Document:

Exhibit 10.39(a)

 

 

FINANCING
AGREEMENT

 

among

 

NOBLE ENVIRONMENTAL
POWER 2008 HOLD CO., LLC,

a Delaware limited liability company

(Borrower)

 

CITIBANK, N.A., as
Administrative Agent for the Lenders and Collateral Agent for the Secured
Parties

 

CITIBANK GLOBAL MARKETS, INC.,
acting on behalf of Citibank, N.A.,

as Joint Lead Arranger and
Joint Bookrunner

 

RBS SECURITIES CORPORATION, doing
business as RBS Greenwich Capital, as Syndication Agent

 

HSH NORDBANK AG, NEW YORK
BRANCH, and THE ROYAL BANK OF SCOTLAND PLC, as Co-Documentation Agents,

 

RBS SECURITIES CORPORATION, doing
business as RBS Greenwich Capital, and HSH NORDBANK AG, NEW YORK BRANCH, as
Joint Lead Arrangers and Joint Bookrunners

 

and

 

THE LENDERS PARTIES HERETO

 

 

June 30, 2008

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
  ARTICLE 1
  DEFINITIONS

  	
  1

  
	
   

  	
   

  
	
   

  	
  1.1

  	
  Definitions

  	
  1

  
	
   

  	
  1.2

  	
  Rules of
  Interpretation

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2 THE
  CREDIT FACILITIES

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  2.1

  	
  Construction Loan
  Facility

  	
  1

  
	
   

  	
  2.2

  	
  Term Credit
  Facility

  	
  3

  
	
   

  	
  2.3

  	
  Letters of
  Credit/Cash Collateral Loans

  	
  3

  
	
   

  	
  2.4

  	
  Interest Provisions
  Relating to All Loans; Loan Funding; Prepayments

  	
  13

  
	
   

  	
  2.5

  	
  Total Commitments

  	
  18

  
	
   

  	
  2.6

  	
  Fees

  	
  21

  
	
   

  	
  2.7

  	
  Other Payment Terms

  	
  22

  
	
   

  	
  2.8

  	
  Change of
  Circumstances

  	
  28

  
	
   

  	
  2.9

  	
  Funding Losses

  	
  31

  
	
   

  	
  2.10

  	
  Alternate Office;
  Minimization of Costs

  	
  31

  
	
   

  	
  2.11

  	
  Interest Rate
  Protection

  	
  31

  
	
   

  	
  2.12

  	
  Extended Term Loans

  	
  32

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3
  CONDITIONS PRECEDENT

  	
  34

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.1

  	
  Conditions
  Precedent to the Financial Closing Date

  	
  34

  
	
   

  	
  3.2

  	
  Conditions
  Precedent to Each Borrowing

  	
  41

  
	
   

  	
  3.3

  	
  Conditions
  Precedent to Term-Conversion

  	
  43

  
	
   

  	
  3.4

  	
  Conditions
  Precedent to Each Credit Event

  	
  47

  
	
   

  	
  3.5

  	
  No Approval of Work

  	
  48

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4
  REPRESENTATIONS AND WARRANTIES

  	
  48

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  4.1

  	
  Organization

  	
  48

  
	
   

  	
  4.2

  	
  Authorization; No
  Conflict

  	
  49

  
	
   

  	
  4.3

  	
  Enforceability

  	
  49

  
	
   

  	
  4.4

  	
  Compliance with Law

  	
  49

  
	
   

  	
  4.5

  	
  Existing Defaults;
  Breaches of Representations and Warranties

  	
  49

  
	
   

  	
  4.6

  	
  Taxes

  	
  50

  
	
   

  	
  4.7

  	
  Permits

  	
  50

  
	
   

  	
  4.8

  	
  Litigation

  	
  50

  
	
   

  	
  4.9

  	
  Intellectual
  Property

  	
  50

  
	
   

  	
  4.10

  	
  Insurance

  	
  51

  
	
   

  	
  4.11

  	
  Project Documents

  	
  51

  
	
   

  	
  4.12

  	
  ERISA

  	
  52

  

 

i

 

	
   

  	
  4.13

  	
  Business, Debt,
  Contracts, Etc

  	
  52

  
	
   

  	
  4.14

  	
  Investment Company

  	
  52

  
	
   

  	
  4.15

  	
  Governmental
  Regulation

  	
  52

  
	
   

  	
  4.16

  	
  Regulation U,
  Etc

  	
  52

  
	
   

  	
  4.17

  	
  Financial
  Statements

  	
  53

  
	
   

  	
  4.18

  	
  Partnerships and
  Joint Ventures

  	
  53

  
	
   

  	
  4.19

  	
  No Default

  	
  53

  
	
   

  	
  4.20

  	
  Hazardous Substances

  	
  53

  
	
   

  	
  4.21

  	
  Title and Liens

  	
  54

  
	
   

  	
  4.22

  	
  Roads; Collection
  System

  	
  54

  
	
   

  	
  4.23

  	
  PUHCA and FPA
  Regulation

  	
  54

  
	
   

  	
  4.24

  	
  Disclosure

  	
  55

  
	
   

  	
  4.25

  	
  Project Budgets;
  Project Schedules; Projections

  	
  55

  
	
   

  	
  4.26

  	
  Collateral

  	
  55

  
	
   

  	
  4.27

  	
  Labor Disputes and
  Acts of God

  	
  56

  
	
   

  	
  4.28

  	
  Proper Subdivision

  	
  56

  
	
   

  	
  4.29

  	
  Expected Economic Benefits

  	
  56

  
	
   

  	
  4.30

  	
  Landowner Consents

  	
  56

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5
  AFFIRMATIVE COVENANTS OF BORROWER

  	
  56

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  5.1

  	
  Use of Proceeds and
  Project Revenues

  	
  57

  
	
   

  	
  5.2

  	
  Payment

  	
  57

  
	
   

  	
  5.3

  	
  Notices

  	
  57

  
	
   

  	
  5.4

  	
  Financial
  Statements

  	
  59

  
	
   

  	
  5.5

  	
  Reports

  	
  60

  
	
   

  	
  5.6

  	
  Existence, Conduct
  of Business, Properties, Etc

  	
  61

  
	
   

  	
  5.7

  	
  Obligations

  	
  61

  
	
   

  	
  5.8

  	
  Upwind Array Event

  	
  61

  
	
   

  	
  5.9

  	
  Books, Records,
  Access

  	
  62

  
	
   

  	
  5.10

  	
  Operation of
  Project and Annual Operating Budget

  	
  63

  
	
   

  	
  5.11

  	
  Preservation of
  Rights; Further Assurances

  	
  63

  
	
   

  	
  5.12

  	
  Construction of
  Projects; Completion

  	
  64

  
	
   

  	
  5.13

  	
  Taxes, Other
  Government Charges and Utility Charges

  	
  64

  
	
   

  	
  5.14

  	
  Compliance With
  Laws, Instruments

  	
  65

  
	
   

  	
  5.15

  	
  Maintenance of
  Insurance

  	
  65

  
	
   

  	
  5.16

  	
  Warranty of Title

  	
  65

  
	
