Borrower or any of the Subsidiaries is in default in any manner under any provision of any indenture or other agreement or
instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by which it or any of its properties or assets are or may be bound, where such default, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. 
  

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 SECTION 3.11. Federal Reserve Regulations. (a) None of the Borrower or any of the
Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. 
 (b) No part of the proceeds of any Term Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for purchasing or carrying Margin Stock or for the purpose of
purchasing, carrying or trading in any securities under such circumstances as to involve the Borrower in a violation of Regulation X or to involve any broker or dealer in a violation of Regulation T. No Indebtedness being reduced or retired out of
the proceeds of any Term Loans was or will be incurred for the purpose of purchasing or carrying any Margin Stock. Following the application of the proceeds of the Term Loans, Margin Stock will not constitute more than 25% of the value of the assets
of the Borrower and any Subsidiaries. None of the transactions contemplated by this Agreement will violate or result in the violation of any of the provisions of the Regulations of the Board, including Regulation T, U or X. 
 SECTION 3.12. Investment Company Act. None of the Borrower or any of the Subsidiaries is an “investment company” as defined
in, or subject to regulation under, the Investment Company Act of 1940, as amended. 
 SECTION 3.13. Use of Proceeds. The
Borrower will use the proceeds of the Term Loans solely for the purposes set forth in Schedule 3.13. 
 SECTION 3.14. Tax
Returns. The Borrower and each of the Subsidiaries has timely filed or timely caused to be filed all material Federal, state, local and foreign tax returns or materials required to have been filed by it and all such tax returns are correct and
complete in all material respects. The Borrower and each of the Subsidiaries has timely paid or timely caused to be paid all material Taxes due and payable by it and all assessments received by it, except Taxes that are being contested in good faith
by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, shall have set aside on its books adequate reserves to the extent required under GAAP. The Borrower and each of the Subsidiaries has made adequate provision in
accordance with GAAP for all material Taxes not yet due and payable. No material Lien has been filed, and to the knowledge of the Borrower and each of the Subsidiaries, no claim is being asserted, with respect to any Tax other than Permitted Liens.

 SECTION 3.15. No Material Misstatements. The Borrower has disclosed to the Arranger, the Administrative Agent and the
Lenders all material agreements, instruments and corporate or other restrictions to which the Borrower or any of the Subsidiaries is subject, and all other matters known to any of them, that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. No other written information, report, financial statement, exhibit or schedule furnished by or on behalf of the Borrower or any Subsidiary to the Arranger, the Administrative Agent or any Lender for
use in connection with the transactions contemplated by the Loan Documents or in connection with the negotiation of any Loan Document or included therein or delivered pursuant to such transactions contained or contains (in each case as of the date
of its delivery to the Arranger, the Administrative Agent or any Lender) any material misstatement of fact or omitted or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were or are 

  

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made, not misleading; provided that to the extent any such information, report, financial statement, exhibit or schedule was based upon or constitutes
a forecast or projection, the Borrower represents only that it acted in good faith and utilized reasonable assumptions and due care in the preparation of such information, report, financial statement, exhibit or schedule (it being understood that
any projections delivered by the Borrower are not to be viewed as facts and do not constitute a warranty as to the future performance of the Borrower and that actual results may vary from the projected results). For the avoidance of doubt, all such
information, reports, financial statements, exhibits and schedules shall be deemed re-delivered on the Second Lien Closing Date for purposes of this Section 3.15. 
 SECTION 3.16. Employee Benefit Plans. None of the Borrower or any member of its Controlled Group has a Benefit Plan. 
 SECTION 3.17. Environmental Matters. Except as set forth in Schedule 3.17, as of the Second Lien Closing Date, and except with respect to any other matters that, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, none of the Borrower or any of the Subsidiaries: 
 (a) has
failed to comply with any applicable Environmental Law or to take, in a timely manner, all actions necessary to obtain, maintain, renew and comply with any Environmental Permit, and all such Environmental Permits are in full force and effect and not
subject to any administrative or judicial appeal; 
 (b) has become a party to any governmental, administrative or judicial proceeding
or possesses knowledge of any such proceeding that has been threatened under applicable Environmental Law; 
 (c) has received written
notice of or possesses knowledge of any facts or circumstances that could form the basis for, any Environmental Liability other than those which have been fully and finally resolved and for which no obligations remain outstanding; 
 (d) possesses knowledge that the Site or any other Real Property (i) is subject to any Lien, restriction on ownership, occupancy, or
transferability imposed pursuant to applicable Environmental Law or (ii) contains or previously contained Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in any Environmental
Liability; 
 (e) possess knowledge that there has been a Release or threat of Release of Hazardous Materials at or from the Site or any
other Real Property in violation of, or in amounts or in a manner that could result in an Environmental Liability; 
 (f) possesses
knowledge of any facts, circumstances, conditions or occurrences in respect of the Project, the Site or any other Real Property that could interfere with or prevent continued compliance with applicable Environmental Laws by the Borrower or the
Subsidiaries; or 
 (g) has assumed the Environmental Liability for any Person pursuant to any order, decree or judgment by which it is
bound. 
  

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 SECTION 3.18. Insurance. Schedule 3.18 sets forth a true, complete and correct
description of all insurance maintained by or on behalf of the Borrower and the Subsidiaries as of the Second Lien Closing Date. As of the Second Lien Closing Date, such insurance is in full force and effect and all premiums are current. The
Borrower and any Subsidiaries are insured by reputable insurers and such insurance is in such amounts and covering such risks and liabilities (and with such deductibles, retentions and exclusions) as are in accordance with normal and prudent
industry practice. None of the Borrower or any Subsidiary (a) has received notice from any insurer (or any agent thereof) that substantial capital improvements or other substantial expenditures will have to be made in order to continue such
insurance or (b) has any reason to believe that it will not be able to renew its existing coverage as and when such coverage expires or to obtain similar coverage from similar insurers at a substantially similar cost. 
 SECTION 3.19. Security Documents. (a) The Guarantee and Collateral Agreement is effective to create in favor of the Collateral
Agent, for the ratable benefit of the Secured Parties, a legal, valid, binding and enforceable security interest in the Collateral described therein and proceeds thereof and (i) in the case of the Pledged Collateral, upon the earlier of
(A) when such Pledged Collateral is delivered to the Collateral Agent and (B) when financing statements in appropriate form are filed in the offices specified on Schedule 3.19(a) and (ii) in the case of all other Collateral described
therein (other than Intellectual Property Collateral (except to the extent that Article 9 of the UCC is applicable to the perfection of Liens therein), deposit accounts and other Collateral that may not be perfected solely by filing a financing
statement), when financing statements in appropriate form are filed in the offices specified on Schedule 3.19(a), the Lien created under the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all
right, title and interest of the Secured Parties in such Collateral and proceeds thereof, as security for the Obligations, in each case prior and superior to the rights of any other person (except, in the case of all Collateral other than Pledged
Collateral, for Permitted Liens and except, in the case of Pledged Collateral, for non-consensual Permitted Liens). 
 (b) The Pledge
and Security Agreement is effective to create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid, binding and enforceable security interest in the Collateral described therein and proceeds thereof and in
the case of the Pledged Equity Interest (as such term is used in the Pledge and Security Agreement). Upon filing of a financing statement in office of the Secretary of State of the State of Delaware, the Lien created under the Pledge and Security
Agreement shall constitute a perfected Lien on, and security interest in that portion of the Pledged Equity Interest (as such term is used in the Pledge and Security Agreement) in which a security interest may be perfected by filing a financing
statement in such office in Delaware, and proceeds thereof, as security for the Obligations, in each case prior and superior to the rights of any other person, except Permitted Liens that are contractually or by operation of law pari passu or
prior to the security interest that may be perfected by the filing described in this paragraph (“Permitted Prior Liens”). 
 (c) The Mortgage is effective to create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid, binding and enforceable Lien on, and security interest in, all of the Loan Parties’ right,
title and interest in and to the Site and the other Mortgaged Property thereunder and proceeds thereof, and when such Mortgage is filed or recorded in the applicable filing or recording office, such Mortgage shall constitute a fully perfected Lien
on, and security interest in, all right, title and interest of the grantors thereof in such Mortgaged Property and proceeds thereof, as security for the Obligations, in each case prior and superior in right to any other person (except for Permitted
Prior Liens). 
  

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 (d) The Control Agreements are effective to create in favor of the Collateral Agent, for the ratable
benefit of the Secured Parties, a legal, valid, binding and enforceable Lien on, and security interest in, all of the Loan Parties’ right, title and interest in and to each deposit account or securities account of a Loan Party and proceeds
thereof, as security for the Obligations, in each case prior and superior to the rights of any other person (except, in the case of all Collateral other than Pledged Collateral, for Permitted Liens and except, in the case of Pledged Collateral, for
non-consensual Permitted Prior Liens). 
 SECTION 3.20. Labor Matters. As of the Second Lien Closing Date, there are no
strikes, lockouts or slowdowns against the Borrower or any Subsidiary pending or, to the knowledge of the Borrower, threatened. Except as set forth on Schedule 3.20, the hours worked by and payments made to employees of the Borrower and the
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters. All payments due from the Borrower or any Subsidiary, or for which any claim may be made
against the Borrower or any Subsidiary, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of the Borrower or such Subsidiary. The consummation of the Transactions
will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which the Borrower or any Subsidiary is bound. 
 SECTION 3.21. Liens. As of the Second Lien Closing Date, there are no Liens of any nature whatsoever on any of the properties or assets
of the Borrower or any of the Subsidiaries (other than, in the case of Equity Interests in the Borrower and the Subsidiaries, the Liens in respect of the this Agreement and non-consensual Permitted Liens and, in the case of all properties or assets
other than Equity Interests in the Borrower and the Subsidiaries, Permitted Liens). 
 SECTION 3.22. Intellectual Property.
The Borrower and each of the Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and the Subsidiaries does not
infringe upon the rights of any other person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.23. Solvency. Immediately after the consummation of the Transactions to occur on the Second Lien Closing Date and immediately
following the making of each Term Loan and after giving effect to the application of the proceeds of each Term Loan, (a) the fair value of the assets of each Loan Party, at a fair valuation, will exceed its debts and liabilities, subordinated,
contingent or otherwise; (b) the present fair saleable value of the property of each Loan Party will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities become absolute 
  

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and matured; (c) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities
become absolute and matured; and (d) no Loan Party will have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted following the Second Lien
Closing Date. 
 SECTION 3.24. Energy Regulation. 
 (a) The Borrower is not deemed by any Governmental Authority to be subject to financial, organizational or rate regulation as an “electric
utility,” “electric corporation,” “electrical company,” “gas utility,” “steam company,” “steam utility,” “public-utility company,” “public utility” or “holding
company,” “water utility,” “public service company” or similar entity under any law of the United States, any state or any political subdivision of the United States or any state, as such laws exist as of the Restatement
Date, except that the Borrower (i) is a “public utility” and an “electric utility” under the FPA that has been granted market-based rate authorization by FERC under the FPA and an Exempt Wholesale Generator as defined in
PUHCA 2005, and is subject to regulation under the FPA, and (ii) may be a “public-utility holding company” and an “electric utility company” under PUHCA 2005, and (iii) is a “public utility” under the
Pennsylvania state public utility law, and may be subject to regulation under the Pennsylvania state law as a “public utility”, except as to the rates, terms and conditions of wholesale power sales from the Project which rates, terms and
conditions are not themselves subject to regulation under Pennsylvania state public utility law (as such law is interpreted and applied by applicable judicial and administrative bodies). 
 (b) None of the Lenders will be, solely by reason of (i) the making of any Term Loan, (ii) the securing of the Obligations by Liens on the
Collateral or (iii) any other transaction contemplated by any Loan Document and without regard to any other activity of such Lender, deemed by any Governmental Authority to be, subject to regulation as, an “electric utility,”
“electric corporation,” “electrical company,” “gas utility,” “steam company,” “steam utility,” “public-utility company,” “public utility” or “holding company,”
“water utility,” “public service company” or similar entity under any law of the United States, any state or any political subdivision of the United States or any state, as such laws exist as of the Second Lien Closing Date;
provided that the foregoing shall not apply upon the exercise by any Lender of its remedies under any Loan Document. 
 (c) None
of the Lenders will be, solely by reason of ownership or operation of the Project upon the exercise of its remedies under any Loan Document, and without regard to any other activity of any Lender, deemed by any Governmental Authority to be subject
to financial, organizational or rate regulation as an “electric utility,” “electric corporation,” “electrical company,” “gas utility,” “steam company,” “steam utility,” “public-utility
company,” “public utility” or “holding company,” “water utility,” “public service company” or similar entity under any law of the United States, any state or any political subdivision of the United States
or any state, as such laws exist as of the Second Lien Closing Date, except that (i) if a Lender assumes direct ownership or operation of the Project the Lender would be (A) a “public utility” and an “electric utility”
under the FPA, subject to regulation under the FPA and required to demonstrate its continuing qualification for market-based rate authorization by FERC under the FPA and (B) a “public utility” under the Pennsylvania state public
utility law, and may be subject to regulation under the Pennsylvania state law as a “public utility”, except as to the rates, terms and conditions of wholesale power sales from the Project which rates, terms and conditions are not
themselves 

  

 44 

 
subject to regulation under Pennsylvania state public utility law (as such law is interpreted and applied by applicable judicial and administrative bodies);
and (ii) if a Lender assumes ownership of the Borrower, the Lender may be subject to regulation under certain sections of the FPA, including Section 301(c), and the Borrower will be required to demonstrate its continuing qualification for
market-based rate authorization by FERC under the FPA. 
 SECTION 3.25. Sufficiency of Material Agreements. Other than those
that can be reasonably expected to be commercially available when and as required, the services to be performed, the materials to be supplied and the real property interests, the Easements and other rights granted, or to be granted, pursuant to the
Material Agreements in effect as of the Second Lien Closing Date: 
 (a) comprise all of the property interests necessary to secure any
right material to the ownership, operation and maintenance of the Project in accordance with all legal requirements, all without reference to any proprietary information not owned by or available to Borrower; 
 (b) are sufficient to enable the Project to be located and operated on the Site and the Easements; and 
 (c) provide adequate ingress and egress from the Site for any reasonable purpose in connection with the operation of the Project. 
 There are no services, materials or rights required for operation and maintenance of the Project in accordance with the Material Agreements and the assumptions that form
the basis of projections delivered pursuant to Section 4.01(l) hereof, other than those (i) to be provided under the Material Agreements as in effect on the Second Lien Closing Date or (ii) that can reasonably be expected to be
commercially available at or for delivery to the Site on commercially reasonable terms consistent with such projections. 
 SECTION 3.26. Utilities. All utility services necessary for the operation of the Project consistent with the projections delivered pursuant to Section 4.01(l) hereof are available at the Project or can reasonably be
expected to be so available as and when required upon commercially reasonable terms consistent with such projections. 
 SECTION 3.27. Other Facilities. Borrower possesses, or the counterparties to the Material Agreements in effect on the Second Lien Closing Date pursuant to which interconnection facilities will be operated for the benefit of
the Project, possess and are obligated to provide or make available to Borrower, all necessary easements, rights of way, licenses, agreements and other rights for the construction, interconnection and utilization of the interconnection facilities
(including fuel, water, wastewater and electrical) except for such that would not otherwise cause a Material Adverse Effect. 
 SECTION 3.28. Subdivision. The Site has been subdivided or entitled to exception therefrom, and for all purposes the Site may be mortgaged, conveyed and otherwise dealt with as separate legal lots or parcels. 
  

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 ARTICLE IV. 
 Conditions of Lending 
 The obligations of the Lenders to make Term Loans are subject to the
satisfaction of the following conditions: 
 SECTION 4.01. Conditions. On the Second Lien Closing Date: 
 (a) The Administrative Agent shall have received, on behalf of itself and the Lenders, a favorable written opinion of (i) Dewey Ballantine LLP,
counsel for the Borrower and other Loan Parties, substantially to the effect set forth in Exhibit J-1 and (ii) Blank Rome LLP Pennsylvania local counsel for the Administrative Agent, substantially to the effect set forth in Exhibit J-2, each
(A) dated the Second Lien Closing Date, (B) addressed to the Administrative Agent, the Arranger, the Syndication Agent and the Lenders and (C) covering such matters relating to the Loan Documents and the Transactions as the Arranger
or the Administrative Agent shall reasonably request and which are customary for transactions of the type contemplated herein, and the Borrower and the other Loan Parties hereby request such counsel to deliver such opinion. 
 (b) The Administrative Agent shall have received (i) a copy of the certificate or articles of incorporation or other formation documents,
including all amendments thereto, of the Pledgor and of each Loan Party, certified as of a recent date by the Secretary of State of the state of its organization, and a certificate as to the good standing of the Pledgor and of each Loan Party as of
a recent date, from such Secretary of State; (ii) a certificate of the Secretary or Assistant Secretary of the Pledgor and of each Loan Party dated the Second Lien Closing Date and certifying (A) that attached thereto is a true and
complete copy of the LLC Agreement of such Pledgor or Loan Party, as applicable, as in effect on the Second Lien Closing Date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that
attached thereto is a true and complete copy of resolutions duly adopted by the members of such Pledgor or Loan Party, as applicable, authorizing the execution, delivery and performance of the Loan Documents to which such person is a party, in the
case of the Borrower, the borrowings hereunder, in the case of each Pledgor or Loan Party, as applicable, the granting of the Liens contemplated to be granted by it under the Security Documents and, in the case of each Subsidiary Guarantor, if any,
the Guaranteeing of the Obligations as contemplated by the Guarantee and Collateral Agreement, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of
incorporation or other formation documents of such Pledgor or Loan Party, as applicable, have not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (i) above and
(D) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Pledgor or Loan Party, as applicable; (iii) a certificate of another
officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to (ii), which shall be incorporated in the certificate of the Secretary or Assistant Secretary noted above; and
(iv) such other documents as the Administrative Agent, the Arranger or the Lenders may reasonably request. 
  

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 (c) The Administrative Agent shall have received a certificate, dated the Second Lien Closing Date
and signed by a Responsible Officer of the Borrower, confirming compliance with the conditions precedent set forth in paragraphs (p) and (q) of this Section. 
 (d) The Administrative Agent shall have received (i) this Agreement, executed and delivered by a duly authorized officer of each of the Borrower, (ii) the Guarantee and Collateral Agreement, executed
and delivered by a duly authorized officer of each of the Borrower and each Subsidiary Guarantor, (iii) the Pledge and Security Agreement executed by the parties thereto, (iv) the Intercreditor Agreement executed by the parties thereto,
(v) the Lien Subordination Agreement executed by the parties thereto (including a joinder thereto executed by U.S. Bank National Association, the Collateral Agent and the First Lien Collateral Agent), (vi) if requested by any Lender
pursuant to Section 2.04, a promissory note or notes conforming to the requirements of such Section and executed and delivered by a duly authorized officer of the Borrower and (vii) a Lender Addendum executed and delivered by each Lender
and accepted by the Borrower. 
 (e) The Collateral Agent, for the ratable benefit of the Secured Parties, shall have been granted on
the Second Lien Closing Date second priority perfected Liens on the Collateral (subject to, in the case of all Collateral other than Pledged Collateral, only to Permitted Liens and, in the case of Pledged Collateral other than the Equity Interests
in the Borrower to non-consensual Permitted Liens), subject, in each case, to any applicable filing or recording requirements. The Pledged Collateral shall have been duly and validly pledged under the Guarantee and Collateral Agreement or the Pledge
and Security Agreement, as applicable, to the Collateral Agent, for the ratable benefit of the Secured Parties, and certificates representing such Pledged Collateral, accompanied by instruments of transfer and stock powers endorsed in blank, shall
be in the actual possession of the Collateral Agent. 
 (f) The Collateral Agent shall have received a duly executed Perfection
Certificate dated on or prior to the Second Lien Closing Date. The Collateral Agent shall have received the results of a recent Lien and judgment search in each relevant jurisdiction with respect to the Pledgor, the Borrower and those of the
Subsidiaries that shall be Subsidiary Guarantors or shall otherwise have assets that are included in the Collateral, and such search shall reveal no Liens on any of the assets of the Borrower or any of such Subsidiaries except, in the case of
Collateral other than Pledged Collateral, for Permitted Liens and except for Liens to be discharged on or prior to the Second Lien Closing Date pursuant to documentation reasonably satisfactory to the Collateral Agent. 
 (g) After giving effect to the Transactions and the other transactions contemplated hereby, the Borrower shall have outstanding no Indebtedness or
preferred stock other than (i) the Term Loans, (ii) the First Lien Term Loans and (iii) other limited Indebtedness satisfactory to the Arranger and the Administrative Agent and set forth on Schedule 6.01(a). 
 (h) The Arranger and the Administrative Agent shall have received unaudited financial statements of the Borrower for the fiscal year ending
December 31, 2005 and the fiscal quarter ending March 31, 2006. 
  

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 (i) The Arranger and the Administrative Agent shall have received projections of the Borrower for
the years 2006 through 2009, in form and substance reasonably satisfactory to the Administrative Agent. 
 (j) The Arranger and the
Administrative Agent shall have received a certificate from a Responsible Officer of the Borrower certifying that the Borrower is solvent, after giving effect to the Transactions and the other transactions contemplated hereby (as measured by the
tests described in Section 3.23). 
 (k) All governmental and (to the extent such consent could be material) third party consents
and approvals with respect to the Transactions to the extent required shall have been obtained, all applicable appeal periods shall have expired and there shall be no litigation, governmental, administrative or judicial action, actual or threatened,
that could reasonably be expected to restrain, prevent or impose materially burdensome conditions on the Transactions or the other transactions contemplated hereby. 
 (l) The Arranger and the Administrative Agent shall have received, at least three Business Days prior to the Second Lien Closing Date, all documentation and other information required by regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act. 
 (m) The
Administrative Agent shall have received (and shall provide to each of the Arranger and the Collateral Agent where appropriate) evidence that insurance required by Section 5.02 is in effect including the receipt of the insurance certificates
required by the Guarantee and Collateral Agreement; such certificates shall name the Collateral Agent as the loss payee for the benefit of the Secured Parties, their successors and assigns. 
 (n) The Borrower shall have paid to the Arranger and the Administrative Agent any and all fees and expenses thereof that are due and owing as of the
Second Lien Closing Date in connection with the Transactions. 
 (o) The Administrative Agent shall have received a notice of such
Borrowing as required by Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.03). 
 (p) The representations and warranties set forth in each Loan Document shall be true and correct in all material respects on and as of the Second Lien Closing Date, except to the extent such representations and warranties expressly
relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects on and as of such earlier date. 
 (q) At the time of and immediately after the Second Lien Closing Date, no Default or Event of Default shall have occurred and be continuing. 
 (r) The Administrative Agent shall have received the Title Policy, which shall provide for insurance, effective as of the Second Lien Closing Date,
and shall otherwise be in form and substance satisfactory to the Administrative Agent. 
  

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 (s) The Administrative Agent shall have received a copy of an order issued by FERC authorizing
Borrower to sell electricity at market-based rates. 
 (t) The Administrative Agent shall have received reasonably satisfactory evidence
that all potable water, sewer, telephone, electric and all other utility services necessary for the ownership, operation and maintenance of the Project are either contracted for, or readily available on commercially reasonable terms, at the Project.

 (u) The Administrative Agent shall have received a copy of the Survey and such Survey shall be in form and substance reasonably
satisfactory to the Administrative Agent. 
 (v) The Borrower shall have received proceeds of the First Lien Term Loans in the amount of
$100,000,000. 
 ARTICLE V. 
 Affirmative Covenants 
 The Borrower covenants and agrees with each Lender that so long as this Agreement shall remain in
effect and until the Term Loan Commitments have been terminated and the principal of and interest on each Term Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full, the Borrower will, and will
cause each of the Subsidiaries to: 
 SECTION 5.01. Existence; Businesses And Properties. (a) Do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate legal existence and its rights and material franchises, except as otherwise expressly permitted under Section 6.05. 
 (b) Continue to conduct its business in substantially the manner in which it is presently conducted or as otherwise permitted hereunder, comply in
all material respects with all applicable laws, rules, regulations and decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted, except to the extent that the failure to comply, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect; comply in all material respects with the terms of, and enforce its rights under, each Material Agreement so as to not permit any material uncured default on its part to exist
thereunder; and at all times maintain and preserve the Project and all other property used or useful in the conduct of such business and keep such property in good repair, working order and condition in all material respects (taking into
consideration ordinary wear and tear) and from time to time make, or cause to be made, all needful and proper repairs, improvements and replacements thereto consistent with industry practices. 
 SECTION 5.02. Insurance. (a) . Keep the Project adequately insured at all times by reputable insurers; maintain such other
insurance, to such extent and against such risks (and with such deductibles, retentions and exclusions), as is customary with companies in the same or similar businesses; maintain such other insurance as may be required by law; at the request of the
Collateral Agent, name the Collateral Agent as a “loss payee” in respect of property insurance and an “additional insured” in respect of other insurances; and maintain all insurance in effect as of the Second Lien Closing Date as
set forth in Schedule 3.18. 
  

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 SECTION 5.03. Obligations And Taxes. Pay its Material Indebtedness and other material
obligations promptly and in accordance with their terms and pay and discharge promptly when due all material taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, before
the same shall become delinquent or in default; provided, however, that such payment and discharge shall not be required with respect to any such material tax, assessment, charge, levy or claim so long as the validity or amount thereof
shall be contested in good faith by appropriate proceedings and the Borrower or the applicable Subsidiary shall have set aside on its books adequate reserves with respect thereto to the extent required under GAAP. 
 SECTION 5.04. Financial Statements, Reports, etc. In the case of the Borrower, furnish to the Administrative Agent for distribution to
each Lender: 
 (a) within 120 days after the end of each fiscal year through the Term Loan Maturity Date, its consolidated balance
sheet and related statements of income, stockholders’ equity and cash flows showing the financial condition of the Borrower and its consolidated subsidiaries as of the close of such fiscal year and the results of its operations during such
year, together with comparative figures for the immediately preceding fiscal year, if applicable, all audited by independent public accountants of recognized national standing (or as otherwise approved by the Administrative Agent in its reasonable
discretion) and accompanied by an opinion of such accountants (which shall not be qualified in any material respect) to the effect that such consolidated financial statements fairly present the financial condition and results of operations of the
Borrower and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
 (b) within
60 days after the end of each of the first three fiscal quarters of each fiscal year through the Term Loan Maturity Date, its consolidated balance sheet and related statements of income, stockholders’ equity and cash flows showing the
financial condition of the Borrower and its consolidated subsidiaries as of the close of such fiscal quarter and the results of its operations and the operations of such subsidiaries during such fiscal quarter and the then elapsed portion of the
fiscal year, and, in each case, comparative figures for the same periods in the immediately preceding fiscal year, all certified by one of its Financial Officers as fairly presenting the financial condition and results of operations of the Borrower
and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; 
 (c) (i) concurrently with any delivery of financial statements under paragraph (a) above, a certificate of a Financial Officer certifying
that no Default or Event of Default has occurred or, if such a Default or Event of Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and, in the case of a
certificate delivered with the financial statements required by paragraph (a) above, setting forth the Borrower’s calculation of Excess Cash Flow and (ii) concurrently with any delivery of the annual financial statements with respect
to the preceding fiscal year pursuant to paragraph (a) above, deliver to the Administrative Agent a certificate of a Financial Officer setting forth the information required pursuant to Section I of the Perfection Certificate or confirming that
there has been no change in such information since the date of the Perfection Certificate delivered on the Second Lien Closing Date or the date of the most recent certificate delivered pursuant to this Section; 
  

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 (d) promptly, but in no event later than ten (10) Business Days after the existence of any of
the following conditions, a duly executed certificate of a Responsible Officer of Borrower specifying in detail the nature of such condition and Borrower’s proposed response thereto: (a) the receipt by Borrower of any written communication
from a Governmental Authority that alleges that Borrower is not in compliance in any material respect with any material Environmental Law; or (b) Borrower shall obtain knowledge of any event that could form the basis of an Environmental
Liability that could reasonably be expected to have a Material Adverse Effect; 
 (e) copies of all notices of material breach or
violation given or received by Borrower pursuant to any of the Material Agreements other than routine correspondences, given or received in the ordinary course of business relating to routine aspects of financing, operating, maintaining or using the
Project; 
 (f) promptly after the receipt thereof by the Borrower, copies of any Permit obtained by Borrower or any other Person after
the Second Lien Closing Date; and 
 (g) promptly, from time to time, such other information regarding the operations, business affairs
and financial condition of the Borrower or any Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent, the Arranger or any Lender may reasonably request, including with respect to applicable “know your
customer” and anti-money laundering rules and regulations (including the Patriot Act). 
 SECTION 5.05. Litigation and
Other Notices. Furnish to the Administrative Agent (for distribution to each Lender) written notice of the following promptly after any Responsible Officer obtains knowledge thereof: 
 (a) any Default or Event of Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken with
respect thereto; 
 (b) the filing or commencement of, or any written threat or notice of intention of any person to file or commence,
any action, suit or proceeding, whether at law or in equity or by or before any arbitrator or Governmental Authority, against the Borrower or any Subsidiary that could reasonably be expected to result in a Material Adverse Effect; 
 (c) the occurrence of any ERISA Event described in clause (b) of the definition thereof or any other ERISA Event that, alone or together with
any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and the Subsidiaries in an aggregate amount exceeding $2,500,000; and 
 (d) any development that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect. 
 SECTION 5.06. Information Regarding Collateral. Furnish to each of the Administrative Agent and the Collateral Agent prompt written
notice of any change (a) in any 
  

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Loan Party’s corporate name or in any trade name used to identify it in the conduct of its business or in the ownership of its properties, (b) in
the location of any Loan Party’s chief executive office or, if different, its principal place of business, any office in which it maintains books or records relating to material Collateral owned by it or any office or facility at which material
Collateral owned by it is located (including the establishment of any such new office or facility), (c) in any Loan Party’s identity or corporate structure or (d) in any Loan Party’s Federal Taxpayer Identification Number. The
Borrower also agrees promptly to notify each of the Administrative Agent and the Collateral Agent if any material portion of the Collateral is damaged or destroyed. 
 SECTION 5.07. Maintaining Records; Access to Properties and Inspections; Environmental Assessments. (a) Keep proper books of record and account with respect to its business activities in which
proper entries in conformity with GAAP are made of all financial transactions. The Borrower will, and will cause each of the Subsidiaries to, during normal business hours, from time to time upon three Business Days’ prior notice, unless a
Default or Event of Default shall be continuing, and as frequently as the Administrative Agent reasonably determines to be appropriate, permit the Administrative Agent or any Lender, in each case, at the expense of the Administrative Agent or such
Lender, respectively, to visit and inspect the financial records and the properties of the Borrower, as the case may be, or any of the Subsidiaries and to make extracts from and copies of such financial records, and permit any representatives
designated by the Administrative Agent or any Lender (acting through the Administrative Agent), in each case, at the expense of the Administrative Agent or such Lender, respectively, to discuss the affairs, finances and condition of the Borrower, as
the case may be, or any of the Subsidiaries with the officers thereof and independent accountants therefor. 
 (b) In the event that the
Administrative Agent or any Lender reasonably believes that Hazardous Materials have been Released or are threatened to be Released on or from any Real Property or other facility of the Borrower or the Subsidiaries or that any such property or
facility is not being operated in material compliance with applicable Environmental Law, the Administrative Agent may, at its election and after reasonable notice to the Borrower, retain an independent engineer or other qualified environmental
consultant to evaluate whether Hazardous Materials are present in the soil, groundwater, or surface water at such Real Property or facility or whether the facilities or properties are being operated and maintained in compliance with applicable
Environmental Laws. Such environmental assessments may include detailed visual inspections of the Real Property or facility, including any and all storage areas, storage tanks, drains, dry wells and leaching areas, and the taking of soil samples,
surface water samples and groundwater samples as well as such other reasonable investigations or analyses as are necessary. The scope of any such environmental assessments under this paragraph shall be determined in the reasonable discretion of the
Administrative Agent. The Borrower shall, and shall cause each of the Subsidiaries to, cooperate in the performance of any such environmental assessment and permit any such engineer or consultant designated by the Administrative Agent to have full
access to each property or facility at reasonable times and after reasonable notice to the Borrower of the plans to conduct such an environmental assessment. All environmental assessments conducted pursuant to this paragraph shall be at the
Borrower’s sole cost and expense. 
  

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 SECTION 5.08. Use of Proceeds. Use the proceeds of the Term Loans for the purposes set
forth in Section 3.13. 
 SECTION 5.09. Additional Collateral, etc. (a) With respect to any Collateral acquired
after the Second Lien Closing Date by the Borrower or any other Loan Party (other than any Collateral described in paragraphs (b), (c) or (d) of this Section and other than the PJM Receivables) as to which the Collateral Agent, for the
benefit of the Secured Parties, does not have a first priority perfected security interest (subject to any Permitted Liens), promptly (and, in any event, within 10 days following the date of such acquisition or such latter date approved by the
Administrative Agent), (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other Security Documents as the Collateral Agent deems necessary or advisable
to grant to the Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable to grant to, or continue on behalf of, the Collateral Agent, for the benefit of
the Secured Parties, a perfected first priority security interest in such Collateral (subject to Permitted Liens), including the execution and delivery of a Control Agreement with respect to each deposit account or securities account that is
established by a Loan Party after the Second Lien Closing Date. 
 (b) With respect to any fee interest in any Collateral consisting of
material Real Property (as reasonably determined by the Administrative Agent) acquired after the Second Lien Closing Date by the Borrower or any other Loan Party, promptly (and, in any event, within 30 days following the date of such acquisition or
such latter date approved by the Administrative Agent) (i) if and to the extent reasonably requested by the Administrative Agent, execute and deliver a first priority Mortgage or amendments or modifications to Mortgages (in each case, subject
to Permitted Liens) in favor of the Collateral Agent, for the benefit of the Secured Parties, covering such real property and complying with the provisions herein and in the Security Documents along with any related financing statements so
requested, (ii) if and to the extent reasonably requested by the Administrative Agent, provide the Secured Parties with title insurance or comparable endorsements or supplements to the Title Policy, in an amount at least equal to the purchase
price of such Real Property (or such lesser amount as reasonably agreed to by the Administrative Agent), which may be subject, in each case, to Permitted Liens (which, in the case of Permitted Liens described in clause (c) of Section 6.02,
shall be reasonably acceptable to the Administrative Agent), (iii) if requested by the Administrative Agent, deliver to the Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions
shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent and (iv) deliver to the Administrative Agent a notice identifying, and upon the Administrative Agent’s request,
provide a copy of, the consultant’s reports, environmental site assessments or other documents, in each case, to the extent available to, and relied upon by, the Borrower or any other Loan Party to determine that any such real property included
in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in a material Environmental Liability. 
 (c) With respect to any Subsidiary created or acquired after the Second Lien Closing Date by the Borrower or any of the Subsidiaries in accordance
with Section 6.12, promptly (and, in any event, within 20 days following such creation or the date of such acquisition or such latter 

  

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date approved by the Administrative Agent) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee
and Collateral Agreement as the Administrative Agent or the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a valid, perfected first priority security interest in the Equity
Interests in such new Subsidiary that are owned by the Borrower or any of the Subsidiaries, (ii) deliver to the Collateral Agent the certificates, if any, representing such Equity Interests, together with undated stock powers, in blank,
executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be and (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement (and provide Guarantees of the
Obligations) and (B) to take such actions necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Permitted Liens) in the Collateral described in
the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office and the filing of UCC financing statements in
such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent or the Collateral Agent. 
 SECTION 5.10. Further Assurances. From time to time duly authorize, execute and deliver, or cause to be duly authorized, executed and delivered, such additional instruments, certificates, financing
statements, agreements or documents, and take all such actions (including filing UCC and other financing statements), as the Administrative Agent or the Collateral Agent may reasonably request, for the purposes of implementing or effectuating the
provisions of this Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights of the Administrative Agent, the Collateral Agent and the Secured Parties with respect to the Collateral (or with respect to any additions
thereto or replacements or proceeds or products thereof or with respect to any other property or assets hereafter acquired by the Borrower, the Borrower or any Subsidiary which may be deemed to be part of the Collateral) pursuant hereto or thereto.
Upon the exercise by the Administrative Agent, the Collateral Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval, recording, qualification or
authorization of any Governmental Authority, the Borrower will execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Administrative Agent, the
Collateral Agent or such Lender may be required to obtain from the Borrower or any of the Subsidiaries for such governmental consent, approval, recording, qualification or authorization. 
 SECTION 5.11. Miscellaneous Business Covenants. The Borrower shall and shall cause each of the Subsidiaries to: (a) maintain entity
records and books of account separate from those of any other entity; (b) not commingle its funds or assets with those of any other entity, and (c) provide that the board of directors or other analogous governing body of such entity will
hold all appropriate meetings to authorize and approve such entity’s actions. 
 SECTION 5.12. Material agreements.
Furnish to the Administrative Agent a copy of any material agreement entered into after the Second Lien Closing Date. 
  

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 SECTION 5.13. Collateral assignment. With respect to any material agreement entered into
after the Second Lien Closing Date, use commercially reasonable efforts to include in each such material agreement a provision allowing for the collateral assignment of the agreement to the Administrative Agent. 
 SECTION 5.14. Payments Under Gas Supply Contract. Furnish to the Administrative Agent on or prior to the last calendar day of each
month, a certificate of a Responsible Officer setting forth (a) amounts invoiced under all Gas Supply Contracts for the prior calendar month and (b) the aggregate PJM Receivable for the prior calendar month. 
 SECTION 5.15. Compliance with FPA AND PUHCA 2005. The Borrower shall take or cause to be taken all necessary or appropriate actions so
that Borrower and the Project remain in compliance with the requirements of the FPA and the Public Utility Holding Company Act of 2005, and all regulations thereunder, except to the extent any such non-compliance would not result in a Material
Adverse Effect. 
 ARTICLE VI. 
 Negative Covenants 
 The Borrower covenants and agrees with each Lender that, so long as this Agreement shall remain in
effect and until the Term Loan Commitments have been terminated and the principal of and interest on each Term Loan, all Fees and all other expenses or amounts payable under any Loan Document have been paid in full, the Borrower will not, nor will
it cause or permit any of the Subsidiaries to: 
 SECTION 6.01. Indebtedness; Preferred Stock. Incur, create, issue, assume or
permit to exist any preferred stock or any Indebtedness, except: 
 (a) Indebtedness existing on the Second Lien Closing
Date and set forth in Schedule 6.01(a); 
 (b) Indebtedness created hereunder and under the other Loan
Documents; 
 (c) Indebtedness of the Borrower or any Subsidiary incurred to finance the improvement of the Project, and
any Permitted Refinancing Indebtedness in respect of any such Indebtedness; provided that (i) such original Indebtedness is incurred prior to or within 90 days after the completion of such improvement and (ii) the aggregate
principal amount of Indebtedness permitted by this Section 6.01(c), when combined with the aggregate principal amount of all Capital Lease Obligations incurred pursuant to Section 6.01(d), shall not exceed $2,500,000 at any time
outstanding; 
 (d) purchase money Indebtedness and Capital Lease Obligations of the Borrower or any Subsidiary in an
aggregate principal amount, when combined with the aggregate principal amount of all Indebtedness incurred pursuant to Section 6.01(c), not exceeding $2,500,000 at any time outstanding; 
  

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 (e) Indebtedness in respect of the First Lien Credit Agreement in an aggregate
principal amount of up to $100,000,000 at any time outstanding, less the amount of any principal payments made thereon after the date of initial funding which are accompanied by a permanent reduction in the commitments thereunder, and any Permitted
Refinancing Indebtedness in respect of such Indebtedness (which shall be limited to the then outstanding principal amount thereof); 
 (f) Indebtedness under performance bonds or with respect to workers’ compensation claims, in each case incurred in the ordinary course of business; 
 (g) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
inadvertently drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is promptly covered by the Borrower or any Subsidiary; 
 (h) Indebtedness secured by Liens permitted under Section 6.02(q); 
 (i) unsecured Indebtedness of the Borrower arising from obligations to pay Affiliate Credit Support Reimbursement Amounts so long as
such Indebtedness is subordinated to the Obligations pursuant to an Affiliate Subordination Agreement; and 
 (j) other
unsecured Indebtedness of the Borrower or the Subsidiaries in an aggregate principal amount not exceeding $2,500,000 at any time outstanding. 
 SECTION 6.02. Liens. Create, incur, assume or permit to exist any Lien on any property or assets (including Equity Interests or other securities of any person, including any Subsidiary) now owned or hereafter acquired by it
or on any income or revenues or rights in respect of any thereof, except the following (each a “Permitted Lien”): 
 (a) Liens on property or assets of the Borrower and the Subsidiaries existing on the Second Lien Closing Date and set forth in Schedule 6.02; provided that such Liens shall secure only those obligations which they secure on
the Second Lien Closing Date and refinancings, extensions, renewals and replacements thereof permitted hereunder; 
 (b) any Lien created under the Loan Documents; 
 (c) Title Exceptions, easements, rights of way, zoning
restrictions, restrictions on use of real property and other similar encumbrances incurred in the ordinary course of business and other minor defects as irregularities in title (including leasehold title) existing on any property or asset prior to
the acquisition thereof by the Borrower or any Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition and (ii) such Lien does not materially interfere with the ordinary
conduct of the business of the Borrower and the Subsidiaries; 
 (d) Liens for taxes or assessments or other governmental
charges (including sewer and water charges) not yet delinquent or which are being contested in compliance with Section 5.03; 
  

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 (e) inchoate and unperfected workers’, suppliers’, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other similar liens or possessory liens arising in the ordinary course of business and securing obligations that are not due and payable or which are being contested in
compliance with Section 5.03; 
 (f) pledges or deposits securing statutory obligations under workmen’s
compensation, unemployment insurance, social security laws or regulations or public liability laws or similar legislation (excluding Liens under ERISA); 
 (g) pledges or deposits to secure the performance of bids, tenders, contracts (other than for the payment of money), leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature incurred in the ordinary course of business in an aggregate amount not in excess of $2,500,000; 
 (h) deposits securing, or in lieu of, surety, appeal or customs bonds in proceedings to which any Loan Party is a party in an aggregate amount not in excess of $2,500,000; 
 (i) purchase money security interests (including in connection with Capital Lease Obligations) in real property, improvements thereto
or other fixed or capital assets hereafter acquired (or, in the case of improvements, constructed) by the Borrower or any Subsidiary; provided that (i) such security interests secure Indebtedness permitted by Section 6.01,
(ii) such security interests are incurred, and the Indebtedness secured thereby is created, within 90 days after such acquisition (or construction) and (iii) such security interests do not apply to any other property or assets of the
Borrower or any Subsidiary; 
 (j) any attachment or judgment Liens not constituting an Event of Default under Article
VII; 
 (k) any interest or title of a lessor or sublessor under any lease entered into by the Borrower or any of its
Subsidiaries in the ordinary course of business and covering only the assets so leased; 
 (l) Liens on the Collateral
securing obligations in an aggregate amount not in excess of $100,000,000 under the First Lien Credit Agreement or any refinancing thereof permitted hereunder and having the same priority of Liens afforded thereto; 
 (m) Liens arising from precautionary UCC financing statement filings regarding operating leases which do not constitute Indebtedness;

 (n) Liens securing any Heat Rate Call Option; provided that all such Liens have a priority no higher than
pari passu with the Liens securing the Obligations in accordance with, and otherwise subject to, the terms of the Lien Subordination Agreement; provided that such Liens do not secure such obligations at any time, whether contingent or
otherwise, on a marked to market basis, in excess of $55,000,000; 
  

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 (o) the Lien established pursuant to the Gas Supply Security Agreement; 

(p) Liens securing the Obligations (as defined in the First Lien Credit Agreement), to the extent securing Borrower’s
obligations under a Heat Rate Call Option Agreement, power purchase agreements, agreements for the sale of energy and/or capacity, tolling arrangements or similar arrangements; provided that (a) the outstanding amount secured thereby
does not exceed in the aggregate $30,000,000 at any one time, and (b) the creditor holding such Liens has entered into a modification to the Lien Subordination Agreement and the Intercreditor Agreement with the parties to such agreements to
allow such pari passu priority treatment of such Liens; 
 (q) Liens not otherwise permitted by this
Section 6.02 in favor of Persons who are not Affiliates of the Borrower so long as the aggregate outstanding principal amount of the obligations secured thereby does not exceed $1,000,000 at any one time; and 
 (r) Liens securing any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate
hedging agreement or other similar agreement or arrangement, each of which is for the purpose of hedging interest rate exposure and not for speculative purposes. 
 SECTION 6.03. Sale and Lease-back Transactions. Enter into any arrangement, directly or indirectly, with any person whereby it shall sell or transfer any property, real or personal or mixed, used or
useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use for substantially the same purpose or purposes as the property being sold or transferred unless
(a) the sale of such property is permitted by Section 6.05 and (b) any Capital Lease Obligations or Liens arising in connection therewith are permitted by Sections 6.01 and 6.02, respectively. 
 SECTION 6.04. Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests, evidences of indebtedness or other
securities of, make or permit to exist any loans or advances or capital contributions to, or make or permit to exist any investment or any other interest in, any other person (all of the foregoing, “Investments”), except:

 (a) Investments after the Second Lien Closing Date by the Borrower in the Equity Interests of the Subsidiaries;
provided that (A) any such Equity Interests shall be pledged pursuant to the Guarantee and Collateral Agreement; 
 (b) Permitted Investments; 
 (c) Investments received in connection with the bankruptcy or reorganization
of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in accordance with customary practices; 
 (d) Investments existing on the Second Lien Closing Date and set forth on Schedule 6.04; 
 (e) extensions of trade credit in the ordinary course of business; 
  

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 (f) Investments made as a result of the receipt of non-cash consideration from a
sale, transfer or other disposition of any asset in compliance with Section 6.05; 
 (g) the Borrower and its
Subsidiaries may acquire and hold accounts receivables owing to any of them, if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms of the Borrower or such Subsidiary; and

 (h) the Borrower and its Subsidiaries may acquire and hold cash. 
 SECTION 6.05. Mergers, Consolidations, Sales of Assets and Acquisitions (a) Merge into or consolidate with any other person, or
permit any other person to merge into or consolidate with it, or liquidate or dissolve, or sell, transfer, lease, issue or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all the assets (whether now
owned or hereafter acquired) of the Borrower or less than all the Equity Interests of any Subsidiary, or purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or any substantial part of the assets of any other
person, except for (i) sales, transfers, leases, issuances and other dispositions of assets not constituting an Asset Sale pursuant to the definition thereof and Asset Sales permitted under the terms and conditions of Section 6.05(b),
(ii) the purchase and sale by the Borrower or any Subsidiary of capacity and energy in the ordinary course of business, (iii) the sale or discount by the Borrower or any Subsidiary in each case without recourse and in accordance with
customary practices of overdue accounts receivable arising in accordance with customary practices, but only in connection with the compromise or collection thereof consistent with customary industry practice (and not as part of any bulk sale or
financing transaction) and (iv) if at the time thereof and immediately after giving effect thereto no Event of Default or Default shall have occurred and be continuing, (x) the merger or consolidation of any wholly owned Subsidiary into or
with the Borrower in a transaction in which the Borrower is the surviving corporation, (y) the merger or consolidation of any wholly owned Subsidiary into or with any other wholly owned Subsidiary in a transaction in which the surviving entity
is a wholly owned Subsidiary and no person other than the Borrower or a wholly owned Subsidiary receives any consideration, or (z) the conveyance of all or substantially all of the assets of any Subsidiary to the Borrower. 
 (b) Engage in any Asset Sale otherwise permitted under paragraph (a) above unless in the ordinary course of business and where (i) such
Asset Sale is for consideration at least 75% of which is cash (and no portion of the remaining consideration shall be in the form of Indebtedness of the Borrower or any Subsidiary), (ii) such consideration is at least equal to the fair market
value of the assets being sold, transferred, leased or disposed of (as determined in good faith by the Borrower), (iii) the fair market value of all assets sold, transferred, leased or disposed of pursuant to this paragraph (b) shall not
exceed (A) $1,000,000 individually or (B) $5,000,000 in the aggregate for any fiscal year and (iv) the Net Cash Proceeds of such Asset Sale are applied in accordance with Section 2.13 if and to the extent required thereby.

 SECTION 6.06. Restricted payments; restrictive agreements. (a) Declare or make, or agree to declare or make, directly or
indirectly, any Restricted Payment (including pursuant to any Synthetic Purchase Agreement), or incur any obligation (contingent or otherwise) to do so; provided, however, so long as the Borrower is treated as a partnership or a
“disregarded entity” 
  

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for federal income tax purposes, that the Borrower may, on any Tax Distribution Date, distribute the Tax Distribution Amount to the Pledgor after payment of
interest due and payable on the Obligations as of such date and payment of O&M Costs due and payable on or prior to such date; provided, further, that the Borrower may distribute up to $25,000,000, less transaction fees, of the
proceeds of the Second Lien Term Loans to one or more Affiliates on or within five Business Days following the Second Lien Closing Date; provided, finally, that if (i) immediately before and after giving effect thereto, no Default
or Event of Default has occurred and is continuing and (ii) except in respect of Restricted Payments made or declared on the Second Lien Closing Date, the Borrower shall have delivered to the Administrative Agent a certificate of a Responsible
Officer of the Borrower demonstrating to the reasonable satisfaction of the Administrative Agent that the ratio of (A) Operating Revenues less O&M Costs during the prior four fiscal quarters of the Borrower, to (B) interest
payable on the Term Loans and the Second Lien Term Loans during such period, was at least 1.30/1.00, then, within ninety (90) Business Days following the end of the most recent fiscal quarter of the Borrower, the Borrower may make Restricted
Payments in an amount not to exceed the sum of (I) 35% of Excess Cash Flow of the Borrower during such fiscal quarter, together with the Rejected Excess Cash Prepayment Amount, if any, for such fiscal quarter and (II) all Retained Distributable
Cash not previously distributed under this Section 6.06 or applied to prepayment of Term Loans pursuant to Section 2.12(d)(ii). For purposes of this Section 6.06, “Retained Distributable Cash” shall mean the sum of
(a) for each fiscal quarter, 35% of Excess Cash Flow of the Borrower for such fiscal quarter plus the Rejected Excess Cash Prepayment Amount, if any, for such fiscal quarter, plus interest, if any, received by the Borrower on such
amounts and (b) the sum of such amounts in this clause (a) for previous fiscal quarters which amounts were not distributed under Section 6.06 or prepaid under Section 2.12(d)(ii). 
 (b) Enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (i) the
ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (ii) the ability of any Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests
or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that (A) the foregoing shall not apply to restrictions and conditions imposed by
law or by any Loan Document or First Lien Loan Document as in effect on the Second Lien Closing Date or related documents, (B) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale
of a Subsidiary pending such sale; provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (C) clause (i) of the foregoing shall not apply to restrictions or
conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (D) clause (i) of the foregoing shall
not apply to customary provisions in leases and other contracts restricting the assignment thereof. 
 SECTION 6.07. Transactions with Affiliates. Sell or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except
that (a) the Borrower or any Subsidiary may engage in any of the foregoing transactions in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an

  

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arm’s-length basis from unrelated third parties, (b) customary fees may be paid to non-officer directors of the Borrower and its subsidiaries,
(c) Borrower may reimburse LS Equity Advisors, LLC or its Affiliates for amounts incurred in respect of asset management services relating to the Project in an aggregate amount not to exceed the Asset Management Payment Limit and (d) so
long as no Event of Default or Default shall have occurred and be continuing or would result therefrom, fees may be paid to the Permitted Holders in an aggregate amount not to exceed $1,000,000 in any one fiscal year plus all out-of-pocket costs and
expenses incurred by the Permitted Holders, in each case in connection with their performance of management, consulting, monitoring, financial advisory or other services with respect to the Borrower and the Subsidiaries. 
 SECTION 6.08. Business of the Borrower and Subsidiaries; Limitation on Hedging Agreements. (a) Engage at any time in any business
other than the businesses conducted by it as of the Second Lien Closing Date and business activities related thereto. 
 (b) Enter into
any Hedging Agreement other than (i) any such agreement or arrangement entered into in the ordinary course of business and consistent with prudent business practice to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed
in the conduct of its business or the management of its liabilities, (ii) any such agreement entered into to hedge against fluctuations in the process of commodities owned or purchased by it and fluctuations in interest rates or currency
incurred in a manner consistent with prudent business practice, and (iii) Heat Rate Call Options; provided that in each case such arrangements or arrangements shall not have been entered into for speculation purposes. 
 SECTION 6.09. Other Indebtedness and Agreements; Modifications of Certain Agreements. (a) Except in each case for changes to the
First Lien Credit Agreement that are permitted by the provisions of the Schedule 6.01(e), amend, restate, supplement, modify or otherwise change the terms of the First Lien Credit Agreement or any other indenture, instrument or agreement pursuant to
which any Material Indebtedness of the Borrower or any of its subsidiaries is outstanding or make any payment consistent with an amendment, restatement, supplement or modification thereof or other change thereto, if the effect of such amendment,
restatement, supplement, modification or change is to increase the interest rate on the applicable Indebtedness or increase the cash portion of any interest required to be paid thereon, change (to earlier dates) any dates upon which payments of
principal or interest are due thereon, change any event of default or condition to an event of default with respect thereto (other than to eliminate any such event of default or increase any grace period or threshold related thereto), change the
redemption, prepayment or defeasance provisions thereof (other than (i) to reduce any premium payable or (ii) to provide for or increase any prepayment premium in exchange for an equivalent decrease in the applicable interest rate
thereon), change any subordination provisions thereof (or any guaranty thereof), or change any collateral therefor (other than to release such collateral), or if the effect of such amendment, restatement, supplement, modification or change, together
with all other amendments, restatements, supplements, modifications or changes made, is to increase the obligations of the obligor thereunder or to confer any additional rights on the holders of such Indebtedness (or trustee or other representative
on their behalf) which would be materially adverse to the Borrower, any of its subsidiaries, the Agents or the Lenders. 
  

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 (b) (i) Make any distribution, whether in cash, property, securities or a combination thereof,
other than regular scheduled payments of principal and interest as and when due (to the extent not prohibited by applicable subordination provisions), in respect of, or pay, or directly or indirectly (including pursuant to any Synthetic Purchase
Agreement) redeem, repurchase, retire or otherwise acquire for consideration, or set apart any sum for the aforesaid purposes, any Indebtedness, except (A) the payment of the Indebtedness created hereunder, (B) refinancings of Indebtedness
permitted by Section 6.01 or (C) the payment of secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness. 
 SECTION 6.10. Fiscal Year. Change its fiscal year-end to a date other than December 31 without the prior written consent of the
Administrative Agent. 
 SECTION 6.11. Accounts. Maintain, establish or use any deposit account or securities account other
than accounts subject to the Control Agreement and other than the Cinergy Account. 
 SECTION 6.12. Subsidiaries. Form any
Subsidiary without the prior written consent of the Required Lenders. 
 SECTION 6.13. Use of Site. Use, or permit to be
used, the Site for any purpose other than for the operation and maintenance of the Project. 
 SECTION 6.14. Hazardous
Materials. Release into the environment any Hazardous Materials in violation of any applicable Environmental Laws, legal requirements or applicable Permits, except for any Release that could not reasonably be expected to materially impair the
value of the Site and the Collateral, taken as a whole, and could not otherwise reasonably be expected to have a Material Adverse Effect. 
 SECTION 6.15. Payments for Asset Management Services. Pay amounts to LS Equity Advisors, LLC as cost reimbursement in respect of asset management services relating to the Project in excess of the Asset Management Payment
Limit. 
 SECTION 6.16. Payments of Affiliate Credit Support Reimbursement Amounts. Pay Affiliate Credit Support
Reimbursement Amounts on an annual basis in excess of the Affiliate Credit Support Reimbursement Limit. 
 ARTICLE VII. 
 Events of Default 
 In case of the
happening of any of the following events (“Events of Default”): 
 (a) any representation or warranty made or deemed
made in or in connection with any Loan Document or the Borrowings hereunder, or any representation or warranty in any report, certificate, financial statement or other instrument furnished in connection with or pursuant to any Loan Document, shall
prove to have been false or misleading in any material respect when so made or deemed made; 
  

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 (b) default shall be made in the payment of any principal of any Term Loan when and as the same
shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise; 
 (c) default shall be made in (i) the payment of any interest on any Term Loan or any Fee or (ii) any other amount (other than an amount referred to in (b) above) due under any Loan Document, in the case of clause
(i) or (ii), when and as the same shall become due and payable, and, in the case of clause (i) or (ii), such default shall continue unremedied for a period of five Business Days and, in the case of clause (ii), following the Administrative
Agent’s demand for such payment; 
 (d) default shall be made in the due observance or performance by the Borrower or any
Subsidiary of any covenant, condition or agreement contained in Section 5.01(a), 5.05 or 5.08 or in Article VI (other than Sections 6.14, 6.15 and 6.16); 
 (e) default shall be made in the due observance or performance by the Borrower or any Subsidiary of any covenant, condition or agreement contained in any Loan Document (other than those specified in clauses (b),
(c) or (d) above) and such default shall continue unremedied for a period of 30 days following the earlier of a Responsible Officer becoming aware of the same or written notice of the same having been given to the Borrower by the
Administrative Agent or any Lender; 
 (f) (i) the Borrower or any Subsidiary shall (i) fail to pay any principal or interest,
regardless of amount, due in respect of any Material Indebtedness, when and as the same shall become due and payable and such failure to pay shall result in an event of default under such Material Indebtedness, or (ii) any other event or
condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness
or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (ii)
shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
 (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of the Borrower or any Subsidiary, or of a
substantial part of the property or assets of the Borrower or a Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or other
similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part of the property or assets of the Borrower or a Subsidiary or
(iii) the winding-up or liquidation of the Borrower or any Subsidiary; and such proceeding or petition shall continue undismissed or unstayed for 60 days or more or an order or decree approving or ordering any of the foregoing shall be
entered; 
 (h) the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking relief
under Title 11 of the United States Code, as now constituted or 

  

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hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or other similar law, (ii) consent to the institution of,
or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in (g) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for the Borrower or any Subsidiary or for a substantial part of the property or assets of the Borrower or any Subsidiary, (iv) file an answer admitting the material allegations of a petition filed against it in any such
proceeding, (v) make a general assignment for the benefit of creditors, (vi) admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any action for the purpose of effecting any of the
foregoing; 
 (i) one or more judgments for the payment of money in an aggregate amount in excess of $5,000,000 or other judgments that,
individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of
30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Borrower or any Subsidiary to enforce any such judgment;

 (j) an ERISA Event described in clause (b) of the definition thereof shall have occurred or any other ERISA Event shall have
occurred that, when taken together with all other such ERISA Events, could reasonably be expected to result in liability of the Borrower and its ERISA Affiliates in an aggregate amount exceeding $5,000,000; 
 (k) any Guarantee under the Guarantee and Collateral Agreement for any reason shall cease to be in full force and effect (other than in accordance
with its terms), or any Guarantor shall deny that it has any further liability under its Guarantee (other than as a result of the discharge of such Guarantor in accordance with the terms of the Loan Documents); 
 (l) any Lien purported to be created under any Security Document shall cease to be, or shall be asserted by the Borrower or any other Loan Party not
to be, a valid, perfected and, with respect to the Secured Parties, first priority (except as otherwise expressly provided in this Agreement or such Security Document) Lien on any material Collateral covered thereby, except to the extent that any
such loss of perfection or priority results from a disposition of Collateral otherwise permitted by the Loan Documents; 
 (m) [Intentionally Omitted.];  
 (n) Borrower shall become subject to, or not exempt from rate regulation as a
public utility under the laws of the State of Pennsylvania as presently constituted and as construed by the courts of Pennsylvania; or 
 (o) Any “event of default” (howsoever defined) shall occur under the CS Heat Rate Call Option Agreement or any successor or replacement Heat Rate Call Option and shall not be cured within 90 days of the occurrence thereof;

 then, and in every such event (other than an event with respect to the Borrower described in paragraph (g) or (h) above), and at any time
thereafter during the continuance of such event the following actions may be taken, but subject to the terms and conditions of the Intercreditor 

  

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Agreement: the Administrative Agent may, and at the request of the Required Lenders shall, declare the Term Loans then outstanding to be forthwith due
and payable in whole or in part, whereupon the principal of the Term Loans so declared to be due and payable, together with accrued interest thereon, any Prepayment Fee payable pursuant to Section 2.11(b) any other unpaid accrued Fees and all
other liabilities of the Borrower accrued hereunder and under any other Term Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the
Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding, and the Administrative Agent and the Collateral Agent shall have the right to take all or any actions and exercise any remedies available to a secured
party under the Security Documents or applicable law or in equity; and in any event with respect to the Borrower described in paragraph (g) or (h) above, the principal of the Term Loans then outstanding, together with accrued interest
thereon and any other unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any
kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding, and the Administrative Agent and the Collateral Agent shall have the right to take all or any
actions and exercise any remedies available to a secured party under the Security Documents or applicable law or in equity. 
 ARTICLE VIII.

 The Agents and the Arranger 
 Each of the Lenders hereby irrevocably appoints each of the Administrative Agent and the Collateral Agent (for purposes of this Article VIII, the Administrative Agent and the Collateral Agent are referred to collectively as the
“Agents”) its agent and authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably
incidental thereto. Without limiting the generality of the foregoing, the Agents are hereby expressly authorized by the Lenders to execute any and all documents (including releases and the Security Documents) with respect to the Collateral and the
rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Security Documents. 
 Each financial institution serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such
financial institution and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or any of their respective Affiliates as if it were not an Agent hereunder. 

