Document:

Exhibit 10.4

 

Execution Version

 

 

 

MASTER CREDIT AGREEMENT

 

dated as of  February 14,
2008,

 

by and between

 

NOBLE CREDIT FUNDING, LLC

 

as the Borrower,

 

and

 

RBS CITIZENS, NATIONAL ASSOCIATION

 

as the Lender

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I DEFINITIONS

  	
   

  	
  1

  
	
  Section 1.1

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.2

  	
   

  	
  General

  	
   

  	
  7

  
	
  Section 1.3

  	
   

  	
  Other Definitions and Provisions

  	
   

  	
  7

  
	
  ARTICLE II LETTERS OF CREDIT/ REVOLVING CREDIT LOANS

  	
   

  	
  7

  
	
  Section 2.1

  	
   

  	
  Letters of Credit

  	
   

  	
  7

  
	
  Section 2.2

  	
   

  	
  Reimbursement and Repayment

  	
   

  	
  9

  
	
  Section 2.3

  	
   

  	
  Revolving Credit Note

  	
   

  	
  10

  
	
  Section 2.4

  	
   

  	
  Termination of the LOC Commitment

  	
   

  	
  10

  
	
  Section 2.5

  	
   

  	
  Use of Proceeds

  	
   

  	
  10

  
	
  ARTICLE III GENERAL LOAN PROVISIONS

  	
   

  	
  10

  
	
  Section 3.1

  	
   

  	
  Interest

  	
   

  	
  10

  
	
  Section 3.2

  	
   

  	
  Late Charge

  	
   

  	
  11

  
	
  Section 3.3

  	
   

  	
  Manner of Payment

  	
   

  	
  11

  
	
  Section 3.4

  	
   

  	
  Intentionally Deleted

  	
   

  	
  12

  
	
  Section 3.5

  	
   

  	
  Voluntary Prepayment of the Revolving Credit Loan

  	
   

  	
  12

  
	
  Section 3.6

  	
   

  	
  Increased Capital Costs

  	
   

  	
  12

  
	
  Section 3.7

  	
   

  	
  Taxes

  	
   

  	
  12

  
	
  Section 3.8

  	
   

  	
  Security

  	
   

  	
  13

  
	
  Section 3.9

  	
   

  	
  Fees

  	
   

  	
  13

  
	
  ARTICLE IV CLOSING; CONDITIONS OF CLOSING AND BORROWING

  	
   

  	
  13

  
	
  Section 4.1

  	
   

  	
  Closing

  	
   

  	
  13

  
	
  Section 4.2

  	
   

  	
  Conditions to Closing

  	
   

  	
  13

  
	
  Section 4.3

  	
   

  	
  Conditions to All Extensions of Credit

  	
   

  	
  15

  
	
  ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE BORROWER

  	
   

  	
  16

  
	
  Section 5.1

  	
   

  	
  Representations and Warranties

  	
   

  	
  16

  
	
  Section 5.2

  	
   

  	
  Special Purpose Entity

  	
   

  	
  20

  
	
  Section 5.3

  	
   

  	
  Survival of Representations and Warranties

  	
   

  	
  20

  
	
  ARTICLE VI FINANCIAL INFORMATION AND NOTICES

  	
   

  	
  20

  
	
  Section 6.1

  	
   

  	
  Financial Statements

  	
   

  	
  20

  
	
  Section 6.2

  	
   

  	
  Intentionally Deleted

  	
   

  	
  21

  
	
  Section 6.3

  	
   

  	
  Other Reports

  	
   

  	
  21

  
	
  Section 6.4

  	
   

  	
  Notice of Litigation and Other Matters

  	
   

  	
  21

  
	
  Section 6.5

  	
   

  	
  Accuracy of Information

  	
   

  	
  21

  
	
  ARTICLE VII AFFIRMATIVE COVENANTS

  	
   

  	
  22

  
	
  Section 7.1

  	
   

  	
  Preservation of Existence and Related Matters

  	
   

  	
  22

  
	
  Section 7.2

  	
   

  	
  Maintenance of Collateral

  	
   

  	
  22

  
	
  Section 7.3

  	
   

  	
  Intentionally Deleted

  	
   

  	
  22

  
	
  Section 7.4

  	
   

  	
  Accounting Methods and Financial Records

  	
   

  	
  22

  
	
  Section 7.5

  	
   

  	
  Payment and Performance of Obligations

  	
   

  	
  22

  
	
  Section 7.6

  	
   

  	
  Compliance With Laws and Approvals

  	
   

  	
  22

  
	
  Section 7.7

  	
   

  	
  Environmental Laws

  	
   

  	
  22

  
	
  Section 7.8

  	
   

  	
  ERISA

  	
   

  	
  23

  
	
  Section 7.9

  	
   

  	
  Special Purpose Entity

  	
   

  	
  23

  
	
  Section 7.10

  	
   

  	
  Visits and Inspections

  	
   

  	
  23

  
	
  Section 7.11

  	
   

  	
  Intentionally Deleted

  	
   

  	
  23

  
	
  Section 7.12

  	
   

  	
  Intentionally Deleted

  	
   

  	
  23

  
	
  Section 7.13

  	
   

  	
  Further Assurances

  	
   

  	
  23

  

 

 

	
  ARTICLE VIII FINANCIAL COVENANTS

  	
   

  	
  23

  
	
  Section 8.1

  	
   

  	
  Intentionally Deleted

  	
   

  	
  23

  
	
  ARTICLE IX NEGATIVE COVENANTS

  	
   

  	
  23

  
	
  Section 9.1

  	
   

  	
  Limitations on Debt

  	
   

  	
  24

  
	
  Section 9.2

  	
   

  	
  Limitations on Guaranty Obligations

  	
   

  	
  24

  
	
  Section 9.3

  	
   

  	
  Limitations on Liens

  	
   

  	
  24

  
	
  Section 9.4

  	
   

  	
  Limitations on Loans, Advances, Investments and Acquisitions

  	
   

  	
  24

  
	
  Section 9.5

  	
   

  	
  Limitations on Mergers and Liquidation

  	
   

  	
  24

  
	
  Section 9.6

  	
   

  	
  Limitation on Sale of Assets

  	
   

  	
  24

  
	
  Section 9.7

  	
   

  	
  Limitations on Dividends and Distributions

  	
   

  	
  24

  
	
  Section 9.8

  	
   

  	
  Limitations on Exchange and Issuance of Capital Stock

  	
   

  	
  25

  
	
  Section 9.9

  	
   

  	
  Transactions with Affiliates

  	
   

  	
  25

  
	
  Section 9.10

  	
   

  	
  Certain Accounting Changes

  	
   

  	
  25

  
	
  Section 9.11

  	
   

  	
  Special Purpose Entity

  	
   

  	
  25

  
	
  Section 9.12

  	
   

  	
  Intentionally Deleted

  	
   

  	
  25

  
	
  Section 9.13

  	
   

  	
  Organizational Documents

  	
   

  	
  25

  
	
  ARTICLE X DEFAULT AND REMEDIES

  	
   

  	
  25

  
	
  Section 10.1

  	
   

  	
  Events of Default

  	
   

  	
  25

  
	
  Section 10.2

  	
   

  	
  Remedies

  	
   

  	
  27

  
	
  Section 10.3

  	
   

  	
  Intentionally Deleted

  	
   

  	
  27

  
	
  Section 10.4

  	
   

  	
  Rights and Remedies Cumulative; Non-Waiver, etc.

  	
   

  	
  27

  
	
  ARTICLE XI MISCELLANEOUS

  	
   

  	
  28

  
	
  Section 11.1

  	
   

  	
  Notices

  	
   

  	
  28

  
	
  Section 11.2

  	
   

  	
  Lender’s Office

  	
   

  	
  28

  
	
  Section 11.3

  	
   

  	
  Expenses; Indemnity; Release of Claims

  	
   

  	
  29

  
	
  Section 11.4

  	
   

  	
  Set-off

  	
   

  	
  30

  
	
  Section 11.5

  	
   

  	
  Governing Law

  	
   

  	
  30

  
	
  Section 11.6

  	
   

  	
  Consent to Jurisdiction; Service of Process

  	
   

  	
  30

  
	
  Section 11.7

  	
   

  	
  Waiver of Jury Trial; Commercial Waiver; Preservation of Remedies

  	
   

  	
  30

  
	
  Section 11.8

  	
   

  	
  Reversal of Payments

  	
   

  	
  31

  
	
  Section 11.9

  	
   

  	
  Punitive Damages

  	
   

  	
  31

  
	
  Section 11.10

  	
   

  	
   

  	
  Amendments, Waivers and Consents

  	
   

  	
  31

  
	
  Section 11.11

  	
   

  	
   

  	
  Agreement Controls

  	
   

  	
  32

  
	
  Section 11.12

  	
   

  	
   

  	
  Survival

  	
   

  	
  32

  
	
  Section 11.13

  	
   

  	
   

  	
  Counterparts

  	
   

  	
  32

  
	
  Section 11.14

  	
   

  	
   

  	
  Headings

  	
   

  	
  32

  
	
  Section 11.15

  	
   

  	
   

  	
  Severability

  	
   

  	
  32

  
	
  Section 11.16

  	
   

  	
   

  	
  Entirety

  	
   

  	
  32

  
	
  Section 11.17

  	
   

  	
   

  	
  Termination

  	
   

  	
  32

  
	
  Section 11.18

  	
   

  	
   

  	
  Confidentiality

  	
   

  	
  33

  
	
  Section 11.19

  	
   

  	
   

  	
  No Recourse

  	
   

  	
  33

  

 

iii

 

SCHEDULES

 

	
  Schedule
  2.1

  	
   

  	
  Existing
  Letters of Credit

  
	
  Schedule
  5.1(a)

  	
   

  	
  Exceptions
  to Organization; Power; Qualification

  
	
  Schedule
  5.1(c)

  	
   

  	
  Compliance
  of Agreement, Loan Documents and Borrowing with Laws, Etc.

  
	
  Schedule
  5.1(g)

  	
   

  	
  Environmental
  Matters

  
	
  Schedule
  5.1(h)

  	
   

  	
  ERISA

  
	
  Schedule
  5.1(r)

  	
   

  	
  Litigation

  

 

EXHIBITS

 

	
  Exhibit A

  	
   

  	
  Revolving
  Credit Note

  
	
  Exhibit B

  	
   

  	
  Form of
  Letter of Credit

  

 

 

MASTER CREDIT AGREEMENT

 

This
MASTER CREDIT AGREEMENT (the “Agreement”) is dated as of this 14th day of
February, 2008, by and between NOBLE CREDIT FUNDING, LLC, a Delaware limited
liability company located at 8 Railroad Avenue, Second Floor, Suite 8,
Essex, Connecticut 06426 (the “Borrower”) and RBS CITIZENS, NATIONAL
ASSOCIATION, a national banking association with an office located at 63 Eugene
O’Neill Drive, New London, Connecticut 06320 (the “Lender”).

 

STATEMENT OF PURPOSE

 

WHEREAS,
the Borrower has requested that the Lender issue certain Letters of Credit (as
defined below) on behalf of the Borrower and its Affiliates (as defined below)
up to a maximum principal amount at any time outstanding of up to FORTY-FIVE
MILLION AND 00/100 DOLLARS ($45,000,000.00) and, to support the issuance of
such Letters of Credit, the Borrower has agreed to grant to the Lender a
security interest in the Collateral (as defined below);

 

WHEREAS,
as additional support for the obligations of the Lender pursuant hereto, the
Borrower shall execute a Revolving Credit Note (as defined below); and

 

WHEREAS, the Lender has agreed to issue such Letters of Credit on the
terms and conditions set forth in this Agreement;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by the parties hereto, and intending to be
legally bound hereby, such parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1             Definitions.  The following terms when
used in this Agreement shall have the meanings assigned to them below:

 

“Affiliate” means, with respect to any Person, any other Person
which directly or indirectly through one or more intermediaries, controls, or
is controlled by, or is under common control with, such first Person.  The term control means (a) the power to
vote ten percent (10%) or more of the Capital Securities of a Person having
ordinary voting power, or (b) the possession, directly or indirectly, of
any other power to direct or cause the direction of the management and policies
of a Person, whether through ownership of voting Capital Securities, by
contract or otherwise.  Notwithstanding
the foregoing, (i) no individual shall be an Affiliate of a Person solely
by reason of his or her being a director, officer or employee of such Person,
and (ii) the Lender shall not be an Affiliate of the Borrower.  Unless otherwise qualified, references to “Affiliate”
or “Affiliates” herein shall refer to that of the Borrower.

 

“Agreement”
shall have the meaning assigned thereto in the Preamble hereof, as it may be
amended or modified from time to time.

 

“Anti-Terrorism
Laws” shall have the meaning set forth in Section 5.1(v).

 

“Applicable
Law” means all applicable provisions of constitutions, laws, statutes,
ordinances, rules, treaties, regulations, permits, licenses, approvals,
interpretations and orders of courts or 

 

 

Governmental
Authorities and all final orders and decrees of all courts and arbitrators.

 

“Borrower”
shall have the meaning set forth in the Preamble hereof.

 

“Business Day” means any day which is neither a Saturday or
Sunday nor a legal holiday on which commercial banks are authorized or required
to be closed in Hartford, Connecticut or New York, New York.

 

“Capital
Lease” means, with respect to the Borrower, any lease of any property that
should be classified and accounted for as a capital lease in accordance with
GAAP.

 

“Capital
Securities” means, with respect to any Person, any and all shares,
interests (including partnership interests or limited liability company
interests), participations or other equivalents (however designated, whether
voting or non-voting) of such Person’s capital, whether now outstanding or
issued hereafter.

 

“Change
in Control” means any event which causes NEP to cease owning, whether
directly or through one or more Affiliates, 100% of the Capital Securities of
the Borrower; provided, however, that none of (a) an
internal reorganization of NEP, (b) a change in the corporate form of NEP,
and/or (c) a change in control of NEP, shall be considered a Change in
Control if, after giving effect to applicable event or events, NEP owns,
whether directly or through one or more Affiliates, 100% of the Capital
Securities of the Borrower.

 

“Closing
Date” means the date of this Agreement.

 

“Code”
means the Internal Revenue Code of 1986, and the rules and regulations
thereunder, each as amended, supplemented or otherwise modified from time to
time.

 

“Collateral”
means, collectively, the “Collateral” as defined in the Pledge and Security
Agreement.

 

“Collateral Account” means, collectively, (a) account
number ###, established at CCO Investment Services Corp. and (b) account
number ###, established at RBS Citizens, National Association, each in the
Borrower’s name and pledged to the Lender pursuant to the Pledge and Security
Agreement.

 

“Collateral Funding Date” shall mean each date upon which the
Collateral Account is funded by NEP or an Affiliate thereof (acting at the
direction of NEP) in connection with the request for the issuance of any
Letters of Credit, or to collateralize the Existing Letters of Credit.

 

“Debt”
means, with respect to any Person at any date and without duplication, the sum
of the following calculated in accordance with GAAP:  (a) all indebtedness for borrowed money
and all obligations evidenced by bonds, debentures, notes or other similar
instruments of any such Person; (b) all obligations of such Person to pay
the deferred purchase price of property or services, except trade accounts
payable arising and paid in the ordinary course of business and accrued
expenses incurred in the ordinary course of business; (c) all obligations
of any such Person as lessee under Capital Leases; (d) all Debt secured by
any Lien upon property or assets owned by such Person, notwithstanding that
such Person has not assumed or become liable for the payment of such debt; (e) all
Guaranty Obligations of any such Person; (f) all obligations, contingent
or otherwise, of any such Person relative to the face amount of letters of
credit, whether or not drawn, including any reimbursement obligation, and
banker’s acceptances issued for the account of any such Person; (g) all
obligations of such Person with respect to 

 

2

 

all
Capital Securities of such Person subject to repurchase or redemption otherwise
than at the sole option of such Person (provided, that, if the documents
governing such repurchase or redemption obligation do not require such
repurchase or redemption if the same would violate the provisions of this
Agreement, only to the extent such repurchases or redemptions are permitted to
be paid under the terms of this Agreement), but only to the extent such
obligations are no longer contingent.

 

“Debtor
Relief Laws” means the United States Bankruptcy Code, Title 11 of the
United States Code, 11 U.S.C. §101 et seq., as amended from time to time, or
any successor statute, and all other applicable liquidation, conservatorship,
bankruptcy, moratorium, rearrangement, receivership, insolvency,
reorganization, winding up or similar debtor relief laws, whether federal,
state, local or foreign from time to time in effect affecting the rights of creditors
generally.

 

“Default”
means any of the events specified in Section 10.1 which with the
passage of time, the giving of notice or the satisfaction of  any other condition, would constitute an
Event of Default.

 

“Default
Rate” means the rate described in Section 3.1(c).

 

“Dollars
or $” means, unless otherwise qualified, dollars in lawful currency of
the United States.

 

“Environmental
Laws” means any and all federal, state and local laws, statutes,
ordinances, rules, regulations, permits, licenses, approvals and orders of
courts or Governmental Authorities, relating to the protection of human health
or the environment, including requirements pertaining to the manufacture,
processing, distribution, use, treatment, storage, disposal, transportation,
handling, reporting, licensing, permitting, investigation or remediation of
Hazardous Materials.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and the rules and
regulations thereunder, each as amended, supplemented or otherwise modified from
time to time.

 

 “Event of Default” means any of the
events specified in Section 10.01, provided that all applicable
requirements for passage of time, giving of notice, or any other condition,
have been satisfied.

 

“Executive
Order” shall have the meaning assigned thereto in Section 5.1(v) 
hereof.

 

“Existing
Letters of Credit” means the letters of credit issued by the Lender or its
predecessor Citizens Bank of Connecticut for the account of Borrower or one or
more of its Affiliates and outstanding on the Closing Date and set forth on Schedule
2.1.

 

“Federal Reserve Board” means the Board of Governors of the
Federal Reserve System, or any successor thereto.

 

“Fiscal
Quarter” means the fiscal period of the Borrower and NEP ending on March 31,
June 30, September 30 and December 31 in each Fiscal Year.

 

“Fiscal
Year” means the fiscal year of the Borrower and NEP ending on December 31.

 

“GAAP”
means generally accepted accounting principles, as recognized by the American
Institute of Certified Public Accountants and the Financial Accounting
Standards Board, consistently applied and maintained on a consistent basis for
the Borrower throughout the period indicated.