   

  	
  5.17

  	
  Event of Eminent
  Domain

  	
  65

  
	
   

  	
  5.18

  	
  Indemnification

  	
  66

  
	
   

  	
  5.19

  	
  Average Annual Debt
  Service Coverage Ratios

  	
  67

  
	
   

  	
  5.20

  	
  Project Company
  Distributions

  	
  68

  
	
   

  	
  5.21

  	
  Trust Fund
  Covenants

  	
  68

  
	
   

  	
  5.22

  	
  Accounts

  	
  68

  
	
   

  	
  5.23

  	
  Acceptance
  Certificates

  	
  68

  
	
   

  	
  5.24

  	
  Environmental
  Matters

  	
  68

  
	
   

  	
  5.25

  	
  FERC Compliance

  	
  68

  
	
   

  	
  5.26

  	
  Additional Capital
  Contribution Agreement Invoices

  	
  68

  

 

ii

 

	
   

  	
  5.27

  	
  Removed Project
  Company

  	
  68

  
	
   

  	
  5.28

  	
  Interconnection
  Agreements

  	
  69

  
	
   

  	
  5.29

  	
  Chateaugay REC
  Contract

  	
  69

  
	
   

  	
  5.30

  	
  Landowner Consents

  	
  69

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6 NEGATIVE
  COVENANTS OF BORROWER

  	
  69

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  6.1

  	
  Contingent
  Liabilities

  	
  70

  
	
   

  	
  6.2

  	
  Limitations on
  Liens

  	
  70

  
	
   

  	
  6.3

  	
  Indebtedness

  	
  70

  
	
   

  	
  6.4

  	
  Sale or Lease of
  Assets

  	
  70

  
	
   

  	
  6.5

  	
  Changes

  	
  70

  
	
   

  	
  6.6

  	
  Distributions

  	
  70

  
	
   

  	
  6.7

  	
  Investments

  	
  71

  
	
   

  	
  6.8

  	
  Transactions With
  Affiliates

  	
  71

  
	
   

  	
  6.9

  	
  Regulations

  	
  71

  
	
   

  	
  6.10

  	
  Loan Proceeds;
  Project Revenues

  	
  71

  
	
   

  	
  6.11

  	
  Partnerships

  	
  71

  
	
   

  	
  6.12

  	
  Dissolution and
  Asset Purchase

  	
  71

  
	
   

  	
  6.13

  	
  Additional Project
  Documents

  	
  71

  
	
   

  	
  6.14

  	
  Amendments; Change
  Orders; Completion

  	
  71

  
	
   

  	
  6.15

  	
  Name; Fiscal Year

  	
  73

  
	
   

  	
  6.16

  	
  Assignment

  	
  73

  
	
   

  	
  6.17

  	
  Abandonment of
  Project

  	
  73

  
	
   

  	
  6.18

  	
  Hazardous
  Substances

  	
  74

  
	
   

  	
  6.19

  	
  ERISA

  	
  74

  
	
   

  	
  6.20

  	
  Regulation of
  Parties

  	
  74

  
	
   

  	
  6.21

  	
  Removal of a
  Project Company

  	
  74

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7 EVENTS OF
  DEFAULT; REMEDIES

  	
  74

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  7.1

  	
  Failure to Make
  Payments

  	
  74

  
	
   

  	
  7.2

  	
  Judgments

  	
  75

  
	
   

  	
  7.3

  	
  Misstatements

  	
  75

  
	
   

  	
  7.4

  	
  Bankruptcy;
  Insolvency

  	
  75

  
	
   

  	
  7.5

  	
  Cross Default

  	
  76

  
	
   

  	
  7.6

  	
  ERISA

  	
  76

  
	
   

  	
  7.7

  	
  Breach of Project
  Documents

  	
  77

  
	
   

  	
  7.8

  	
  Breach of Terms of
  Agreement

  	
  79

  
	
   

  	
  7.9

  	
  Completion; Final
  Completion; Term-Conversion

  	
  80

  
	
   

  	
  7.10

  	
  Security

  	
  80

  
	
   

  	
  7.11

  	
  Loss of Applicable
  Permits

  	
  80

  
	
   

  	
  7.12

  	
  Loss of Collateral

  	
  80

  
	
   

  	
  7.13

  	
  Destruction of the
  Project

  	
  81

  
	
   

  	
  7.14

  	
  Transfer of
  Interests

  	
  81

  
	
   

  	
  7.15

  	
  No Further Loans

  	
  81

  
	
   

  	
  7.16

  	
  Cure by
  Administrative Agent

  	
  81

  

 

iii

 

	
   

  	
  7.17

  	
  Acceleration

  	
  81

  
	
   

  	
  7.18

  	
  Termination of
  Commitments

  	
  82

  
	
   

  	
  7.19

  	
  Cash Collateral

  	
  82

  
	
   

  	
  7.20

  	
  Possession of
  Project

  	
  82

  
	
   

  	
  7.21

  	
  IDA Documents

  	
  82

  
	
   

  	
  7.22

  	
  Remedies Under
  Financing Documents

  	
  82

  
	
   

  	
  7.23

  	
  Drawings under
  Noble Equity Support Documents

  	
  82

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8 SCOPE OF LIABILITY

  	
  82

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9 AGENTS; SUBSTITUTION

  	
  83

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  9.1

  	
  Appointment, Powers
  and Immunities

  	
  83

  
	
   

  	
  9.2

  	
  Reliance by Agents

  	
  86

  
	
   

  	
  9.3

  	
  Non-Reliance

  	
  87

  
	
   

  	
  9.4

  	
  Defaults

  	
  87

  
	
   

  	
  9.5

  	
  Indemnification

  	
  87

  
	
   

  	
  9.6

  	
  Successor
  Administrative Agent or Collateral Agent

  	
  88

  
	
   

  	
  9.7

  	
  Authorization

  	
  89

  
	
   

  	
  9.8

  	
  Other Rights and
  Powers of Each Agent

  	
  89

  
	
   

  	
  9.9

  	
  Amendments

  	
  89

  
	
   

  	
  9.10

  	
  Withholding Tax

  	
  91

  
	
   

  	
  9.11

  	
  General Provisions
  as to Payments

  	
  91

  
	
   

  	
  9.12

  	
  Substitution of
  Lender

  	
  91

  
	
   

  	
  9.13

  	
  Participations

  	
  92

  
	
   

  	
  9.14

  	
  Transfer of
  Commitment

  	
  92

  
	
   

  	
  9.15

  	
  Laws

  	
  93

  
	
   

  	
  9.16

  	
  Assignability to
  Federal Reserve Bank

  	
  94

  
	
   

  	
  9.17

  	
  Response to
  Borrower Requests

  	
  94

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10
  INDEPENDENT CONSULTANTS

  	
  94

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  10.1

  	
  Removal and Fees

  	
  94

  
	
   

  	
  10.2

  	
  Duties

  	
  94

  
	
   

  	
  10.3

  	
  Independent
  Consultants’ Certificates

  	
  95

  
	
   