No Agent shall have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the
foregoing, (a) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing, (b) no Agent shall have any duty to take any discretionary action or
exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent or the Collateral Agent is required to 

  

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exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 9.08), and (c) except as expressly set forth in the Loan Documents, no Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to the Borrower or any of the Subsidiaries
that is communicated to or obtained by the bank serving as any Agent or any of its Affiliates in any capacity. The Administrative Agent and the Collateral Agent shall not be liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.08). No Agent or any of its Related Parties shall be liable for any action taken or not
taken by it hereunder or under any other Loan Document or in connection herewith or therewith, except for any liability that is determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from the
gross negligence or willful misconduct of such Agent. No Agent shall be deemed to have knowledge of any Default unless and until written notice thereof is given to such Agent by the Borrower or a Lender, and no Agent shall be responsible for or have
any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any
other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to such Agent. 
 Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement,
instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper person. Each Agent may also rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper
person, and shall not incur any liability for relying thereon. Each Agent may consult with legal counsel (who may be counsel for the Borrower or any Subsidiary), independent accountants and other experts selected by it, and shall not be liable for
any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 Each Agent may perform any
and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as Agent. 
 Subject to the appointment and acceptance of a
successor Agent as provided below, each Agent may (and at any time if demanded by the Required Lenders shall) resign at any time by notifying the Lenders and the Borrower. Upon any such resignation of the Administrative Agent or the Collateral
Agent, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required 

  

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Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may,
on behalf of the Lenders, appoint a successor Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed
to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After an Agent’s resignation hereunder, the provisions of this Article and Section 9.05 shall continue in effect for the benefit of
such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while acting as Agent. 
 Each Arranger and the Syndication Agent, in its capacity as such, shall have no duties or responsibilities, and shall incur no liability, under this Agreement or any other Loan Document. 
 Each Lender acknowledges that it has, independently and without reliance upon the Agents, the Arranger, the Syndication Agent or any Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agents, the Arranger, the
Syndication Agent or any Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement or any other Loan
Document, any related agreement or any document furnished hereunder or thereunder. 
 To the extent required by any applicable law, the
Administrative Agent may withhold from any interest payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any other Governmental Authority asserts a claim that the Administrative Agent did
not properly withhold tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not properly executed or because such Lender failed to notify the Administrative Agent of a change in circumstance
which rendered the exemption from, or reduction of, withholding tax ineffective or for any other reason, such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or
otherwise, including any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket expenses) incurred. 
 ARTICLE IX. 
 Miscellaneous 
 SECTION 9.01. Notices. Notices and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by fax, as follows: 
 (a) if to the Borrower, to: 
 Ontelaunee Power Operating Company 
 c/o LS
Power Development, LLC 
 Two Tower Center, 20th Floor 
 East Brunswick, NJ 08816 
 Attn: Corporate Counsel 
 Telephone: (732) 249-6750 
 Facsimile:
(732) 249-7290 
  

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 (b) if to the Administrative Agent or the Collateral Agent, to: 
 GSO Capital Partners LP 
 280 Park Avenue

 New York, NY 10017 
 Attn:
Chris Sullivan 
 Telephone: (212) 503-2117 
 Facsimile: (212) 503-6930 
 (c) if to a Lender, to it at its address (or fax number)
set forth in the Lender Addendum or the Assignment and Acceptance pursuant to which such Lender shall have become a party hereto. 
 All
notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service or sent by fax or on the date
five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from
such party given in accordance with this Section 9.01. 
 SECTION 9.02. Survival of Agreement. All covenants,
agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been
relied upon by the Lenders and shall survive the making by the Lenders of the Term Loans, regardless of any investigation made by the Lenders or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued
interest on any Term Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid and so long as the Term Loan Commitments have not been terminated. The provisions of Sections 2.13, 2.15, 2.19
and 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Term Loans, the expiration of the Term
Loan Commitments, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, the Arranger, the Syndication
Agent or any Lender. 
 SECTION 9.03. Binding Effect. This Agreement shall become effective when it shall have been executed
by each of the parties hereto and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto. 
  

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 SECTION 9.04. Successors and Assigns. (a) Whenever in this Agreement any of the
parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Borrower, the Administrative Agent, the Collateral Agent
or the Lenders that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. 
 (b) Each Lender may assign to one or more assignees all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Term Loan Commitment and the Term Loans at the time owing to it);
provided, however, that (i) except in the case of an assignment to a Lender or an Affiliate or Related Fund of a Lender, the Administrative Agent must give its prior written consent to such assignment (which consent shall not be
unreasonably withheld or delayed) and notice of such assignment shall be provided to the Borrower, (ii) in the case of any assignment to a person designated as an Ineligible Assignee at the time of such assignment, the Borrower must give its
prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed); provided that such consent of the Borrower in the case of clause (b)(ii) above shall not be required to any such assignment
(A) made to a Lender or an Affiliate or Related Fund of a Lender, (B) during the continuance of any Default or (C) in connection with the initial syndication of the facility, (iii) the amount of the Term Loan Commitment of the
assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 (or, if less, the entire remaining
amount of such Lender’s Term Loan Commitment) and shall be in an amount that is an integral multiple of $1,000,000 (or the entire remaining amount of such Lender’s Term Loan Commitment), (iv) the parties to each such assignment shall
execute and deliver to the Administrative Agent an Assignment and Acceptance (such Assignment and Acceptance to be (A) electronically executed and delivered to the Administrative Agent via an electronic settlement system then acceptable to the
Administrative Agent, or (B) manually executed and, in the case of each of clause (A) and (B), delivered together with, except in the case of an assignment by or to either of the Arranger or any Affiliate of either of the Arranger, a
processing and recordation fee of $3,500) and (v) the assignee, if it shall not be a Lender immediately prior to the assignment, shall deliver to the Administrative Agent an Administrative Questionnaire. Upon acceptance and recording pursuant
to paragraph (e) of this Section 9.04, from and after the effective date specified in each Assignment and Acceptance, (A) the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Acceptance, have the rights and obligations of a Lender under this Agreement and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under
this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be
entitled to the benefits of Sections 2.13, 2.15, 2.19 and 9.05, as well as to any Fees accrued for its account and not yet paid). 
 (c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other 

  

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and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being
assigned thereby free and clear of any adverse claim and that its Term Loan Commitment and the outstanding balances of its Term Loans, without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment
and Acceptance, (ii) except as set forth in (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this
Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of the Borrower
or any Subsidiary or the performance or observance by the Borrower or any Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii) such assignee
represents and warrants that it is legally authorized to enter into such Assignment and Acceptance; (iv) such assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements referred
to in Section 3.05 or delivered pursuant to Section 5.04 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (v) such
assignee will independently and without reliance upon the Administrative Agent, the Collateral Agent, the Arranger, the Syndication Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (vi) such assignee appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on
its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent and the Collateral Agent, respectively, by the terms hereof, together with such powers as are reasonably incidental thereto; and (vii) such
assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 
 (d) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in the City of New York a
copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Term Loan Commitment of, and principal amount of the Term Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive and the Borrower, the Administrative Agent, the Collateral Agent and the Lenders may treat each person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Collateral Agent and any Lender (with respect to any
entry relating to such Lender’s Term Loans), at any reasonable time and from time to time upon reasonable prior notice. 
 (e) Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder) and the written
consent of the Administrative Agent and (to the extent required hereby) the Borrower to such assignment, the Administrative Agent shall (i) accept such Assignment and Acceptance and (ii) record the information contained therein in the
Register. No assignment shall be effective unless it has been recorded in the Register as provided in this paragraph (e). 
  

 70 

 (f) Each Lender may without the consent of the Borrower or the Administrative Agent sell
participations to one or more banks or other entities in all or a portion of its rights and obligations under this Agreement (including all or a portion of its Term Loan Commitment and the Term Loans); provided, however, that
(i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the participating banks or
other entities shall be entitled to the benefit of the cost protection provisions contained in Sections 2.13, 2.15 and 2.19 to the same extent as if they were Lenders (but, with respect to any particular participant, to no greater extent than the
Lender that sold the participation to such participant), (iv) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrower relating to the Term Loans and to approve any amendment, modification or waiver of any provision of this Agreement (other than amendments,
modifications or waivers decreasing any Fees payable hereunder or the amount of principal of or the rate at which interest is payable on the Term Loans, extending any scheduled principal payment date or date fixed for the payment of interest on the
Term Loans, increasing or extending the Term Loan Commitments or releasing any material Guarantor (other than in connection with Asset Sales permitted by Section 6.05) or all or substantially all of the Collateral) and (v) the Borrower and
any Loan Party shall have no obligations or duty to any participant except as provided herein. 
 (g) Any Lender or participant may, in
connection with any assignment or participation or proposed assignment or participation pursuant to this Section 9.04, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrower
furnished to such Lender by or on behalf of the Borrower; provided that, prior to any such disclosure of any Information (as defined in Section 9.16), each such assignee or participant or proposed assignee or participant shall execute an
agreement whereby such assignee or participant shall agree (subject to customary exceptions) to preserve the confidentiality of such confidential information on terms no less restrictive than those applicable to the Lenders pursuant to
Section 9.16. 
 (h) Except as provided in this Section 9.04, no Lender shall, as between the Borrower and that Lender, or
Administrative Agent and that Lender, be relieved of any of its obligations hereunder as a result of any sale, assignment, transfer or negotiation of, or granting of participation in, all or any part of the Term Loans or other Obligations owed to
such Lender. 
 (i) Any Lender may at any time assign all or any portion of its rights under this Agreement to secure extensions of
credit to such Lender or in support of obligations owed by such Lender; provided that no such assignment shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto.

 (j) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a
special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Term Loan
that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make 

  

 71 

 
any Term Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Term Loan, the Granting Lender
shall be obligated to make such Term Loan pursuant to the terms hereof. The making of a Term Loan by an SPC hereunder shall utilize the Term Loan Commitment of the Granting Lender to the same extent, and as if, such Term Loan were made by such
Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each
party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC,
it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition,
notwithstanding anything to the contrary contained in this Section 9.04, any SPC may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor,
assign all or a portion of its interests in any Term Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and Administrative Agent) providing liquidity and/or credit support to or for the account of such SPC to
support the funding or maintenance of Term Loans and (ii) disclose on a confidential basis any non-public information relating to its Term Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or
liquidity enhancement to such SPC. 
 (k) The Borrower shall not assign or delegate any of its rights or duties hereunder without the
prior written consent of the Administrative Agent and each Lender, and any attempted assignment without such consent shall be null and void. 
 SECTION 9.05. Expenses; Indemnity. (a) The Borrower agrees to pay all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent, the Collateral Agent, the Syndication Agent and the Arranger in
connection with the syndication of the credit facilities provided for herein (including any assignment fees payable in connection with the initial syndication of the facility pursuant to an electronic settlement system) and the preparation
(provided that such fees, disbursements and other charges of Latham & Watkins LLP in connection with such preparation of this Agreement, the First Lien Credit Agreement, the Loan Documents and the First Lien Loan Documents, together
with associated local counsel fees, title insurance, real estate costs, disbursements and out-of-pocket expenses shall not in the aggregate exceed $220,000) and administration of this Agreement and the other Loan Documents or in connection with any
amendments, modifications or waivers of the provisions hereof or thereof or incurred by the Administrative Agent, the Collateral Agent, the Syndication Agent, the Arranger or any Lender in connection with the enforcement or protection of its rights
in connection with this Agreement and the other Loan Documents or in connection with the Term Loans made hereunder, including in each case the reasonable fees, disbursements and other charges of Latham & Watkins LLP, counsel for the
Administrative Agent and the Collateral Agent, and, in connection with any such enforcement or protection, the reasonable fees, disbursements and other charges of any counsel for the Administrative Agent, the Collateral Agent, the Syndication Agent,
the Arranger or any Lender. 
  

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 (b) The Borrower agrees to indemnify the Administrative Agent, the Collateral Agent, the Syndication
Agent, the Arranger, each Lender and each Related Party of any of the foregoing persons (each such person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related costs and reasonable out-of-pocket expenses, including reasonable counsel fees, disbursements and other charges (“Losses”) incurred by or asserted against any Indemnitee arising out of, in any way connected
with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations thereunder or the
consummation of the Transactions and the other transactions contemplated thereby, (ii) the use of the proceeds of the Term Loans, (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any
Indemnitee is a party thereto, or (iv) to the extent such Losses arise out of or relate to the Transactions, any actual or alleged presence or Release of Hazardous Materials on any property owned or operated by the Borrower or any of the
Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of the Subsidiaries; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related costs and expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from the gross negligence or willful misconduct of such Indemnitee. 
 (c) To the extent that the Borrower fails to pay any amount required to be paid by them to the Administrative Agent, the Collateral Agent, the
Syndication Agent or the Arranger under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent, the Syndication Agent or the Arranger, as the case may be, such
Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Collateral Agent, the Syndication Agent or the Arranger in its capacity as such. For purposes hereof, a Lender’s “pro rata share”
shall be determined based upon its share of the sum of the outstanding Term Loans and unused Term Loan Commitments at the time. 
 (d) To the extent permitted by applicable law, no Indemnified Party or the Borrower shall assert, and each hereby waives, any claim against any Indemnitee or other party hereto, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions or any Term Loan or the use of the
proceeds thereof. 
 (e) The provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the
expiration of the term of this Agreement, the consummation of the Transactions or the other transactions contemplated hereby, the repayment of any of the Term Loans, the expiration of the Term Loan Commitments, the invalidity or unenforceability of
any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, the Syndication Agent, the Arranger or any Lender. All amounts due under this
Section 9.05 shall be payable on written demand therefor. 
  

 73 

 SECTION 9.06. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender is hereby authorized at any time and from time to time, except to the extent prohibited by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other
indebtedness at any time owing by such Lender to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement and other Loan Documents held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement or such other Loan Document and although such obligations may be unmatured. The rights of each Lender under this Section 9.06 are in addition to other
rights and remedies (including other rights of setoff) which such Lender may have. Each Lender agrees to promptly notify the Borrower and the Administrative Agent in writing following any such set off; provided that the failure to give such
notice shall not affect the validity of such set off and application. 
 SECTION 9.07. Applicable Law. THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 9.08. Waivers; Amendment. (a) No failure or delay of the Administrative Agent, the Collateral Agent or any Lender in
exercising any power or right hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Collateral Agent and the Lenders hereunder and under the other Loan Documents are cumulative
and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrower or any other Loan Party therefrom shall in any event
be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Borrower in any case shall
entitle the Borrower to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor any
provision hereof may be waived, amended or modified (other than amendments made to correct typographical errors which shall only require the written agreement of the Borrower and the Administrative Agent) except pursuant to an agreement or
agreements in writing entered into by the Borrower and the Required Lenders; provided, however, that no such agreement shall (i) decrease the principal amount of, or extend the maturity of or date for the payment of any
interest on any Term Loan, or waive or excuse any such payment or any part thereof, or decrease the rate of interest on any Term Loan (except in connection with the waiver of applicability of any post-default increase in interest rates and except
for any waiver with respect to mandatory prepayments under Section 2.13, which waiver in each case shall be effective with the consent of the Required Lenders), without the prior written consent of each Lender affected
thereby, (ii) increase or extend the Term Loan Commitment or decrease or extend the date for payment of any Fees of any Lender without the prior written consent of such Lender, (iii) amend or modify the pro rata requirements of
Section 2.17, the provisions of Section 9.04(k), the provisions of this Section or the definition of 

  

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the term “Required Lenders” insofar as such definition affects the substance of this Section, or release any material Guarantor, without the prior
written consent of each Lender, (iv) release all or substantially all of the Collateral without the prior written consent of each Lender, or (v) modify the protections afforded to an SPC pursuant to the provisions of
Section 9.04(j) without the written consent of such SPC; provided, further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Collateral Agent hereunder or under
any other Loan Document without the prior written consent of the Administrative Agent or the Collateral Agent. 
 SECTION 9.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Term Loan, together with all Fees, charges and other amounts which are treated as
interest on such Term Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender
holding such Term Loan with applicable law, the rate of interest payable in respect of such Term Loan, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges
that would have been payable in respect of such Term Loan but were not payable as a result of the operation of this Section 9.09 shall be cumulated and the interest and Charges payable to such Lender in respect of other Term Loans or periods
shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. Thereafter, interest
hereunder shall be paid at the rate(s) of interest and in the manner provided in this Agreement, unless and until the rate of interest again exceeds the Maximum Rate, and at that time this paragraph shall again apply. In no event shall the total
interest received by any Lender pursuant to the terms hereof exceed the amount that such Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Rate. If the Maximum Rate is
calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Rate divided by the number of days in the year in which such calculation is made. If, notwithstanding the provisions of this
Section 9.09, a court of competent jurisdiction shall finally determine that a Lender has received interest hereunder in excess of the Maximum Rate, the Administrative Agent shall, to the extent permitted by applicable law, promptly apply such
excess in the order specified in this Agreement and thereafter shall refund any excess to the Borrower or as a court of competent jurisdiction may otherwise order. 
 SECTION 9.10. Entire Agreement. This Agreement, the Fee Letter and the other Loan Documents constitute the entire contract between the parties relative to the subject matter hereof and may not be
modified, amended or waived except as set forth in Section 9.08. Any other previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement and the other Loan Documents. Nothing in this Agreement or
in the other Loan Documents, expressed or implied, is intended to confer upon any person (other than the parties hereto and thereto, their respective successors and assigns permitted hereunder and, to the extent expressly contemplated hereby, the
Related Parties of each of the Administrative Agent, the Collateral Agent, the Syndication Agent, the Arranger and the Lenders ) any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents.

  

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 SECTION 9.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11. 
 SECTION 9.12. Severability. In the event any one or more of the provisions contained in this Agreement or in any other Loan Document
should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 9.13. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when
taken together shall constitute a single contract, and shall become effective as provided in Section 9.03. Delivery of an executed signature page to this Agreement or of a Lender Addendum by facsimile transmission or e-mail PDF delivery shall
be as effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION 9.14. Headings. Article and
Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
 SECTION 9.15. Jurisdiction; Consent to Service of Process. (a) The Borrower hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Collateral Agent, the Syndication Agent, the Arranger or any Lender
may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against the Borrower or its properties in the courts of any jurisdiction. 
  

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 (b) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or Federal court.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 9.16. Confidentiality. Each of the Administrative Agent, the Collateral Agent and the Lenders agree to use commercially reasonable efforts (equivalent to the efforts each such person applies to maintain the
confidentiality of its own confidential information) to maintain the confidentiality of all Information (defined below) for a period of two years following the receipt thereof, except that Information may be disclosed (a) to its and its
Affiliates’ officers, directors, employees and agents, including accountants, legal counsel and other advisors (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority or quasi-regulatory authority (such as the National Association of Insurance Commissioners), (c) as on the advice of counsel, to
the extent required by applicable laws or regulations or by any subpoena or similar legal process and, to the extent practicable, with prior notice to the Borrower so as to afford the Borrower the opportunity to seek a protective order or other
remedy aimed at protecting confidentiality, (d) in connection with the exercise of any remedies hereunder or under the other Loan Documents or any suit, action or proceeding relating to the enforcement of its rights hereunder or thereunder,
(e) subject to an agreement containing provisions substantially the same as those of this Section 9.16, to (i) any actual or prospective assignee of or participant in any of its rights or obligations under this Agreement and the other
Loan Documents or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any Subsidiary or any of their respective obligations, (f) with the consent of the Borrower
or (g) to the extent such Information becomes publicly available other than as a result of a breach of this Section 9.16. For the purposes of this Section, “Information” shall mean all information received from the
Borrower and related to the Borrower or its business, other than any such information that was available to the Administrative Agent, the Collateral Agent or any Lender on a nonconfidential basis prior to its disclosure by the Borrower. 

SECTION 9.17. Delivery of Lender Addenda. Each initial Lender shall become a party to this Agreement by delivering to the
Administrative Agent a Lender Addendum duly executed by such Lender, the Borrower and the Administrative Agent. 
 SECTION 9.18. Separateness. The Lenders acknowledge (a) the separateness of the Borrower and the Subsidiaries from each other and from other persons, (b) that each of the Borrower and the Subsidiaries have assets
and liabilities that are separate from those of each 
  

 77 

 
other and from those of other persons, (c) that the obligations of the Borrower and Guarantors under this Agreement and the other Loan Documents, and
any certificate, notice, instrument or document delivered pursuant hereto or thereto are special obligations of the Borrower and Guarantors only and do not constitute a debt or obligation of (and no recourse shall be had with respect thereto, other
than with respect to any Collateral, whether now owned or hereafter acquired) any other person and (d) that the Lenders shall look solely to the Borrower and Guarantors and the Collateral for the repayment of any amounts payable pursuant to the
Loan Documents and for satisfaction of any obligations owing to the Lenders under the Loan Documents and that no other person shall be personally liable to the Lenders for any amounts payable or any liability under the Loan Documents. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
 [Signature Pages Omitted] 
  

 79Credit Agreement, dated as of March 29, 2007

 Exhibit 10.10 
 Execution Version 
 $819,000,000 
 CREDIT AGREEMENT 
 dated as of March 29, 2007 
 among 
 PLUM POINT ENERGY ASSOCIATES, LLC,

 as Borrower 
 THE LENDERS PARTY
HERETO FROM TIME TO TIME 
 AMBAC ASSURANCE CORPORATION, 
 as Loan Insurer 
 THE ROYAL BANK OF SCOTLAND PLC, 
 as Administrative Agent and Issuing Bank 
 THE BANK OF NEW YORK, 
 as Collateral Agent 
 and 
 RBS SECURITIES CORPORATION, 
 as Sole Lead
Arranger and Sole Lead Bookrunner 
 Construction, Term and Liquidity Financing for the Plum Point Energy Station, an approximately 665 MW
coal-fired power generation facility to be located in Osceola, Arkansas 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I.
	
	Definitions
			
	 SECTION 1.01.
	  	Defined Terms	  	1
	 SECTION 1.02.
	  	Terms Generally	  	55
	 SECTION 1.03.
	  	Classification of Loans and Borrowings	  	56
	
	ARTICLE II.
	
	The Credits
			
	 SECTION 2.01.
	  	Commitments	  	56
	 SECTION 2.02.
	  	Loans	  	57
	 SECTION 2.03.
	  	Borrowing Procedure	  	59
	 SECTION 2.04.
	  	Repayment of Loans; Evidence of Debt	  	60
	 SECTION 2.05.
	  	Fees	  	61
	 SECTION 2.06.
	  	Interest on Loans	  	63
	 SECTION 2.07.
	  	Default Interest	  	64
	 SECTION 2.08.
	  	Alternate Rate of Interest	  	64
	 SECTION 2.09.
	  	Termination and Reduction of Commitments	  	64
	 SECTION 2.10.
	  	Conversion and Continuation of Borrowings	  	66
	 SECTION 2.11.
	  	Repayment of Term Borrowings and Backstop LC Borrowings	  	67
	 SECTION 2.12.
	  	Prepayment	  	68
	 SECTION 2.13.
	  	Mandatory Prepayments and Reductions of Revolving Credit Commitments	  	68
	 SECTION 2.14.
	  	Reserve Requirements; Change in Circumstances	  	70
	 SECTION 2.15.
	  	Change in Legality	  	72
	 SECTION 2.16.
	  	Indemnity	  	72
	 SECTION 2.17.
	  	Pro Rata Treatment	  	73
	 SECTION 2.18.
	  	Sharing of Setoffs	  	73
	 SECTION 2.19.
	  	Payments	  	74
	 SECTION 2.20.
	  	Taxes	  	74
	 SECTION 2.21.
	  	Assignment of Commitments Under Certain Circumstances; Duty to Mitigate	  	76
	 SECTION 2.22.
	  	Revolving Letters of Credit	  	77
	 SECTION 2.23.
	  	Backstop Letter of Credit	  	83
	 SECTION 2.24.
	  	Revolving Credit Facility Extension	  	88
	
	ARTICLE III.
	
	Representations and Warranties
			
	 SECTION 3.01.
	  	Organization; Powers; Corporate Structure	  	89
	 SECTION 3.02.
	  	Authorization; No Conflicts	  	90

  

 i 

					
	 SECTION 3.03.
	  	Enforceability; No Amendments	  	91
	 SECTION 3.04.
	  	Governmental Approvals	  	91
	 SECTION 3.05.
	  	No Material Adverse Change	  	92
	 SECTION 3.06.
	  	Title to Properties; Possession Under Leases; Real Estate Matters	  	92
	 SECTION 3.07.
	  	Compliance with Laws	  	93
	 SECTION 3.08.
	  	Federal Reserve Regulations	  	93
	 SECTION 3.09.
	  	Investment Company Act	  	93
	 SECTION 3.10.
	  	Employee Benefit Plans	  	93
	 SECTION 3.11.
	  	Business, Debt, Contracts, Joint Ventures; Separateness	  	94
	 SECTION 3.12.
	  	Permits	  	95
	 SECTION 3.13.
	  	Environmental Matters	  	95
	 SECTION 3.14.
	  	Litigation	  	96
	 SECTION 3.15.
	  	Labor Disputes	  	96
	 SECTION 3.16.
	  	Project Contracts	  	97
	 SECTION 3.17.
	  	Taxes	  	97
	 SECTION 3.18.
	  	Energy Regulation	  	97
	 SECTION 3.19.
	  	Construction Budget; Construction Schedule; Projections	  	98
	 SECTION 3.20.
	  	Financial Statements	  	98
	 SECTION 3.21.
	  	No Default	  	98
	 SECTION 3.22.
	  	Offices, Location of Collateral	  	98
	 SECTION 3.23.
	  	Intellectual Property	  	98
	 SECTION 3.24.
	  	Collateral	  	98
	 SECTION 3.25.
	  	Sufficiency of Project Contracts	  	99
	 SECTION 3.26.
	  	Utilities; Fuel Supply	  	99
	 SECTION 3.27.
	  	Interconnection Facilities	  	100
	 SECTION 3.28.
	  	Disclosure	  	100
	 SECTION 3.29.
	  	Solvency	  	100
	 SECTION 3.30.
	  	Insurance	  	101
	 SECTION 3.31.
	  	Foreign Assets Control Regulations, Etc.	  	101
	
	ARTICLE IV.
	
	Conditions of Lending
			
	 SECTION 4.01.
	  	Closing Date; First Borrowing	  	101
	 SECTION 4.02.
	  	Borrowings of Construction Loans	  	109
	 SECTION 4.03.
	  	All Borrowings	  	111
	 SECTION 4.04.
	  	Term-Conversion	  	112
	
	ARTICLE V.
	
	Affirmative Covenants
			
	 SECTION 5.01.
	  	Use of Proceeds and Operating Revenues	  	114

  

 ii 

					
	 SECTION 5.02.
	  	Warranty of Title	  	115
	 SECTION 5.03.
	  	Notices	  	116
	 SECTION 5.04.
	  	Financial Statements	  	118
	 SECTION 5.05.
	  	Books, Records, Access	  	119
	 SECTION 5.06.
	  	Compliance with Laws.	  	119
	 SECTION 5.07.
	  	Existence; Construction of Project	  	119
	 SECTION 5.08.
	  	Delivery of Certain Project Contracts	  	120
	 SECTION 5.09.
	  	Operation of Project; Annual Operating Budget; Annual Operating Report	  	120
	 SECTION 5.10.
	  	Preservation of Rights; Further Assurances; Excess Cash Flow; Consents	  	121
	 SECTION 5.11.
	  	Maintenance of Insurance	  	122
	 SECTION 5.12.
	  	Taxes, Other Government Charges and Utility Charges	  	123
	 SECTION 5.13.
	  	Event of Eminent Domain	  	123
	 SECTION 5.14.
	  	Interest Rate Protection	  	123
	 SECTION 5.15.
	  	Independent Engineer	  	124
	 SECTION 5.16.
	  	Energy Regulation	  	125
	 SECTION 5.17.
	  	Separate Existence	  	125
	 SECTION 5.18.
	  	Maintain Ratings	  	126
	 SECTION 5.19.
	  	Mandatory Tender	  	127
	
	ARTICLE VI.
	
	Negative Covenants
			
	 SECTION 6.01.
	  	Contingent Liabilities	  	127
	 SECTION 6.02.
	  	Limitations on Liens	  	128
	 SECTION 6.03.
	  	Debt	  	128
	 SECTION 6.04.
	  	Restricted Payments	  	128
	 SECTION 6.05.
	  	Sale or Lease of Assets	  	128
	 SECTION 6.06.
	  	Activities	  	128
	 SECTION 6.07.
	  	Pre-payments, Redemptions and Repurchases of Debt	  	128
	 SECTION 6.08.
	  	Creation or Formation of Subsidiaries	  	129
	 SECTION 6.09.
	  	Dissolution; Mergers and Consolidations; Organizational Documents	  	129
	 SECTION 6.10.
	  	Lease Transactions	  	129
	 SECTION 6.11.
	  	Investments	  	129
	 SECTION 6.12.
	  	Transactions With Affiliates	  	129
	 SECTION 6.13.
	  	Regulations	  	130
	 SECTION 6.14.
	  	ERISA	  	130
	 SECTION 6.15.
	  	Partnerships, Etc	  	130
	 SECTION 6.16.
	  	Speculative Transactions	  	130
	 SECTION 6.17.
	  	Capital Expenditures	  	130
	 SECTION 6.18.
	  	Amendments of Project Contracts and Debt Documents	  	130
	 SECTION 6.19.
	  	Name and Location; Fiscal Year	  	132

  

 iii 

					
	 SECTION 6.20.
	  	Use of Project Site	  	132
	 SECTION 6.21.
	  	Assignment; Creditworthy	  	132
	 SECTION 6.22.
	  	Abandonment of Project	  	133
	 SECTION 6.23.
	  	Hazardous Substances	  	133
	 SECTION 6.24.
	  	Additional Project Contracts	  	133
	
	ARTICLE VII.
	
	Events of Default
			
	 SECTION 7.01.
	  	Events of Default	  	133
	 SECTION 7.02.
	  	Remedies	  	141
	 SECTION 7.03.
	  	Cumulative Remedies	  	142
	
	ARTICLE VIII.
	
	The Agents and the Arranger
			
	 SECTION 8.01.
	  	Appointment	  	142
	 SECTION 8.02.
	  	Right and Powers	  	142
	 SECTION 8.03.
	  	Duties, Responsibilities and Obligations	  	143
	 SECTION 8.04.
	  	Reliance	  	143
	 SECTION 8.05.
	  	Sub-Agents	  	144
	 SECTION 8.06.
	  	Resignation	  	144
	 SECTION 8.07.
	  	Arranger and Sole Bookrunner	  	145
	 SECTION 8.08.
	  	Independent Credit Analysis	  	145
	 SECTION 8.09.
	  	Withholding	  	145
	 SECTION 8.10.
	  	Collateral Agent	  	145
	
	ARTICLE IX.
	
	Miscellaneous
			
	 SECTION 9.01.
	  	Notices	  	145
	 SECTION 9.02.
	  	Survival of Agreement	  	147
	 SECTION 9.03.
	  	Binding Effect	  	148
	 SECTION 9.04.
	  	Successors and Assigns	  	148
	 SECTION 9.05.
	  	Expenses; Indemnity	  	152
	 SECTION 9.06.
	  	Right of Setoff	  	153
	 SECTION 9.07.
	  	APPLICABLE LAW	  	153
	 SECTION 9.08.
	  	Waivers; Amendment	  	154
	 SECTION 9.09.
	  	Interest Rate Limitation	  	155
	 SECTION 9.10.
	  	Entire Agreement	  	155
	 SECTION 9.11.
	  	WAIVER OF JURY TRIAL	  	155
	 SECTION 9.12.
	  	Severability	  	156
	 SECTION 9.13.
	  	Counterparts	  	156
	 SECTION 9.14.
	  	Headings	  	156
	 SECTION 9.15.
	  	Jurisdiction; Consent to Service of Process	  	156
	 SECTION 9.16.
	  	Confidentiality	  	157

  

 iv 

					
	 SECTION 9.17.
	  	Collateral Agency Agreement	  	158
	 SECTION 9.18.
	  	Borrower Voting	  	158
	 SECTION 9.19.
	  	Scope of Liability	  	158
	 SECTION 9.20.
	  	Patriot Act	  	159
	
	ARTICLE X.
	
	Controlling Party Agreements
			
	 SECTION 10.01.
	  	Voting Rights	  	160
	 SECTION 10.02.
	  	Other Matters	  	162
	 SECTION 10.03.
	  	Return of Loan Insurance Policy and DSR Surety	  	163
			
	Appendices:	  		  	
			
	 Appendix A-1
	  	Construction Loan Commitments	  	
	 Appendix A-2
	  	Term Loan Commitments	  	
	 Appendix A-3
	  	Revolving Commitments	  	
	 Appendix A-4
	  	Backstop LC Commitments	  	
	 Appendix B
	  	Notice Addresses	  	
			
	Exhibits:	  		  	
			
	 Exhibit A
	  	Form of Administrative Questionnaire	  	
	 Exhibit B
	  	Form of Assignment and Acceptance	  	
	 Exhibit C-1
	  	Form of Borrowing Request	  	
	 Exhibit C-2
	  	Form of Term-Conversion Borrowing Request	  	
	 Exhibit C-3
	  	Form of Request for Revolving Letter of Credit	  	
	 Exhibit C-4
	  	Form of Request for Backstop Letter of Credit	  	
	 Exhibit D-1
	  	List of Closing Date Consents	  	
	 Exhibit D-2
	  	Form of Acknowledgment Letter	  	
	 Exhibit D-3
	  	Form of Third Party Consent	  	
	 Exhibit E
	  	Form of Progress Report	  	
	 Exhibit F
	  	Form of Security Agreement	  	
	 Exhibit G
	  	Form of Pledge Agreement	  	
	 Exhibit H
	  	Form of Mortgage	  	
	 Exhibit I
	  	Form of Non-Bank Certificate	  	
	 Exhibit J
	  	Form of Certificate of Insurance Consultant	  	
	 Exhibit K-1
	  	Form of Initial Credit Event Certificate of Independent Engineer	  	
	 Exhibit K-2
	  	Form of Credit Event Certificate of Independent Engineer	  	
	 Exhibit L
	  	Form of Construction Budget	  	
	 Exhibit M
	  	Form of Construction Schedule	  	
	 Exhibit N
	  	Form of Base Case Projections	  	
	 Exhibit O
	  	Form of Construction Loan Note	  	
	 Exhibit P
	  	Form of Term Note	  	

  

 v 

					
	 Exhibit Q
	  	Form of Revolving Credit Note	  	
	 Exhibit R
	  	Form of Backstop LC Note	  	
	 Exhibit S-1
	  	Form of Backstop Letter of Credit (Credit Suisse)	  	
	 Exhibit S-2
	  	Form of Backstop Letter of Credit (Trustee)	  	
	 Exhibit T
	  	Form of Revolving Letter of Credit	  	
			
	Schedules:	  		  	
			
	 Schedule 1.01(a)
	  	Excluded Collateral	  	
	 Schedule 1.01(b)
	  	Mortgaged Properties	  	
	 Schedule 2.11(b)
	  	Term Loan Amortization Schedule	  	
	 Schedule 2.11(c)
	  	Backstop LC Loan Amortization Schedule	  	
	 Schedule 3.12
	  	Permits	  	
	 Schedule 3.13
	  	Hazardous Substances	  	
	 Schedule 3.14
	  	Litigation	  	
	 Schedule 3.16
	  	Contracts	  	
	 Schedule 3.24
	  	Collateral	  	
	 Schedule 4.01(y)
	  	Permitted Debt	  	
	 Schedule 4.02(d)
	  	Legal Opinions	  	
	 Schedule 5.11
	  	Required Insurance	  	
	 Schedule 6.12
	  	Affiliate Transactions	  	

  

 vi 

 This CREDIT AGREEMENT, dated as of March 29, 2007 (this “Agreement”), is entered
into by and among PLUM POINT ENERGY ASSOCIATES, LLC, a Delaware limited liability company (the “Borrower”), the LENDERS from time to time party hereto, AMBAC ASSURANCE CORPORATION, as the Loan Insurer, THE ROYAL BANK OF SCOTLAND
PLC, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), THE BANK OF NEW YORK, not in its individual capacity but solely as collateral agent for the Secured Parties (in such capacity, the
“Collateral Agent”), THE ROYAL BANK OF SCOTLAND PLC, as Issuing Bank, and RBS SECURITIES CORPORATION, as sole bookrunner (in such capacity, the “Sole Bookrunner”) and as sole lead arranger (in such capacity, the
“Arranger”). 
 RECITALS 
 A. The Borrower is developing, constructing, installing and financing the Project referred to herein and, in connection therewith, the Borrower has requested that the Lenders provide the credit facilities described
herein. 
 B. The Lenders are willing to provide such credit facilities upon the terms and subject to the conditions set forth herein and in
the other Credit Documents. 
 C. The Loan Insurer is guaranteeing the payment of certain of the Borrower’s obligations in respect of
such credit facilities pursuant to the terms of the Loan Insurance Policy. 
 AGREEMENT 
 ARTICLE I. 
 Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below: 
 “Abandon” shall mean: 
 (a) the suspension for more than thirty (30) consecutive days (as such period may be extended on a day-for-day basis corresponding with the occurrence and continuance of any event of force majeure under the EPC Contract or other
event which is not caused by or due to the fault of the Borrower under the EPC Contract so long as the Borrower is diligently proceeding to mitigate the consequences of such event) of all or substantially all of the construction of the Project
(other than by reason of the occurrence of an Event of Loss or Event of Eminent Domain); 
 (b) the suspension for more than forty-five
(45) consecutive days (as such period may be extended on a day-for-day basis corresponding with the occurrence and continuance of any event of force majeure under a Project Contract (as defined in the relevant Project Contract) or other event
which is not caused by or due to the fault of the Borrower under a Project Contract so long as the Borrower is diligently proceeding to mitigate the consequences of such event) of all or substantially all of the operation of the Project (other than
by reason of the occurrence of an Event of Loss or Event of Eminent Domain); or 
  

 1 

 (c) the announcement by the Borrower of a decision to permanently cease construction or operation of
the Project, retire the Project or vote its interests in the Project to retire the Project in accordance with Section 2.3 of the Participation Agreement. 
 “ABR” shall, when used in reference to any Loan or Borrowing, refer to whether such Loan or Loans, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Alternate Base Rate. 
 “Acceptable Credit Provider” shall mean a bank or trust company authorized to engage in the banking
business having a combined capital and surplus of at least $500,000,000 or the equivalent thereof whose long-term unsecured debt is rated “AA-” or higher by S&P and “Aa3” or higher by Moody’s; provided if any of
such rating agencies are no longer in business or are no longer rating unsecured debt of banks or trust companies, such bank or trust company shall have a comparable rating of another nationally recognized rating service. 
 “Acceptable Sponsor Support Letter of Credit Provider” shall mean a bank or trust company authorized to engage in the banking business
having a combined capital and surplus of at least $500,000,000 or the equivalent thereof whose long-term unsecured debt is rated (a) if the Sponsor Support Letter of Credit is issued by WestLB AG, New York Branch under that certain Revolving
Credit Agreement, dated December 1, 2005, among WestLB AG, New York Branch, LS Power Equity Partners, L.P. and LS Power Equity Partners PIE, L.P. and an Affiliate of the Sponsor (other than Dynegy or any of its Affiliates) is the account party,
“A-” or higher by S&P and “A3” or higher by Moody’s, (b) if the Borrower is an Affiliate or direct or indirect subsidiary of Dynegy or any of its subsidiaries, “AA-” or higher by S&P and
“Aa3” or higher by Moody’s or (c) otherwise, “A+” or higher by S&P and “A1” or higher by Moody’s; provided if any of such rating agencies are no longer in business or are no longer rating
unsecured debt of banks or trust companies, such bank or trust company shall have a comparable rating of another nationally recognized rating service. 
 “Acceptance Tests” shall mean all performance and guarantee related tests to be performed under and in accordance with the EPC Contract, including, without limitation, the “Acceptance
Tests”, “Availability Tests”, “Reliability Tests”, “Final Completion Test” and “Sound Level Test” (each as defined in the EPC Contract). 
 “Additional Project Contracts” shall mean any material contracts or agreements related to the construction, testing, operation,
maintenance, repairs or improvement of the Project, the sale of power from the Project, supply or transportation of fuel to the Project or the lease or ownership of the Site, in each case, either entered into by the Borrower and any other person, or
assigned to the Borrower, subsequent to the Closing Date (other than Project Contracts, without regard to clause (n) of the definition of such term); provided, however, that such contract or agreement shall not constitute an
Additional Project Contract if (a) it is (i) entered into by the Borrower in the ordinary course of business in connection with the furnishing of goods or the performance of services and the costs thereof are reimbursable costs to the
Borrower under each of the Power Purchase Agreements or (ii) entered into under emergency circumstances requiring immediate action to resume or maintain operation of the Project in accordance with Prudent 

  

 2 

 
Utility Practices, (b) it can be readily replaced by other contracts or agreements having substantially similar terms and conditions without material
cost or materially burdensome conditions to the Borrower, (c) it commits the Borrower to spend less than $2,000,000 individually within any given fiscal year or $5,000,000 within any given fiscal year when taken together with all other
agreements which would be Additional Project Contracts but for the operation of this proviso, (d) it is entered into by the Project Manager (on behalf of the Borrower and the Co-Participants), and not the Borrower, in accordance with the terms
of the Participation Agreement or (e) the Borrower is expressly permitted pursuant to the terms of this Agreement to enter into such contract or agreement (including the Shared Facilities Agreements and the contracts and agreements referred to
in Section 6.24(a)). 
 “Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest
Period, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for such Interest Period and (b) Statutory Reserves. 
 “Administrative Agent” shall have the meaning assigned to such term in the preamble. 
 “Administrative Agent Fee” shall have the meaning assigned to such term in Section 2.05(b). 
 “Administrative Questionnaire” shall mean an Administrative Questionnaire in the form of Exhibit A, or such other form as may be supplied from time to time by the Administrative Agent. 
 “Affiliate” shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the person specified; provided, however, that, for purposes of Section 6.12, the term “Affiliate” shall also include any person that
directly or indirectly owns 10% or more of any class of Equity Interests of the person specified or that is an officer or director of the person specified. 
 “Agents” shall have the meaning assigned to such term in Article VIII. 
 “Aggregate
Backstop LC Credit Exposure” shall mean the aggregate amount of the Backstop LC Lenders’ Backstop LC Credit Exposures. 
 “Aggregate Revolving Credit Exposure” shall mean the aggregate amount of the Revolving Credit Lenders’ Revolving Credit Exposures. 
 “Agreement” shall have the meaning assigned to such term in the preamble. 
 “Alternate Base Rate” shall mean, for any day, a rate per annum equal to the
greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the effective date of such change in the Prime Rate or
the Federal Funds Effective Rate, respectively. 
  

 3 

 “Annual Operating Budget” shall have the meaning assigned to such term in
Section 5.09(b). 
 “Applicable Margin” shall mean, for any day, (a) with respect to each ABR Loan, a rate per
annum equal to 0%, and (b) with respect to each Eurodollar Loan, a rate per annum equal to 0.35%. 
 “Applicable
Permit” shall mean at any time any Permit that is (a) necessary to be obtained by or on behalf of the Borrower or the Project at such time in light of the stage of development, construction or operation of the Project to enable the
Borrower to construct, test, operate, maintain, repair, own its interest in, control or use the Project as contemplated by the Operative Documents, sell electricity from the Project, enter into any Operative Document or consummate and/or perform any
transaction or obligation contemplated hereby or thereby, including, without limitation, all environmental, regulatory and other permits and approvals, (b) necessary so that none of the Administrative Agent, the Arranger, the Collateral Agent,
the Issuing Bank, the Loan Insurer or any other Secured Party nor any Affiliate of any of them may be deemed by any Governmental Authority to be subject to regulation under the FPA or PUHCA 2005 or under any state laws or regulations respecting the
rates of, or the financial or organizational regulation of, electric utilities solely as a result of the Borrower’s construction, ownership, operation or control of the Project or the sale of electricity therefrom, or necessary for any transfer
of Control in the Borrower or any entity upstream from the Borrower, pursuant to the FPA and applicable state laws, or (c) listed as such on Schedule 3.12. 
 “AR PSC” shall mean the Arkansas Public Service Commission and its successors. 
 “Arranger” shall have the meaning assigned to such term in the preamble. 
 “Asset Sale” shall
mean the sale, lease, sub-lease, sale and leaseback, assignment, conveyance, transfer, issuance or other disposition (by way of merger, casualty, condemnation or otherwise) by the Borrower to any person of any assets of the Borrower, including
Equity Interests of any person, other than: 
 (a) inventory, obsolete or worn out assets, scrap and Permitted Investments, in each case
disposed of in the ordinary course of business; 
 (b) any asset sale or series of related asset sales having a fair market value not in
excess of $500,000; 
 (c) any sales of energy and capacity products pursuant to Power Purchase Agreements (other than, in the case of this
clause (c), any such sale when payments are made more than 60 days in advance of the date such payments are due thereunder for capacity and/or energy); and 
 (d) any Excluded Collateral. 
  

 4 

 “Asset Sale Proceeds Sub-Account” shall have the meaning assigned to such term in the
Depositary Agreement. 
 “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an
assignee (with the consent of any person whose consent is required pursuant to the terms of this Agreement), and accepted by the Administrative Agent, in the form of Exhibit B or such other form as shall be approved by the Administrative Agent.

 “Available Construction Loan Commitment” means (a) at any time during the Construction Loan Availability Period, the
aggregate Construction Loan Commitments at such time minus the aggregate principal amount of all Construction Loans outstanding at such time and (b) at any time after the Construction Loan Availability Period, zero. 
 “Backstop LC Borrowing” shall mean a Borrowing composed of Backstop LC Loans. 
 “Backstop LC Commitment” shall mean, with respect to each Backstop LC Lender, the commitment, if any, of such Backstop LC Lender to make
Backstop LC Loans (and to acquire participations in each Backstop Letter of Credit) hereunder as set forth on Appendix A-4 or in the Assignment and Acceptance pursuant to which such Backstop LC Lender assumed its Backstop LC Commitment, as
applicable, as the same may be reduced from time to time in accordance with the terms hereof. 
 “Backstop LC Credit
Exposure” shall mean, at any time, the sum of (a) the aggregate undrawn amount of the Backstop Letters of Credit at such time and (b) the aggregate amount of all Backstop LC Disbursements that have not been reimbursed at such
time. The Backstop LC Credit Exposure of any Backstop LC Lender at any time shall equal its Pro Rata Percentage of the aggregate Backstop LC Credit Exposure at such time. 
 “Backstop LC Disbursement” shall mean a payment or disbursement made by the Issuing Bank pursuant to any of the Backstop Letters of Credit. 
 “Backstop LC Facility” shall mean the Backstop LC Commitments and the extensions of credit thereunder. 
 “Backstop LC Facility Commitment Availability Period” shall mean the period from
the Closing Date to the date which is the fifth (5th) Business Day prior to the fifth (5th) anniversary of the Closing Date. 
 “Backstop LC Fee Payment Date” shall have the meaning assigned to such term in Section 2.05(d)(i). 
 “Backstop LC Lender” shall mean a Backstop LC Lender with a Backstop LC Commitment or an outstanding Backstop LC Loan. 
 “Backstop LC Loans” shall mean the loans made by the Backstop LC Lenders to the Borrower pursuant to Section 2.02(f). 
  

 5 

 “Backstop LC Maturity Date” shall
mean the seventeenth (17th) anniversary of the Closing Date or, if earlier, (a) the date of the
acceleration of the Obligations upon and during the occurrence and continuance of an Event of Default, and (b) if no Backstop LC Loans are outstanding on the fifth (5th) anniversary of the Closing Date, the fifth (5th) anniversary of the Closing Date. 
 “Backstop LC Participation Fee”
shall have the meaning assigned to such term in Section 2.05(d)(i). 
 “Backstop Letter of Credit” shall mean
(a) on the Closing Date, the letter of credit issued by the Issuing Bank under the Backstop LC Facility to Credit Suisse, in the form attached hereto as Exhibit S-1, as contemplated by the Pay-off Agreement and (b) thereafter and as a
replacement for the letter of credit referred to in clause (a) and as contemplated by the Mandatory Tender, the letter of credit issued by the Issuing Bank under the Backstop LC Facility to the Trustee, in the form attached hereto as Exhibit
S-2. 
 “Bankruptcy Event” shall be deemed to occur, with respect to any person, if that person shall institute a voluntary
case seeking liquidation or reorganization under the Bankruptcy Law, or shall consent to the institution of an involuntary case thereunder against it; or such person shall file a petition or shall otherwise institute any similar proceeding under any
other applicable Federal or state law, or shall consent thereto; or such person shall apply for the appointment, or by consent or acquiescence there shall be an appointment, of a receiver, liquidator, sequestrator, trustee or other officer or
custodian with similar powers for itself or any substantial part of its property or assets; or such person shall make an assignment for the benefit of its creditors; or such person shall become insolvent, or admit in writing its inability or
unwillingness to pay its debts generally as they become due; or if an involuntary case shall be commenced seeking liquidation or reorganization of such person under the Bankruptcy Law or any similar proceedings shall be commenced against such person
under any other applicable Federal or state law and (i) the petition commencing the involuntary case is not timely controverted, (ii) the petition commencing the involuntary case is not dismissed within sixty (60) days of its filing,
(iii) an interim trustee is appointed to take possession of all or a portion of the property, and/or to operate all or any part of the business, of such person and such appointment is not vacated within sixty (60) days, or (iv) an
order for relief shall have been issued or entered therein; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee or other officer having similar powers, of such
person or all or a part of its property shall have been entered; or any other similar relief shall be granted against such person under any applicable federal or state law. 
 “Bankruptcy Law” shall mean Title 11, United States Code, and any other state or federal insolvency, reorganization, moratorium or
similar law for the relief of debtors, or any successor statute. 
 “Base Case Projections” shall mean a projection of the
Borrower’s operating results for the Project over a period commencing on March 1, 2007 and ending no sooner than December 31, 2040, which projections are attached in the form of Exhibit N hereto. 
  

 6 

 “Benefit Plan” shall mean any employee pension benefit plan (other than a Multiemployer
Plan) that is a defined benefit plan, as defined in Section 3(3) of ERISA, and that is subject to the provisions of Title IV of ERISA or Section 412 of the Tax Code or Section 307 of ERISA, and in respect of which the Borrower or
any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “BNSF” shall mean BNSF Railway Company, a Delaware corporation. 
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United States of America. 
 “Bond Indenture” shall mean (a) the Trust Indenture, dated as of April 1, 2006, between the City, as issuer, and the Trustee,
and (b) any trust indenture between the City, as issuer, and the applicable trustee, pursuant to which the City will issue tax-exempt bonds pursuant to a Permitted Tax-Exempt Bond Refinancing (which indenture shall be in form and substance
reasonably satisfactory to the Controlling Party). 
 “Bond Loan Agreement” shall mean (a) the Loan Agreement, dated as
of April 1, 2006, between the Borrower and the City and (b) any loan agreement between the City and the Borrower, pursuant to which the City will on-lend to the Borrower the proceeds of the Tax-Exempt Bond Offering consummated pursuant to
a Permitted Tax-Exempt Bond Refinancing to the Borrower. 
 “Borrower” shall have the meaning assigned to such term in the
preamble. 
 “Borrowing” shall mean Loans of the same Class and Type made, converted or continued on the same date and, in
the case of Eurodollar Loans, as to which a single Interest Period is in effect. 
 “Borrowing Request” shall mean a request
by the Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit C-1 or C-2 (as applicable). 
 “Breakage Event” shall have the meaning assigned to such term in Section 2.16. 
 “Business
Day” shall mean any day other than a Saturday, Sunday or day on which commercial banks in New York City are authorized or required by law to close; provided, however, that when used in connection with a Eurodollar Loan
(including with respect to all notices and determinations in connection therewith and any payments of principal, interest or other amounts thereon), the term “Business Day” shall also exclude any day on which banks are not open for
dealings in dollar deposits in the London interbank market. 
 “Call Premium” shall mean, with respect to any applicable
prepayment under Section 2.12(a) an amount equal to 1.00% of the aggregate principal amount of such prepayment. 
  

 7 

 “Capital Expenditures” shall mean, for any period, the aggregate of all expenditures of
the Borrower during such period determined on a consolidated basis and without duplication that, in accordance with GAAP, are or should be included in “purchase of property and equipment” or similar items reflected in the statement
of cash flows of the Borrower, but excluding to the extent they would otherwise be included: 
 (a) expenditures made in connection with the
replacement, substitution, restoration or repair of property to the extent financed with (i) Insurance Proceeds paid to the Borrower on account of the Event of Loss in respect of the property being replaced, restored or repaired or
(ii) Eminent Domain Proceeds paid to the Borrower on account of an Event of Eminent Domain, in each case in accordance with the terms of the Credit Documents; 
 (b) payments under Capital Lease Obligations to the extent such Capital Lease Obligations are permitted under the terms of the Credit Documents; 
 (c) the purchase of plant, property or equipment to the extent financed (directly or indirectly) with the proceeds of cash equity contributions received
by the Borrower from the Pledgor prior to the consummation of such purchase, which cash equity contributions have been contributed by the Pledgor specifically for the purpose of the purchase of such plant, property or equipment; and 
 (d) O&M Costs. 
 “Capital Lease
Obligations” of any person shall mean the obligations of such person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations
are required to be classified and accounted for as capital leases on a balance sheet of such person under GAAP, and the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

 “Change in Law” shall mean (a) the adoption of any law, rule or regulation after the date of this Agreement,
(b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or the Issuing Bank (or, for purposes of
Section 2.14, by any lending office of such Lender or Issuing Bank or by such Lender’s or Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental
Authority made or issued after the date of this Agreement. 
 A “Change of Control” shall be deemed to have occurred if any
of the following events occurs: (a) the Sponsor, United States Power Fund II, L.P., USPFII Institutional Fund, LP and Dynegy shall collectively fail to own, directly or indirectly, beneficially and of record, at least 50% of the Equity
Interests in the Borrower, (b) from and after the consummation of the transactions contemplated by the Plan of Merger, Contribution and Sale Agreement dated as of September 14, 2006 among LS Power Associates, L.P., LS Power Partners, L.P.,
LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P., LSP Gen Investors, L.P. (collectively the “LS Entities”), Dynegy, Dynegy Acquisition Inc. (“New Dynegy”) and Falcon 

  

 8 

 
Merger Sub Co. (“Merger Sub”), such transactions to include (i) Merger Sub’s merger with and into Dynegy and Dynegy becoming a
wholly owned subsidiary of New Dynegy; (ii) the LS Entities’ contribution of certain interests in power generation entities (including the Project) to New Dynegy in exchange for certain shares of New Dynegy stock and certain notes to be
issued by New Dynegy; and (iii) the LS Entities’ sale of LSP Kendall Holding, LLC and LSP Kendall Blocker, Inc. to New Dynegy (collectively, the “Dynegy Transaction”), New Dynegy, Dynegy or any of its subsidiaries shall
collectively own, directly or indirectly, Equity Interests in the Borrower representing more Equity Interests in the Borrower than New Dynegy, Dynegy or such subsidiaries collectively owned on the date of the consummation of the Dynegy Transaction,
(c) any person shall own, directly or indirectly, more than the Attributed Member Percentage in the Borrower as of the date of such event; provided that any such event shall not be a Change of Control if (1) any person (and its
Affiliates) aggregate direct and indirect ownership percentage in the Borrower changes solely by operation of the provisions of Section 9.1 of the Limited Liability Company Agreement of the Pledgor dated as of March 14, 2006 in effect as
of the date hereof, (2) (A) the Borrower receives a Ratings Reaffirmation prior to such event and (B) such event, and the resulting limited liability company structure of the Borrower, complies with S&P’s and Moody’s (if
Moody’s shall have rated the Facilities) then in effect criteria and guidelines with respect to separateness and bankruptcy-remoteness (including, as of the date hereof, the criteria and guidelines set forth in Standard & Poor’s,
Structured Finance, Legal Criteria for U.S. Structured Finance Transactions, Chapter 3, published in October 2006) or (3) S&P and Moody’s (if Moody’s shall have rated the Facilities) shall have delivered a written confirmation
prior to such event that the credit ratings assigned by S&P and Moody’s (if Moody’s shall have rated the Facilities) to the Debt of the Borrower hereunder, under the Tax-Exempt Bonds and under any other Debt insured or guaranteed by
the Loan Insurer under any of the Insurance Policies shall be at least BBB- (with a stable outlook) in the case of S&P and Baa3 (with a stable outlook) in the case of Moody’s after giving effect to the occurrence of such proposed event and
all transactions related thereto (and without giving effect to any of the Insurance Policies). “Attributed Member Percentage” as used herein shall equal, as of the date of such event, the aggregate direct and indirect ownership
percentage of the LS Entities (and its Affiliates) in the Borrower when calculated based on the flip structure and distribution provisions contained in Section 9.1 of the Limited Liability Company Agreement of the Pledgor dated as of
March 14, 2006 in effect as of the date hereof. 
 “Charges” shall have the meaning assigned to such term in
Section 9.09. 
 “City” shall mean the City of Osceola, Arkansas. 
 “Class” shall, when used in reference to any Loan or Borrowing, refer to whether such Loan, or the Loans comprising such Borrowing, are
Backstop LC Loans, Construction Loans, Revolving Loans or Term Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Backstop LC Commitment, Construction Loan Commitment, Revolving Credit Commitment or Term Loan
Commitment. 
  

 9 

 “Closing Date” shall mean the date on or before April 2, 2007 on which each of the
conditions set forth in Section 4.01 below has been satisfied or waived and the initial Construction Loans are made and the initial Backstop Letter of Credit is issued. 
 “Coal Transportation Agreement” shall mean the Coal Transportation Contract BNSF-C-12469, dated as of December 9, 2005, between the
Borrower and BNSF. 
 “Collateral” shall mean the Equity Interests in and all property and assets of the Borrower (other
than any property and assets which are specifically excluded from the Collateral pursuant to the Collateral Documents, including, from and after the disposition thereof, any Excluded Collateral), now owned or hereinafter acquired. 
 “Collateral Agency Agreement” shall mean that certain Collateral Agency and Intercreditor Agreement, dated as of the date hereof, by and
among the Borrower, the Pledgor, the Administrative Agent, the Issuing Bank, the Loan Insurer, the Collateral Agent and the other parties thereto from time to time. 
 “Collateral Agent” shall have the meaning assigned to such term in the preamble. 
 “Collateral Agent Fees” shall have the meaning assigned to such term in Section 2.05(c). 
 “Collateral Documents” shall mean the Security Agreement, the Pledge Agreement, the Mortgage, the Consents, the Depositary Agreement, the Collateral Agency Agreement, and any financing statements filed or recorded in
connection with the foregoing. 
 “Commercial Operations Date” shall mean the later of (a) the date on which
Substantial Completion has occurred and (b) the first “Commercial Operation Date” to occur under any of the Power Purchase Agreements, as certified by the Borrower to the Administrative Agent, the Lenders and the Loan Insurer and as
verified by the Independent Engineer. 
 “Commitment” shall mean, with respect to any Lender, such Lender’s Backstop LC
Commitment, Construction Loan Commitment, Revolving Credit Commitment and Term Loan Commitment. 
 “Commitment Fee” shall
have the meaning assigned to such term in Section 2.05(a). 
 “Commitment Fee Rate” shall mean a rate per annum equal
to 0.125%. 
 “Commitment Reduction Premium” shall mean, with respect to any applicable Commitment reduction or termination
pursuant to Section 2.09(f), an amount equal to 1.00% of the aggregate principal amount of such Commitment reduction or termination. 
 “Communications” shall have the meaning assigned to such term in Section 9.01. 
 “Completion” shall be deemed to have occurred upon the satisfaction of each the following conditions: 
 (a) all
necessary facilities for the transportation and receipt of the appropriate fuels to and by the Project have been completed in accordance with the terms of the applicable Operative Documents; 
  

 10 

 (b) (i) the Commercial Operations Date has occurred and (ii) the Acceptance Tests have been
successfully completed as provided in the EPC Contract and Section 5.15 (including delivery of the Preliminary Acceptance Test Results); 
 (c) performance liquidated damages (if any) as provided in the EPC Contract have been paid in full and applied to the prepayment of the Term Loans (to the extent required under Section 3.11 of the Depositary Agreement) or a letter of
credit in form and substance reasonably satisfactory to the Controlling Party has been issued on behalf of the EPC Contractor in accordance with the terms of the EPC Contract; 
 (d) all required Sponsor Support Payments have been funded and applied in accordance with the Sponsor Support Agreement; 
 (e) the Administrative Agent and the Loan Insurer have received all Additional Project Contracts then required to have been delivered (together with
related Consents in respect of such Additional Project Contracts, provided that if the Borrower is unable to deliver to the Administrative Agent and the Loan Insurer any such Consents despite its commercially reasonable efforts to do so, then
the Borrower shall not be obligated to so deliver such Consents); 
 (f) all facilities, authorizations, approvals and permits necessary for
the procurement, transportation and discharge of water to the Project and wastewater from the Project have been obtained or completed in accordance with the applicable Operative Documents; 
 (g) necessary interconnection facilities sufficient to transmit all power generated by the Project have been completed in accordance with the Electrical
Interconnection Agreement and the other Project Contracts; 
 (h) all environmental, regulatory and other Permits then required for the
operation and maintenance of the Project are in place and all applicable appeal and waiting periods have expired; 
 (i) all real estate
rights necessary for completion of the foregoing and continued operations of the Project have been obtained (including an A.L.T.A as built survey and title policy endorsement); 
 (j) the EPC Contractor has provided a certified Lien waiver in accordance with Section 10.4(vi) of the EPC Contract (and in the form set forth in
Exhibit L or M, as applicable, to the EPC Contract) and the Borrower and EPC Contractor shall have certified such waiver statement as true and correct and complete; 
 (k) all Project Costs (other than punch list items) have been satisfied or paid for, and an amount equal to the Punch List Reserve Amount (as defined in the Depositary Agreement) shall be on deposit in the
Construction Account (after giving effect to the withdrawals and transfers from the Construction Account to be made on the Term Period Commencement Date); 
  

 11 

 (l) the Independent Engineer has provided a certificate such that the conditions (a) through
(h) and (k) have been met; and 
 (m) the Lenders Debt Service Reserve Account has been funded (whether by cash, a DSR Letter of
Credit (as defined in the Depositary Agreement), a Debt Service Reserve Surety or any combination thereof) to its required level as provided in the Depositary Agreement. 
 “Completion Date” shall mean the date on which the Project shall have achieved Completion. 
 “Consents” shall mean (a) each Consent and Agreement specified in Exhibit D-1 (including the “acknowledgment letters” in the form of Exhibit D-2 hereto delivered by the applicable counterparties on or before
the Closing Date with respect to any Consent and Agreements entered into prior to the Closing Date) and (b) with respect to any Additional Project Contract, a consent and agreement of each such party to such Additional Project Contract (other
than the Borrower), substantially in the form of Exhibit D-3, with such modifications as may be reasonably acceptable to the Controlling Party, to the extent such consent can be obtained by the Borrower using its commercially reasonable efforts.