 

“Governmental
Approvals” means all authorizations, consents, permits, approvals,
licenses, exemptions and other qualifications of, registrations and filings
with, and reports to, all Governmental 

 

3

 

Authorities.

 

“Governmental
Authority” means any nation, province, state or political subdivision
thereof, federal, state or local, and any government or any Person exercising
executive, legislative, regulatory or administrative functions of or pertaining
to government, and any corporation or other entity owned or controlled, through
stock or capital ownership or otherwise, by any of the foregoing.

 

“Guaranty
Obligation” means, with respect to any Person, without duplication, any
obligation, contingent or otherwise, of any such Person pursuant to which such
Person has directly or indirectly guaranteed any Debt or other obligation of
any other Person and, without limiting the generality of the foregoing, any
obligation, direct or indirect, contingent or otherwise, of any such Person: (a) to
purchase or pay (or advance or supply funds for the purchase or payment of)
such Debt or other obligation (whether arising by virtue of partnership
arrangements, by agreement to keep well, to purchase assets, goods, securities
or services, to take-or-pay, or to maintain financial statement condition or
otherwise) or (b) entered into for the purpose of assuring in any other
manner the obligee of such Debt or other obligation of the payment thereof or
to protect such obligee against loss in respect thereof (in whole or in part);
provided, that the term Guaranty Obligation shall not include endorsements for
collection or deposit in the ordinary course of business.

 

“Hazardous
Materials” means any substances or materials (a) which are or become
defined as hazardous wastes, hazardous substances, pollutants, contaminants,
chemical substances or mixtures or toxic substances under any Environmental
Law, (b) which are toxic, explosive, corrosive, flammable, infectious,
radioactive, carcinogenic, mutagenic or otherwise harmful to human health or
the environment and are or become regulated by any Governmental Authority, (c) the
presence of which require investigation or remediation under any Environmental
Law, (d) the discharge or emission or release of which requires a permit
or license under any Environmental Law or other Governmental Approval or (e) which
contain, without limitation, asbestos, polychlorinated biphenyls, urea
formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived
substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas in
amounts in excess of those permitted by applicable Environmental Laws.

 

“Interim
Agreement” means that certain Letter of Credit Reimbursement and Pledge and
Security Agreement, dated January 8, 2007, by and between the Borrower and
the Lender.

 

“IRS”
means the Internal Revenue Service of the United States or any successor
thereto.

 

“Lender”
shall have the meaning assigned thereto in the Preamble hereof.

 

“Lender
Agents” shall have the meaning assigned thereto in Section 11.3(a).

 

“Lender’s
Office” means, with respect to the Lender, the office of the Lender
referenced in Section 11.2.

 

“Letter of Credit” means any letter of credit issued by the
Lender pursuant to Section 2.1, as such letter of credit may be
amended, modified, extended, renewed or replaced from time to time, and shall
include Existing Letters of Credit.

 

“Letter of Credit Fee” shall have the meaning set forth in Section 3.9.

 

“Lien” means any lien (statutory or other), mortgage, pledge,
hypothecation, assignment, deposit arrangement, security interest, charge or other
encumbrance of any kind (including any conditional sale or other title
retention agreement, and any lease in the nature thereof).  For purposes of this Agreement, a 

 

4

 

Person
shall be deemed to own subject to a Lien any asset which it has acquired or
holds subject to the interest of a vendor or lessor under any conditional sale
agreement, Capital Lease or other title retention agreement relating to such
asset.

 

“Loan
Document” means, individually, and “Loan Documents” means, collectively,
this Agreement, the Revolving Credit Note, the LOC Documents, the Security
Documents, and each other document, instrument, certificate, and agreement
executed and delivered by the Borrower or any Affiliate in connection with the
above or otherwise referred to herein or contemplated hereby, all as may be
amended, restated or otherwise modified.

 

“LOC
Commitment” means the commitment of the Lender to issue Letters of Credit
in an amount not to exceed the LOC Commitment Amount.

 

“LOC
Commitment Amount” has the meaning set forth in Section 2.1(a) hereof.

 

“LOC
Documents” means, with respect to any Letter of Credit, such Letter of
Credit, any amendments thereto, any documents executed by, or otherwise
designated as an “LOC Document” in writing by, both the Borrower and the Lender
in connection therewith, any application therefore, and any agreements,
instruments, guarantees or other documents (whether general in application or
applicable only to such Letter of Credit) executed by, or otherwise designated
as an “LOC Document” in writing by, both the Borrower and the Lender and
governing or providing for (a) the rights and obligations of the parties
concerned or (b) any collateral security for such obligations; provided,
however, that the LOC Documents shall not include the Interim Agreement.

 

“LOC
Draw” means a draw under any Letter of Credit.

 

“LOC
Obligations” means, at any time, the sum of (a) the maximum amount
which is, or at any time thereafter may become, available to be drawn under
Letters of Credit then outstanding, assuming compliance with all requirements
for drawings referred to in such Letters of Credit plus (b) the
aggregate amount of all drawings under Letters of Credit then outstanding that
have been honored by the Lender, whether through a Mandatory Borrowing or
otherwise, but not theretofore reimbursed or repaid.

 

“Mandatory
Borrowing” shall have the meaning set forth in Section 2.2(b).

 

“Material
Adverse Effect” means, with respect to the Borrower, a material adverse
effect (a) on the Collateral, taken as a whole, or (b) on the ability
of the Lender to enforce any Loan Document to which it is a party.

 

“NEP”
means Noble Environmental Power, LLC.

 

“Non-Recourse Party” shall have the meaning
set forth in Section 11.19.

 

“Notice of Issuance” shall have the meaning set forth in Section 2.1(b).

 

“Obligations”
means, in each case, whether now in existence or hereafter arising: (a) the
principal of and interest on the Revolving Credit Loan, and (b) all other
fees and commissions (including attorneys’ fees), charges, indebtedness, loans,
liabilities, financial accommodations and obligations, covenants and duties,
owing by the Borrower to the Lender, of every kind, nature and description,
direct or indirect, absolute or contingent, due or that become due, contractual
or tortious, liquidated or unliquidated, and whether or not evidenced by any
note, but in all cases pursuant to this Agreement, the LOC Documents, the
Revolving Credit Note, or any of the other Loan Documents, and including any
such obligations 

 

5

 

incurred
after the commencement of any proceeding under any Debtor Relief Law (including
any interest accruing under any Loan Document after the filing of a petition
with respect to the Borrower under any Debtor Relief Law whether or not allowed
or allowable as a claim in the related proceeding).

 

“Permitted
Dividends” shall have the meaning assigned thereto in Section 9.7.

 

“Permitted
Liens” shall have the meaning assigned thereto in Section 9.3.

 

“Person”
means an individual, corporation, limited liability company, partnership,
association, trust, business trust, joint venture, joint stock company, pool,
syndicate, sole proprietorship, unincorporated organization, Governmental
Authority or any other form of entity or group thereof.

 

“Pledge and Security Agreement” means that certain Pledge and
Security Agreement of even date herewith whereby the Borrower pledges and
grants a security interest in the Collateral to Lender.

 

“Prime
Rate” means a rate per annum equal to the “prime rate” of interest
published from time to time in the “Money Rates” section of the Wall Street
Journal.  Interest accruing by
reference to the Prime Rate shall be calculated on the basis of actual days elapsed
and a 360-day year.  The Borrower
acknowledges that the Lender may make loans to its customers above, at or below
the Prime Rate.

 

“Required Collateral Value” means, with respect to the issuance
of each Letter of Credit, an amount equal to 100% of the face amount of such
Letter of Credit, and with respect to all Letters of Credit, including Existing
Letters of Credit, an amount equal to 100% of the aggregate face amount
thereof.  In the event that any portion of
the Collateral is invested in commercial paper, then the Required Collateral
Value shall increase by 20% of the amount so invested.

 

“Responsible Officer” means, as to the Borrower, any officer of
the Borrower authorized to perform the actions required hereby.

 

“Revolving
Credit Loans” means the collective reference to the loans made to or on
behalf of the Borrower under Section 2.1 and Section 2.2,
“Revolving Credit Loan” means any of such Revolving Credit Loans.

 

“Revolving
Credit Note” means the Revolving Credit Note made by the Borrower payable
to the order of Lender, substantially in the form of Exhibit A
hereto, evidencing the LOC Commitment, and any amendments and modifications
thereto, any substitutes therefor, and any replacements, restatements, renewals
or extension thereof, in whole or in part.

 

“Security
Document” means, individually, and “Security Documents” means,
collectively, the Pledge and Security Agreement, and each other agreement or
writing pursuant to which the Borrower purports to pledge or grant a lien or
security interest in any real or personal property or assets securing the
Obligations, together with all documents delivered in connection therewith.

 

“Solvent”
means, as to any Person on a particular date, that such Person (a) has
access to capital sufficient to carry on its business and transactions and is
able to pay its debts as they mature, (b) owns property having a value
(upon completion and operation, if applicable), both at fair valuation and at
present fair saleable value, greater than or equal to the amount required to
pay its liabilities (including contingencies) as they become absolute and
matured, and (c) does not believe that it will incur debts or liabilities
beyond its ability to pay such debts or liabilities as they mature.

 

“Taxes”
shall have the meaning assigned thereto in Section 3.7.

 

6

 

“Termination
Date” means the earliest of the dates referred to in Section 2.4.

 

“UCC”
means the Uniform Commercial Code as codified in the State of Delaware or as
codified in any other state the laws of which are required by Article 9
thereof to be applied in connection with the issue or perfection of security
interests, as such statutes are in effect during the term hereof.  All terms used in this Agreement which are
defined in the UCC shall be construed and defined in accordance with the
meaning and definition ascribed to such terms under the UCC, unless another
meaning is specifically provided herein.

 

“United
States” means the United States of America.

 

Section 1.2             General.  Unless otherwise specified, a reference in
this Agreement to a particular section, subsection, Schedule or Exhibit is
a reference to that section, subsection, Schedule or Exhibit of this
Agreement.  Wherever from the context it
appears appropriate, each term stated in either the singular or plural shall
include the singular and plural, and pronouns stated in the masculine, feminine
or neuter gender shall include the masculine, the feminine and the neuter.  The words “include”, “includes” and “including”
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”.  Any reference herein to “Hartford time” shall
refer to the applicable time of day in Hartford, Connecticut.

 

Section 1.3             Other Definitions and Provisions.

 

(a)           Use of Capitalized Terms.  Unless otherwise defined therein, all
capitalized terms defined in this Agreement shall have the defined meanings
when used in this Agreement, the Revolving Credit Note and the other Loan
Documents or any certificate, report or other document made or delivered
pursuant to this Agreement.

 

(b)           Miscellaneous.  The words hereof, herein and hereunder and
words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement.

 

ARTICLE II

LETTERS OF CREDIT/ REVOLVING CREDIT LOANS

 

Section 2.1             Letters of Credit.

 

(a)           Letter of Credit Commitment.  Subject to the terms and conditions hereof
and of the LOC Documents, the Lender agrees to maintain Existing Letters of
Credit (set forth on Schedule 2.1 hereto) and to maintain or issue
additional Letters of Credit for the account of the Borrower or one or more of
its Affiliates from time to time from the Closing Date through the Termination
Date, upon request in a form described in Section 2.1(b); provided,
however, that (i) the aggregate amount of LOC Obligations shall not
at any time exceed FORTY-FIVE MILLION AND NO/100 DOLLARS ($45,000,000.00) (the “LOC
Commitment Amount”), (ii) all Letters of Credit shall be denominated
in Dollars, and (iii) Letters of Credit shall be issued as standby letters
of credit for lawful corporate purposes consistent with the Borrower’s and such
Affiliate’s ordinary course of business in the area of renewable energy.  Except as otherwise expressly agreed upon by
the Lender, no Letter of Credit shall have an original expiry date more than
twelve (12) months from the date of issuance; provided, however,
so long as no Default pursuant to Section 10.1(a) or Event of Default
has occurred and is continuing and subject to the other 

 

7

 

terms and conditions
to the issuance of Letters of Credit hereunder, the expiry dates of Letters of
Credit may be extended annually or periodically from time to time on the
request of the Borrower and with the consent of the Lender (such consent not to
be unreasonably withheld or delayed) to a date not more than twelve (12) months
from the date of extension; provided, further, that no Letter of
Credit, as originally issued or as extended, shall have an expiry date
extending beyond the date that is ten (10) Business Days prior to the
Termination Date.  Each Letter of Credit
shall comply with the related LOC Documents. 
The issuance and expiry date of each Letter of Credit shall be a
Business Day.  Any Letters of Credit
issued hereunder shall be in a minimum original face amount of ten thousand
dollars ($10,000).

 

(b)           Request for Issuance.  The request for the issuance of a Letter of
Credit shall be submitted to the Lender at least five (5) Business
Days prior to the requested date of issuance. 
Each such notice of issuance (each, a “Notice of Issuance”) shall
be in writing specifying therein the requested (i) date of such issuance, (ii) amount
of such Letter of Credit denominated in Dollars, (iii) expiration date of
such Letter of Credit, (iv) name and address of the account party of such
Letter of Credit, which shall be the Borrower or an Affiliate; (v) name
and address of the beneficiary of such Letter of Credit, and (vi) form of
such Letter of Credit.  If the requested
form of such Letter of Credit is substantially in the form of Exhibit B
hereto or otherwise reasonably acceptable to the Lender, the Lender will, upon
fulfillment of the applicable conditions set forth in this Agreement, make such
Letter of Credit available to the Borrower at the Lender’s office referred to
in the first paragraph of this Agreement or as otherwise agreed with the
Borrower in connection with such issuance. 
The Borrower may, within three (3) Business Days after issuing any
Notice of Issuance, withdraw such Notice of Issuance, in writing, if the
applicable Letter of Credit has not yet been issued, whereupon the Lender shall
not issue the applicable Letter of Credit and the Borrower shall not be liable
for a Letter of Credit Fee with respect to the Letter of Credit contemplated by
such Notice of Borrowing; provided, however, that if (A) the
Lender has already issued the applicable Letter of Credit by the time it
receives notice of the Borrower’s intent to withdraw a Notice of Issuance or
otherwise issues the Letter of Credit notwithstanding the Borrower’s delivery
of notice of the its intent to withdraw the applicable Notice of Borrowing, and
(B) such Letter of Credit is not cancelled within two (2) Business
Days after its issuance, then the Borrower shall be responsible for such Letter
of Credit as otherwise set forth herein (including without limitation
reimbursement of any LOC Draws thereunder, if any, and the payment any fees
generally applicable to Letters of Credit issued pursuant hereto).

 

(c)           Collateral Account.  Prior to any issuance of a Letter of Credit,
the Borrower shall fund or cause to be funded the Collateral Account in an amount
equal to the Required Collateral Value with respect to the requested Letter of
Credit, which amount shall become part of the Collateral subject to the Pledge
and Security Agreement and shall secure the Obligations.  The Collateral may only be invested in cash
and/or commercial paper.

 

(d)           Intentionally Deleted.

 

(e)           Revolving Nature.  Subject to the terms of this Agreement
(including without limitation Section 2.1(a)(i)), if, at any time, the
value of the Collateral exceeds the value of the sum of (i) the Required
Collateral Value plus (ii) the value of any outstanding and payable
Obligations, the Borrower may request the issuance of one or more Letters of
Credit in an aggregate face amount up to the amount of such excess.

 

(f)            Modification, Extension.  The issuance of any supplement or amendment
to, or modification, extension or renewal of, any Letter of Credit shall, for
purposes hereof, be treated in all respects the same as the issuance of a new
Letter of Credit hereunder; provided, however, that any fees
applicable to such modification, extension or renewal shall be only as set
forth in Section 3.9.

 

8

 

(g)           Uniform Customs and Practices.  The Lender shall have the Letters of Credit
be subject to The Uniform Customs and Practice for Documentary Credits, as
published as of the date of issue by the International Chamber of Commerce (the
“UCP”), and the UCP will be incorporated therein and deemed in all
respects to be a part thereof.

 

(h)           Designation of Affiliates as Account
Parties.  Notwithstanding anything to the contrary set
forth in this Agreement, a Letter of Credit issued hereunder may contain a
statement to the effect that such Letter of Credit is issued for the account of
an Affiliate, provided that notwithstanding such statement, the Borrower shall
be the actual account party for all purposes of this Agreement for such Letter
of Credit and such statement shall not affect the Borrower’s repayment and/or
reimbursement obligations hereunder, or its Collateral obligations pursuant
hereto and pursuant to the Security Documents, with respect to such Letter of
Credit.

 

Section 2.2             Reimbursement and Repayment.

 

(a)           LOC Draws.  The Borrower agrees that, solely to the
extent necessary to fund any LOC Draw or to reimburse the Lender for amounts
paid or payable by the Lender pursuant to any LOC Draw and any fees and costs
associated therewith as set forth in this Agreement and the Security Documents,
(i) the Lender shall have the full and irrevocable right, power and
authority, in the Borrower’s name or in the Lender’s own name, to demand,
collect, withdraw, receipt for, or sue for amounts in the Collateral Account,
and (ii) at the Lender’s discretion, to take any other reasonable action,
including, without limitation, the transfer of the Collateral into the Lender’s
own name or the name of the Lender’s nominee.

 

(b)           Unavailability of Collateral.  If for any reason it is unlawful or
impossible for the Lender to be fully reimbursed from the Collateral Account as
set forth in Section 2.2(a) within two (2) Business Days after
honoring a LOC Draw, then the Borrower shall be deemed to have requested a
Revolving Credit Loan equal to the amount of such LOC Draw and any fees and
costs associated therewith as set forth in this Agreement and the Security
Documents as of the date such LOC Draw was honored by the Lender (a “Mandatory
Borrowing”).