  	
  10.4

  	
  Certification of
  Dates

  	
  95

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 11
  MISCELLANEOUS

  	
  95

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  11.1

  	
  Addresses

  	
  95

  
	
   

  	
  11.2

  	
  Additional
  Security; Right to Set-Off

  	
  97

  
	
   

  	
  11.3

  	
  Delay and Waiver

  	
  97

  
	
   

  	
  11.4

  	
  Costs, Expenses and
  Attorneys’ Fees; Syndication

  	
  98

  
	
   

  	
  11.5

  	
  Attorney-In-Fact

  	
  99

  
	
   

  	
  11.6

  	
  Entire Agreement

  	
  100

  
	
   

  	
  11.7

  	
  Governing Law

  	
  100

  
	
   

  	
  11.8

  	
  Severability

  	
  100

  

 

iv

 

	
   

  	
  11.9

  	
  Headings

  	
  100

  
	
   

  	
  11.10

  	
  Accounting Terms

  	
  100

  
	
   

  	
  11.11

  	
  No Partnership, Etc

  	
  100

  
	
   

  	
  11.12

  	
  Mortgages;
  Collateral Documents

  	
  101

  
	
   

  	
  11.13

  	
  Limitation on
  Liability

  	
  101

  
	
   

  	
  11.14

  	
  Waiver of Jury
  Trial

  	
  101

  
	
   

  	
  11.15

  	
  Consent to
  Jurisdiction

  	
  101

  
	
   

  	
  11.16

  	
  Usury

  	
  102

  
	
   

  	
  11.17

  	
  Successors and
  Assigns

  	
  102

  
	
   

  	
  11.18

  	
  Counterparts

  	
  102

  
	
   

  	
  11.19

  	
  Trust Fund
  Provisions

  	
  102

  
	
   

  	
  11.20

  	
  Confidentiality

  	
  102

  
	
   

  	
  11.21

  	
  Forbearance Agreement

  	
  103

  

 

v

 

INDEX OF EXHIBITS

 

	
  Exhibit A

  	
   

  	
  Definitions and Rules of Interpretation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notes and Letters of Credit

  
	
  Exhibit B-1

  	
   

  	
  Form of Construction Loan Note

  
	
  Exhibit B-2

  	
   

  	
  Form of Term Loan Note

  
	
  Exhibit B-3

  	
   

  	
  Form of Energy Hedge LC

  
	
  Exhibit B-4

  	
   

  	
  Form of DSRA LC

  
	
  Exhibit B-5

  	
   

  	
  Form of Project Agreement LC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Loan Disbursement Procedures

  
	
  Exhibit D-1

  	
   

  	
  Form of Notice of Borrowing

  
	
  Exhibit D-2

  	
   

  	
  Form of Notice of Term-Conversion

  
	
  Exhibit D-3

  	
   

  	
  Form of Confirmation of Interest
  Period Selection

  
	
  Exhibit D-4

  	
   

  	
  Form of Drawdown Certificate

  
	
  Exhibit D-5

  	
   

  	
  Form of Notice of LC Activity

  
	
  Exhibit D-6

  	
   

  	
  Form of Independent Engineer’s
  Certificate

  
	
  Exhibit D-7

  	
   

  	
  Form of Lien Law Affidavit

  
	
  Exhibit D-8

  	
   

  	
  Form of Lien Waiver

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Security-Related Documents

  
	
  Exhibit E-1

  	
   

  	
  [Reserved]

  
	
  Exhibit E-2

  	
   

  	
  Form of Mortgage (Altona)

  
	
  Exhibit E-3

  	
   

  	
  Form of Mortgage (Chateaugay)

  
	
  Exhibit E-4

  	
   

  	
  Form of Mortgage (Wethersfield)

  
	
  Exhibit E-5

  	
   

  	
  Form of Security Agreement

  
	
  Exhibit E-6

  	
   

  	
  Form of Depositary Agreement

  
	
  Exhibit E-7

  	
   

  	
  Form of Project Company Guarantee

  
	
  Exhibit E-8

  	
   

  	
  Form of Borrower Pledge Agreement

  
	
  Exhibit E-9

  	
   

  	
  Form of Equity Support Member Pledge
  Agreement

  
	
  Exhibit E-10

  	
   

  	
  Form of Noble Environmental Pledge
  Agreement

  
	
  Exhibit E-11

  	
   

  	
  Schedule of Security Filings

  
	
  Exhibit E-12

  	
   

  	
  Form of Non-Disturbance Agreement

  
	
  Exhibit E-13

  	
   

  	
  Schedule of Landowner Mortgagees

  
	
  Exhibit E-14

  	
   

  	
  Form of Interest Rate Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Consents to Collateral Assignment

  
	
  Exhibit F-1

  	
   

  	
  Form of Contracting Party Consent

  
	
  Exhibit F-2

  	
   

  	
  Schedule of Contracting Party Consents

  
	
  Exhibit F-3

  	
   

  	
  Missing Landowner Consents

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Closing Certificates

  
	
  Exhibit G-1

  	
   

  	
  Form of Borrower’s Certificate

  
	
  Exhibit G-2(a)

  	
   

  	
  Form of Market Consultant’s
  Certificate

  
	
  Exhibit G-2(b)

  	
   

  	
  Form of Insurance Consultant’s
  Certificate

  
	
  Exhibit G-2(c)

  	
   

  	
  [Reserved]

  

 

vi

 

	
  Exhibit G-3(a)

  	
   

  	
  Form of Independent Engineer’s Report

  
	
  Exhibit G-3(b)

  	
   

  	
  Form of Independent Engineer’s
  Completion Certificate

  
	
  Exhibit G-4

  	
   

  	
  Form of Borrower’s Environmental
  Consultant’s Certificate

  
	
  Exhibit G-5

  	
   

  	
  Form of Borrower’s Term-Conversion
  Certificate

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Project Description Exhibits

  
	
  Exhibit H-1

  	
   

  	
  Project Descriptions

  
	
  Exhibit H-2

  	
   

  	
  Schedule of Applicable Permits

  
	
  Exhibit H-3

  	
   

  	
  Base Case Projections

  
	
  Exhibit H-4

  	
   

  	
  Pending Litigation

  
	
  Exhibit H-5

  	
   

  	
  Hazardous Substances Disclosure

  
	
  Exhibit H-6

  	
   

  	
  Schedule of Other Noble Documents

  
	
  Exhibit H-7

  	
   

  	
  Conveyed Transmission Owner Facilities

  
	
  Exhibit H-8

  	
   

  	
  Borrower Offices; Location of Collateral

  
	
  Exhibit H-9

  	
   

  	
  Key Employees

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Other

  
	
  Exhibit-I

  	
   

  	
  Lenders/Lending Offices and Proportionate
  Shares/Voting Shares

  
	
  Exhibit-J

  	
   

  	
  Amortization Schedule

  
	
  Exhibit-K

  	
   

  	
  Insurance Requirements

  

 

vii

 

FINANCING AGREEMENT

 

This FINANCING AGREEMENT (this “Financing
Agreement”), dated as of June 30, 2008, is executed by and among NOBLE
ENVIRONMENTAL POWER 2008 HOLD CO., LLC, a Delaware limited liability company,
the banks or other financial institutions listed in Exhibit I or
who later become a party hereto, as Lenders, CITIBANK, N.A., as Administrative
Agent for the Lender and Collateral Agent for the Secured Parties, CITIBANK
GLOBAL MARKETS, INC., acting on behalf of Citibank, N.A., as Joint Lead Arranger
and Joint Bookrunner, RBS SECURITIES CORPORATION, doing business as RBS
GREENWICH CAPITAL, as Syndication Agent, HSH NORDBANK AG, NEW YORK BRANCH, and
THE ROYAL BANK OF SCOTLAND PLC, as Co-Documentation Agents, and RBS SECURITIES
CORPORATION, doing business as RBS GREENWICH CAPITAL, and HSH NORDBANK AG, NEW
YORK BRANCH, as Joint Lead Arrangers and Joint Bookrunners.