 “Construction Account” shall have the meaning assigned to such term in the Depositary Agreement. 
 “Construction Budget” shall have the meaning assigned to such term in Section 4.01(p), which budget is attached in the form of
Exhibit L hereto. 
 “Construction Borrowing” shall mean a Borrowing comprised of Construction Loans. 
 “Construction Loan” shall have the meaning assigned to such term in Section 2.01(a). 
 “Construction Loan Availability Period” shall mean the period from the Closing Date to the earlier of (a) full utilization of the
aggregate Construction Loan Commitments and (b) the Construction Loan Maturity Date. 
 “Construction Loan Commitment”
shall mean, with respect to each Term Lender, the commitment, if any, of such Term Lender to make Construction Loans hereunder as set forth on Appendix A-1 or in the Assignment and Acceptance pursuant to which such Term Lender assumed its
Construction Loan Commitment, as applicable, as the same may be reduced from time to time in accordance with the terms hereof. The aggregate amount of the Construction Loan Commitments as of the Closing Date is $700,000,000. 
 “Construction Loan Credit Event” shall have the meaning assigned to such term in Section 4.02. 
  

 12 

 “Construction Loan Maturity Date” shall mean the date that is the earliest to occur of
(a) the Term Period Commencement Date, (b) the date of the acceleration of the Obligations upon and during the occurrence and continuance of an Event of Default and (c) the Date Certain. 
 “Construction Schedule” shall mean the Project Schedule (as defined in the EPC Contract), a copy of which schedule is attached in the
form of Exhibit M hereto. 
 “Control” shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” and “under common control
with” shall have meanings correlative thereto. 
 “Controlled Group” shall mean all members of a controlled group
of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower, are treated as a single employer under Section 414(b) or 414(c) of the Tax Code. 
 “Controlling Party” shall mean (a) the Loan Insurer for so long as the Loan Insurance Policy shall be in full force and effect and
there shall not have occurred and be continuing an Insurer Default or (b) otherwise, the Administrative Agent (subject to the Required Lenders’ or the Lenders’ as the case may be, rights to approve matters pursuant to
Section 9.08(b)). 
 “Co-Participants” shall mean ETEC, MJMEUC, MEAM and Empire. 
 “Credit Documents” shall mean this Agreement, the Collateral Documents, the Sponsor Support Documents, each Interest Rate Protection
Agreement (including all interest hedge transactions thereunder), the Loan Insurance Agreement, the Fee Letter and any other loan or security agreements or letter agreement or similar document, entered into by any Secured Party, on the one hand, and
the Borrower, the Sponsor, the Pledgor or any other Major Participant that may be party thereto, on the other, in connection with the transactions contemplated by the Credit Documents. 
 “Credit Event” shall have the meaning assigned to such term in Section 4.03 
 “Credit Ratings” shall mean the ratings assigned to the Facilities (and without giving effect to any of the Insurance Policies) from
time to time by each of Moody’s (if any) and S&P. 
 “Credit Suisse” means Credit Suisse, Cayman Islands Branch
and/or Credit Suisse, New York Branch, as the context may require. 
 “CS Letter of Credit” means a letter of credit in the
original stated amount of $101,472,603, originally issued by Credit Suisse to the Trustee under the Existing Credit Facilities and being continued pursuant to the Pay-off Agreement, to serve as Alternate Credit Enhancement for the Tax Exempt Bonds
from the Closing Date until the date the Mandatory Tender is consummated. 
  

 13 

 “Date Certain” shall mean December 14, 2010; provided that if (a) the
Commercial Operations Date has not been achieved on or before December 14, 2010 and (b) the Borrower has prepared a recovery plan (which plan shall set forth, among other things, the Borrower’s (i) detailed plan for ensuring that
the Commercial Operations Date will be achieved on or before March 14, 2011, (ii) detailed plan for ensuring that the Borrower will have sufficient funds available to it to pay for all Project Costs associated with the delay in the
achievement of the Commercial Operations Date and the implementation of such recovery plan, (iii) detailed plan for ensuring that the Borrower is and will be in compliance with the Power Purchase Agreements, (iv) proposed updated
Construction Schedule and Construction Budget and (v) detailed plan which covers any other matters related to Completion reasonably requested by the Controlling Party or the Independent Engineer) and delivered such recovery plan to the
Controlling Party, the Administrative Agent and the Independent Engineer on or before December 1, 2010, and the Controlling Party, in consultation with the Independent Engineer, has, upon timely review acting reasonably, approved such recovery
plan prior to December 14, 2010, then the Date Certain shall be deemed to be extended to March 14, 2011. 
 “Debt”
of any person at any date shall mean, without duplication: 
 (a) indebtedness created, issued or incurred by such person for borrowed money
(whether by loan or the issuance and sale of debt securities or the sale of property of such person to another person subject to an understanding or agreement, contingent or otherwise, to repurchase such property of such person from such person);

 (b) notes payable and drafts accepted by such person representing extensions of credit whether or not representing obligations for
borrowed money; 
 (c) any obligation owed by such person for all or any part of the deferred purchase price of property or services
(excluding any such obligations incurred under ERISA), which purchase price is due more than six months from the date of incurrence of the obligation in respect thereof; 
 (d) the face amount of any letter of credit or similar instrument issued for the account of such person or as to which such person is otherwise liable for reimbursement of drawings; 
 (e) the direct or indirect Guarantee, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting
with recourse or sale with recourse by such person of the obligation of another (provided that such obligation of such person shall be “Debt” hereunder only if and to the extent that the assurance such person is providing to such
obligee is in respect of an obligation that otherwise constitutes “Debt” hereunder); 
 (f) any obligation of such person the
primary purpose or intent of which is to provide assurance to an obligee that the obligation of the obligor thereof will be paid or discharged or the holders thereof will be protected (in whole or in part) against loss in respect thereof
(provided that such obligation of such person shall be “Debt” hereunder only if and to the extent that the assurance such person is providing to such obligee is in respect of an obligation that otherwise constitutes “Debt”
hereunder); 
  

 14 

 (g) any liability of such person for an obligation of another through any agreement (contingent or
otherwise) (i) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital
contributions or otherwise) or (ii) to maintain the solvency or any balance sheet item, level of income or financial condition of another if, in the case of any agreement described under subclauses (i) or (ii) of this clause (g), the
primary purpose or intent thereof is as described in clause (f) above (provided that such liability of such person shall be “Debt” hereunder only if and to the extent that the related obligation otherwise constitutes
“Debt” hereunder); 
 (h) all ordinary course trade payables which are more than 90 days overdue; 
 (i) all obligations of such person in respect of any exchange traded or over the counter derivative transaction or any interest rate protection or
commodity hedging transaction, including any transaction under any Hedging Agreement (including any Interest Rate Protection Agreement), whether entered into for hedging or speculative purposes; and 
 (j) Capital Lease Obligations. 
 “Debt Service” shall mean, for any period, without duplication, all fees of the Administrative Agent, the Collateral Agent, the Issuing Bank and the other Secured Parties (other than the Loan Insurer), interest on and
principal of the Secured Obligations, Breakage Costs (as defined in the Collateral Agency Agreement) and expenses in connection with a Breakage Event in respect of any Interest Rate Protection Agreement payable during such period, net of any amount
payable to or by the Borrower under any Interest Rate Protection Agreement during such period. 
 “Debt Service Coverage
Ratio” shall mean, as of any of date of determination, the ratio of (a) (i) the sum of the aggregate of all Operating Revenues for the four-fiscal quarter period ending on such date minus (ii) all payments made by the
Borrower to the Loan Insurer pursuant to the Loan Insurance Agreement during such four-fiscal quarter period ending on such date minus (iii) all deposits into the Major Maintenance Reserve Account during such four-fiscal quarter period
ending on such date minus (iv) the sum of the aggregate of all O&M Costs for the four-fiscal quarter period ending on such date to (b) scheduled Debt Service for the four-fiscal quarter period ending on such date;
provided that for purposes of determining the amount of any item included in the calculation of the Debt Service Coverage Ratio for any determination date which occurs on or before the last Business Day of the fourth fiscal quarter which
occurs after the Term Period Commencement Date, such amount shall equal the amount of such item for the one, two or three (as applicable) fiscal quarters then ended. 
 “Debt Service Reserve Surety” shall mean a surety bond, in substantially the form attached as Exhibit A to the Forward Commitment Letter, issued by the Loan Insurer on the Term Period Commencement
Date to the Collateral Agent for the purpose of satisfying the Borrower’s obligations hereunder and under the Depositary Agreement to fund the Lenders Debt Service Reserve Account. 
  

 15 

 “Default” shall mean any event or condition which constitutes an Event of Default or
which upon notice, lapse of time or both would constitute an Event of Default. 
 “Default Rate” shall mean the interest
rate then applicable to the Construction Loans or Term Loans, as applicable, plus two percent (2.00%). Interest computed with reference to the Default Rate shall be adjusted and calculated in the same manner as interest computed with reference to
the ABR. 
 “Depositary” shall mean The Bank of New York, or any successor thereto in each case acting as the Depositary
under the Depositary Agreement. 
 “Depositary Agreement” shall mean that certain Depositary Agreement, dated as of the date
hereof, among the Borrower, the Collateral Agent, the Administrative Agent and the Depositary. 
 “Developer Conversion
Payment” shall mean a fee in an amount, at Borrower’s election, of up to the undrawn amount of the Construction Loan Commitment remaining after the payment of all Project Costs required to achieve Term-Conversion (other than punch list
amounts), after giving effect to the funding of (a) the Lenders Debt Service Reserve Account (to the extent such Account is at Borrower’s election funded in cash) to the Lenders Required Amount (as defined in the Depositary Agreement),
(b) the Maintenance Reserve Account to the Minimum Maintenance Account Balance (as defined in the Depositary Agreement) and (c) the Punch List Reserve Amount (as defined in the Depositary Agreement), all pursuant to Section 3.1(d) of
the Depositary Agreement), payable by the Borrower to the Pledgor on the Term Period Commencement Date. 
 “Discretionary Capital
Expenditures” shall mean all Capital Expenditures which are not Required Capital Expenditures. 
 “Distribution Suspense
Account” shall have the meaning assigned to such term in the Depositary Agreement. 
 “dollars” or
“$” shall mean Unites States dollars or such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts in the United States of America. 

“Dynegy” shall mean Dynegy Inc., a Delaware corporation. 
 “Dynegy Transaction” shall have the meaning assigned to such term in the definition of “Change of Control.” 
  

 16 

 “Easements” shall mean the easements appurtenant, easements in gross, license agreements
and other rights running in favor of the Borrower and/or appurtenant to the Site, including without limitation those certain easements and licenses described in the Title Policy. 
 “Eminent Domain Proceeds” shall mean all amounts and proceeds (including instruments) received by the Borrower in accordance with the
Participation Agreement in respect of any Event of Eminent Domain. 
 “Empire” shall mean The Empire District Electric
Company, a Kansas corporation. 
 “Empire Asset Purchase Agreement” shall mean the Agreement Regarding Asset Purchase
Agreement, dated as of March 3, 2006, between the Borrower and Empire. 
 “Empire Buy-In” shall have the meaning
assigned to such term in the Depositary Agreement. 
 “Empire Escrow Agreement” shall mean the Escrow Agreement, dated as of
March 14, 2006, among the Borrower, ETEC, MJMEUC and the Project Manager (as escrow agent). 
 “Empire HOPA” shall mean
the Home Office Payment Agreement, dated as of March 1, 2006, among the Borrower, Empire and Regions Bank. 
 “Empire
Participating Co-Tenant Agreement” shall mean the Participating Co-Tenant Agreement, dated as of March 14, 2006, between the Borrower and Empire. 
 “Empire PPA” shall mean the Power Purchase Agreement, dated as of March 3, 2006, between the Borrower and Empire. 
 “Entergy” shall mean Entergy Arkansas, Inc., an Arkansas corporation. 
 “Environmental Claim” shall mean any and all liabilities, losses, administrative, regulatory or judicial actions, suits, written demands, decrees, written claims, liens, judgments, warning notices, notices of noncompliance
or violation, governmental investigations, governmental proceedings, orders to conduct removal or remedial actions, or damages (foreseeable and unforeseeable, including consequential and punitive damages), penalties, fees, out-of-pocket costs,
expenses, disbursements, attorneys’ or consultants’ fees, relating in any way to any Environmental Law or any Permit issued under any such Environmental Law (hereafter “Claims”), including (a) any and all Claims by
Governmental Authorities for enforcement, investigation, cleanup, removal, response, remedial or other actions or fines, penalties or damages pursuant to any applicable Hazardous Substance Law, and (b) any and all Claims by any third party
seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Substances or arising from alleged injury or threat of injury to health, safety (with respect to Hazardous Substances) or the
environment. 
 “Environmental Law” shall mean any federal, state and local governmental law (including common law), treaty,
regulation, rule, ordinance, code, decree, judgment, directive, 

  

 17 

 
order (including consent orders), and agreements in each case, relating to protection of the environment, natural resources, human health and safety (with
respect to Hazardous Substances) or the presence, Release of, threatened Release of, or exposure to, Hazardous Substances, or the generation, manufacture, processing, distribution, use, treatment, storage, transport, recycling or handling of, or the
arrangement for such activities with respect to, Hazardous Substances, including, but not limited to, any Hazardous Substances Law. 
 “Environmental Site Assessments” shall mean the Phase I environmental site assessment reports and Phase I update reports listed on Part III of Schedule 3.13. 
 “EPC Contract” shall mean the Amended and Restated Turnkey Engineering, Procurement and Construction Agreement, dated as of
February 15, 2006, by and between the Borrower and the EPC Contractor, together with those certain change orders numbered 1, 2 and 3 and dated July 18, 2006, October 10, 2006 and November 22, 2006. 
 “EPC Contractor” shall mean Plum Point Power Partners, a joint venture among Zachry Construction Corporation, Overland Contracting Inc.
and Gilbert Central Corp. 
 “EPC Guarantees” shall mean (a) the Engineering Procurement and Construction Contract
Guaranty, dated as of December 1, 2005, by Black & Veatch Holding Company in favor of the Borrower, (b) the Engineering Procurement and Construction Contract Guaranty, dated as of December 30, 2005, by Kiewit Construction
Company in favor of the Borrower and (c) the Engineering Procurement and Construction Contract Guaranty, dated as of December 30, 2005, by Zachry Construction Corporation in favor of the Borrower. 
 “Equity Interests” shall mean shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity interests in any person, or any obligations convertible into or exchangeable for, or giving any person a right, option or warrant to acquire, such equity interests or such convertible or exchangeable
obligations. 
 “Equity Issuance” shall mean any issuance or sale by the Pledgor or the Borrower of any Equity Interests of
the Borrower, as applicable, or the receipt by the Borrower of any capital contribution, except for (a) in the case of the Borrower, any issuance or any receipt of any capital contribution from the Pledgor, (b) any issuance of
directors’ qualifying shares and (c) sales or issuances of membership interests of the Pledgor to management or employees of the Pledgor or the Borrower under any employee stock option or stock purchase plan or employee benefit plan in
existence from time to time in the ordinary course of business. 
 “ERISA” shall mean the Employee Retirement Income
Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” shall mean any trade or business (whether or not
incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Tax Code, or solely for purposes of Section 302 of ERISA and Section 412 of the Tax Code, is treated as a single
employer under Section 414 of the Tax Code. 
  

 18 

 “ERISA Event” shall mean (a) any “reportable event”, as defined in
Section 4043 of ERISA or the regulations issued thereunder, with respect to a Benefit Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Benefit Plan of an “accumulated
funding deficiency” (as defined in Section 412 of the Tax Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Tax Code or Section 303(d) of ERISA of an application for
a waiver of the minimum funding standard with respect to any Benefit Plan; (d) the incurrence by the Borrower of any liability under Title IV of ERISA with respect to the termination of any Benefit Plan or the withdrawal or partial
withdrawal of the Borrower or any of its ERISA Affiliates from any Benefit Plan or Multiemployer Plan; (e) the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention
to terminate any Benefit Plan or to appoint a trustee to administer any Benefit Plan; (f) the adoption of any amendment to a Benefit Plan that would require the provision of security pursuant to Section 401(a)(29) of the Tax Code or
Section 307 of ERISA; (g) the receipt by the Borrower or any of its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA Affiliates of any notice, concerning the imposition of
Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; (h) the occurrence of a “prohibited transaction” with respect to
which the Borrower is a “disqualified person” (within the meaning of Section 4975 of the Tax Code) or with respect to which the Borrower could otherwise be liable; or (i) any other event or condition with respect to a Benefit
Plan or Multiemployer Plan that could result or reasonably be expected to result in liability of the Borrower. 
 “ETEC”
shall mean East Texas Electric Cooperative, Inc., a generation and transmission electric cooperative existing under the laws of the State of Texas. 
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.

 “Event of Default” shall have the meaning assigned to such term in Article VII. 
 “Event of Eminent Domain” shall have the meaning assigned to such term in the Depositary Agreement. 
 “Event of Loss” shall have the meaning assigned to such term in the Depositary Agreement. 
 “Excluded Collateral” shall mean any of the Borrower’s assets and properties set forth on Schedule 1.01(a) hereto. 
 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any
payment to be made by or on account of any obligation of the Borrower hereunder, (a) net income or franchise Taxes imposed on (or measured by) its net income or capital as a result of a present or former connection between such recipient and
the jurisdiction imposing such tax (or any political subdivision thereof), other than 

  

 19 

 
any such connection arising solely from such recipient having executed, delivered or performed its obligations or received a payment under, or enforced, this
Agreement or any other Credit Document, (b) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.21(a)), any United States withholding tax that is imposed on amounts payable to such
Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.20(d), except to the extent that such
Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.20(a) and
(c) any United States withholding tax that applies due to a Lender’s failure to comply with Section 2.20(e). 
 “Existing Credit Facilities” shall mean the Borrower’s existing $575,000,000 senior secured first credit facility and the Borrower’s existing $175,000,000 senior secured second lien credit facility, each dated as
of March 14, 2006. 
 “Facility” shall mean the Backstop LC Facility, the Construction Loan Facility, the Term Loan
Facility and/or the Revolving Credit Facility, as the context may require. 
 “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on
the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next  1/100 of 1%) of the quotations for the day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing
selected by the Administrative Agent. 
 “Fee Letter” shall mean that certain fee letter, dated as of March 29,
2007, between the Arranger and the Borrower. 
 “Fees” shall mean the Commitment Fees, the Administrative Agent Fee, the
Collateral Agent Fees, the Backstop LC Participation Fees, the Revolving L/C Participation Fees, the Issuing Bank Fee and the Loan Insurer’s Payments. 
 “FERC” shall mean the Federal Energy Regulatory Commission and its successors. 
 “Final Completion” shall have the meaning assigned to such term in the EPC Contract. 
 “Final Completion
Date” shall mean the date that Final Completion has occurred in accordance with the terms of the EPC Contract. 
 “Financial
Officer” of any person shall mean the chief financial officer, principal accounting officer, treasurer, assistant treasurer or controller of such person. 
 “Foreign Lender” shall mean any Lender that is not a United States person as defined under Section 7701(a)(30) of the Tax Code. 
  

 20 

 “Forward Commitment Letter” shall mean that certain Commitment Letter, dated as of the
date hereof, between the Loan Insurer and the Borrower. 
 “FPA” shall mean the Federal Power Act, as amended. 

“Fuel Supply Plan” shall mean the fuel supply plan in respect of projected coal supply needs of the Borrower and the Project, which
fuel supply plan shall specify in reasonable detail the contracts, financial hedges (if any), quality, cost, location and logistics (including transportation) to obtain such fuel, as approved in accordance with Section 6.1 of the Participation
Agreement. 
 “GAAP” shall mean generally accepted accounting principles in the United States. 
 “GDP-IPD Index” shall mean the ratio of the Gross Domestic Product — Implicit Price Deflator published in the National Income
Product Account by the United States Department of Commerce on the date of determination relative to the published index value on such date in the immediately preceding year. 
 “Governmental Authority” shall mean the government of the United States of America or any other nation, 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. 
 “Governmental Rule” shall mean, with respect to any person, any law, rule, regulation, ordinance, order,
code, treaty, judgment, decree, directive, guideline, policy or similar form of decision of any Governmental Authority binding on such person. 
 “Granting Lender” shall have the meaning assigned to such term in Section 9.04(i). 
 “Guarantee” of or by any person (the “guarantor”) shall mean any obligation, contingent or otherwise, of (a) the guarantor or (b) another person (including any bank under a letter of credit) to
induce the creation of which the guarantor has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or having the economic effect of guaranteeing any Debt or other obligation of any other person (the
“primary obligor”) in any manner, whether directly or indirectly, and including any obligation, contingent or otherwise, of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Debt or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Debt or other obligation, (ii) to purchase or lease property, securities or services for the
purpose of assuring the owner of such Debt or other obligation of the payment of such Debt or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so
as to enable the primary obligor to pay such Debt or other obligation, (iv) as an account party in respect of any letter of credit or letter of guaranty issued to support such Debt or obligation or (v) to otherwise assure or hold harmless
the owner of such Debt or other obligation against loss in respect thereof; provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. 

 

 21 

 “Guaranteed Completion Date” shall have the meaning assigned to such term in the EPC
Contract. 
 “Hazardous Substances” shall mean any waste or other substance that is defined, listed or regulated as a
pollutant or contaminant, or as “hazardous” or “toxic” (or words of similar meaning) under any Hazardous Substances Law, including petroleum or petroleum by-products, radioactive materials and substances defined “industrial
waste” or “other waste” pursuant the Arkansas Air and Water Pollution Control Law. 
 “Hazardous Substances
Law” shall mean any of: 
 (i) the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended
(42 U.S.C. Section 9601 et seq.) (“CERCLA”); 
 (ii) the Federal Water Pollution Control Act (33 U.S.C.
Section 1251 et seq.) (“Clean Water Act” or “CWA”); 
 (iii) the Resource Conservation and Recovery
Act (42 U.S.C. Section 6901 et seq.) (“RCRA”); 
 (iv) the Atomic Energy Act of 1954 (42 U.S.C. Section 2011 et
seq.) (“AEA”); 
 (v) the Clean Air Act (42 U.S.C. Section 7401 et seq.); 
 (vi) the Emergency Planning and Community Right to Know Act (42 U.S.C. Section 11001 et seq.); 
 (vii) the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. Section 136 et seq.) (“FIFRA”); 
 (viii) the Oil Pollution Act of 1990 (P.L. 101-380, 104 Stat. 486); 
 (ix) the Safe Drinking Water Act (42 U.S.C. Sections 300(f) et seq.) (“SDWA”); 
 (x) the
Surface Mining Control and Reclamation Act of 1974 (30 U.S.C. Sections 1201 et seq.); 
 (xi) the Toxic Substances Control Act (15 U.S.C.
Section 2601 et seq.) (“TSCA”); 
 (xii) the Hazardous Materials Transportation Act (49 U.S.C. Section 5101 et
seq.) (“HMTA”); 
 (xiii) the Uranium Mill Tailings Radiation Control Act of 1978 (42 U.S.C. Section 7901 et seq.)
(“UMTRCA”); 
  

 22 

 (xiv) the Occupational Safety and Health Act (29 U.S.C. Section 651 el. seq.)
(“OSHA”); 
 (xv) the Arkansas Hazardous Waste Management Act of 1979; and 
 (xvi) all other Federal, state and local Governmental Rules which govern Hazardous Substances, and the regulations adopted pursuant to all such foregoing
laws. 
 “Hedging Agreement” shall mean any agreement with respect to any swap, forward, future or derivative transaction or
option or similar agreement involving, or settled by reference to, one or more rates, currencies, fuel or other commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or
pricing risk or value or any similar transaction or any combination of these transactions; provided, however, that no phantom stock or similar plan providing for payments and on account of services provided by current or former
directors, officers, employees or consultants of the Borrower or any Affiliate of the Borrower shall be a Hedging Agreement. 
 “Home
Office Payment Agreement” shall mean the Home Office Payment Agreement, dated as of March 1, 2006 between the Borrower and Regions Bank. 
 “HOPA Agreements” shall mean the Home Office Payment Agreement and the Empire HOPA. 
 “Indemnified Taxes” shall mean Taxes other than Excluded Taxes and Other Taxes. 
 “Indemnitee”
shall have the meaning assigned to such term in Section 9.05(b). 
 “Independent Engineer” shall mean Stone &
Webster Management Consultants, Inc., or its successor appointed pursuant to this Agreement. 
 “Independent Engineer’s
Report” shall mean the updated Independent Technical Review, dated as of March 27, 2007, prepared by the Independent Engineer. 
 “Independent Member” shall mean an individual (i) who, except in his or her capacity as an Independent Member, is not an employee, director or officer, or a former employee, director or officer, of the Borrower or any
Affiliate thereof, (ii) who is not a direct, indirect or beneficial holder of any outstanding stock, membership interests or other equity interests in the Borrower or any Affiliate thereof, (iii) who is not an officer, director or employee
of a major creditor of the Borrower or any Affiliate thereof, and has not been an officer, director or employee of a major creditor of the Borrower or any Affiliate thereof, within the five (5) years prior to such appointment as an Independent
Member, (iv) who is not a spouse, parent, child, grandchild or sibling of any individual encompassed within clause (i), (ii) or (iii) above, (v) who is not a trustee in bankruptcy of the Borrower or any Affiliate thereof, and
(vi) who has not received, and was not a member or employee of a firm or business that received, in any year within the five (5) years immediately preceding such individual’s appointment as an Independent Member, fees or other income
from the Borrower or any Affiliate thereof in the aggregate in excess of 5% of the 

  

 23 

 
gross income, for any applicable year, of such individual, firm or business. For purposes of the foregoing clause (iii), a “major creditor of the
Borrower or any Affiliate thereof” means a financial institution to which the Borrower or such Affiliate owes outstanding indebtedness for borrowed money in a sum sufficiently large as would reasonably be expected to influence the judgment of
such financial institution adversely to the interests of the Borrower when its interests are adverse to the Borrower or any Affiliate thereof. 
 “Information” shall have the meaning assigned to such term in Section 9.16. 
 “Initial Credit
Event” shall have the meaning assigned to such term in Section 4.01. 
 “Insurance Consultant” shall mean
Moore-McNeil, LLC, or its successor appointed pursuant to this Agreement. 
 “Insurance Consultant’s Report” shall mean
the updated Insurance Report in respect of the Project, dated as of March 28, 2007, prepared by the Insurance Consultant. 
 “Insurance Policies” shall mean the Loan Insurance Policy, the Debt Service Reserve Surety, the Tax-Exempt Bond Policy, the Tax-Exempt Bond Debt Service Reserve Surety and/or the Interest Rate Swap Surety, as the context
may require. 
 “Insurance Proceeds” shall mean, to the extent payable to the Borrower, all amounts and proceeds (including
instruments) in respect of the proceeds of any casualty insurance policy maintained in respect of the Project. 
 “Insurer
Default” shall mean the existence and continuance of any of the following: (a) the failure of the Loan Insurer to pay when, as and in the amounts required any amount payable under the Loan Insurance Policy, (b) the Loan Insurer
(i) files any petition or commences any case, proceeding or other action under any provision or chapter of the Bankruptcy Law or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, dissolution, winding-up,
arrangement, adjustment, composition, liquidation, reorganization or similar relief, (ii) makes a general assignment for the benefit of its creditors, or (iii) has an order for relief entered against it under the Bankruptcy Law or any
other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, dissolution, winding-up, arrangement, adjustment, composition, liquidation, reorganization or similar relief which shall not have been dismissed, stayed or bonded
(pending appeal) within sixty (60) days after the entry thereof, (c) a court of competent jurisdiction, the Office of the Commissioner of Insurance of the State of Wisconsin or other competent regulatory authority enters an order, judgment
or decree (i) appointing a custodian, trustee, agent or receiver for the Loan Insurer or for all or any material portion of its property or (ii) authorizing the taking of possession by a custodian, trustee, agent or receiver of the Loan
Insurer (or the taking of possession of all or any material portion of the property of the Loan Insurer), which in each case shall not have been dismissed, stayed or bonded (pending appeal) within sixty (60) days after the entry thereof or
(d) the Loan Insurance Policy shall cease (or the Loan Insurer shall claim in writing that it has ceased) to be in full force and effect. 
  

 24 

 “Interconnection and Operating Agreement” shall mean that certain Interconnection and
Operating Agreement, dated as of April 29, 2004, between the Borrower and Entergy Arkansas, Inc. and the Generator Imbalance Agreement between the Borrower and Entergy Services, Inc. as agent for Entergy Arkansas, Inc. filed at FERC on
April 29, 2004 attached thereto. 
 “Interest Hedge Provider” shall mean any party to any Interest Rate Protection
Agreement, provided that (a) such party’s long-term unsecured debt is rated at least “AA-” by S&P and “Aa3” by Moody’s at the time such party enters into an Interest Rate Protection Agreement (including
the applicable confirmation thereunder) with the Borrower and (b) to the extent such party is intended to be a Secured Party, such party becomes bound by the Collateral Agency Agreement in accordance with the terms thereof. 
 “Interest Payment Date” shall mean (a) with respect to any ABR Loan, the last Business Day of each March, June, September and
December commencing on June 30, 2007, and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest
Period of more than three-months’ duration, each day that would have been an Interest Payment Date had successive Interest Periods of three-months’ duration been applicable to such Borrowing. 
 “Interest Period” shall mean the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the
calendar month that is 1, 2, 3 or 6 months thereafter (or 9 or 12 months thereafter if, at the time of the relevant Borrowing, an interest period of such duration is available to all Lenders participating therein), as the Borrower may elect;
provided, however, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the
next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. Interest shall accrue from and including the first day of an Interest Period to but
excluding the last day of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such
Borrowing. 
 “Interest Rate Protection Agreement” shall mean any interest rate exchange, hedge or protection agreement
entered into between an Interest Hedge Provider and the Borrower for the purpose of hedging the Loans, the Tax-Exempt Bonds or other Debt for borrowed money that bear interest at a variable rate and each schedule and confirmation entered into
pursuant thereto. 
 “Interest Rate Swap Surety” shall mean a surety bond, in substantially the form attached as Exhibit E
to the Forward Commitment Letter, issued by the Loan Insurer to the applicable Interest Rate Hedge Provider for the purpose of guaranteeing the Borrower’s scheduled payment obligations under Interest Rate Protection Agreements which are entered
into pursuant to Section 5.14. 
  

 25 

 “Investment” means, for any person: (a) the acquisition (whether for cash, property
of such person, services or securities or otherwise) of capital stock, bonds, notes, debentures, membership, partnership, investments or other Equity Interests or other securities of any other person or any agreement to make any such acquisition
(including any “short sale” or any sale of any securities at a time when such securities are not owned by the person entering into such short sale); (b) the making of any deposit with, or advance, loan or other extension of credit to,
any other person (including the purchase of property from another person subject to an understanding or agreement, contingent or otherwise, to resell such property to such person, but excluding any such deposit, advance, loan or extension of credit
having a term not exceeding 90 days representing the purchase price of inventory or supplies sold in the ordinary course of business); and (c) the entering into of any Guarantee of, or other contingent obligation with respect to,
Indebtedness or other liability of any other person and (without duplication) any amount committed to be advanced, lent or extended to such person. 
 “Issuing Bank” shall mean, as the context may require, (a) The Royal Bank of Scotland PLC, in its capacity as the issuer of Letters of Credit hereunder, and (b) any other Lender that may become an Issuing Bank
pursuant to Section 2.22 or Section 2.23, with respect to Letters of Credit issued by such Lender. The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which
case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “Issuing Bank Fee” shall have the meaning assigned to such term in Section 2.05(d). 
 “L/C
Disbursement” shall mean a Backstop LC Disbursement and/or a Revolving L/C Disbursement, as the context may require. 
 “Legal Requirements” shall mean, as to any person, any requirement under a Permit, and any Governmental Rules, in each case applicable to or binding upon such person or any of its properties or to which such person or any
of its property is subject. 
 “Lenders” shall mean (a) each person listed on the signature pages hereto as a Lender
(other than any such person that has ceased to be a party hereto pursuant to an Assignment and Acceptance), (b) any person that has become a party hereto pursuant to an Assignment and Acceptance and (c) any SPC to which a Granting Lender
provides the option to provide to the Borrower all or any portion of the Loans pursuant to Section 9.04(i). 
 “Lenders Debt
Service Reserve Account” shall have the meaning assigned to such term in the Depositary Agreement. 
 “Letter of
Credit” shall mean each Revolving Letter of Credit and each Backstop Letter of Credit. 
 “Letter of Credit Fee Payment
Date” shall mean the last Business Day of each March, June, September and December, commencing June 30, 2007 and the last day of the Revolving Facility Commitment Period with respect to the Revolving Letters of Credit or the last day
of the Backstop LC Facility Commitment Period with respect to the Backstop Letters of Credit (as applicable). 
  

 26 

 “LIBO Rate” shall mean, with respect to any Eurodollar Borrowing, for any Interest
Period, the rate per annum (rounded upwards, if necessary, to the nearest 1/100th of 1%) determined by the Administrative Agent at approximately 11:00 a.m., London time, on the date that is two (2) Business Days prior to the commencement of
such Interest Period as calculated by the British Bankers’ Association and obtained by the Administrative Agent through a nationally recognized service such as the Dow Jones Market Service (Telerate) or Reuters (the “Service”)
(or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent
from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) for a period equal to such Interest Period; provided that, to the extent that an interest rate is not
ascertainable pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be the interest rate per annum (rounded upwards, if necessary, to the next 1/100th of 1%) determined by the Administrative Agent to be the average
of the rates per annum at which deposits in dollars are offered for such relevant Interest Period to major banks in the London interbank market in London, England by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that
is two (2) Business Days prior to the beginning of such Interest Period. 
 “Lien” shall mean, with respect to any
asset, (a) any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, encumbrance, collateral assignment, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any
conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option,
call or similar right of a third party with respect to such securities. 
 “Loan Insurance Agreement” shall mean the Loan
Insurance Agreement, dated as of the date hereof, between the Loan Insurer and the Borrower. 
 “Loan Insurance Policy”
shall mean the Financial Guaranty Insurance Policy No. SF0881BE, dated as of the date hereof, made by the Loan Insurer to the Administrative Agent, for the benefit of the Lenders, as beneficiary. 
 “Loan Insurer” shall mean Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance company, in its capacity as the issuer of
the Insurance Policies. 
 “Loan Insurer Payments” shall have the meaning assigned to such term in the Loan Insurance
Agreement. 
 “Loans” shall mean the Backstop LC Loans, the Construction Loans, Revolving Loans and/or the Term Loans, as
the context may require. 
  

 27 

 “Locomotive Use Agreement” shall mean the Locomotive Use and Liability Agreement, dated
as of February 28, 2006, between the Borrower and BNSF. 
 “Loss Proceeds” shall mean Insurance Proceeds (excluding
Insurance Proceeds relating to liabilities to any third party and relating to business interruption or delay in start-up) and Eminent Domain Proceeds. 
 “Loss Proceeds Account” shall have the meaning assigned to such term in the Depositary Agreement. 
 “Maintenance Reserve Account” shall have the meaning assigned to such term in the Depositary Agreement. 
 “Major Maintenance” shall mean all expenditures by the Borrower for major maintenance of the Project in accordance with Prudent Utility Practices, the Project Contracts and vendor and supplier requirements and
recommendations (including overhauls and replacements of major components of the Project). For the avoidance of doubt, “Major Maintenance” excludes any ordinary course expenditures by the Borrower related to the operation and maintenance
of the Project. 
 “Majority Facility Lenders” shall mean, with respect to any Facility, the holders of a majority of the
aggregate unpaid principal amount of the Construction Loans, the Term Loans, the Aggregate Backstop LC Credit Exposure or the Aggregate Revolving Credit Exposure, as the case may be, outstanding under such Facility (or (a) in the case of the
Backstop LC Facility, prior to the termination of the Backstop LC Commitments, the holders of a majority of the Total Backstop LC Commitment and (b) in the case of the Revolving Credit Facility, prior to the termination of the Revolving Credit
Commitments, the holders of a majority of the Total Revolving Credit Commitment). 
 “Major Participants” shall mean the
Borrower, the City, each Co-Participant, BNSF, Entergy Arkansas, Inc., the Project Manager, Black & Veatch Holding Company, Kiewit Construction Company, Zachry Construction Corporation, Overland Contracting Inc., Gilbert Central Corp., the
EPC Contractor, each counterparty to a Power Purchase Agreement, and each Replacement Obligor for any such person, for so long as each such person has material unperformed rights or obligations under an Operative Document. 
 “Management Committee” shall have the meaning assigned to such term in the Participation Agreement. 
 “Management Fee” shall mean an operating period management fee payable to the Project Manager in accordance with Section 6.2.2 of
the Project Management Agreement in an aggregate amount not to exceed the Borrower’s portion of such operating period management fee in accordance with Section 6.2.2 of the Project Management Agreement (as in effect on the date hereof),
which Management Fee shall at all times be subordinate to the Obligations. For the avoidance of doubt, the Management Fee shall not include (a) any costs or expenses reimbursable to the Project Manager under Section 6.1 of the Project
Management Agreement 

  

 28 

 
(as in effect on the date hereof) or (b) any construction period management fee payable to the Project Manager in accordance with Section 6.2.1 of
the Project Management Agreement (as in effect on the date hereof). 
 “Management Services Agreement” shall mean the
Management Services Agreement, dated as of March 28, 2007, between Plum Point Management Company, LLC and the Borrower. 
 “Mandatory Tender” shall have the meaning assigned to such term in Section 5.19. 
 “Mandatory Tender
Date” shall have the meaning assigned to such term in Section 5.19. 
 “Margin Stock” shall have the meaning
assigned to such term in Regulation U. 
 “Material Adverse Effect” shall mean a material adverse condition or material
adverse change in or affect on (a) the business, assets, liabilities, operations or condition (financial or otherwise) of the Borrower or (b) the validity or enforceability of any of the Credit Documents or the rights and remedies of the
Administrative Agent, the Collateral Agent, the Loan Insurer or the Secured Parties thereunder or, the perfection, validity or priority of the Secured Parties’ security interests in the Collateral. 
 “Maximum Rate” shall have the meaning assigned to such term in Section 9.09. 
 “MEAM” shall mean Municipal Energy Agency of Mississippi, a public body corporate and politic and a joint agency organized under the
laws of Mississippi. 
 “MEAM Assignment Agreement” shall mean the Assignment and Assumption Agreement, dated as of
June 8, 2006, between the Borrower and MEAM. 
 “MJMEUC” shall mean Missouri Joint Municipal Electric Utility
Commission, a body public and corporate of the State of Missouri. 
 “MJMEUC PPA” shall mean the Power Purchase Agreement,
dated as of December 4, 2006, between the Borrower and MJMEUC. 
 “Minimum Control Thresholds” shall have the meaning
assigned to such term in 7.01(s). 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 
 “Mortgaged Properties” shall mean, initially, each parcel of real property and the improvements thereto owned or leased by the Borrower
and specified on Schedule 1.01(b), and shall include each other parcel of real property and improvements thereto with respect to which a Mortgage is granted pursuant to Section 5.10. 
 “Mortgages” shall mean the fee or leasehold mortgages or deeds of trust, assignments of leases and rents and other security documents
granting a Lien on any Mortgaged Property to secure the Obligations, in the form of Exhibit H with such changes as shall be advisable under the law of the jurisdiction in which such Mortgage is to be recorded and as are reasonably satisfactory to
the Collateral Agent, as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with this Agreement. 
  

 29 

 “Multiemployer Plan” shall mean a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 
 “Net Cash Proceeds” shall mean (a) with respect to any Asset Sale or Recovery
Event, the proceeds thereof in the form of cash and cash equivalents (including any such proceeds subsequently received (as and when received) in respect of noncash consideration initially received), net of (i) selling expenses (including
reasonable and customary broker’s fees or commissions, legal fees, transfer and similar Taxes incurred by the Borrower in connection therewith and the Borrower’s good faith estimate of income Taxes paid or payable in connection with such
sale, after taking into account any available tax credits or deductions and any tax sharing arrangements), (ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification obligations or purchase
price adjustment associated with such Asset Sale (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds) and (iii) the principal amount, premium or
penalty, if any, interest and other amounts on any Debt for borrowed money (other than the Secured Obligations) which is secured by the asset sold in such Asset Sale and which is required to be repaid with such proceeds (other than any such Debt
assumed by the purchaser of such asset). 
 “O&M Account” shall have the meaning provided in the Depositary Agreement.

 “O&M Costs” shall mean all actual cash maintenance and operation costs incurred and paid for the Project on account
of the Borrower’s interest in the Project (or any other Co-Participant’s interest that the Borrower has chosen to fund in accordance with the Participation Agreement) in any particular calendar or fiscal year or period to which said term
is applicable (provided, that if the Borrower elects to accrue property Taxes or amortize insurance premiums on a monthly basis and insurance premiums and such property Taxes are shown as a separate line item in the Annual Operating Budget,
such property Taxes or insurance shall be factored into the Debt Service Coverage Ratio as accrued instead of according to when such property Taxes or insurance premiums are actually paid), including payments made by the Borrower: 
 (a) for fuel and/or guaranteed heat rate payments made by the Borrower under the Power Purchase Agreements; 
 (b) under the PILOT Agreements; 
 (c) under
Permitted Rail Car Leases; 
 (d) for coal, additives or chemicals and transportation costs related thereto; 
 (e) for its Taxes (other than those based upon the Borrower’s income); 
  

 30 

 (f) for insurance, consumables, spare parts, equipment, material, repair and maintenance services;

 (g) lease payments; 
 (h)
under the Permitted O&M Agreement; 
 (i) under Additional Project Contracts; 
 (j) under the Management Services Agreement; 
 (k) under any parts or combustion turbine services agreement; 
 (l) for legal fees and consulting fees and expenses paid by the
Borrower in connection with the financing, management, maintenance or operation of the Project; 
 (m) Loan Insurer Payments and interest
payments contemplated by Section 2.01 of the Loan Insurance Agreement; 
 (n) fees paid in connection with obtaining, transferring,
maintaining or amending any Permits; 
 (o) Investments by the Borrower in any Permitted Project Company, provided that (i) such
Investments are made in accordance with the terms hereof and (ii) the proceeds of such Investments are applied to pay for items which would be “O&M Costs” if the Borrower purchased such items; and 
 (p) reasonable general and administrative expenses, including all expenditures incurred to prevent the occurrence of any default under any Operative
Document or any Default or Event of Default hereunder, and/or to keep the Collateral free and clear of all Liens (other than Permitted Liens). 
 Notwithstanding anything to the contrary herein, O&M Costs shall not include (i) Major Maintenance expenditures, (ii) Restricted Payments of any kind to the Borrower or its Affiliates, (iii) non-cash charges, including
depreciation or obsolescence charges or reserves therefore, amortization of intangibles or other bookkeeping entries of a similar nature, (iv) Capital Expenditures, (v) payments for restoration or repair of the Project from the Loss
Proceeds Account in accordance with the terms of this Agreement and the Depositary Agreement, (vi) payments in respect of Debt of the Borrower (other than Debt of the type referred to in clauses (h) and (j) of the definition thereof),
(vii) the Management Fee and (viii) the Borrower’s income taxes. 
 “Obligations” shall mean all obligations
of every nature of the Borrower under the Credit Documents, including obligations from time to time owed to the Agents (including former Agents), the Lenders, the Loan Insurer or any of them and Interest Hedge Providers, under any Credit Document,
whether for principal, interest (including interest which, but for the filing of a 

  

 31 

 
petition in bankruptcy with respect to the Borrower, would have accrued on any Obligation, whether or not a claim is allowed against the Borrower for such
interest in the related bankruptcy proceeding), reimbursement of amounts drawn under Letters of Credit, payments for early termination of Interest Rate Protection Agreements, fees, premiums, expenses, indemnification, reimbursement of amounts paid
by the Loan Insurer under any of the Insurance Policies or otherwise. 
 “Operating Agreement” shall mean the Amended and
Restated Limited Liability Company Operating Agreement of the Borrower, dated as of March 14, 2006. 
 “Operating
Revenues” shall mean all of the following, without duplication, received by the Borrower: all payments received by the Borrower under any Power Purchase Agreement (including with respect to fuel), proceeds of any business interruption
insurance, income derived from the sale or use of electric capacity or energy produced, transmitted or distributed by the Project, and all other revenues from the operation of the Project or incidental to the operation of the Project, and the
investment income on amounts in the Project Accounts (but solely to the extent deposited in the Revenue Account) and all as determined in conformity with cash accounting principles; provided, that Asset Sale Proceeds, Eminent Domain Proceeds,
Insurance Proceeds, Termination Payments and other Damage Payments (as defined in the Depositary Agreement), proceeds from sales, leases, transfers or other dispositions described in clauses (a) through (d) of the definition of “Asset
Sales”, and proceeds from Debt or Equity Issuances shall, in each case, be deemed not to be Operating Revenue. 
 “Operative
Documents” shall mean the Credit Documents, the Tax-Exempt Bond Documents and the Project Contracts. 
 “Operator”
shall mean the operator of the Project pursuant to a Permitted O&M Agreement and reasonably acceptable to the Controlling Party. 
 “Organizational Documents” shall mean, as to any person, the articles of incorporation, bylaws, partnership agreement, or other organizational or governing documents of such person including, in the case of the Borrower,
the Operating Agreement. 
 “Other Taxes” shall mean any and all present or future stamp or documentary Taxes or any other
excise or property Taxes, charges or similar levies (including interest, fines, penalties and additions to tax) arising from any payment made under any Credit Document or from the execution, delivery or enforcement of, or otherwise with respect to,
any Credit Document. 
 “Participation Agreement” shall mean that certain Participation Agreement, dated as of March 3,
2006 by and between the Borrower, ETEC, MJMEUC, Empire and MEAM (pursuant to the Joinder to Participation Agreement, dated as of June 8, 2006). 
 “Parts” shall mean any part, appliance, instrument, appurtenance or accessory necessary or useful to the operation, maintenance, service or repair of the Project. 
 “Patriot Act” shall have the meaning assigned to such term in Section 3.31(a). 
  

 32 

 “Pay-off Agreement” shall mean the Pay-off Letter Agreement, dated as of March 27,
2007, among Credit Suisse, in its capacity as collateral agent and administrative agent under the Existing Credit Facilities, and as issuing bank of the CS Letter of Credit, and the Borrower, pursuant to which the parties thereto agree on the terms
of the payoff of the obligations under the Existing Credit Facilities, the continuance of the CS Letter of Credit and the terms of the pay-off and termination of the CS Letter of Credit. 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar
functions. 
 “Permits” shall mean any and all franchises, licenses, leases, permits, approvals, notifications,
certifications, registrations, authorizations, exemptions, qualifications, easements, rights of way, Liens and other rights, privileges and approvals required under any Governmental Rule. 
 “Permitted Debt” shall mean: 
 (a) (i) Debt incurred by the Borrower under the Credit Documents, as in effect on the Closing Date or as amended in accordance with the terms thereof (it being acknowledged that (A) the Revolving Credit Facility may not be
Refinanced in whole or in part unless it is Refinanced pursuant to a Permitted Working Capital Facility and (B) the Backstop LC Facility may not be Refinanced in whole or in part), or (ii) Debt incurred by the Borrower pursuant to a
Permitted Working Capital Facility; 
 (b) (i) Debt incurred by the Borrower under the Tax-Exempt Bond Documents (including the Bond
Loan Agreement) as in effect on the Closing Date or (ii) Debt incurred by the Borrower pursuant to a Permitted Tax-Exempt Bond Refinancing, in each case as amended in accordance with the terms thereof and hereof; 
 (c) trade or other similar indebtedness incurred in the ordinary course of business (but not for borrowed money) and (i) not more than ninety
(90) days past due or (ii) being contested in good faith by appropriate proceedings and the Borrower or the applicable Permitted Project Company (as the case may be) shall have adequate reserves for the payment of such contested amounts;

 (d) contingent liabilities permitted pursuant to Section 6.01 of this Agreement; 
 (e) leases of property by the Borrower as lessee that are accounted for as capital leases on the balance sheet of the Borrower with rents paid thereunder
(whether calculated on a fixed or percentage basis) not in excess of $5,000,000 in the aggregate; 
 (f) obligations of the Borrower under
Interest Rate Protection Agreements enter into in accordance with the terms hereof; 
 (g) Debt incurred by the Borrower under the PILOT
Lease; 
  

 33 

 (h) Debt incurred by the Borrower in an aggregate amount not to exceed $25,000,000 at any time
outstanding; provided that the proceeds thereof are not applied by the Borrower, directly or indirectly, to fund any Restricted Payments; 
 (i) Debt incurred by the Borrower or the applicable Permitted Project Company under Permitted Rail Car Leases to the extent such Debt is treated as a Capital Lease Obligation; 
 (j) Debt incurred by the Borrower for the purpose of funding any Required Capital Expenditures; provided that (i) such Required Capital
Expenditures are reimbursable by the counterparties to each of the Power Purchase Agreements to the Borrower in accordance with the terms of such Power Purchase Agreements or (ii) the Borrower shall have received a Ratings Reaffirmation prior
to the incurrence of such Debt; 
 (k) Debt incurred by the Borrower for the purpose of funding any Discretionary Capital Expenditures;
provided that (i) such Discretionary Capital Expenditures are reimbursable by the counterparties to each of the Power Purchase Agreements to the Borrower in accordance with the terms of such Power Purchase Agreements and (ii) the
Borrower shall have received a Ratings Reaffirmation prior to the incurrence of such Debt; 
 (l) Debt incurred by the Borrower for the
purpose of funding any Discretionary Capital Expenditures to the extent not permitted by clause (k) above; provided that (i) S&P and Moody’s (if Moody’s shall have rated the Facilities) shall have delivered a written
confirmation prior to the incurrence of such Debt that the credit ratings assigned by S&P and Moody’s (if Moody’s shall have rated the Facilities) to the Debt of the Borrower hereunder, under the Tax-Exempt Bonds and under any other
Debt insured or guaranteed by the Loan Insurer under the Insurance Policies shall be at least “BBB-” (with a stable outlook) in the case of S&P and “Baa3” (with a stable outlook) in the case of Moody’s after giving
effect to the occurrence of such proposed Debt (and without giving effect to any of the Insurance Policies) and (ii) after giving effect to the incurrence of such Debt, the minimum Debt Service Coverage Ratio during each year of the Facilities
after Term-Conversion is projected to be no less than 1.30:1.0 and the average Debt Service Coverage Ratio during the scheduled term of the Facilities after Term-Conversion is projected to be no less than 1.50:1.0 (as certified to by the Borrower
and as verified by the Controlling Party), in each case after giving pro forma effect to the incurrence of such Debt and to any other event occurring after the Closing Date as to which pro forma recalculation is appropriate as if such incurrence of
Debt had occurred as of the first day of the calendar quarter in which such Debt was incurred; and 
 (m) any Refinancing of any Debt
specified in clause (h), (j), (k) or (l); provided, that (i) the principal amount of such Debt is not increased above the principal amount thereof outstanding immediately prior to such refinancing, refunding, renewal or extension
plus the reasonable, documented and out-of-pocket cost of investment banking, financing, consultancy, legal, agency, and other similar and customary fees and transaction expenses incurred in connection with the incurrence of such Refinancing Debt,
(ii) the final maturity of such Refinancing Debt is no earlier than the existing scheduled maturity date of the Debt being Refinanced, (iii) the terms of such Refinancing Debt do not require the amortization, scheduled 

  

 34 

 
mandatory prepayment or redemption, or the making of any sinking fund type payments, in an individual or aggregate amount greater than, or more frequently
than, the Debt being Refinanced (it being acknowledged that such Refinancing Debt may require cash sweeps as contemplated by the Depositary Agreement) and (iv) the interest rate margin applicable to such Refinancing Debt (if such Refinancing
Debt is floating-rate Debt) or the interest rate applicable to such Refinancing Debt (if such Refinancing Debt is fixed-rate Debt) shall not exceed the then current interest rate margin applicable or interest rate (as applicable) to the Debt being
Refinanced plus 50 basis points. 
 “Permitted Development Rights Transfer Agreement” shall mean a Development Rights
Transfer Agreement between Borrower and Plum Point Energy Associates II, LLC (“PPEA II”), pursuant to which Borrower will transfer its Unit II development rights under the Participation Agreement to PPEA II, which shall be either
(a) substantially in the form attached as Exhibit __ hereto or (b) otherwise in form and substance reasonably acceptable to the Controlling Party. 
 “Permitted Encumbrances” shall have the meaning assigned to such term in Section 4.01(t)(i). 
 “Permitted Fuel Supply Agreement” shall mean any coal and other supply agreements relating to the Project which contains terms and conditions reasonably acceptable to the Controlling Party, in consultation with the
Independent Engineer, other than any fuel supply arrangement entered into by a Co-Participant with respect to the fuel requirements for its generation of electricity; provided, however, any such agreement that (a) has a term of no
more than three (3) years, (b) would not result in payments by the Borrower of more than $16,000,000 in the aggregate per year and (c) is consistent with the Base Case Projections shall be deemed a Permitted Fuel Supply Agreement,
without the need for any approval by the Controlling Party. 
 “Permitted Industrial Track Agreement” shall mean an
Industrial Track Agreement between Borrower and BNSF pursuant to which Borrower will construct and, upon completion, own and maintain, the Industry Track, as defined in said Industrial Track Agreement, for the purpose of transporting construction
materials and fuel to and from the Project Site, which shall be either (i) substantially in the form attached as Exhibit      hereto or (ii) otherwise in form and substance reasonably acceptable to the
Controlling Party. 
 “Permitted Investments” shall mean any one or more of the following obligations or securities acquired
at a purchase price of not greater than par, payable on demand or, unless otherwise specified below, having a maturity date not later than the Business Day immediately prior to the first Interest Payment Date following the date of acquiring such
Investment and meeting one of the appropriate standards set forth below: 
 (a) cash; 
 (b) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or instrumentality
thereof, provided such obligations are backed by the full faith and credit of the United States of America, including obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration 

  

 35 

 
(certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title
XI financing), the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates) and the U.S. Department of Housing and Urban Development (local authority bonds); provided, however, that the investments
described in this clause (b) must (i) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (ii) with respect to its S&P rating, not have an “r” highlighter affixed to their
rating, and (iii) if such investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index; 
 (c) obligations of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit System
(consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated senior debt obligations), the Federal National Mortgage Association (senior debt obligations) and the Resolution Funding Corp. (debt obligations); provided,
however, that the investments described in this clause (c) must (i) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (ii) with respect to its S&P rating, not have an
“r” highlighter affixed to their rating, and (iii) if such investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index; 
 (d) federal funds, unsecured certificates of deposit, time deposits and bankers’ acceptances with maturities of not more than
360 days after the date of acquisition of any bank, the short term obligations of which at all times are rated at least “P-1” by Moody’s and at least “A-1” by S&P; provided, however, that the investments
described in this clause (d) must (i) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (ii) with respect to its S&P rating, not have an “r” highlighter affixed to their
rating, and (iii) if such investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index; 
 (e) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or bankers’ acceptances issued
by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated at least “P-1” by Moody’s and at least “A-1” by S&P; provided,
however, that the investments described in this clause (e) must (i) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) with respect to its S&P rating, not have an “r”
highlighter affixed to their rating, and (iii) if such investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index;

 (f) commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a
specified date not more than one year after the date of issuance thereof) with maturities of not more than 270 days after the date of acquisition and that at all times at are rated at least “P-1” by Moody’s and at least
“A-1+” by S&P; provided, however, that the investments described in this clause (f) must (i) have a 

  

 36 

 
predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (ii) with respect to its S&P rating, not have an
“r” highlighter affixed to their rating, and (iii) if such investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index; 
 (g) units of taxable money market funds or mutual funds, which funds are regulated investment companies, seek to maintain a
constant net asset value per share and are rated at least “AAAm” or “AAAm-G” by S&P; 
 (h) obligations of, or
obligations fully guaranteed as to payment of principal and interest by, any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof or any political subdivision of any such state or
any public instrumentality thereof with maturities of not more than 360 days after the date of acquisition thereof and at all times are rated at least “A2” by Moody’s and at least “A” by S&P; provided,
however, that the investments described in this clause (h) must (i) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, and (ii) if such investments have a variable rate of
interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index; and 
 (i) any other security, obligation or investment which has been approved as a Permitted Investment by the Controlling Party. 
 “Permitted Liens” shall mean: 
 (a) (i) the rights and interests of the Administrative
Agent, the Collateral Agent, the Loan Insurer, the Issuing Bank, the Depositary and the Lenders as provided in the Collateral Documents and (ii) from and after a Permitted Tax-Exempt Bond Refinancing, the holders of the Tax-Exempt Bonds and the
agent(s) and trustee(s) therefor (provided, the case of this clause (a)(ii), (A) such Liens are created under the Collateral Documents and (B) the holders thereof are bound by, and such Liens are governed by, the Collateral Agency
Agreement); 
 (b) Liens for any tax, assessment or other governmental charge to the extent being contested or reserved against as provided
under Section 5.12 of this Agreement; 
 (c) materialmen’s, mechanics’, workers’, repairmen’s, employees’ or
other like Liens, junior in right of payment to the Lien of the Collateral Documents or for which the Secured Parties are otherwise insured under the Title Policies, arising in the ordinary course of business or in connection with the construction
of the Project, either for amounts not yet due or for amounts being contested in good faith by appropriate proceedings, so long as (i) such proceedings shall not involve any substantial danger of the sale, forfeiture or loss of the affected
property or the related Site or any related Easements, as the case may be, title thereto or any interest therein and such Liens shall not interfere in any material respect with the use or disposition of the affected property, Site or Easements, or
(ii) a bond or other security reasonably acceptable to the Controlling Party has been posted or provided in such manner and amount as to assure the Controlling Party that any amounts determined to be due will be promptly paid in full when such
contest is determined; 
  

 37 

 (d) Liens arising out of judgments or awards so long (i) as an appeal or proceeding for review is
being prosecuted in good faith, (ii) the payment of which adequate reserves, bonds or other security reasonably acceptable to the Controlling Party have been provided or are fully covered by insurance and (iii) such judgments or awards
have not caused a Default or Event of Default hereunder; 
 (e) Permitted Encumbrances; 
 (f) Liens, deposits or pledges junior to the Liens of the Collateral Documents to secure statutory obligations or performance of bids, tenders, contracts
(other than for the repayment of borrowed money) or leases, or for purposes of like general nature in the ordinary course of its business, not to exceed $2,500,000 in the aggregate at any time, and with any such Lien to be released within 270 days
of its attachment; 
 (g) involuntary Liens junior to the Liens of the Collateral Documents as contemplated by the Operative Documents
(including a lien of an attachment, judgment or execution) securing a charge or obligation, on any of the Borrower’s property, either real or personal, whether now or hereafter owned in the aggregate sum of less than $1,000,000; 
 (h) Liens under capital leases that are Permitted Debt specified in clause (e) of the definition thereof (only to the extent such Liens attach to
the assets subject to the respective lease); 
 (i) Liens under capital leases that are Permitted Debt specified in clause (i) of the
definition thereof (only to the extent such Liens attach to the applicable Permitted Rail Car Leases); 
 (j) to the extent not included in
(a) through (i) above, other Liens junior to the Liens of the Collateral Documents incident to the ordinary course of business that are not incurred in connection with any Debt and that do not, or would not if such Lien is foreclosed on or
otherwise realized upon by the beneficiary thereof, in the aggregate materially impair the use of the property or assets of the Borrower or the value of such property or assets for the purposes of such business; 
 (k) to the extent not included in (a) through (j) above, Liens to secure Permitted Debt specified in clauses (a), (b) and (f) of the
definition thereof; provided (i) such Liens are created under the Collateral Documents and (ii) the holders thereof are bound by, and such Liens are governed by, the Collateral Agency Agreement; 
 (l) obligations under any Shared Facilities Agreement, to the extent such obligations constitute Liens, and Liens on the Shared Facilities (if any)
securing the Borrower’s obligations under any Shared Facilities Agreement; 
  

 38 

 (m) to the extent not included in (a) through (l) above, Liens to secure Permitted Debt
specified in clauses (h), (j), (k) and (l) of the definition thereof; provided (i) such Liens are created under the Collateral Documents and (ii) the holders thereof are bound by, and such Liens are governed by, the
Collateral Agency Agreement; 
 (n) to the extent not included in (a) through (m) above, Liens to secure Permitted Debt specified
in clause (m) of the definition thereof; provided (i) such Liens are created under the Collateral Documents, (ii) the holders thereof are bound by, and such Liens are governed by, the Collateral Agency Agreement and
(iii) such Liens attach to the same or less assets and properties as the Liens being replaced in connection with the applicable Refinancing; 
 (o) non-exclusive outbound licenses of patents, copyrights, trademarks and other intellectual property rights granted by the Borrower in the ordinary course of business and not interfering in any respect with the ordinary conduct of or
materially detracting from the value of the business of the Borrower or the rights or remedies of the Secured Parties under the Collateral Documents; 
 (p) Liens arising by virtue of any statutory or common law provision relating to bankers’ liens, rights of set-off or similar rights in an amount not to exceed $100,000; 
 (q) Liens or pledges of deposits of cash securing deductibles, self-insurance, co-payment, co-insurance, retentions or similar obligations to providers
or property, casualty or liability insurance in the ordinary course of business; and 
 (r) Liens granted to any counterparty under any
Permitted Fuel Supply Agreement; provided that (i) such Liens only attach to all or any portion of the Collateral (including any of the Borrower’s rights, titles and interests to, in and under the coal provided under any such
Permitted Fuel Supply Agreement), (ii) each such counterparty is bound by, and such Liens are governed by, the Collateral Agency Agreement and (iii) such Liens only secure amounts which the Borrower owes to such counterparty under such
Permitted Fuel Supply Agreement in respect of coal actually delivered to the Project under such Permitted Fuel Supply Agreement (and not, for the avoidance of doubt, any termination payments, mark-to-market payments or consequential, special,
punitive, liquidated or indirect damage payments); 
 provided, however, as a condition to the incurrence of any Permitted Debt
described in clauses (a)(ii), (b)(ii), (h), (j), (k), (l) or (m)(to the extent such Refinancing Debt Refinances Debt originally incurred under such clauses) above, (A) the Mortgage shall have been amended to reflect the incurrence of such
Debt (including any amendments necessary to increase the maximum amount of Secured Obligations secured by the Mortgage to the then current maximum amount of Secured Obligations) and (B) the Title Insurers shall have delivered any customary
title date-down endorsements, in each case to the extent reasonably requested by the Controlling Party. 
 “Permitted O&M
Agreement” shall mean any operation and maintenance agreement with a third party contractor or an Affiliate of Dynegy to provide day-to-day operation and maintenance services to the Project which contains terms and conditions reasonably
acceptable to the Controlling Party, in consultation with the Independent Engineer. 
  