 

(c)           Repayment.  The Borrower shall repay to the Lender the
outstanding principal and amounts of any Revolving Credit Loans upon demand
by the Lender therefor, together with accrued interest from the date the
applicable LOC Draw was honored.  For the
avoidance of doubt, the Borrower shall be entitled withdraw, or to request that
the Lender withdraw, Collateral from the Collateral Account to repay any
amounts due pursuant to Revolving Credit Loans, provided that (after giving
effect to such withdrawal and repayment), the value of the Collateral shall
equal or exceed the sum of (i) the Required Collateral Value plus (ii) the
value of any Obligations. 
Notwithstanding the foregoing, if any of the Collateral necessary to
fully repay and reimburse the Lender is invested in commercial paper, then the
Borrower shall be obligated to repay and/or reimburse the Lender when such
investment matures, but in no event later than ten (10) Business Days from
the date such LOC Draw was honored. 
Unless previously demanded, the Borrower shall repay any outstanding
principal amounts under any Revolving Credit Loans in full on the Termination
Date, together with all accrued but unpaid interest thereon and all outstanding
fees, costs and expenses.

 

(d)           Obligations Absolute.  The Borrower’s obligations to repay the
Revolving Credit Loans and/or to reimburse the Lender for any LOC Draw shall be
absolute and unconditional under all circumstances irrespective of any rights
of set-off, counterclaim or defense to payment the Borrower, or any Affiliate
may claim or have against the Lender, the beneficiary of the Letter of Credit
drawn upon or any other Person, including any defense based on any failure of
the Borrower and/or any Affiliate to receive consideration or the legality,
validity, regularity or unenforceability of the Letter of Credit; provided,
however, that the Borrower shall not be obligated to reimburse the
Lender for any payment 

 

9

 

resulting from, or
indemnify the Lender with respect to, any wrongful dishonor to the extent
resulting from acts or omissions constituting gross negligence, bad faith or
willful misconduct by the Lender.

 

(e)           Withdrawal of Collateral.  The Borrower shall be entitled to withdraw,
transfer or dispose of Collateral from the Collateral Account if and to the
extent that, as of the date the Borrower desires to make such withdrawal, (i) the
value of the Collateral exceeds the sum of (A) the Required Collateral
Value plus (B) the value of any outstanding and payable
Obligations, and (ii) the Lender is not otherwise prohibited by Applicable
Law from permitting such withdrawal. 
Upon the election by the Borrower to withdraw, transfer or dispose of
any Collateral in accordance with the terms of this Section 2.2(e),
the Lender agrees that it shall have no further Lien on the portion of the
Collateral so removed, disposed of or transferred.

 

(f)            Mandatory Repayments.  If at any time the aggregate outstanding
principal amount of all LOC Obligations exceeds the LOC Commitment Amount or
the Required Collateral Value, the Borrower shall pay, within three (3) Business
Days after receipt of notice by the Borrower from the Lender, an amount equal
to such excess.  Such payment shall be
applied to the principal amount of all outstanding Revolving Credit Loans or,
if none, credited to the Collateral Account.

 

Section 2.3             Revolving
Credit Note.  The Revolving Credit
Loan and the obligation of the Borrower to repay such Revolving Credit Loan
shall be evidenced by the Revolving Credit Note.

 

Section 2.4             Termination
of the LOC Commitment.  The LOC
Commitment shall terminate on the earlier of (a) February 14, 2010,
and (b) the date of acceleration by Lender pursuant to the first sentence
of Section 10.2(a) (whichever occurs earlier, the “Termination
Date”).

 

Section 2.5             Use
of Proceeds.  The proceeds of any
Revolving Credit Loans shall be used only to fund or reimburse LOC Draws and
for the payment of certain fees and expenses incurred in connection with the
transactions as set forth in this Agreement.

 

ARTICLE III

GENERAL LOAN PROVISIONS

 

Section 3.1             Interest.

 

(a)           Interest Rate.  In the event that the Borrower is deemed to
have taken one or more Revolving Credit Loans pursuant to Section 2.2(b),
the principal amount of such Revolving Credit Loans shall bear interest at the
Prime Rate in effect from time to time.

 

(b)           Interest Payment.  Interest on any outstanding principal amount
of any Revolving Credit Loan shall be due and payable as set forth in Section 2.2(c).

 

(c)           Default Rate.  At the discretion of the Lender and
exercisable after notice to the Borrower by the Lender, upon the occurrence and
during the continuance of an Event of Default, any outstanding Revolving Credit
Loan shall bear interest at a rate per annum equal to the interest rate
applicable pursuant to Section 3.1(a) plus two percent
(2%).  Interest shall continue to accrue
on the Revolving Credit Loan at the rate set forth above after the filing by or
against the Borrower of any petition seeking any relief under any Debtor Relief
Law, as well as before and after any judgment.

 

10

 

(d)           Maximum Rate.  In no contingency or event whatsoever shall
the aggregate of all amounts deemed interest hereunder or under any of the
Revolving Credit Note charged or collected pursuant to the terms of this
Agreement or pursuant to the Revolving Credit Note exceed the highest rate
permissible under any Applicable Law which a court of competent jurisdiction
shall, in a final determination, deem applicable hereto.  In the event that such a court determines
that the Lender have charged or received interest hereunder in excess of the
highest applicable rate, the rate in effect hereunder shall automatically be
reduced to the maximum rate permitted by Applicable Law and the Lender shall at
the Lender’s option: (i) promptly refund to the Borrower any interest
received by the Lender in excess of the maximum lawful rate, or (ii) apply
such excess to the principal balance of the outstanding and payable
Obligations, if any.  It is the intent
hereof that the Borrower not pay or contract to pay, and that Lender shall not
receive or contract to receive, directly or indirectly in any manner
whatsoever, interest in excess of that which may be paid by the Borrower under
Applicable Law.

 

(e)           Prime Rate.  Each adjustment in the Prime Rate shall
result immediately, without notice or demand of any kind, in a new rate of
interest effective with respect to periods on and after the date of such
adjustment.  If the Prime Rate shall be
discontinued or for any other reason not be available for determining the rate
of interest chargeable under this Agreement, then “Prime Rate” shall mean a
rate per annum equal to the “prime rate” of interest published from time to
time in a major financial newspaper to be agreed between the Lender and the
Borrower.

 

Section 3.2             Late
Charge.  The Borrower shall pay a “late
charge” equal to five percent (5%) of any installment of principal or interest,
or of any other amount due to the Lender under this Agreement which is not paid
within ten (10) days of the due date thereof to defray the extra expense
involved in handling such delinquent payment, provided that the “late charge”
shall not be applicable upon any acceleration of the Obligations.  The minimum late charge shall be thirty-five
Dollars ($35.00).

 

Section 3.3             Manner
of Payment.  Each payment by the
Borrower to Lender pursuant to this Agreement or the Revolving Credit Note
shall be made not later than 1:00 p.m. (Hartford time) on the date
specified for payment under this Agreement to the Lender by wire to the account
designated from time to time by the Lender in writing to the Borrower, for the
account of the Lender (except as specified below), in Dollars, in immediately
available funds and shall be made without any set-off, counterclaim or
deduction whatsoever.  Any payment
received after such time but before 2:00 p.m. (Hartford time) on such day
shall be deemed a payment on such date for the purposes of Section 10.1,
but for all other purposes shall be deemed to have been made on the next
succeeding Business Day.  Any payment
received after 2:00 p.m. (Hartford time) shall be deemed to have been made
on the next succeeding Business Day for all purposes.  If any payment under this Agreement or the
Revolving Credit Note shall be specified to be made upon a day which is not a
Business Day, it shall be made on the next succeeding day which is a Business
Day, and such extension of time shall in such case be included in computing any
interest if payable along with such payment and for all other purposes and
calculations hereunder.

 

Section 3.4             Intentionally Deleted.

 

Section 3.5             Voluntary
Prepayment of the Revolving Credit Loan. 
The Revolving Credit Loan may be prepaid at any time, without premium or
penalty.  Any interest accrued on the
amounts so prepaid to the date of such payment must be paid at the time of any
such payment.

 

Section 3.6             Increased
Capital Costs.  If, after the date of
this Agreement, any change in Applicable Law affects the amount of capital
required to be maintained by the Lender with respect to the Obligations and the
LOC Obligations and the Lender determines (in its sole and absolute discretion)
that the rate of return on its capital as a consequence of such change in
Applicable Law is reduced to a level below that which the Lender could have
achieved but for the occurrence of such change in Applicable 

 

11

 

Law,
then, in such case upon notice from time to time by the Lender to the Borrower,
the Borrower shall, within five (5) Business Days after receipt of notice
from the Lender, pay directly to the Lender additional amounts sufficient to
compensate the Lender for such reduction in rate of return with respect to the
Obligations and LOC Obligations; provided, however, that the
Lender shall use reasonable efforts to mitigate or limit the effect on the
Borrower of any change in Applicable Law subject to this Section 3.6,
including, if applicable, transferring or assigning the LOC Documents and LOC
Commitment to a different office or branch of the Lender.  A statement of the Lender as to any such
additional amount or amounts (including calculations thereof in reasonable
detail) shall, in the absence of manifest error, be conclusive and binding on
the Borrower.  In determining such
amount, the Lender may use any method of averaging and attribution, in
accordance with GAAP, that it (in its sole and absolute discretion) shall deem
applicable.

 

Section 3.7             Taxes.  All payments by the Borrower of principal of,
and interest on, Revolving Credit Loans and all other amounts payable hereunder
shall be made free and clear of and without deduction for any present or future
income, excise, stamp or franchise taxes and other taxes, fees, duties,
withholdings or other charges of any nature whatsoever imposed by any taxing
authority, but excluding franchise taxes, taxes imposed on or measured by the
Lender’s net income, receipts or capital, and any branch profits taxes (such
non-excluded items being called “Taxes”). 
In the event that any withholding or deduction from any payment to be
made by the Borrower hereunder is required in respect of any Taxes pursuant to
any applicable law, rule or regulation, then the Borrower will:

 

(a)           pay directly to the relevant
authority the full amount required to be so withheld or deducted;

 

(b)           promptly forward to the Lender an
official receipt or other documentation satisfactory to the Lender evidencing
such payment to such authority; and

 

(c)           pay to the Lender such additional
amount or amounts, if any, as is necessary to ensure that the net amount
actually received by the Lender will equal the full amount the Lender would
have received had no such withholding or deduction been required.

 

Moreover,
if any Taxes are directly asserted against the Lender with respect to any
payment received by the Lender hereunder, the Lender may pay such Taxes and the
Borrower will within five (5) Business Days after receipt from the Lender
of notice of such direct assertion (accompanied by reasonable documentation of
such assertion) pay such additional amount (including any penalties, interest
or expenses) as is necessary in order that the net amount received by the
Lender after the payment of such Taxes (including any Taxes on such additional
amount) shall equal the amount the Lender would have received had not such
Taxes been asserted.

 

If
the Borrower fails to pay any Taxes when due to the appropriate taxing
authority or fails to remit to the Lender the required receipts or other
required documentary evidence, the Borrower shall indemnify the Lender for any
incremental Taxes, interest or penalties that may become payable by the Lender
as a result of any such failure.

 

Section 3.8             Security.  The Obligations of the Borrower shall be
secured by the Collateral as provided in the Security Documents.

 

Section 3.9             Fees.

 

(a)           Letter of Credit Fees.  In consideration of the LOC Commitment, the
Borrower agrees to pay to the Lender a fee (the “Letter of Credit Fee”)
equal to one percent (1%) of (i) the face amount of 

 

12

 

each Letter of Credit
upon the date of issuance and any renewal thereof (except that the fee upon
issuance shall not apply to Existing Letters of Credit, other than as to any
renewal thereof), or (ii) the amount of any increase in the face value of
any Letter of Credit.

 

(b)           Lender Fees.  In addition to the Letter of Credit Fees
payable pursuant to subsection (a) hereof, the Borrower shall pay to
the Lender the following fees: (i) a Letter of Credit application fee (provided
that such application fee shall not apply to Existing Letters of Credit other
than as to any renewal thereof); (ii) a Letter of Credit amendment fee;
and (iii) courier fees, for each instance in which the Lender reasonably
requires the use of courier services to perform its obligations pursuant
hereto; provided, however, that the amount charged by the Lender
with respect to the foregoing fees shall not exceed the reasonable and
customary amounts that the Lender charges to its other customers for the same
services.

 

(c)           Existing Fees.  Any fees which have accrued in respect of any
Existing Letters of Credit and remain unpaid as of the Closing Date shall be
payable upon the Closing Date.

 

ARTICLE IV

CLOSING; CONDITIONS OF CLOSING AND BORROWING

 

Section 4.1             Closing.  The closing shall take place on February 14,
2008, or on such other date as the parties hereto shall mutually agree.

 

Section 4.2             Conditions
to Closing.  The obligation of the
Lender to close this Agreement and to extend credit under this Agreement is
subject to the satisfaction by Borrower, or waiver by the Lender in writing, of
each of the following conditions:

 

(a)           Executed Loan Documents.  Each of this Agreement, the Revolving Credit
Note and the Security Documents shall have been duly authorized, executed and
delivered to the Lender by the parties thereto and shall be in full force and
effect, and no Default or Event of Default shall have occurred and be
continuing, and the Borrower shall have delivered original counterparts thereof
to the Lender.

 

(b)           Closing Certificates.

 

(i)            Officer’s
Certificates.  The Lender shall have
received a certificate from a Responsible Officer of the Borrower, stating that
(A) no action, suit, investigation or proceeding is pending or, to the
knowledge of Borrower, threatened in any court or before any arbitrator or
governmental instrumentality that purports to affect the Borrower, any
Affiliate on whose behalf a Letter of Credit is outstanding or requested or any
transaction contemplated by the Loan Documents, if such action, suit,
investigation or proceeding could reasonably be expected to have a Material
Adverse Effect and (B) immediately after giving effect to this Agreement,
the other Loan Documents, and all the transactions contemplated herein and
therein to occur on such date, (1) no Default or Event of Default shall
exist, and (2) as of the Closing Date, all representations and warranties
contained in this Agreement and in the other Loan Documents are true and
correct in all material respects.

 

(ii)           Solvency
Certificates.  The Lender shall have
received a certificate from a Responsible Officer of the Borrower and NEP as to
the Solvency of the Borrower and of NEP as of the Collateral Funding Date and
after giving effect to the issuance of Letters of Credit and extension of the
Revolving Credit Loan under this Agreement.

 

13

 

(iii)          Secretary’s
Certificate.  The Lender shall have
received a certificate of the secretary of the Borrower certifying as to the
incumbency and genuineness of the signature of each manager or officer of the
Borrower executing Loan Documents to which it is a party and certifying that
attached thereto is a true, correct and complete copy of (A) the
certificate of formation of the Borrower, and all amendments thereto, (B) the
operating agreement of the Borrower, (C) incumbencies for each Responsible
Officer of the Borrower, and (D) resolutions duly adopted by the board of
directors or members of the Borrower authorizing the loans contemplated hereunder
and the execution, delivery and performance of this Agreement and the other
Loan Documents to which it is a party.

 

(iv)          Certificates
of Good Standing.  The Lender shall
have received certificates as of a recent date of the good standing for the Borrower
under the laws of its jurisdiction of organization and each other jurisdiction
where the Borrower are required to be qualified to do business.

 

(c)           Opinion of Counsel.  The Lender shall have received an opinion of
in-house counsel to the Borrower addressed to the Lender addressing the authorization,
execution, delivery of, and the valid, binding and enforceable nature of, this
Agreement,
the Revolving
Credit Note
and the Pledge and Security Agreement.

 

(d)           Collateral.  The Lender shall have received, in form and
substance satisfactory to the Lender:

 

(i)            searches
of Uniform Commercial Code filings in the jurisdiction of the chief executive
office of the Borrower or where a filing would need to be made in order to
perfect the Lender’s security interest in the Collateral, copies of the
financing statements on file in such jurisdictions and evidence that no Liens
exist other than Permitted Liens;

 

(ii)           duly
authorized UCC financing statements for each appropriate jurisdiction as is
reasonably requested by the Lender, related to the Collateral; and

 

(iii)          evidence
that the Collateral Account has been funded in an amount not less that the
Required Collateral Value for the Existing Letters of Credit and any request
for the issuance of a new Letter of Credit.

 

(e)           Intentionally Deleted.

 

(f)            No Injunction, etc.  No action, proceeding, investigation,
regulation or legislation shall have been instituted, threatened or proposed
before any Governmental Authority to enjoin, restrain, or prohibit, or to
obtain substantial damages in respect of, or which is related to or arises out
of  this Agreement, the other Loan
Documents, or the consummation of the transactions contemplated hereby or
thereby, or which, in the Lender’s reasonable discretion, would make it inadvisable
to consummate the transactions contemplated by this Agreement and such other
Loan Documents.

 

(g)           Intentionally Deleted.

 

(h)           Compliance with Laws.  The transactions contemplated by this
Agreement and the other Loan Documents shall be in compliance in all material
respects with all Applicable Laws.

 

(i)            Fees.  The Lender shall have received the Letter of
Credit Fee and all other fees, if any, owing pursuant to Section 3.9
and any other accrued and unpaid fees or commissions due hereunder (including
reasonable legal fees and expenses of counsel to the Lender) to the Lender, and
to any other Person such amount as may be due thereto in connection with the
transactions contemplated hereby, 

 

14

 

including all taxes,
fees and other charges in connection with the execution, delivery, recording,
filing and registration of any of the Loan Documents.

 

(j)            Litigation.  Other than as set forth on Schedule 5.1(r),
there shall not exist any pending litigation or, to the actual knowledge of the
Borrower, investigation affecting or relating to Borrower, any Affiliate on
whose behalf a Letter of Credit is outstanding or requested, this Agreement, or
the other Loan Documents, which litigation or investigation could reasonably be
expected to have a Material Adverse Effect.

 

(k)           Additional Matters.  All other documents and legal matters in
connection with the transactions contemplated by this Agreement and the other
Loan Documents shall be reasonably satisfactory in form and substance to the
Lender and its legal counsel.

 

Section 4.3             Conditions
to All Extensions of Credit.  The
obligations of the Lender to issue any Letters of Credit are subject to the
satisfaction of the following conditions precedent on the relevant issue date:

 

(a)           Continuation of Representations
and Warranties.  The representations
and warranties contained in Article V shall be true and correct in all
material respects on and as of such issuance date with the same effect as if
made on and as of such date, except for any representation and warranty made as
of an earlier date, and except for any representation or warranty that is no
longer true and correct as a direct result of the consummation of an
acquisition or transaction permitted hereunder or consented to in writing by
the Lender.