 

In consideration of the agreements herein and in the
other Financing Documents and in reliance upon the representations and
warranties set forth herein and therein, the parties agree as follows:

 

ARTICLE 1

DEFINITIONS

 

1.1           Definitions.  Except as otherwise expressly provided,
capitalized terms used in this Financing Agreement and its exhibits shall have
the meanings given in Exhibit A.

 

1.2           Rules of Interpretation.  Except as otherwise expressly provided, the rules of
interpretation set forth in Exhibit A shall apply to this Financing
Agreement and the other Financing Documents.

 

ARTICLE 2

THE CREDIT FACILITIES

 

2.1           Construction Loan Facility.

 

(a)           Availability.  Subject to the terms
and conditions set forth in this Financing Agreement, each Lender severally
agrees to advance to Borrower from time to time during the Construction Loan
Availability Period but no more frequently than twice per month such loans as
Borrower may request under this Section 2.1(a) (each
individually, a “Construction Loan” and collectively the “Construction
Loans”), in an aggregate principal amount not to exceed such Lender’s
Construction Loan Commitment (the “Construction Loan Facility”); provided,
however, that after giving effect to the making of any Construction
Loans, in no event shall the aggregate principal amount of all Construction
Loans then outstanding exceed the Total Construction Loan Commitment; provided,
further, that the aggregate principal amount of the Construction Loans
disbursed hereunder during the period between the Financial Closing Date
(including the initial disbursement of the Construction Loans as of such date,
if applicable) and June 30, 2008 shall not exceed $418,400,000.

 

(b)           Notice
of Borrowing.  Borrower shall request Construction Loans by
delivering to Administrative Agent a written notice substantially in the form
of Exhibit D-1, 

 

1

 

appropriately
completed and executed by a Responsible Officer or an Authorized Person of
Borrower (a “Notice of Borrowing”). 
The amount of the requested Borrowing shall be in the minimum amount of
Five Hundred Thousand Dollars ($500,000) or an integral multiple of One Hundred
Thousand Dollars ($100,000) in excess thereof, except for (i) the final
Construction Loan and (ii) the Term Loans, or such other amount agreed to
by Administrative Agent; provided that the Final Drawing of Construction
Loans shall be for the full remaining amount of the Available Construction Loan
Commitment.  Borrower shall deliver to
Administrative Agent a Notice of Borrowing relating to each Construction Loan (i) at
least three (3) Banking Days before the date of the requested Borrowing of
a LIBO Rate Loan and (ii) at least one Banking Day before the date of the
requested Borrowing of a Base Rate Loan. 
Each Notice of Borrowing shall be irrevocable.

 

(c)           Construction
Loan Interest.  Borrower shall pay interest on the applicable
date set forth in Section 2.4(a) on the unpaid principal
amount of each Construction Loan that is a LIBO Rate Loan calculated from the
date such Construction Loan is provided to Borrower until the date of repayment
or prepayment of such Construction Loan at a rate per annum, at all times
during each Interest Period for such Construction Loan, equal to the LIBO Rate
for such Interest Period plus the Applicable Construction Loan Margin.  Borrower shall pay interest on the applicable
date set forth in Section 2.4(a) on the unpaid principal
amount of each Construction Loan that is a Base Rate Loan calculated from the
date such Construction Loan is provided to Borrower until the date of repayment
or prepayment of such Construction Loan at a rate per annum equal to the applicable
Base Rate during the period when such Construction Loan is outstanding plus the
Applicable Construction Loan Margin.

 

(d)           Construction
Loan Principal Payments.  Borrower shall repay to Administrative Agent,
for the account of the Lenders, in full on the Construction Loan Maturity Date,
the unpaid principal amount of (together with accrued and unpaid interest on)
all Construction Loans made by the Lenders which have not been extended and
converted into a Term Loan as provided in Section 2.2(a), together
with any remaining unpaid fees, costs and other amounts due and payable in
accordance with this Financing Agreement, at which time such Construction Loans
shall be considered fully repaid.

 

(e)           Use
of Construction Loan Proceeds.

 

(i)            Borrower
shall use the proceeds of the Construction Loans solely to pay or fund, or
cause to be paid or funded, Project Costs.

 

(ii)           Notwithstanding
anything to the contrary herein, a portion of the Total Construction Loan
Commitment in an amount up to the Permitted Completion Amount shall be
available for purposes of funding the Completion Reserve Account on the date on
which Term-Conversion has occurred, all as more fully set forth in Sections 3.3(a) and
3.3(i) of this Financing Agreement.

 

(iii)          If
any Construction Loan Commitment remains after the funding required under
clause (ii) above, Borrower, concurrently with the Final Drawing, may
request a Construction Loan in the amount of such funds for deposit into the
Operating Account.

 

2

 

2.2           Term Credit Facility.

 

(a)           Term-Conversion
of Construction Loans.

 

(i)            Availability.  Subject to the terms
and provisions set forth in this Financing Agreement, on the Term-Conversion
Date specified pursuant to this Section 2.2(a), Borrower may
convert the Construction Loans into a Term Loan and correspondingly extend
until the Term Loan Maturity Date the maturity date of such Construction Loans
made by each Lender in an aggregate principal amount that does not exceed such
Lender’s Term Loan Commitment (the “Term Loan Facility”) and evidenced
by such Lender’s Term Loan Note; provided, that after giving effect to the
making of any Term Loans on the Term-Conversion Date, in no event shall the
aggregate principal amount of all Term Loans then outstanding exceed the Total
Term Loan Commitment.

 

(ii)           Notice
of Term-Conversion.  Borrower shall request Term-Conversion by
delivering to Administrative Agent an irrevocable written notice substantially
in the form of Exhibit D-2, appropriately completed and executed by
a Responsible Officer or an Authorized Person of Borrower (a “Notice of
Term-Conversion”).  Borrower shall deliver the Notice
of Term-Conversion at least five (5) Banking Days before the requested
Term-Conversion Date.