 39 

 “Permitted Prior Liens” means (a) the Permitted Liens described in
clauses (e), (h), (i), (p) and (q) of the definition thereof shall be superior to the Liens granted to the Collateral Agent (for the benefit of the Secured Parties) in the relevant assets and properties, (b) to the extent
superior priority is required or otherwise provided for by Legal Requirements, the Permitted Liens described in clauses (b) and (c) of the definition thereof shall be superior to the Liens granted to the Collateral Agent (for the benefit
of the Secured Parties) in the relevant assets and properties, (c) the Permitted Liens described in clauses (k), (l) and (m) of the definition thereof shall be pari passu with the Liens granted to the Collateral Agent (for the
benefit of the Secured Parties) in the Collateral and (d) the Permitted Liens described in clause (n) of the definition thereof shall have the same priority as the Permitted Liens being replaced in connection with the applicable
Refinancing. 
 “Permitted Project Company” shall mean any subsidiary of the Borrower formed in accordance with the
Participation Agreement; provided that: 
 (a) as soon as reasonably practicable after the formation thereof, but in any event within
fifteen (15) days after the formation thereof, the Borrower shall have delivered certificates (together with transfer powers executed in blank) representing all of the Borrower’s Equity Interests in such Permitted Project Company and shall
have taken such other action, at the Borrower’s sole cost and expense, that the Controlling Party may request as may be necessary to maintain the Collateral Agent’s Lien on and security interest in the Collateral (for the benefit of the
Secured Parties), together with an opinion of counsel, in form and substance reasonably satisfactory to the Controlling Party, confirming (i) customary corporate matters related to such Permitted Project Company and (ii) the validity,
enforceability and priority of the Lien on the Equity Interests in such Permitted Project Company; and 
 (b) such subsidiary may only be
formed for the purpose of developing, owning, operating, managing and/or administering the Shared Facilities, the Permitted Rail Car Leases and related rail cars, the Permitted Fuel Supply Agreements and related fuel management contracts (including
the development of a barge unloading facility, other coal handling facilities and other similar facilities) and, thereafter, shall not engage in any other lines of business. 
 “Permitted Rail Car Leases” shall mean any lease agreement for the supply of railcars for fuel supply which contains terms and
conditions reasonably acceptable to the Controlling Party, in consultation with the Independent Engineer. 
 “Permitted Tax-Exempt
Bond Refinancing” shall mean: 
 (a) Debt incurred by the Borrower, the
proceeds of which are only applied to (1) Refinance in full (and terminate all outstanding commitments under) the outstanding Tax-Exempt Bonds on or before the fifth (5th) anniversary of the Closing Date, (2) pay transaction fees, costs and expenses and (3) reduce the Construction Loan Commitment and the Term
Loan Commitment and/or prepay Construction Loans or Term Loans; provided that the following conditions are satisfied: 
 (i) the maturity date in respect of such Debt shall be no later than
August 14, 2040 (provided, that if the earliest Commercial Operations Date under any of the Power Purchase Agreements is earlier than August 14, 2010, then (A) such maturity date shall be no earlier than the thirtieth
(30th) anniversary of such earlier Commercial Operations Date or (B) Section 3.2(c) of the Depositary
Agreement (and, to the extent necessary, Schedule 2.11(b)) shall have been amended to provide for mandatory prepayments of the Secured Obligations (commencing no later than June 30, 2037) to ensure that all of the Loans and Tax-Exempt Bonds are
fully repaid in full in cash prior to such earlier maturity date); 
  

 40 

 (ii) the Weighted Average Life to Maturity of such Debt shall be no less than nineteen
(19) years and such Refinanced Tax-Exempt Bonds may amortize for a period of up to 7 years, such amortization period commencing 7 years prior to the maturity date; 
 (iii) after giving effect to the incurrence of such Debt, the minimum projected Debt Service Coverage Ratio during each year of the
Facilities after Term-Conversion shall be no less than 1.30:1.0 (as certified to by the Borrower and as verified by the Controlling Party), after giving pro forma effect to the incurrence of such Debt and to any other event occurring after the
Closing Date as to which pro forma recalculation is appropriate as if such incurrence of Debt had occurred as of the first day of the calendar quarter in which such Debt was incurred; 
 (iv) such Debt shall only be secured by (A) the Liens created by the Collateral Documents (so long as the holders thereof shall be
bound by the Collateral Agency Agreement) and (B) the monies held in the accounts established under the Bond Indenture; 
 (v) the covenants, events of default, remedies, Loan Insurer rights and acceleration rights applicable to such Debt shall be substantially similar to the covenants, events of default, remedies, Loan Insurer rights and acceleration rights
applicable to the Facilities; 
 (vi) the Borrower shall have received a Ratings Reaffirmation prior to the incurrence of such
Debt; 
 (vii) the aggregate principal amount of such Debt shall not exceed $100,000,000; 
 (viii) (A) the interest rate applicable to such Debt shall be fixed and shall not exceed 6.50% per annum, or
(B) (1) the interest rate applicable to such Debt shall be floating and shall be determined pursuant to the so-called “auction procedure” generally used to set such interest rates for tax-exempt bonds and (2) concurrently
with the incurrence of such Debt, the Borrower shall have complied with its obligations under Section 5.14; and 
  

 41 

 (ix) the Backstop LC Facility shall have been terminated in full, the Backstop LC Loans
shall have been repaid in full in cash, the Backstop Letters of Credit shall have been returned for cancellation (or cash collateralized at 102.5% of the stated amount thereof pursuant to a cash collateral agreement reasonably satisfactory to the
Controlling Party and the Issuing Bank), and all amounts payable by the Borrower to the Issuing Bank and the Backstop LC Lenders in connection therewith shall have been paid in accordance with the terms hereof; or 
 (b) Debt incurred by the Borrower, the proceeds of which are applied to Refinance in full the
outstanding Tax-Exempt Bonds incurred pursuant to clause (a) above; provided that (i) the principal amount of such Debt is not increased above the principal amount thereof outstanding immediately prior to such Refinancing,
(ii) the final maturity date in respect of such Debt shall be no later than August 14, 2040 (provided, that if the earliest Commercial Operations Date under any of the Power Purchase Agreements is earlier than August 14, 2010,
then (A) such maturity date shall be no earlier than the thirtieth (30th) anniversary of such earlier
Commercial Operations Date or (B) Section 3.2(c) of the Depositary Agreement (and, to the extent necessary, Schedule 2.11(b)) shall have been amended to provide for mandatory prepayments of the Secured Obligations (commencing no later than
June 30, 2037) to ensure that all of the Loans and Tax-Exempt Bonds are fully repaid in full in cash prior to such earlier maturity date), (iii) the terms of such Refinancing Debt do not require the amortization, scheduled mandatory
prepayment or redemption, or the making of any sinking fund type payments, in an individual or aggregate amount greater than, or more frequently than, the Debt being Refinanced and (iv) (A) the interest rate applicable to such Debt shall
be fixed and shall not exceed 6.50% per annum, or (B) (1) the interest rate applicable to such Debt shall be floating and shall be determined pursuant to the so-called “auction procedure” generally used to set such interest
rates for tax-exempt bonds and (2) concurrently with the incurrence of such Debt, the Borrower shall have complied with its obligations under Section 5.14. 
 “Permitted Working Capital Facility” shall mean Debt incurred by the Borrower, the proceeds of which are applied to Refinance in full (and terminate all outstanding commitments under) the Revolving
Credit Facility; provided that the following conditions are satisfied: 
 (a) the maturity date in respect of such Debt shall be no
earlier than the then current scheduled maturity date of the Revolving Credit Facility; 
 (b) the terms of such Debt do not require the
amortization, scheduled mandatory prepayment or redemption, or the making of any sinking fund type payments, in an individual or aggregate amount greater than, or more frequently than, the Debt being Refinanced; 
 (c) such Debt shall only be secured by the Liens created by the Collateral Documents and the holders thereof shall be bound by the Collateral Agency
Agreement; 
  

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 (d) the covenants, events of default, remedies, Loan Insurer rights and acceleration rights applicable to
such Debt shall be substantially similar to the covenants, events of default, remedies, Loan Insurer rights and acceleration rights applicable to the Revolving Credit Facility; 
 (e) the aggregate principal amount of such Debt shall not exceed $17,000,000; and 
 (f) the interest rate margin applicable to such Debt shall not exceed the then current interest rate margin applicable to the Revolving Credit Facility
plus 100 basis points. 
 “person” shall mean any natural person, corporation, trust, business trust, joint venture, joint
stock company, association, company, limited liability company, partnership, Governmental Authority or other entity. 
 “PILOT” shall mean the letter agreement regarding payment in lieu of taxes, dated as of June 26, 2001, among the Borrower, the City of Osceola, Arkansas, Osceola School District No. 1 of Mississippi County,
Mississippi Community College District and Mississippi County. 
 “PILOT Agreements” shall mean (i) the PILOT Lease,
(ii) that certain PILOT Bond Trust Indenture, dated as of March 1, 2006, by and between the City and the PILOT Bond Trustee, (iii) the HOPA Agreements, (iv) the PILOT, (v) the Guaranty Agreement, dated as of March 1,
2006, made by the Borrower in favor of the PILOT Bond Trustee, (vi) the Empire Participating Co-Tenant Agreement, (vii) the Empire Asset Purchase Agreement, (viii) the Assignment of Undivided Tenancy-In-Common Interest, by the
Borrower in favor of Empire, (ix) the Assignment of Undivided Tenancy-In-Common Interest, by the Borrower in favor of ETEC, (x) the Assignment of Undivided Tenancy-In-Common Interest, by the Borrower in favor of MJMEUC, (xi) the
Assignment of Undivided Tenancy-In-Common Interest, by the Borrower in favor of MEAM, and (xii) any other agreement related thereto. 
 “PILOT Bond Indenture” means that certain Trust Indenture, dated as of March 1, 2006, between the City and the PILOT Bond Trustee, respecting the issuance of up to $980,000,000 principal amount of Arkansas Taxable
Industrial Development Revenue Bonds (Series 2006) in connection with the PILOT Agreements. 
 “PILOT Lease” shall mean that
certain Lease Agreement, dated as of March 1, 2006, by and between the City and the Borrower. 
 “PILOT Bond Trustee”
means Regions Bank, in its capacity as trustee under the PILOT Bond Indenture. 
 “Platform” shall have the meaning assigned
to such term in Section 9.01. 
 “Pledge Agreement” shall mean that certain Pledge and Security Agreement, dated as of
the date hereof, by the Pledgor in favor of Collateral Agent, substantially in the form attached hereto as Exhibit G. 
  

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 “Pledgor” shall mean PPEA Holding Company, LLC, a limited liability company formed and
existing under the laws of the State of Delaware. 
 “Policy Return Event” shall mean, as of any date, (a) an Insurer
Default shall have occurred and be continuing as of such date, or (b) (i) the credit ratings assigned to the Loan Insurer’s claims paying ability shall be less than “A” in the case of S&P or less than “A2” in
the case of Moody’s, (ii) (A) an Event of Default shall have occurred and be continuing as of such date, (B) the Borrower shall be unable to satisfy a condition precedent set forth in Article IV to the making of Loans hereunder
as of such date or (C) there shall be proposed any amendment or modification to Section 3.2(c) of the Depositary Agreement that adversely impacts the payment priority of any amount due (or which may become due) to any of the Agents or any
of the Lenders under any of the Credit Documents, and (iii) the Administrative Agent (acting at the direction of the Supermajority Lenders) has objected in writing to the Loan Insurer in respect of any proposed action to be undertaken by the
Loan Insurer as a result of such Event of Default or failure to satisfy such condition precedent, or any proposed amendment or modification to Section 3.2(c) of the Depositary Agreement that adversely impacts the payment priority of any amount
due (or which may become due) to any of the Agents or any of the Lenders under any of the Credit Documents, and the Loan Insurer has not notified the Administrative Agent of its withdrawal such proposed action within five (5) Business Days
after the date the Loan Insurer received such objection notice. 
 “Power Purchase Agreements” shall mean the Empire PPA,
the MJMEUC PPA, the SMEPA PPA, the SWECI PPA and any Replacement Project Contract therefor. 
 “Preliminary Acceptance Test
Results” shall mean the results delivered by the EPC Contractor to the Borrower pursuant to Sections 10.4(ii) and (v) of the EPC Contract. 
 “Prepayment Account” shall have the meaning assigned to such term in the Depositary Agreement. 
 “Prime Rate” shall mean the rate of interest per annum announced from time to time by the Administrative Agent as its prime rate in effect at its principal office in the United States; each change in the Prime Rate shall be
effective as of the opening of business on the date such change is announced as being effective. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually available. 
 “Pro Rata Percentage” shall mean (a) with respect to any Revolving Credit Lender, at any time, the percentage of the Total
Revolving Credit Commitment represented by such Lender’s Revolving Credit Commitment, (b) with respect to any Backstop LC Lender, at any time, the percentage of the Total Backstop LC Commitment represented by such Lender’s Backstop LC
Commitment or (c) with respect to any Term Lender, the percentage obtained by dividing (i) the outstanding principal amount of the Construction Loans (or, after Term-Conversion, the Term Loans) of such Term Lender (provided that
prior to the making of the Construction Loans, the outstanding principal amount of such Term Lender’s Construction Loans shall be deemed to be equal to such Term Lender’s Construction Loan Commitment) by (ii) the aggregate outstanding
principal of the Construction Loans (or, after Term-Conversion, the Term Loans) of all Term 

  

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Lenders. In the event the Backstop LC Commitments shall have expired or been terminated, the Pro Rata Percentages of any such person shall be determined on
the basis of the Backstop LC Commitments most recently in effect prior thereto. In the event the Revolving Credit Commitments shall have expired or been terminated, the Pro Rata Percentages of any such person shall be determined on the basis of the
Revolving Credit Commitments most recently in effect prior thereto. 
 “Proceeds” shall mean Insurance Proceeds and Eminent
Domain Proceeds. 
 “Project” shall mean the Plum Point Energy Station, which is an approximately 665 MW coal-fired power
generation facility to be developed and constructed by or behalf of the Borrower pursuant to and in accordance with the applicable Operative Documents in Osceola, Arkansas, together with all buildings, structures or improvements erected on the Site
and the Easements, all alterations thereto or replacements thereof, all fixtures, attachments, appliances, equipment, machinery and other articles attached thereto or used in connection therewith and all Parts which may from time to time be
incorporated or installed in or attached thereto, all contracts and agreements for the purchase or sale of commodities or other personal property related thereto, all leases of real or personal property related thereto, all other real and tangible
and intangible personal property owned by the Borrower and placed upon the Site and the Easements (or used in connection with the electric generating facility located thereon), the Site, the Easements, the Permits required in connection with (or
otherwise related to) the Project, any electrical or gas interconnections, water intake structure or pipelines owned by the Borrower, and to the extent not included in the foregoing, all Collateral, upon execution and delivery thereof. For the
avoidance of doubt, the Project does not include Unit II. As of the Closing Date, the Borrower will have an ownership interest in 378 MW of the Project. 
 “Project Accounts” shall mean all “Accounts” as defined and set forth in Section 2.2 of the Depositary Agreement. 
 “Project Contracts” shall mean (a) the Power Purchase Agreements, (b) the Interconnection and Operating Agreement,
(c) the Operating Agreement, (d) the PILOT Agreements, (e) the Project Management Agreement, (f) the Participation Agreement, (g) the EPC Contract, (h) the Switchyard EPC Contracts, (i) the Transmission Service
Agreements, (j) the Coal Transportation Agreement, (k) the Locomotive Use Agreement, (l) the EPC Guarantees, (m) the Empire Escrow Agreement, (n) any Additional Project Contract and (o) each Replacement Project
Contract. 
 “Project Costs” shall mean costs and expenses incurred by the Borrower on or prior to the Term Period
Commencement Date in connection with the development, construction, financing, installation, start-up and testing of the Project, including an adequate contingency, interest during construction, Loan Insurer Payments and interest payments
contemplated by Section 2.01 of the Loan Insurance Agreement, pre-completion O&M costs, payments under the Management Services Agreement and up to 1.75% per annum of the aggregate stated amount of any letter of credit issued to support
the Sponsor’s obligations under the Sponsor Support Agreement (to the extent payable by the Sponsor or an Affiliate thereof). For the avoidance of doubt, Project Costs 

  

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shall not include (a) the Management Fee, but shall include the Borrower’s portion of the construction period management fee payable to the Project
Manager in accordance with Section 6.2.1 of the Project Management Agreement (as in effect on the date hereof), (b) Major Maintenance expenditures (other than the initial funding of the Major Maintenance Reserve Account with Construction
Loan proceeds at Term-Conversion), (c) Restricted Payments of any kind to the Borrower or its Affiliates, (d) non-cash charges, including depreciation or obsolescence charges or reserves therefore, amortization of intangibles or other
bookkeeping entries of a similar nature, (e) payments for restoration or repair of the Project from the Loss Proceeds Account in accordance with the terms of this Agreement and the Depositary Agreement, (f) the Borrower’s income taxes
and (g) other amounts which are not provided for in the Construction Budget (and not paid from the contingency line-item therein). 
 “Project Management Agreement” shall mean that certain project management agreement, dated as of March 3, 2006, among the Borrower, the Co-Participants and the Project Manager. 
 “Project Management Company” shall have the meaning assigned to such term in the Participation Agreement. 
 “Project Management Entity” shall have the meaning assigned to such term in the Participation Agreement. 
 “Project Manager” shall mean LSP Services Plum Point, LLC, in its role as project manager pursuant to the Project Management Agreement.

 “Prudent Utility Practices” shall mean, as to the Project, those practices, methods, equipment, specifications and
standards of safety and performance, as the same may change from time to time, as are commonly used by electric generation stations in the United States of a type and size similar to the Project, including as to fuel type and configuration of the
Project, as good, safe and prudent engineering practices in connection with operation, maintenance, repair, improvement and use of electrical and other equipment, facilities and improvements of such electrical station, with commensurate standards of
safety, performance, dependability, efficiency and economy. Prudent Utility Practices does not necessarily mean one particular practice, method, equipment specification or standard in all cases, but is instead intended to encompass a broad range of
acceptable practices, methods, equipment specifications and standards. 
 “PUHCA” shall mean the Public Utility Holding
Company Act of 2005 and all rules and regulations adopted thereunder. 
 “Ratings Reaffirmation” shall mean, with respect to
any applicable transaction, that S&P and Moody’s (if Moody’s shall have assigned Credit Ratings to the Facilities) shall have delivered a written confirmation that the credit ratings assigned by S&P and Moody’s (if
Moody’s shall have assigned Credit Ratings to the Facilities) to the Facilities and under the Tax-Exempt Bonds shall be no lower than such ratings assigned by S&P and Moody’s (if Moody’s shall have assigned Credit Ratings to the
Facilities) to each of the Facilities and the Tax-Exempt Bonds immediately prior to the time that S&P and Moody’s (if Moody’s shall have assigned 

  

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Credit Ratings to the Facilities) became aware of the proposed occurrence of such event and all transactions related thereto (including, in the case of the
incurrence of any Debt, the use of proceeds thereof), in each case after giving effect to the occurrence of such proposed transaction and all transactions related thereto (and without giving effect to any of the Insurance Policies). 
 “Real Property” shall mean all Mortgaged Property and all other real property owned or leased from time to time by the Borrower.

 “Recovery Event” shall mean any settlement of or payment in respect of any property or casualty insurance claim or any
taking under power of eminent domain or by condemnation or similar proceeding of or relating to any property or asset of the Borrower, in each case, if not used to repair or rebuild the Project in accordance with the Participation Agreement.

 “Refinanced” shall mean, in respect of any Debt, or the agreement or contract pursuant to which such Debt is incurred,
(a) such Debt (or more than 20% of the principal amount thereof) or related agreement or contract is extended, renewed, defeased, refinanced, replaced, refunded or repaid, and (b) any other Debt issued in exchange or replacement for or to
refinance such Debt (or more than 20% of the principal amount thereof), in whole or in part, whether with the same or different lenders, arrangers and/or agents and whether with a larger or smaller aggregate principal amount and/or a longer or
shorter maturity, in each case to the extent permitted under the terms of the Credit Documents. 
 “Register” shall have the
meaning assigned to such term in Section 9.04(d). 
 “Regulation T” shall mean Regulation T of the
Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof. 
 “Related Parties” shall mean, with respect to any specified person, such
person’s Affiliates and the respective directors, officers, employees, agents and advisors of such person and such person’s Affiliates. 
 “Release” shall mean any release, spill, seepage, emission, leaking, pumping, injection, pouring, emptying, deposit, disposal, discharge, dispersal, dumping, escaping, leaching, or migration into, onto or through the
environment or within or upon any building, structure, facility or fixture. 
 “Repayment Date” shall have the meaning given
such term in Section 2.11(b). 
 “Replacement Obligor” shall mean, with respect to any person party to a Replacement
Project Contract, any person reasonably satisfactory to the Controlling Party (it being 

  

 47 

 
acknowledged that with respect to any Replacement Obligor for a counterparty to a Power Purchase Agreement, the Controlling Party may withhold its approval
of any such proposed Replacement Obligor if such proposed Replacement Obligor is not a load-serving entity). 
 “Replacement Project
Contract” shall mean any contract entered into in replacement of an existing Project Contract which is reasonably satisfactory to the Controlling Party (it being acknowledged that with respect to any Replacement Project Contract for a Power
Purchase Agreement, the Controlling Party may withhold its approval of any such proposed Replacement Project Contract if such proposed Replacement Project Contract is not, taken as a whole, in all material respects similar to the Power Purchase
Agreement such Replacement Project Contract is intended to replace). 
 “Required Capital Expenditures” shall mean all
Capital Expenditures necessary in accordance with Prudent Utility Practices to permit the Borrower and the Project to comply with applicable Legal Requirements (including any Environmental Laws), in each case (a) as certified by the Borrower to
the Administrative Agent and the Loan Insurer and as verified by the Independent Engineer and (b) to the extent such Capital Expenditure will allow the Borrower and the Project to comply with such Legal Requirement (as verified by the
Independent Engineer). 
 “Required Lenders” shall mean, at any time but subject to Section 9.04, Lenders having Loans,
Revolving L/C Exposure, Backstop LC Credit Exposure and unused Backstop LC Commitments, Revolving Credit Commitments and Term Loan Commitments representing at least a majority of the sum of all Loans outstanding, Revolving L/C Exposure, Backstop LC
Credit Exposure and unused Backstop LC Commitments, Revolving Credit Commitments and Term Loan Commitments at such time. 
 “Responsible Officer” of any person shall mean any executive officer or Financial Officer of such person and any other officer or similar official thereof responsible for the administration of the obligations of such person
in respect of this Agreement and the other Credit Documents, as identified to the Administrative Agent in an incumbency certificate. 
 “Restricted Payment” shall mean any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower, or any payment (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase, redemption, defeasance, retirement, acquisition, cancellation or termination of any Equity Interests in the Borrower or any option, warrant or other right to
acquire any such Equity Interests in the Borrower, in any case, excluding (a) the Developer Conversion Payment, (b) any reimbursement of the Sponsor pursuant to Section 2.02(g) of the Sponsor Support Agreement and (c) to the
extent contemplated by Section 3.8(c) of the Depositary Agreement any payments in respect of the Empire Buy-In after application of the Net Proceeds thereof pursuant to Section 3.11 of the Depositary Agreement. 
 “Retained Easement” shall have the meaning assigned to such term in Section 6.20. 
 “Revenue Account” shall have the meaning assigned to such term in the Depositary Agreement. 
  

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 “Revolving Credit Borrowing” shall mean a Borrowing composed of Revolving Loans.

 “Revolving Credit Commitment” shall mean, with respect to each Revolving Credit Lender, the commitment, if any, of such
Revolving Credit Lender to make Revolving Loans (and to acquire participations in Letters of Credit) hereunder as set forth on Appendix A-3 or in the Assignment and Acceptance pursuant to which such Revolving Credit Lender assumed its Revolving
Credit Commitment, as applicable, as the same may be reduced from time to time in accordance with the terms hereof. 
 “Revolving
Credit Exposure” shall mean, with respect to any Revolving Credit Lender, at any time, the aggregate principal amount at such time of all outstanding Revolving Loans of such Revolving Credit Lender, plus the aggregate amount at such
time of such Revolving Credit Lender’s Revolving L/C Exposure. 
 “Revolving Credit Facility” shall mean the Revolving
Credit Commitments and the extensions of credit thereunder. 
 “Revolving Credit Lender” shall mean a Lender with a
Revolving Credit Commitment or an outstanding Revolving Loan. 
 “Revolving
Credit Maturity Date” shall mean, subject to Section 2.24, the seventh (7th) anniversary of the
Closing Date, or, if earlier, the date of the acceleration of the Obligations upon and during the occurrence and continuance of an Event of Default. 
 “Revolving Facility Commitment Availability Period” shall mean the period from the Closing Date to the Revolving Credit Maturity Date. 
 “Revolving L/C Commitment” shall mean the commitment of the Issuing Bank to issue Revolving Letters of Credit pursuant to
Section 2.22. 
 “Revolving L/C Commitment Period” shall mean
the period from and including the Closing Date to the date which is the fifth (5th) Business Day prior to the
fifth (5th) anniversary of the Closing Date. 
 “Revolving L/C Disbursement” shall mean a payment or disbursement made by the Issuing Bank pursuant to a Revolving Letter of Credit.

 “Revolving L/C Exposure” shall mean, at any time, the sum of (a) the aggregate undrawn amount of all Revolving
Letters of Credit at such time and (b) the aggregate amount of all Revolving L/C Disbursements that have not been reimbursed at such time. The Revolving L/C Exposure of any Revolving Credit Lender at any time shall equal its Pro Rata Percentage
of the aggregate Revolving L/C Exposure at such time. 
 “Revolving L/C Fee Payment Date” shall have the meaning assigned to
such term in Section 2.05(d). 
  

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 “Revolving L/C Participation Fee” shall have the meaning assigned to such term in
Section 2.05(d). 
 “Revolving Letter of Credit” shall mean any letter of credit issued pursuant to Section 2.22.

 “Revolving Loans” shall mean the revolving loans made by the Revolving Credit Lenders to the Borrower pursuant to
Section 2.01(c). 
 “S&P” shall mean Standard & Poor’s Ratings Group, Inc. 
 “Secured Obligations” shall mean have the meaning assigned to such term in the Collateral Agency Agreement. 
 “Secured Parties” shall have the meaning given to such term in the Collateral Agency Agreement. 
 “Security Agreement” shall mean that certain Security Agreement, dated as of the date hereof, between the Borrower and the Collateral
Agent substantially in the form attached hereto as Exhibit F. 
 “Shared Facilities” shall mean any equipment,
facilities, pipelines, permits, real estate rights, entitlements or other property consisting of Collateral that are reasonably necessary and are required in connection with joint operation of such assets and the assets comprising Unit II, as
reasonably determined by the Borrower with the consent of the Controlling Party (in consultation with the Independent Engineer), which consent shall not be unreasonably withheld or delayed; provided that the Borrower shall have certified (and
the Independent Engineer shall have confirmed) that (i) the construction, ownership, operation, leasing or use of such Shared Facilities will not unreasonably interfere with or otherwise materially and adversely affect the construction,
operation and maintenance of the Project (or the distribution or sale of power therefrom), (ii) the Project Management Entity continues to manage the operations of such Shared Facilities (subject to Section 7.01(h)), (iii) the costs
of operating and maintaining such Shared Facilities are divided equitably among the owners thereof, and (iv) the Shared Facilities and the entitlements related thereto are sufficient to fully serve both the Project and Unit II. 
 “Shared Facilities Agreement” shall mean any agreement or arrangement that provides for the sharing, joint operation or use, common
ownership, leasing or contingent use of Shared Facilities between the Borrower and the Co-Participants, on the one hand, and the permitted participants in Unit II (which shall not include the Borrower) under and as defined in the Participation
Agreement and/or their respective lenders, on the other hand, in form and substance reasonably satisfactory to the Controlling Party, in consultation with the Independent Engineer. 
 “Site” shall mean the land located in Osceola, Arkansas, on which the Project is located. 
 “SMEPA PPA” shall mean the Power Purchase Agreement, dated as of July 31, 2006, between the Borrower and SMEPA. 
  

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 “Sole Bookrunner” shall have the meaning assigned to such term in the preamble.

 “SPC” shall have the meaning assigned to such term in Section 9.04(i). 
 “Sponsor” shall mean LSP Plum Point Holdings, LLC, a Delaware limited liability company. 
 “Sponsor Support Agreement” shall mean the Sponsor Support Agreement, dated as of the date hereof, by and among the Sponsor, EIF Plum
Point, LLC, the Borrower, the Collateral Agent, the Administrative Agent and the Loan Insurer. 
 “Sponsor Support
Documents” shall mean the Sponsor Support Agreement, together with any letter of credit provided or cash collateral agreement entered into in accordance with the terms thereof. 
 “Sponsor Support Payments” shall have the meaning assigned to such term in the Sponsor Support Agreement. 
 “Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of
which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any other banking authority, domestic or
foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan) is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in
Regulation D of the Board). Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to
time to any Lender under such Regulation D or any comparable regulation. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
 “subsidiary” shall mean, with respect to any person (herein referred to as the “parent”), any corporation, partnership,
limited liability company, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership
interests are, at the time any determination is being made, owned, controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one
or more subsidiaries of the parent. 
 “Substantial Completion” shall have the meaning assigned to such term in the EPC
Contract. 
 “Supermajority Lenders” shall mean, at any time but
subject to Section 9.04, Lenders having Loans, Revolving L/C Exposure, Backstop LC Credit Exposure and unused Backstop LC Commitments, Revolving Credit Commitments and Term Loan Commitments representing at least sixty-six and two-thirds (66
 2/3%) percent of the sum of all Loans outstanding, Revolving L/C Exposure, Backstop LC Credit Exposure and
unused Backstop LC Commitments, Revolving Credit Commitments and Term Loan Commitments at such time. 
  

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 “Surveyor” shall mean Caster Engineering & Survey Co. 
 “SWECI PPA” shall mean the Amended and Restated Power Purchase Agreement, dated as of March 28, 2007, between the Borrower and
SWECI. 
 “Switchyard Easement” shall mean an easement over that certain parcel of land identified on Schedule 1.01(a)
hereto. 
 “Switchyard EPC Contracts” shall mean (a) the Agreement for Engineering, Procurement and Construction
Agreement for the Sans Souci Switchyard, dated November 10, 2006, between Entergy, the Borrower, the Co-Participants and the Project Manager and (b) the Switchyard Turnkey Engineering, Procurement and Construction Agreement, dated as of
November 13, 2006, by and between National Conductor Constructors, the Borrower, the Co-Participants and the Project Manager. 
 “Tax-Exempt Bond Debt Service Reserve Surety” shall mean a surety bond, in substantially the form attached as Exhibit B-2 to the Forward Commitment Letter, issued by the Loan Insurer to the Collateral Agent for the purpose
of satisfying the Borrower’s obligations under the Tax-Exempt Bonds to fund the Tax-Exempt Bonds Debt Service Reserve Account (as defined in the Depositary Agreement). 
 “Tax-Exempt Bond Documents” shall mean the Bond Indenture, the Bond Loan Agreement and related documents governing the issuance of the
Tax-Exempt Bonds, which Bond Indenture, Bond Loan Agreement and documents shall be substantially in the form delivered by the Borrower on the Closing Date or otherwise reasonably satisfactory to the Controlling Party. 
 “Tax-Exempt Bond Offering” shall mean the offering of the Tax-Exempt Bonds (including pursuant to any Permitted Tax-Exempt Bond
Refinancing). 
 “Tax-Exempt Bond Policy” shall mean a financial guaranty insurance policy, in substantially the form
attached as Exhibit D to the Forward Commitment Letter, issued by the Loan Insurer to the applicable trustee for the purpose of guaranteeing the Borrower’s obligations to pay principal and interest when due on the Tax-Exempt Bonds issued in
connection with a Permitted Tax-Exempt Bond Refinancing. 
 “Tax-Exempt Bonds” shall mean the tax-exempt bonds issued by the
City pursuant to the Bond Indenture. 
 “Tax Code” shall mean the Internal Revenue Code of 1986, as amended from time to
time. 
  

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 “Taxes” shall mean any and all present or future taxes, levies, imposts, duties,
deductions, charges, liabilities or withholdings imposed by any Governmental Authority and any and all interest and penalties related thereto. 
 “Term Borrowing” shall mean a Borrowing composed of Term Loans. 
 “Term-Conversion” shall mean
the satisfaction or waiver of the conditions set forth in Section 4.04, causing conversion of the Construction Loans to Term Loans. “Term-Convert” is the verb form of “Term-Conversion.” 
 “Term Lender” shall mean a Lender with (a) prior to the date of Term-Conversion, a Construction Loan Commitment or an outstanding
Construction Loan or (b) after the date of Term-Conversion, a Term Loan Commitment or an outstanding Term Loan. 
 “Term
Loan” shall have the meaning assigned to such term in Section 2.01(b). 
 “Term Loan Commitment” shall mean,
with respect to each Term Lender, the commitment, if any, of such Term Lender to make Term Loans hereunder as set forth on Appendix A-2 or in the Assignment and Acceptance pursuant to which such Term Lender assumed its Term Loan Commitment, as
applicable, as the same may be reduced from time to time in accordance with the terms hereof. The aggregate amount of the Term Loan Commitments shall not exceed $700,000,000. 
 “Term Loan Facility” shall mean the Term Loan Commitments and the Term Loans made thereunder. 
 “Term Loan Maturity Date” shall mean the thirtieth (30th) anniversary of the earliest “Commercial Operation Date” under any of the Power Purchase Agreements or, if
earlier, the date of the acceleration of the Obligations upon and during the occurrence and continuance of an Event of Default. 
 “Term Period Commencement Date” shall have the meaning assigned to such term in Section 4.04. 
 “Termination Payment” shall mean any amount paid or payable to the Borrower in connection with a termination (whether as a result of the occurrence of an event of default or other termination event) of any Power Purchase
Agreement. 
 “Terrorism Order” shall have the meaning assigned to such term in Section 3.31(a). 
 “Title Event” shall have the meaning assigned to such term in the Depositary Agreement. 
 “Title Insurers” shall mean Fidelity National Title Insurance Company. 
 “Title Policies” shall have the meaning assigned to such term in Section 4.01(t). 
  

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 “Total Backstop LC Commitment” shall mean, at any time, the aggregate amount of the
Backstop LC Commitments, as in effect at such time. The initial Total Backstop LC Commitment is $102,000,000. 
 “Total Revolving
Credit Commitment” shall mean, at any time, the aggregate amount of the Revolving Credit Commitments, as in effect at such time. The initial Total Revolving Credit Commitment is $17,000,000. 
 “Transactions” shall mean, collectively, (a) the execution, delivery and performance by the Borrower of the Operative Documents to
which it is a party, (b) the borrowings hereunder, the issuance of Letters of Credit and the use of proceeds of each of the foregoing, (c) the granting of Liens pursuant to the Collateral Documents, and (d) any other transactions
entered into by the Borrower related to or in connection with any of the foregoing. 
 “Transmission Line Easement” shall
mean the Transmission Line Easement identified on Schedule 1.01(a) hereto. 
 “Transmission Service Agreements” shall mean
the Non-Firm Point-To-Point Transmission Service Agreement and the Short-Term Firm Point-To-Point Transmission Service Agreement, each of which is between Entergy Services, Inc. and the Borrower. 
 “Trustee” shall mean Regions Bank, in its capacity as trustee under the Bond Indenture. 
 “Type” shall mean the type of Loan, whether an ABR or LIBO Rate Loan. 
 “UCC” shall mean the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided,
however, in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the
State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions related
to such provisions. 
 “Uniform Customs” shall have the meaning assigned to such term in Section 9.07. 
 “Unit II” shall mean the development, construction, financing, operation and maintenance of an approximately 665 MW coal-fired power
generation facility to be located on a portion of the Site, the Borrower’s interests in which portion of the Site will be transferred to the owners of Unit II for such purpose; provided that (a) the Independent Engineer shall have
certified that such project (and the development, construction, operation and maintenance thereof) would not reasonably be expected to materially and adversely impact the construction or operation of the Project or the generation, sale and
distribution of electricity from the Project (both during and after construction of such expansion facilities), (b) the Borrower shall not be the person who owns, develops, constructs, finances, maintains or operates or is liable for the
development, ownership, financing, maintenance or operation of Unit II, and (c) no Loan proceeds, Letters of Credit or Operating Revenues shall be used for the construction or operation of Unit II. 
  

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 “Weighted Average Life to Maturity” means, when applied to any Debt at any date, the
number of years and partial years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including
payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment, by (b) the then outstanding principal amount of such Debt

 “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from
such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.02.
Terms Generally. 
 (a) The definitions in Section 1.01 shall apply equally to both the singular and plural forms of the terms
defined. 
 (b) Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.

 (c) The words “include”, “includes” and “including”, and words of similar import, shall not be limiting and
shall be deemed to be followed by the phrase “without limitation”. 
 (d) The word “will” shall be construed to have the
same meaning and effect as the word “shall”. 
 (e) The words “asset” and “property” shall be construed as
having the same meaning and effect and to refer to any and all rights and interests in tangible and intangible assets and properties of any kind whatsoever, whether real, personal or mixed, including cash, securities, Equity Interests, accounts and
contract rights. 
 (f) The words “herein”, “hereof” and “hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision of this Agreement unless the context shall otherwise require. 
 (g) All references herein to Articles, Sections, Exhibits, Appendices and Schedules shall be deemed references to Articles and Sections of, and Exhibits, Appendices and Schedules to, this Agreement unless the context
shall otherwise require. 
 (h) Except as otherwise expressly provided herein, (a) any definition of, or reference to, any Credit
Document or any other agreement, instrument or document in this Agreement shall mean such Credit Document or other agreement, instrument or document as amended, restated, supplemented or otherwise modified from time to time (subject to any
restrictions on such amendments, restatements, supplements or modifications set forth herein) and (b) all terms of an 

  

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accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided, however, that if the
Borrower notifies the Administrative Agent and the Loan Insurer that the Borrower wishes to amend any covenant in Article VI or any related definition to eliminate the effect of any change in GAAP occurring after the date of this Agreement on
the operation of such covenant (or if the Controlling Party notifies the Borrower that it wishes to amend Article VI or any related definition for such purpose), then the Borrower’s compliance with such covenant shall be determined on the
basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Controlling Party. 
 (i) Any reference to any person shall include its successors and permitted assigns in the capacity indicated, and in the case of any Governmental
Authority, any person succeeding to its functions and capacities. 
 (j) Except as otherwise expressly provided herein, any reference to any
Debt shall mean such Debt as Refinanced from time to time in accordance with the terms of the Credit Documents. 
 SECTION 1.03.
Classification Of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type
(e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type
(e.g., a “Eurodollar Revolving Borrowing”). 
 ARTICLE II. 
 The Credits 
 SECTION 2.01. Commitments. (a) subject to the
terms and conditions hereof and relying upon the representations and warranties set forth herein, each Term Lender agrees, severally and not jointly, to advance to the Borrower from time to time during the Construction Loan Availability Period such
loans as Borrower may request pursuant to this Section 2.01(a) (individually, a “Construction Loan” and, collectively, the “Construction Loans”), in an aggregate principal amount which, when added to such Term
Lender’s Pro Rata Percentage of the aggregate principal amount of all prior Construction Loans made under this Agreement, does not exceed such Term Lender’s Construction Loan Commitment. Amounts paid or prepaid in respect of Construction
Loans may not be reborrowed. 
 (b) Subject to the terms and conditions hereof and relying upon the representations and warranties set forth
herein, each Term Lender agrees, severally and not jointly, to make to the Borrower on the Term Period Commencement Date, at the request of Borrower, a term loan under this Section 2.01(b) (individually a “Term Loan” and,
collectively, the “Term Loans”) in an aggregate principal amount not to exceed the lesser of (i) the sum of the aggregate principal amount of outstanding Construction Loans made by such Term Lender and (ii) such Term

  

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Lender’s Term Loan Commitment. Each Term Lender shall make its Term Loan by converting the principal amount of outstanding Construction Loans made by
such Term Lender to a Term Loan. Amounts paid or prepaid in respect of Term Loans may not be reborrowed. 
 (c) Subject to the terms and
conditions hereof and relying upon the representations and warranties set forth herein, each Revolving Credit Lender agrees, severally and not jointly, to make Revolving Loans to the Borrower, at any time and from time to time on or after the
Closing Date and until the earlier of the end of the Revolving Credit Facility Commitment Availability Period and the termination of the Revolving Credit Commitment of such Revolving Credit Lender in accordance with the terms hereof, in an aggregate
principal amount at any time outstanding that will not result in such Revolving Credit Lender’s Revolving Credit Exposure exceeding such Revolving Credit Lender’s Revolving Credit Commitment. Within the limits set forth in this clause
(c) and subject to the terms, conditions and limitations set forth herein, the Borrower may borrow, pay or prepay and reborrow Revolving Loans. 
 (d) Subject to the terms and conditions hereof and relying upon the representations and warranties set forth herein, each Backstop LC Lender agrees, severally and not jointly, to make Backstop LC Loans to the Borrower
as contemplated by Section 2.02(f), at any time and from time to time on or after the Closing Date and until the earlier of the end of the Backstop LC Facility Commitment Availability Period and the termination of the Backstop LC Commitment of
such Backstop LC Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in such Backstop LC Lender’s Credit Exposure exceeding such Backstop LC Lender’s Backstop LC
Commitment. For the avoidance of doubt, Backstop LC Loans may only be made as contemplated by Section 2.02(f). 
 SECTION 2.02.
Loans. (a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class; provided,
however, that the failure of any Lender to make any Loan required to be made by it shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the
failure of any other Lender to make any Loan required to be made by such other Lender). Except for Loans deemed made pursuant to Section 2.02(f), the Loans comprising any Borrowing shall be in an aggregate principal amount that is (i) an
integral multiple of $100,000 and not less than $1,000,000 or (ii) equal to the remaining available balance of the applicable Commitments. 
 (b) Subject to Section 2.08 and Section 2.15, each Borrowing shall be composed entirely of ABR Loans or Eurodollar Loans as the Borrower may request pursuant to Section 2.03; provided that all Borrowings made on the
Closing Date must be made as ABR Borrowings. Each Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not
affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower shall not be entitled
to request any Borrowing that, if made, would result in more than ten (10) Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence
on the same date, shall be considered separate Borrowings. 
  

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 (c) Except with respect to Loans made pursuant to Section 2.02(f), each Lender shall make each Loan
to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds to such account in New York City as the Administrative Agent may designate not later than 12:00 p.m., New York City time, and the Administrative
Agent shall promptly credit the amounts so received to an account in the name of the Borrower, maintained with the Depositary and designated by the Borrower in the applicable Borrowing Request or, if a Borrowing shall not occur on such date because
any condition precedent herein specified shall not have been met, return the amounts so received to the respective Lenders. 
 (d) Unless the
Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume
that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with paragraph (c) of this Section and the Administrative Agent may (in its sole discretion and without any obligation to
do so), in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the extent that such Lender shall not have made such portion
available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made
available to the Borrower to but excluding the date such amount is repaid to the Administrative Agent at (i) in the case of the Borrower, the interest rate applicable at the time to the Loans comprising such Borrowing or (ii) in the case
of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error). If such Lender shall repay to the Administrative Agent such
corresponding amount, such amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement. 
 (e)
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request any Revolving Credit Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date. 

(f) If the Issuing Bank shall not have received from the Borrower the payment required to be made by Section 2.22(e) or Section 2.23(e) with
respect to a Letter of Credit within the time specified in either such Section, the Issuing Bank will promptly notify the Administrative Agent of the Revolving L/C Disbursement or the Backstop LC Disbursement, as the case may be, and the
Administrative Agent will promptly notify each Revolving Credit Lender of such Revolving L/C Disbursement or each Backstop LC Lender of such Backstop LC Disbursement, as the case may be, and its Pro Rata Percentage thereof. Each Revolving Credit
Lender or each Backstop LC Lender, as the case may be, shall pay by wire transfer of immediately available funds to the Administrative Agent not later than 2:00 p.m., New York City time, on such date (or, if such Revolving Credit Lender or Backstop
LC Lender shall have 

  

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received such notice later than 12:00 p.m., New York City time, on any day, not later than 10:00 a.m., New York City time, on the immediately following
Business Day), an amount equal to such Lender’s Pro Rata Percentage of any such Revolving L/C Disbursement or the Backstop LC Disbursement, as the case may be (it being understood that such amount shall be deemed to constitute an ABR Revolving
Loan (unless and until converted to a Eurodollar Revolving Loan in accordance with Section 2.10) of such Lender and such payment shall be deemed to have reduced the Revolving L/C Exposure or the Backstop LC Exposure, as the case may be), and
the Administrative Agent will promptly pay to the Issuing Bank amounts so received by it from the Revolving Credit Lenders or the Backstop LC Lenders. The Administrative Agent will promptly pay to the Issuing Bank any amounts received by it from the
Borrower pursuant to Section 2.22(e) or Section 2.23(e) prior to the time that any Revolving Credit Lender or any Backstop LC Lender, as the case may be, makes any payment pursuant to this paragraph; any such amounts received by the
Administrative Agent thereafter will be promptly remitted by the Administrative Agent to the Revolving Credit Lenders or Backstop LC Lenders, as the case may be, that shall have made such payments and to the Issuing Bank, as their interests may
appear. If any Revolving Credit Lender or Backstop LC Lender, as the case may be, shall not have made its Pro Rata Percentage of any such Revolving L/C Disbursement or Backstop LC Disbursement, as the case may be, available to the Administrative
Agent as provided above, such Lender and the Borrower severally agree to pay interest on such amount, for each day from and including the date such amount is required to be paid in accordance with this paragraph to but excluding the date such amount
is paid, to the Administrative Agent for the account of the Issuing Bank at (i) in the case of the Borrower, a rate per annum equal to the interest rate applicable to Revolving Loans pursuant to Section 2.06(a), and (ii) in the case
of such Lender, for the first such day, the Federal Funds Effective Rate, and for each day thereafter, the Alternate Base Rate. 
 SECTION 2.03. Borrowing Procedure (a) In order to request a Borrowing (other than a deemed Borrowing pursuant to Section 2.02(f), as to which this Section 2.03 shall not apply), the Borrower shall hand deliver or fax to the
Administrative Agent a duly completed Borrowing Request (a) in the case of a Eurodollar Borrowing, not later than 12:00 p.m., New York City time, three (3) Business Days before a proposed Borrowing and (b) in the case of an ABR Borrowing, not later
than 12:00 p.m., New York City time, one (1) Business Day before a proposed Borrowing. Each Borrowing Request shall be irrevocable, shall be signed by or on behalf of the Borrower by a Responsible Officer and shall specify the following information:
(i) whether the Borrowing then being requested is to be a Construction Borrowing, a Term Borrowing or a Revolving Credit Borrowing, and whether such Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Borrowing
(which shall be a Business Day); (iii) the number and location of the account to which funds are to be disbursed (which shall be an account that complies with the requirements of Section 2.02(c) and the Credit Documents); (iv) the amount of such
Borrowing; and (v) if such Borrowing is to be a Eurodollar Borrowing, the initial Interest Period with respect thereto; provided, however, that, notwithstanding any contrary specification in any Borrowing Request, each requested
Borrowing shall comply with the requirements set forth in Section 2.01(a). 
 (b) The Borrower shall request no more than one Construction
Loan per month and such Construction Loan shall only be made on any of the last five (5) Business Days of such 

  

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month; provided that (i) the Borrower shall be permitted to request up to an additional four (4) Construction Loans during any calendar year
(but no more than two (2) Construction Loans per month and no more than sixteen (16) Construction Loans, in the aggregate, during any calendar year) which may be made on any Business Day during a month and (ii) if a condition
precedent to the making of such Construction Loan is not satisfied as of such monthly date, a Construction Loan may be made after all such conditions have been satisfied (or waived by the Controlling Party) on any date up to ten (10) Business
Days after such conditions precedent have been so satisfied or waived or such later date as may be directed by the Controlling Party. 
 (c)
Upon satisfaction of the conditions set forth in Section 4.04 (other than any such conditions which can only be satisfied through the funding of a Term Loan) or a waiver of such conditions in accordance with the terms thereof, the Borrower
shall request Term-Conversion by delivering to the Administrative Agent a written notice in the form of Exhibit C-2, appropriately completed, which specifies, among other things: (i) whether the Borrowing is to be a Eurodollar Borrowing or an
ABR Borrowing; (ii) the proposed date of Term-Conversion (which shall be a Business Day); (iii) the number and location of the account to which funds are to be disbursed (which shall be an account that complies with the requirements of
Section 2.02(c) and the Credit Documents); (iv) the amount of such Borrowing, which shall not exceed the lesser of (1) the aggregate Term Loan Commitments and (2) the aggregate principal amount of all Construction Loans
outstanding on the date of Term-Conversion (which amount shall be calculated immediately prior to Term-Conversion, and the application of all amounts required to be applied to the prepayment of Construction Loans pursuant to Section 2.13 and
the payment of all fees and expenses incurred by the Borrower in connection with Term-Conversion); and (v) if such Borrowing is to be a Eurodollar Borrowing, the Interest Period(s) with respect thereto. 
 (d) If no election as to the Type of Borrowing is specified in any Borrowing Request, then the requested Borrowing shall be an ABR Borrowing. If no
Interest Period with respect to any Eurodollar Borrowing is specified in any Borrowing Request, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent shall promptly advise the
applicable Lenders of any notice given in accordance with this Section 2.03 (and the contents thereof), and of each Lender’s portion of the requested Borrowing. 
 SECTION 2.04. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender (i) the principal amount of
each Construction Loan (or, after Term-Conversion, each Term Loan) of such Lender made to the Borrower as provided in Section 2.11, (ii) the then unpaid principal amount of each Revolving Loan of such Lender made to the Borrower on the
Revolving Credit Maturity Date and (iii) the then unpaid principal amount of each Backstop LC Loan of such Lender made to the Borrower on the Backstop LC Maturity Date. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender
resulting from each Loan made by such Lender to the Borrower from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 
  

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 (c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of each
Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of
the sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 
 (d) The entries made in the
accounts maintained pursuant to paragraphs (b) and (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided, however, that the failure of any Lender
or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrower to repay the Loans made to the Borrower in accordance with the terms of this Agreement. 
 (e) Any Lender may request that Loans made by it hereunder be evidenced by a promissory note. In such event, the Borrower shall execute and deliver to
such Lender a promissory note payable to such Lender and its registered assigns and in the form attached as Exhibit O, P, Q or R hereto, as applicable. Notwithstanding any other provision of this Agreement, in the event any Lender shall request and
receive such a promissory note, the interests represented by such note shall at all times (including after any assignment of all or part of such interests pursuant to Section 9.04) be represented by one or more promissory notes payable to the
payee named therein or its registered assigns. 
 SECTION 2.05. Fees. (a) The Borrower agrees to pay to each Lender, through the
Administrative Agent, on the last Business Day of March, June, September and December in each year, commencing on June 30, 2007, and on each date on which any Commitment of such Lender shall expire or be terminated as provided herein, a commitment
fee (a “Commitment Fee”) equal to: 
 (i) with respect to the Backstop LC Lenders, the Commitment Fee Rate on
the average daily unused amount of the Backstop LC Commitment of such Lender during the preceding quarter (or other period commencing with the date hereof or ending with the Backstop LC Maturity Date or the date on which the Backstop LC Commitment
of such Lender shall expire or be terminated); 
 (ii) with respect to the Revolving Credit Lenders, the Commitment Fee Rate
on the average daily unused amount of the Revolving Credit Commitment of such Lender during the preceding quarter (or other period commencing with the date hereof or ending with the Revolving Credit Maturity Date or the date on which the Revolving
Credit Commitment of such Lender shall expire or be terminated); and 
 (iii) with respect to the Term Lenders, the Commitment
Fee Rate on the average daily unused amount of the Available Construction Loan Commitment of such Lender during the preceding quarter (or other period commencing with the date hereof or ending with the Construction Loan Maturity Date or the date on
which the Construction Loan Commitment of such Lender shall expire or be terminated). 
  

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 All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days. The
Commitment Fee due to each Lender shall commence to accrue on the date hereof and shall cease to accrue on the date on which the Backstop LC Commitment, Revolving Credit Commitment or the Construction Loan Commitment, as applicable, of such Lender
shall expire or be terminated as provided herein. 
 (b) The Borrower agrees to pay to
the Administrative Agent, for its own account, an administrative agency fee in the amount of $75,000 per annum through the Term Period Conversion Date and $50,000 per annum from the Term Period Conversion Date (as adjusted, the
“Administrative Agent Fee”), which Administrative Agent Fee shall be adjusted upward by 10% cumulatively on each fifth (5th), tenth (10th), fifteenth (15th), twentieth (20th) and twenty-fifth (25th) anniversary of the Term Period Commencement Period (and every
five years thereafter until the Loans have been repaid in full and the Commitments have been terminated). The Administrative Agent Fee shall be payable on the Closing Date and on each anniversary of the Closing Date. The Administrative Agent Fee
shall not be pro-rated for part of a year and shall be deemed to be earned in full as of the first day of each annual pay period therefor, except that the Administrative Agent Fee shall be pro-rated if the Administrative Agent is removed or resigns
in accordance with the terms hereof for the applicable year in which such removal or resignation occurs. 
 (c) The Borrower agrees to pay to
the Collateral Agent (including its agents and counsels), for its own account, the fees in the amounts and at the times from time to time agreed to in writing by the Borrower (or any Affiliate) and the Collateral Agent (the “Collateral Agent
Fees”). 
 (d) The Borrower agrees to pay: 
 (i) to each Backstop LC Lender, through the Administrative Agent, on the last
Business Day of March, June, September and December of each year, commencing on June 30, 2007, and on the date on which the Backstop LC Commitment of such Lender shall be terminated as provided herein (each, a “Backstop LC Fee Payment
Date”) a fee (a “Backstop LC Participation Fee”) calculated on such Lender’s Pro Rata Percentage of the daily aggregate Backstop LC Credit Exposure (excluding the portion thereof attributable to unreimbursed Backstop
LC Disbursements which are earning interim interest pursuant to Section 2.22(h)) during the immediately preceding quarter (or shorter period commencing with the date hereof or ending with the Backstop LC Maturity Date or the date on which the
Backstop Letters of Credit have been canceled or have expired and the Backstop LC Commitments of all Backstop LC Lenders shall have been terminated) at a rate per annum equal to (A) from and after the Closing Date to and including the first
(1st) anniversary of the Closing Date, 0.18% per annum, (b) after the first (1st) anniversary of the Closing Date to and including the second (2nd) anniversary of the Closing Date, 0.35% per
annum, (c) after the second (2nd) anniversary of the Closing Date to and including the third (3rd) anniversary of the Closing Date, 0.475% per annum, (d) after the third (3rd) anniversary of the Closing Date to and
including the fourth (4th) anniversary of the Closing Date, 0.60% per annum and (e) thereafter, 0.725% per annum 
  

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 (ii) to each Revolving Credit Lender, through the Administrative Agent, on the last
Business Day of March, June, September and December of each year, commencing on June 30, 2007, and on the date on which the Revolving Credit Commitment of such Lender shall be terminated as provided herein (each, a “Revolving L/C Fee
Payment Date”) a fee (a “Revolving L/C Participation Fee”) calculated on such Lender’s Pro Rata Percentage of the daily aggregate Revolving L/C Exposure (excluding the portion thereof attributable to unreimbursed
Revolving L/C Disbursements which are earning interim interest pursuant to Section 2.22(h)) during the immediately preceding quarter (or shorter period commencing with the date hereof or ending with the Revolving Credit Maturity Date or the
date on which all Revolving Letters of Credit have been canceled or have expired and the Revolving Credit Commitments of all Revolving Credit Lenders shall have been terminated) at a rate per annum equal to the Applicable Margin described in clause
(b) of the definition thereof; and 
 (iii) to the Issuing Bank with respect to each outstanding Backstop Letter of
Credit issued for the account of (or at the request of) the Borrower a fronting fee (the “Issuing Bank Fee”), which fee shall: (A) from and after the first anniversary of the Closing Date, accrue at the rate of 0.125% per
annum or such other lower rate as shall be separately agreed upon between the Borrower and the Issuing Bank, on the drawable amount of such Backstop Letter of Credit; and (B) be payable quarterly in arrears on each Backstop L/C Fee Payment Date
to occur from and after the first anniversary of the Closing Date. 
 All fees under this clause (d) shall be computed on the basis of the actual number
of days elapsed in a year of 360 days. 
 (e) All Fees shall be paid on the dates due, in immediately available funds, to the Administrative
Agent for distribution, if and as appropriate, among the Lenders, except that the Issuing Bank Fee shall be paid directly to the Issuing Bank. Once paid, none of the Fees shall be refundable under any circumstances. 
 SECTION 2.06. Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing shall
bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of 360 days at all
other times) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin in effect from time to time. 
 (b) Subject to
the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for
the Interest Period in effect for such Borrowing plus the Applicable Margin in effect from time to time. 
  

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 (c) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such Loan except
as otherwise provided in this Agreement. The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination
shall be conclusive absent manifest error. 
 SECTION 2.07. Default Interest. If the Borrower shall default in the payment of the
principal of or interest on any Loan or any other amount becoming due hereunder or under any other Credit Document, by acceleration or otherwise, then, upon the request of the Controlling Party, the Borrower shall on demand from time to time pay
interest, to the extent permitted by law, on such defaulted amount to but excluding the date of actual payment (after as well as before judgment) at the Default Rate; provided that so long as no Insurer Default shall have occurred or be continuing,
the incremental 2.00% shall be paid to the Controlling Party. 
 SECTION 2.08. Alternate Rate of Interest. In the event, and on
each occasion, that prior to the commencement of any Interest Period for a Eurodollar Borrowing (a) the Administrative Agent shall have determined that adequate and reasonable means do not exist for determining the Adjusted LIBO Rate for such
Interest Period or (b) the Administrative Agent is advised by the Majority Facility Lenders in respect of the relevant Facility that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of
making or maintaining their Loans included in such Borrowing for such Interest Period, in each case as reasonably verified by the Controlling Party, then the Administrative Agent shall, as soon as practicable thereafter, give written or fax notice
of such determination to the Borrower, the Loan Insurer and the Lenders. In the event of any such determination, until the Administrative Agent shall have advised the Borrower, the Loan Insurer and the Lenders that the circumstances giving rise to
such notice no longer exist, (i) any request by the Borrower for a Eurodollar Borrowing pursuant to Section 2.03 or Section 2.10 shall be deemed to be a request for an ABR Borrowing and (ii) any Interest Period election that requests the conversion
of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective. Each determination by the Administrative Agent under this Section 2.08 shall be conclusive absent manifest error. 
 SECTION 2.09. Termination and Reduction of Commitments. (a) Unless previously terminated in accordance with the terms hereof, (i) the
Construction Loan Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Construction Loan Maturity Date, (ii) the Term Loan Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Term Loan
Maturity Date, (iii) the Revolving Credit Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Revolving Credit Maturity Date and (iv) the Backstop LC Commitments shall automatically terminate at 5:00 p.m., New York
City time, on the Backstop LC Maturity Date. Notwithstanding the foregoing, all the Commitments shall automatically terminate at 5:00 p.m., New York City time, on April 2, 2007, if the Initial Credit Event shall not have occurred by such time.