 

(b)           Solvency Certificates.  The Lender shall have received a certificate
from a Responsible Officer of the Borrower and of NEP as to the Solvency of the
Borrower and of NEP as of the Collateral Funding Date in connection with the
request for the issuance of a Letter of Credit.

 

(c)           No Default or Event of Default.  No Default under Section 10.1(a) or
Event of Default shall have occurred and be continuing on such date or
immediately after giving effect to the Letters of Credit issuance to be made on
such date unless such Default or Event of Default shall have been waived in
accordance with this Agreement.

 

(d)           Compliance with LOC Commitment.  Immediately after giving effect to the  issuance of any such Letter of Credit (and
the funding of the Collateral Account to be made in connection therewith, if
any), the sum of the Required Collateral Value plus any outstanding
and payable Obligations shall not exceed the LOC Commitment or the value of the
Collateral.

 

(e)           Collateral Account.  If applicable, the Lender shall have received
evidence that the Borrower has funded or caused to be funded the Collateral
Account in an amount not less than the Required Collateral Value for the
requested Letter of Credit.

 

(f)            Conditions.  Each request for issuance of a Letter of
Credit hereunder shall constitute a representation and warranty by the Borrower
as of the date of such issuance of such Letter of Credit that the conditions of
this Section 4.3 have been satisfied.

 

15

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF THE BORROWER

 

Section 5.1             Representations
and Warranties.  To induce the Lender
to enter into this Agreement and to induce the Lender to issue Letters of
Credit and make the Revolving Credit Loan, the Borrower hereby represents and
warrants to the Lender, that:

 

(a)           Organization; Power; Qualification.  Except as set forth in Schedule 5.1(a),
Borrower is duly formed, validly existing and in good standing under the laws
of the jurisdiction of its formation, has the power and authority to own its
properties and to carry on its business as now being and hereafter proposed to
be conducted and is duly qualified and authorized to do business in each
jurisdiction in which the character of its properties or the nature of its
business requires such qualification and authorization.

 

(b)           Authorization of Agreement, Loan
Documents and Borrowing.  Borrower
has the right, power and authority and has taken all necessary limited
liability company or other action to authorize the execution, delivery and
performance of this Agreement and each of the other Loan Documents to which it
is a party in accordance with their respective terms, including, without
limitation, securing all necessary NEP consents and approvals.  This Agreement and each of the other Loan
Documents to which it is a party has been duly executed and delivered by the
Borrower, and each such document constitutes the legal, valid and binding
obligation of Borrower, enforceable in accordance with its terms, except as
such enforcement may be limited by any Debtor Relief Law from time to time in
effect which affect the enforcement of creditors rights in general and the
availability of equitable remedies.

 

(c)           Compliance of Agreement, Loan
Documents and Borrowing with Laws, etc. Except as set forth on Schedule
5.1(c), the execution, delivery and performance by Borrower of the Loan
Documents to which the Borrower is a party, the borrowings hereunder and
thereunder and the consummation of the other transactions contemplated hereby
and thereby do not and will not, by the passage of time, the giving of notice
or otherwise: (i) require any Governmental Approval or other third party
consents and approvals or violate any Applicable Law relating to the Borrower,
in each case other than to the extent that the absence of such Governmental
Approval or violation of Applicable Law could reasonably be expected to have a
Material Adverse Effect, (ii) conflict with, result in a breach of or
constitute a default under certificate of formation, operating agreement or
other organizational documents of the Borrower or any indenture, material
agreement or other instrument to which it is a party or by which any of its
material properties may be bound or any Governmental Approval relating to the
Borrower, or (iii) result in or require the creation or imposition of any
Lien upon or with respect to any property now owned or hereafter acquired by
the Borrower other than Liens arising under the Loan Documents.

 

(d)           Compliance with Law; Governmental  Approvals; Other Consents and Approvals.  Borrower: (i) has all Governmental
Approvals required by any Applicable Law for the Borrower to conduct its
business, each of which is in full force and effect, and (ii) is in
compliance with each Governmental Approval applicable to the Borrower or its
operations and with all other Applicable Laws relating to the Borrower, its
operations or any of its respective properties, in each case other than the
extent to which the lack of such Governmental Approvals or such non-compliance
could reasonably be expected to have a Material Adverse Effect.

 

(e)           Tax Returns and Payments.  Borrower has duly filed or caused to be filed
all material federal, state, local and other material tax returns required by
Applicable Law to be filed, and has paid, or made adequate provision for the
payment of, all material federal, state, local and other taxes, assessments and
governmental charges or levies upon it and its property, income, profits and
assets which are due and payable, except such taxes, assessments and
governmental charges or levies that are being contested in good faith by
appropriate proceedings and with respect to which adequate reserves have been
established on the books of the Borrower to the extent required by GAAP.  No Governmental Authority has asserted any
Lien or other claim against Borrower with respect to unpaid taxes which has not
been discharged or 

 

16

 

resolved.  The charges, accruals and reserves on the books
of the Borrower in respect of federal, state, local and other taxes for all
Fiscal Years and portions thereof since the organization of Borrower are in its
judgment adequate.

 

(f)            Intentionally Deleted.

 

(g)           Environmental Matters.  Except for the matters set forth on Schedule
5.1(g) hereto:

 

(i)            Borrower is in material compliance with all applicable
Environmental Laws, except for
such non-compliance as would not reasonably be expected to have a Material
Adverse Effect; and

 

(ii)           The Borrower has not received any written notice of
violation, alleged violation, non-compliance, liability or potential liability
regarding Hazardous Materials, or compliance with Environmental Laws, nor does
the Borrower have knowledge of or reason to believe that any such notice will
be received or is being threatened.

 

(h)           ERISA.  As of
the Closing Date, Borrower does not maintain or contribute to any employee
benefit and pension plan other than those identified on Schedule 5.1(h).  Borrower is in compliance with all applicable
provisions of ERISA and the regulations and published interpretations
thereunder with respect to all employee benefit and pension plans and no
liability has been incurred by Borrower which remains unsatisfied for any taxes
or penalties with respect to any such employee benefit and pension plan, except
for such non-compliance as would not reasonably be expected to have a Material
Adverse Effect.

 

(i)            Intentionally Deleted.

 

(j)            Margin Stock. 
Borrower is not engaged principally or as one of its activities in the
business of extending credit for the purpose of purchasing or carrying any margin stock (as
each such term is defined or used in Regulation U of Federal Reserve
Board).  No part of the proceeds of any
of the loans will be used for purchasing or carrying margin stock or for any
purpose which violates the provisions of Regulation T, U or X of such Federal
Reserve Board.

 

(k)           Government Regulation.  Borrower is not an investment company or a
company controlled by an investment company (as each such term is defined or
used in the Investment Company Act of 1940, as amended).

 

(l)            Intentionally Deleted.

 

(m)          No Material Adverse Effect.  Since the date of the last financial
statements of Borrower provided to the Lender, no event has occurred or
condition arisen that could reasonably be expected to have a Material Adverse
Effect.

 

(n)           Intentionally Deleted.

 

(o)           Title to Collateral.  Borrower has valid and legal title to the
Collateral.

 

(p)           Liens.  None of the properties and assets of the
Borrower is subject to any Lien, except Permitted Liens, and there are no
restrictions on the Borrower’s right to pledge and grant a security interest
therein.  No financing statement under
the Uniform Commercial Code of any state which names Borrower as debtor and
which has not been terminated or will not be terminated in connection with the 

 

17

 

transactions occurring
on the Closing Date is on file in any state or other jurisdiction, and as of
the Closing Date, Borrower has not signed any security agreement authorizing
any secured party thereunder to file any such financing statement, except to
perfect Permitted Liens.

 

(q)           Debt and Guaranty Obligations.  The Borrower has no Debt or Guaranty
Obligations other than pursuant to the Loan Documents.

 

(r)            Litigation.  Except for matters existing on the Closing
Date and set forth on Schedule 5.1(j), there are no actions, suits or
proceedings pending or, to the knowledge of the Borrower, threatened, against
or in any other way adversely relating to or affecting the Borrower, any
Affiliate on whose behalf a Letter of Credit is outstanding or requested, its
operations or any of its respective properties in any court or before any
arbitrator of any kind or before or by any Governmental Authority, which could
reasonably be expected to have a Material Adverse Effect.

 

(s)           Absence of Defaults.  No event has occurred and is continuing which
constitutes an Event of Default.

 

(t)            Accuracy and Completeness of
Information.  All written
information, reports and other papers and data (other than financial forecasts)
produced by or on behalf of the Borrower and furnished to the Lender were, at
the time the same were so furnished, true and correct in all material respects.  The documents, including any financial
statements, furnished or written statements made to the Lender by the Borrower
on or prior to the Closing Date in connection with the negotiation, preparation
or execution of this Agreement or any of the Loan Documents, taken together, do
not contain any untrue statement of a fact material to the creditworthiness of
the Borrower or omit to state a fact necessary in order to make the statements
contained therein not misleading in light of the circumstances in which they
were made, all except as otherwise qualified herein or therein; provided, however, that no representation or
warranty is made with respect to any projections or other forward looking
statements provided by or on behalf of the Borrower.

 

(u)           Fees and Commissions.  The Borrower does not owe any fees or
commissions in connection with obtaining the Revolving Credit Loans, except
those paid directly to the Lender.

 

(v)           Foreign Assets Control Regulations.  Neither the borrowing by the Borrower nor the
use of the proceeds thereof will violate the Foreign Assets Control
Regulations, the Foreign Funds Control Regulations, the Transactions Control
Regulations, the Cuban Assets Control Regulations, the Iranian Assets Control
Regulations or any other transaction or asset control regulations of the United
States Treasury Department (31 C.F.R. Subtitle B, Chapter V, as amended).

 

(w)          Anti-Terrorism Laws.

 

(i)            Neither
the Borrower nor any Affiliate on whose behalf a Letter of Credit is
outstanding or requested is in violation of any laws or regulations relating to
terrorism or money laundering (“Anti-Terrorism Laws”), including Executive
Order No. 13224 on Terrorist Financing, effective September 24, 2001
(the “Executive Order”) and the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Public Law 107-57.

 

(ii)           Neither
the Borrower nor any Affiliate on whose behalf a Letter of Credit is
outstanding or requested is a Prohibited Person.  A “Prohibited Person” is any of the
following:

 

18

 

(A)          a person or
entity that is listed in the Annex to, or is otherwise subject to the
provisions of, the Executive Order;

 

(B)           a person
or entity owned or controlled by, or acting for or on behalf of, any person or
entity that is listed in the Annex to, or is otherwise subject to the
provisions of, the Executive Order;

 

(C)           a person
or entity with whom any bank is prohibited from dealing or otherwise engaging
in any transaction by any Anti-Terrorism Law;

 

(D)          a person or
entity who commits, threatens or conspires to commit or supports “terrorism” as
defined in the Executive Order; or

 

(E)           a person
or entity that is named as a “specially designated national and blocked person”
on the most current list published by the U.S. Treasury Department Office of
Foreign Asset Control at its official website or any replacement website or
other replacement official publication of such list.

 

(iii)          Neither
the Borrower nor any Affiliate on whose behalf a Letter of Credit is
outstanding or requested shall (A) conduct any business or engage in
making or receiving any contribution of funds, goods or services to or for the
benefit of any Prohibited Person, (B) deal in, or otherwise engage in any
transaction relating to, any property or interests in property blocked pursuant
to the Executive Order, or (C) engage in or conspire to engage in any
transaction that evades or avoids, or has the purpose of evading or avoiding,
or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism
Law.

 

(iv)          Neither
the Borrower nor any Affiliate on whose behalf a Letter of Credit is
outstanding or requested shall (A) conduct any business or engage in
making or receiving any contribution of funds, goods or services to or for the
benefit of any Prohibited Person, (B) deal in, or otherwise engage in any
transaction relating to, any property or interests in property blocked pursuant
to the Executive Order or any other Anti-Terrorism Law, or (C) engage in
or conspire to engage in any transaction that evades or avoids, or has the
purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in any Anti-Terrorism Law (and the Borrower shall deliver to the
Lender any certification or other evidence requested from time to time by the
Lender in its reasonable discretion, confirming the Borrower’s and such
Affiliate’s compliance herewith).

 

Section 5.2             Special
Purpose Entity.  The Borrower is a
special purpose entity created by NEP solely to support the issuance of the
Letters of Credit by the Lender.

 

Section 5.3             Survival of Representations and Warranties.  All representations and warranties set forth in this Article V and
all representations and warranties contained in any certificate delivered
pursuant to this Agreement, or in any of the Loan Documents (including any such
representation or warranty made in or in connection with any amendment thereto)
shall constitute representations and warranties made under this Agreement as of
the date when made or re-made pursuant to Section 4.3(a).  All representations and warranties made under
this Agreement:  (a) shall be made
or deemed to be made at and as of the Closing Date (or on the date when made in
the case of any representation and warranty that specifically refers to an
earlier date), and (b) survive the Closing Date until expiration or
termination of this Agreement and shall not be waived by the execution and
delivery of this Agreement, any investigation made by or on behalf of the
Lender or the extension of the Revolving Credit Loan hereunder.

 

19

 

ARTICLE VI

FINANCIAL INFORMATION AND NOTICES

 

Until
all the Obligations have been paid and satisfied in full and the obligation of
the Lender to make any Revolving Credit Loans or issue any Letters of Credit is
terminated, unless consent has been obtained in the manner set forth in Section 11.10
hereof, the Borrower will furnish or cause to be furnished to the Lender at its
address as set forth in Section 11.1(b), or such other office as
may be designated by the Lender from time to time:

 

Section 6.1             Financial
Statements.

 

(a)           Annually.

 

(i)            As soon
as available and in any event within one hundred twenty (120) days after the
end of each Fiscal Year, a consolidated and consolidating balance sheet of the
Borrower and NEP as of the end of such Fiscal Year and the related consolidated
and consolidating statement of income, statement of retained earnings and
statement of cash flows for such Fiscal Year audited by Deloitte &
Touche, LLP or such other recognized firm of certified public accountants
selected by NEP and reasonably acceptable to the Lender.

 

(ii)           As soon
as available, but in no event later than forty-five (45) days after the end of
each Fiscal Quarter, an unaudited balance sheet of NEP as of the end of such
Fiscal Quarter, and a related statement of income for the period then ended,
certified by the chief financial officer of NEP but subject, however, to
normal, recurring year-end adjustments that shall not in the aggregate be
material in amount.

 

(iii)          As
reasonably requested by the Lender, from time to time such other
previously-prepared financial reports and information of the Borrower or NEP.

 

Section 6.2             Intentionally Deleted.

 

Section 6.3             Other Reports.

 

(a)           Promptly upon receipt thereof, copies
of all material reports, if any, submitted to Borrower by its independent
public accountants in connection with their auditing function, including any
management report and any management responses thereto; and

 

(b)           Such other previously-prepared
information regarding the operations, business affairs and financial condition
of the Borrower as the Lender may reasonably request.

 

Section 6.4             Notice
of Litigation and Other Matters. 
Promptly (but in no event later than five (5) Business Days after
Borrower obtains knowledge thereof) telephonic and written notice of:

 

(a)           the commencement of all proceedings
and investigations, including  those by
or before any Governmental Authority, and all actions and proceedings in any
court or before any arbitrator against or involving Borrower, which could
reasonably be expected to have a Material Adverse Effect;

 

(b)           any notice of any violation received
by the Borrower from any Governmental Authority including any notice of
violation of Environmental Laws which in any such case could reasonably be
expected to have a Material Adverse Effect;

 

20

 

(c)           any labor controversy that has
resulted in, or threatens to result in, a strike or other work stoppage against
the Borrower which could reasonably be expected to have a Material Adverse
Effect;

 

(d)           any material attachment, judgment,
lien, levy or order assessed against the Borrower excluding judgments that are
fully covered by insurance;

 

(e)           any Default or Event of Default by
Borrower; and

 

(f)            intentionally deleted.

 

Section 6.5             Accuracy
of Information.  All written
information, reports, statements and other papers and data furnished by or on
behalf of the Borrower to the Lender (other than financial forecasts and
information prepared by third parties and required to be delivered to the
Lender by this Agreement) whether pursuant to this Article VI or any other
provision of this Agreement, or any of the Loan Documents, shall be, at the
time the same is so furnished, true and correct in all material respects.

 

ARTICLE VII

AFFIRMATIVE COVENANTS

 

Until
all of the Obligations have been paid and satisfied in full and the commitment
of the Lender to make any loan or advance is terminated, unless consent has
been obtained in the manner provided for in Section 11.10, the
Borrower shall:

 

Section 7.1             Preservation
of Existence and Related Matters. 
Preserve and maintain its separate existence, form, jurisdiction of
organization and tax status, and all rights, franchises, licenses and
privileges necessary to the conduct of its business, and qualify and remain
qualified as a foreign company and authorized to do business in each
jurisdiction where the nature and scope of its activities require it to so
qualify under Applicable Law.

 

Section 7.2             Maintenance
of Collateral.  In addition to the
requirements of any of the Loan Documents, protect and preserve the Collateral.

 

Section 7.3             Intentionally Deleted.

 

Section 7.4             Accounting
Methods and Financial Records. 
Maintain a system of accounting, and keep such books, records and
accounts (which shall be true and complete in all material respects) as may be
required or as may be necessary to permit the preparation of financial
statements in accordance with GAAP and in compliance in all material respects
with the regulations of any Governmental Authority having jurisdiction over it
or any of its properties.

 

Section 7.5             Payment
and Performance of Obligations.  Pay
and perform within any applicable grace periods all Obligations under this
Agreement and the other Loan Documents, and pay or perform within applicable
grace periods (a) all taxes, assessments and other governmental charges
that may be levied or assessed upon it or any of its property, the non-payment
of which could reasonably be expected to have a Material Adverse Effect, and (b) all
other indebtedness, obligations and liabilities, the non-payment of which could
reasonably be expected to have a Material Adverse Effect in accordance with
customary trade practices; provided, that the Borrower may contest any
item described in clause (a) or (b) of this Section 7.5
in good faith so long as adequate reserves are maintained with respect thereto
in accordance with GAAP.

 

21

 

Section 7.6             Compliance
With Laws and Approvals.  Observe and
remain in compliance with all Applicable Laws and maintain in full force and
effect all Governmental Approvals in each case that could reasonably be
expected to have a Material Adverse Effect, in each case material and necessary
to the conduct of its business, including in connection with any procurement,
disclosure, anti-kickback or other Applicable Laws and Governmental Approval
relating to contracting with any Governmental Authority which is an account
debtor of the Borrower.