 

(b)           Term
Loan Interest.  Borrower shall pay interest on the applicable
date set forth in Section 2.4(a) on the unpaid principal
amount of each Term Loan that is a LIBO Rate Loan calculated from the date of
such Term Loan until the repayment or prepayment thereof at a rate per annum
during each Interest Period for such Term Loan equal to the LIBO Rate for such
Interest Period plus the Applicable Term Loan Margin.  Borrower shall pay interest on the applicable
date set forth in Section 2.4(a) on the unpaid principal
amount of each Term Loan that is a Base Rate Loan calculated from the date of
such Term Loan until the repayment or prepayment thereof at a rate per annum
for such Term Loan equal to the applicable Base Rate during the period when
such Term Loan is outstanding plus the Applicable Term Loan Margin.

 

(c)           Term
Loan Principal Payments.  Borrower shall repay to Administrative Agent,
for the account of each Lender, the aggregate unpaid principal amount of each
Term Loan made by such Lender in installments payable on each Repayment Date in
accordance with the Amortization Schedule set forth on Exhibit J
(as the same may be amended in accordance with this Financing Agreement),
together with any remaining unpaid principal, interest, fees and costs due and
payable in accordance with this Financing Agreement on the Term Loan Maturity
Date.

 

2.3           Letters of Credit/Cash
Collateral Loans.

 

(a)           Issuance
and Availability.

 

(i)            Energy
Hedge LC/Cash Collateral Loans.  Subject to the terms and conditions contained
in this Financing Agreement, LC Fronting Bank (following its appointment by
Borrower and Administrative Agent and execution of a joinder agreement in form
and reasonably substance satisfactory to Borrower and Administrative Agent)
irrevocably agrees to issue the Energy Hedge LC for the account of Borrower and
in favor of the Energy Hedge Provider as beneficiary pursuant to the Energy
Hedge Agreement.  Subject to the terms
and 

 

3

 

conditions
contained in this Financing Agreement, Borrower may request (and each Lender
hereby agrees to advance in accordance with Section 2.3(e)(v)) a
loan (such loan, the “Energy Hedge Cash Collateral Loan”) the proceeds
of which shall be used solely for purposes of funding a cash deposit in favor
of the Energy Hedge Provider (in lieu of the Energy Hedge LC) as beneficiary
pursuant to the Energy Hedge Agreement. 
Any such Energy Hedge Cash Collateral Loan shall be requested by
delivering to Administrative Agent an irrevocable Notice of Borrowing at least
three (3) Banking Days before the date of the requested Borrowing of the
Energy Hedge Cash Collateral Loan that is a LIBO Rate Loan and (ii) at
least one Banking Day before the date of the requested Borrowing of the Energy
Hedge Cash Collateral Loan that is a Base Rate Loan.  The Energy Hedge LC shall be in an initial
Stated Amount equal to $55,000,000 and shall be substantially in the form
attached hereto as Exhibit B-3. 
The Energy Hedge Cash Collateral Loan shall be in a principal amount not
to exceed $55,000,000.

 

(ii)           DSRA
LC/Cash Collateral Loans.  Subject to the terms and conditions contained
in this Financing Agreement, LC Fronting Bank (following its appointment by
Borrower and Administrative Agent and execution of a joinder agreement in form
and substance reasonably satisfactory to Borrower and Administrative Agent)
irrevocably agrees to issue, during the applicable LC Issuance Period, the DSRA
LC for the account of Borrower and in favor of Administrative Agent as
beneficiary pursuant to Section 5.3(d)(iii) of the Depositary
Agreement.  Subject to the terms and
conditions contained in this Financing Agreement, Borrower may request (and
each Lender hereby agrees to advance in accordance with Section 2.3(e)(v))
a loan (such loan, the “DSRA Cash Collateral Loan”) the proceeds of
which shall be used solely for purposes of funding a cash deposit in favor of
Administrative Agent and Collateral Agent (acting for the Secured Parties) that
shall be funded in the Debt Service Reserve Account (in lieu of the DSRA LC)
for application in accordance with the Depositary Agreement.  Any such DSRA Cash Collateral Loan shall be
requested by delivering to Administrative Agent an irrevocable Notice of
Borrowing at least three (3) Banking Days before the date of the requested
Borrowing of the DSRA Cash Collateral Loan that is a LIBO Rate Loan and (ii) at
least one Banking Day before the date of the requested Borrowing of the DSRA
Cash Collateral Loan that is a Base Rate Loan. 
The DSRA LC shall be in a maximum initial Stated Amount equal to
$30,000,000 (the “Maximum Stated DSRA LC Amount”) and shall be
substantially in the form attached hereto as Exhibit B-4.  The DSRA Cash Collateral Loan shall be in a
principal amount not to exceed $30,000,000.

 

(iii)          Project
Agreement LCs/Cash Collateral Loans.  Subject to the terms and conditions contained
in this Financing Agreement, LC Fronting Bank (following its appointment by
Borrower and Administrative Agent and execution of a joinder agreement in form
and substance reasonably satisfactory to Borrower and Administrative Agent)
irrevocably agrees to issue, during the applicable LC Issuance Period, one or
more Project Agreement LCs for the account of Borrower and in favor of the
applicable counterparty under the applicable Project Documents.  Subject to the terms and conditions contained
in this Financing Agreement, Borrower may request (and each Lender hereby
agrees to advance in accordance with Section 2.3(e)(v)) a loan (any
such loan, a “Project Agreement Cash Collateral Loan”) the proceeds of
which shall be used solely for purposes of funding a cash deposit in favor of
the applicable counterparty (or a third party providing credit support in
support in favor of such counterparty) under the applicable Project Documents.  Any such Project Agreement Cash Collateral
Loan shall be requested by delivering to Administrative Agent an irrevocable
Notice of Borrowing at 

 

4

 

least three
(3) Banking Days before the date of the requested Borrowing of any Project
Agreement Cash Collateral Loan that is a LIBO Rate Loan and (ii) at least
one Banking Day before the date of the requested Borrowing of any Project
Agreement Cash Collateral Loan that is a Base Rate Loan.  Each Project Agreement LC shall be substantially
in the form attached hereto as Exhibit B-5.  The aggregate principal amount of the Project
Agreement Cash Collateral Loans shall not exceed $24,000,000 at any time prior
to and including the date occurring six months after the Term-Conversion Date
and $4,000,000 thereafter.