 (b) On the date of the Permitted Tax-Exempt Bond Refinancing, all of the Backstop LC Commitments shall automatically terminate.

  

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 (c) On the date of any Change of Control, all Commitments shall automatically terminate. 
 (d) [Intentionally Reserved]. 
 (e)
Concurrent with the application of the proceeds of any mandatory prepayment pursuant to Section 2.13(g) below, the Commitment corresponding to the principal amount of the applicable Loan being repaid shall automatically terminate. 

(f) Upon at least three (3) Business Days’ prior irrevocable written or fax notice to
the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Backstop LC Commitments, the Construction Loan Commitments, the Term Loan Commitments and the Revolving
Credit Commitments; provided, however, that (i) each partial reduction of the Construction Loan Commitments, the Term Loan Commitments and the Revolving Credit Commitments shall be in an integral multiple of $100,000 and in a
minimum amount of $1,000,000, (ii) the aggregate Construction Loan Commitments and the aggregate Term Loan Commitments, as applicable, shall not be reduced to an amount that is less than the outstanding aggregate Construction Loan Commitments
then in effect, (iii) the Total Revolving Credit Commitment shall not be reduced to an amount that is less than the Aggregate Revolving Credit Exposure then in effect, (iv) the Borrower shall have demonstrated to the reasonable
satisfaction of the Controlling Party (and shall have certified to the Administrative Agent, the Lenders and the Loan Insurer) that it has sufficient funds available to it (taking into remaining Commitments available to it and amounts on deposit in
the Construction Account) to achieve Completion by the Date Certain, and the Independent Engineer shall have verified the same, (v) the Borrower may only terminate all (but not part) of the Backstop LC Commitments and such termination may only
occur concurrently with the consummation of the Permitted Tax-Exempt Bond Refinancing and (vi) in connection with any such reduction or termination of any of the Commitments under this clause (f) (other than (A) the reduction of any
of the Backstop LC Commitments, (B) the reduction of any of the Revolving Credit Commitments and (C) in connection with the first $20,000,000 in aggregate reductions in the Construction Loan Commitments on account of (x) Project Cost
underruns incurred prior to Term-Conversion and (y) prepayments of Construction Loans with Tax-Exempt Bond proceeds remaining unused at Term-Conversion to the extent such Construction Loans have been used for purposes otherwise eligible for
funding with Tax-Exempt Bond proceeds) the Commitment Reduction Premium shall be payable by the Borrower if such Commitments are reduced or terminated on or before the fifth (5th) anniversary of the Closing Date. 
 (g) Each
reduction in the Backstop LC Commitments, the Construction Loan Commitments, the Term Loan Commitments and the Revolving Credit Commitments hereunder shall be made ratably among the applicable Lenders in accordance with their Pro Rata Percentages.
The Borrower shall pay to the Administrative Agent for the account of the applicable Lenders, on the date of each termination or reduction, the Commitment Fees on the amount of the Commitments so terminated or reduced accrued to but excluding the
date of such termination or reduction. 
  

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 SECTION 2.10. Conversion and Continuation of Borrowings. The Borrower shall have the right at
any time upon prior irrevocable notice to the Administrative Agent (a) not later than 12:00 p.m., New York City time, one (1) Business Day prior to conversion, to convert any Eurodollar Borrowing of the Borrower into an ABR Borrowing,
(b) not later than 12:00 p.m., New York City time, three (3) Business Days prior to conversion or continuation, to convert any ABR Borrowing of the Borrower into a Eurodollar Borrowing or to continue any Eurodollar Borrowing of the
Borrower as a Eurodollar Borrowing for an additional Interest Period and (c) not later than 12:00 p.m., New York City time, three (3) Business Days prior to conversion, to convert the Interest Period with respect to any Eurodollar
Borrowing of the Borrower to another permissible Interest Period, subject in each case to the following: 
 (i) each
conversion or continuation shall be made pro rata among the Lenders in accordance with the respective principal amounts of the Loans comprising the converted or continued Borrowing; 
 (ii) if less than all the outstanding principal amount of any Borrowing shall be converted or continued, then each resulting Borrowing
shall satisfy the limitations specified in Section 2.02(a) and Section 2.02(b) regarding the principal amount and maximum number of Borrowings of the relevant Type; 
 (iii) each conversion shall be effected by each Lender and the Administrative Agent by recording for the account of such Lender the new
Loan of such Lender resulting from such conversion and reducing the Loan (or portion thereof) of such Lender being converted by an equivalent principal amount; accrued interest on any Eurodollar Loan (or portion thereof) being converted shall be
paid by the Borrower at the time of conversion; 
 (iv) if any Eurodollar Borrowing is converted at a time other than the end
of the Interest Period applicable thereto, the Borrower shall pay, upon demand, any amounts due to the Lenders pursuant to Section 2.16; 
 (v) any portion of a Borrowing maturing or required to be repaid in less than one month may not be converted into or continued as a Eurodollar Borrowing; 
 (vi) any portion of a Eurodollar Borrowing that cannot be converted into or continued as a Eurodollar Borrowing by reason of the
immediately preceding clause shall be automatically converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing; 
 (vii) no Interest Period may be selected for any Eurodollar Term Borrowing that would end later than a Repayment Date occurring on or after the first day of such Interest Period if, after giving effect to such
selection, the aggregate outstanding amount of (A) the Eurodollar Term Borrowings with Interest Periods ending on or prior to such Repayment Date and (B) the ABR Term Borrowings would not be at least equal to the principal amount of Term
Borrowings to be paid on such Repayment Date; and 
  

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 (viii) after the occurrence and during the continuance of an Event of Default and only if
the Administrative Agent is the Controlling Party, no outstanding Loan may be converted into, or continued as, a Eurodollar Loan. 
 Each
notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this Agreement and specify (i) the identity and amount of the Borrowing that the Borrower requests be converted or continued, (ii) whether such Borrowing is
to be converted to or continued as a Eurodollar Borrowing or an ABR Borrowing, (iii) if such notice requests a conversion, the date of such conversion (which shall be a Business Day) and (iv) if such Borrowing is to be converted to or
continued as a Eurodollar Borrowing, the Interest Period with respect thereto. If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a Eurodollar Borrowing, the Borrower shall be deemed to have
selected an Interest Period of one-month’s duration. The Administrative Agent shall advise the Lenders of any notice given pursuant to this Section 2.10 and of each Lender’s portion of any converted or continued Borrowing. If the
Borrower shall not have given notice in accordance with this Section 2.10 to continue any Borrowing into a subsequent Interest Period (and shall not otherwise have given notice in accordance with this Section 2.10 to convert such
Borrowing), such Borrowing shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be converted or continued into an ABR Borrowing. 
 SECTION 2.11. Repayment of Term Borrowings and Backstop LC Borrowings. (a) The Borrower shall repay to the Administrative Agent, for the
account of each Term Lenders, in full on the Construction Loan Maturity Date, the unpaid principal amount of all Construction Loans made by such Term Lender which will not be Term-Converted to Term Loans at such time as provided in Section 2.01(b).
The Borrower may not reborrow the principal amount of any Construction Loan so repaid. 
 (b) From and after the first day of the fourth full
fiscal quarter after the Term Period Commencement Date, on the last Business Day of each fiscal quarter (each such date being called a “Repayment Date”), the Borrower shall pay to the Administrative Agent, for the account of the
Term Lenders, a principal amount of the Term Loans (as adjusted from time to time pursuant to Sections 2.09, 2.12 and 2.13) equal to the amounts set forth on Schedule 2.11(b) hereto. To the extent not previously paid, all Term Loans shall be due and
payable on the Term Loan Maturity Date, together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment. The Borrower may not reborrow the principal amount of any Term Loan so repaid. 
 (c) On each Repayment Date which occurs after the fifth (5th) anniversary of the Closing Date, the Borrower shall pay to the Administrative Agent, for the account of the Backstop LC Lenders, a principal
amount of the Backstop LC Loans (as adjusted from time to time pursuant to Sections 2.09, 2.12 and 2.13) equal to the amounts set forth on Schedule 2.11(c) hereto. To the extent not previously paid, all Backstop LC Loans shall be due and payable on
the Backstop LC Maturity Date, together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment. The Borrower may reborrow the principal amount of any Backstop LC Loan so repaid prior to the fifth
(5th) anniversary of the Closing Date and, thereafter, the Borrower may not reborrow the principal amount of
any Backstop LC Loan so repaid. 
  

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 (d) All repayments pursuant to this Section 2.11 shall be subject to Section 2.16, but shall
otherwise be without premium or penalty. 
 SECTION 2.12. Prepayment.
(a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon at least three (3) Business Days’ prior written or fax notice (or telephone notice promptly confirmed by
written or fax notice) in the case of Eurodollar Loans, or written or fax notice (or telephone notice promptly confirmed by written or fax notice) at least one (1) Business Day prior to the date of prepayment in the case of ABR Loans, to the
Administrative Agent before 12:00 p.m., New York City time; provided, however, that (i) each partial prepayment shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000, and (ii) with
respect to each such optional prepayment of the Construction Loans (or, after Term-Conversion, the Term Loans), the Borrower shall pay to the Administrative Agent, for the benefit of the Term Lenders, the sum of (i) the principal amount of such
prepayment, (ii) if such prepayment is on or before the fifth (5th) anniversary of the Closing Date and to
the extent such prepayment is of or relates to the Construction Loans or the Term Loans, the Call Premium and (iii) accrued and unpaid interest thereon to the date of prepayment; provided further that, if the Construction Loans
(or, after Term-Conversion, the Term Loans) are prepaid in full, then each of the Backstop LC Lenders (or the Controlling Party) and the Revolving Credit Lenders (or the Controlling Party) shall have the right to cancel the Backstop LC Facility
and/or the Revolving Credit Facility and require the Borrower to prepay all outstanding Backstop LC Loans and/or Revolving Loans thereunder, return for cancellation all Backstop Letters of Credit and/or Revolving Letters of Credit (or cash
collateralize all such Letters of Credit not so returned for cancellation at 102.5% of the stated amount thereof pursuant to a cash collateral agreement reasonably satisfactory to the Controlling Party and the Issuing Bank) and all other amounts due
and payable in connection therewith. 
 (b) Optional prepayments of the Term Loans and the Backstop LC Loans shall be applied pro rata
against the remaining scheduled installments of principal due in respect of the Term Loans or the Backstop LC Loans, as the case may be. 
 (c) Each notice of prepayment shall specify the prepayment date and the principal amount of each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Borrower to prepay such Borrowing by the amount stated
therein on the date stated therein. All prepayments under this Section 2.12 shall be subject to Section 2.16, but otherwise without premium or penalty except as provided in Section 2.12(a) above. All prepayments under this
Section 2.12 shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment. 
 SECTION 2.13. Mandatory Prepayments and Reductions of Revolving Credit Commitments. The Loans shall be prepaid in the manner provided in clauses (a)-(f) of this Section 2.13. 
  

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 (a) In the event of any termination of all the Backstop LC Commitments, the Borrower shall, on the date
of such termination, repay or prepay all its outstanding Backstop LC Borrowings, return for cancellation all Backstop Letters of Credit (or cash collateralize all such Backstop Letters of Credit not so returned for cancellation at 102.5% of the
stated amount thereof pursuant to a cash collateral agreement reasonably satisfactory to the Controlling Party and the Issuing Bank) pay all accrued and unpaid fees and interest thereon and pay any amounts due pursuant to Section 2.16. If the
Aggregate Backstop LC Credit Exposure would exceed the Total Backstop LC Commitment after giving effect thereto, then the Borrower shall immediately repay or prepay Backstop LC Borrowings and/or cash collateralize the Backstop Letters of Credit in
an amount sufficient to eliminate such excess. 
 (b) In the event of any termination of all the Revolving Credit Commitments, the Borrower
shall, on the date of such termination, repay or prepay all its outstanding Revolving Credit Borrowings, return for cancellation all Revolving Letters of Credit (or cash collateralize all such Revolving Letters of Credit not so returned for
cancellation at 102.5% of the stated amount thereof pursuant to a cash collateral agreement reasonably satisfactory to the Controlling Party and the Issuing Bank), pay all accrued and unpaid fees and interest thereon and pay any amounts due pursuant
to Section 2.16. If the Aggregate Revolving Credit Exposure would exceed the Total Revolving Credit Commitment after giving effect thereto, then the Borrower shall immediately repay or prepay Revolving Credit Borrowings and/or cash
collateralize Letters of Credit in an amount sufficient to eliminate such excess. 
 (c) On the date of the Permitted Tax-Exempt Bond
Refinancing, the Borrower shall repay or prepay all its outstanding Backstop LC Loans, return for cancellation all Backstop Letters of Credit (or cash collateralize all such Backstop Letters of Credit not so returned for cancellation at 102.5% of
the stated amount thereof pursuant to a cash collateral agreement reasonably satisfactory to the Controlling Party and the Issuing Bank), pay all accrued and unpaid fees and interest thereon and pay any amounts due pursuant to Section 2.16.

 (d) The Borrower shall also prepay the Construction Loans (or, after Term-Conversion, the Term Loans) in accordance with (and to the
extent provided under) the Depositary Agreement (including Sections 3.8(b) and 3.11 of the Depositary Agreement) and the Sponsor Support Agreement (together, in each case, with all accrued and unpaid fees and interest thereon and pay any amounts due
pursuant to Section 2.16). 
 (e) On or before the date of any Change of Control, the Borrower shall prepay all of the Loans, return for
cancellation all Letters of Credit (or cash collateralize all such Letters of Credit not so returned for cancellation at 102.5% of the stated amount thereof pursuant to a cash collateral agreement reasonably satisfactory to the Controlling Party and
the Issuing Bank), pay all accrued and unpaid fees and interest thereon, pay any amounts due pursuant to Section 2.16, and all of the Facilities shall be terminated. 
 (f) [Intentionally Reserved]. 
 (g) Mandatory prepayments under this Agreement shall be applied: 

(i) In the case of any prepayment made prior to the fifth (5th) anniversary of the Closing Date, first, pro rata to prepay, as applicable, (i) the
Construction Loans or (ii) Term Loans, against the remaining scheduled installments due in respect of such Term Loans under Section 2.11(b); second, pro rata to the cash collateralization at 102.5% of the stated amount
thereof of all outstanding Letters of Credit hereunder; third, to the prepayment of outstanding Revolving Loans; and fourth, to the prepayment of outstanding Backstop LC Loans; and 
  

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 (ii) In the case of any prepayment
made from and after the fifth (5th) anniversary of the Closing Date, first, pro rata to
prepay Terms Loans, against the remaining scheduled installments due in respect of such Term Loans under Section 2.11(b); second, pro rata to prepay the Backstop LC Loans, against the remaining scheduled installments due in
respect of such Backstop LC Loans under Section 2.11(c); third, pro rata to the cash collateralization at 102.5% of the stated amount thereof of all outstanding Letters of Credit hereunder; and fourth, to the
prepayment of outstanding Revolving Loans. 
 (h) The Borrower shall deliver to the Administrative Agent, at the time of each prepayment
required under this Section 2.13, (i) a certificate signed by a Financial Officer of the Borrower setting forth in reasonable detail the calculation of the amount of such prepayment and (ii) to the extent practicable, at least three
(3) Business Days prior written notice of such prepayment. Each notice of prepayment shall specify the prepayment date, the Type of each Loan being prepaid and the principal amount of each Loan (or portion thereof) to be prepaid. All
prepayments of Borrowings pursuant to this Section 2.13 shall be subject to Section 2.16, but shall otherwise be without premium or penalty. 
 SECTION 2.14. Reserve Requirements; Change in Circumstances. (a) Notwithstanding any other provision of this Agreement, if any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, or similar requirement against assets of, deposits
with or for the, or otherwise in, account of, or credit extended by, any Lender, the Administrative Agent or the Issuing Bank (except any such reserve requirement which is reflected in the Adjusted LIBO Rate) or 
 (ii) impose on any Lender, the Administrative Agent or the Issuing Bank or the London interbank market any other condition affecting this
Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein, 
 and the result of any of the foregoing shall be to
increase the cost to such Lender or the Issuing Bank of making, converting into, continuing or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to any Lender, the Administrative Agent
or the Issuing Bank of issuing or maintaining any Letter of Credit or purchasing or maintaining a participation therein or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of principal,
interest or otherwise) by an amount deemed by such Lender, the Administrative Agent or the Issuing Bank 

  

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to be material, then the Borrower will pay to such Lender, the Administrative Agent or the Issuing Bank, as the case may be, upon demand such additional
amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered. 
 (b) If any Lender, the Administrative Agent or the Issuing Bank shall have determined that any Change in Law regarding capital adequacy has or would have the effect of reducing the rate of return on such Lender’s, the Administrative
Agent’s or the Issuing Bank’s capital or on the capital of such Lender’s, the Administrative Agent’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations
in Letters of Credit purchased by, such Lender or the Letters of Credit issued by the Issuing Bank to a level below that which such Lender, the Administrative Agent or the Issuing Bank or such Lender’s, the Administrative Agent’s or the
Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s, the Administrative Agent’s or the Issuing Bank’s policies and the policies of such Lender’s, the
Administrative Agent’s or the Issuing Bank’s holding company with respect to capital adequacy) by an amount deemed by such Lender, the Administrative Agent or the Issuing Bank to be material, then from time to time the Borrower shall pay
to such Lender, the Administrative Agent or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender, the Administrative Agent or the Issuing Bank or such Lender’s, the Administrative Agent’s
or the Issuing Bank’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender, the Administrative Agent or the
Issuing Bank setting forth the amount or amounts necessary to compensate such Lender, the Administrative Agent or the Issuing Bank or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section shall be
delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender, the Administrative Agent or the Issuing Bank, as the case may be, the amount or amounts shown as due on any such certificate delivered by it
within 10 days after its receipt of the same. 
 (d) Failure or delay on the part of any Lender, the Administrative Agent or the Issuing Bank
to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s, the Administrative Agent’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be under
any obligation to compensate any Lender, the Administrative Agent or the Issuing Bank under paragraph (a) or (b) above for increased costs or reductions with respect to any period prior to the date that is 90 days prior to such request if
such Lender, the Administrative Agent or the Issuing Bank knew or could reasonably have been expected to know of the circumstances giving rise to such increased costs or reductions and of the fact that such circumstances would result in a claim for
increased compensation by reason of such increased costs or reductions; provided further that the foregoing limitation shall not apply to any increased costs or reductions arising out of the retroactive application of any Change in Law
within such 90-day period. The protection of this Section shall be available to each Lender, the Administrative Agent and the Issuing Bank regardless of any possible contention of the invalidity or inapplicability of the Change in Law that shall
have occurred or been imposed. 
  

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 SECTION 2.15. Change in Legality. (a) Notwithstanding any other provision of this Agreement,
if any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then, by written notice to the Borrower and to the
Administrative Agent: 
 (i) such Lender may declare that Eurodollar Loans will not thereafter (for the duration of such
unlawfulness) be made by such Lender hereunder (or be continued for additional Interest Periods and ABR Loans will not thereafter (for such duration) be converted into Eurodollar Loans), whereupon any request for a Eurodollar Borrowing (or to
convert an ABR Borrowing to a Eurodollar Borrowing or to continue a Eurodollar Borrowing for an additional Interest Period) shall, as to such Lender only, be deemed a request for an ABR Loan (or a request to continue an ABR Loan as such for an
additional Interest Period or to convert a Eurodollar Loan into an ABR Loan, as the case may be), unless such declaration shall be subsequently withdrawn; and 
 (ii) such Lender may require that all outstanding Eurodollar Loans made by it be converted to ABR Loans, in which event all such
Eurodollar Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in paragraph (b) below. 
 In the
event any Lender shall exercise its rights under (i) or (ii) above, all payments and prepayments of principal that would otherwise have been applied to repay the Eurodollar Loans that would have been made by such Lender or the converted
Eurodollar Loans of such Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Loans. Any such conversion of a Eurodollar Loan under (i) above shall be
subject to Section 2.16. 
 (b) For purposes of this Section 2.15, a notice to the Borrower by any Lender shall be effective as to
each Eurodollar Loan made by such Lender, if lawful, on the last day of the Interest Period then applicable to such Eurodollar Loan; in all other cases such notice shall be effective on the date of receipt by the Borrower. 
 SECTION 2.16. Indemnity. The Borrower shall indemnify each Lender and the Loan Insurer against any loss or expense that such Lender or Loan
Insurer may sustain or incur as a consequence of (a) any event, other than a default by such Lender or Loan Insurer (as applicable) in the performance of its obligations hereunder, which results in (i) such Lender or Loan Insurer (as applicable)
receiving or being deemed to receive any amount on account of the principal of any Eurodollar Loan prior to the end of the Interest Period in effect therefor, (ii) the conversion of any Eurodollar Loan to an ABR Loan, or the conversion of the
Interest Period with respect to any Eurodollar Loan, in each case other than on the last day of the Interest Period in effect therefor or (iii) any Eurodollar Loan to be made by such Lender or Loan Insurer (as applicable) (including any Eurodollar
Loan to be made pursuant to a conversion or continuation under Section 2.10) not being made after notice of such Loan shall have been given by the Borrower 

  

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hereunder (any of the events referred to in this clause (a) being called a “Breakage Event”) or (b) any default in the making of
any payment or prepayment required to be made hereunder. In the case of any Breakage Event, such loss shall include an amount equal to the excess, as reasonably determined by such Lender or Loan Insurer (as applicable), of (i) its cost of
obtaining funds for the Eurodollar Loan that is the subject of such Breakage Event for the period from the date of such Breakage Event to the last day of the Interest Period in effect (or that would have been in effect) for such Loan over
(ii) the amount of interest likely to be realized by such Lender or Loan Insurer (as applicable) in redeploying the funds released or not utilized by reason of such Breakage Event for such period. A certificate of any Lender or Loan Insurer (as
applicable) setting forth any amount or amounts which such Lender or Loan Insurer (as applicable) is entitled to receive pursuant to this Section 2.16 shall be delivered to the Borrower and shall be conclusive absent manifest error. 

SECTION 2.17. Pro Rata Treatment. Except as required under Section 2.15, each Borrowing, each payment or prepayment of principal of any
Borrowing, each payment of interest on the Loans, each payment of the Commitment Fees, each reduction of the Construction Loan Commitments, the Term Loan Commitments or the Revolving Credit Commitments and each conversion of any Borrowing to or
continuation of any Borrowing as a Borrowing of any Type shall be allocated pro rata among the Lenders in accordance with their respective applicable Commitments (or, if such Commitments shall have expired or been terminated, in accordance with the
respective principal amounts of their outstanding Loans). Each Lender agrees that in computing such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of
such Borrowing to the next higher or lower whole dollar amount. 
 SECTION 2.18. Sharing of Setoffs. Each Lender agrees that if
it shall, through the exercise of a right of banker’s lien, setoff or counterclaim against the Borrower, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other security or interest arising from, or in
lieu of, such secured claim, received by such Lender under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means, obtain payment (voluntary or involuntary) in respect of any Loan or Loans or L/C Disbursement
as a result of which the unpaid principal portion of its Loans and participations in L/C Disbursements shall be proportionately less than the unpaid principal portion of the Loans and participations in L/C Disbursements of any other Lender, it shall
be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly pay to such other Lender the purchase price for, a participation in the Loans and L/C Exposure of such other Lender, so that the aggregate unpaid
principal amount of the Loans and L/C Exposure and participations in Loans and L/C Exposure held by each Lender shall be in the same proportion to the aggregate unpaid principal amount of all Loans and L/C Exposure then outstanding as the principal
amount of its Loans and L/C Exposure prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the principal amount of all Loans and L/C Exposure outstanding prior to such exercise of banker’s lien, setoff or
counterclaim or other event; provided, however, that if any such purchase or purchases or adjustments shall be made pursuant to this Section 2.18 and the payment giving rise thereto shall thereafter be recovered, such purchase or
purchases or adjustments shall be rescinded to the extent of such recovery and the 

  

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purchase price or prices or adjustment restored without interest. The Borrower expressly consents to the foregoing arrangements and agrees that any Lender
holding a participation in a Loan or L/C Disbursement deemed to have been so purchased may exercise any and all rights of banker’s lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower to such Lender by reason
thereof as fully as if such Lender had made a Loan directly to the Borrower in the amount of such participation. 
 SECTION 2.19.
Payments. (a) The Borrower shall make each payment (including principal of or interest on any Borrowing, any L/C Disbursement or any Fees or other amounts) hereunder and under any other Credit Document not later than 12:00 p.m., New York
City time, on the date when due in immediately available dollars, without setoff, defense or counterclaim. Each such payment (other than the Issuing Bank Fees, which shall be paid directly to the Issuing Bank, Collateral Agent Fees, which shall be
paid directly to the Collateral Agent, and Loan Insurer Payments, which shall be paid directly to the Loan Insurer) shall be made to the Administrative Agent at its offices. All payments hereunder and under each other Credit Document shall be made
in dollars. 
 (b) Except as otherwise expressly provided herein, whenever any payment (including principal of or interest on any Borrowing
or any Fees or other amounts) hereunder or under any other Credit Document shall become due, or otherwise would occur, on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time
shall in such case be included in the computation of interest or Fees, if applicable. 
 SECTION 2.20. Taxes. (a) Any and
all payments by or on account of any obligation of the Borrower hereunder or under any other Credit Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if any Indemnified
Taxes or Other Taxes are required to be withheld or deducted from such payments, then (i) the sum payable by the Borrower shall be increased as necessary so that after making all required deductions or withholding (including deductions or
withholdings applicable to additional sums payable under this Section 2.20) the Administrative Agent, such Lender, the Loan Insurer or the Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower shall make (or cause to be made) such deductions and (iii) the Borrower shall pay (or cause to be paid) the full amount deducted to the relevant Governmental Authority in accordance with applicable
law. In addition, the Borrower shall pay (or cause to be paid) any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (b) The Borrower shall indemnify the Administrative Agent, each Lender, the Loan Insurer and the Issuing Bank, within thirty (30) days after written demand therefor, for the full amount of any Indemnified Taxes
or Other Taxes paid by the Administrative Agent, such Lender, the Loan Insurer or the Issuing Bank, as the case may be, or any of their respective Affiliates, on or with respect to any payment by or on account of any obligation of the Borrower
hereunder or under any other Credit Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.20) and any 

  

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penalties, interest and expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, the Loan Insurer or the Issuing Bank, or by the Administrative Agent on its behalf or on
behalf of a Lender, the Loan Insurer or the Issuing Bank, shall be conclusive absent manifest error. 
 (c) As soon as practicable after any
payment of Indemnified Taxes or Other Taxes pursuant to Section 2.20(a), and in any event within thirty (30) days of any such payment being due, the Borrower shall deliver (or cause to be delivered) to the Administrative Agent the original
or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (d) Any Foreign Lender that is entitled to an exemption from or reduction of United States withholding tax shall deliver to the Borrower (with a copy to
the Administrative Agent), at the reasonable written request of the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate;
provided that such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s judgment such completion, execution or delivery would not materially prejudice the legal position of such Lender. In
addition, each Foreign Lender shall (i) furnish on or before it becomes a party to the Agreement either (a) two accurate and complete originally executed U.S. Internal Revenue Service Form W-8BEN (or successor form) or (b) an accurate
and complete U.S. Internal Revenue Service Form W-8ECI (or successor form), certifying, in either case, to such Foreign Lender’s legal entitlement to an exemption or reduction from U.S. federal withholding tax with respect to all interest
payments hereunder, and (ii) provide a new Form W-8BEN (or successor form) or Form W-8ECI (or successor form) upon the expiration or obsolescence of any previously delivered form to reconfirm any complete exemption from, or any entitlement to a
reduction in, U.S. federal withholding tax with respect to any interest payment hereunder; provided that any Foreign Lender that is not a “bank” within the meaning of Section 881(c)(3)(A) of the Tax Code and is relying on the
so-called “portfolio interest exemption” shall also furnish a “Non-Bank Certificate” in the form of Exhibit I together with a Form W-8BEN (or successor form). Notwithstanding any other provision of this paragraph, a Foreign
Lender shall not be required to deliver any form pursuant to this paragraph that such Foreign Lender is not legally able to deliver. 
 (e)
Any Lender and the Issuing Bank that is a United States person, as defined in Section 7701(a)(30) of the Tax Code, and is not an exempt recipient within the meaning of Treasury Regulations Section 1.6049-4(c) shall deliver to the Borrower
(with a copy to the Administrative Agent) two accurate and complete original signed copies of Internal Revenue Service Form W-9, or any successor form that such person is entitled to provide at such time in order to comply with United States back-up
withholding requirements. 
  

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 (f) Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements
and obligations of the Borrower contained in this Section 2.20 shall survive the payment in full of all amounts due hereunder. 
 SECTION 2.21. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate. (a) In the event (i) any Lender or the Issuing Bank delivers a certificate requesting compensation pursuant to Section 2.14, (ii) any Lender
or the Issuing Bank delivers a notice described in Section 2.15, (iii) the Borrower is required to pay any additional amount to any Lender or the Issuing Bank or any Governmental Authority on account of any Lender or the Issuing Bank pursuant to
Section 2.20 or (iv) any Lender does not consent to a proposed amendment, modification or waiver of this Agreement requested by the Borrower which requires the consent of all of the Lenders or all of the Lenders under any Facility to become
effective (and which is approved by at least the Required Lenders), the Borrower may, at its sole expense and effort (including with respect to the processing and recordation fee referred to in Section 9.04(b)), upon notice to such Lender or the
Issuing Bank and the Administrative Agent, require such Lender or the Issuing Bank to transfer and assign, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all of its interests, rights and obligations
under this Agreement to an assignee that shall assume such assigned obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (x) such assignment shall not conflict with any law, rule or regulation
or order of any court or other Governmental Authority having jurisdiction, (y) solely with respect to replacements of Lenders pursuant to clauses (i), (ii) or (iii) of this Section, the Borrower shall have received the prior written consent of the
Administrative Agent (and, if a Revolving Credit Commitment and/or Backstop LC Commitment is being assigned, of the Issuing Bank) and the Loan Insurer, which consent shall not unreasonably be withheld, and (z) the Borrower or such assignee shall
have paid to the affected Lender or the Issuing Bank in immediately available funds an amount equal to the sum of the principal of and interest accrued to the date of such payment on the outstanding Loans or L/C Disbursements of such Lender or the
Issuing Bank, respectively, plus all Fees and other amounts accrued for the account of such Lender or the Issuing Bank hereunder (including any amounts under Section 2.14 and Section 2.16); provided further that, if prior to any such
transfer and assignment the circumstances or event that resulted in such Lender’s or the Issuing Bank’s claim for compensation under Section 2.14 or notice under Section 2.15 or the amounts paid pursuant to Section 2.20, as the case may
be, cease to cause such Lender or the Issuing Bank to suffer increased costs or reductions in amounts received or receivable or reduction in return on capital, or cease to have the consequences specified in Section 2.15, or cease to result in
amounts being payable under Section 2.20, as the case may be (including as a result of any action taken by such Lender or the Issuing Bank pursuant to paragraph (b) below), or if such Lender or the Issuing Bank shall waive its right to claim further
compensation under Section 2.14 in respect of such circumstances or event or shall withdraw its notice under Section 2.15 or shall waive its right to further payments under Section 2.20 in respect of such circumstances or event, as the case may be,
then such Lender or the Issuing Bank shall not thereafter be required to make any such transfer and assignment hereunder. In connection with any such replacement, if the replaced Lender does not execute and deliver to the Administrative Agent a duly
completed Assignment and Acceptance, substantially in the form of Exhibit B, reflecting such replacement within five (5) Business Days of the date on which the replacement Lender executes and delivers such Assignment and Acceptance to the replaced
Lender, then such replaced Lender shall be deemed to have executed and delivered such Assignment and Acceptance. 
  

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 (b) If (i) any Lender or the Issuing Bank shall request compensation under Section 2.14,
(ii) any Lender or the Issuing Bank delivers a notice described in Section 2.15 or (iii) the Borrower is required to pay any additional amount to any Lender or the Issuing Bank or any Governmental Authority on account of any Lender or
the Issuing Bank, pursuant to Section 2.20, then such Lender or the Issuing Bank shall use reasonable efforts (which shall not require such Lender or the Issuing Bank to incur an unreimbursed loss or unreimbursed cost or expense or otherwise
take any action inconsistent with its internal policies or legal or regulatory restrictions or suffer any disadvantage or burden deemed by it to be significant) (x) to file any certificate or document reasonably requested in writing by the
Borrower or (y) to assign its rights and delegate and transfer its obligations hereunder to another of its offices, branches or affiliates, if such filing or assignment would reduce its claims for compensation under Section 2.14 or enable
it to withdraw its notice pursuant to Section 2.15 or would reduce amounts payable pursuant to Section 2.20, as the case may be, in the future. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or
the Issuing Bank in connection with any such filing or assignment, delegation and transfer. 
 SECTION 2.22. Revolving Letters of
Credit. 
 (a) General. 
 (i) Subject to the terms and conditions hereof, the Borrower may request the issuance of a Revolving Letter of Credit at any time from and after the Closing Date and from time to time until the date which is thirty
(30) days prior to the Revolving Credit Maturity Date for its own account, in substantially the form of Exhibit T hereto; provided that the aggregate face amount of all Revolving Letters of Credit at any time shall not exceed the
difference between (A) the Revolving Credit Commitment of all Revolving Credit Lenders and (B) the aggregate outstanding amount of Revolving Loans. This Section shall not be construed to impose an obligation upon the Issuing Bank to issue
any Revolving Letter of Credit that is inconsistent with the terms and conditions of this Agreement. 
 (ii) The Issuing Bank
shall be under no obligation to issue any Revolving Letter of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority
or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Revolving Letter of Credit, or any Governmental Rule applicable to the Issuing Bank or any request or directive (whether or not having the force of
law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of Letters of Credit generally or such Revolving Letter of Credit in particular or shall impose
upon the Issuing Bank with respect to such Revolving letter of Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect of the date of issuance, or shall impose upon the
Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the date of issuance and which the Issuing Bank in good faith deems material to it; 
  

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 (B) the expiry date of such requested Revolving Letter of Credit would occur after the date that is
(5) Business days prior to the Revolving Credit Maturity Date; or 
 (C) such Letter of Credit is denominated in a currency other than
dollars. 
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. 
 (i) In order to request the issuance of a Revolving Letter of Credit or to amend, renew or extend an existing Revolving Letter of Credit
(other than any Revolving Letter of Credits issued on the Closing Date), the Borrower shall hand deliver or fax to the Issuing Bank, the Loan Insurer and the Administrative Agent (no less than three (3) Business Days (or such shorter period of
time acceptable to the Issuing Bank) in advance of the requested date of issuance, amendment, renewal or extension) a notice, substantially in the form of Exhibit C-3, requesting the issuance of a Revolving Letter of Credit, or identifying the
Revolving Letter of Credit to be amended, renewed or extended, the date of issuance (which shall be a Business Day), amendment, renewal or extension, the date on which such Revolving Letter of Credit is to expire (which shall comply with paragraph
(c) below), the amount of such Revolving Letter of Credit, the name and address of the beneficiary thereof, the documents to be presented by such beneficiary in case of any drawing thereunder and such other information as shall be necessary to
prepare such Revolving Letter of Credit. A Revolving Letter of Credit shall be issued, amended, renewed or extended only if, and upon issuance, amendment, renewal or extension of each Revolving Letter of Credit the Borrower shall be deemed to
represent and warrant that, after giving effect to such issuance, amendment, renewal or extension, the Aggregate Revolving Credit Exposure shall not exceed the Total Revolving Credit Commitment. 
 (ii) The Issuing Bank shall be under no obligation to amend any Revolving Letter of Credit if (A) the Issuing Bank would have no
obligation at such time to issue such Revolving Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Revolving Letter of Credit does not accept the proposed amendment to such Revolving Letter of Credit.

 (iii) Promptly after receipt of any such notice described in clause (i) above the Issuing Bank will confirm with the
Administrative Agent (in writing or by telephone and promptly thereafter in writing) that the Administrative Agent has received a copy of such notice from the Borrower and, if not, the Issuing Bank will provide the Administrative Agent with a copy
thereof. Upon receipt by the Issuing Bank of confirmation from the Administrative Agent that the requested issuance, amendment, renewal or extension is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof,
the Issuing Bank shall, on the requested date, issue a Revolving Letter of Credit for the account of the Borrower or enter into the applicable amendment, renewal or 

  

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extension, as the case may be, in each case in accordance with the Issuing Bank’s usual and customary business practices. Immediately upon the issuance
of each Revolving Letter of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing bank a participation in such Revolving Letter of Credit in an amount equal to such
Revolving Credit Lender’s Pro Rata Percentage of the aggregate amount available to be drawn under such Revolving Letter of Credit as set forth in Section 2.22(d). 
 (iv) In the event of any conflict between the terms hereof and the terms of any notice delivered pursuant to clause (i) above, the
terms hereof shall control 
 (c) Expiration Date. Each Revolving Letter of Credit shall expire at the close of business no later than
the date that is five (5) Business Days prior to the Revolving Credit Maturity Date, unless such Revolving Letter of Credit expires by its terms on an earlier date. Without limiting the foregoing, upon the request of the Borrower, a Revolving
Letter of Credit may include a provision whereby such Revolving Letter of Credit shall expire prior to such date but be renewed automatically for additional consecutive periods of 12 months or less (but not beyond the date that is five
(5) Business Days prior to the Revolving Credit Maturity Date) unless the Issuing Bank notifies the Borrower and the beneficiary thereof at least forty-five (45) days prior to the then-applicable expiration date that such Revolving Letter
of Credit will not be renewed. 
 (d) Participations. By the issuance of a Revolving Letter of Credit and without any further action
on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Revolving Credit Lender, and each such Lender hereby acquires from the Issuing Bank, a participation in such Revolving Letter of Credit equal to such Revolving
Credit Lender’s Pro Rata Percentage of the aggregate amount available to be drawn under such Revolving Letter of Credit, effective upon the issuance of such Revolving Letter of Credit. In consideration and in furtherance of the foregoing, each
Revolving Credit Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Pro Rata Percentage of each Revolving L/C Disbursement made by the Issuing Bank and not
reimbursed by the Borrower (or, if applicable, another party pursuant to its obligations under any other Credit Document) forthwith on the date due as provided in Section 2.02(f). Each Revolving Credit Lender acknowledges and agrees that its
obligation to acquire participations pursuant to this paragraph in respect of Revolving Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default
or an Event of Default, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (e)
Reimbursement. If any Issuing Bank shall make any Revolving L/C Disbursement in respect of a Revolving Letter of Credit, the Borrower shall pay to the Issuing Bank an amount equal to such Revolving L/C Disbursement not later than two hours
after the Borrower shall have received notice from the Issuing Bank that payment of such draft will be made, or, if the Borrower shall have received such notice later than 10:00 a.m., New York City time, on any Business Day, not later than 10:00
a.m., New York City time, on the immediately 

  

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following Business Day. If the Borrower fails to make any payment due under this paragraph (e) with respect to a Revolving Letter of Credit as
contemplated by the preceding sentence, the Revolving Credit Lenders shall reimburse the Issuing Bank in an aggregate amount equal to such Revolving L/C Disbursement as contemplated in Section 2.02(f). 
 (f) Obligations Absolute. The Borrower’s obligations to reimburse Revolving L/C Disbursements as provided in paragraph (e) above shall
be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances whatsoever, and irrespective of: 
 (i) any lack of validity or enforceability of any Revolving Letter of Credit or any Credit Document, any term or provision therein or any
other agreement or instrument relating thereto; 
 (ii) any amendment or waiver of, or any consent to departure from, all or
any of the provisions of any Revolving Letter of Credit or any Credit Document; 
 (iii) the existence of any claim,
counterclaim, setoff, defense or other right that the Borrower, any other party guaranteeing, or otherwise obligated with, the Borrower, any subsidiary or other Affiliate thereof or any other person may at any time have against the beneficiary under
any Revolving Letter of Credit, the Issuing Bank, the Administrative Agent or any Revolving Lender or any other person, whether in connection with this Agreement, any other Credit Document or any other related or unrelated agreement or transaction;

 (iv) any draft, demand, certificate or other document presented under a Revolving Letter of Credit proving to be forged,
fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect, or any loss or delay in the transmission or otherwise or any document required in order to make a drawing under such Revolving
Letter of Credit; 
 (v) any payment by the Issuing Bank under a Revolving Letter of Credit against presentation of a draft,
demand, certificate or other document that does not comply with the terms of such Revolving Letter of Credit, or any payment made by the Issuing Bank under such Revolving Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Revolving Letter of Credit, including any arising in connection with any
proceeding under any Bankruptcy Law; and 
 (vi) any other act or omission to act or delay of any kind of the Issuing Bank,
any Revolving Credit Lender, the Administrative Agent or any other person or any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or
equitable discharge of the Borrower’s obligations hereunder. 
  

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 Without limiting the generality of the foregoing, it is expressly understood and agreed that the absolute
and unconditional obligation of the Borrower hereunder to reimburse Revolving L/C Disbursements will not be excused by the gross negligence or willful misconduct of the Issuing Bank. However, the foregoing shall not be construed to excuse the
Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower
that are caused by the Issuing Bank’s gross negligence or willful misconduct in determining whether drafts and other documents presented under a Revolving Letter of Credit comply with the terms thereof; it is understood that the Issuing Bank
may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, it being agreed by each Revolving Credit Lender and the Borrower that in paying
any drawing under a Revolving Letter of Credit, the Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the applicable Revolving Letter of Credit) or to
ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document and, in making any payment under any Revolving Letter of Credit (i) the Issuing Bank’s
exclusive reliance on the documents presented to it under such Revolving Letter of Credit as to any and all matters set forth therein, including reliance on the amount of any draft presented under such Revolving Letter of Credit, whether or not the
amount due to the beneficiary thereunder equals the amount of such draft and whether or not any document presented pursuant to such Letter of Credit proves to be insufficient in any respect, if such document on its face appears to be in order, and
whether or not any other statement or any other document presented pursuant to such Revolving Letter of Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever and (ii) any
noncompliance in any immaterial respect of the documents presented under such Revolving Letter of Credit with the terms thereof shall, in each case, be deemed not to constitute willful misconduct or gross negligence of the Issuing Bank. 

(g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Revolving Letter of Credit. The Issuing Bank shall as promptly as possible give telephonic notification, confirmed by fax, to the Administrative Agent and the Borrower of such demand for payment and whether the Issuing
Bank has made or will make a Revolving L/C Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the applicable Lenders
with respect to any such Revolving L/C Disbursement. The Administrative Agent shall promptly give each Revolving Credit Lender notice thereof. 
 (h) Interim Interest. If the Issuing Bank shall make any Revolving L/C Disbursement in respect of a Revolving Letter of Credit, then, unless the Borrower shall reimburse such Revolving L/C Disbursement in full on such date, the
unpaid amount thereof shall bear interest for the account of the Issuing Bank, for each day from and including the date of such Revolving L/C Disbursement to but excluding the earlier of the date of payment by the Borrower or the date on which
interest shall commence to accrue thereon as provided in Section 2.02(f), at the rate per annum that would apply to such amount if such amount were an ABR Revolving Loan, unless and until converted into a Eurodollar Revolving Loan in accordance
with Section 2.10. 
  

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 (i) Resignation or Removal of the Issuing Bank. The Issuing Bank may resign at any time by giving
thirty (30) days’ prior written notice to the Administrative Agent, the Revolving Credit Lenders, the Loan Insurer and the Borrower. Subject to the next succeeding paragraph, upon the acceptance of any appointment as the Issuing Bank
hereunder by a Revolving Credit Lender that shall agree to serve as successor Issuing Bank, such successor shall succeed to and become vested with all the interests, rights and obligations of the retiring Issuing Bank and the retiring Issuing Bank
shall be discharged from its obligations to issue additional Revolving Letters of Credit hereunder. At the time such removal or resignation shall become effective, the Borrower shall pay all accrued and unpaid fees pursuant to
Section 2.05(d)(ii). The acceptance of any appointment as the Issuing Bank hereunder by a successor Revolving Credit Lender shall be subject to the reasonable approval of the Borrower and the Controlling Party and be evidenced by an agreement
entered into by such successor, in a form reasonably satisfactory to the Borrower and the Controlling Party, and, from and after the effective date of such agreement, (i) such successor Revolving Credit Lender shall have all the rights and
obligations of the previous Issuing Bank under this Agreement and the other Credit Documents and (ii) references herein and in the other Credit Documents to the term “Issuing Bank” shall be deemed to refer to such successor or to any
previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the resignation or removal of the Issuing Bank hereunder, the retiring Issuing Bank shall remain a party hereto and shall continue to
have all the rights and obligations of an Issuing Bank under this Agreement and the other Credit Documents with respect to Revolving Letters of Credit issued by it prior to such resignation or removal, but shall not be required to issue additional
Revolving Letters of Credit. 
 (j) Cash Collateralization. If any Event of Default shall occur and be continuing, the Borrower shall,
on the Business Day it receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Credit Lenders representing greater than 50% of the Aggregate Revolving L/C Exposure)
thereof and of the amount to be deposited, deposit in an account with the Collateral Agent, for the ratable benefit of the Revolving Credit Lenders, an amount in cash equal to the Aggregate Revolving L/C Exposure as of such date. Such deposit shall
be held by the Collateral Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Collateral Agent shall have exclusive dominion and control, including, subject to the Loan Insurer’s
rights under Article X, the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits in Permitted Investments, which investments shall be made at the option and sole discretion of the
Controlling Party, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall (i) automatically be applied by the Collateral Agent to reimburse the
Issuing Bank for Revolving L/C Disbursements for which it has not been reimbursed, (ii) be held for the satisfaction of the reimbursement obligations of the Borrower for the Revolving L/C Exposure at such time and (iii) if the maturity of
the Loans has been accelerated (but subject to the consent of Revolving Credit Lenders representing greater than 50% of the total L/C Exposure), be applied to satisfy the obligations under the Revolving 

  

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Facility. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to
the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived. 
 (k) Additional Issuing Banks. The Borrower may, at any time and from time to time with the consent of the Administrative Agent and the Controlling Party (which consents shall not be unreasonably withheld or
delayed) and such Revolving Credit Lender, designate one or more additional Revolving Credit Lenders to act as an issuing bank under the terms of the Agreement. Any Revolving Credit Lender designated as an issuing bank pursuant to this paragraph
shall be deemed to be an “Issuing Bank” (in addition to being a Revolving Credit Lender) in respect of Revolving Letters of Credit issued or to be issued by such Revolving Credit Lender, and, with respect to such Revolving Letters of
Credit, such term shall thereafter apply to the other Issuing Bank and such Revolving Credit Lender. 
 SECTION 2.23. Backstop Letter
of Credit. 
 (a) General. 
 (i) Subject to the terms and conditions hereof, the Borrower may request the issuance of a Backstop Letter of Credit on the Closing Date for its own account and, thereafter, as contemplated by the Mandatory Tender;
provided that the aggregate face amount of all Backstop Letters of Credit at any time shall not exceed the difference between (A) the Backstop LC Commitment of all Backstop LC Lenders and (B) the aggregate outstanding amount of
Backstop LC Loans. This Section shall not be construed to impose an obligation upon the Issuing Bank to issue any Backstop Letter of Credit that is inconsistent with the terms and conditions of this Agreement. 
 (ii) The Issuing Bank shall be under no obligation to issue any Backstop Letter of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from
issuing such Backstop Letter of Credit, or any Governmental Rule applicable to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall
prohibit, or request that the Issuing Bank refrain from, the issuance of Letters of Credit generally or such Backstop Letter of Credit in particular or shall impose upon the Issuing Bank with respect to such Backstop letter of Credit any
restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect of the date of issuance, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not
applicable on the date of issuance and which the Issuing Bank in good faith deems material to it; 
 (B) the expiry date of such requested
Backstop Letter of Credit would occur after the date that is (5) Business days prior to the Backstop Credit Maturity Date; or 
  

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 (C) such Backstop Letter of Credit is denominated in a currency other than dollars. 
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. 
 (i) In order to request the issuance of a Backstop Letter of Credit or to amend, renew, replace or extend an existing Backstop Letter of
Credit (other than the issuance of a Backstop Letter of Credit on the Closing Date), the Borrower shall hand deliver or fax to the Issuing Bank, the Loan Insurer and the Administrative Agent (no less than three (3) Business Days (or such
shorter period of time acceptable to the Issuing Bank) in advance of the requested date of issuance, amendment, renewal or extension) a notice, substantially in the form of Exhibit C-4, requesting the issuance of a Backstop Letter of Credit, or
identifying the Backstop Letter of Credit to be amended, renewed, replaced or extended, the date of issuance (which date shall be a Business Day), amendment, renewal or extension, the date on which such Backstop Letter of Credit is to expire (which
shall comply with paragraph (c) below), the amount of such Backstop Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare such Backstop Letter of Credit. 
 (ii) The Issuing Bank shall be under no obligation to amend any Backstop Letter of Credit if (A) the Issuing Bank would have no
obligation at such time to issue such Backstop Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Backstop Letter of Credit does not accept the proposed amendment to such Backstop Letter of Credit.

 (iii) Promptly after receipt of any such notice described in clause (i) above the Issuing Bank will confirm with the
Administrative Agent (in writing or by telephone and promptly thereafter in writing) that the Administrative Agent has received a copy of such notice from the Borrower and, if not, the Issuing Bank will provide the Administrative Agent with a copy
thereof. Upon receipt by the Issuing Bank of confirmation from the Administrative Agent that the requested issuance, amendment, renewal or extension is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof,
the Issuing Bank shall, on the requested date, issue a Backstop Letter of Credit for the account of the Borrower or enter into the applicable amendment, renewal or extension, as the case may be, in each case in accordance with the Issuing
Bank’s usual and customary business practices. Immediately upon the issuance of each Backstop Letter of Credit, each Backstop Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing bank
a participation in such Backstop Letter of Credit in an amount equal to such Backstop Credit Lender’s Pro Rata Percentage of the aggregate amount available to be drawn under such Backstop Letter of Credit as set forth in Section 2.22(d).

 (v) In the event of any conflict between the terms hereof and the terms of any notice delivered pursuant to clause
(i) above, the terms hereof shall control. 
  

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 (c) Expiration Date. Each Backstop Letter of Credit shall expire at the close of business on the
date that is five (5) Business Days prior to the Backstop LC Maturity Date. 
 (d) Participations. By the issuance of each
Backstop Letter of Credit and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Backstop LC Lender, and each such Lender hereby acquires from the Issuing Bank, a participation in such
Backstop Letter of Credit equal to such Backstop LC Lender’s Pro Rata Percentage of the aggregate amount available to be drawn under such Backstop Letter of Credit, effective upon the issuance of such Backstop Letter of Credit. In consideration
and in furtherance of the foregoing, each Backstop LC Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Pro Rata Percentage of each Backstop LC
Disbursement made by the Issuing Bank and not reimbursed by the Borrower (or, if applicable, another party pursuant to its obligations under any other Credit Document) forthwith on the date due as provided in Section 2.02(f). Each Backstop LC
Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of each Backstop Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including
the occurrence and continuance of a Default or an Event of Default, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (e) Reimbursement. If any Issuing Bank shall make any Backstop LC Disbursement in respect of Backstop Letter of Credit, the Borrower shall pay to
the Issuing Bank an amount equal to such Backstop LC Disbursement not later than two hours after the Borrower shall have received notice from the Issuing Bank that payment of such draft will be made, or, if the Borrower shall have received such
notice later than 10:00 a.m., New York City time, on any Business Day, not later than 10:00 a.m., New York City time, on the immediately following Business Day. If the Borrower fails to make any payment due under this paragraph (e) with respect
to a Backstop Letter of Credit as contemplated by the preceding sentence, the Backstop LC Lenders shall reimburse the Issuing Bank in an aggregate amount equal to such Backstop LC Disbursement as contemplated in Section 2.02(f). 
 (f) Obligations Absolute. The Borrower’s obligations to reimburse Backstop LC Disbursements as provided in paragraph (e) above shall be
absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances whatsoever, and irrespective of: 
 (i) any lack of validity or enforceability of any Backstop Letter of Credit or any Credit Document, any term or provision therein or any
other agreement or instrument relating thereto; 
 (ii) any amendment or waiver of, or any consent to departure from, all or
any of the provisions of any Backstop Letter of Credit or any Credit Document; 
 (iii) the existence of any claim,
counterclaim, setoff, defense or other right that the Borrower, any other party guaranteeing, or otherwise obligated with, the Borrower, any subsidiary or other Affiliate thereof or any other person may at any time have against 

  

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the beneficiary under any Backstop Letter of Credit, the Issuing Bank, the Administrative Agent or any Backstop Lender or any other person, whether in
connection with this Agreement, any other Credit Document or any other related or unrelated agreement or transaction; 
 (iv)
any draft, demand, certificate or other document presented under a Backstop Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect, or any loss or
delay in the transmission or otherwise or any document required in order to make a drawing under such Backstop Letter of Credit; 
 (v) any payment by the Issuing Bank under a Backstop Letter of Credit against presentation of a draft, demand, certificate or other document that does not comply with the terms of such Backstop Letter of Credit, or any payment made by the
Issuing Bank under such Backstop Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or
any transferee of such Backstop Letter of Credit, including any arising in connection with any proceeding under any Bankruptcy Law; and 
 (vi) any other act or omission to act or delay of any kind of the Issuing Bank, any Backstop Credit Lender, the Administrative Agent or any other person or any other event or circumstance whatsoever, whether or not
similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of the Borrower’s obligations hereunder. 
 Without limiting the generality of the foregoing, it is expressly understood and agreed that the absolute and unconditional obligation of the Borrower
hereunder to reimburse Backstop LC Disbursements will not be excused by the gross negligence or willful misconduct of the Issuing Bank. However, the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the
extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s gross
negligence or willful misconduct in determining whether drafts and other documents presented under the applicable Backstop Letter of Credit comply with the terms thereof; it is understood that the Issuing Bank may accept documents that appear on
their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary; it being agreed by each Backstop LC Lender and the Borrower that in paying any drawing under a Backstop Letter of
Credit, the Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Backstop Letter of Credit) or to ascertain or inquire as to the validity or accuracy
of any such document or the authority of the Person executing or delivering any such document and, in making any payment under such Backstop Letter of Credit (i) the Issuing Bank’s exclusive reliance on the documents presented to it under
such Backstop Letter of Credit as to any and all matters set forth therein, including reliance on the amount of any draft presented under such 

  

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Backstop Letter of Credit, whether or not the amount due to the beneficiary thereunder equals the amount of such draft and whether or not any document
presented pursuant to such Backstop Letter of Credit proves to be insufficient in any respect, if such document on its face appears to be in order, and whether or not any other statement or any other document presented pursuant to such Backstop
Letter of Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever and (ii) any noncompliance in any immaterial respect of the documents presented under such Backstop Letter of
Credit with the terms thereof shall, in each case, be deemed not to constitute willful misconduct or gross negligence of the Issuing Bank. 
 (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under the applicable Backstop Letter of Credit. The Issuing Bank shall as
promptly as possible give telephonic notification, confirmed by fax, to the Administrative Agent and the Borrower of such demand for payment and whether the Issuing Bank has made or will make a Backstop LC Disbursement thereunder; provided
that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the applicable Lenders with respect to any such Backstop LC Disbursement. The Administrative Agent shall
promptly give each Backstop LC Lender notice thereof. 
 (h) Interim Interest. If the Issuing Bank shall make any Backstop LC
Disbursement in respect of a Backstop Letter of Credit, then, unless the Borrower shall reimburse such Backstop LC Disbursement in full on such date, the unpaid amount thereof shall bear interest for the account of the Issuing Bank, for each day
from and including the date of such Backstop LC Disbursement to but excluding the earlier of the date of payment by the Borrower or the date on which interest shall commence to accrue thereon as provided in Section 2.02(f), at the rate per
annum that would apply to such amount if such amount were an ABR Backstop LC Loan, unless and until converted into a Eurodollar Backstop LC Loan in accordance with Section 2.10. 
 (i) Resignation or Removal of the Issuing Bank. The Issuing Bank may resign at any time by giving thirty (30) days’ prior written notice
to the Administrative Agent, the Backstop LC Lenders, the Loan Insurer and the Borrower. Subject to the next succeeding paragraph, upon the acceptance of any appointment as the Issuing Bank hereunder by a Backstop LC Lender that shall agree to serve
as successor Issuing Bank, such successor shall succeed to and become vested with all the interests, rights and obligations of the retiring Issuing Bank. At the time such removal or resignation shall become effective, the Borrower shall pay all
accrued and unpaid fees pursuant to Section 2.05(d)(ii). The acceptance of any appointment as the Issuing Bank hereunder by a successor Backstop LC Lender shall be subject to the reasonable approval of the Borrower and the Controlling Party and
be evidenced by an agreement entered into by such successor, in a form satisfactory to the Borrower and the Controlling Party, and, from and after the effective date of such agreement, (i) such successor Backstop LC Lender shall have all the
rights and obligations of the previous Issuing Bank under this Agreement and the other Credit Documents and (ii) references herein and in the other Credit Documents to the term “Issuing Bank” shall be deemed to refer to such successor
or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the resignation or 

  

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removal of the Issuing Bank hereunder, the retiring Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an
Issuing Bank under this Agreement and the other Credit Documents with respect to the Backstop Letters of Credit issued by it prior to such resignation or removal. 
 (j) Cash Collateralization. If any Event of Default shall occur and be continuing, the Borrower shall, on the Business Day it receives notice from the Administrative Agent or the Required Lenders (or, if the
maturity of the Loans has been accelerated, Backstop LC Lenders representing greater than 50% of the Backstop LC Exposure) thereof and of the amount to be deposited, deposit in an account with the Collateral Agent, for the ratable benefit of the
Backstop LC Lenders, an amount in cash equal to the Backstop LC Credit Exposure as of such date. Such deposit shall be held by the Collateral Agent as collateral for the payment and performance of the obligations of the Borrower under this
Agreement. The Collateral Agent shall have exclusive dominion and control, including, subject to the Loan Insurer’s rights under Article X, the exclusive right of withdrawal, over such account. Other than any interest earned on the investment
of such deposits in Permitted Investments, which investments shall be made at the option and sole discretion of the Controlling Party, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such
account. Moneys in such account shall (i) automatically be applied by the Collateral Agent to reimburse the Issuing Bank for Backstop LC Disbursements for which it has not been reimbursed, (ii) be held for the satisfaction of the
reimbursement obligations of the Borrower for the Backstop LC Credit Exposure at such time and (iii) if the maturity of the Loans has been accelerated (but subject to the consent of Backstop LC Lenders representing greater than 50% of the total
Backstop LC Credit Exposure), be applied to satisfy the obligations under the Backstop LC Facility. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to
the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived. 
 SECTION 2.24. Revolving Credit Facility Extension. The Borrower may, by notice to the
Administrative Agent (which shall promptly deliver a copy to each of the Revolving Credit Lenders and the Controlling Party) given not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date (a “Maturity
Extension Request”), request that the Revolving Credit Lenders extend the Revolving Credit Maturity Date for an additional one-year period; provided, that the Revolving Credit Maturity Date shall not be extended to date which is
later than the Term Loan Maturity Date. Each Revolving Credit Lender shall, by notice to the Borrower, the Loan Insurer and the Administrative Agent given not later than the 20th day after the date of the Administrative Agent’s receipt of the Borrower’s Maturity Extension Request, advise the Borrower and the Loan Insurer
whether or not it agrees to the requested extension (each Revolving Credit Lender agreeing to a requested extension being called a “Consenting Lender” and each Revolving Credit Lender declining to agree to a requested extension
being called a “Declining Lender”). Any Revolving Credit Lender that has not so advised the Borrower, the Loan Insurer and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be
a Declining Lender. If Revolving Credit Lenders holding at least a majority of the Aggregate Revolving Credit Exposure shall have agreed to a Maturity Extension Request, then the Revolving Credit Maturity Date shall, as to the 

  

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Consenting Lenders, be extended by one year to the anniversary of the Revolving Credit Maturity Date theretofore in effect. The decision to agree or withhold
agreement to any Maturity Extension Request shall be at the sole discretion of each Revolving Credit Lender. The Revolving Credit Commitment and Revolving L/C Commitment of any Declining Lender shall terminate on the Revolving Credit Maturity Date
in effect prior to giving effect to any such extension (such Revolving Credit Maturity Date being called the “Existing Maturity Date”). The principal amount of any outstanding Revolving Credit Loans made by Declining Lenders, together with
any accrued interest thereon and any accrued fees and other amounts payable to or for the account of such Declining Lenders hereunder, shall be due and payable on the Existing Maturity Date, and on the Existing Maturity Date the Borrower shall also
make such other prepayments of its Revolving Credit Loans pursuant to this Agreement as shall be required in order that, after giving effect to the termination of the Revolving Credit Commitments and Revolving L/C Commitment of, and all payments to,
Declining Lenders pursuant to this sentence, (a) no Revolving Credit Lender’s Revolving Credit Exposure shall exceed such Revolving Credit Lender’s Revolving Credit Commitment and (b) the aggregate sum of the Revolving Credit
Exposures of all the Revolving Credit Lenders shall not exceed the sum of the Revolving Credit Commitments of all Revolving Credit Lenders. Notwithstanding the foregoing provisions of this Section 2.24, the Borrower shall have the right, at any
time prior to the Existing Maturity Date, to replace a Declining Lender with a Revolving Credit Lender or other financial institution that meets the requirements for assignees set forth in Section 9.04(b) that will agree to a Maturity Extension
Request, and any such replacement Revolving Credit Lender shall for all purposes constitute a Consenting Lender. Notwithstanding the foregoing, no extension of the Revolving Credit Maturity Date pursuant to this Section 2.24 shall become
effective unless (i) no Default or Event of Default shall have occurred and be continuing as of the date of such extension, (ii) the representations and warranties of the Borrower and the Pledgor set forth in each Credit Document shall be
true and correct in all material respects on and as of the date of such extension with the same effect as though made on and as of such date (except to the extent such representations and warranties expressly relate to an earlier date, in which case
such representations and warranties shall be true and correct in all material respects on and as of such earlier date), (iii) the Administrative Agent and the Loan Insurer shall have received a certificate, duly executed by a Responsible
Officer of the Borrower or the Pledgor, as applicable, confirming the matters specified in clauses (i) and (ii), and (iii) if an Issuing Bank is a Declining Lender, then the Borrower shall cause the Revolving Credit Letters of Credit to be
issued by such Issuing Bank to be replaced with Revolving Credit Letters of Credit issued by another Issuing Bank and the Borrower shall pay all unpaid fees accrued for the account of such Issuing Bank pursuant to this Agreement. 
 ARTICLE III. 
 Representations and
Warranties 
 The Borrower represents and warrants to the Arranger, the Administrative Agent, the Collateral Agent, each of the Lenders,
the Issuing Bank and the Loan Insurer that: 
 SECTION 3.01. Organization; Powers; Corporate Structure. (a) The Borrower:

 (i) is a limited liability company duly formed, validly existing and in good standing under the laws of the jurisdiction of
its formation;
  

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 (ii) has all requisite limited liability company power and authority, and the legal
right, to own and operate its property and assets, to lease the property it operates as lessee and to carry on its business as now conducted and as proposed to be conducted in respect of the Project; 
 (iii) is qualified to do business, and is in good standing, in every jurisdiction where such qualification is required except where the
failure to so qualify would not reasonably be expected to result in a Material Adverse Effect; and 
 (iv) has the limited
liability company power and authority, and the legal right, to execute, deliver and perform its obligations under this Agreement, each of the other Operative Documents and each other agreement or instrument contemplated hereby or thereby to which it
is or will be a party, including, to borrow hereunder. 
 (b) The capital structure of the Borrower is as follows: (i) The membership
interests in the Borrower are duly authorized, validly issued and fully paid and nonassessable; (ii) the Pledgor directly owns all of the membership interests in the Borrower; and (iii) there no options, warrants, convertible securities or
other rights to acquire any membership interests in the Borrower. 
 SECTION 3.02. Authorization; No Conflicts. (a) The
Transactions and the execution, delivery and performance of the Operative Documents by the Borrower: 
 (i) have been duly
authorized by all requisite limited liability company and, if required, member action; and 
 (ii) do not and will not:

 (A) (1) violate in any material respect any provision of law, statute, rule or regulation, or of the certificate of formation or
limited liability company operating agreements of the Borrower, (2) violate in any material respect any order of any Governmental Authority or arbitrator, (3) violate in any material respect any provision of any contract or any agreement
to which the Borrower is a party or by which it or any of its property is or may be bound, or (4) give rise to any right of prepayment under any agreement evidencing Debt of the Borrower 
 (B) be in conflict with, result in a material breach of or constitute (alone or with notice or lapse of time or both) a material default under, or give
rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such Project Contract or any agreement evidencing Debt to which the Borrower is a party or by which it or any of its property is or
may be bound; or 
  

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 (C) result in the creation or imposition of any Lien upon or with respect to any property or assets now
owned or hereafter acquired by the Borrower (other than Liens created under the Collateral Documents). 
 (b) The execution, delivery and
performance by the Borrower of each Operative Document to which it is a party does not require the approval or consent of any holder or trustee of any Debt or other Secured Obligations of the Borrower which has not been obtained and are in full
force and effect. 
 (c) The execution, delivery and performance by the Borrower of each Operative Document to which it is a party does not
require the approval or consent of any Person (other than any Governmental Authority as contemplated by Section 3.04 and Section 3.12 below), except (i) such as have been obtained and are in full force and effect or (ii) such as
to which the failure to obtain would not reasonably be expected to have a Material Adverse Effect 
 SECTION 3.03. Enforceability; No
Amendments. (a) This Agreement and each other Operative Document has been duly executed and delivered by the Borrower, and each of this Agreement and each other Operative Document constitutes a legal, valid and binding obligation of the
Borrower enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law. 
 (b) None of the Operative Documents to which the Borrower is a party
have been amended or modified subsequent to having been delivered to the Arranger, except as permitted under this Agreement and the other Credit Documents. 
 SECTION 3.04. Governmental Approvals. No action, consent or approval of, registration or filing with, Permit from, notice to, or any other action by, any Governmental Authority is or will be required in
connection with: 
 (a) the due execution, delivery and performance by the Borrower of the Operative Documents to which it is a party;

 (b) the construction and operation of the Project as contemplated by the Operative Documents (other than any such action, consent,
approval, registration, filing, Permit or notice which is not material); 
 (c) the consummation of the Transactions by the Borrower; or

 (d) the grant by the Borrower of the Liens granted under the Collateral Documents or the validity, perfection and enforceability thereof
or for the exercise by the Collateral Agent of its rights and remedies thereunder, 

  

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except, in each case, (i) the filing of UCC financing statements, (ii) such as have been made or obtained and are in full force and effect,
(iii) any Permits referred to in Section 3.12 and (iv) as provided in Section 5.16. 
 SECTION 3.05. No Material
Adverse Change. (a) As of the Closing Date, to the knowledge of the Borrower (after due inquiry), since January 31, 2007 there has not occurred any change, development or event that has had, or would reasonably be expected to have, a
Material Adverse Effect; and (b) to the knowledge of the Borrower (after due inquiry), since the Closing Date, there has not occurred any change, development or event that has had, or would reasonably be expected to have, a Material Adverse
Effect. 
 SECTION 3.06. Title to Properties; Possession Under Leases; Real Estate Matters. (a) The Borrower has good and
insurable title to, or valid tenancy-in-common leasehold interests in, all its material properties and assets (including all Real Property) and such properties and assets are not subject to any Liens, except for (i) Permitted Liens or
(ii) minor defects in title that, in the aggregate, are not substantial in amount and do not materially detract from the value of the property subject thereto or interfere in any material respect with the Borrower’s ability to conduct its
business as currently conducted or to utilize such properties and assets for their intended purposes. 
 (b) At all times following
Substantial Completion, the Project is free from material structural defects and all material systems contained therein are in good working order and condition, ordinary wear and tear excepted, suitable for the purposes for which they are currently
being used. 
 (c) No portion of the Real Property has suffered any material damage by fire or other casualty loss that has not heretofore
been completely repaired and restored to good working condition to the extent required by the Credit Documents. 
 (d) The Borrower, and, to
the knowledge of the Borrower, each other party thereto, has complied in all material respects with all obligations under all material leases to which it is a party and all such leases are legal, valid, binding and in full force and effect and are
enforceable in accordance with their terms. The Borrower enjoys peaceful and undisturbed possession under all such material leases. No landlord Lien has been filed, and, to the knowledge of the Borrower, no claim is being asserted, with respect to
any lease payment under any material lease. Other than as contemplated by the PILOT Agreements and the Participation Agreement, none of the Real Property is subject to any lease, sublease, license or other agreement granting to any person (other
than the Borrower and the Co-Participants) any right to the use, occupancy, possession or enjoyment of the Real Property or any portion thereof. 
 (e) The Borrower has not received any notice of, nor has any knowledge of, any pending or contemplated condemnation proceeding affecting the Real Properties or any sale or disposition thereof in lieu of condemnation. 
 (f) Except as otherwise contemplated by the Empire PPA or the Participation Agreement, the Borrower is not obligated under any right of first refusal,
option or other contractual right to sell, assign or otherwise dispose of any Real Property or any interest therein or in the Project. 
  