 

Section 7.7             Environmental
Laws.  In addition to and without
limiting the generality of Section 7.6, comply with all applicable
Environmental Laws to the extent that noncompliance could reasonably be
expected to have a Material Adverse Effect.

 

Section 7.8             ERISA.  In addition to and without limiting the generality
of Section 7.6, comply with all applicable provisions of ERISA and
the regulations and published interpretations thereunder with respect to any
and all employee benefit and pension plans maintained by the Borrower, except
for such non-compliance as would not reasonably be expected to have a Material
Adverse Effect.

 

Section 7.9             Special
Purpose Entity.  Remain a special
purpose entity with a sole purpose of engaging in those business operations or
activities related to applying for the issuance of Letters of Credit by the
Lender, the ownership of the Collateral, and the performance of its obligations
under the Loan Documents.

 

Section 7.10           Visits
and Inspections.  Permit
representatives of the Lender or its designated agents, from time to time, and
upon reasonable prior notice, upon reasonable intervals (unless a Default or
Event of Default shall have occurred) and during the Borrower regular business
hours without disruption to the Borrower business, to: (a) inspect, audit
and make extracts from its books, records and files, including management
letters prepared by independent accountants; and (b) discuss with such
Borrower’s principal officers and independent accountants, its business,
assets, liabilities, financial condition, results of operations and business
prospects.  The cost and expense (at the
Lender’s then-current rates plus expenses) of one (1) such inspection and
field audit during each Fiscal Year shall be borne by the Borrower; provided,
however, that the Lender shall deliver to the Borrower reasonable documentation
of such costs and expenses; and provided, further, that the Lender may conduct
more than one (1) inspection and field audit at the cost and expense of
the Borrower, as reasonably necessary, if a Default or Event of Default shall
have occurred.

 

Section 7.11           Intentionally Deleted.

 

Section 7.12           Intentionally Deleted.

 

Section 7.13           Further Assurances.  Make, execute and deliver all such additional
and further acts, things, deeds and instruments as the Lender may reasonably
require to document and consummate the transactions contemplated hereby and to
protect the rights of the Lender under this Agreement, the Revolving Credit
Note and the other Loan Documents.

 

ARTICLE VIII

FINANCIAL COVENANTS

 

Section 8.1             Intentionally Deleted.

 

22

 

ARTICLE IX

NEGATIVE COVENANTS

 

Until all of the Obligations have been paid and satisfied in full and
the obligation of the Lender to make any loan or advance is terminated, unless
consent has been obtained in the manner set forth in Section 11.10
hereof, the Borrower shall not:

 

Section 9.1             Limitations
on Debt.  Create, incur, assume or
suffer to exist any Debt, except as contemplated hereby.

 

Section 9.2             Limitations
on Guaranty Obligations.  Create,
incur, assume or suffer to exist any Guaranty Obligations, except as
contemplated hereby.

 

Section 9.3             Limitations
on Liens.  Create, incur, assume or
suffer to exist, any Lien on or with respect to any of the Collateral, whether
now owned or hereafter acquired, or grant or agree to any negative pledge that
would prohibit securing the Obligations or the LOC Obligations and any
replacement or refinancing thereof with any such Collateral, except for (a) Liens
for the benefit of the Lender pursuant to the Security Documents, (b) Liens
imposed by Applicable Law for taxes that are not yet due (or are overdue if
such liens would not have a Material Adverse Effect) or that are being
contested in good faith by or on behalf of the Borrower and for which adequate
reserves have been set aside therefor or that are secured by a bond reasonably
acceptable to the Lender, (c) Liens arising solely by virtue of any
statutory or common law provision relating to banker’s liens, rights of set-off
or similar rights and remedies as to deposit accounts or other funds maintained
with a creditor depository institution, and (d) Liens arising out of
judgments or awards that do not otherwise constitute an Event of Default so
long as an appeal or proceeding to review is being prosecuted in good faith and
for the payment of which adequate reserves have been set aside or are secured
by a bond reasonably acceptable to the Lender (collectively, the “Permitted
Liens”).

 

Section 9.4             Limitations
on Loans, Advances, Investments and Acquisitions.  Purchase, own, invest in or otherwise
acquire, directly or indirectly, any Capital Securities, any interests in any
partnership or joint venture, evidence of Debt or other obligation or security,
substantially all or a portion of the business or assets of any other Person,
or any other investment or interest whatsoever in any other Person, or make or
permit to exist, directly or indirectly, any loans, advances or extensions of
credit to, or any investment in cash or by delivery of property in, any Person,
except for investments of the Collateral in the Collateral Account as permitted
by this Agreement.

 

Section 9.5             Limitations
on Mergers and Liquidation.  Merge,
consolidate or enter into any similar combination with any other Person or
liquidate, wind-up or dissolve itself (or suffer any liquidation or
dissolution).

 

Section 9.6             Limitation
on Sale of Assets.  Convey, sell,
lease, assign, transfer or otherwise dispose of any of the Collateral, except
as permitted by the Loan Documents

 

Section 9.7             Limitations
on Dividends and Distributions.  If
an Event of Default shall have occurred and be continuing hereunder, declare or
pay any dividends or distributions upon any of its capital stock, membership
interests or other ownership rights; purchase, redeem, retire or otherwise
acquire, directly or indirectly, any shares of its capital stock, membership
interests or other ownership rights, or make any distribution of cash, property
or assets on account of shares of its capital stock, membership interests or
other ownership rights.  This Section 9.7
shall not apply to the issuance, delivery 

 

23

 

or
distribution by Borrower of interests of its Capital Securities pro rata to its
existing members (“Permitted Dividends”).

 

Section 9.8             Limitations
on Exchange and Issuance of Capital Stock. 
Issue, sell or otherwise create after the Closing Date any class or
series of Capital Securities that, by its terms or by the terms of any security
into which it is convertible or exchangeable, is, or upon the happening of an
event or passage of time would be, (a) convertible or exchangeable into
Debt or (b) required to be redeemed or repurchased at the option of the
holder, in whole or in part, or has, or upon the happening of an event or
passage of time would have, a redemption or similar payment due except in
connection with a transaction permitted by Section 9.4.

 

Section 9.9             Transactions
with Affiliates.  Directly or
indirectly make any loan or advance to, or purchase or assume any note or other
obligation to or from, any of its officers, directors, shareholders or
Affiliates, or to or from any member of the immediate family of any of its
officers, directors, shareholders or Affiliates, other than as contemplated
hereby.

 

Section 9.10           Certain
Accounting Changes.  Change its
Fiscal Year end, or make any change in its accounting treatment and reporting
practices except as required or permitted by GAAP.

 

Section 9.11           Special
Purpose Entity.  Engage in any
business operations or activities other than those including and related to
applying for the issuance of the Letters of Credit, the ownership of the
Collateral, and the performance of its obligations under the Loan Documents.

 

Section 9.12           Intentionally Deleted.

 

Section 9.13           Organizational
Documents.  Amend, modify or change
its certificate of formation, certificate of designation (or corporate charter
or other similar organizational document), operating agreement or bylaws (or
other similar document) in any respect which is materially adverse to the value
or enforceability of the Loan Documents.

 

ARTICLE X

DEFAULT AND REMEDIES

 

Section 10.1           Events
of Default.  Each of the following
shall constitute an Event of Default, whatever the reason for such event and
whether it shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment or order of any court or any order, rule or
regulation of any Governmental Authority or otherwise:

 

(a)           Default in Payment Obligations.  The Borrower shall fail to pay any principal
or interest or any other amounts due on any of the Obligations on or prior to
the date that is five (5) business days after receipt of notice by the
Borrower that such amount is due.

 

(b)           Misrepresentation.  Any warranty, representation or statement
made or furnished to the Lender by the Borrower or on its behalf proves to have
been false in any material respect when made or furnished (unless and to the
extent that such failure is corrected within thirty (30) days after receipt of
notice thereof by the Borrower).

 

(c)           Default in Performance.  There shall be a default in the performance
of any material terms, conditions or covenants contained in this Agreement or
any of the other Loan Documents, whether 

 

24

 

now existing or
hereafter arising (unless and to the extent that such default is cured in
thirty (30) days after receipt of notice thereof by the Borrower).

 

(d)           Intentionally Deleted.

 

(e)           Change in Control or Material
Adverse Effect. A Change in Control or a Material Adverse Effect shall
occur.

 

(f)            Voluntary Bankruptcy Proceeding.  Borrower shall (i) commence a voluntary
case or file a petition under any Debtor Relief Law, (ii) consent to any
petition filed against it in an involuntary case under any Debtor Relief Law, (iii) apply
for or consent to the appointment of, or the taking of possession by, a
receiver, custodian, trustee, or liquidator of itself or of a substantial part
of its property, domestic or foreign, (iv) admit in writing its inability
to pay its debts as they become due, (v) make a general assignment for the
benefit of creditors, or (vi) take any corporate action for the purpose of
authorizing any of the foregoing.

 

(g)           Involuntary Bankruptcy Proceeding.  A case or other proceeding shall be commenced
against Borrower in any court of competent jurisdiction seeking (i) relief
under any Debtor Relief Law, or (ii) the appointment of a trustee,
receiver, custodian, liquidator or the like for Borrower or for all or any
substantial part of its assets, domestic or foreign, and such case or
proceeding shall continue without dismissal or stay for a period of sixty (60)
consecutive days, or an order granting the relief requested in such case or
proceeding (including an order for relief under any Debtor Relief Law) shall be
entered.

 

(h)           Failure of Agreements.  This Agreement or any other Loan Document
shall, for any reason (other than due to the actions or inactions of the
Lender), cease to be in full force and effect (other than pursuant to the terms
hereof or thereof) or cease to be valid and binding on any party thereto, or
Borrower shall so assert in writing, or any Security Document shall for any
reason (other than due to the actions or inactions of the Lender) cease to
create a valid and perfected first priority Lien on, or security interest in,
the Collateral purported to be covered thereby, in each case other than in
accordance with the express terms hereof or thereof.

 

(i)            Intentionally Deleted.

 

(j)            Collateral.  Loss, sale (except as expressly authorized
herein) or encumbrance in respect of the Collateral, or the making of any levy,
seizure or attachment or the existence of any judgment or granting of any Lien
with respect to the Collateral (unless and to the extent bonded over and/or
discharged within fifteen (15) days after receipt of notice thereof by the
Borrower).

 

(k)           Intentionally Deleted.

 

(l)            Intentionally Deleted.

 

(m)          Required Collateral Value.  If at any time the sum of (i) the
Required Collateral Value plus (ii) the value of any Obligations
exceeds (ii) the value of the Collateral, and the Borrower fails to fund
or cause to be funded the Collateral Account in an amount necessary to cover
the deficiency within three (3) Business Days after receipt of notice
thereof by the Borrower.

 

Section 10.2           Remedies.  Upon the occurrence of an Event of Default
(after taking into account any applicable period of notice, grace or cure), the
Lender may by notice to the Borrower:

 

25

 

(a)           Acceleration; Termination of LOC
Commitment.  Declare the principal of
and interest on the Revolving Credit Loan and the Revolving Credit Note at the
time outstanding, all Obligations and all other amounts owed to the Lender
under this Agreement or any of the other Loan Documents to be forthwith due and
payable, whereupon all of the foregoing shall immediately become due and
payable without presentment, demand protest or other notice of any kind (other
than as set forth in the preamble to this Section 10.2), all of which are
expressly waived, anything in this Agreement or the other Loan Documents to the
contrary notwithstanding.  Immediately
upon the occurrence of a Default pursuant to Section 10.1(a) or an
Event of Default, the right of the Borrower to request any issuance of a Letter
of Credit or other extensions of credit hereunder shall be automatically
suspended until such Default pursuant to Section 10.1(a) or Event of
Default is remedied or waived; provided, however, that nothing in
this Agreement shall be construed to give the Lender the right to cancel,
invalidate or refuse to honor draws on any outstanding Letter of Credit due to
the occurrence of an Event of Default.

 

(b)           Rights of Collection.  Exercise all of its other rights and remedies
under this Agreement, the other Loan Documents and Applicable Law, in order to
satisfy all of the Obligations.  Such
rights include, without limitation, the full and irrevocable right, power and
authority to block any withdrawals by Borrower or any Affiliate from the
Collateral.

 

(c)           Intentionally Deleted.

 

Section 10.3           Intentionally Deleted.

 

Section 10.4           Rights
and Remedies Cumulative; Non-Waiver, etc. 
In the addition to the foregoing, the Lender shall have all rights and
remedies of a secured party under the UCC. 
The enumeration of the rights and remedies of the Lender set forth in
this Agreement is not intended to be exhaustive, and the exercise by the Lender
of any right or remedy shall not preclude the exercise of any other rights or
remedies, all of which shall be cumulative, and shall be in addition to any
other right or remedy given hereunder or under the Loan Documents or that may
now or hereafter exist in law or in equity or by suit or otherwise.  No delay or failure to take action on the
part of the Lender in exercising any right, power or privilege shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right,
power or privilege preclude other or further exercise thereof or the exercise
of any other right, power or privilege or shall be construed to be a waiver of
any Event of Default.  No course of
dealing between the Borrower, the Lender or their respective agents or
employees shall be effective to change, modify or discharge any provision of
this Agreement or any of the other Loan Documents or to constitute a waiver of
any Event of Default.

 

ARTICLE XI

MISCELLANEOUS

 

Section 11.1           Notices.

 

(a)           Method of Communication.  Except as otherwise provided in this
Agreement, all notices and communications hereunder shall be in writing, or by
telephone subsequently confirmed in writing. 
Any notice shall be effective if delivered by hand delivery or sent via
telecopy, recognized overnight courier service or certified mail, return
receipt requested, and shall be presumed to be received by a party hereto (i) on
the date of delivery if delivered by hand or sent by telecopy, (ii) on the
next Business Day if sent by recognized overnight courier service and (iii) on
the third Business Day following the date sent by certified mail, return
receipt requested.  A telephonic notice
to the Lender understood by the Lender will be deemed to be the controlling and
proper notice in the event of a discrepancy with or failure to receive a
confirming written notice.

 

26

 

(b)           Addresses for Notices.  Notices to a party shall be sent to it at the
following addresses, or any other address as to which the other party is
notified in writing.

 

If
to Lender:

 

RBS
Citizens, National Association

90
Statehouse Square

Hartford,
Connecticut 06103

Attn:  Marianne Stowell, Vice President

 

with
a copy to:

 

Updike,
Kelly & Spellacy, P.C.

One
State Street

P.O. Box
231277

Hartford,
Connecticut 06123-1277

Attn:  Amy E. Alissi, Esq.

 

If
to Borrower:

 

Noble
Credit Funding, LLC

8
Railroad Avenue

Second
Floor, Suite 8

Essex,
CT  06426

Attn:       Elizabeth Grisaru and Christopher Lowe

 

with
a copy to:

 

Latham &
Watkins LLP

555
Eleventh Street, NW

Suite 1000

Washington,
DC 20004-1304

Attn:       John L. Sachs, Esq.

 

Section 11.2           Lender’s
Office.  The Lender hereby designates
its office located at the address set forth in Section 11.1, or any
subsequent office which shall have been specified for such purpose by written
notice to the Borrower, as the Lender’s Office referred to herein.

 

Section 11.3           Expenses; Indemnity; Release of
Claims.

 

(a)           Except as otherwise provided in this
Agreement, the Borrower will (a) pay all reasonable out-of-pocket expenses
of the Lender in connection with (i) the preparation, execution and
delivery of this Agreement and each other Loan Document, whenever the same
shall be executed and delivered, and (ii) the preparation, execution and
delivery of any waiver, amendment or consent by the Lender relating to this
Agreement or any other Loan Document or in connection with any field audit,
including reasonable fees and disbursements of 
legal counsel to the Lender, (b) pay all reasonable out-of-pocket
expenses of the Lender actually incurred in connection with any enforcement of
any rights and remedies of the Lender under this Agreement after a Default, including
consulting with appraisers, accountants, attorneys and other Persons concerning
the nature, scope or value of any right or remedy of the Lender hereunder or
under any other Loan Document or any factual matters in connection therewith,
which expenses shall include the reasonable fees and disbursements of such
Persons, provided, however, that while no Event of 

 

27

 

Default exists, the
Borrower shall not be required to reimburse the Lender for the costs and
expenses of any appraisers, accountants, attorneys and other Persons, unless
the Borrower was given notice by the Lender prior to retaining such appraiser,
accountant, engineer, attorney or other Persons, and (c) defend, indemnify
and hold harmless the Lender, and its Affiliates, employees, agents, officers
and directors, from and against any losses, penalties, fines, liabilities,
settlements, damages, costs and expenses, suffered by any such Person in
connection with any claim, investigation, litigation or other proceeding
(whether or not the Lender is a party thereto) and the prosecution and defense
thereof, arising out of or in any way connected with the Agreement, any other
Loan Document or the Revolving Credit Loan, including reasonable attorneys’ and
consultants’ fees, except to the extent that any of the foregoing directly
result from the gross negligence or willful misconduct of the party seeking
indemnification therefor.  The Borrower does
hereby (i) waive any claim in tort, contract or otherwise which the
Borrower may have against the Lender or any of its Affiliates or their
officers, directors, agents, or employees (collectively, “Lender Agents”)
arising in connection with the transactions contemplated hereby and out of the
relationship between the Borrower and or any such Person prior to the Closing
Date; and (ii) absolutely and unconditionally releases and discharges the
Lender, each of its Affiliates and the Lender Agents from any and all claims,
causes of action, losses, damages or expenses arising in connection with the
transactions contemplated hereby and out of any relationship between it and the
Lender, any such Affiliate or the Lender Agents which the Borrower may have as
of the Closing Date; provided, however, that the foregoing waiver, release and
discharge shall not apply with respect to any claim against the Lender or the
Lender Agents arising out of the gross negligence, fraud or willful misconduct
of the Lender or the Lender Agents. 
Borrower acknowledges that it makes this waiver and release knowingly,
voluntarily and only after considering the ramifications of this waiver and
release with its legal counsel.