 

(b)           Letter
of Credit/Cash Collateral Loan Commitments and Adjustments.  The Total LC/Cash
Collateral Commitment shall be a separate facility, and the issuance of the
Letters of Credit and the making of the Cash Collateral Loans shall be deemed
to reduce, in an amount equal to the aggregate Stated Amount of such Letters of
Credit or the aggregate principal amount of the Cash Collateral Loans, the
Available LC/Cash Collateral Commitment. 
Any Drawing Payment with respect to the Energy Hedge LC shall
permanently reduce the available Stated Amount thereof pursuant to this
Financing Agreement and the Total LC/Cash Collateral Commitment applicable
thereto shall be permanently reduced, each in an amount equal to such Drawing
Payment.  Any Energy Hedge Cash
Collateral Loan shall reduce the portion of the Total LC/Cash Collateral
Commitment applicable thereto by an amount equal to the principal amount of
such Energy Hedge Cash Collateral Loan. 
Any Drawing Payment with respect to the DSRA LC shall reduce the
available Stated Amount thereof pursuant to this Financing Agreement and the
Total LC/Cash Collateral Commitment applicable thereto shall be reduced in an
amount equal to such Drawing Payment.  Any
DSRA Cash Collateral Loan shall reduce the portion of the Total LC/Cash
Collateral Commitment applicable thereto by an amount equal to the principal
amount of such DSRA Cash Collateral Loan; provided that the Stated
Amount of the DSRA LC (and the amount of the Total LC/Cash Collateral Commitment
applicable thereto) shall, pursuant to a Notice of LC Activity, be increased by
the amount of any repayments of any principal amount of DSRA LC Loans to an
amount not to exceed the Maximum Stated DSRA LC Amount upon the repayment of
any DSRA LC Loans and any interest accrued with respect thereto.  Any Drawing Payment with respect to any
Project Agreement LC shall reduce the available Stated Amount pursuant to this
Financing Agreement and the Total LC/Cash Collateral Commitment applicable
thereto shall be reduced in an amount equal to such Drawing Payment.  Any Project Agreement Cash Collateral Loan
shall reduce the portion of the Total LC/Cash Collateral Commitment applicable
thereto by an amount equal to the principal amount of such Project Agreement
Cash Collateral Loan, provided that the Stated Amount of each Project
Agreement LC (and the amount of the Total LC/Cash Collateral Commitment
applicable thereto) shall, pursuant to a Notice of LC Activity, be increased by
the amount of any repayments of any principal amount of Project Agreement LC
Loans to an amount not to exceed the amount specified in Section 2.5(a)(iii) upon
the repayment of any Project Agreement LC Loans and any interest accrued with
respect thereto.  Notwithstanding
anything to the contrary provided in this Financing Agreement, the sum of the
Stated Amounts of any Letters of Credit issued hereunder at any time, any
Reimbursement Obligations remaining unpaid at any time, the Cash Collateral
Loans and LC Loans outstanding at any time shall not exceed the Total LC/Cash
Collateral Commitment.

 

(c)           Notice
of LC Activity. Subject
to the terms and conditions contained in this Financing Agreement, Borrower
shall request (x) the issuance or extension of any Letter of Credit, (y) so
long as no Default or Event of Default has occurred and is continuing, any 

 

5

 

decrease or
increase (subject to the satisfaction of the requirements in Section 2.3(b))
in the Stated Amount thereof or (z) so long as no Default or Event of
Default has occurred and is continuing, upon the full or partial repayment of
any DSRA LC Loans or Project Agreement LC Loans and any interest accrued with
respect thereto, any increase in the Stated Amount thereof, by delivering to
Administrative Agent and LC Fronting Bank an irrevocable written notice in the
form of Exhibit D-5, appropriately completed (a “Notice of LC
Activity”), which specifies, among other things:

 

(i)            the
particulars of any Letters of Credit to be issued, extended or amended,
including the then-current Stated Amount of such Letters of Credit (which shall
not exceed the then Available LC/Cash Collateral Commitment applicable to such
Letters of Credit); and

 

(ii)           with
respect to the DSRA LC or any Project Agreement LC, if a change to the Stated
Amount of such Letter of Credit is requested, the amount by which such Stated
Amount is to be changed.

 

In the case of the DSRA LC or any Project
Agreement LC, Borrower shall deliver the Notice of LC Activity to
Administrative Agent (with a copy to LC Fronting Bank) at least three (3) Banking
Days before the date of issuance or change of the Stated Amount of such Letter
of Credit.  Upon the adjustment date
specified in such Notice of LC Activity, subject to the terms and conditions
set forth in this Financing Agreement, LC Fronting Bank shall, by amendment or
adjustment to the Letter of Credit, adjust the Stated Amount thereof to reflect
the change specified in such Notice of LC Activity.  From the effective date of any such
adjustment, the LC Fees payable pursuant to Section 2.6(c) shall
be computed on the basis of the Stated Amount as so adjusted.  The initial Notice of LC Activity requesting
the issuance of the Energy Hedge LC as described in Section 2.3(a) may
be delivered to Administrative Agent (with a copy to LC Fronting Bank) two (2) Banking
Days before the requested issuance date.

 

(d)           Drawings,
DSRA LC Loans, Energy Hedge LC Loan and Project Agreement LC Loans.

 

(i)            Drawings.  Subject to the terms
and conditions of this Financing Agreement, each Lender severally agrees to
advance to LC Fronting Bank, for the account of Borrower, such Lender’s
Proportionate Share of the full amount of any Drawing Payment under any Letter
of Credit.  Upon the making of any
Drawing Payment, Borrower shall be obligated to reimburse LC Fronting Bank for
such Drawing Payment as provided below.

 

(ii)           Lender
Participation.  (A) If any Drawing Payment on the Energy
Hedge LC is not repaid by a Reimbursement Payment in accordance with Section 2.3(d)(iii)(A),
(B) if any Drawing Payment on the DSRA LC is not repaid by a Reimbursement
Payment in accordance with Section 2.3(d)(iv)(A), or (C) if
any Drawing Payment on any Project Agreement LC is not repaid by a
Reimbursement Payment in accordance with Section 2.3(d)(v)(A), each
Lender hereby agrees that it shall forthwith purchase from LC Fronting Bank a
participation interest in the unreimbursed Drawing Payment made by LC Fronting
Bank under such Letter of Credit, in an amount equal to such Lender’s
Proportionate Share of such unreimbursed Drawing Payment.

 

6

 

(iii)          Reimbursement
of Energy Hedge LC.

 

(A)          Immediately
after receipt of notice from LC Fronting Bank of the payment by LC Fronting
Bank of any Drawing Payment under the Energy Hedge LC or a notice from
Administrative Agent of a Cash Collateral Withdrawal with respect to Cash
Collateral funded with the proceeds of an Energy Hedge Cash Collateral Loan, in
each case, received not later than 2:00 p.m. New York time, on the date of
such notice (or on the next succeeding day if such notice is received
after 2:00 p.m. New York time), Borrower shall (x) in the case
of a Drawing Payment under the Energy Hedge LC, make or cause to be made to LC
Fronting Bank for its own account or for the benefit of any Lender advancing
its Proportionate Share under Section 2.3(d)(i), as the case
may be, a Reimbursement Payment in an amount equal to the full amount of such
Drawing Payment plus interest accrued at the rate equal to the sum of
the Base Rate then in effect and the Applicable LC Loan Margin if such
Reimbursement Payment is made on the next succeeding day after receipt of such
notice or (y) in the case of a Cash Collateral Withdrawal, make or cause
to be made to Administrative Agent, for the benefit of the Lenders, a
prepayment of the Energy Hedge Cash Collateral Loan in an amount equal to the
amount of such Cash Collateral Withdrawal plus interest accrued at the
rate equal to the sum of the Base Rate then in effect and the Applicable LC
Loan Margin if such Energy Hedge Cash Collateral Loan repayment is made on the
next succeeding day after receipt of such notice.