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 (g) There are no pending or, to the knowledge of the Borrower, proposed special or other assessments for
public improvements or otherwise affecting any material portion of the owned Real Property, nor are there any contemplated improvements to such owned Real Property that may result in such special or other assessments. The Borrower has not suffered,
permitted or initiated the joint assessment of any owned Real Property with any other real property constituting a separate tax lot. Each owned parcel of Real Property is composed of one or more parcels, each of which constitutes a separate tax lot
and none of which constitutes a portion of any other tax lot. 
 SECTION 3.07. Compliance with Laws. None of the Borrower, the
Project, any Permitted Project Company or any of their respective material properties or assets (including, without limitation, the Site) is in violation of, nor will the continued operation of their material properties and assets as currently
conducted violate, any law, rule or regulation (including any zoning, building, Environmental Law, ordinance, code or approval or any building permits) or any restrictions of record or agreements affecting the Mortgaged Property, or is in default
with respect to any judgment, writ, injunction, decree or order of any Governmental Authority, where such violation or default, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.08. Federal Reserve Regulations. (a) The Borrower is not engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of buying or carrying Margin Stock. 
 (b) No part of the proceeds of any Loan will be used,
whether directly or indirectly, and whether immediately, incidentally or ultimately, for purchasing or carrying Margin Stock or for the purpose of purchasing, carrying or trading in any securities under such circumstances as to involve the Borrower
in a violation of Regulation X or to involve any broker or dealer in a violation of Regulation T. No Debt being reduced or retired out of the proceeds of any Loans was or will be incurred for the purpose of purchasing or carrying any
Margin Stock. Following the application of the proceeds of the Loans, Margin Stock will not constitute more than 25% of the value of the assets of the Borrower. None of the transactions contemplated by this Agreement will violate or result in the
violation of any of the provisions of the Regulations of the Board, including Regulation T, U or X. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the
foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1 referred to in Regulation U. 
 SECTION 3.09.
Investment Company Act. Neither the Borrower nor any Permitted Project Company is an “investment company”, as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 
 SECTION 3.10. Employee Benefit Plans. (a) There are no collective bargaining agreements covering the employees of the Borrower or any
Permitted Project Company. 
  

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 (b) The Borrower and each ERISA Affiliate is in compliance in all material respects with all applicable
provisions and requirements of ERISA and the Tax Code and the regulations and published interpretations thereunder with respect to each Benefit Plan and with respect to any Multiemployer Plan to which it contributes. Each Benefit Plan that is
intended to qualify under Section 401(a) of the Tax Code has received a favorable determination letter from the Internal Revenue Service indicating such Benefit Plan is so qualified, and nothing has occurred subsequent to the issuance of such
determination letter that would cause such Benefit Plan to lose its qualified status. No liability to the PBGC (other than required premium payments), the Internal Revenue Service, any Benefit Plan or any trust established under Title IV of ERISA
has been or is expected to be incurred by the Borrower or any ERISA Affiliate. Except to the extent required under Section 4980B of the Tax Code or similar state laws, no Benefit Plan provides health or welfare benefits (through the purchase of
insurance or otherwise) for any retired or former employee of the Borrower or ERISA Affiliate. Except as could not reasonably be expected to result in a material liability of the Borrower, no ERISA Event has occurred or is reasonably expected to
occur 
 SECTION 3.11. Business, Debt, Contracts, Joint Ventures; Separateness. (a) The Borrower has not conducted any
business other than the business contemplated by the Operative Documents, has no outstanding Debt or other material liabilities other than pursuant to or allowed by the Operative Documents, and is not a party to or bound by any material contract
other than the Operative Documents to which it is a party. 
 (b) Neither the Borrower nor any Permitted Project Company is (i) a
general partner or a limited partner in any general or limited partnership or (ii) a joint venturer in any joint venture, other than in the case of the Borrower, in any Permitted Project Company. 
 (c) The Borrower has no subsidiaries, other than any Permitted Project Company. 
 (d) The Borrower maintains separate bank accounts and separate books of account from the Pledgor, the Sponsor, each Permitted Project Company and each of
its Affiliates. 
 (e) The separate liabilities of the Borrower are readily distinguishable from the liabilities of the Pledgor, the Sponsor,
each Permitted Project Company and each of the Borrower’s Affiliates. 
 (f) The Borrower does not commingle its funds with those of the
Pledgor, each Permitted Project Company or any of its upstream Affiliates 
 (g) The Borrower conducts its business solely in its own name in
a manner not misleading to other persons as to its identity (provided that nothing in this clause (g) shall limit the right of the Project Manager to act on behalf of the Borrower and the Co-Participants in accordance with the
Participation Agreement). 
 (h) The Borrower acts solely in its name and through its duly authorized officers, managers, representatives or
agents in the conduct of its businesses (provided that nothing in this clause (h) shall limit the right of the Project Manager to act on behalf of the Borrower and the 

  

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Co-Participants in accordance with the Participation Agreement). The Borrower obtains proper authorization for all of its actions in accordance with the
requirements of its Organizational Documents. 
 (i) Except to the extent that any of the Pledge Agreement or the Sponsor Support Agreement
may be construed as a guarantee to the extent of the assets pledged or funds committed thereunder, none of the Pledgor, the Sponsor or any of the Borrower’s Affiliates guarantees any of the obligations of the Borrower. 
 SECTION 3.12. Permits. (a) There are no Permits under existing Governmental Rules (including Environmental Laws) as the Project is
currently designed and contemplated to be operated that are or will become Applicable Permits other than the Permits with respect to each Project described in Parts I and II of Schedule 3.12 hereto. 
 (b) Part I of Schedule 3.12 sets forth each Permit which, as of the Closing Date, is an Applicable Permit or is not yet an Applicable Permit but has
nonetheless been obtained by the Borrower. Each Permit so listed on Part I of Schedule 3.12 has been issued to Borrower, is in full force and effect and, except as disclosed therein, is not subject to any current legal proceeding (including
administrative or judicial appeal, permit, renewals or modification) or after the Closing Date to any unsatisfied condition that could reasonably be expected to have a Material Adverse Effect, and, except as disclosed therein, all statutorily
prescribed appeal periods with respect to the issuance of such Permits have expired. The Borrower and the Project (as applicable) is in compliance in all material respects with all Applicable Permits. 
 (c) Part II of Schedule 3.12 sets forth each Permit that has not yet been obtained and that will become an Applicable Permit at a future date (each such
Permit, a “Deferred Applicable Permit”). Each Deferred Applicable Permit is of a type that is reasonably expected to be granted upon application and would not normally be obtained prior to the time it is anticipated to be obtained
by the Borrower. Each Deferred Applicable Permit is obtainable on a timely basis without material cost, difficulty or delay prior to the time that it will become an Applicable Permit, and there is no legal proceeding (including administrative or
judicial proceeding) pending or, to the Borrower’s knowledge, threatened, to deny the grant or issuance of any such Permit. 
 SECTION 3.13. Environmental Matters. (a) The Borrower has previously delivered to the Administrative Agent and the Loan Insurer the Independent Engineer’s Report and the Environmental Site Assessments and the
Administrative Agent and the Loan Insurer acknowledge receipt thereof. Except as set forth in the Independent Engineer’s Report or in Part I of Schedule 3.13, to the knowledge of the Borrower solely with respect to the Site and the
Improvements: (i) neither the Borrower nor the Pledgor (the “Subject Companies”) is or has in the past been in violation of (or received any notice that it is in violation of) any Environmental Law which violation would
reasonably be expected to subject any Secured Party to liability or to result in a liability to any of the Subject Companies or their respective properties and assets; (ii) none of the Subject Companies has (or has received any notice that it
or any third party has) used, released, discharged, generated, manufactured, produced, stored, or disposed of in, on, 

  

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under or about the Site or the Improvements, or transported thereto or therefrom, any Hazardous Substances that would reasonably be expected to subject any
Secured Party to liability or the Subject Companies to liability, under any Environmental Law; (iii) there are no underground tanks, whether operative or temporarily or permanently closed, located on the Site or the Improvements; and
(iv) there are no Hazardous Substances used, stored or present at, on or near the Site or the Improvements, except as used, stored or present in the ordinary course of business and in material compliance with Hazardous Substances Laws, in each
case of (i) through (iv) above that would reasonably be expected to have a Material Adverse Effect. 
 (b) Except as set forth on
Part II of Schedule 3.13, there is no pending or, to the knowledge of the Borrower, threatened action or proceeding by any Governmental Authority (including the U.S. Environmental Protection Agency) or any non-governmental third party with respect
to the presence or Release of Hazardous Substances in, on, from or to the Site or the Improvements, that would reasonably be expected to have a Material Adverse Effect. 
 (c) After due inquiry, except as set forth in the Environmental Site Assessment, the Borrower does not have knowledge of any past or existing violations of any Environmental Laws by any person relating in any way to
the Site or the Improvements that, in the Borrower’s reasonable judgment, would reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.14. Litigation. (a) As of the Closing Date, there are no pending or, to the knowledge of the Borrower, threatened actions or proceedings of any kind, including actions or proceedings of or before any Governmental
Authority, to which the Borrower or, to the knowledge of the Borrower, the Pledgor, the Project or the Site is a party or is subject, or by which any of them or any of their properties or the Project are bound, except as set forth on Schedule 3.14

 (b) After the Closing Date, there are no pending or, to the knowledge of the Borrower, threatened actions or proceedings of any kind,
including actions or proceedings of or before any Governmental Authority, to which the Borrower or, to the knowledge of the Borrower, the Pledgor, the Project or the Site is a party or is subject, or by which any of them or any of their properties
or the Project are bound, which would reasonably be expected to have a Material Adverse Effect. 
 (c) There are no pending or, to the
knowledge of the Borrower, threatened actions or proceedings of any kind, including actions or proceedings of or before any Governmental Authority, which seek to enjoin, restrain, declare illegal or otherwise purport or seek to restrict or declare
illegal the transactions contemplated by the Credit Documents. 
 SECTION 3.15. Labor Disputes. (a) As of the Closing Date,
neither the business (including the construction or operation of the Project) nor the properties of the Borrower are subject to or affected by any strike, lockout or other labor dispute. 
 (b) After the Closing Date, neither the business (including the construction or operation of the Project) nor the properties of the Borrower are subject
to or affected by any strike, lockout or other labor dispute which would reasonably be expected to have a Material Adverse Effect. 
  

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 SECTION 3.16. Project Contracts. (a) As of the Closing Date, Schedule 3.16 sets forth
all of the material agreements, contracts and instruments to which the Borrower is a party or which relate to the development, financing, construction, operation, maintenance, ownership or use of its undivided interest in the Project. 
 (b) Copies of all Project Contracts (including all amendments, modifications and waivers thereto) as in effect on the date this representation and
warranty is made have been delivered to the Administrative Agent and the Loan Insurer by the Borrower. 
 (c) As of the Closing Date, each of
the Project Contracts is in full force and effect and, to the Borrower’s knowledge, no defaults have occurred and are continuing thereunder. 
 (d) After the Closing Date, each of the Project Contracts is in full force and effect and, to the Borrower’s knowledge, no material defaults have occurred and are continuing thereunder. 
 SECTION 3.17. Taxes. (a) The Borrower has filed all federal, state and local tax returns that it is required to file, has paid all Taxes
that it is required to pay to the extent due (other than those Taxes that it is contesting in good faith and by appropriate proceedings, with adequate, segregated reserves established on its books for such Taxes in accordance with GAAP, and as to
which no Lien has arisen) and, to the extent such Taxes are not due, has established reserves that are adequate for the payment thereof and are required by GAAP. 
 (b) For federal income tax purposes, the Borrower is not treated as an association, or publicly traded partnership taxable as a corporation. No Internal Revenue Service Form 8832 has ever been filed with respect to
the Borrower as other than a disregarded entity and no such election shall have been made, and the Borrower is not a party to any tax sharing agreement. 
 SECTION 3.18. Energy Regulation. (a) As of the Closing Date, the Borrower is in compliance in all material respects with the FPA and PUHCA 2005 and all Governmental Rules with respect to the
ownership, operation, Control and sale of electricity from the Project. 
 (b) After the Closing Date, the Borrower and each Permitted
Project Company are in compliance with the FPA and PUHCA 2005 and all Governmental Rules with respect to the ownership, operation, Control and sale of electricity from the Project, except where failure to be in such compliance would not reasonably
be expected to have a Material Adverse Effect. 
 (c) Except as provided in Section 5.16, no approval is required to be obtained by the
Borrower or any Permitted Project Company from the AR PSC, the FERC or any other state or federal Governmental Authority with jurisdiction over the energy sales or financing agreements of the Borrower for the ownership, operation, Control and sale
of electricity form the Project, or in connection with any of the transactions contemplated hereby or by any other Operative Document. 
  

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 SECTION 3.19. Construction Budget; Construction Schedule; Projections. As of the Closing
Date, the Construction Budget, the Construction Schedule and the Base Case Projections (a) are based on reasonable assumptions, (b) are made in good faith, and (c) are consistent with the provisions of the Project Contracts.

 SECTION 3.20. Financial Statements. (a) The Borrower has heretofore furnished to the Administrative Agent and the Loan
Insurer its unaudited financial statements for the fiscal quarter ended December 31, 2006. Such financial statement has been prepared in accordance with GAAP applied on a consistent basis and presents fairly in all material respects the
financial condition of the Borrower as of such date. 
 (b) As of the Closing Date, the Borrower has no material liabilities, direct or
contingent, except as are disclosed in such financial statements (or in this Agreement) or Schedule 4.01(y). 
 SECTION 3.21. No
Default. No Default or Event of Default has occurred and is continuing. The Borrower has disclosed all Defaults and Events of Defaults to the Administrative Agent and the Loan Insurer in writing. 
 SECTION 3.22. Offices, Location of Collateral. (a) The chief executive office or chief place of business (as such term is used in
Article 9 of the Uniform Commercial Code as in effect in the State of Delaware from time to time) of the Borrower is located at Plum Point Energy Associates, LLC, Two Tower Center, 11th Floor, East Brunswick, New Jersey 08816 or at such other
address as may be designated by the Borrower pursuant to Section 6.19. The Borrower’s federal employer identification number is 22-3767646. 
 (b) All of the Collateral (other than the Project Accounts, the Equity Interests in the Borrower delivered to the Collateral Agent and general intangibles), including all property covered by the Mortgages, is located
on the Site and/or the Easements or at the address set forth in Section 3.22(a). 
 SECTION 3.23. Intellectual Property. The
Borrower, as tenant-in-common with the Co-Participants, owns or has the right to use all patents, trademarks, service marks, trade names, copyrights, licenses and other rights which are necessary for the development, construction, ownership and
operation of the Project in accordance with the Operative Documents, in each case, as to which the failure of the Borrower to so own or have the right to use would reasonably be expected to result in a Material Adverse Effect. No material product,
process, method, substance, part or other material presently contemplated to be sold or employed by the Borrower in connection with its business will infringe any patent, trademark, service mark, trade name, copyright, license or other right owned
by any other person. 
 SECTION 3.24. Collateral. (a) The Liens granted to the Collateral Agent (for the benefit of the
Secured Parties) pursuant to the Collateral Documents constitute a valid Lien on the Collateral. The Liens granted to the Collateral Agent (for the benefit of the Secured Parties) pursuant to the Collateral Documents in the Collateral consisting of
personal property will be perfected (i) with respect to any property that can be perfected by filing, upon the filing of the 

  

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financing statements referred to in Schedule 3.24 hereto, (ii) with respect to any property that can be perfected by control, upon execution of the
Depositary Agreement by each of the parties thereto, (iii) with respect to any property (if any) that can be perfected by possession, upon the Collateral Agent receiving possession thereof, and (iv) with respect to the real property that
is subject to the Mortgages, the recording of such Mortgage in the respective local real property records referred to in Schedule 3.24 hereto, and in each case such Lien will be superior and prior to the rights of all third Persons now existing or
hereafter arising whether by way of Lien or otherwise, except for Permitted Prior Liens. 
 (b) Except to the extent possession of portions
of the Collateral is required for perfection, upon the filing of the financing statements and the Mortgages referred to in Schedule 3.24 hereto, all such action as is necessary has been taken to establish and perfect the Collateral Agent’s and
the other Secured Party’s rights in and to the Collateral to the extent the Collateral Agent’s Lien can be perfected by filing, including any recording, filing, registration, giving of notice or other similar action. Each of the Borrower
and the Pledgor has delivered or caused to be delivered, or provided control of, to the Collateral Agent or the Depositary all Collateral that permits perfection of the Lien described above in clause (a)(ii) or (a)(iii) above by possession or
control. 
 SECTION 3.25. Sufficiency of Project Contracts. To the knowledge of the Borrower, other than (a) services,
materials, real property interests and other rights that can be reasonably expected to be commercially available when and as required and (b) services, materials, real property interests and other rights which are not material to the Borrower
or the construction, operation, maintenance or use of the Project, the services to be performed, the materials to be supplied and the real property interests, the Easements and other property and rights owned by or otherwise granted to the Borrower,
as tenant-in-common with the Co-Participants: 
 (i) comprise all of the property interests necessary to secure any right
material to the development, construction, operation and maintenance of the Project in accordance in all material respects with all Legal Requirements, all without reference to any proprietary information not owned by the Borrower; 
 (ii) are sufficient to enable the Project to be located and operated on the Site and the Easements in all material respects in accordance
with the Operative Documents; and 
 (iii) provide adequate ingress and egress to and from the Site for any reasonable purpose
in connection with the development, construction, operation and maintenance of the Project. 
 SECTION 3.26. Utilities; Fuel
Supply. Pursuant to the Participation Agreement or otherwise (a) the Borrower has (or will have as and when necessary for the construction and operation of the Project) access to (i) all utility services and other materials necessary
for the development, construction, operation and maintenance of the Project and (ii) sufficient supplies of water to enable the Project to operate at design capacity and (b) the Borrower has (or will have as and when necessary for the
construction and operation of the Project) sufficient supplies of coal to enable the Project to operate at design capacity in accordance with the Base Case Projections. 
  

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 SECTION 3.27. Interconnection Facilities. The Project is (or will be as and when necessary
for the construction and operation of the Project) interconnected with Entergy’s transmission system pursuant to the Interconnection and Operating Agreement and the Project has the right to transmit the energy generated by the Project over
Entergy’s transmission facilities pursuant to the Transmission Service Agreements. To the knowledge or the Borrower, all necessary easements, rights of way and other material real property rights (to the extent required to be provided by
Borrower) for the development, construction, operation and maintenance of the waste-water lines, the water pipeline, the electrical interconnection facilities and the facilities as provided in the applicable Project Contracts have been acquired (or
will be as and when necessary for the operation and maintenance of the Project) by the Borrower. 
 SECTION 3.28. Disclosure.
(a) As of the Closing Date, to the Borrower’s knowledge, there is no fact, which has had or would reasonably be expected to have a Material Adverse Effect which has not been set forth in this Agreement, the Project Contracts or in the
other documents, certificates and written statements furnished to the Arranger and the Loan Insurer by the Borrower prior to the Closing Date in connection with the transactions contemplated hereby or thereby. 
 (b) As of the Closing Date, no written information or documentation furnished to the Arranger, the Administrative Agent, the Loan Insurer or any other
Secured Party or to any consultant submitting a report to the Arranger, the Administrative Agent, the Loan Insurer or any other Secured Party on or before the Closing Date contained (at the time of delivery thereof) any untrue statement of a
material fact or omitted (at the time of delivery thereof) to state a material fact necessary in order to make the statements contained herein or therein not misleading under the circumstances in which they were made at the time such statements were
made (other than (i) financial information, (ii) any information that was corrected or updated in writing by the Borrower to the Arranger and the Loan Insurer prior to the Closing Date, and (iii) any information which was provided by
the Borrower to any such consultants prior to the Closing Date and which contains “forward looking statements”). 
 SECTION 3.29. Solvency. Immediately after the consummation of the Transactions to occur on the Closing Date and immediately following the making of each Loan (or other extension of credit hereunder) and after giving effect to
the application of the proceeds of each Loan (or other extension of credit hereunder), (a) the fair value of the assets of the Borrower, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise,
(b) the present fair saleable value of the property of the Borrower will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and
other liabilities become absolute and matured, (c) the Borrower will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured, and (d) the Borrower will not
have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted following the Closing Date. 
  

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 SECTION 3.30. Insurance. All insurance required to be maintained by the Borrower pursuant to
Section 5.11 is in full force and effect. 
 SECTION 3.31. Foreign Assets Control Regulations, Etc.. (a) None of the
Borrower’s borrowing of the Loans, its use of the proceeds thereof or any of the other transactions contemplated hereby will violate in any material respect (i) the United States Trading with the Enemy Act, as amended, (ii) any of the
foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto, (iii) Executive Order No. 13224, 66 Fed Reg
49,079 (2001), issued by the President of the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism) (the “Terrorism Order”) or (iv) the
anti-money laundering provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, Public Law 107-56 (October 26, 2001) amending the Bank Secrecy
Act, 31 U.S.C. Section 5311 et seq (the “Patriot Act”). No part of the proceeds from the Loans or Letters of Credit hereunder will be used, directly or indirectly, for any payments to any governmental official or employee,
political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in material violation of the United States
Foreign Corrupt Practices Act of 1977, as amended. 
 (b) Neither the Borrower nor any Permitted Project Company (i) is a “blocked
person” as described in Section 1 of the Terrorism Order or (ii) to the best of its knowledge, engages in any dealings or transactions, or is otherwise associated, with any such blocked person. 
 (c) Each of the Borrower and each Permitted Project Company is in compliance in all material respects with the anti-money laundering provisions of the
Patriot Act. 
 ARTICLE IV. 
 Conditions of Lending 
 The obligations of the Lenders to make Loans and/or issue Letters of Credit are subject to the
satisfaction of the following conditions: 
 SECTION 4.01. Closing Date; First Borrowing. The occurrence of the Closing Date, the
obligation of each Term Lender to make the initial Construction Loans (the “Initial Credit Event”), the obligation of the Issuing Bank to issue any Letter of Credit, the obligation of the Lenders to make Loans and the obligation of
the Loan Insurer to issue the Insurance Policies is subject to the prior satisfaction of each of the following, in each case, in form and substance reasonably satisfactory to the Arranger and the Loan Insurer. 
 (a) Governing Documents. The Administrative Agent and the Loan Insurer shall have received: 
  

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 (i) (I) a copy of the certificate or articles of incorporation or other formation
documents, including all amendments thereto, of the Borrower, certified as of a recent date by the Secretary of State of the state of its organization, and a certificate as to the good standing of the Borrower as of a recent date, from such
Secretary of State; (II) a certificate of the Secretary or Assistant Secretary of the Borrower dated the Closing Date and certifying (A) that attached thereto is a true and complete copy of the limited liability company operating agreement
of the Borrower, as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the
Pledgor, as sole member of the Borrower, authorizing the execution, delivery and performance of the Operative Documents to which the Borrower is a party, the borrowings hereunder, the granting of the Liens contemplated to be granted by the Borrower
under the Collateral Documents and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of incorporation or other formation documents of the Borrower have not
been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (I) above and (D) as to the incumbency and specimen signature of each officer executing any Credit Document or
any other document delivered in connection herewith on behalf of the Borrower; (III) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to
clause (II) above; and (IV) such other documents as the Administrative Agent or the Loan Insurer may reasonably request; and 
 (ii) (I) a copy of the certificate or articles of incorporation or other formation documents, including all amendments thereto, of the Pledgor, certified as of a recent date by the Secretary of State of the state of its organization,
and a certificate as to the good standing of the Pledgor as of a recent date, from such Secretary of State; (II) a certificate of the Secretary or Assistant Secretary of the Pledgor dated the Closing Date and certifying (A) that attached
thereto is a true and complete copy of the limited liability company operating agreement of the Pledgor, as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (B) below,
(B) that attached thereto is a true and complete copy of resolutions duly adopted by the members of the Pledgor authorizing the execution, delivery and performance of the Operative Documents to which the Pledgor is a party and that such
resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of incorporation or other formation documents of the Pledgor have not been amended since the date of the last
amendment thereto shown on the certificate of good standing furnished pursuant to clause (I) above and (D) as to the incumbency and specimen signature of each officer executing any Credit Document or any other document delivered in
connection herewith on behalf of the Pledgor; (III) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (II) above; and (IV) such
other documents as the Administrative Agent or the Loan Insurer may reasonably request. 
  

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 (iii) (I) a copy of the certificate or articles of incorporation or other formation
documents, including all amendments thereto, of the Project Manager, certified as of a recent date by the Secretary of State of the state of its organization, and a certificate as to the good standing of the Project Manager as of a recent date, from
such Secretary of State; (II) a certificate of the Secretary or Assistant Secretary of the Project Manager dated the Closing Date and certifying (A) that attached thereto is a true and complete copy of the limited liability company
operating agreement of the Project Manager, as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of
resolutions duly adopted by the members of the Project Manager authorizing the execution, delivery and performance of the Operative Documents to which the Project Manager is a party and that such resolutions have not been modified, rescinded or
amended and are in full force and effect, (C) that the certificate or articles of incorporation or other formation documents of the Project Manager have not been amended since the date of the last amendment thereto shown on the certificate of
good standing furnished pursuant to clause (I) above and (D) as to the incumbency and specimen signature of each officer executing any Credit Document or any other document delivered in connection herewith on behalf of the Project Manager;
(III) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (II) above; and (IV) such other documents as the Administrative Agent
or the Loan Insurer may reasonably request. 
 (b) Officer’s Certificate. The Administrative Agent and the Loan Insurer shall
have received a certificate, dated the Closing Date and signed by a Financial Officer of the Borrower, confirming compliance with the conditions precedent set forth in paragraphs (b) and (c) of Section 4.03 and that each of the
conditions precedent set forth in this Section 4.01 has been satisfied or waived in accordance with the terms and conditions hereof. 
 (c) Credit Documents. The Administrative Agent and the Loan Insurer shall have received duly authorized and executed (i) originals of this Agreement, (ii) originals of the Collateral Documents, the Sponsor Support Documents
and each other Credit Document, (iii) if requested by any Lender pursuant to Section 2.04(e), a promissory note or notes conforming to the requirements of such Section and (iv) copies of the Tax-Exempt Bond Documents, in each case, in
form and substance satisfactory to the Arranger and the Loan Insurer. 
 (d) Opinion of Borrower’s Counsel. The Administrative
Agent and the Loan Insurer shall have received, in the case of the Administrative Agent, on behalf of itself, the Collateral Agent and the Lenders, favorable written opinions from counsel listed on Schedule 4.02(d), in form and substance reasonably
satisfactory to the Administrative Agent, the Loan Insurer and their respective counsel, (i) dated the Closing Date, (ii) addressed to the Administrative Agent, the Loan Insurer, the Arranger and the Lenders and (iii) covering such
matters relating to the Operative Documents to which the Borrower, the Pledgor or the Sponsor are a party and the Transactions as the Administrative Agent or the Loan Insurer shall reasonably request and which are customary for transactions of the
type contemplated herein. 
  

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 (e) Liens. 
 (i) The Collateral Agent, for the ratable benefit of the Secured Parties, shall have been granted on the Closing Date first priority
perfected Liens on the Collateral (subject only to Permitted Liens) and shall have received such other reports, documents and agreements as the Collateral Agent or the Loan Insurer shall reasonably request and which are customarily delivered in
connection with security interests in real property assets. 
 (ii) The Pledged Collateral (under and as defined in the Pledge
Agreement) shall have been duly and validly pledged under the Pledge Agreement to the Collateral Agent, for the ratable benefit of the applicable Secured Parties, and certificates representing such Pledged Collateral, accompanied by instruments of
transfer endorsed in blank, shall be in the actual possession of the Collateral Agent (for the benefit of the Secured Parties). 
 (f)
Ratings Letters. 
 (i) The Borrower shall have received and delivered to the Arranger and the Loan Insurer
satisfactory evidence of a public or private rating of the Facilities of at least BBB- (with a stable outlook) by S&P and, if a rating is obtained from Moody’s, at least Baa3 (with a stable outlook) by Moody’s, in each case, before
giving effect to the guarantee of the Loan Insurer pursuant to the Loan Insurance Policy on a “stand-alone” basis. 
 (ii) The Loan Insurer shall have received and delivered to the Arranger and the Borrower satisfactory evidence of a public or private rating of the Facilities of at least AAA (with a stable outlook) by S&P and, if a rating is obtained
from Moody’s, at least Aaa (with a stable outlook) by Moody’s, in each case, after giving effect to the guarantee of the Loan Insurer pursuant to the Loan Insurance Policy on a “wrapped” basis. 
 (g) Project Contracts. The Administrative Agent and the Loan Insurer shall have received a certified list of, and certified true and correct
copies of, each Project Contract, including any supplements or amendments thereto executed on or before the Closing Date, all of which shall be in form and substance reasonably satisfactory to the Arranger and the Loan Insurer and shall have been
duly authorized, executed and delivered by the parties thereto, and each Project Contract to which the Borrower is a party shall be certified by a Secretary or Assistant Secretary of the Borrower pursuant to the certificate delivered pursuant to
Section 4.02(a), together with confirmation of the continuing application of (and the accuracy of the representations under) each Consent specified in Exhibit D-1, in each case, in form and substance reasonably satisfactory to the Arranger and
the Loan Insurer. 
 (h) Certificate from Insurance Consultant. Delivery to the Administrative Agent and the Loan Insurer of a
certificate from the Insurance Consultant in substantially the form of Exhibit J, with the updated Insurance Consultant’s Report, in form and substance reasonably satisfactory to the Arranger and the Loan Insurer, attached thereto. 

 

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 (i) Insurance. Insurance complying with Schedule 5.11 shall be in full force and effect and the
Administrative Agent and the Loan Insurer shall have received: 
 (i) a certificate from the Borrower’s or the EPC
Contractor’s insurance broker(s), dated as of the Closing Date and identifying underwriters, type of insurance, insurance limits and policy terms, listing the special provisions required as set forth in Schedule 5.11, describing the insurance
obtained and stating that such insurance is in full force and effect and that all premiums then due thereon have been paid and that, in the opinion of such broker(s), such insurance complies with Schedule 5.11, and 
 (ii) certified copies of all policies evidencing such insurance (or a binder, commitment or certificates signed by the insurer or a broker
authorized to bind the insurer, evidencing such insurance policies), in form and substance reasonably satisfactory to the Arranger and the Loan Insurer. 
 The Borrower shall thereafter make available in a timely manner following the Administrative Agent’s, the Loan Insurer’s or the Insurance Consultant’s request certified copies of such insurance
policies. 
 (j) Certificate of the Independent Engineer. Delivery to the Administrative Agent and the Loan Insurer of a certificate
of the Independent Engineer in substantially the form of Exhibit K, with the updated Independent Engineer’s Report, in form and substance reasonably satisfactory to the Arranger and the Loan Insurer, attached thereto. 
 (k) Schedule of Applicable Permits. Delivery to the Administrative Agent and the Loan Insurer of copies of each Applicable Permit listed on Part 1
of Schedule 3.12. Except as set forth in Part 1 of Schedule 3.12, the Borrower shall have duly obtained or been assigned and there shall be in full force and effect in the name of the Borrower or other appropriate permit holder, and not subject to
any current legal proceeding, waiting period or appeal or to any unsatisfied condition that would reasonably be expected to allow material modification, expiration or revocation of, and all applicable appeal periods shall have expired with respect
to, the Applicable Permits listed in Part 1 of Schedule 3.12. 
 (l) Payment of Fees and Expenses. All amounts required to be paid to
or deposited with the Agents or the Loan Insurer (including payment of their respective fees, expenses and costs, and the fees, expenses and costs of their counsel, their consultants and the Title Insurer), and all Taxes, fees and other costs then
due and payable in connection with the Facilities and the Insurance Policies shall have been paid in full or shall be paid in full on the Closing Date, out of the proceeds of the initial drawing of the Construction Loans. 
 (m) Financial Statements. The Administrative Agent and the Loan Insurer shall have received correct and complete copies of the Borrower’s
unaudited financial statements for the fiscal quarter ended December 31, 2006. 
 (n) UCC Reports; Filings. The Collateral Agent
shall have received (with a copy to the Administrative Agent and the Loan Insurer): 
 (i) copies of proper financing
statements (Form UCC-l) duly filed in the proper filing office of each jurisdiction as may be necessary or, in the opinion of the Administrative Agent or the Loan Insurer, desirable, to perfect the security interests purported to be created by the
Collateral Documents; 
  

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 (ii) copies of all necessary UCC termination statements and other instruments as may be
necessary or, in the opinion of the Administrative Agent or the Loan Insurer, desirable, to terminate and release the Liens of the secured parties under the Borrower’s Existing Credit Facilities; 
 (iii) certified copies of UCC search reports in each jurisdiction specified by the Administrative Agent or the Loan Insurer listing all
effective financing statements that name the Borrower or the Pledgor, as debtor and that are filed in such jurisdictions, together with copies of such financing statements (none of which shall cover the Collateral except to the extent evidencing
Permitted Liens or to be released on the Closing Date); 
 (iv) evidence of the completion of all other recordings and filings
of, or with respect to, the Collateral Documents as may be necessary or, in the reasonable opinion of the Administrative Agent or the Loan Insurer, desirable, to perfect the security interests purported to be created by the Collateral Documents; and

 (v) evidence that all other actions necessary or, in the reasonable opinion of the Administrative Agent or the Loan
Insurer, desirable, to perfect and protect the security interests purported to be created by the Collateral Documents have been taken. 
 (o)
Base Case Projections. The Administrative Agent and the Loan Insurer shall have received the Base Case Projections (as confirmed by the Independent Engineer) demonstrating minimum Debt Service Coverage Ratio during each year of the Facilities
after Term-Conversion of no less than 1.37:1.0 and the average Debt Service Coverage Ratio during the scheduled term of the Facilities after Term-Conversion of no less than 1.53:1.0. 
 (p) Construction Budget; Construction Schedule. 
 (i) The Borrower shall have furnished to the Administrative Agent and the Loan Insurer an updated budget that sets forth all items of costs and expenses required in connection with the development, construction,
start-up, and testing of the Project, including all construction and non-construction costs, all costs under the EPC Contract, all interest, Taxes and other carrying costs, costs related to the construction of the facilities described under the
Project Documents, all other Project Costs, adequate contingency of at least $39,000,000 and such other information as the Administrative Agent or the Loan Insurer may reasonably request (the “Construction Budget”), certified as
complete and accurate in all material respects by a Financial Officer of the Borrower and reasonably satisfactory in form and substance to the Arranger, the Loan Insurer and the Independent Engineer. 
  

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 (ii) The Borrower shall have furnished to the Administrative Agent and the Loan Insurer a
Construction Schedule, certified as complete and accurate in all material respects by a Financial Officer of the Borrower and reasonably satisfactory in form and substance to the Arranger, the Loan Insurer and the Independent Engineer. 

(q) Loan Insurance Policy. The Loan Insurer shall have furnished to the Administrative Agent the Loan Insurance Policy, which Loan Insurance
Policy shall be in form and substance reasonably satisfactory to the Arranger. 
 (r) No Material Adverse Change. There shall not have
occurred (i) since January 31, 2007, any Material Adverse Effect or (ii) any change in the Base Case Projections, any change in the economics or feasibility of construction or operating the Project, or any change in the financial
condition, business or property of any Major Participant, in each such case, which would reasonably be expected to have a Material Adverse Effect. 
 (s) Surveys; Surveyor’s Certificate. The Collateral Agent shall have received A.L.T.A. surveys (or other surveys approved by the Arranger and the Loan Insurer) of the Site, reasonably satisfactory in form and substance to the
Arranger, the Loan Insurer and the Title Insurers, reasonably current and certified to the Collateral Agent (for the benefit of the Secured Parties) by the Surveyor showing (i) as to the Site, the exact location and dimensions thereof,
including the location of all means of access thereto and all easements relating thereto and showing the perimeter within which all foundations are or are to be located; (ii) the existing utility facilities servicing the Project (including
water, electricity, gas, telephone, sanitary sewer and storm water distribution and detention facilities); (iii) that the location of the Project is in compliance with all applicable building and setback lines, that the improvements are in
compliance with all applicable building and setback lines and do not encroach or interfere with adjacent property or existing easements or other rights (whether on, above or below ground), and that there are no gaps, gores, projections, protrusions
or other survey defects; (iv) whether the Site or any portion thereof is located in a special earthquake or flood hazard zone; and (v) that there are no other matters constituting a defect in title other than Permitted Encumbrances. With
respect to the previously existing surveys of the Easements, the Borrower shall have delivered to the Title Insurers “no change affidavits” in form and substance required by the Title Insurers for removal of any “general survey
exception” from the Title Policies. 
 (t) Title Policy. The Borrower shall have delivered to the Collateral Agent a
lender’s A.L.T.A. policy or policies of title insurance, together with such endorsements as are required by the Arranger or the Loan Insurer including, but not limited to, contiguity endorsements, and which are available in the State of
Arkansas (such policies and endorsements or commitment being hereinafter referred to as the “Title Policies”), in a form reasonably satisfactory to the Arranger and the Loan Insurer, in the amount of $607,500,000, issued by the
Title Insurers in form and substance satisfactory to the Arranger and the Loan Insurer, insuring (or agreeing to insure) that: 
 (i) as of the Closing Date, the Borrower has a good tenancy-in-common leasehold estate in the Site and the Easements free and clear of liens, encumbrances or 

  

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other exceptions to title except those exceptions specified on Schedule B to the Title Policies and those Liens securing the Debt permitted under clauses
(a) and (b) of the definition of Permitted Debt (“Permitted Encumbrances”); and 
 (ii) the
Mortgages are (or will be when recorded) a valid lien on the Mortgaged Property, free and clear of all liens, encumbrances and exceptions to title whatsoever, other than Permitted Encumbrances. 
 (u) Establishment of Project Accounts. The Project Accounts shall have been established to the satisfaction of the Administrative Agent and the
Loan Insurer. 
 (v) The Patriot Act. The Administrative Agent and the Loan Insurer shall have received all documentation and other
information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act. 
 (w) Initial Operating Projection. To the extent prepared in accordance with Section 5.2.1 of the Participation Agreement, the Borrower shall
have delivered to the Administrative Agent and the Loan Insurer an operating projection for the initial operating year of the Project, in form and substance satisfactory to the Arranger and the Loan Insurer. The Independent Engineer shall have
reviewed such operating projection and advised the Administrative Agent and the Loan Insurer that such projection is reasonable for an electric generation facility of the size and design of the Project. 
 (x) Environmental Site Assessments. The Borrower shall have furnished to the the Administrative Agent and the Loan Insurer the applicable
Environmental Site Assessments (and any updates in respect thereof to the extent reasonably requested by the Arranger or the Loan Insurer), each of which shall be reasonably satisfactory to the Arranger and the Loan Insurer 
 (y) Existing Indebtedness; Interest Rate Protection Agreements. The Administrative Agent and the Loan Insurer shall have received satisfactory
evidence that (i) all of the amounts owing and other obligations to be performed under the Existing Credit Facilities have been repaid and preformed in full, that all letters of credit issued and outstanding under the Existing Credit Facilities
have been terminated (other than the CS Letter of Credit issued to the Trustee as liquidity support under the Tax-Exempt Bonds, as contemplated by the Pay-off Agreement, which shall remain outstanding until replaced upon the consummation of the
Mandatory Tender) and that all related liens and security interests in respect of the Existing Credit Facilities have been terminated and released to the satisfaction of the Arranger and the Loan Insurer, (ii) all existing Interest Rate
Protection Agreements and all obligations thereunder shall, unless and to the extent that such Interest Rate Protection Agreements relate to the Facilities, have been terminated and the related liens and security interest in respect thereof, if any,
shall have been terminated and released to the satisfaction of the Administrative Agent and the Loan Insurer, and (iii) all other Debt, other than Permitted Debt set forth on Schedule 4.01(y) hereto and Permitted Debt described in clause
(c) of the definition thereof, shall have been terminated, repaid or discharged in full to the satisfaction of the Arranger and the Loan Insurer. 
  

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 (z) Funds Flow Memorandum. The Administrative Agent and the Loan Insurer shall have received a
duly executed letter of direction from the Borrower, which letter of direction (including the contemplated payments and funds-flow described therein) shall be reasonably satisfactory to the Administrative Agent and the Loan Insurer. 
 SECTION 4.02. Borrowings of Construction Loans. On the date of each Borrowing of Construction Loans (each such event being called a
“Construction Loan Credit Event”): 
 (a) Construction Loan Borrowing Request. The Administrative Agent and the Loan
Insurer shall have received a notice of such Borrowing as required by Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.03). 
 (b) Operative Documents. Each of the Operative Documents (including each Project Contract with warranty or indemnification obligations then in
effect) shall remain in full force and effect in accordance with its terms (except for any Project Contract that has expired or been terminated in accordance with the terms thereof and, if applicable, the relevant Consent). 
 (c) Commercial Operation Date; Completion. A Responsible Officer of the Borrower shall have certified to the Administrative Agent, the Lenders and
the Loan Insurer that it has no reason to believe that Completion will not occur on or prior to the Date Certain. 
 (d) No Material
Adverse Change. Since the Closing Date, there shall not have occurred any event, development or circumstance which would reasonably be expected to have Material Adverse Effect. 
 (e) Available Amounts. After taking into consideration the making of the applicable Construction Loan and Sponsor Support Payments, the funds
available to the Borrower shall not be less than the aggregate unpaid amount required to cause the Commercial Operations Date to occur in accordance with all Legal Requirements, the Project Contracts and the Credit Documents prior to the Date
Certain and to pay or provide for all anticipated non-construction Project Costs, all as set forth in the then current Project Budget, as confirmed by the Independent Engineer. 
 (f) Independent Engineer’s Certificate. The Administrative Agent and the Loan Insurer shall have received: (i) an Independent
Engineer’s Certificate with respect to such Borrowing, substantially in the form of Exhibit K-2, with all blanks appropriately filled in to the satisfaction of the Controlling Party; (ii) a Progress Invoice (as defined in the EPC Contract)
from the EPC Contractor in accordance with Section 7.5 of the EPC Contract and a corresponding invoice approved by the Project Management Entity as provided in Section 5.1.2(b) of the Participation Agreement (which corresponding invoice
shall specify the Borrower’s portion of the applicable Progress Invoice); (iii) a certified Lien waiver by the EPC Contractor in the form of Exhibit K to the EPC Contract; and (iv) a list of all change orders not theretofore submitted
to the Administrative Agent and the Loan Insurer, together with a statement by the Borrower that copies of the same have been submitted to the Independent Engineer prior to the date of such Borrowing and a list of all change orders to date and a
list of all proposed change orders. 
  

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 (g) Title Policy Endorsements. The Borrower shall provide, or the Controlling Party shall be
adequately assured, that the Title Insurer is committed at the time of each Borrowing of a Construction Loan to issue to the Collateral Agent a date-down endorsement of the Title Policy to the date of Borrowing of such Construction Loan, insuring
the continuing first priority of the Mortgages, indicating that, since the immediately preceding Construction Loan Credit Event, there has been no change adverse to the Secured Parties in the state of title to any Mortgaged Properties and no Liens
or survey exceptions not theretofore approved by the Controlling Party as provided herein have been filed against the Mortgaged Properties, which endorsements shall contain no exception for inchoate mechanic’s liens and shall have the effect of
continuing the Title Policies to the date of the Lien waiver by the EPC Contractor under Section 4.02(f)(iii) above, and otherwise in form and substance reasonably satisfactory to the Controlling Party. 
 (h) Applicable Permits. The Borrower shall have delivered to the Administrative Agent and the Loan Insurer a certified addendum to Schedule 3.12,
updating such Schedule 3.12 through the date of such Borrowing to reflect all Applicable Permits (if any) received since the later of the Closing Date and the date of the immediately preceding Borrowing. All Applicable Permits required to have been
obtained by the Borrower or any other Major Participant by the date of such Borrowing shall have been issued and shall be in full force and effect, all such Applicable Permits shall not be subject to current legal proceeding, waiting period or
appeal or to any unsatisfied condition that would reasonably be expected to allow material modification, expiration or revocation thereof, and all applicable appeal periods with respect to any such Applicable Permit shall have expired. With respect
to any of the Applicable Permits not yet obtained and listed in Schedule 3.12, no fact or circumstance shall exist which indicates that any such Applicable Permit will not be timely obtainable without material difficulty or delay, or expense in
excess of the then current Project Budget or the then current Annual Operating Budget prior to the time that such Applicable Permit will be required. 
 (i) Casualty. If at the time of any Credit Event the Project shall have been materially injured or damaged by flood, fire or other casualty, the Collateral Agent shall have received insurance proceeds or money
or other assurances sufficient in the reasonable judgment of the Controlling Party and the Independent Engineer to assure restoration and Completion of the Project prior to the Date Certain and each of the applicable conditions set forth in
Section 3.9 of the Depositary Agreement shall have been satisfied. 
 (j) Absence of Litigation. A Responsible Officer of the
Borrower shall have certified to the Administrative Agent, the Lenders and the Loan Insurer that no action, suit, proceeding or investigation by or before any Governmental Authority or any arbitrator shall be pending or, to the Borrower’s
knowledge, threatened in writing against or affecting the Borrower or the Project which could reasonably be expected to have a Material Adverse Effect. 
 (k) Insurance. Insurance complying with Schedule 5.11 shall be in full force and effect, and, upon the reasonable request of the Administrative Agent or the Loan Insurer, evidence thereof shall have been
provided to the Administrative Agent or the Loan Insurer (as applicable). 
  

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 (l) Use of Proceeds. A Responsible Officer of the Borrower shall have certified to the
Administrative Agent, the Lenders and the Loan Insurer that the proceeds of such Construction Loan shall be used solely to pay for Project Costs (including by paying a portion of the purchase price of the Taxable Bonds in connection with a
requisition under the PILOT Agreements for Taxable Bond proceeds to be used to pay for such Project Costs), except (i) the proceeds of the initial Construction Loan Borrowing shall be applied as contemplated by Section 5.01(a) and
(ii) the proceeds of the final Construction Loan Borrowing may also be applied for the payment of the Developer Conversion Payment. 
 (m) Foundation Drawings. After construction has advanced to the point where the foundations and footings for the Project’s turbine and boiler are in place, the Administrative Agent and the Controlling Party shall have received:
(i) one or more drawings depicting the location of such foundations and footings (the “Foundation Drawings”), which Foundation Drawings shall (A) be sized and formatted so as to overlay the relevant survey(s) delivered by
the Borrower on the Closing Date under Section 4.01(s) and (B) when so overlaid, show the location of such foundations and footings relative to the Site and all easements and Permits identified on such survey(s), which location shall be
within the Site and shall not encroach in any material respects upon or violate any easement or Permit so identified, and (ii) confirmation from the Independent Engineer, the Surveyor (or any replacement surveyor) or another person reasonably
acceptable to the Controlling Party that the foundations and footings were actually placed or constructed in the locations depicted in the Foundation Drawings. 
 SECTION 4.03. All Borrowings. On the date of each Borrowing, including the Initial Credit Event, each Construction Loan Credit Event and each Revolving Credit Borrowing, but excluding any reimbursement of
Backstop LC Disbursements and Revolving L/C Disbursements pursuant to Section 2.02(f) (each such event being called a “Credit Event”): 
 (a) Borrowing Notice. The Administrative Agent shall have received a notice of such Borrowing as required by Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.03).

 (b) Representations and Warranties. 
 (i) The representations and warranties of the Borrower and the Pledgor set forth in each Credit Document shall be true and correct in all material respects on and as of the date of such Borrowing with the same effect
as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects on and as of
such earlier date, as certified by a Responsible Officer of the Borrower or the Pledgor, as applicable. 
 (ii) With respect
to the Initial Credit Event only, the representations and warranties of the Sponsors under and as defined in the Sponsor Support Agreement shall be true and correct in all material respects on and as of the date of such Initial Credit Event, as
certified by a Responsible Officer of such Sponsor. 
  

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 (c) No Default. No Event of Default or Default shall have occurred and be continuing both before
and after giving effect to such Borrowing, as certified to the Administrative Agent, the Lenders and the Loan Insurer by a Responsible Officer of the Borrower. 
 (d) No Material Adverse Effect. Since the Closing Date, there shall not have occurred any event, development or circumstance which would reasonably be expected to have Material Adverse Effect. 
 (e) Use of Proceeds. A Responsible Officer of the Borrower shall have certified to the Administrative Agent, the Lenders and the Loan Insurer that
the proceeds of the applicable Borrowing shall be used solely in accordance with Section 5.01. 
 SECTION 4.04.
Term-Conversion. No Construction Loan shall Term-Convert unless the following conditions shall have been satisfied or waived in writing by the Controlling Party (the date of such satisfaction or waiver of the following conditions being
referred to herein as the “Term Period Commencement Date”). 
 (a) Representations and Warranties. The
representations and warranties of the Borrower and the Pledgor set forth in each Credit Document shall be true and correct in all material respects on and as of the date of such Term-Conversion with the same effect as though made on and as of such
date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects on and as of such earlier date, as certified by
a by a Responsible Officer of the Borrower or the Pledgor, as applicable. 
 (b) No Default. No Event of Default or Default shall have
occurred and be continuing, both before and after giving effect to such Term-Conversion, as certified to the Administrative Agent, the Lenders and the Loan Insurer by a Responsible Officer of the Borrower. 
 (c) Operative Documents. Each of the Operative Documents (including each Project Contract with warranty or indemnification obligations then in
effect) shall remain in full force and effect in accordance with its terms (except for any Project Contract that has expired or been terminated in accordance with the terms thereof and, if applicable, the relevant Consent). The Administrative Agent
and the Loan Insurer shall have received executed copies of each Additional Project Contract required to have been entered into or obtained or transferred on or prior to the date of Term-Conversion, together with (i) such matters as are
described in Section 4.01(g) and (ii) to the extent reasonably requested by the Controlling Party, such matters as are described in Section 4.01(a) and Section 4.01(d). 
 (d) No Material Adverse Effect. Since the Closing Date, there shall not have occurred any event, development or circumstance which would
reasonably be expected to have Material Adverse Effect. 
  

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 (e) As-Built Surveys; Surveyor’s Certificate. The Collateral Agent shall have received
as-built A.L.T.A. surveys of the Site, reasonably satisfactory in form and substance to the Controlling Party and the Title Insurer, certified to the Collateral Agent (for the benefit of the Secured Parties) as to completeness and accuracy as of not
more than two weeks prior to the Term Period Commencement Date by the Surveyor, showing, among other things (i) as to the Site, the exact location and dimensions thereof, including the location of all means of access thereto and all easements
relating thereto and showing the perimeter within which all foundations are or are to be located; (ii) the existing utility facilities servicing the Project (including water, electricity, gas, telephone, sanitary sewer and storm water
distribution and detention facilities); (iii) that the location of the Project is in compliance with all applicable building and setback lines, that the improvements are in compliance with all applicable building and setback lines and do not
encroach or interfere with adjacent property or existing easements or other rights (whether on, above or below ground), and that there are no gaps, gores, projections, protrusions or other survey defects; (iv) whether the Site or any portion
thereof is located in a special earthquake or flood hazard zone; and (v) that there are no other matters constituting a defect in title other than Permitted Encumbrances. With respect to the previously existing surveys of the Easements, the
Borrower shall have delivered to the Title Insurers “no change affidavits” in form and substance required by the Title Insurers for removal of any “general survey exception” from the Title Policies. 
 (f) Term-Conversion Title Policy. The Borrower shall have delivered final Title Policies to the Collateral Agent, in a form reasonably
satisfactory to the Controlling Party, in the amount of $607,500,000 with such reinsurance as is satisfactory to the Controlling Party, issued by the Title Insurers in form and substance satisfactory to Controlling Party, insuring as to all matters
described in Section 4.01(t), the continued first priority of the lien on the Mortgaged Properties evidenced by the Mortgages (without a mechanics’ and materialmen’s exception included in the Title Policies) and as to such other
matters as the Controlling Party may reasonably request, and containing only the Permitted Encumbrances, such Permitted Encumbrances as are junior and subordinate to the Mortgage and any other exceptions relating to the boundaries of the Site, the
Easements and encroachments and matters disclosed or discoverable by a survey or inspection as are reasonably acceptable to the Controlling Party. 
 (g) Applicable Permits. The Borrower shall have delivered to the Administrative Agent and the Loan Insurer a certified addendum to Schedule 3.12, updating such Schedule 3.12 through the date of Term-Conversion to reflect all
Applicable Permits (if any) received since the date of the immediately preceding Borrowing. All Applicable Permits required to have been obtained by the Borrower or any other Major Participant on or prior to the date of Term-Conversion shall have
been issued and shall be in full force and effect, all such Applicable Permits shall not be subject to current legal proceeding, waiting period or appeal or to any unsatisfied condition that would reasonably be expected to allow material
modification, expiration or revocation thereof, and all applicable appeal periods with respect to any such Applicable Permit shall have expired. With respect to any of the Applicable Permits not yet obtained and listed in Schedule 3.12, no fact or
circumstance shall exist which indicates that any such Applicable Permit will not be timely obtainable without material difficulty or delay, or expense in excess of the then current Project Budget or the then current Annual Operating Budget prior to
the time that such Applicable Permit will be required. 
  

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 (h) Annual Budget. The Administrative Agent and the Loan Insurer shall have received the initial
Annual Operating Budget as required under Section 5.09(b) for the period from the Term Period Commencement Date through the end of the calendar year in which Term-Conversion is to occur; provided that if such period is less than three
(3) months, the Administrative Agent and the Loan Insurer shall have also received the Annual Operating Budget for the first full calendar year thereafter. In the event that such Annual Operating Budget does not, in the Controlling Party’s
reasonable opinion, acting in consultation with the Independent Engineer, properly reflect the operation of the Project during such calendar year as a result of the actual date of Term-Conversion being different from the date anticipated therefor
and set forth in such Annual Operating Budget, the Administrative Agent and the Loan Insurer shall have received an amendment to such Annual Operating Budget properly reflecting the actual date of Term-Conversion. 
 (i) Insurance. Insurance complying with Schedule 5.11 shall be in full force and effect, and, upon the reasonable request of the Controlling
Party, evidence thereof shall have been provided to the Controlling Party. 
 (j) Delivery of Documents. Delivery to Administrative
Agent and the Loan Insurer on or before the Term Period Commencement Date, in form and substance reasonably satisfactory to Controlling Party, of such date-down opinions, resolutions, certificates and other evidence as the Administrative Agent or
the Loan Insurer may reasonably request. 
 (k) Debt Service Reserve Account. On or prior to the date of Term-Conversion, the Lenders
Debt Service Reserve Account shall have been funded (whether by cash, a DSR Letter of Credit, the Debt Service Reserve Surety or any combination of the foregoing) to the extent required in the Depositary Agreement. 
 (l) Completion. Completion shall have occurred, as certified to the Administrative Agent, the Lenders and the Loan Insurer by a Responsible
Officer of the Borrower. 
 ARTICLE V. 
 Affirmative Covenants 
 The Borrower covenants and agrees with each Lender, the Loan Insurer and the Issuing Bank that so
long as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Credit Document shall have been paid in full in
cash, the Borrower shall abide by the following affirmative covenants. 
 SECTION 5.01. Use of Proceeds and Operating Revenues

 (a) Construction Loan Proceeds. 
  