 

(b)           The Lender shall promptly notify the
Borrower of any claim under this Section 11.3.  The Borrower may elect to assume the defense
of any action, proceeding or dispute with a third party in respect of which a
claim is to be made under this Section 11.3; provided, however,
that if the Borrower assumes control of the defense of any such action,
proceeding or dispute, the Borrower shall not agree or conclude any settlement
that affects the Lender in any material respect without the prior written
approval of the Lender (such approval not to be unreasonably withheld or
delayed).  In the event the Borrower
assumes control of the defense of any such action, proceeding or dispute, the
Borrower shall not be liable to the Lender for any legal fees and expenses of
additional counsel incurred by the Lender in connection with such defense;
provided, however, that the Lender shall (at its own expense) have the right to
employ its own counsel whose reasonable legal fees and expenses shall be
indemnified by the Borrower if (i) there is or could reasonably be
expected to be a conflict of interest between the Lender and the Borrower in
connection with the defense of such action, proceeding or dispute, or (ii) there
is a specific defense available to the Lender that is different from or
additional to those available to the Borrower.

 

Section 11.4           Set-off.  In addition to any rights now or hereafter granted
under Applicable Law, and not by way of limitation of any such rights, the
Lender is hereby authorized by the Borrower at any time or from time to time,
with notice to the Borrower, to set off and to appropriate and to apply any and
all deposits (general or special, time or demand, including indebtedness
evidenced by certificates of deposit, whether matured or unmatured) and any
other indebtedness at any time held or owing by the Lender, or any such
assignee to or for the credit or the account of the Borrower against and on
account of the Obligations.

 

Section 11.5           Governing
Law.  This Agreement, the Revolving
Credit Note and the other Loan Documents, unless otherwise expressly set forth
herein or therein, shall be governed by and construed and enforced in
accordance with the laws of the State of Connecticut, without reference to the
conflicts or choice of law principles thereof.

 

28

 

Section 11.6           Consent to Jurisdiction; Service
of Process.

 

(a)           Borrower hereby irrevocably consents
to the personal jurisdiction of the state and federal courts located in the
State of Connecticut, in any action, claim or other proceeding arising out of
any dispute in connection with this Agreement, the Revolving Credit Note and
the other Loan Documents, any rights or obligations hereunder or thereunder, or
the performance of such rights and obligations. 
The Borrower hereby irrevocably appoints any Responsible Officer of the
Borrower as its attorney upon whom may be served any summons, complaint or
other process or pleading in any action, claim or proceeding brought by the
Lender in connection with this Agreement, the Revolving Credit Note or the
other Loan Documents, any rights or obligations hereunder or thereunder, or the
performance of such rights and obligations, on behalf of itself or its
property, in the manner specified in Section 11.1.  Nothing in this Section 11.6
shall affect the right of the Lender to serve legal process in any other manner
permitted by Applicable Law or affect the right of the Lender to bring any
action or proceeding against Borrower or its properties in the courts of any
other jurisdictions.

 

(b)           To the extent that Borrower has or
hereafter may acquire:  (i) any
immunity from jurisdiction of the state or federal courts located in the State
of Connecticut or from any legal process out of any such court (whether through
service or notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its property, or (ii) any
objection to the laying of the venue or of an inconvenient forum or any suit,
action or proceeding brought in a state or federal court located in the State
of Connecticut under process served in accordance with this Agreement or any
Loan Document, Borrower hereby irrevocably waives such immunity or objection in
respect of any suit, action or proceeding arising out of or relating to this
Agreement or any Loan Document.

 

Section 11.7           Waiver of Jury Trial; Commercial
Waiver; Preservation of Remedies.

 

(a)           WAIVER OF JURY TRIAL.  THE BORROWER IRREVOCABLY WAIVES ALL RIGHT TO
A TRIAL BY JURY IN ANY PROCEEDING HEREAFTER INSTITUTED BY OR AGAINST BORROWER
IN RESPECT OF ANY LETTER OF CREDIT, THIS AGREEMENT, ANY OTHER LOAN DOCUMENTS,
OR ANY COLLATERAL.

 

(b)           COMMERCIAL WAIVER.  THE BORROWER ACKNOWLEDGES THAT THE
TRANSACTION EVIDENCED BY EACH LETTER OF CREDIT, THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS IS A COMMERCIAL TRANSACTION AND WAIVES BORROWER’S RIGHTS TO
NOTICE AND HEARING UNDER CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES,
OR AS OTHERWISE ALLOWED BY THE LAW OF ANY STATE OR FEDERAL LAW WITH RESPECT TO
ANY PREJUDGMENT REMEDY WHICH THE LENDER MAY DESIRE TO USE, and further
waives diligence, demand, presentment for payment, notice of non-payment,
protest and notice of protest, and notice of any renewals or extensions of this
Agreement except as specifically provided in this Agreement, and agrees that
the time for payment of each Letter of Credit and this Agreement may be
extended at Lender’s sole discretion, without impairing Borrower’s liability
thereon, and further consents to the release of Lender’s security interest
in all or any part of the security hereunder at Lender’s discretion, or
the release of any party liable for the Obligations without affecting the
liability of the other parties hereto. 
Any delay on the Lender’s part exercising any right hereunder shall not
operate as a waiver of any such right, and any waiver granted for one occasion
shall not operate as a waiver in the event of any subsequent default.

 

(c)           Preservation of Certain Remedies.  The parties hereto and to the other Loan
Documents preserve, without diminution, certain remedies that such Persons may
employ or exercise freely, either alone, in conjunction with or during any
dispute, claim or controversy arising out of, connected with or relating to the
Revolving Credit Note or any other Loan Documents (“Dispute”) between or among
parties to the Revolving Credit Note or any other Loan Document.  Each such Person shall have and hereby
reserves the right to proceed in any court of proper jurisdiction or by self
help to exercise or 

 

29

 

prosecute the
following remedies: (i) all rights to foreclose against any real or
personal property or other security by exercising a power of sale granted in
the Loan Documents or under applicable law or by judicial foreclosure and sale,
(ii) all rights of self help including peaceful occupation of property and
collection of rents, set off, and peaceful possession of property, (iii) obtaining
provisional or ancillary remedies including injunctive relief, sequestration,
garnishment, attachment, appointment of receiver and in filing an involuntary
bankruptcy proceeding, and (iv) when applicable, a judgment by confession
of judgment.  Preservation of these
remedies does not limit the power of any court of proper jurisdiction to grant
similar remedies that may be requested by a party in a Dispute.

 

Section 11.8           Reversal
of Payments.  To the extent the
Borrower makes a payment or payments to the Lender or the Lender receives any
payment or proceeds of the Collateral which payments or proceeds or any part
thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside and/or required to be repaid to a trustee, receiver or
any other party under any Debtor Relief Law, state or federal law, common law
or equitable cause, then, to the extent of such payment or proceeds repaid, the
Obligations or part thereof intended to be satisfied shall be revived and
continued in full force and effect as if such payment or proceeds had not been
received by the Lender.

 

Section 11.9           Punitive
Damages.  The Borrower recognizes
that, in the event the Borrower fail to perform, observe or the Lender and the
Borrower hereby agrees that no such Person shall have a remedy of punitive or
exemplary damages against any other party to a Loan Document and each such
Person hereby waives any right or claim to punitive or exemplary damages that
it may now have or may arise in the future in connection with any Dispute,
whether such Dispute is resolved through arbitration or judicially.

 

Section 11.10         Amendments,
Waivers and Consents.  No amendment,
modification or supplement to any provision of this Agreement or the other Loan
Documents shall be effective unless the same shall be in writing and signed by
the Borrower and the Lender.  No consent
or waiver required to be granted by the Lender shall be effective unless in
writing signed by the Lender.

 

Section 11.11         Agreement
Controls.  In the event there is a
conflict or inconsistency between this Agreement and any other Loan Document,
the terms of this Agreement shall control; provided, that any provision of the
Security Documents which imposes additional burdens on the Borrower or further
restrict the rights of the Borrower or gives the Lender or Lenders additional
rights shall not be deemed to be in conflict or inconsistent with this
Agreement and shall be given full force and effect.

 

Section 11.12         Survival.  Notwithstanding any termination of this
Agreement, the indemnities to which the Lender are entitled under the
provisions of this Article X and any other provisions of this Agreement
and the Loan Documents shall continue in full force and effect and shall
protect the Lender against events arising after such termination as well as
before.

 

Section 11.13         Counterparts.  This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns, and all of which taken
together shall constitute one and the same agreement.

 

Section 11.14         Headings.  Titles and captions of Articles, Sections and
subsections in this Agreement are for convenience only, and neither limit nor
amplify the provisions of this Agreement.

 

Section 11.15         Severability.  Any provision of this Agreement or any other
Loan Document which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective only to the extent of such prohibition
or unenforceability without invalidating the remainder of such provision 

 

30

 

or
the remaining provisions hereof or thereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

 

Section 11.16         Entirety.  This Agreement together with the other Loan
Documents represents the entire agreement of the parties hereto with respect to
the subject matter hereof, and supersedes all prior agreements and
understandings, oral and written, if any, including the Interim Agreement and
any commitment letters or correspondence relating  to the Loan Documents or the transactions
contemplated herein or therein.

 

Section 11.17         Termination.  This Agreement shall remain in
effect from the Closing Date through and including the date upon which there
are no outstanding Letters of Credit and no other outstanding LOC Obligations,
and all Obligations shall have been paid and satisfied in full.  The Lender is hereby permitted to release all
Liens on the Collateral in favor of the Lender upon repayment in cash
of the outstanding principal of and all accrued interest on the Revolving
Credit Loan and the payment of all outstanding fees and expenses
hereunder.  No termination of this
Agreement shall affect the rights and obligations of the parties hereto arising
under Section 11.3.

 

Section 11.18         Confidentiality.  The Lender agrees to keep confidential, in
accordance with its customary procedures for handling confidential information
of this nature, any confidential information supplied to it by the Borrower and
any Affiliate; provided, however, that such information does not
include information that (a) was publicly known or otherwise known to it
prior to the time of such disclosure and (b) subsequently becomes publicly
known through no act or omission by it or any Person acting on its behalf; and provided,
further, that nothing in this Section 11.18 shall require
the Lender to obtain any consent of the Borrower or any Affiliate in connection
with: (i) exercising any of the Lender’s rights hereunder or under the
Loan Documents, including preservation and the enforcement of the Collateral
and those exercisable upon the occurrence of an Event of Default; (ii) any
situation in which the Lender is required by any Governmental Authority to
disclose information (if the Lender informs such Governmental Authority of the
confidential nature of such information and requests that it be kept
confidential to the fullest extent of Applicable Law); (iii) providing
information to counsel or other consultants of the Lender in connection with
the transactions contemplated by this Agreement or any of the Loan Documents
(if the Lender informs such counsel or consultants of the confidential nature
of such information and requires that it be kept confidential except as
permitted herein); (iv) providing such information to independent auditors
or accountants of the Lender (if the Lender informs such auditors or
accountants of the confidential nature of such information and requires that it
be kept confidential except as permitted herein); or (v) providing such
information to a potential participant in the LOC Commitment (if the Lender
informs such potential participant of the confidential nature of such
information and such participant agrees that such information will be kept
confidential except as permitted herein). 
Notwithstanding the foregoing, the parties hereto and their officers,
directors, employees thereof are authorized to disclose to any and all persons,
without limitation of any kind, the structure and tax aspects of this
transaction (as defined in Treasury Regulation Section 1.6011-4) and all
materials of any kind which are related to such structure and tax aspects.

 

Section 11.19         No
Recourse.  The Lender shall have no
claims of any kind or nature (other than for fraud or willful misconduct) with
respect to the transactions contemplated by this Agreement and the other Loan
Documents against any Affiliate of the Borrower or the stockholders, members or
other owners, officers, directors or employees of any of such Affiliate (each,
a “Non-Recourse Party”).  If (a) any
Event of Default shall have occurred and is continuing, or (b) any claim
by the Lender against the Borrower or any alleged liability of the Borrower to
the Lender shall be asserted hereunder or under any of the Loan Documents, in
each case, the Lender agrees that it shall not have the right to proceed
against any of the Non-Recourse Parties or against their respective properties
and assets for the satisfaction of any such claim or liability or for any
deficiency judgment (other than for fraud or willful misconduct);

 

31

 

provided, however,
that nothing in this Section 11.19 shall in any way limit any recourse or
any claim the Lender may have against the Borrower or the Collateral pursuant
to the Loan Documents.

 

[SIGNATURE PAGE NEXT FOLLOWS]

 

32

 

[Signature Page to Master Credit Agreement]

 

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

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NOBLE
  CREDIT FUNDING, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Christopher Lowe

  
	
   

  	
   

  	
     Name:

  	
  Christopher Lowe

  
	
   

  	
   

  	
     Title:

  	
  Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  RBS
  CITIZENS, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Marianne Stowell

  
	
   

  	
   

  	
     Name:

  	
  Marianne
  Stowell

  
	
   

  	
   

  	
     Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
  STATE
  OF

  	
  )

  
	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
  )

  
						

 

The
foregoing instrument was acknowledged before me this 12 day of February, 2008
by Christopher Lowe, Vice President and Treasurer of Noble Credit Funding, LLC,
a Delaware limited liability company, on behalf of the company.

 

	
   

  	
   

  	
     /s/ Stephanie
  Kiem

  
	
   

  	
   

  	
  Stephanie
  Kiem

  
	
   

  	
   

  	
  Notary
  Public

  
	
   

  	
   

  	
  My
  commission expires: December 31, 2012

  

 

 

	
  STATE
  OF CONNECTICUT

  	
  )

  
	
   

  	
  )
  ss.

  
	
  COUNTY
  OF HARTFORD

  	
  )

  

 

The
foregoing instrument was acknowledged before me this 14th day of February,
2008 by Marianne Stowell, Vice President of RBS Citizens, National Association,
a national banking organization, on behalf of said company.

 

	
   

  	
   

  	
     /s/
  Mary-Ellen McLaughlin

  
	
   

  	
   

  	
  Mary-Ellen
  McLaughlin

  
	
   

  	
   

  	
  Notary
  Public

  
	
   

  	
   

  	
  My
  commission expires: July 31, 2009

  

 

 

SCHEDULE 2.1

EXISTING LETTERS OF CREDIT

 

	
  1.

  	
   

  	
  Irrevocable Standby Letter of
  Credit Number: S904270, as amended

  
	
   

  	
   

  	
  On account of: Noble Clinton Windpark I,
  LLC

  
	
   

  	
   

  	
  Beneficiary: The New York State Energy
  Research and Development Authority (NYSERDA)

  
	
   

  	
   

  	
  Up to an aggregate amount of: USD
  2,483,992.39

  
	
   

  	
   

  	
  Expiry Date: November 30, 2008

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Irrevocable Standby Letter of
  Credit Number: S904271, as amended

  
	
   

  	
   

  	
  On account of: Noble Bliss Windpark, LLC

  
	
   

  	
   

  	
  Beneficiary: The New York State Energy
  Research and Development Authority (NYSERDA)

  
	
   

  	
   

  	
  Up to an aggregate amount of: USD
  2,408,719.56

  
	
   

  	
   

  	
  Expiry Date: November 30, 2008

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Irrevocable Standby Letter of
  Credit Number: S904272, as amended

  
	
   

  	
   

  	
  On account of: Noble Chateaugay
  Windpark, LLC

  
	
   

  	
   

  	
  Beneficiary: The New York State Energy
  Research and Development Authority (NYSERDA)

  
	
   

  	
   

  	
  Up to an aggregate amount of: USD
  3,151,333.45

  
	
   

  	
   

  	
  Expiry Date: November 30, 2008

  
	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Irrevocable Standby Letter of
  Credit Number: S904269, as amended

  
	
   

  	
   

  	
  On account of: Noble Altona Windpark,
  LLC

  
	
   

  	
   

  	
  Beneficiary: The New York State Energy
  Research and Development Authority (NYSERDA)

  
	
   

  	
   

  	
  Up to an aggregate amount of: USD
  2,215,483.28

  
	
   

  	
   

  	
  Expiry Date: November 30, 2008

  
	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Irrevocable Standby Letter of
  Credit Number: S904273, as amended

  
	
   

  	
   

  	
  On account of: Noble Ellenburg Windpark,
  LLC

  
	
   

  	
   

  	
  Beneficiary: The New York State Energy
  Research and Development Authority (NYSERDA)

  
	
   

  	
   

  	
  Up to an aggregate amount of: USD
  2,062,690.64

  
	
   

  	
   

  	
  Expiry Date: November 30, 2008

  
	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Irrevocable Standby Letter of Credit
  Number: S904311

  
	
   

  	
   

  	
  On account of: Noble Environmental
  Power, LLC

  
	
   

  	
   

  	
  Beneficiary: Power Authority of the
  State of New York

  
	
   

  	
   

  	
  Up to an aggregate amount of: USD
  750,000.00

  
	
   

  	
   

  	
  Expiry Date: March 14, 2008

  
	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Irrevocable Standby Letter of
  Credit Number: S904771

  
	
   

  	
   

  	
  On account of: Noble Altona Windpark,
  LLC

  
	
   

  	
   

  	
  Beneficiary: New York Power Authority
  (“NYPA”)

  
	
   

  	
   

  	
  Up to an aggregate amount of: USD
  2,413,465.00

  
	
   

  	
   

  	
  Expiry Date: December 31, 2008

  
	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Irrevocable Standby Letter of
  Credit Number: S904772

  
	
   

  	
   

  	
  On account of: Noble Clinton Windpark I,
  LLC and Noble Ellenburg Windpark, LLC

  
	
   

  	
   

  	
  Beneficiary: New York Power Authority
  (“NYPA”)

  
	
   

  	
   

  	
  Up to an aggregate amount of: USD
  4,826,931.00

  
	
   

  	
   

  	
  Expiry Date: December 31, 2008

  

 

 

	
  9.

  	
   

  	
  Irrevocable Standby Letter of Credit
  Number: S905046

  
	
   

  	
   

  	
  On account of: Noble Environmental
  Power, LLC

  
	
   

  	
   

  	
  Beneficiary: Southwest Power
  Pool, Inc.

  
	
   

  	
   

  	
  Up to an aggregate amount of: USD
  945,625.00

  
	
   

  	
   

  	
  Expiry Date: October 1, 2008

  

 

 

SCHEDULE 5.1(a)

EXCEPTIONS TO ORGANIZATION; POWER; QUALIFICATION

 

None.