 

(B)           In
the event that any Reimbursement Payment with respect to any Drawing Payment in
respect of the Energy Hedge LC or any required prepayment of the Energy Hedge
Cash Collateral Loan in respect of any Cash Collateral Withdrawal with respect
to Cash Collateral funded with Energy Hedge Cash Collateral Loans is not made
by Borrower on the date required pursuant to Section 2.3(d)(iii)(A) (each
such unreimbursed Drawing Payment or portion thereof, an “Unpaid Drawing”),
then, as long as an Event of Default (other than an Event of Default that will
be cured with the proceeds of the proposed draw on the applicable Letter of Credit
or Cash Collateral) has not occurred and is continuing, the amount of such Reimbursement
Payment or the portion of the Energy Hedge Cash Collateral Loan that was
required to have been repaid, as applicable, that is not so timely made shall
be converted to a Loan (an “Energy Hedge LC Loan”).  The Energy Hedge LC Loan shall be due and
payable in full on the  twelfth (12th)
Repayment Date following the Term-Conversion Date (the “Energy Hedge LC Loan
Maturity Date”).  Borrower shall pay
interest on the unpaid amount of the Energy Hedge LC Loan calculated from the
date of such Energy Hedge LC Loan until such Energy Hedge LC Loan is repaid in
full at a rate per annum equal to (1) with respect to LIBO Rate Loans,
during each Interest Period for such Energy Hedge LC Loan equal to the LIBO
Rate for such Interest Period plus two percent (2%) per annum and (2) with
respect to Base Rate Loans, during the period that such LC Loan remains a Base
Rate Loan, the applicable Base Rate plus one percent (1%) per annum.

 

(iv)          Reimbursement
of DSRA LC.

 

(A)          Immediately
after receipt of notice from LC Fronting Bank of the payment by LC Fronting
Bank of any Drawing Payment under the DSRA LC or a notice from Administrative
Agent of a Cash Collateral Withdrawal with respect to Cash Collateral funded
with the proceeds of a DSRA Cash Collateral Loan, in each case, received not
later than 2:00 p.m., New York time, on the date of such notice (or on the
next succeeding day if such 

 

7

 

notice is
received after 2:00 p.m. New York time), Borrower shall (x) in the
case of a Drawing Payment under the DSRA LC, make or cause to be made to LC
Fronting Bank for its own account or for the benefit of any Lender advancing
its Proportionate Share under Section 2.3(d)(i), as the case may
be, a Reimbursement Payment in an amount equal to the full amount of such
Drawing Payment plus interest accrued at the rate equal to the sum of
the Base Rate then in effect and the Applicable LC Loan Margin if such Reimbursement
Payment is made on the next succeeding day after receipt of such notice or (y) in
the case of a Cash Collateral Withdrawal, make or cause to be made to
Administrative Agent, for the benefit of the Lenders, a prepayment of the DSRA
Cash Collateral Loan in an amount equal to the amount of such Cash Collateral
Withdrawal plus interest accrued at the rate equal to the sum of the
Base Rate then in effect and the Applicable LC Loan Margin if such DSRA Cash
Collateral Loan repayment is made on the next succeeding day after receipt of
such notice.

 

(B)           In
the event that Borrower shall not have timely made (x) any Reimbursement
Payment pursuant to Section 2.3(d)(iv)(A), or shall have made only
a partial Reimbursement Payment pursuant to such Section, or (y) any
required prepayment of the DSRA Cash Collateral Loan in respect of any Cash
Collateral Withdrawal with respect to Cash Collateral funded with DSRA Cash
Collateral Loans pursuant to Section 2.3(d)(iv)(A), or shall have
made only a partial prepayment pursuant to such Section, then, in either
case, as long as an Event of Default (other than an Event of Default that will
be cured with the proceeds of the proposed draw on the applicable Letter of
Credit or Cash Collateral) has not occurred and is continuing, the amount of
the applicable Reimbursement Payment that is not so timely made shall be
converted to a Loan (a “DSRA LC Loan”). 
Each DSRA LC Loan shall be due and payable in full on the earlier to
occur of the (aa) twelfth (12th) Repayment Date following the date of
the making of any Drawing Payment by LC Fronting Bank with respect to the DSRA
LC and (bb) Term Loan Maturity Date (the “DSRA LC Loan Maturity Date”).  Borrower shall pay interest on the unpaid
amount of each DSRA LC Loan calculated from the date of such DSRA LC Loan until
such DSRA LC Loan is repaid in full at a rate per annum  equal to (1) with respect to LIBO Rate
Loans, during each Interest Period for such DSRA LC Loan equal to the LIBO Rate
for such Interest Period plus the Applicable LC Loan Margin and (2) with
respect to Base Rate Loans, during the period that such LC Loan remains a Base
Rate Loan, the applicable Base Rate plus the Applicable LC Loan Margin.

 

(v)           Reimbursement
of Project Agreement LC.

 

(A)          Immediately
after receipt of notice from LC Fronting Bank of the payment by LC Fronting
Bank of any Drawing Payment under any Project Agreement LC or a notice from
Administrative Agent of a Cash Collateral Withdrawal with respect to any Cash
Collateral funded with the proceeds of a Project Agreement Cash Collateral
Loan, in each case, received not later than 2:00 p.m., New York time, on
the date of such notice (or on the next succeeding day if such notice is
received after 2:00 p.m. New York time) Borrower shall (x) in the
case of a Drawing Payment under a Project Agreement LC, make or cause to be
made to LC Fronting Bank for its own account or for the benefit of any Lender
advancing its Proportionate Share under Section 2.3(d)(i)), as
the case may be, a Reimbursement Payment in an amount equal to the full amount
of such Drawing Payment plus interest accrued at the rate equal to the
sum of the Base Rate then in effect and the Applicable LC Loan Margin if such
Reimbursement Payment is made on the next succeeding day after receipt of such
notice or (y) in the case of a 

 

8

 

Cash
Collateral Withdrawal, make or cause to be made to Administrative Agent, for
the benefit of the Lenders, a prepayment of the Project Agreement Cash
Collateral Loan in an amount equal to the amount of such Cash Collateral
Withdrawal plus interest accrued at the rate equal to the sum of the
Base Rate then in effect and the Applicable LC Loan Margin if such Project
Agreement Cash Collateral Loan repayment is made on the next succeeding day
after receipt of such notice.