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 (i) On the Closing Date, (A) up to $7,759,871.65 of the proceeds of the Construction
Loans may be applied by the Borrower to the payment of costs, fees and expenses related to the transactions contemplated hereby, (B) up to $158,934,003.74 of the proceeds of the Construction Loans shall be applied by the Borrower to the
repayment and payment of all amounts outstanding under the Borrower’s Existing Facilities as of the Closing Date, and (C) the proceeds of the Construction Loans shall be applied by the Borrower to the payment of the Loan Insurer Payments
then due and payable. 
 (ii) Unless otherwise applied by the Administrative Agent and subject to clause (a)(i) above, the
Borrower shall deposit the proceeds of the Construction Loans in the Construction Account and apply such amounts solely to the payment of Project Costs (or, in connection with the final Construction Loan Borrowing, the payment of the Developer
Conversion Payment), subject to the conditions to disbursement set forth in Section 3.1 of the Depositary Agreement or as otherwise permitted by the Depositary Agreement. 
 (b) Revolving Loans; Revenues. Unless otherwise applied by the Collateral Agent pursuant to the Collateral Documents or as contemplated by
Section 2.02(f), the Borrower shall deposit the proceeds of all Revolving Loans and all Operating Revenues in accordance with the Depositary Agreement and apply the same for general working capital purposes in accordance with the Depositary
Agreement. 
 (c) Backstop LC Facility. The Borrower shall only use Backstop Letters of Credit as contemplated by the Pay-off
Agreement and, upon consummation thereof, the Mandatory Tender. The Borrower shall only use the proceeds of Backstop LC Loans as contemplated by Section 2.02(f). 
 (d) Bond Proceeds. If and to the extent that funds are deposited into the Construction Fund under and as defined in the Tax-Exempt Bond Documents, the Borrower shall requisition funds from time to time in
accordance with the provisions of the Tax-Exempt Bond Documents and shall cause such funds to be deposited into the Tax-Exempt Bond Proceeds Sub-Account and shall thereafter apply such amounts solely to the payment of Project Costs (subject to the
conditions to disbursement set forth in Section 3.1 of the Depositary Agreement). 
 (e) Additional Debt. The Borrower shall use
the proceeds of any Debt incurred pursuant to clauses (g), (i), (j), (k), (l) and (m) of the definition of “Permitted Debt” as contemplated by such clauses. 
 SECTION 5.02. Warranty of Title. The Borrower shall maintain (a) good, marketable (subject to the terms of the Operative Documents) and
insurable title in its real property (including fee and leasehold) interest in the Site and easement interest in the related Easements, subject only to Permitted Encumbrances and (b) good, marketable (subject to the terms of the Operative
Documents) and insurable title to all of its respective properties and assets (other than properties and assets disposed of pursuant to Section 6.05), subject only to Permitted Liens. 
  

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 SECTION 5.03. Notices. The Borrower shall promptly, upon acquiring notice or giving notice,
as the case may be, or obtaining knowledge thereof, give written notice to the Administrative Agent and the Loan Insurer of: 
 (a) any
litigation pending or, to the knowledge of the Borrower, threatened against the Borrower involving claims against the Borrower or the Project in excess of $2,000,000 individually and $10,000,000 in the aggregate or involving any injunctive,
declaratory or other equitable relief, such notice to be supplemented thereafter to include, if requested by the Administrative Agent or the Loan Insurer, copies of all papers filed in such litigation and to be given monthly if any such papers have
been filed since the last notice given; 
 (b) any dispute or disputes which may exist between the Borrower and any Governmental Authority
and which involve (i) claims against the Borrower which exceed $2,000,000 individually and $10,000,000 in the aggregate, (ii) injunctive or declaratory relief, (iii) revocation, modification, failure to renew or the like of any
Applicable Permit or imposition of additional material conditions with respect thereto, or (iv) any Liens for material Taxes due but not paid, such notice to be supplemented thereafter to include, if requested by the Administrative Agent or the
Loan Insurer, copies of all papers filed in such dispute and to be given monthly if any such papers have been filed since the last notice given; 
 (c) any Event of Default or Default, together with a statement of a Responsible Officer of the Borrower setting forth details of such Event of Default or Default and the action that the Borrower has taken and proposes to take with respect
thereto; 
 (d) any casualty, damage or loss to the Project, whether or not insured, through fire, theft, other hazard or casualty, or any
act or omission of the Borrower, its employees, agents, contractors, consultants or representatives, or of any other person, if such casualty, damage or loss affects the Borrower or the Project in excess of $1,000,000 for any one casualty or loss or
in the aggregate in any policy period; 
 (e) any early cancellation or material change in the terms, coverage or amounts of any insurance
described in Schedule 5.11; 
 (f) any matter which, to the knowledge of the Borrower (after due inquiry), has had, or would reasonably be
expected to have, a Material Adverse Effect, including any proceeding to which the Borrower or the Pledgor is a party, conducted by the FERC or the AR PSC affecting the Project, which, if adversely determined, would reasonably be expected to have a
Material Adverse Effect (provided that this Section 5.03(f) shall not require the Borrower to notify the Administrative Agent or the Loan Insurer or otherwise keep the Administrative Agent or the Loan Insurer apprised of legal,
regulatory, economic, market, or other developments, circumstances or conditions not directly related to or involving the Borrower or the Project); 
 (g) any contractual obligations incurred by the Borrower exceeding $2,000,000 per year in the aggregate for the Project, not including any obligations incurred pursuant to the Credit Documents, the Project Contracts or any obligation
contemplated in the then-current Annual Operating Budget; 
  

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 (h) any amendment, termination, material default or notice thereof and any other material notice given to
or by the Borrower under any Project Contract (including any change order or request for any change order under the EPC Contract) and monthly progress reports from the EPC Contractor (in form and substance reasonably satisfactory to the
Administrative Agent, the Loan Insurer and the Independent Engineer substantially in the form of Exhibit E); 
 (i) any material event of
force majeure asserted under any Project Contract to which the Borrower is a party and, to the extent reasonably requested by the Administrative Agent or the Loan Insurer and reasonably available to the Borrower, copies of related invoices,
statements, supporting documentation, schedules, data or affidavits delivered under the relevant Project Contract; 
 (j) any (i) fact,
circumstance, condition or occurrence at, on or arising from, the Site or the Improvements that results in material noncompliance with any Environmental Law or any Release of Hazardous Substances on or from the Site, the Improvements or any other
part of the Mortgaged Property that has resulted in material personal injury or material property damage or has a Material Adverse Effect, and (ii) pending or, to the Borrower’s knowledge, threatened, material Environmental Claim against
the Borrower or, to the Borrower’s knowledge, any of its Affiliates, contractors, lessees or any other persons, arising in connection with its or their occupying or conducting operations on or at the Project, the Site or the Improvements;

 (k) the occurrence of any ERISA Event described in clause (b) of the definition thereof or any other ERISA Event that, alone or
together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and the Subsidiaries in an aggregate amount exceeding $5,000,000; 
 (l) in no event later than fifteen (15) days prior to the time any person will become a member of the Borrower or the occurrence of any other change
in or transfer of ownership interests in the Borrower or of the Borrower’s interest in the Project, notice thereof, which notice shall identify such member and such member’s interest in the Borrower or shall describe, in reasonable detail,
such other change or transfer; 
 (m) any indenture, loan or credit or similar agreement, and any related security agreements, guarantees or
other collateral documents entered into by the Borrower after the Closing Date in connection with the incurrence of any Permitted Debt; 
 (n) any revision or change in status by Moody’s or S&P in the Credit Ratings; 
 (o) initiation of any condemnation
proceedings involving the Project, the Site or any material portion thereof; 
 (p) copies of each Fuel Supply Plan and amendments, waivers
or modifications thereto; 
 (q) within twenty (20) days after the end of each fiscal quarter after Term-Conversion and, in any event,
prior to making any Restricted Payment, a reasonably detailed calculation of 

  

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the Debt Service Coverage Ratio for the preceding four fiscal quarter period (or, during the first four fiscal quarters to occur after Term-Conversion, the
preceding fiscal quarters to occur after Term-Conversion); and 
 (r) such other information respecting the business, condition (financial or
otherwise), operations, performance or properties of the Borrower, the Project or any Permitted Project Company as the Administrative Agent or the Loan Insurer may from time to time reasonably request. 
 Without limiting the foregoing, upon the reasonable request of the Administrative Agent or the Loan Insurer, the Borrower shall provide copies of all
requested documentation related to any of the foregoing to the Administrative Agent or the Loan Insurer (as the case may be). 
 SECTION 5.04. Financial Statements. (a) The Borrower shall deliver or cause to be delivered to the Administrative Agent and the Loan Insurer in form and detail reasonably satisfactory to the Administrative Agent and the
Controlling Party: 
 (i) as soon as practicable and in any event within forty-five (45) days after the end of the first,
second and third quarterly accounting periods of its fiscal year (commencing with the quarter ending March 31, 2007), an unaudited balance sheet of the Borrower as of the last day of such quarterly period and the related statements of income,
cash flows and members’ capital (where applicable) for such quarterly period and for the portion of the fiscal year ending with the last day of such quarterly period, all prepared in accordance with GAAP and setting forth in each case in
comparative form corresponding unaudited figures from the preceding fiscal year; and 
 (ii) as soon as available but no later
than one hundred twenty (120) days after the close of each applicable fiscal year, commencing with the fiscal year ending December 31, 2006, audited consolidated financial statements of the Borrower and its subsidiaries, including a
balance sheet of the Borrower and its subsidiaries as of the close of such year, and the related statements of income, cash flows and members’ capital, all prepared in accordance with GAAP, certified by a nationally recognized firm of
independent certified public accountants selected by the Borrower. Such certificate and related accountants report shall be unqualified as to going concern and scope of audit, and shall state that such consolidated financial statements fairly
present, in all material respects, the consolidated financial position of the Borrower and its subsidiaries as at the dates indicated and the results of its operations and its cash flows for the periods indicated in conformity with GAAP applied on a
basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with GAAP. 

(b) Each time the financial statements are delivered under Section 5.04(a), the Borrower shall cause to be delivered, along with such financial
statements, a certificate signed by a Financial Officer of the Borrower certifying that such officer has made or caused to be made a review of the transactions and financial condition of the Borrower during the relevant fiscal 

  

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period and that such review has not, to the best of such Financial Officer’s knowledge, disclosed the existence of any event or condition which
constitutes an Event of Default or Default, or if any such event or condition existed or exists, the nature thereof and the corrective actions that the Borrower has taken or proposes to take with respect thereto. 
 SECTION 5.05. Books, Records, Access. (a) The Borrower shall maintain adequate books, accounts and records with respect to the Borrower
and the Project and prepare all financial statements required hereunder in accordance with GAAP, and, subject to requirements of Governmental Rules and safety requirements, after pre-scheduling with the Borrower, permit employees or agents of the
Administrative Agent, the Loan Insurer and the Independent Engineer at any reasonable time and upon reasonable prior notice to inspect all of the Borrower’s properties pertaining or related to the Project, including the Site, to examine or
audit all of the Borrower’s books, accounts and records pertaining or related to the Project and make copies and memoranda thereof. 
 (b) Upon the request of the Administrative Agent or the Loan Insurer, participate in a meeting of the Administrative Agent and the Lenders or the Loan Insurer (as applicable) once during each calendar year or, if reasonably requested by the
Administrative Agent or the Loan Insurer, more frequently (in person or via telephone), at such time and place as may be reasonably agreed to by the Borrower and the Administrative Agent or the Loan Insurer (as applicable) (provided that the
Borrower shall only be obligated to pay for one such in-person meeting per year, unless a Default or Event of Default shall have occurred and be continuing, in which case the Borrower shall pay for all such meetings during the pendency of any such
Default or Event of Default). 
 SECTION 5.06. Compliance with Laws. The Borrower shall comply, cause each Permitted Project
Company to comply, and cause the Project to be constructed, operated and maintained in compliance, with all Legal Requirements (including Legal Requirements relating to pollution control, environmental protection, equal employment opportunity or
employee benefit plans, Benefit Plans and employee safety, with respect to the Borrower or the Project), and exercise diligent good faith efforts to make such alterations to the Project and the Site as may be required for such compliance, except
such non-compliance as would not, in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.07.
Existence; Construction of Project. (a) Except as otherwise expressly permitted under this Agreement, the Borrower shall (i) maintain and preserve its existence as a Delaware limited liability company, (ii) maintain all
material rights, privileges and franchises necessary or desirable in the normal conduct of its business and (iii) engage only in the business consistent with the Operative Documents. 
 (b) The Borrower shall use all commercially reasonable efforts to cause the EPC Contractor to construct and complete the Project and cause Final
Completion to occur substantially in accordance with the scope of work and other specifications set forth in the EPC Contract. 
  

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 (c) The Borrower shall use commercially reasonable efforts to cause Final Completion to occur as soon as
practicable after the Substantial Completion Date. 
 (d) The Borrower shall deliver to the Administrative Agent and the Loan Insurer, and
the Controlling Party shall be afforded a reasonable opportunity to review and comment on, all plans, calculations, specifications and drawings with respect to the Project that are submitted for such review by the EPC Contractor in accordance with
Section 3.38.1 of the EPC Contract. The Borrower shall submit any such comments as are provided by the Controlling Party for review as provided in Section 3.38.1 of the EPC Contract. 
 (e) The Borrower shall comply in all material respects with any recovery plan approved by the Controlling Party, as contemplated by the definition of
“Date Certain”. 
 SECTION 5.08. Delivery of Certain Project Contracts. On or before the earlier of (a) the date
that is six months prior to the scheduled Commercial Operations Date and (b) the applicable date required under the EPC Contract, the Borrower shall deliver to the Administrative Agent, the Independent Engineer and the Controlling Party
(i) a Permitted O&M Agreement, (ii) one or more Permitted Fuel Supply Agreements in respect of coal supplies in a manner consistent with the Fuel Supply Plan and (iii) one or more Permitted Rail Car Leases, in each case, together
with a related Consent in respect thereof to the extent the Borrower is able to obtain such Consent using its commercially reasonable efforts. 
 SECTION 5.09. Operation of Project; Annual Operating Budget; Annual Operating Report. (a) The Borrower shall (i) keep the Project, or cause the same to be kept, in good operating condition consistent in all material
respects with all Applicable Permits, this Agreement, Prudent Utility Practices and the material provisions of the Project Contracts, and make or cause to be made all repairs (structural and non-structural, extraordinary or ordinary) necessary to
keep the Project in such condition, and (ii) at all times from and after the Commercial Operations Date, operate the Project, or cause the same to be operated, in a manner consistent with a Permitted O&M Agreement and Prudent Utility
Practices, and in compliance with the material terms of each Power Purchase Agreement and the other Project Contracts to which the Borrower is a party. 
 (b) On or before the date that is sixty (60) days prior to the Commercial Operations Date and thereafter sixty (60) days prior to any fiscal year of the Borrower, the Borrower shall adopt an operating plan
and a budget for such year with respect to the operation and maintenance of the Project (including a breakdown of the Borrower’s portion thereof), detailed by month, of anticipated revenues, anticipated revenue allocations under all waterfall
levels set forth in Section 3.2(c) of the Depositary Agreement and anticipated expenditures from the O&M Account, such budget to include debt service, maintenance, repair and operation expenses under the Permitted O&M Agreement
(including reasonable allowance for contingencies), reimbursable management expenses and fees, reserves and all other anticipated O&M Costs, Major Maintenance expenditures and Capital Expenditures for the Project (including a breakdown of the
Borrower’s portion thereof) for the period, to the conclusion of the subsequent full fiscal year thereafter, and for the corresponding periods with respect to each subsequent 

  

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annual operating budget, which shall be based on projections prepared in good faith by the Borrower and upon the operating budget for the applicable year
approved under the Participation Agreement, and the Borrower shall obtain approval thereof from the Controlling Party, after consultation with the Independent Engineer (such budget and plan, as approved by the Controlling Party, the “Annual
Operating Budget”) which approval shall not be unreasonably withheld or delayed. If the Annual Operating Budget is not prepared, or cannot be agreed between the Borrower and the Controlling Party, before the commencement of the relevant
fiscal year, the Annual Operating Budget in effect for the prior year as adjusted for inflation in accordance with the GDP-IPD Index shall remain in effect until such time as an Annual Operating Budget for such new fiscal year is prepared and
approved. 
 (c) If the O&M Costs (to the extent not reimbursable to the Borrower under the Power Purchase Agreements) during any
calendar year exceed the O&M Costs set forth in the Annual Operating Budget by the greater of (i) $4,000,000 or (ii) 25% or more, the Borrower shall be required to obtain the approval of the Controlling Party for such increased O&M
Costs, which approval shall not be unreasonably withheld or delayed. 
 (d) The Borrower shall deliver to the Administrative Agent and the
Loan Insurer within sixty (60) days of the end of each fiscal year after the Commercial Operations Date, a report, in form and substance to be mutually developed by the Controlling Party and the Borrower, with respect to such fiscal year
summarizing (i) any Project Contract or Additional Project Contract entered into or terminated during such year (whether by expiration of their respective terms or otherwise), (ii) revenue, fuel, emissions and operating data,
(iii) the actual level of dispatch and duration of the Project, capacity factors, outages and other operating and performance data and (iv) a summary of the O&M Costs, Major Maintenance expenditures and Capital Expenditures incurred
(including a breakdown of the Borrower’s portion thereof) during such period with a comparison to budgeted amounts for such costs. 
 SECTION 5.10. Preservation of Rights; Further Assurances; Excess Cash Flow; Consents. (a) The Borrower shall preserve, protect and defend its rights under each and every Project Contract, including prosecution of suits to
enforce any right of the Borrower thereunder and enforcement of any claims with respect thereto, except where failure to do so would not reasonably be expected to have a Material Adverse Effect. 
 (b) From time to time, the Borrower shall, promptly upon request by the Administrative Agent, the Collateral Agent or the Loan Insurer, do, execute,
acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, conveyances, pledge agreements, mortgages, deeds of trust, trust deeds, assignments, financing statements and continuations
thereof, termination statements, notices of assignment, transfers, certificates, assurances and other instruments as the Administrative Agent, the Collateral Agent or the Loan Insurer may reasonably require from time to time in order to
(i) carry out more effectively the purposes and intent of the Credit Documents, (ii) to the fullest extent permitted by applicable law, subject any of its assets or property to the Liens now or hereafter intended to be covered by any of
the Collateral Documents, (iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created 

  

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thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted
or now or hereafter intended to be granted to the Secured Parties under any Credit Document or under any other instrument executed in connection with any Credit Document to which the Borrower is or is to be a party in each case in such form and at
such times as shall be reasonably satisfactory to the Controlling Party, and pay all reasonable fees and expenses (including reasonable attorneys’ fees) incident to compliance with this Section 5.10(b). 
 (c) If the Borrower shall at any time acquire any real property or leasehold or other interest in real property not covered by the Mortgages, promptly
upon such acquisition (or on the Closing Date if such acquisition occurred prior thereto) and any transfer of undivided interests therein to the Co-Participants required under the Empire Power Purchase Agreement, the Participation Agreement or the
PILOT Lease, the Borrower shall execute, deliver and record a supplement to the Mortgages, as applicable, reasonably satisfactory in form and substance to the Controlling Party, subjecting such real property or leasehold or other interests to the
lien and security interest created by the Mortgages. If requested by the Administrative Agent or the Loan Insurer, the Borrower shall obtain an appropriate endorsement or supplement to the Title Policy insuring the Lien of the Collateral Agent in
such additional property, subject only to the Permitted Liens and other exceptions to title approved by the Controlling Party (which exceptions, one approved, shall be deemed to be Permitted Encumbrances hereunder). 
 (d) Prior to May 1, 2007, the Controlling Party shall have received a copy of each of the acknowledgment letters referred to in the definition of
“Consents” with respect to each of the Consents set forth on Exhibit D-1 hereto to the extent not received by the Controlling Party on the Closing Date (which acknowledgment letters shall have been duly executed and delivered by each of
the parties thereto and be in full force and effect). 
 (e) Prior to each Funding Date (as defined in the Depositary Agreement) and to the
maximum extent permitted by law, the Borrower shall cause each Permitted Project Company to distribute any amounts which are available for distribution to the Borrower for deposit into the Construction Account (prior to Term Conversion) or the
Revenue Account (from and after Term Conversion), other than amounts which such Permitted Project Company has reserved in accordance with Prudent Utility Practices for (i) the payment of amounts which it owes or is reasonably anticipated to owe
during the next Funding Period (as defined in the Depositary Agreement) and (ii) general working capital and liquidity purposes. 
 SECTION 5.11. Maintenance of Insurance. The Borrower shall, without cost to the Secured Parties, maintain or cause to be maintained on its behalf in effect at all times the types of insurance required pursuant to Schedule 5.11,
in the amounts and on the terms and conditions specified therein and apply any Insurance Proceeds received in accordance with the Credit Documents and the Participation Agreement. The Borrower shall obtain and maintain such other insurance as may be
required under the terms and conditions of any Project Contract. In the event that the Borrower fails to take out or maintain the full insurance coverage required by this Section, the Controlling Party, upon ten (10) days’ prior notice
(unless the aforementioned insurance would lapse within such period, in which event notice shall not be required) of any 

  

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such failure, may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All amounts so advanced by
the Controlling Party shall become a Secured Obligation and the Borrower shall forthwith pay such amounts to the Controlling Party together with interest from the date of payment by the Controlling Party at the Default Rate. 
 SECTION 5.12. Taxes, Other Government Charges and Utility Charges. (a) The Borrower shall pay, or cause to be paid, as and when due and
prior to delinquency, all Taxes, assessments and governmental charges of any kind that may at any time be lawfully assessed or levied against or with respect to the Borrower or its interest in the Project (including all assessments and charges
lawfully made by any Governmental Authority for public improvements that may be secured by a Lien its interest in the Project), and all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project;
provided, however, the Borrower may contest or cause to be contested in good faith any such Taxes, assessments and other charges and, in such event, may permit the Taxes, assessments or other charges so contested to remain unpaid during any period,
including appeals, when the Borrower is in good faith contesting or causing to be contested the same by appropriate proceedings, so long as (i) reserves reasonably satisfactory to the Controlling Party have been established on the
Borrower’s books in an amount sufficient to pay any such Taxes, assessments or other charges, accrued interest thereon and potential penalties or other costs relating thereto, or other provision for the payment thereof reasonably satisfactory
to the Controlling Party shall have been made, (ii) enforcement of the contested Tax, assessment or other charge is effectively stayed for the entire duration of such contest and (iii) any Tax, assessment or other charge determined to be
due, together with any interest or penalties thereon, is immediately paid after resolution of such contest. 
 (b) The Borrower shall at all
times remain a disregarded entity for federal income tax purposes. 
 SECTION 5.13. Event of Eminent Domain. If an Event of
Eminent Domain shall occur with respect to any part of the Collateral, the Borrower shall (a) promptly upon discovery or receipt of notice of any such occurrence provide written notice thereof to the Administrative Agent and the Loan Insurer,
(b) diligently pursue all of its rights to compensation against the relevant Governmental Authority in respect of such Event of Eminent Domain, (c) if such Event of Eminent Domain shall affect any material part of the Collateral, without
the written consent of the Controlling Party, which consent shall not be unreasonably withheld or delayed, not compromise or settle any claim against such Governmental Authority, and (d) pay or apply all Eminent Domain Proceeds (not applied to
the restoration of the Project in accordance with the Participation Agreement) in accordance with the Depositary Agreement. The Borrower consents to the participation of the Controlling Party (but the Controlling Party shall not be required to so
participate) in any eminent domain proceedings, and the Borrower shall from time to time, if the Controlling Party is not so participating, deliver to the Controlling Party each document filed or served by or upon the Borrower in such proceeding.

 SECTION 5.14. Interest Rate Protection. (a) Within 60 days after the Closing Date, the Borrower shall enter into one or
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Interest Hedge Providers for a period commencing on June 30, 2007 and ending on June 30, 2030 in a notional amount equal to at least 75% (but not
more than 100%) of the reasonably anticipated amount of the Loans projected to be outstanding during such period (which anticipated amount (i) shall be determined by reference to the Base Case Projections, and (ii) shall take into account
any scheduled or projected repayments or prepayments of Loans contemplated thereunder). 
 (b) On or before the first anniversary of the
Closing Date and to the extent that the interest rate under the Tax-Exempt Bonds is not fixed, the Borrower shall enter into one or more Interest Rate Protection Agreements with one or more Interest Hedge Providers which effectively fixes for the
tenor of such Tax-Exempt Bonds the interest rate applicable to a notional amount equal to at least 75% (but not more than 100%) of the reasonably anticipated amount of the floating-rate Tax-Exempt Bonds projected to be outstanding during such period
(which anticipated amount (i) shall be determined by reference to the Base Case Projections, and (ii) shall take into account any scheduled or projected repayments or prepayments of Tax-Exempt Bonds contemplated thereunder). 
 (c) Furthermore, the Borrower shall at all times thereafter (i) comply with and maintain in full force and effect through the end of such period
such Interest Rate Protection Agreements or replacements thereof and (ii) enter into additional Interest Rate Protection Agreements with one or more Interest Hedge Providers such that at least 75% (but not more than 100%) of the then current
outstanding amount of the Loans, Tax-Exempt Bonds and any other Debt for borrowed money during such period is effectively fixed-rated Debt. 
 (d) All such Interest Rate Protection Agreements (including any replacements thereof) shall be on terms and conditions reasonably satisfactory to the Controlling Party. 
 (e) To the extent required pursuant to the terms of any Interest Rate Protection Agreement, the Borrower shall pay all reasonable costs, fees and
expenses incurred by the Borrower in connection with any unwinding, breach or termination of any Interest Rate Protection Agreement (“Hedge Breaking Expenses”), all as calculated pursuant to the applicable Interest Rate Protection
Agreements. 
 (f) The Borrower shall in connection with any prepayment made by the Borrower pursuant to the Credit Agreement, terminate an
aggregate notional amount under the Interest Rate Protection Agreements at least equal to the amount (if any) by which the aggregate notional amount under the Interest Rate Protection Agreements would exceed the aggregate outstanding principal
amount of the Construction Loans or Term Loans, as the case may be, immediately after giving effect to such prepayment; and in each case, such termination shall be made within fifteen (15) days of the date of such prepayment. 
 SECTION 5.15. Independent Engineer. (a) The Borrower shall (i) permit the Independent Engineer to make an inspection of the Project
and the Site at the end of every quarter (prior to Term-Conversion) or year (from and after Term-Conversion), and (ii) deliver to the Administrative Agent and the Loan Insurer within seven (7) days of each such inspection a report, in form
and substance satisfactory to the Controlling Party, describing the findings made by the Independent Engineer during such inspection and reflecting any changes since the last prior report. 
  

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 (b) The Administrative Agent, the Loan Insurer and the Independent Engineer have the right to witness and
verify the Acceptance Tests (provided, that the Borrower shall only be required to pay for the costs, fees and expenses of the Independent Engineer in respect of any such Acceptance Tests). The Borrower shall give the Administrative Agent,
the Loan Insurer and the Independent Engineer notice regarding any proposed Acceptance Test promptly following the Borrower’s receipt of such notice. If, upon completion of any Acceptance Test, the Borrower is of the belief that such Acceptance
Test has been satisfied, it shall so notify the Administrative Agent, the Loan Insurer and the Independent Engineer and shall deliver a copy of all test results supporting such conclusion, accompanied by supporting data and calculations, evidencing
the belief that the Borrower and the EPC Contractor have satisfied their respective obligations with respect to such Acceptance Test. If the Acceptance Tests have been satisfactorily completed, the Borrower shall deliver to the Administrative Agent
and the Loan Insurer the Preliminary Acceptance Test Results and the Independent Engineer will, upon a thorough review of such Preliminary Acceptance Test Results, certify in writing to the Administrative Agent, the Lenders and the Loan Insurer,
within five (5) Business Days of the receipt of such Preliminary Acceptance Test Results, the satisfactory achievement of the Acceptance Tests. 
 SECTION 5.16. Energy Regulation. (a) The Borrower shall obtain market-based rate authority under Section 205 of the FPA and blanket approval to issue securities under Section 204 of the FPA
from the FERC in a final and binding order no longer subject to rehearing or appeal prior to the earlier of (i) September 1, 2007 (or, so long as the Borrower has properly filed all necessary applications with the FERC for the procurement of
market-based rate authority by June 1, 2007 and, thereafter, is diligently pursuing the obtainment of market-based rate authority, then December 1, 2007) and (ii) the date the Project generates any electric energy, including for any
testing prior to the Commercial Operation Date. 
 (b) The Borrower shall take all actions necessary to remain in compliance with, or exempt
from, the FPA, PUHCA 2005, applicable state energy regulatory laws and all Governmental Rules, except where failure to be in compliance with such laws and Governmental Rules would not reasonably be expected to have a Material Adverse Effect.

 SECTION 5.17. Separate Existence. The Borrower shall: 
 (a) maintain entity records and books of account separate from those of any other entity (including any entity which is an Affiliate of the Borrower);

 (b) not commingle its funds or assets with those of any other entity (including any entity which is an Affiliate of the Borrower);

 (c) provide that its board of directors or other analogous governing body will hold all appropriate meetings to authorize and approve such
entity’s actions, which meetings will be separate from those of other entities; 
  

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 (d) comply in all material respects with its Organizational Documents; 
 (e) ensure that the Borrower’s Organizational Documents contains a statement that all interests in the Borrower shall be securities governed by
Article 8 of the Uniform Commercial Code and shall be evidenced by certificates, and that such certificated interests shall be in registered form within the meaning of Article 8 of the Uniform Commercial Code; 
 (f) ensure that the Borrower’s Organizational Documents contains a statement that the only Debt the Borrower is allowed to incur is Permitted Debt;

 (g) ensure that the Borrower’s Organizational Documents contain a requirement that any agreements the Borrower enters into with an
Affiliate is on arm’s length terms (other than the Sponsor Support Agreement); 
 (h) ensure that the Borrower’s Organizational
Documents contain a requirement to maintain at least one Independent Member, other than during one or more periods not in any one case to exceed thirty (30) consecutive days; provided that, during the vacancy, no action may be taken
which requires the approval of the Independent Member (including bankruptcy actions); and 
 (i) ensure that the Borrower’s
Organizational Documents contain a requirement for an affirmative vote or written consent of the Independent Member in connection with any of the following matters: in order to authorize (i) the filing of any insolvency or reorganization case
or proceeding, instituting proceedings to have the Borrower adjudicated bankrupt or insolvent, instituting proceedings under any applicable insolvency law, seeking any relief under any law relating to relief from debts or the protection of debtors,
consenting to the filing or institution of bankruptcy or insolvency proceedings against the Borrower, filing a petition seeking or consenting to reorganization, liquidation or relief with respect to the Borrower under any applicable federal or state
law relating to bankruptcy, reorganization or insolvency, seeking or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or any similar official for the Borrower or a substantial part of its property,
making any assignment for the benefit of creditors, admitting in writing the Borrower’s inability to pay its debts as they become due, or taking action in furtherance of any of the foregoing, or (ii) merging, consolidating or combining the
Borrower or any subsidiary of the Borrower with any other entity, dissolving or winding-up the Borrower, selling, transferring or otherwise disposing of all or substantially all of the Borrower’s assets or approving any plan or agreement to
engage in any of the foregoing actions. 
 SECTION 5.18. Maintain Ratings. The Borrower shall use its best efforts to maintain
two ratings on the Facilities from S&P: one which gives effect to the Loan Insurance Policy and one which does not give effect to the Loan Insurance Policy; in each case for so long as S&P is in the business of rating loans and securities of
a type similar to the Facilities. If, at the request of the Borrower, the Facilities are at any time rated by Moody’s, then from and after the date of such rating, the Borrower shall use its best efforts to maintain two ratings on the
Facilities from Moody’s: one which gives effect to the Loan Insurance Policy and one which does not give effect to the Loan Insurance Policy; in each case for so long as Moody’s is in the business of rating loans and securities of a type
similar to the Facilities. 
  

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 SECTION 5.19. Mandatory Tender. On or before April 30, 2007 (the date of the delivery of
the items referred to in clauses (a)-(c) below being referred to herein as the “Mandatory Tender Date”), the Borrower shall have delivered to the Administrative Agent and the Loan Insurer (a) a copy of a fully executed
notice from the Borrower to the Notice Parties (as defined in the Bond Indenture) and a copy of a fully executed notice from the Tender Agent to all Owners (each as defined in the Bond Indenture) of the Tax-Exempt Bonds, which notices shall state
the Borrower’s intention to provide Alternate Credit Enhancement and Alternate Liquidity Facility (each as defined in the Bond Indenture) and shall otherwise be in compliance with the requirements set forth in Sections 4.8(b) and 4.2 of the
Bond Indenture, respectively (the “Mandatory Tender”), (b) a copy of such Alternate Credit Enhancement and an Alternate Liquidity Facility, together with a favorable opinion of bond counsel and an opinion of counsel to the
issuer of such Alternate Credit Enhancement and Alternate Liquidity Facility, in each case, in compliance with the requirements of clauses (i) through (iii) of Section 4.8 of the Bond Indenture and (c) written evidence of
(i) the provision for the purchase from the Liquidity Provider of all Liquidity Provider Bonds (each as defined in the Bond Indenture) and (ii) that all obligations under the Existing Credit Facilities have been satisfied in full in cash
in accordance with the Pay-off Agreement, in each case in form and substance reasonably satisfactory the Controlling Party. On the Mandatory Tender Date, more or less simultaneously, (A) the CS Letter of Credit in favor of the Trustee shall be
canceled and returned by the Trustee to Credit Suisse, (B) the Backstop Letter of Credit in favor of Credit Suisse shall be canceled and returned by Credit Suisse to the Issuing Bank, (C) the Issuing Bank shall issue a Backstop Letter of
Credit to the Trustee in replacement of the CS Letter of Credit and (D) the Trustee, the Issuing Bank, Credit Suisse and the Borrower shall cooperate fully with each other to effectuate the more or less simultaneous exchange of all such letters
of credit. 
 ARTICLE VI. 
 Negative Covenants 
 The Borrower covenants and agrees with each Lender, the Loan Insurer and the Issuing Bank that so long
as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Credit Document shall have been paid in full in
cash, the Borrower shall abide by the following negative covenants. 
 SECTION 6.01. Contingent Liabilities. Except as provided
in or permitted under this Agreement, the Borrower shall not become liable under contract as a surety, guarantor or accommodation endorser for or upon the obligation of any other person: provided, however, that this Section 6.01
shall not be deemed to prohibit (i) the acquisition or sale of goods, supplies or merchandise in the normal course of its business, (ii) normal trade credit which is Permitted Debt, (iii) the endorsement of negotiable instruments
received in the normal course of its business, (iv) indemnities provided under the Operative Documents, (v) joint and several liability 

  

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under Project Contracts (to the extent in effect as of the Closing Date or otherwise approved by the Controlling Party, such approval not to be unreasonably
withheld or delayed), and (vi) ordinary course indemnities under agreements that are not Operative Documents. 
 SECTION 6.02.
Limitations on Liens. Neither the Borrower nor any Permitted Project Company shall create, assume or suffer to exist any Lien on its assets or properties (including its interest in the Project), except Permitted Liens. 
 SECTION 6.03. Debt. Neither the Borrower nor any Permitted Project Company shall incur, create, assume or permit to exist or become liable
for any Debt, except Permitted Debt. 
 SECTION 6.04. Restricted Payments. Neither the Borrower nor any Permitted Project Company
shall make payments which are Restricted Payments, other than (a) as expressly permitted under Section 3.8 of the Depositary Agreement and (b) Restricted Payments by a Permitted Project Company to the Borrower. 
 SECTION 6.05. Sale or Lease of Assets. Neither the Borrower nor any Permitted Project Company shall conduct any Asset Sale except:

 (a) in the case of the Borrower, the Empire Buy-In; 
 (b) sales of coal, spare parts, or other rights or assets not required in connection with the Project; or 
 (c) in the case of the Borrower, any Shared Facilities or development rights in connection with Unit II being transferred by the Borrower to the owners of Unit II pursuant to the Permitted Development Rights Transfer Agreement
(provided that as a condition to any such Asset Sales in respect of Shared Facilities (i) the applicable parties shall have entered into all necessary Shared Facilities Agreements (including as is necessary to protect the rights and
remedies of the Borrower and the Secured Parties in respect of such Shared Facilities) and (ii) the co-owners of the Shared Facilities will have entered into non-disturbance arrangements reasonably satisfactory to the Controlling Party (such
that each co-owner shall be entitled to the quiet enjoyment of the Shared Facilities at all times during the effectiveness of the Shared Facilities Agreement). 
 SECTION 6.06. Activities. The Borrower shall not engage in activities other than those directly related to the Project; it being understood and agreed that the Borrower’s activities relating to the
development and administration of the Shared Facilities and assignment of rights to the owners of Unit II are expressly agreed to be so related. No Permitted Project Company shall engage in activities not contemplated by the definition of
“Permitted Project Company”. 
 SECTION 6.07. Pre-payments, Redemptions and Repurchases of Debt. The Borrower shall not
prepay, redeem or repurchase any of the Debt described in clause (g) of the definition of “Permitted Debt” prior to the regularly scheduled maturity thereof. 
  

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 SECTION 6.08. Creation or Formation of Subsidiaries. Neither the Borrower nor any Permitted
Project Company shall create or form subsidiaries, other than a Permitted Project Company. 
 SECTION 6.09. Dissolution; Mergers and
Consolidations; Organizational Documents. The Borrower shall not: 
 (a) liquidate, wind-up or dissolve or combine, merge or consolidate
with or into any other entity, 
 (b) change its legal form, 
 (c) purchase or otherwise acquire all or substantially all of the assets of any person; or 
 (d) materially
modify its Organizational Documents. 
 SECTION 6.10. Lease Transactions. Neither the Borrower nor any Permitted Project Company
shall enter into any transaction for the lease of any assets, whether operating leases, capital leases or otherwise, other than the transactions contemplated by the PILOT Agreements and Permitted Rail Car Leases, pursuant to any lease constituting
Permitted Debt or pursuant to leases of automobiles, office equipment or the like pursuant to which the aggregate annual lease payments by the Borrower do not exceed $100,000 per calendar year (in year 2007 Dollars adjusted for inflation in
accordance with GDP-IPD Index). 
 SECTION 6.11. Investments. The Borrower shall not make any Investments other than
(a) Permitted Investments, (b) up to $980,000,000 of Arkansas Taxable Industrial Development Revenue Bonds (Series 2006) as contemplated by the PILOT Agreements and (c) the Borrower may make Investments in Permitted Project Companies,
provided that (i) (A) such Investments are in accordance with and contemplated by the Construction Budget or the Annual Operating Budget (as applicable) or (B) such Investments are in an aggregate amount less than $100,000,
(ii) such Investments are necessary for the Permitted Project Companies to perform their respective obligations under the agreements to which they are a party and (iii) such Investments would not reasonably be expected to have a Material
Adverse Effect. 
 SECTION 6.12. Transactions With Affiliates. The Borrower shall not directly or indirectly enter into any
transaction or series of transactions with or for the benefit of an Affiliate of the Borrower (including any Permitted Project Company) without the prior written approval of the Controlling Party, which approval shall not be unreasonably withheld or
delayed, except for (a) the Project Contracts disclosed on Schedule 6.12 and the transactions permitted thereby, (b) arm’s-length transactions in the ordinary course of business not to exceed in the aggregate $1,000,000 per calendar
year (in year 2007 Dollars and adjusted for inflation in accordance with the GDP-IPD Index), or (c) as otherwise expressly permitted by this Agreement and the other Credit Documents. 
  

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 SECTION 6.13. Regulations. The Borrower shall not directly or indirectly apply any part of
the proceeds of any Loan or other extensions of credit hereunder or other revenues to the purchasing or carrying of any margin stock within the meaning of Regulation T, U or X of the Federal Reserve Board, or any regulations, interpretations or
rulings thereunder. 
 SECTION 6.14. ERISA. Neither the Borrower nor any Permitted Project Company shall establish, maintain,
contribute to or become obligated to contribute to any Benefit Plan. 
 SECTION 6.15. Partnerships, Etc. Neither the Borrower nor any
Permitted Project Company shall execute a binding agreement to (a) become a general or limited partner in any partnership, (b) become a joint venturer in any joint venture or (c) create or hold stock or other equity interests in any person, other
than in the case of clauses (b) and (c) and with respect to the Borrower only, a Permitted Project Company. 
 SECTION 6.16.
Speculative Transactions. The Borrower shall not engage in any transaction involving interest rate hedging, commodity hedging, swaps, options, futures contracts, derivative transactions, or any similar transactions (including take-or-pay
contracts, long term fixed price off take contracts and contracts for the sale of power on either a financial or physical basis) other than in the ordinary course of business consistent with prudent business practice and not for speculative
purposes. 
 SECTION 6.17. Capital Expenditures. The Borrower shall not (other than (a) in connection with a Required Capital
Expenditure, (b) in connection with the construction of the Project in accordance with the Construction Budget or (c) to the extent funded solely with the proceeds of equity contributions from the Pledgor (other than pursuant to the Sponsor Support
Agreement)) make any Capital Expenditures in any calendar year prior to the Term Loan Maturity Date in an amount greater than $500,000 in the aggregate for any such calendar year; provided that Capital Expenditures during any calendar year
may exceed $500,000 (up to $2,500,000) if the Independent Engineer certifies to the Administrative Agent, the Lenders and the Loan Insurer that such expenditure will enhance the value, efficiency or generation capacity of the Project and will not
have a Material Adverse Effect; provided further that Capital Expenditures during any calendar year shall not exceed $2,500,000 without the prior consent of the Controlling Party. Notwithstanding the foregoing, Capital Expenditures
shall exclude any expenditures by the Borrower for Major Maintenance expenditures paid with proceeds on deposit in the Major Maintenance Reserve Account in accordance with the Depositary Agreement. 
 SECTION 6.18. Amendments of Project Contracts and Debt Documents. (a) Subject to clause (b), the Borrower shall not directly or indirectly
terminate, materially amend, materially modify, materially supplement or materially waive, or permit or consent to the termination, material amendment, material modification, material supplement or material waiver of, any of the provisions of, or
give any consent (except to the extent such action could not reasonably be expected to affect the rights and obligations of the respective parties thereunder in any material respect) under any of the Project Contracts without the consent of the
Controlling Party (such consent not to be unreasonably withheld or delayed); provided that the Borrower may amend or modify any of the PILOT Agreements in connection with any Permitted Tax-Exempt Bond Refinancing and/or the development of
Unit II if and to the extent that such amendments or modifications are not materially adverse to the Borrower or the Secured Parties. 
  

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 (b) The Borrower shall not enter into or approve any change orders under the EPC Contract without the
approval of the Controlling Party (in consultation with the Independent Engineer), such approval not to be unreasonably withheld or delayed, unless each of the following conditions is satisfied: 
 (i) the cost of such change order results in increases in Project Costs of less than $5,000,000 or, when taken together with all change
orders since the Closing Date, less than $25,000,000; 
 (ii) such change order would not reasonably be expected to prevent
the Project from achieving the Commercial Operations Date on or before the Date Certain; 
 (iii) such change order would not
reasonably be expected to present a material risk of revocation or material modification of any Applicable Permit, or a material breach or default under any Project Contract; 
 (iv) such change order does not modify the liquidated damage, guarantee, limitations of liability, testing, warranty, retainage,
guaranteed completion dates, or other material terms of the EPC Contract; 
 (v) such change order does not materially alter
the fundamental nature of the Project; 
 (vi) such change order could not reasonably be expected to result in a Default or an
Event of Default; and 
 (vii) the Administrative Agent and the Loan Insurer have received a certificate, duly executed by an
authorized officer of the Borrower, confirming that the proposed change order will comply with each of the conditions set forth in clauses (i)-(vi) above. 
 (c) The Borrower shall not direct the EPC Contractor to demobilize under the EPC Contract for a period of fifteen (15) or more days (other than in connection with an event of force majeure under the EPC Contract)
without the prior consent of the Controlling Party. 
 (d) The Borrower shall not extend any cure period or remedial period under the EPC
Contract without the prior consent of the Controlling Party. 
 (e) The Borrower shall not directly or indirectly terminate, materially
amend, materially modify, materially supplement or materially waive, or permit or consent to the termination, material amendment, material modification, material supplement or material waiver of, any of the provisions of, or give any consent (except
to the extent such action could not reasonably be expected to affect the rights and obligations of the respective parties thereunder in any material respect) under any agreement evidencing Debt (other than Permitted Debt described 

  

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in clauses (c), (d), and (e) of the definition thereof and in connection with any Permitted Tax-Exempt Bond Refinancing or any Permitted Working Capital
Facility) without the consent of the Controlling Party (such consent not to be unreasonably withheld or delayed). 
 SECTION 6.19.
Name and Location; Fiscal Year. The Borrower shall not change its name, the location of its principal place of business (other than a change in such location from and after the effective date of the Dynegy Transaction as disclosed to the
Administrative Agent and the Loan Insurer prior to the Closing Date) or its federal employer identification number without notice to the Administrative Agent, the Loan Insurer and the Collateral Agent at least sixty (60) days prior to such change,
or change its fiscal year (which, as of the Closing Date, commences each January 1) without the Controlling Party’s consent. 
 SECTION
6.20. Use of Project Site. The Borrower shall not use, or grant consent for any third party to use, the Site for any purpose other than for the construction, operation and maintenance of the Project as contemplated by the Operative Documents,
without the prior written approval of the Controlling Party. Notwithstanding the foregoing, the Borrower shall have the right to amend the PILOT Agreements (a) to delete the Switchyard Easement and the Transmission Line Easement from the premises
leased thereunder; (b) to direct the City to convey the Switchyard Easement and the Transmission Line Easement to Entergy at such time as the switchyard and related transmission facilities have been constructed pursuant to the Interconnection and
Operation Agreement provided the City retains a nonexclusive easement (the “Retained Easement”) over the Switchyard Easement and grants the Borrower and the Co-Participants the right to use such easement pursuant to such amendments
to the PILOT Agreements; and (c) to provide for the development, construction, ownership, operation and maintenance of Unit II and the Shared Facilities (to the extent such amendments are not materially adverse to the Borrower or the Secured
Parties). At the Borrower’s request and subject to the procedures set forth in Article V of the Collateral Agency Agreement, the Collateral Agent shall execute and deliver such documents as may be reasonably required to release the Switchyard
Easement, Transmission Line Easement, and the Unit II and the Shared Facilities parcels from the Lien of the Mortgage encumbering such property. Upon the execution and delivery of such amendment to the PILOT Agreements, the Borrower shall execute
such documents as may be reasonably required to subject the Borrower’s interest in the Retained Easement to the Lien of the Mortgage and provide any reasonably requested date-down endorsements. 
 SECTION 6.21. Assignment; Creditworthy. The Borrower shall not assign its rights hereunder or under any of the other Operative Documents (or
consent to the assignment of any Major Participant’s rights under any Project Contract) to any person, other than an assignment of its development rights under the Participation Agreement in connection with Unit II pursuant to the Permitted
Development Rights Transfer Agreement and such other assignments or partial assignments as are necessary in connection with the Shared Facilities or Unit II (to the extent such assignments or partial assignments are not materially adverse to the
Borrower or the Secured Parties), as contemplated by the Participation Agreement and as otherwise permitted under Sections 6.05, 6.18 and 6.20 hereof and under the other Operative Documents. The Borrower shall not approve any person as being
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Participation Agreement in connection with any proposed transfer thereunder without having first obtained the prior written approval of the Controlling Party
(such approval not to be unreasonably withheld or delayed). 
 SECTION 6.22. Abandonment of Project. The Borrower shall not
Abandon the Project. 
 SECTION 6.23. Hazardous Substances. The Borrower shall not Release any Hazardous Substances in violation
of any Environmental Laws, Legal Requirements or Applicable Permits or in a manner that would reasonably be expected to subject the Secured Parties to material liability or would reasonably be expected to result in liability to the Borrower in
excess of $15,000,000. 
 SECTION 6.24. Additional Project Contracts. The Borrower shall not enter into, become a party to, or
become liable under (through the Participation Agreement, the Project Management Agreement or otherwise) any Additional Project Contract, unless (a) such Additional Project Contract is a Permitted Fuel Supply Agreement, Permitted O&M
Agreement, Permitted Rail Car Lease, Permitted Industrial Track Agreement, Permitted Development Rights Agreement (whether or not such agreement meets the definition of an Additional Project Contract) or is otherwise entered into with the prior
written consent of the Controlling Party in consultation with the Independent Engineer, such consent not to be unreasonably withheld or delayed, (b) such Additional Project Contract is in the name of the Borrower (provided that it may
also be in the name of the Project Manager on behalf of the Borrower and Co-Participations) and (c) if required by the Controlling Party and only if available to the Borrower after the Borrower uses its commercially reasonable efforts to
procure such consent, upon delivery to the Controlling Party of a Consent from such third party in substantially the form of Exhibit D (with such changes as are reasonably acceptable to the Controlling Party). 
 ARTICLE VII. 
 Events of Default

 SECTION 7.01. Events of Default. The occurrence of any of the following events shall constitute an event of default
(“Events of Default”): 
 (a) Payments; Loan Insurance Policy. 
 (i) The Borrower or the Pledgor shall (A) fail to pay any principal of any Loan when and as the same shall become due and payable,
whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise, (B) fail to pay any interest on any Loan or pay any Fee or pay any other amount due under any Credit Document, when and as the
same shall become due and payable, and, in case of clause (B), such default shall continue unremedied for a period of five (5) Business Days or (C) fail to pay any amount due and payable (after giving effect to any cure periods) under any
Interest Rate Protection Agreement which is insured or guaranteed pursuant to an Insurance Policy when and as the same shall be come due and payable. 
  

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 (ii) The Loan Insurer shall have made a payment under any of the Insurance Policies
(other than the Debt Service Reserve Surety) and, if the Loan Insurer had not made such payment, a Default or Event of Default would have occurred pursuant to Section 7.01(a)(i) or Section 7.01(e). 
 (iii) The Borrower shall fail to perform or observe any of its agreements in the Loan Insurance Agreement in accordance with the terms
thereof. 
 (b) Judgment. (i) One or more judgments or orders for the payment of money shall be rendered against the Borrower
(A) in an aggregate amount in excess of $5,000,000 or (B) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect and the same shall remain undischarged for a period of thirty
(30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Borrower to enforce any such judgment, or (ii) one or more
non-monetary judgment or order shall be rendered against the Borrower that could reasonably be expected to result in a Material Adverse Effect, and there shall be any period of thirty (30) consecutive days during which a stay of enforcement of
such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect 
 (c) Misstatements; Omissions. Any
representation or warranty by the Sponsor, the Pledgor or the Borrower in any Credit Document to which such Person is a party, or any certification contained in any certificate delivered by the Sponsor, the Pledgor or the Borrower under any Credit
Document, proves to have been false or incorrect in any material respect as of the date made or deemed made; provided, however, that if (i) the Sponsor, the Pledgor or the Borrower was not aware (after due inquiry) that such
representation or warranty was false or incorrect at the time such representation or warranty was made, (ii) the fact, event or circumstance resulting in such false or incorrect representation or warranty is capable of being cured, corrected or
otherwise remedied and (iii) such fact, event or circumstance resulting in such false or incorrect representation or warranty shall have been cured, corrected or otherwise remedied, within thirty (30) days from the date on which the
Sponsor, the Pledgor or the Borrower or any officer thereof first obtains knowledge thereof (after due inquiry) such that such incorrect or false representation or warranty (as cured, corrected or remedied) could not reasonably be expected to result
in a Material Adverse Effect, then such incorrect or false representation or warranty shall not constitute a Default or Event of Default. 
 (d) Bankruptcy; Insolvency. Any of the Borrower, the Pledgor or any Major Participant shall become subject to a Bankruptcy Event; provided that, with respect to any Major Participant, no Event of Default shall occur as a
result of such circumstance if: 
 (i) such Major Participant is BNSF, the City, Entergy Arkansas, Inc., the Project Manager,
Zachry Construction Corporation, the O&M Operator, or any Replacement Obligor for any such person, and such Major Participant is performing its material obligations under the relevant Project Contract during the period of time in which it is the
subject of a Bankruptcy Event; 
  

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 (ii) such Major Participant is a counterparty to a Power Purchase Agreement, and such
Bankruptcy Event occurs and is continuing prior to (but not following) the Commercial Operations Date; 
 (iii) such Major
Participant is a Co-Participant, Black & Veatch Holding Company, Kiewit Construction Company, Overland Contracting Inc., Gilbert Central Corp., the EPC Contractor, a counterparty to a Power Purchase Agreement or any Replacement Obligor for
any such person, and (A) with respect to any such Major Participant (other than a counterparty to a Power Purchase Agreement or any Replacement Obligor for any such counterparty), such Bankruptcy Event occurs after the Commercial Operations
Date, (B) such Major Participant is performing its material obligations under the relevant Project Contract during the period of time in which it is the subject of a Bankruptcy Event and (C) S&P and Moody’s (if Moody’s shall
have rated the Facilities) shall have delivered a written confirmation within twenty (20) Business Days of such Bankruptcy Event that the credit ratings assigned by S&P and Moody’s (if Moody’s shall have rated the Facilities) to
the Debt of the Borrower hereunder, under the Tax-Exempt Bonds and under any other Debt insured or guaranteed by the Loan Insurer under the Insurance Policies shall be at least “BBB-” (with a stable outlook) in the case of S&P and
“Baa3” (with a stable outlook) in the case of Moody’s after giving effect to such Bankruptcy Event (and without giving effect to any of the Insurance Policies); or 
 (iv) the Borrower obtains a Replacement Obligor within a reasonable period of time not to exceed ninety (90) days and such
circumstance has not had and does not have, prior to so obtaining such Replacement Obligor, a Material Adverse Effect. 
 (e) Debt Cross
Default. With respect to any Debt (other than the Debt under the Credit Documents, but including Debt under Interest Rate Protection Agreements) in a principal amount or agreement value in excess of $15,000,000, individually or in the aggregate,
the Borrower shall default for any period beyond any applicable grace period (i) in the payment of any amount or performance of any obligation due under any guarantee or other agreement governing any such Debt, whether by acceleration or
otherwise, or (ii) in the payment of any amount or performance of any obligation due under any guarantee or other agreement governing any such Debt if, in the case of this clause (ii), pursuant to such default, the holder of the obligation
concerned has accelerated the maturity of such Debt. 
 (f) ERISA. If the Borrower or any ERISA Affiliate should establish, maintain,
contribute to or become obligated to contribute to any Benefit Plan and (i) a reportable event (as defined in Section 4043(b) of ERISA other than an event for which the notice period has been waived) shall have occurred with respect to any
Benefit Plan and, within thirty (30) days after the reporting of such reportable event to the Administrative Agent and the Loan Insurer by the Borrower and the furnishing of such information as the Administrative Agent or the Loan Insurer may
reasonably request with respect thereto, the Controlling Party shall have notified the 

  

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Borrower in writing that (A) Controlling Party has made a determination that, on the basis of such reportable event, there are reasonable grounds for
the termination of such Benefit Plan by the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Benefit Plan, and (B) as a result thereof, an Event of Default exists hereunder; or
(ii) a trustee shall be appointed by a United States District Court to administer any Benefit Plan; or (iii) the PBGC shall institute proceedings to terminate any Benefit Plan; or (iv) a complete or partial withdrawal by the Borrower
or any ERISA Affiliate from any Multiemployer Plan shall have occurred, or any Multiemployer Plan shall enter reorganization status, become insolvent or terminate (or notify the Borrower or ERISA Affiliate of its intent to terminate) under
Section 4041A of ERISA and, within thirty (30) days after the reporting of any such occurrence to the Administrative Agent or the Loan Insurer by the Borrower and the furnishing of such information as the Administrative Agent or the Loan
Insurer may reasonably request with respect thereto, the Controlling Party shall have notified the Borrower in writing that the Controlling Party has made a determination that, on the basis of such occurrence, an Event of Default exists hereunder,
provided that the events described in this Section 7.01(f) will not result in an Event of Default unless the subject event involves (x) one or more Benefit Plans that are single-employer plans (as defined in Section 4001(a)(l5)
of ERISA) and under which the aggregate gross amount of unfunded benefit liabilities (as defined in Section 400l(a)(16) of ERISA), including vested unfunded liabilities which arise or might arise as the result of the termination of such Benefit
Plans, exceeds $5,000,000, (y) one or more Multiemployer Plans to which the aggregate liabilities of the Borrower and all ERISA Affiliates exceeds $500,000, and (z) the Borrower or any subsidiary thereof is reasonably expected to incur
liability in excess of $5,000,000. 
 (g) Project Contracts. 
 (i) The Borrower. The Borrower shall be in breach of any material obligation, or a material default by the Borrower shall have
occurred and be continuing, under a Project Contract, and such breach or default shall not be remediable or, if remediable, shall continue unremedied for a period equal to the lesser of the cure period provided under the Project Contract or thirty
(30) days; provided that if (A) such breach cannot be cured within such period, (B) such breach is susceptible of cure, (C) the Borrower is proceeding with diligence and in good faith to cure such breach, (D) the
existence of such breach has not resulted in, and would not after considering the nature of the cure be reasonably expected to give rise to, a termination by the counterparty to the Project Contract which is subject to breach or to otherwise have a
Material Adverse Effect and (E) the Administrative Agent and the Loan Insurer shall have received an officer’s certificate signed by a Responsible Officer of the Borrower to the effect of clauses (A), (B), (C) and (D) above and
stating what action the Borrower is taking to cure such breach, then, so long as no Material Adverse Effect occurs, such 30-day cure period shall be extended to such date, not to exceed ninety (90) days in the aggregate, as shall be necessary
for the Borrower diligently to cure such breach. 
 (ii) Third Party. Any party other than the Borrower shall be in
breach of any obligation under a Project Contract or a default by a party other than the Borrower shall have occurred and be continuing under a Project Contract and such breach or default shall 

  

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not be remediable or, if remediable, shall continue unremedied by such party for a period equal to the lesser of the cure period provided under the Project
Contract or thirty (30) days (unless waived by the appropriate party; provided that the Borrower, prior to waiving any such material breach or material default, shall have obtained the written consent of the Controlling Party) and has
had or would reasonably be expected to have a Material Adverse Effect; provided that if (A) such breach cannot be cured within such 30-day period, (B) such breach is susceptible of cure, (C) the breaching party is proceeding
with diligence and in good faith to cure such breach and (D) an extension of the time to cure would not reasonably be expected to exacerbate an existing Material Adverse Effect or cause any new Material Adverse Effect, then, such 30-day cure
period shall be extended to such date (not to exceed 90-days in the aggregate) as shall be necessary for such third party diligently to cure such breach; provided further that no Event of Default shall be declared as a result of any
such action if the Borrower obtains a Replacement Obligor for the affected party within the cure period referred to in this paragraph (including the 30-day cure period, if no extension is given) and such extension of time to cure has not, and would
not reasonably be expected to, exacerbate an existing Material Adverse Effect or cause any new Material Adverse Effect. 
 (iii) Termination. Any material provision in any Project Contract shall for any reason cease to be valid and binding on any party thereto (other than the Borrower) except upon fulfillment of such party’s obligations thereunder
(or any party to a Project Contract pursues a right of termination that could reasonably have merit), provided that no Event of Default shall occur as a result of such circumstance if the Borrower obtains a Replacement Obligor for the
affected party and such circumstance has not had and does not have, prior to the Borrower’s so obtaining such Replacement Obligor, a Material Adverse Effect. 
 (h) Participation Agreement; Project Management. Either (i) any Co-Participant (other than the Borrower) shall fail to pay, when due, any payment or payments required under the Participation Agreement in
excess of $1,000,000 in the aggregate at any time outstanding, to the extent such failure constitutes a Payment Default, as defined in the Participation Agreement; provided that no Event of Default shall occur as a result of such circumstance
if such Co-Participant, one or more of the other Co-Participants, an Affiliate of the Borrower or the Borrower (in the case of the Borrower, only to the extent funded solely with the proceeds of a capital contribution that is not made in
satisfaction of all or any part of the Equity Commitment and not funded with Operating Revenues), or any combination of the foregoing, shall fund an amount equal to such Payment Default within thirty (30) days following the occurrence of such
Payment Default; or (ii) the Borrower or one or more of its Affiliates shall fail to Control the Project Manager, or the Project Manager (or another entity reasonably satisfactory to the Controlling Party) shall cease to be the Project
Management Entity in accordance with the terms of the Participation Agreement and on the terms (or substantially similar terms) set forth in the Project Management Agreement. 
  