 

 

SCHEDULE 5.1(c)

COMPLIANCE OF AGREEMENT, LOAN DOCUMENTS AND BORROWING WITH LAWS, ETC

 

None.

 

 

SCHEDULE 5.1(g)

ENVIRONMENTAL MATTERS

 

None.

 

 

SCHEDULE 5.1(h)

ERISA

 

None.

 

 

SCHEDULE 5.1(r)

LITIGATION

 

None.

 

 

EXHIBIT A

REVOLVING CREDIT NOTE

 

	
  $45,000,000.00

  	
   

  	
  February 14,
  2008

  

 

FOR VALUE RECEIVED, the
undersigned, NOBLE CREDIT FUNDING, LLC, a Delaware limited liability company,
with an office located at 8 Railroad Avenue, Second Floor, Suite 8, Essex,
Connecticut 06426 (the “Borrower”), promises to pay to the order of RBS
CITIZENS, NATIONAL ASSOCIATION, a national banking association, with an office
located at 63 Eugene O’Neill Drive, New London, Connecticut 06320 (the “Lender”),
at the place and times provided in the Master Credit Agreement referred to
below, the principal sum of FORTY-FIVE MILLION AND NO/100 Dollars
($45,000,000.00) or, if less, the unpaid principal amount of all Revolving
Credit Loans made by the Lender from time to time pursuant to that certain
Master Credit Agreement, dated as of the date hereof (as amended, restated or
otherwise modified, the “Credit Agreement”) by and between the Borrower
and the Lender.  Capitalized terms used
and not defined herein shall have the meanings assigned thereto in the Credit
Agreement.

 

The unpaid principal amount of this Revolving Credit
Note from time to time outstanding is subject to repayment upon demand
and other mandatory repayment from time to time as provided in the Credit
Agreement, and shall bear interest as provided in Section 3.1 of
the Credit Agreement.  This Revolving
Credit Note may be voluntarily prepaid from time to time as provided in the
Credit Agreement.  All payments of
principal and interest on this Revolving Credit Note shall be payable in lawful
currency of the United States of America in immediately available funds as
designated in the Credit Agreement.

 

This Revolving Credit Note is
entitled to the benefits of, and evidences Obligations incurred under, the
Credit Agreement, to which reference is made for a description of the security
for this Revolving Credit Note and for a statement of the terms and conditions
on which Borrower is permitted and required to make prepayments and repayments
of principal of the Obligations evidenced by this Revolving Credit Note and on
which such Obligations may be declared to be immediately due and payable.

 

The Debt evidenced by this
Revolving Credit Note is senior in right of payment to all Subordinated Debt,
if any, referred to in the Credit Agreement.

 

The holder of this Revolving
Credit Note is entitled to the benefit of the Credit Agreement and Loan
Documents to which reference is made for a description of the property and
rights included in such security, the nature of such security and the rights of
the holder of this Revolving Credit Note and Borrower in respect of such
security.  Any reference to the Revolving
Credit Note in any of the Loan Documents shall hereafter mean this Revolving
Credit Note as the same may be modified, amended, supplemented, extended, or
consolidated in writing, and any notes issued in exchange therefor or in
replacement thereof.

 

3

 

If this Revolving Credit Note
is now, or hereafter shall be, signed by more than one Person, it shall be the
joint and several obligation of all such persons (including, without
limitation, all makers, endorsers, guarantors and sureties, if any) and shall
be binding on all such persons and their respective heirs, executors,
administrators, legal representatives, successors and assigns.

 

THIS REVOLVING CREDIT NOTE
SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF CONNECTICUT, WITHOUT REFERENCE TO THE CONFLICTS OR CHOICE OF
LAW PRINCIPLES THEREOF.

 

The Borrower hereby waives all
requirements as to diligence, presentment, demand of payment, protest and
(except as required by the Credit Agreement) notice of any kind with respect to
this Revolving Credit Note.

 

                                BORROWER
HEREBY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OVER ANY SUCH ACTION AND OVER
BORROWER BY THE COURTS OF THE STATE OF CONNECTICUT AND THE COURTS OF THE UNITED
STATES SITTING IN THE STATE OF CONNECTICUT. 
THIS CONSENT TO JURISDICTION IS IRREVOCABLE.

 

THE LENDER AND
BORROWER EACH HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL
WITH RESPECT TO ANY ACTION, CLAIM OR OTHER PROCEEDING ARISING OUT OF ANY
DISPUTE IN CONNECTION WITH THE CREDIT AGREEMENT, THIS NOTE OR THE OTHER LOAN
DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER, OR THE
PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS.

 

BORROWER AND EACH AND EVERY ENDORSER, GUARANTOR AND SURETY OF THIS
NOTE, AND EACH OTHER PERSON WHO IS OR WHO SHALL BECOME LIABLE FOR ALL OR ANY PART OF
THE OBLIGATIONS UNDER THE CREDIT AGREEMENT, THIS NOTE OR THE OTHER LOAN DOCUMENTS,
HEREBY ACKNOWLEDGE THAT THE TRANSACTION OF WHICH THIS NOTE IS A PART OF A
COMMERCIAL TRANSACTION AND WAIVE THEIR RIGHTS TO NOTICE AND HEARING UNDER
CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES OR BY OTHER APPLICABLE LAW
(INCLUDING UNDER ANY OTHER STATE OR FEDERAL STATUTE OR CONSTITUTION) WITH
RESPECT TO ANY PREJUDGMENT REMEDY WHICH THE LENDER OR ANY OTHER HOLDER OF THE
OBLIGATIONS MAY DESIRE TO USE. BORROWER FURTHER CONSENTS TO THE ISSUANCE
OF ANY PREJUDGMENT REMEDIES WITHOUT A BOND AND AGREES NOT TO REQUEST OR FILE
MOTIONS SEEKING TO REQUIRE THE POSTING OF A BOND UNDER PUBLIC ACT 93-431 IN
CONNECTION WITH THE CREDITORS’ 

 

4

 

EXERCISE OF ANY PREJUDGMENT REMEDY. 
BORROWER ALSO WAIVES ANY AND ALL OBJECTION WHICH IT MIGHT OTHERWISE
ASSERT, NOW OR IN THE FUTURE, TO THE EXERCISE OR USE BY THE CREDITORS OF ANY
RIGHT OF SETOFF, REPOSSESSION OR SELF HELP AS MAY PRESENTLY EXIST UNDER
STATUTE OR COMMON LAW.

 

[Intentionally
Left Blank – Signature Page to Follow]

 

5

 

[Signature Page for
Revolving Credit Note]

 

IN WITNESS WHEREOF, the
undersigned has executed this Revolving Credit Note under seal as of the day
and year first written above.

 

 

	
   

  	
   

  	
  NOBLE CREDIT FUNDING, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Christopher Lowe

  
	
   

  	
   

  	
   

  	
  Title: Vice President and TreasurerExhibit 10.5(a)

 

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

 

PAY-AS-YOU-GO CAPITAL CONTRIBUTION AGREEMENT

 

This
PAY-AS-YOU-GO CAPITAL CONTRIBUTION AGREEMENT, dated as of June 22, 2007
(this “Agreement”), is entered
into by and between EFS Noble Holdings, LLC, a Delaware limited liability
company (“Contributing Member”),
Noble Environmental Power 2006 Hold Co, LLC, a Delaware limited liability
company (the “Company”), and Noble
Environmental Power Hold Co. Prime, LLC, a Delaware limited liability company (“Noble Holdco”).  Each Class A Equity Investor (as defined
below), the Company and Noble Holdco is referred to herein, individually, as a “Party” and, collectively, as the “Parties”.

 

RECITALS

 

A.            WHEREAS, pursuant to the Membership
Interest Purchase and Equity Capital Contribution Agreement of even date
herewith, by and among Contributing Member, the Company and Noble Holdco (the “Contribution Agreement”), the Class A
Equity Investors will acquire from the Company certain Class A Units (as
defined therein);

 

B.            WHEREAS, the Parties desire to enter
into this Agreement to set forth their agreement regarding certain capital
contributions to be made by the Class A Equity Investors to the Company.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other
good and valuable consideration, receipt of which is hereby acknowledged, the
Parties agree as follows:

 

ARTICLE 1

DEFINITIONS AND INTERPRETATIONS

 

1.01.       Definitions.  Capitalized
terms used herein and not otherwise defined have the meanings set forth in the
Contribution Agreement, and the rules of interpretation set forth in the
Contribution Agreement shall apply to this Agreement as if set forth
herein.  The following terms shall have
the following meanings:

 

“Acceptable Power Purchaser” means NYISO,
any Person purchasing power in the bid-based markets administered by NYISO, or
any other Person that is an “unrelated person” to the Company within the
meaning of Section 45(a)(2)(B) of the Code; provided that Noble
Holdco shall not be an Acceptable Power Purchaser.

 

“Capital Contribution” has the meaning set
forth in the LLC Agreement.

 

“Class A Member” has the meaning set
forth in the LLC Agreement.

 

“Collateral Documents” has the meaning set
forth in the Financing Agreement.

 

 

“Contribution Invoice” has the meaning set
forth in Section 3.02.

 

“Contribution
Period” means the period beginning on the Initial
Equity Capital Contribution Date and ending on the date that the PTC Periods
with respect to all Wind Turbines have expired.

 

“Eligible Energy Production” means, with
respect to any Fiscal Quarter or applicable portion thereof, the product of (a) the
total number of kWhs produced by the Wind Turbines and sold by the Project
Companies to Acceptable Power Purchasers during such period as measured, for
sales into the NYISO markets, at the point at which power is delivered to
facilities controlled by NYISO at a NYISO recognized node, and measured, for
sales to a particular power purchaser, at the delivery point specified under
the relevant power purchase agreement multiplied
by (b) a fraction, the numerator of which is the number of
Eligible Wind Turbines, and the denominator of which is the total number of
Wind Turbines; provided that, for the avoidance of doubt, if the number of
Eligible Wind Turbines increases or decreases during such period, Eligible
Energy Production shall be determined separately for the portions of such
period preceding and following any such increases or decreases.

 

“Eligible Wind Turbine” means, with respect
to any Fiscal Quarter or applicable portion thereof, a Wind Turbine that has
achieved Turbine Substantial Completion and with respect to which (a) PTCs
are available for the production and sale of electricity therefrom and (b) the
Company or any Project Company is the owner (or is treated as the owner of such
Wind Turbine for federal income tax purposes).

 

 “kWh”
means kilowatt per hour of electricity.

 

“PAYG Capital Contribution” has the meaning
set forth in Section 3.01.

 

“PTC Period” means, with respect to any Wind
Turbine, the ten year period beginning on the date that such Wind Turbine has
achieved Turbine Substantial Completion.

 

“Quarterly Contribution Amount” means, with
respect to any Fiscal Quarter or applicable portion thereof, *** percent (***%)
of the product of (a) two cents (or such other amount as may be provided
from time to time for renewable energy production tax credits under Section 45
of the Code or any successor provision and any Treasury Regulations promulgated
or Internal Revenue Service rulings or notices issued thereunder), as may be
adjusted based on inflation pursuant to Section 45(b)(2) of the Code,
applicable to such Fiscal Quarter or portion thereof multiplied by (b) Eligible Energy Production for such
Fiscal Quarter or portion thereof; provided that, for the avoidance of doubt,
if the number of Eligible Wind Turbines increases or decreases during such
period, the Quarterly Contribution Amount shall be determined by (i) treating
the portions of such period preceding and following any such increases or
decreases as separate parts, (ii) applying the preceding formula
separately to each such part, and (iii) aggregating the amounts determined
for all such parts.

 

“Related Party” has the meaning set forth in
the LLC Agreement.

 

“Revised Contribution” has the meaning set
forth in Section 3.03.

 

2

 

“Revised Contribution Invoice” has the
meaning set forth in Section 3.03.

 

“Revised Invoice” has the meaning set forth
in Section 3.03.

 

“Turbine Substantial Completion” has the
meaning set forth in the LLC Agreement.

 

ARTICLE 2

REPRESENTATIONS AND WARRANTIES

 

2.01.       Representations and Warranties.  Each
Class A Equity Investor hereby represents and warrants to the Company and
to Noble Holdco as of the date hereof, on the Initial Equity Capital Contribution
Date, and, with respect to any Person hereafter admitted as a Class A
Equity Investor that accedes and becomes a Party to this Agreement pursuant to Section 6.04
hereof, such Person represents and warrants to the Company and Noble Holdco as
of the date such Person becomes a Party hereto:

 

(a)           Organization and Good Standing.  It is duly organized, validly existing and in
good standing under the laws of its state of formation, with full power and
authority to carry on its business as such business is now conducted.

 

(b)           Authorization, Execution and Enforceability.  It has full corporate, limited liability
company, general partnership or limited partnership power and authority, as
applicable, to execute and deliver this Agreement, to make its respective PAYG
Capital Contributions and to consummate the transactions contemplated
hereunder.  The execution and delivery by
it of this Agreement, and the consummation by it of the transactions
contemplated hereunder, have been duly authorized by all necessary corporate,
limited liability company, general partnership or limited partnership action,
as applicable.  This Agreement has been
duly executed and delivered by it.  This
Agreement constitutes a valid and binding obligation, enforceable against it in
accordance with its terms except as such enforceability may be limited by (i) bankruptcy,
insolvency or similar laws affecting creditors’ rights generally or (ii) general
principles of equity, whether considered in a proceeding in equity or at law.

 

(c)           Legal Proceedings.  There is no action, claim, suit,
investigation or proceeding (including, but not limited to, any arbitration
proceeding) of any nature, at law or in equity, pending or, to its Knowledge,
threatened by or against it, its directors, officers, employees, agents of it,
or any of its Affiliates involving, affecting or relating to the transactions
contemplated hereunder or, when executed and delivered, the LLC Agreement, or
its ability to complete the transactions contemplated hereunder or thereunder.  It is not subject to any order, writ,
judgment, award, injunction or decree of any Governmental Authority or arbitral
body involving, affecting or relating to the transactions contemplated
hereunder or, when executed and delivered, the LLC Agreement, or its ability to
complete the transactions contemplated hereunder or thereunder.

 

(d)           No Violation.  The execution, delivery and performance by it
of this Agreement and, when executed and delivered, the LLC Agreement, and the
consummation by it of the transactions contemplated hereunder or thereunder do
not and will not: (i) violate or conflict with any provision of its
Charter Documents; (ii) violate any Applicable Law (it being 

 

3

 

understood that no representation
is made as to any rules or regulations of FERC); (iii) violate in any
material respect, result in a material breach of, constitute (with due notice
or lapse of time or both) a material default, or result in an Encumbrance being
created or imposed upon any of its properties or Assets, under any material
contract to which it is a party or by which its property is bound, which
material violation, material breach, material default or Encumbrance would
adversely affect its ability to perform its obligations under this Agreement
or, when executed and delivered, the LLC Agreement; (iv) impose any
adverse impact on the ability of any Project Company to comply with the Federal
Power Act as it exists as of the date hereof (including maintaining compliance
with FERC’s market-based rate authority requirements); or (v) cause any
Project Company, Noble Holdco or the Company not to be entitled to the
exemptions from regulation afforded to an EWG or a “holding company”, as such
term is defined in PUHCA, of one or more EWGs that is a “holding company”
solely by virtue of its ownership interests in one or more EWGs.

 

(e)           Governmental Approvals.  No Governmental Approval is required to be
obtained or made by it for the execution, delivery and performance by it of
this Agreement or, when executed and delivered, the LLC Agreement, or the
consummation of the transactions contemplated hereby or thereby, other than any
Governmental Approvals that have been obtained or made or that may be required
to be obtained or made at a future date, which future Governmental Approvals
could reasonably be expected to be obtained as and when required.

 

(f)            Class A Investment Intent;
Unregistered Securities. 
The Class A Units to be held by it will be acquired for investment
for its own account, not with a view to the distribution of any part thereof,
and, without in any way affecting its right to dispose of its Class A
Units as permitted by the LLC Agreement, it has no present intention of
selling, granting any participation in, or otherwise distributing the
same.  It understands that the Class A
Units are characterized as a “restricted security” under federal and state
securities laws inasmuch as such securities are being acquired in a transaction
contemplated hereunder not involving a public offering and that under such laws
and applicable regulations such securities may not be resold in the absence of
an effective registration statement covering the Class A Units or an
exemption from registration under federal and state securities laws.

 

(g)           Accredited Investor.  It is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) of Regulation D promulgated under the Securities Act
of 1933, as amended.  It has such
knowledge and experience in financial and business matters that it is capable
of independently evaluating the risks and merits of purchasing the Class A
Units; it has independently evaluated the risks and merits of purchasing the Class A
Units and has independently determined that the Class A Units are a
suitable investment for it; and it has sufficient financial resources to bear
the loss of its entire investment in the Class A Units.

 

(h)           United States Person.  It (or if it is a disregarded entity, its
owner) is a United States person not subject to withholding under Section 1446
of the Code.

 

(i)            No Other Representations.  It is not relying on any representations or
warranties whatsoever, express, implied, at common law, statutory or otherwise,
by the Company, any Project Company, Noble Holdco, or any Guarantor except for
the representations 

 

4

 

or warranties made for its
benefit and expressly set out in the Contribution Agreement and, when executed
and delivered, the LLC Agreement and any certificate delivered in connection
with any of the foregoing.

 

(j)            Brokers. 
No broker, finder, investment banker, or other Person is entitled to any
brokerage, finder’s or other fee or commission in connection with the
transactions contemplated hereunder, based upon arrangements made by or on behalf
of it, for which Noble Holdco, the Company or any Project Company will be
responsible.

 

(k)           Participation in NYISO.  Neither it (nor any of its Affiliates)
purchases electric energy through the wholesale market operated under the
oversight of NYISO.

 

ARTICLE 3

PAYG CAPITAL CONTRIBUTIONS

 

3.01.       Obligation.

 

(a)           In accordance with
the payment terms and procedures set forth in this Article 3, with
respect to each Fiscal Quarter ending during the Contribution Period and the
portion of the Fiscal Quarter at the end of the Contribution Period, each Class A
Equity Investor shall make a cash capital contribution (each, a “PAYG Capital Contribution”) to the Company
in an amount equal (i) to the Quarterly Contribution Amount for such
Fiscal Quarter (or portion of a Fiscal Quarter in the case of the first and
last Fiscal Quarters during the Contribution Period) multiplied by (ii) a fraction, the numerator of which
is the number of Class A Units held by such Class A Equity Investor
at the end of such Fiscal Quarter or portion of such Fiscal Quarter, as
applicable, and the denominator of which is the total number of Class A
Units issued and outstanding as of the end of such Fiscal Quarter or portion of
such Fiscal Quarter, as applicable.

 

(b)           If, at any time
during the Contribution Period, a Class A Equity Investor or its Affiliate
(as defined in the LLC Agreement) becomes a Related Party and fails to comply
with its obligations under Section 6.06 of the LLC Agreement and the
Managing Member has complied with its obligations under Section 6.06(a) and
(b) of the LLC Agreement, the PAYG Capital Contributions shall be adjusted
as provided in Section 6.06(d) of the LLC Agreement and such Related
Party shall be deemed to be an Acceptable Power Purchaser for purposes of determining
the Eligible Energy Production and Quarterly Contribution Amount for all Fiscal
Quarters or portions thereof during which it remains a Related Party.  If,
at any time during the Contribution Period, a Class A Member becomes a
Related Party as a result of the Managing Member failing to comply with its
obligations under Section 6.06(a) or (b) of the LLC Agreement,
then the PAYG Capital Contributions shall be reduced to the extent that the
failure to qualify for PTCs is due to such Class A Member becoming a
Related Party under the definitions of Eligible Energy Production and of
Quarterly Contribution Amount and shall be further reduced in accordance with Section 6.06(d)(ii) of
the LLC Agreement.

 

(c)           From and after the
date that the Flip Rate (as defined in the LLC Agreement) occurs, if the Debt
Obligations have not been repaid in full, the Company shall apply any and all
PAYG Capital Contributions that are payable for Eligible Energy Production 

 

5

 

produced after such date to the
optional prepayment of the Debt Obligations in accordance with the Debt
Financing Documents until such Debt Obligations are repaid in full.

 

(d)           The obligation of
each Class A Equity Investor to make PAYG Capital Contributions shall be
terminated on the earliest to occur of:  (i) the
last day of the Contribution Period (provided that any Class A Equity
Investor shall remain obligated with respect to any PAYG Capital Contribution
with respect to a Fiscal Quarter or portion thereof that has accrued prior to
the last day of the Contribution Period in connection with such Class A
Equity Investor’s Class A Units); (ii) the date title to all of the Class A
Units is transferred from the Class A Member to the Administrative Agent
or its designee pursuant to the exercise of remedies under the Equity Support
Member Pledge Agreement or otherwise; and (iii) the date that the Flip
Point (as defined in the LLC Agreement) occurs provided that the obligation to
make PAYG Capital Contributions shall not terminate by reason of this clause (iii) until
the date the Debt Obligations under the Debt Financing Documents have been
repaid in full.

 

3.02.       Payment.  The Company shall calculate the PAYG Capital
Contribution owed by the Class A Equity Investors with respect to each
Fiscal Quarter or applicable portion thereof and shall submit an invoice for
such amount (a “Contribution Invoice”)
to the Class A Equity Investors within ten (10) Business Days of the
end of such Fiscal Quarter or applicable portion thereof (or as soon as
reasonably practicable after receipt by the Company of the NYISO production
statements with respect to the relevant period).  Each Contribution Invoice shall include
supporting materials reasonably satisfactory to the Class A Equity Investors
evidencing the following information for the Fiscal Quarter or applicable
portion thereof: the Eligible Energy Production, the total number of kWhs
produced by the Wind Turbines and sold by the Project Companies to Acceptable
Power Purchasers, and the number of Wind Turbines and Eligible Wind
Turbines.  Within thirty (30) days after
its receipt of a Contribution Invoice, each Class A Equity Investor shall
make such PAYG Capital Contribution in immediately available funds to the
Company.

 

3.03.       Adjustment.  If the Company or a Project Company receives
an amended, revised or otherwise modified invoice or other written notice from
an Acceptable Power Purchaser (a “Revised
Invoice”) indicating that such Acceptable Power Purchaser has
adjusted (either upward or downward) the number of kWhs that have been
reflected in a Contribution Invoice or any revised Contribution Invoice
previously delivered to the Class A Equity Investors pursuant hereto, or
there is any other revision, adjustment or correction to the Eligible Energy
Production, the number of Wind Turbines, or the number of Eligible Wind
Turbines (which revision, adjustment or correction shall be made by the Company
at the same time as, and shall be consistent with, the actual tax and
accounting calculations and reports prepared by or on behalf of the Company
with respect to the Eligible Energy Production), then, within ten (10) Business
Days of its receipt of such Revised Invoice or other revision, adjustment or
correction, the Company shall recalculate the Eligible Energy Production for
the applicable Fiscal Quarter or applicable portion thereof and deliver to the Class A
Equity Investors such Revised Invoice together with a revised Contribution
Invoice (the “Revised Contribution Invoice”)
setting forth the revised PAYG Capital Contribution (the “Revised PAYG Contribution”) for such Fiscal
Quarter or applicable portion thereof. 
Each Revised Contribution Invoice shall include supporting materials
reasonably satisfactory to the Class A Equity Investors evidencing the 

 

6

 

applicable revisions.  If the Revised PAYG Contribution for a Fiscal
Quarter or portion thereof exceeds the PAYG Capital Contribution for such
Fiscal Quarter or applicable portion thereof, each Class A Equity Investor
shall increase its PAYG Capital Contribution for the subsequent Fiscal Quarter(s) or
applicable portion thereof by the amount of such excess (relative to the other Class A
Equity Investors); provided that each Class A Equity Investor shall pay
its share of such excess (relative to the other Class A Equity Investors)
in immediately available funds to the Company within ten (10) Business
Days after the end of such Fiscal Quarter or applicable portion thereof if such
Fiscal Quarter or applicable portion thereof is the last one in the
Contribution Period.  If the PAYG Capital
Contribution for any Fiscal Quarter or applicable portion thereof exceeds the
Revised Contribution Invoice for such Fiscal Quarter or applicable portion
thereof and the Class A Equity Investors have already made their
respective PAYG Capital Contributions in accordance with Section 3.02,
each Class A Equity Investor shall be entitled to deduct its share of the
amount of such excess (relative to the other Class A Equity Investors)
from its respective PAYG Capital Contributions required for any subsequent
Fiscal Quarter(s) or applicable portion thereof until such excess is paid
in full; provided that the Company shall remit to each Class A Equity
Investor an amount equal to its share of the amount of such excess (relative to
the other Class A Equity Investors) within ten (10) Business Days
after the end of such Fiscal Quarter or applicable portion thereof if such
Fiscal Quarter or applicable portion thereof is the last one in the
Contribution Period.

 

ARTICLE 4

PAYG CAPITAL CONTRIBUTIONS TREATMENT

 

4.01.       PAYG
Capital Contributions Treatment.  Each PAYG Capital
Contribution made by a Class A Equity Investor pursuant to Article 3
shall be a treated as a Capital Contribution by such Class A Equity
Investor to the Company in the amount of such PAYG Capital Contribution and
shall be made to the Operating Account (as defined in the Debt Financing
Documents).

 

ARTICLE 5

 

CONDITIONS PRECEDENT

 

5.01.       Initial Equity Capital Contribution Date.  The effectiveness of this Agreement is
subject to the occurrence of the Initial Equity Capital Contribution Date
pursuant to the Contribution Agreement.

 

ARTICLE 6

 

MISCELLANEOUS

 

6.01.       Notices.  Except
as expressly set forth to the contrary in this Agreement, all notices, requests
or consents provided for or permitted to be given under this Agreement must be
in writing and must be delivered to the recipient in person, by courier or
certified mail, return receipt requested, or by facsimile or other electronic
transmission.  A notice, request or
consent given under this Agreement is effective on receipt by the Party
receiving it; provided that a facsimile or other electronic transmission that
is transmitted after the normal business hours of the recipient shall be deemed
effective on the next Business Day.  All
notices, requests and 

 

7

 

consents to be
sent to a Party must be sent to or made at the addresses given for that Party
below (or to such other Person or address as a Party may previously have
notified all other Parties pursuant to the provisions of this Section 6.01).  A copy of any notice, request or consent to
the Company must be given to all of the other Parties.  Whenever any notice is required to be given
by Applicable Law or this Agreement, a written waiver thereof, signed by the
Person entitled to notice, whether before or after the time stated therein,
shall be deemed equivalent to the giving of such notice.  The names and addresses for the service of
notices referred to in this Section 6.01 are:

 

If to the Company, to:

 

Noble Environmental Power 2006 Hold Co, LLC

c/o Noble
Environmental Power, LLC

8 Railroad Avenue

Second Floor, Suite 8

Essex, CT 06426

Attention: 
Vice President Asset Management

Tel: 
(860) 581-5010

Fax: 
(860) 767-7041

 

If to Noble Holdco, to:

 

Noble Environmental Power Hold Co. Prime, LLC

c/o Noble
Environmental Power, LLC

8 Railroad Avenue

Second Floor, Suite 8

Essex, CT 06426

Attention: 
Vice President Asset Management

Tel: 
(860) 581-5010

Fax: 
(860) 767-7041

 

If to the Class A Equity Investors, to:

 

EFS Noble Holdings, LLC

120 Long Ridge Road

Stamford, CT 06927

Attention: 
Portfolio Manager - Noble

Tel: 
(203) 357-4000

Fax: 
(203) 357-4501

 

8

 

and:

 

The address of any additional Class A
Equity Investor shall be set forth in the relevant assignment agreement
pursuant to which such Class A Equity Investor becomes a member of the
Company.

 

Any Party may change the address or number to
which notices to such Party are to be delivered by providing notice of such
change to each other Party in the manner set forth above.

 

6.02.       No Third Party Beneficiaries.  Except as specifically provided in Section 6.03,
this Agreement is solely for the benefit of the Parties and their respective
successors and permitted assigns, and this Agreement shall not otherwise be
deemed to confer upon or give to any other third party any right, claim, cause
of action, or other interest herein.

 

6.03.       Amendment and Waiver.  Neither this Agreement nor any term hereof
may be changed, amended, or terminated orally, but only by written act of all
of the Parties (or, in respect of a waiver, the waiving Party or Parties) and,
so long as there are any Debt Obligations, the required percentage of
Lenders.  No failure or delay on the part
of a Party hereto in the exercise of any right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right
preclude any other or further exercise thereof or of any other right.

 

6.04.       Successors and Assigns.  This Agreement shall bind and inure to the
benefit of the Parties hereto and their respective successors and legal
representatives and permitted assigns. 
No Party shall assign its rights and obligations under this Agreement
without the prior written consent of the other Parties hereto, and any such
assignment contrary to the terms hereof shall be null and void and of no force
and effect; provided that (a) the Company may assign its rights under this
Agreement to the Lenders as collateral for the obligations of the Company under
the Debt Financing Documents and each other Party shall execute and deliver
consents (in form and substance reasonably satisfactory to each such Party) to
such assignment as may be reasonably requested by the Lenders; and (b) without
the consent of any other Party, any Party may assign its rights and obligations
hereunder in connection with a transfer of its Class A Units or Class B
Units, as applicable, in accordance with the terms and conditions of the LLC
Agreement and the Contribution Agreement.

 

6.05.       Governing Law.  This Agreement shall be deemed made and
prepared and shall be governed, construed and interpreted in accordance with
the internal laws of the State of New York, without regard to principles of
conflict of laws thereof which may require the application of the law of
another jurisdiction (other than Section 5-1401 of the General Obligations
Law of the State of New York).

 

6.06.       Jurisdiction; Service of Process.  Each of the Parties hereto hereby irrevocably
consents to the non-exclusive jurisdiction of the courts of the State of New
York and of any federal court located therein in connection with any suit,
action or other proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby; agrees to waive any objection to venue in the
State and County of New York; and agrees that, to the extent permitted 

 

9

 

by law, service of
process in connection with any such proceeding may be effected by mailing in
the same manner provided in Section 6.01.

 

6.07.       Counterparts.  This Agreement may be executed in
counterparts, each of which shall be an original, but each of which, when taken
together, shall constitute one and the same instrument.

 

6.08.       Headings.  The section and paragraph headings contained
in this Agreement are for reference purposes only and shall not affect in any
way the meaning and interpretation of this Agreement.

 

6.09.       Severability.  Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective only to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, (provided that the
substance of the agreement between the Parties is not thereby materially
altered) and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by Applicable Laws, the Parties hereto hereby waive
any provision of law which renders any provision hereof prohibited or
unenforceable in any respect.

 

6.10.       Entire Agreement.  This Agreement, together with the LLC Agreement,
any consent entered into with the Lenders, any Equity Support Member Pledge
Agreement, the Contribution Agreement, any Class A Equity Guaranty, and
the Multi-Party Sideletter, constitutes the entire understanding of the Parties
with respect to the subject matter hereof, and supersedes all prior statements
or agreements, whether oral or written, among the Parties with respect to such
subject matter.

 

6.11.       Confidentiality.

 

(a)           This Agreement and
any information or documentation furnished hereunder or pursuant hereto shall
be subject to the confidentiality requirements applicable to the Parties under
the Contribution Agreement, including those set forth in Section 6.14
thereof.

 

(b)           Notwithstanding
anything to the contrary, the foregoing obligations shall not apply to the Tax
treatment or Tax structure of any transaction contemplated by this Agreement (a
“Transaction”) and each Party (and
any employee, representative, or agent of any Party) may disclose to any and
all Persons, without limitation of any kind, the Tax treatment and Tax
structure of the Transactions and all other materials of any kind (including
opinions or other Tax analyses) that are provided to any Party to the extent
relating to such Tax treatment and Tax structure.  This Section 6.11(b) is intended to
prevent the Transactions, including an investment in the Company, from being
treated as a “reportable transaction” as a result of it being a transaction
offered to a taxpayer under conditions of confidentiality within the meaning of
Code sections 6011, 6111 and 6112 (or any successor provision) and the Treasury
Regulations thereunder (as clarified by Notice 2004-80 and Notice 2005-22), and
shall be construed in a manner consistent with such purpose.

 

10

 

6.12.       Further
Assurances. 
Each
Party hereto covenants and agrees (and, on and prior to the Initial Equity
Capital Contribution Date, Noble Holdco covenants and agrees that it shall
cause the Company) promptly to execute, deliver, file, or record such agreements,
instruments, certificates and other documents and to do and perform such other
and further acts and things as any other Party hereto may reasonably request or
as otherwise may be necessary or proper to consummate the transactions
contemplated hereby and to carry out the provisions of this Agreement.  For the avoidance of doubt, each Equity
Investor shall use commercially reasonable efforts to assist the Company in
providing any information necessary for any required or prudent regulatory
filings and approvals, including such information about activities of such
Equity Investor and its Affiliates (including filings with the Federal Energy
Regulatory Commission under Sections 203, 204 and 205 of the Federal Power Act).

 

6.13.       Limitations of Liability.  NO PARTY SHALL BE LIABLE (WHETHER IN
CONTRACT, TORT, STRICT LIABILITY, EQUITY OR OTHERWISE) FOR ANY SPECIAL,
INDIRECT, PUNITIVE, EXEMPLARY, INCIDENTAL OR CONSEQUENTIAL DAMAGES, WHETHER OR
NOT FORESEEABLE, INCLUDING LOST PROFITS AND ANY OTHER DAMAGES WHICH CANNOT BE
READILY ASCERTAINED AND QUANTIFIED, FOR ANY ACTION OR CLAIM BASED ON, RELATING
TO, OR ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  THE OBLIGATIONS OF THE PARTIES UNDER THIS
AGREEMENT ARE OBLIGATIONS OF THE PARTIES ONLY, AND NO RECOURSE SHALL BE
AVAILABLE UNDER THIS AGREEMENT AGAINST ANY OFFICER, DIRECTOR, MANAGER, MEMBER,
PARTNER, OR AFFILIATE OF ANY PARTY.

 

6.14.       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.  EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO 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
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS IN THIS SECTION.

 

6.15.       Noble Holdco Rights.  The Parties agree
that if any Class A Equity Investor has breached this Agreement, Noble
Holdco shall not exercise its rights or enforce the obligations of the Class A
Equity Investor under this Agreement unless Noble Holdco determines that it is
not satisfied with the exercise of the rights by the Company or the enforcement
of the Class A Equity Investor’s obligations under this Agreement.  If Noble Holdco makes such a determination,
Noble Holdco shall have the right to exercise its rights and enforce the Class A
Equity Investor’s obligations under this Agreement.  On the date that title to the Class B
Units is transferred from the Class B Equity Investor to the
Administrative Agent or its designee pursuant to the exercise of remedies under
the Noble Environmental Pledge Agreement executed by Noble Holdco and 

 

11

 

the Administrative Agent or
otherwise, Noble Holdco shall cease to have any rights or obligations under
this Agreement and shall no longer be a Party hereto.

 

[Remainder of page intentionally left
blank]

 

12

 

IN WITNESS WHEREOF, the Parties have caused
this Pay-As-You-Go Capital Contribution Agreement to be executed and delivered
by their duly authorized officers as of the date first above written.

 

	
   

  	
  EFS NOBLE HOLDINGS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
                /s/
  Gerald Friel

  
	
   

  	
  Name: Gerald J. Friel

  
	
   

  	
  Title: Authorized Signatory

  

 

 

IN WITNESS WHEREOF, the Parties have caused
this Pay-As-You-Go Capital Contribution Agreement to be executed and delivered
by their duly authorized officers as of the date first above written.

 

 

	
   

  	
  NOBLE ENVIRONMENTAL POWER 2006

  HOLD CO, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
                /s/
  Charles C. Hinckley

  
	
   

  	
   

  	
  Name: Charles C. Hinckley

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  

 

 

IN WITNESS WHEREOF, the Parties have caused
this Pay-As-You-Go Capital Contribution Agreement to be executed and delivered
by their duly authorized officers as of the date first above written.

 

 

	
   

  	
  NOBLE ENVIRONMENTAL POWER HOLD

  CO. PRIME, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
                /s/
  Charles C. Hinckley

  
	
   

  	
   

  	
  Name: Charles C. Hinckley

  
	
   

  	
   

  	
  Title: Chief Executive Officer

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