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 (i) Breach of Terms of Agreement. 
 (i) The Borrower shall fail to perform or observe any of the covenants set forth in (A) Section 5.01 (other than
Section 5.01(d)), 5.03(c), 5.05, 5.07(a)(i), 5.07(a)(iii), 5.08, 5.09(c), 5.11, 5.14, 5.15 or 5.17, 6.01 through 6.07, 6.09, 6.10, 6.11, 6.13, 6.14, 6.15, 6.16, 6.17, 6.18, 6.21, 6.22, 6.23 or 6.24 or (B) Section 3.9,
Section 3.10, Section 3.11 or Section 3.14(a) of the Depositary Agreement. 
 (ii) The Borrower or the Pledgor
shall fail to perform or observe any other covenant to be observed or performed by it hereunder or any other Credit Document not otherwise specifically provided for in Section 7.01(i)(i) or elsewhere in this Article VII, and such failure shall
continue unremedied for a period of thirty (30) days after the Borrower or the Pledgor either has knowledge (after due inquiry) of such failure and the fact that such failure constitutes a Default hereunder or receives written notice thereof
from the Administrative Agent or the Loan Insurer; provided, however, that if (A) such failure cannot be cured within such 30-day period, (B) such failure is susceptible of cure, (C) the Borrower or the Pledgor is
proceeding with diligence and in good faith to cure such failure, (D) the existence of such failure has not had and would not after considering the nature of the cure reasonably be expected to have a Material Adverse Effect and (E) the
Administrative Agent and the Loan Insurer shall have received an officer’s certificate signed by a Responsible Officer of the Borrower to the effect of clauses (A), (B), (C) and (D) above and stating what action the Borrower is taking
to cure such failure, then such 30-day cure period shall be extended to such date, not to exceed a total of ninety (90) days, as shall be necessary for the Borrower or the Pledgor diligently to cure such failure. 
 (j) Security. (i) Any of the Collateral Documents in any material respect cease to be in full force and effect, or fail to provide the
Administrative Agent, the Arranger, the Collateral Agent, the Issuing Bank, the Loan Insurer or the other Secured Parties the first priority security interests and Liens and associated rights and remedies permitted by law, powers or privileges
intended to be created thereby or purported to be created thereby or (ii) the Liens on the Collateral granted to the Collateral Agent (for the benefit of Secured Parties) cease to be superior and prior to the rights of all third Persons now
existing or hereafter arising whether by way of Lien or otherwise, except for Permitted Prior Liens. 
 (k) Loss of or Failure to Obtain
Applicable Permits. 
 (i) The Borrower or, in the case of the Project, any other person responsible for obtaining a
Permit required for the operation of the Project, shall fail to obtain any Permit (including, without limitation, any necessary state and federal energy regulatory authorizations, including those required pursuant to Section 203 of the FPA) on
or before the date that such Permit becomes an Applicable Permit and such failure would reasonably be expected to have a Material Adverse Effect; provided that no Event of Default shall occur for a period of up to ninety (90) days
following any such failure so long as (x) the Borrower or such other person is diligently seeking to remedy such failure, (y) the Borrower continues to operate the Project, or the Project is otherwise operated, as contemplated by the
Credit Documents and the Project Contracts and (z) at all times 

  

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during such 90-day period there has not occurred, nor after consideration of the nature of the Borrower’s efforts or such other person’s efforts to
remedy such failure, would there reasonably be expected to occur, a Material Adverse Effect. 
 (ii) Any Applicable Permit
necessary for operation of the Project shall expire or be materially modified (other than modifications requested by the Borrower or any other person responsible for the operation of the Project and approved in writing in advance of such
modification by the Controlling Party, which approval shall not be unreasonably withheld or delayed), revoked, cancelled, or not extended or renewed by the issuing agency or other Governmental Authority having jurisdiction and the loss of such
Permit would reasonably be expected to have a Material Adverse Effect; provided that no Event of Default shall occur for a period up to ninety (90) days following any such modification, revocation, cancellation or non-renewal so long as
(x) the Borrower or such other person is diligently appealing (or causing to be appealed) such modification, revocation or cancellation, (y) the Borrower or such other person continues to operate the Project as contemplated by the Credit
Documents and the Project Contracts and the enforcement of such modification, revocation or cancellation is effectively stayed during such period of operation, and (z) at all times during the pendency of such appeal, there has not occurred, nor
after consideration of the nature of the Borrower’s efforts or such other person’s efforts in respect of such appeal, would there reasonably be expected to occur, a Material Adverse Effect. 
 (l) Loss of Collateral. Any material portion of the Borrower’s property or the Collateral is damaged, seized or appropriated without fair
value being paid therefor such as to allow replacement of such property and/or prepayment of Secured Obligations and to allow the Borrower, in the Controlling Party’s reasonable judgment, to continue satisfying its obligations hereunder and
under the other Operative Documents. 
 (m) Destruction of the Project. All or a material portion of the assets or operations of the
Project are destroyed, or suffer an actual or constructive loss or material damage, and thereafter (a) the following conditions are not met within one hundred twenty (120) days of the occurrence of such destruction, loss or damage:

 (i) a decision has been made in accordance with the Participation Agreement (or the Borrower is otherwise obligated
pursuant to the Participation Agreement) to repair or restore the Project by the Borrower and each of the Co-Participants; 
 (ii) the Borrower’s Percentage (as defined in the Participation Agreement) of all Insurance Proceeds and/or Eminent Domain Proceeds received in respect of the Project shall be deposited into the Loss Proceeds Account; 
 (iii) the Borrower certifies, and the Controlling Party determines in its reasonable judgment (after consultation with the Independent
Engineer) that a sufficient amount of funds is or will be available to make repairs and restorations (and to make all payments of Debt Service which will become due during and following such repair period); and 
  

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 (iv) the Borrower certifies that it reasonably believes that each of the other
Co-Participants has sufficient funds available to fund their respective portions of the repairs and restorations; 
 or (b) the Project ceases to
operate for a period beyond the later of (i) sixty (60) days after the receipt of Loss Proceeds or (ii) one hundred twenty (120) days after the event of loss unless restoration or repair shall have been approved in accordance
with clause (a) above. 
 (n) Eminent Domain. Any Governmental Authority or any person acting under any Governmental Authority
shall have condemned, seized or appropriated all or any substantial part of the Project, or displaced permanently the management of the Borrower or any other entity managing the operations of the Project or curtailed the Borrower’s authority to
conduct its business. 
 (o) Commercial Operations Date. The Commercial Operations Date shall not have occurred by the Date Certain.

 (p) Sponsor Support Payments. Either (i) a Sponsor Support Payment has not been funded when required in accordance with the
Sponsor Support Agreement; or (ii) any portion of the Sponsor’s obligations under the Sponsor Support Agreement is not supported by credit support from an Acceptable Sponsor Support Letter of Credit Provider or funded into a cash
collateral account, the Prepayment Account or the Construction Account (as applicable) as contemplated by the Sponsor Support Agreement for a period of fifteen (15) consecutive days. 
 (q) Term-Conversion. Term-Conversion shall not have occurred by June 14, 2011. 
 (r) Unenforceability. (i) Any material provision of any Credit Document shall cease to be in full force and effect or any Credit Document
shall be declared null and void by a Governmental Authority, (ii) the Borrower shall contest the validity or enforceability of any Credit Document in writing or deny in writing that it has any further liability prior to the payment in full of
all obligations of the Borrower under the Credit Documents or (iii) the Pledgor shall contest the validity or enforceability of the Pledge Agreement in writing or deny in writing that it has any further liability under the Pledge Agreement
prior to the payment in full of all obligations of the Borrower under the Credit Documents other than surviving inchoate indemnities. 
 (s)
Minimum Ownership Interest Requirement. The Borrower shall at any time fail to (i) own at least 25.1% of the outstanding Ownership Interest under and as defined in the Participation Agreement, (ii) control the vote of at least 25.1%
of the board of directors of any Permitted Project Company or (iii) in the case of any matter related to any Transaction Agreement under and as defined in the Participation Agreement, control the vote of at least 25.1% of the Percentages under
and as defined in the Participation Agreement held by the parties to such Transaction Agreement (collectively, the “Minimum Control Thresholds”), or the Borrower shall enter into any agreement the effect of which is to cause (on
either the date of the agreement, the date of the closing of the transactions thereunder or at another future date) the Borrower to fail to maintain the Minimum Control Thresholds. 
  

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 SECTION 7.02. Remedies. Upon the occurrence and during the continuation of an Event of Default,
the Controlling Party may, without any obligation to do so and without further notice of default, presentment or demand for payment, protest or notice of non-payment or dishonor, or other notices or demands of any kind, all such further notices and
demands being waived, exercise any or all of the following rights and remedies, in any combination or order, in addition (but without prejudice to its rights as Controlling Party pursuant to Article X) to such other rights or remedies as the Secured
Parties may have hereunder or under the Credit Documents or at law or in equity: 
 (a) No Further Loans. Cancel all Commitments and
elect not to make (and upon such election the Lenders shall not be obligated to make) any additional Loans or other extensions of credit, and the Secured Parties shall not be obligated to make any payments, or permit the making of payments, from any
Account or any Proceeds or other funds held by the Administrative Agent, the Collateral Agent or the Depositary under the Credit Documents or on behalf of the Borrower. 
 (b) Cure. Without any obligation to do so, make Loans, other extensions of credit or disbursements to or on behalf of the Borrower to cure any Event of Default hereunder and to cure any default or render any
performance under any Project Contract as the Controlling Party in its absolute discretion may consider necessary or appropriate, whether to preserve and protect the Collateral or any of the Secured Parties’ interests therein or for any other
reason, and all sums so expended, together with interest on such total amount at the Default Rate (but in no event shall the rate exceed the maximum lawful rate), shall be repaid by the Borrower to the Controlling Party promptly upon demand therefor
and shall be secured by the Credit Documents 
 (c) Acceleration. Declare and make all sums of outstanding principal, accrued but
unpaid interest and accrued but unpaid premium remaining under this Agreement, together with all unpaid amounts, fees, costs and charges due hereunder or under any other Credit Document immediately due and payable, and require the Borrower
immediately, without presentment, demand, protest or other notice of any kind, all of which the Borrower hereby expressly waives, to pay to the Administrative Agent or the Loan Insurer (as applicable) an amount in immediately available funds equal
to the aggregate amount of any such outstanding accelerated obligations; provided, that in the event of an Event of Default occurring under Section 7.01(d) in respect of the Borrower, all such amounts shall become immediately due and
payable without further act of any Secured Party. 
 (d) Cash Collateral. Subject to the Collateral Agency Agreement, apply to,
set-off or execute upon any Obligation then due any amounts on deposit in any Account, any Proceeds, any drawings made under any Letter of Credit or any proceeds or any other monies of the Borrower on deposit with the Administrative Agent, the
Collateral Agent, the Depositary or any Secured Party in the manner provided in this Agreement or in the UCC and other relevant statutes and decisions and interpretations thereunder with respect to cash collateral. 
 (e) Possession of Projects. Subject to the Collateral Agency Agreement, enter into possession of the Project and perform any and all work and
labor necessary to complete such 

  

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Project or to operate and maintain such Project, and all sums expended in so doing, together with interest on such total amount at the Default Rate, shall be
repaid by the Borrower to the Secured Parties expending such sums promptly upon demand and shall be secured by the Credit Documents to the extent provided herein. 
 (f) Insurance Proceeds. Subject to the Collateral Agency Agreement, liquidate Insurance Proceeds (including any Permitted Investments made with such proceeds) in such manner as the Controlling Party shall deem
reasonable and prudent under the circumstances and apply the same (i) to curing such Event of Default, and any Insurance Proceeds remaining thereafter shall be applied as provided in the Depositary Agreement, or (ii) toward payment of all
other Secured Obligations of the Borrower in connection with exercise of the Secured Parties’ remedies pursuant to this Section. 
 (g)
Remedies Under Collateral Documents. Subject to the Collateral Agency Agreement, exercise any and all rights and remedies available to the Secured Parties under any of the Collateral Documents, including judicial or non-judicial foreclosure
or public or private sale of any of the Collateral pursuant to the Collateral Documents. 
 SECTION 7.03. Cumulative Remedies.
The rights provided for in the Credit Documents are cumulative and are not exclusive of any other rights, powers, privileges or remedies provided to the Secured Parties by law or in equity, or under any other instrument, document or agreement now
existing or hereafter arising. 
 ARTICLE VIII. 
 The Agents and the Arranger 
 SECTION 8.01. Appointment. Each of the Lenders and the
Issuing Bank hereby irrevocably appoints each of the Administrative Agent and the Collateral Agent (for purposes of this Article VIII, the Administrative Agent and the Collateral Agent are referred to collectively as the “Agents”
and each an “Agent”) its agent and authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms of the Credit Documents, together with such actions and powers as
are reasonably incidental thereto. Without limiting the generality of the foregoing, the Agents are hereby expressly authorized by the Lenders and the Issuing Bank to execute any and all documents (including releases and the Collateral Documents)
with respect to the Collateral and the rights of the Lenders and the Issuing Bank with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents. Each of the Agents is further authorized
by the Lenders and the Issuing Bank to enter into agreements supplemental hereto for the purpose of curing any formal defect, inconsistency, omission or ambiguity in this Agreement and the Collateral Documents. 
 SECTION 8.02. Right and Powers. Each bank serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender as
any other Lender and may exercise the same as though it were not an Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any of its respective Affiliates as
if it were not an Agent hereunder. 
  

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 SECTION 8.03. Duties, Responsibilities and Obligations. No Agent shall have any duties,
responsibilities or obligations except those expressly set forth in the Credit Documents. Without limiting the generality of the foregoing, (a) no Agent shall be subject to or be deemed to be subject to any fiduciary or other implied duties,
regardless of whether a Default or Event of Default has occurred and is continuing, (b) no Agent shall have or be deemed to have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby that such Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.08); provided,
that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Credit Document or applicable law, (c) no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into any Credit Document or otherwise exist against the Agents, and (d) except as expressly set forth in the Credit Documents, no Agent shall have any duty to disclose, nor shall it
be liable for the failure to disclose, any information relating to the Borrower (or any Affiliate thereof) that is communicated to or obtained by the bank serving as any Agent or any of its Affiliates in any capacity. The Administrative Agent and
the Collateral Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided
in Section 9.08) or in the absence of its own gross negligence or willful misconduct. Neither any Agent nor the Loan Insurer shall be deemed to have knowledge of any Material Adverse Effect, Default or Event of Default unless and until written
notice thereof is given to such Agent by the Borrower, the Loan Insurer, the Issuing Bank or a Lender, and none of the Loan Insurer or any of the Agents shall be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with any Credit Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth in any Credit Document or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of any Credit Document or any other agreement,
instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or
elsewhere in any Credit Document, other than to confirm receipt of items expressly required to be delivered to such Agent or the Loan Insurer. 
 SECTION 8.04. Reliance. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any
electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise communicated by the proper person. In determining compliance with any condition hereunder to the
making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, the Agents may presume that such condition is satisfactory to such Lender or the Issuing Bank unless
such Agent shall have received notice to the contrary from such Lender or the Issuing Bank prior to the making of such Loan or the issuance of such Letter of Credit. Each Agent may also rely upon any statement 

  

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made to it orally or by telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. Each
Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts. 
 SECTION 8.05. Sub-Agents. Each Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by it, with or without a written agency appointment. Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory and indemnification provisions of this Agreement shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as Agent. 
 SECTION 8.06. Resignation. The
Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank, the Loan Insurer and the Borrower. Upon any such resignation of the Administrative Agent, the Required Lenders shall have the right, in consultation with the
Borrower and subject to the prior written approval of the Loan Insurer (such approval not to be unreasonably withheld or delayed) so long as no Insurer Default has occurred and is continuing, to appoint a successor. If no successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within sixty (60) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and in
consultation with the Borrower and subject to the prior written approval of the Loan Insurer (such approval not to be unreasonably withheld or delayed) so long as no Insurer Default has occurred and is continuing, appoint a successor Administrative
Agent; provided, that if Administrative Agent shall notify Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the
retiring Administrative Agent shall be discharged from its duties and obligations under the Credit Documents and (b) all payments, communications and determinations provided to be made by, to or through Administrative Agent shall instead be made by
or to each Lender and Issuing Bank directly, until such time as the Required Lenders with the prior written approval of the Loan Insurer (so long as no Insurer Default has occurred and is continuing) appoint a successor Administrative Agent as
provided for above in this Section; and provided further, that, where the resignation of the Administrative Agent is due to illegality, any such resignation will become effective immediately upon notice to the Lenders, the Issuing Bank, the
Loan Insurer and the Borrower. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring
Administrative Agent, and upon such acceptance or notification as given above, the retiring or retired Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be
the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor and at any such time as Administrative Agent resigns, retires or is removed or replaced, such Administrative Agent shall return to Borrower
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equal to the remaining percentage of the calendar year during which Administrative Agent will no longer serve as Administrative Agent minus (ii) the net
amount of any unpaid expenses payable by Borrower to Administrative Agent at the time of its resignation, replacement or removal.. After an Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.05 shall
continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while acting as Administrative Agent. 
 SECTION 8.07. Arranger and Sole Bookrunner. Each of the Arranger and the Sole Bookrunner, in its capacity as such, shall have no duties,
responsibilities or fiduciary relationship to any Lender, and shall incur no liability, under this Agreement or any other Credit Document. 
 SECTION 8.08. Independent Credit Analysis. Each Lender and the Issuing Bank acknowledges that it has, independently and without reliance upon the Agents, the Arranger, the Sole Bookrunner, any Lender or the Issuing Bank and
based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Bank also acknowledges that it will, independently and without reliance upon
the Agents, the Arranger, the Sole Bookrunner, any Lender or the Issuing Bank and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or
based upon this Agreement or any other Credit Document, any related agreement or any document furnished hereunder or thereunder. 
 SECTION 8.09. Withholding. To the extent required by any applicable law, the Administrative Agent may withhold from any interest payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal
Revenue Service or any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not properly
executed or because such Lender failed to notify the Administrative Agent of a change in circumstance which rendered the exemption from, or reduction of, withholding tax ineffective or for any other reason, such Lender shall indemnify the
Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and
out-of-pocket expenses) incurred. 
 SECTION 8.10. Collateral Agent. Each of the parties hereto acknowledges the Collateral
Agent’s rights under, and the provisions of, Article VII of the Collateral Agency Agreement. 
 ARTICLE IX. 
 Miscellaneous 
 SECTION 9.01.
Notices. Notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax or electronic mail, as follows: 

(a) if to the Borrower, to Plum Point Energy Associates, LLC, Two Tower Center, 11th Floor, East Brunswick, New Jersey 08816, Attention: General
Counsel, Fax: (732) 249-7290; 
  

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 (b) if to the Administrative Agent, to The Royal Bank of Scotland plc, 101 Park Avenue – 6th Floor,
New York, NY 10178, Attn: Luis Montanti, Tel. (212) 401-1402, Fax. (212) 401-1478, email gbmnaagency@rbos.com; 
 (c) if to
the Collateral Agent, to The Bank of New York, 101 Barclay Street, Floor 8W, New York, NY 10286, Fax. (212) 815-5707 or (212) 815-5074, Attention: Corporate Trust Administration - Corporate Finance 
 (d) if to the Issuing Bank, Attn: Letter of Credit Department, Tel: (212) 401-3411, Fax: (212) 401-1494; 
 (e) if to the Loan Insurer, to it at its address (or fax number) set forth on Appendix B; and 
 (f) if to a Lender, to it at its address (or fax number) set forth on Appendix B or the Assignment and Acceptance pursuant to which such Lender shall
have become a party hereto. 
 All notices and other communications given to any party hereto in accordance with the provisions of this
Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service or sent by fax or on the date five (5) Business Days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01. 
 The Borrower hereby agrees, unless directed otherwise by the Administrative Agent or unless the electronic mail address referred to below has not been
provided by the Administrative Agent to the Borrower, that it will, or will cause its subsidiaries to, provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent,
the Lenders or the Issuing Bank pursuant to the Credit Documents, including all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) is
or relates to a Borrowing Request or a notice of continuation or conversion provided pursuant to Section 2.10, (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor,
(iii) provides notice of any Default or Event of Default under this Agreement or any other Credit Document or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or the Borrowing
(all such non-excluded communications being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium that is properly identified in a format acceptable to the
Administrative Agent to an address as directed by the Administrative Agent. In addition, the Borrower agrees, and agrees to cause its subsidiaries, to continue to provide the Communications to the Administrative Agent, the Lenders or the Issuing
Bank, as the case may be, in the manner specified in the Credit Documents but only to the extent requested by the Administrative Agent. 
  

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 The Borrower further agrees that the Administrative Agent may make the Communications available to the
Lenders and the Issuing Bank by posting the Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”). 
 THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENTS DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY NOTICES OR COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM, AND THE AGENTS
EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN ANY NOTICES OR COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD
PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENTS IN CONNECTION WITH ANY NOTICES OR COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE
OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES HAVE ANY LIABILITY TO THE PLEDGOR, ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF SUCH AGENT OR OTHER PERSON’S TRANSMISSION OF ANY NOTICES OR COMMUNICATIONS THROUGH THE PLATFORM, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH
PERSON IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON’S BREACH OF OBLIGATIONS UNDER A CREDIT DOCUMENT, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
 SECTION 9.02. Survival of Agreement. All covenants, agreements, representations and warranties made by the Borrower herein and in the
certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Credit Document shall be considered to have been relied upon by the Lenders, the Loan Insurer and the Issuing Bank and shall
survive the making by the Lenders of the Loans and the issuance by the Issuing Bank of the Letters of Credit, regardless of any investigation made by the Lenders, the Loan Insurer or on their behalf, and shall continue in full force and effect as
long as the principal of or any accrued interest on any Loan or any Fee or any other amount payable under this Agreement or any other Credit Document is outstanding and unpaid and so long as the Commitments have not been terminated. The provisions
of Sections 2.14, 2.16, 2.20, 9.05, 10.02 and 10.03 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the
Loans, the expiration of the Commitments, the termination of the Letters of Credit, the invalidity or unenforceability of any term or provision of this Agreement or any other Credit Document or any investigation made by or on behalf of the
Administrative Agent, the Collateral Agent, the Arranger, any Lender, the Loan Insurer or the Issuing Bank. 
  

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 SECTION 9.03. Binding Effect. This Agreement shall become effective when it shall have been
executed by each of the parties hereto and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto. 
 SECTION 9.04. Successors and Assigns. (a) Whenever in this Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Borrower, the Administrative Agent, the Collateral Agent, the Issuing Bank, the Loan Insurer or the Lenders that
are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. 
 (b) Each Lender may assign
to one or more assignees all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided, however, that (i) the
Administrative Agent, the Borrower and the Loan Insurer must give its prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed) (it being acknowledged and agreed that, subject to clause (i) below,
the Loan Insurer may withhold its consent if the proposed Lender does not have at the time of the proposed assignment a credit rating of “AA-” or higher by S&P and “Aa3” or higher by Moody’s), (ii) in the case of
any assignment of a Backstop LC Commitment or a Revolving Credit Commitment, the Issuing Bank must also give its prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed) (provided that, in each
case, the consent of the Borrower shall not be required to any such assignment during the continuance of any Event of Default), (iii) the amount of the Commitment of the assigning Lender subject to each such assignment (determined as of the
date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, in the case of the Backstop LC Facility, $2,000,000 in the case of the Revolving Credit Facility, and
$5,000,000, in the case of the Construction Loan Facility (or, after Term-Conversion, the Term Loan Facility) (or, if less, the entire remaining amount of such Lender’s Commitment) and shall, unless otherwise approved by the Administrative
Agent, be in an amount that is an integral multiple of $1,000,000 in excess thereof (or the entire remaining amount of such Lender’s Commitment), including assignments to multiple affiliates that in the aggregate equal such amounts,
(iv) the parties to each assignment shall execute and deliver to the Administrative Agent or the Loan Insurer, as applicable, an Assignment and Acceptance, substantially in the form of Exhibit B, via an electronic settlement system acceptable
to the Administrative Agent (or, if previously agreed with the Agent, manually), together with a processing and recordation fee of $3,500 (or as otherwise agreed by the Administrative Agent), and (v) the assignee, if it shall not be a Lender
immediately prior to the assignment, shall deliver to the Administrative Agent an Administrative Questionnaire, attached in the form of Exhibit A hereto, and any required tax forms, as applicable. Upon acceptance and recording pursuant to paragraph
(e) of this Section 9.04, from and after the effective date specified in each Assignment and Acceptance, (A) the assignee thereunder shall be 

  

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a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this
Agreement and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering
all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.16, 2.20 and 9.05, as well as
to any Fees accrued for its account and not yet paid). 
 (c) By executing and delivering an Assignment and Acceptance, the assigning Lender
thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned
thereby free and clear of any adverse claim and that its Construction Loan Commitment (or, after Term-Conversion, the Term Loan Commitment), Backstop LC Commitment and Revolving Facility Commitment, and the outstanding balances of its Loans under
each of the Construction Loan Facility (or, after Term-Conversion, the Term Loan Facility), the Backstop LC Facility and the Revolving Facility, in each case without giving effect to assignments thereof which have not become effective, are as set
forth in such Assignment and Acceptance, (ii) except as set forth in (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in
or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Credit Document or any other instrument or document furnished pursuant hereto, or the
financial condition of the Borrower or the performance or observance by the Borrower of any of its obligations under this Agreement, any other Credit Document or any other instrument or document furnished pursuant hereto; (iii) such assignee
represents and warrants that it is legally authorized to enter into such Assignment and Acceptance; (iv) such assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements referred
to in Section 4.01(m) or delivered pursuant to Section 5.04 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (v) such
assignee will independently and without reliance upon the Administrative Agent, the Collateral Agent, the Arranger, such assigning Lender, any other Lender or the Issuing Bank and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (vi) such assignee appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf
and to exercise such powers under this Agreement as are delegated to the Administrative Agent and the Collateral Agent, respectively, by the terms hereof, together with such powers as are reasonably incidental thereto; (vii) such assignee has
reviewed and is familiar with Article X and agrees to be bound in all respects by the terms and conditions thereof and the Loan Insurer’s rights thereunder; and (viii) such assignee agrees that it will perform in accordance with their
terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 
  

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 (d) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one
of its offices in the United States a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive and the Borrower, the Administrative Agent, the Collateral Agent and the Lenders may treat each person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Collateral Agent and any
Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (e) Upon its receipt of a duly completed Assignment and
Acceptance executed by an assigning Lender and an assignee, an Administrative Questionnaire any applicable tax-related deliverables specified in Section 2.20, as applicable, completed in respect of the assignee (unless the assignee shall
already be a Lender hereunder) and the written consent of the Administrative Agent to such assignment, the Administrative Agent shall (i) accept such Assignment and Acceptance, and (ii) record the information contained therein in the
Register. No assignment shall be effective unless it has been recorded in the Register as provided in this paragraph (e). 
 (f) Each Lender
may without the consent of the Borrower, the Loan Insurer or the Administrative Agent sell participations to one or more banks or other entities in all or a portion of its rights and obligations under this Agreement (including all or a portion of
its Commitment and the Loans); provided, however, that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, (iii) the participating banks or other entities shall be entitled to the benefit of the cost protection provisions contained in Sections 2.14, 2.16 and 2.18 to the same extent as if they were Lenders (but, with
respect to any particular participant, to no greater extent than the Lender that sold the participation to such participant) and (iv) the Borrower, the Administrative Agent, the Loan Insurer and the Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrower relating to the Loans and to approve any amendment,
modification or waiver of any provision of this Agreement (other than amendments, modifications or waivers decreasing any fees payable hereunder or the amount of principal of or the rate at which interest is payable on the Loans, extending any
scheduled principal payment date or date fixed for the payment of interest on the Loans, increasing or extending the Commitments or releasing any Collateral). 
 (g) Any Lender or participant may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 9.04, disclose to the assignee or participant or proposed
assignee or participant any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower; provided that, prior to any such disclosure of information designated by the Borrower as confidential, each such
assignee or participant or proposed assignee or participant shall execute an agreement whereby such assignee or participant shall agree (subject to customary exceptions) to preserve the confidentiality of such confidential information on terms no
less restrictive than those applicable to the Lenders pursuant to Section 9.16. 
  

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 (h) Any Lender may at any time assign all or any portion of its rights under this Agreement to secure
extensions of credit to such Lender or in support of obligations owed by such Lender; provided that no such assignment shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party
hereto. 
 (i) Notwithstanding anything to the contrary contained herein, any Lender described in clause (a) or (b) of the
definition of “Lender” (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent
and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall
constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms
hereof. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any
indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this
Agreement) that, prior to the date that is one (1) year and one (1) day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other person in
instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this
Section 9.04, any SPC may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the
Granting Lender or to any financial institutions (consented to by the Administrative Agent and, in the case of the Revolving Credit Facility, the Borrower) providing liquidity and/or credit support to or for the account of such SPC to support the
funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to
such SPC. 
 (j) The Borrower shall not assign or delegate any of its rights or duties hereunder without the prior written consent of the
Controlling Party, and any attempted assignment without such consent shall be null and void. 
 (k) Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no
such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
  

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 SECTION 9.05. Expenses; Indemnity. (a) The Borrower agrees to pay all reasonable
out-of-pocket costs and expenses incurred by the Administrative Agent, the Collateral Agent, the Loan Insurer, the Arranger and the Sole Bookrunner in connection with the preparation and administration of this Agreement and the other Credit
Documents or in connection with any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated shall be consummated) and shall pay all out-of pocket costs and expenses
incurred by the Administrative Agent, the Collateral Agent, the Loan Insurer, the Arranger, the Sole Bookrunner, the Issuing Bank and any Lender in connection with the enforcement or protection of their respective rights in connection with this
Agreement and the other Credit Documents or in connection with the Loans made or the Letters of Credit issued, including in each case the fees, disbursements and other charges of Dewey Ballantine LLP, counsel for the Administrative Agent and the
Arranger, Nixon Peabody LLP, counsel for the Collateral Agent, and Latham & Watkins LLP, counsel for the Loan Insurer, and, in connection with any such enforcement or protection, the fees, disbursements and other charges of (i) if the
Loan Insurer is at the time of the incurrence of such fees, disbursements and other charges the Controlling Party, a single special and a single Arkansas counsel for the Controlling Party and (ii) a single special and a single Arkansas counsel
for the Administrative Agent, the Collateral Agent, the Sole Bookrunner, the Issuing Bank and the Lenders. 
 (b) The Borrower agrees to
indemnify the Administrative Agent, the Collateral Agent, the Loan Insurer, the Arranger, the Sole Bookrunner, each Lender, the Issuing Bank and each Related Party of any of the foregoing persons (each such person being called an
“Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related costs and expenses, including reasonable counsel fees, disbursements and other charges, incurred by or
asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any other Credit Document or any agreement or instrument contemplated thereby, the performance by
the parties thereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated thereby, (ii) the use of the proceeds of the Loans or the Letters of Credit, (iii) any claim,
litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto, or (iv) any actual or alleged presence or Release of Hazardous Substances on any property owned or operated by the
Borrower or any Environmental Claim related in any way to the Borrower; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related costs and expenses are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from primarily the gross negligence or willful misconduct of such Indemnitee (and, upon any such determination, any indemnification payments with
respect to such losses, claims, damages, liabilities or related costs and expenses previously received by such Indemnitee shall be subject to reimbursement by such Indemnitee). 
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Collateral Agent, the Sole
Bookrunner or the Arranger under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent, the Sole Bookrunner or the Arranger, as the case may be, such 

  

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Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Collateral Agent, the Sole Bookrunner, or the
Arranger in its capacity as such. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum of the Aggregate Revolving Credit Facility Exposure, Aggregate Backstop LC Credit Exposure,
outstanding Construction Loans (or, after Term-Conversion, Term Loans) and unused Commitments at the time. 
 (d) To the extent permitted by
applicable law, the Borrower shall not assert, and each hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or other extensions of credit thereunder or the use of the proceeds thereof. 
 (e) The provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this
Agreement, the consummation of the Transactions or the other transactions contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, the termination of the Letters of Credit, the invalidity or unenforceability of any
term or provision of this Agreement or any other Credit Document, or any investigation made by or on behalf of the Controlling Party, the Administrative Agent, the Collateral Agent, the Sole Bookrunner, the Arranger, the Issuing Bank or any Lender.
All amounts due under this Section 9.05 shall be payable on written demand therefor. 
 SECTION 9.06. Right of Setoff. If an
Event of Default shall have occurred and be continuing and subject to the prior approval of the Controlling Party, each Lender is hereby authorized at any time and from time to time, except to the extent prohibited by law, to set off and apply any
and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account the Borrower against any of and all the obligations of the
Borrower now or hereafter existing under this Agreement and other Credit Documents held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or such other Credit Document and although such
obligations may be unmatured. The rights of each Lender under this Section 9.06 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have, but are subject to Article X. 
 SECTION 9.07. APPLICABLE LAW. THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY SET FORTH IN OTHER
CREDIT DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. ALL LETTERS OF CREDIT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF CREDIT,
OR IF NO SUCH LAWS OR RULES ARE DESIGNATED, THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS MOST RECENTLY 

  

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PUBLISHED AND IN EFFECT, ON THE DATE SUCH LETTER OF CREDIT WAS ISSUED, BY THE INTERNATIONAL CHAMBER OF COMMERCE (THE “UNIFORM CUSTOMS”) AND, AS TO
MATTERS NOT GOVERNED BY THE UNIFORM CUSTOMS, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 9.08. Waivers; Amendment. (a) No
failure or delay of the Administrative Agent, the Collateral Agent, the Issuing Bank, the Loan Insurer or any Secured Party in exercising any power or right hereunder or under any other Credit Document shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the Administrative Agent, the Collateral Agent, the Issuing Bank, the Loan Insurer and the Secured Parties hereunder and under the other Credit Documents are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or any other Credit Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by clause (b) below, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other
circumstances. 
 (b) If, and only if, the Loan Insurer is not the Controlling Party, then, except as set forth in Section 8.01 or as
otherwise expressly provided for herein, (i) this Agreement nor any provision hereof may not be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by, the Borrower and the Required Lenders and
(ii) the Administrative Agent shall not provide any direction or instruction to the Collateral Agent under the Collateral Agency Agreement without the prior consent of the Required Lenders; provided, however, that no such
agreement or direction shall (A) decrease the principal amount of, or extend the maturity of or any scheduled principal payment date or date for the payment of any interest on any Loan, or waive or excuse any such payment or any part
thereof, or decrease the rate of interest on any Loan, without the prior written consent of each Lender affected thereby, (B) increase or extend the Commitment or decrease or extend the date for payment of any Fees of any Lender without
the prior written consent of such Lender, (C) amend or modify the pro rata requirements of Section 2.17, the provisions of Section 9.04(j), the provisions of this Section or the definition of the term “Required
Lenders,” without the prior written consent of each Lender, (D) release all or any substantial part of the Collateral without the prior written consent of each Lender, (E) change the provisions of any Credit Document in a manner that
by its terms adversely affects the rights in respect of payments due to Lenders holding Loans of one Class differently from the rights of Lenders holding Loans of any other Class without the prior written consent of Lenders holding a majority in
interest of the outstanding Loans and unused Commitments of each adversely affected Class or (F) modify the protections afforded to a SPC pursuant to the provisions of Section 9.04(i) without the written consent of such SPC;
provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Collateral Agent hereunder or under any other Credit Document without the prior
written consent of the Administrative Agent, the Issuing Bank or the Collateral Agent as applicable. 
  

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 (c) Each Lender and Agent acknowledges that its voting rights with respect to matters hereunder and under
the other Collateral Documents are limited to the extent provided in Article X hereof and the terms of the Collateral Agency Agreement. 
 SECTION 9.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on
such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such
Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges
that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section 9.09 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be
increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 9.10. Entire Agreement. This Agreement, the Fee Letter and the other Credit Documents constitute the entire contract between the
parties relative to the subject matter hereof. Any other previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement and the other Credit Documents. Nothing in this Agreement or in the other Credit
Documents, expressed or implied, is intended to confer upon any person (other than the parties hereto and thereto, their respective successors and assigns permitted hereunder and, to the extent expressly contemplated hereby, the Related Parties of
each of the Administrative Agent, the Collateral Agent, the Arranger, the Sole Bookrunner, the Issuing Bank, the Loan Insurer and the Lenders) any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Credit
Documents. Notwithstanding anything to the contrary herein or in any other Credit Document, the Borrower is not, and shall not be, a beneficiary of any of the Insurance Policies. 
 SECTION 9.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER CREDIT DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11. 
  

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 SECTION 9.12. Severability. In the event any one or more of the provisions contained in this
Agreement or in any other Credit Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or
impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 9.13. Counterparts. (a) This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 9.03. Delivery of an executed signature page to this Agreement
by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 (b) The words
“execution,” “signed,” “signature,” and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION 9.14. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not
part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
 SECTION 9.15. Jurisdiction; Consent to Service of Process. (a) The Borrower
hereby irrevocably appoints CT Corporation System, 111 8th Avenue, 13th Floor, New York, New York 10011 as its agent for service of process in relation to any proceedings before any courts located in the State of New York in
connection with this Agreement and the other Credit Documents. The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United
States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Credit Documents, or for recognition or enforcement of any judgment, and each
of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the
parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any
right that the Administrative Agent, the Collateral Agent, the Arranger, the Sole Bookrunner, the Issuing 

  

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Bank, the Loan Insurer or any Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or the other Credit Documents
against the Borrower or its properties in the courts of any jurisdiction. 
 (b) The Borrower hereby irrevocably and unconditionally waives,
to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Credit Documents in any
New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 9.16.
Confidentiality. Each of the Administrative Agent, the Collateral Agent, the Issuing Bank, the Loan Insurer and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its and its
Affiliates’ officers, directors, employees and agents, including accountants, legal counsel and other advisors (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority or quasi-regulatory authority (such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws
or regulations or by any subpoena or similar legal process, (d) in connection with the exercise of any remedies hereunder or under the other Credit Documents or any suit, action or proceeding relating to the enforcement of its rights hereunder or
thereunder, (e) subject to an agreement containing provisions substantially the same as those of this Section 9.16, to (i) any actual or prospective assignee of or participant in or reinsurer of any of its rights or obligations under this Agreement
and the other Credit Documents, (ii) any pledgee referred to in Section 9.04(h) or (iii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or its obligations, (f) with the consent
of the Borrower or (g) to the extent such Information becomes publicly available other than as a result of a breach of this Section 9.16. For the purposes of this Section, “Information” shall mean all information received from the
Borrower and related to the Borrower or its business (including, for the avoidance of doubt, the existence or contents of any private rating letters issued by S&P and Moody’s in connection with the Facilities), other than any such
information that was available to the Administrative Agent, the Collateral Agent, the Arranger, the Issuing Bank, or any Lender on a nonconfidential basis prior to its disclosure by the Borrower; provided that, in the case of Information
received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any person required to maintain the confidentiality of Information as provided in this Section 9.16 shall be considered
to have complied with its obligation to do so if such person has exercised the same degree of care to maintain the confidentiality of such Information as such person would accord its own confidential information. Notwithstanding any other express or
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(and each of its employees, representatives or agents) are permitted to disclose to any persons, without limitation, the tax treatment and tax structure of
the Loans and the other transactions contemplated by the Credit Documents and all materials of any kind (including opinions and tax analyses) that are provided to the Borrower, the Lenders, the Loan Insurer, the Issuing Bank, the Arranger or any
Agent related to such tax treatment and tax aspects. To the extent not inconsistent with the immediately preceding sentence, this authorization does not extend to disclosure of any other information or any other term or detail not related to the tax
treatment or tax aspects of the Loans or the transactions contemplated by the Credit Documents. 
 SECTION 9.17. Collateral Agency
Agreement. Each Secured Party hereby acknowledges and agrees on behalf of itself that the Lien priorities and other matters related to the Credit Documents and the Collateral shall be subject to and governed by the Collateral Agency Agreement.
Each Secured Party, by delivering its signature page hereto, funding its Loans and/or executing an Assignment and Acceptance (as applicable) (a) shall be deemed to have acknowledged receipt of, consented to and approved of such Collateral Agency
Agreement when entered into and (b) hereby authorizes each Agent to execute and deliver, and to perform their respective obligations thereunder and the other Collateral Documents to which it is a party. 
 SECTION 9.18. Borrower Voting. In this Agreement and the other Credit Documents, where the Borrower is obligated to (a) take (or cause any
Major Participant to take) any action or (b) cause a specified result with respect to the Project, a Project Contract or an Additional Project Contract, which action or the procurement of such result is subject to the action of the Management
Committee or of the Borrower and the Co-Participants under the Participation Agreement, the Borrower shall be deemed to have satisfied such obligation in full if it has exercised (and, if applicable, caused any and all of its Affiliates to have
exercised) any and all rights that the Borrower (and, if applicable, such Affiliate) may have under the Participation Agreement to vote in favor of a proposed action by the Project Manager or by or on behalf of the Borrower and the Co-Participants
in accordance with the Participation Agreement or otherwise in a manner consistent with such obligation; provided, however, that this Section 9.18 shall not be applicable with respect to (i) any payment or reimbursement obligations
hereunder or under any other Credit Document (other than any obligation of Borrower to deposit or apply the Net Cash Proceeds of any Asset Sale insofar as such Net Cash Proceeds are required to be reinvested in replacement assets, or otherwise used
to repair or rebuild the Project, in accordance with the Participation Agreement) or (ii) the Borrower’s compliance with Articles IV, Article V (other than Sections 5.07(b)-(e) and 5.09), Article VI and Article VII. 
 SECTION 9.19. Scope of Liability. Notwithstanding anything to the contrary in this Agreement, any other Operative Document, or any other
document, certificate or instrument executed by the Borrower, the Pledgor or the Sponsor pursuant hereto or thereto, none of the Secured Parties shall have any claims with respect to the transactions contemplated by the Operative Documents against
the Sponsor or the Pledgor or any past, present or future holder (whether direct or indirect) of any Equity Interests in the Borrower, the Sponsor or the Pledgor or, in each case, any of their respective Affiliates (other than Borrower),
shareholders, officers, directors, employees representatives, Controlling persons, executives or agents (collectively, the “Non-Recourse Persons”), such claims against such Non-Recourse Persons (including as may 

  

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arise by operation of law) being expressly waived hereby; provided that the foregoing provision of this Section 9.19 shall not
(a) constitute a waiver, release or discharge (or otherwise impair the enforceability) of any of the Obligations, or of any of the terms, covenants, conditions, or provisions of this Agreement or any other Credit Document and the same shall
continue (but without personal liability to the Non-Recourse Persons) until fully paid, discharged, observed, or performed; (b) constitute a waiver, release or discharge of any lien or security interest purported to be created pursuant to the
Collateral Documents (or otherwise impair the ability of any Secured Party to realize or foreclose upon any Collateral, (c) limit or restrict the right of the Administrative Agent, the Collateral Agent, the Loan Insurer or any other Secured
Party (or any assignee, beneficiary or successor to any of them) to name the Borrower or any other person as a defendant in any action or suit for a judicial foreclosure or for the exercise of any other remedy under or with respect to this Agreement
or any other Credit Document, or for injunction or specific performance, so long as no judgment in the nature of a deficiency judgment shall be enforced against any Non-Recourse Person, except as set forth in this Section 9.19; (d) in any
way limit or restrict any right or remedy of the Administrative Agent, the Collateral Agent, the Loan Insurer or any other Secured Party (or any assignee or beneficiary thereof or successor thereto) with respect to, and each of the Non-Recourse
Persons shall remain fully liable to the extent that it would otherwise be liable for its own actions with respect to, any fraud (which shall not include innocent or negligent misrepresentation), willful misrepresentation, or misappropriation of
Operating Revenues or any other earnings, revenues, rents, issues, profits or proceeds from or of the Project or any Collateral, that should or would have been paid as provided herein or paid or delivered to the Administrative Agent, the Collateral
Agent, the Loan Insurer or any other Secured Party (or any assignee or beneficiary thereof or successor thereto) towards any payment required under this Agreement or any other Credit Document; (e) affect or diminish or constitute a waiver,
release or discharge of any specific written obligation, covenant, or agreement made by any of the Non-Recourse Persons (or any security granted by the Non-Recourse Persons in support of the obligations of any person) under or in connection with any
Collateral Document (or as security for the obligations of the Borrower), the Sponsor Support Agreement, or the Pledge Agreements; or (f) limit the liability of (i) any person who is a party to any Operative Document or has issued any
certificate or other statement in connection therewith with respect to such liability as may arise by reason of the terms and conditions of such Operative Document (but subject to any limitation of liability, if any, in such Operative Document),
certificate or statement, or (ii) any Person rendering a legal opinion pursuant to the terms of any Credit Document, in each case under this clause (f) relating solely to such liability of such person as may arise under such referenced
agreement, instrument or opinion. The limitations on recourse set forth in this Section 9.19 shall survive the termination of this Agreement, the termination of all Commitments and the full payment and performance of the Obligations hereunder
and under the other Operative Documents. 
 SECTION 9.20. Patriot Act. Each Secured Party hereby notifies the Borrower that
pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Secured
Party to identify the Borrower in accordance with the Patriot Act. 
  

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 ARTICLE X. 
 Controlling Party Agreements 
 SECTION 10.01. Voting Rights. Notwithstanding anything to
the contrary in this Agreement or in any other Credit Document: 
 (a) Each party to this Agreement agrees that the Controlling Party shall
have the exclusive power after the Closing Date to determine, control and direct any request, demand, authorization, direction, notice, consent, waiver, funding decision, determination to cancel any Commitments, or other action to be given, made or
taken by any party to any Credit Document (including any decision to fund Loans or issue Letters of Credit), other than the Borrower, the Pledgor or the Sponsor. Notwithstanding anything to the contrary in any Credit Document, each of the Arranger,
the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders agrees not to give, make or take any such request, demand, authorization, direction, notice, consent, waiver or other action for so long as the Loan Insurer is the
Controlling Party (unless, in each such case, it is directed to do so by the Loan Insurer). Nothing in this Section 10.01 shall, however, limit the Administrative Agent’s rights and obligations under Section 3.1(b)(iii) of the
Depositary Agreement with respect to instructions to the Collateral Agent (subject to the provisions of Section 3.1(b)(v) of the Depositary Agreement). 
 (b) Each party to this Agreement agrees that the Controlling Party shall have the exclusive power to determine the exercise of, and otherwise control and direct the enforcement of, all rights and remedies in respect
of any Event of Default or any Default howsoever arising. Without limiting the foregoing, the Controlling Party shall be entitled to make all decisions related to (i) the right to accelerate the principal of the Obligations, and (ii) the
right to annul any declaration of acceleration, and the Controlling Party shall also be entitled to determine whether to grant any waivers of Defaults or Events of Default or any other provision herein. Notwithstanding anything to the contrary in
any Credit Document, each of the Arranger, the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders agrees not to exercise any rights or remedies granted in, or pursuant to or in respect of any, Credit Document or available
to it at law or in equity in respect of any Defaults or Events of Default under any Credit Document for so long as the Loan Insurer is the Controlling Party (unless, in each such case, it is directed to exercise such rights and remedies by the Loan
Insurer). 
 (c) Each party to this Agreement agrees that the Controlling Party’s consent shall be required in lieu of any other Secured
Party’s consent, when required, for the following purposes: (i) execution and delivery of any Credit Document after the Closing Date or any amendment, supplement or change to or modification of any Credit Document after the Closing Date;
(ii) removal of the Collateral Agent, the Depositary, the Independent Engineer or the Insurance Consultant, and selection and appointment of any successor Administrative Agent, Collateral Agent, Depositary, Independent Engineer or Insurance
Consultant; and (iii) initiation or approval of any action not described in (i) or (ii) above which requires any other Secured Party’s consent. 
 (d) Each party to this Agreement agrees that any reorganization or liquidation plan with respect to the Borrower must be acceptable to the Controlling Party and, if the Loan Insurer 

  

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is not the Controlling Party but the Borrower owes the Loan Insurer payments under Section 2.01 of the Loan Insurance Agreement, the Loan Insurer. In
the event of any reorganization or liquidation, the Loan Insurer shall have the right to vote on behalf of all Secured Parties who hold Loan Insurer-insured Obligations absent an Insurer Default. 
 (e) Notwithstanding anything to the contrary contained in clauses (a)-(d) above, the Controlling Party may not:
 (i) decrease the principal amount of, or extend the stated maturity of or any scheduled principal payment date or date for the payment of
any interest on any Loan, or waive or excuse any such payment or any part thereof, or decrease the rate of interest on any Loan (other than default interest payable to the Lenders), without the prior consent of each Lender affected thereby;

 (ii) increase or extend the Commitments beyond the applicable scheduled termination date thereof or decrease or extend the
date for payment of any Fees of any Lender or Agent, without the prior consent of each Lender or Agent affected thereby; 
 (iii) amend or modify the pro rata requirements of Section 2.17, the provisions of Section 9.04(j), the provisions of this Section or the definition of the term “Required Lenders” or “Supermajority Lenders”,
without the prior consent of each Lender affected thereby; 
 (iv) release all or any substantial part of the Collateral,
without the prior consent of each Lender; 
 (v) amend or modify the provisions of any Credit Document in a manner that by its
terms adversely affects the rights in respect of payments due to Lenders holding Loans of one Class differently from the rights of Lenders holding Loans of any other Class without the prior written consent of Lenders holding a majority in interest
of the outstanding Loans and unused Commitments of each adversely affected Class; 
 (vi) amend or modify the protections
afforded to a SPC pursuant to the provisions of Section 9.04(i) without the written consent of such SPC; 
 (vii) amend
or modify the provisions of Article II (other than Sections 2.01, 2.09 (excluding Section 2.09(b) and Section 2.09(f)(vi)), 2.12, 2.13, 2.17 (other than as set forth in clause (iii) of this Section 10.1(e)) and any other
provision in Article II which, if amended or modified, would not, individually or in the aggregate, (A) prejudice the Agents or the Lenders, (B) with respect to the Agents, be inconsistent with their internal credit and administrative
policies or (C) prejudice the Lenders’ rights or remedies hereunder), without the prior consent of the Required Lenders or Agent affected thereby; 
 (viii) amend, modify or grant any waivers under Section 4.01; or 
  

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 (ix) amend, modify or grant any waivers in respect of the Borrower’s express
obligations hereunder to deliver information, notices or other documentation to the Administrative Agent, the Lenders or their respective counsel (provided that (A) if the Borrower fails to provide any such information, notices or other
documentation to the Administrative Agent, the Lenders or their respective counsel, then the Loan Insurer, so long as it is the Controlling Party, shall have the sole right to grant any waivers as a result of any related Default or Event of Default
and (B) if the Borrower fails to deliver any information, notices or other documentation to the Administrative Agent, the Lenders or their respective counsel as and when required by this Agreement, then such failure shall be deemed to be cured
or remedied on the date such information, notices or other documentation are delivered to the Administrative Agent, the Lenders or their respective counsel, as applicable); 
 provided, that nothing in this clause (e) shall limit the Loan Insurer’s rights (so long as no Insurer Default has occurred and is
continuing) (A) to amend or modify any provision (including Sections 3.1, 3.2 and 3.11) of the Depositary Agreement, (B) to amend or modify any of the Controlling Party’s rights to direct the Collateral Agent to take any action
pursuant to Articles II, III and V or Sections 9.3 and 9.4 of the Collateral Agency Agreement, (C) to amend or modify the definition of “Permitted Debt”, “Permitted Lien” or “Permitted Prior Liens” in this
Agreement or any other Credit Document (however so defined), and (D) subject to clause (e)(viii) above, to direct the applicable Lenders to make any Loans to, or direct the Issuing Bank to issue Letters of Credit in favor of, the Borrower.

 (f) Each party to this Agreement shall be bound by any and all decisions, approvals, waivers, consents or other actions or omissions by
the Controlling Party under this Article X. 
 SECTION 10.02. Other Matters. Notwithstanding anything to the contrary in this
Agreement or in any other Credit Document: 
 (a) In the event that the principal, interest, fees and/or any other amount due on the
Obligations shall be paid by the Loan Insurer pursuant to any of the Insurance Policies, such Obligations shall remain outstanding for all purposes under the Credit Documents, not be defeased or otherwise satisfied and not be considered paid by the
Borrower, and the assignment and pledge of the Collateral by the Borrower and the Pledgor and all covenants, agreements and other obligations of the Borrower to the Lenders shall continue to exist and shall run to the benefit of the Loan Insurer to
the extent of the Obligations paid by the Loan Insurer. In the event that the Administrative Agent, the Issuing Bank, the Collateral Agent or any Lender receives any amounts from the Pledgor or the Borrower or in respect of the Collateral that
pursuant to the terms of the Credit Documents should have been paid to the Loan Insurer, then the Administrative Agent, the Issuing Bank, the Collateral Agent or such applicable Lender (as the case may be) shall promptly (and, in any event, within
two (2) Business Days) turn-over all such amounts to the Loan Insurer (in the form received and with any appropriate endorsements). 
 (b) In the event that the principal, interest, fees and/or any other amount due on the Obligations shall be paid by the Loan Insurer (or a claim made by the Administrative Agent) 

  

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pursuant to the Loan Insurance Policy, the applicable Lenders must surrender their Obligations or the applicable portion thereof (along with an appropriate
and duly executed Assignment and Acceptance and an assignment of any related Note to permit ownership of such Obligations to be registered in the name of Ambac Assurance Corporation) for ultimate payment by the Borrower to the Loan Insurer as
contemplated by clause (a) above, and not the Administrative Agent, the Collateral Agent or such Lender. Any such assignment shall not be subject to any person’s (including the Borrower’s or the Administrative Agent’s) approval.

 (c) In addition to those rights granted to the Loan Insurer under the Credit Documents and the Loan Insurance Policy, the Loan Insurer
shall, to the extent it makes payment of principal, interest, fees and/or any other amount due on the Obligations, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Loan Insurance Policy to the
extent of the Obligations paid by the Loan Insurer, and the Administrative Agent shall note the Loan Insurer’s rights as subrogee in the Register. 
 (d) With respect to each proposed Credit Event to occur after the Closing Date and Term-Conversion and subject to Section 10.01(e)(ix), (i) the Administrative Agent shall review each of the documents,
certificates, requests and other deliverables actually submitted by the Borrower to it pursuant to Section 4.02, 4.03 or 4.04 (as the case may be) in accordance with its customary practices, (ii) the Administrative Agent shall promptly
advise the Controlling Party if it reasonably believes (but without any requirement or duty of investigation) that the Borrower has not satisfied a condition precedent to such Credit Event or Term-Conversion (as applicable), (iii) the
Administrative Agent shall approve such Credit Event or Term-Conversion (as applicable) if each of the documents, certificates, requests and other deliverables submitted by the Borrower to it pursuant to Section 4.02, 4.03 or 4.04 (as the
case may be) appears on its face (but without any requirement or duty of investigation) to conform to the requirements of such Section(s), unless the Controlling Party shall have notified the Administrative Agent not to so approve such Credit
Event or Term-Conversion (as applicable) on or before the date which is three (3) Business Days after the date the Administrative Agent and the Loan Insurer received such documents, certificates, requests and other deliverables submitted by the
Borrower to each of them pursuant to Section 4.02, 4.03 or 4.04 (as the case may be) and (iv) the Administrative Agent shall not be liable for any action taken or not taken by it pursuant to this clause (d) in the absence of its own
gross negligence or willful misconduct. The agreements contained in this clause (d) are solely for the benefit of the Administrative Agent, the Lenders and the Loan Insurer, and the Borrower shall have no rights under this clause whatsoever.
For the avoidance of doubt, nothing done or not done by the Administrative Agent pursuant to this Section 10.02(d) shall in any way affect the Loan Insurance Policy or the Debt Service Reserve Surety (whether as to their validity,
enforceability or otherwise) or the Loan Insurer’s obligations under the Loan Insurance Policy or the Debt Service Reserve Surety. 
 SECTION 10.03. Return of Loan Insurance Policy and DSR Surety. 
 (a) Notwithstanding anything to the contrary in this
Agreement or in any other Credit Document, if a Policy Return Event has occurred and is continuing, then the Administrative Agent (on behalf of the Lenders) may (at the direction of the Supermajority Lenders), deliver to 

  

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the Loan Insurer: (A) an original copy of the Loan Insurance Policy and the Debt Service Reserve Surety; (B) a duly executed notice from an
authorized officer of the Administrative Agent (1) stating that the Administrative Agent and the Supermajority Lenders desire to cancel the Loan Insurance Policy and the Debt Service Reserve Surety in accordance with their respective terms and
this Agreement and (2) confirming the matters in clause (c) below; and (C) written evidence of such consent of the Supermajority Lenders to the delivery back to the Loan Insurer of the Loan Insurance Policy and the Debt Service
Reserve Surety. In connection with the foregoing, the Collateral Agent acknowledges its obligations under, and subject to the conditions specified in, Section 3.6(f) of the Depositary Agreement to return the Debt Service Reserve Surety to the
Administrative Agent. If, as of the time of delivery to the Loan Insurer of the original copy of the Loan Insurance Policy and the Debt Service Reserve Surety contemplated by this clause (a), the Loan Insurance Policy and/or the Debt Service Reserve
Surety is or are lost, stolen, mutilated, misplaced or destroyed, the Administrative Agent or the Collateral Agent, as applicable, shall provide in lieu of an original copy of the Loan Insurance Policy and/or the Debt Service Reserve Surety (as
applicable) a customary indemnity and affidavit to that effect (which indemnity shall, among other things, hold the Loan Insurer harmless for any losses, claims or damages arising out of such lost, stolen, mutilated, misplaced or destroyed Loan
Insurance Policy and/or the Debt Service Reserve Surety (as applicable)) and otherwise in form and substance reasonably satisfactory to the Loan Insurer. 
 (b) Upon completion of the items referred to in clauses (a)(i)-(iii) above and subject to the provisions of the Loan Insurance Agreement which survive the cancellation or termination of such Insurance Policies
and solely with respect to the Loan Insurance Policy and the Debt Service Reserve Surety, the Loan Insurer shall cease to have any rights or obligations under this Agreement or any other Credit Documents (provided that if the Borrower owes
any obligations to the Loan Insurer, then (i) the Loan Insurer shall continue to have all rights and obligations as a Secured Party as provided for under the Collateral Documents, (ii) the Loan Insurer shall continue to have all rights
under the Depositary Agreement (including Section 3.2(c) thereof) and the Collateral Agency Agreement (including Section 4.1 thereof) and (iii) none of the Credit Documents may be amended or modified in any manner which could
reasonably be expected to impair the Borrower’s obligations to the Loan Insurer under the Loan Insurance Agreement without the Loan Insurer’s consent) and the Loan Insurance Policy and the Debt Service Reserve Surety shall be deemed to be
cancelled and terminated. For the avoidance of doubt, nothing in this Section 10.03 shall impair the Borrower’s obligations or the Loan Insurer’s rights under any Insurance Policy which is not so cancelled or terminated. 

(c) UPON COMPLETION OF THE ITEMS REFERRED TO IN CLAUSES (A)(I)-(III) ABOVE, THE AGENTS AND THE LENDERS HEREBY AGREE, FOR THE BENEFIT OF THE LOAN
INSURER, THAT (I) THE LOAN INSURER SHALL BE FOREVER RELEASED FROM ALL OF ITS OBLIGATIONS UNDER THE LOAN INSURANCE POLICY, THE DEBT SERVICE RESERVE SURETY AND THIS AGREEMENT, (II) NONE OF THE AGENTS NOR ANY OF THE LENDERS WILL MAKE ANY
DEMANDS OR CLAIMS FOR PAYMENT UNDER THE LOAN INSURANCE POLICY AND THE DEBT SERVICE RESERVE SURETY, (III) NONE OF THE AGENTS NOR ANY OF THE LENDERS SHALL HAVE ANY RIGHT TO MAKE ANY SUCH DEMANDS OR CLAIMS AND (IV) THE AGENTS AND THE LENDERS
DISAVOW ALL COVERAGE UNDER THE LOAN INSURANCE POLICY AND THE DEBT SERVICE RESERVE SURETY. 
  

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 (d) In the event one of the Facilities is repaid in full and all Commitments thereunder terminated, then,
upon the request of the Loan Insurer, the Administrative Agent and the Loan Insurer shall promptly exchange the then existing Loan Insurance Policy and/or the then existing Debt Service Reserve Surety Policy for a new Loan Insurance Policy and/or a
new Debt Service Reserve Surety Policy for the purpose of removing all references to the Facility so repaid and terminated. 
 (e) EACH AGENT
AND EACH LENDER HEREBY ACKNOWLEDGES AND AGREES THAT IT SHALL BE IRREVOCABLY AND UNCONDITIONALLY BOUND BY THE PROVISIONS OF THIS ARTICLE X (INCLUDING SECTION 10.03(C) ABOVE) IN ALL RESPECTS AND AT ALL TIMES. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Credit Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	PLUM POINT ENERGY ASSOCIATES, LLC, as Borrower
		
	By:	 	 /s/ Illegible

	Name:	 	
	Title:	 	
	
	THE ROYAL BANK OF SCOTLAND PLC, as Administrative Agent and Issuing Bank
		
	By:	 	 /s/ Richard Randall

	Name:	 	Richard Randall
	Title:	 	Managing Director
	
	 THE ROYAL BANK OF SCOTLAND PLC, as Lender
  

		
	By:	 	 /s/ Richard Randall

	Name:	 	Richard Randall
	Title:	 	Managing Director
	
	THE BANK OF NEW YORK, not in its individual capacity, but solely as Collateral Agent under the Collateral Agency and Intercreditor Agreement
		
	By:	 	 /s/ Beata Hryniewicka

	Name:	 	Beata Hryniewicka
	Title:	 	Assistant Vice President
	
	AMBAC ASSURANCE CORPORATION, as Loan Insurer
		
	By:	 	 /s/ Illegible

	Name:	 	
	Title:	 	

 [CREDIT AGREEMENT]

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