 

(B)           In
the event that Borrower shall not have timely made (x) any Reimbursement
Payment pursuant to Section 2.3(d)(v)(A), or shall have made only a
partial Reimbursement Payment pursuant to such Section, or (y) any
required prepayment of a Project Agreement Cash Collateral Loan in respect of
any Cash Collateral Withdrawal with respect to Cash Collateral funded with
Project Agreement Cash Collateral Loans pursuant to Section 2.3(d)(v)(A),
or shall have made only a partial prepayment pursuant to such Section,
then, in either case,, as long as an Event of Default (other than an Event of
Default that will be cured with the proceeds of the proposed draw on the
applicable Letter of Credit or applicable Cash Collateral) has not occurred and
is continuing, the amount of the applicable Reimbursement Payment that is not
so timely made shall be converted to a Loan (a “Project Agreement LC Loan”).  Each Project Agreement LC Loan shall be due
and payable in full on the earlier to occur of the (aa) twelfth
(12th) Repayment Date following the date of the making of any Drawing
Payment by LC Fronting Bank with respect to the Project Agreement LC and
(bb) the earlier of (1) the third anniversary of the Project
Agreement LC Expiration Date and (2) the Term Loan Maturity Date (the “Project
Agreement LC Loan Maturity Date”). 
Borrower shall pay interest on the unpaid amount of each Project
Agreement LC Loan calculated from the date of such Project Agreement LC Loan
until such Project Agreement LC Loan is repaid in full at a rate per annum
equal to (1) with respect to LIBO Rate Loans, during each Interest Period
for such Project Agreement LC Loan equal to the LIBO Rate for such Interest
Period plus the Applicable LC Loan Margin and (2) with respect to Base
Rate Loans, during the period that such LC Loan remains a Base Rate Loan, the
applicable Base Rate plus the Applicable LC Loan Margin.

 

(e)           Adjustments
to Stated Amount; Cancellation.

 

(i)            Adjustments
to Stated Amount.  The Stated Amount of each Letter of Credit
may be adjusted as provided in Section 2.3(b).

 

(ii)           Other
Reductions in Stated Amount.

 

(A)          From
and after the Term-Conversion Date, Borrower may, from time to time upon three (3) Banking
Days’ irrevocable notice and the delivery of a Notice of LC Activity pursuant
to clause (c) above to Administrative Agent and LC Fronting Bank,
permanently reduce the Stated Amount, Available LC/Cash Collateral Commitment
and/or Total LC/Cash Collateral Commitment, as applicable, with respect to the
DSRA LC by the amount of One Hundred Thousand Dollars ($100,000), or an
integral multiple thereof, or, from and after the Term-Conversion Date,
Borrower may, from time to time upon thirty (30) days’ prior notice to
Administrative Agent and LC Fronting Bank, cancel the DSRA LC in its entirety; provided,
however, that upon such reduction or cancellation, amounts on deposit in
the Debt Service Reserve Account and/or covered by the remaining DSRA LC or
another Acceptable DSRA LC shall at least equal the DSRA Minimum Balance.

 

9

 

(B)           From
the effective date of any reduction under this Section 2.3(e), the
LC Fees payable pursuant to Section 2.6(c) shall be computed
on the basis of the Stated Amount, Available LC/Cash Collateral Commitment
and/or Total LC/Cash Collateral Commitment, as applicable, as so reduced.  Once reduced or canceled pursuant to
clause (A) above, the Stated Amount of the DSRA LC may not be
increased.  Any reductions to the Stated
Amount, Available LC/Cash Collateral Commitment and/or Total LC/Cash Collateral
Commitment, as applicable, of the DSRA LC shall be applied ratably to each
Lender’s LC Commitment.

 

(iii)          Cancellation
Upon Acceleration.  At such time as, pursuant to the terms
hereof, Administrative Agent and the Lenders have accelerated the Obligations
and unless Borrower has provided LC Fronting Bank with cash collateral on terms
and conditions reasonably satisfactory to LC Fronting Bank in an amount equal
to 102.5% of the Stated Amount of each Letter of Credit then outstanding and
all Reimbursement Obligations of Borrower then outstanding, LC Fronting Bank
shall be entitled to cancel each Letter of Credit at any time at least
forty-five (45) days after delivery to Administrative Agent, the
beneficiary of such Letter of Credit and Borrower of a written notice of such
intent to cancel.

 

(iv)          Expiration/Repayment
of Cash Collateral Loans.  The Letters of Credit shall expire on their
respective Expiration Dates (which shall in no event be later than the earlier
of (x) one year from the date of issuance of such Letter of Credit and (y) (1) the
Term Loan Maturity Date, with respect to the DSRA LC, (2) the
Term-Conversion Date, with respect to the Energy Hedge LC, or (3) the
seventh (7th) anniversary of the Term-Conversion Date, with respect
to any Project Agreement LC; provided, however, that on the
seventh (7th) anniversary of the Term-Conversion Date, each Project
Agreement LC shall automatically extend for successive 12-month periods unless
and until LC Fronting Bank provides written notice of cancellation with respect
to such Project Agreement LC to Borrower at least forty-five (45) days prior to
the seventh (7th) anniversary of the Term-Conversion Date or each
succeeding anniversary thereof (the “Project Agreement LC Expiration Date”),
or on such earlier date if terminated pursuant to the terms of this Financing
Agreement or the applicable Letter of Credit; provided, that each Letter
of Credit, by its terms, may automatically extend for additional one year
periods past the stated Expiration Date (but not past the relevant dates set
forth in clause (y) set forth herein) therein unless LC Fronting Bank
provides to Borrower and the beneficiaries thereof at least forty-five (45)
days’ (or such longer period as may be acceptable to LC Fronting Bank, acting
reasonably) prior written notice that such Letters of Credit shall terminate
upon the then effective Expiration Date (such notice to be given in such manner
and at such times as described in the applicable Letter of Credit).  Cash Collateral Loans with respect to each
category of the Total LC/Cash Collateral Commitment, as applicable, shall be
repaid in full to Administrative Agent (acting for the benefit of the Lenders),
with all interest, fees and other amounts accrued thereon, on or prior to the
relevant Expiration Date provided in clause (y) of the first sentence of
this sub-clause (iv).  Borrower
shall pay interest on the unpaid amount of each Cash Collateral Loan calculated
from the date when such Cash Collateral Loan is made hereunder until such Cash
Collateral Loan is repaid in full at a rate per annum equal to (1) with
respect to LIBO Rate Loans, during each Interest Period for such Cash
Collateral Loan equal to the LIBO Rate plus the Applicable LC Loan Margin and (2) with
respect to Base Rate Loans, during the period that such Cash Collateral Loan
remains a Base Rate Loan, the applicable Base Rate plus the Applicable LC Loan
Margin.

 

10

 

(v)           Lender
Participation.  Each Lender irrevocably agrees, in each case
on the terms and conditions contained in this Financing Agreement, to
participate in the Letters of Credit in such Lender’s Proportionate Share of
the maximum amount which is or at any time may become available to be drawn
thereunder and to make loans to Borrower in the amount equal to such Lender’s
Proportionate Share of each Cash Collateral Loan requested by Borrower
hereunder.  Immediately upon the issuance
of any Letter of Credit, LC Fronting Bank shall be deemed to have sold and
transferred to each Lender, and each Lender shall be deemed to have purchased
and received from LC Fronting Bank, in each case irrevocably and without any
further action by any party, an undivided interest and participation in the
Letter of Credit, each Drawing and the other obligations in respect thereof in
an amount equal to such Lender’s Proportionate Share referenced above.

 

(vi)          Draw
Procedures.  LC Fronting Bank shall require the Lenders to
pay to LC Fronting Bank their respective Proportionate Share of all or any
portion of any Drawing made or to be made by LC Fronting Bank under any Letter
of Credit by contacting Administrative Agent telephonically (promptly confirmed
in writing) at any time after LC Fronting Bank has received notice of or
request for such Drawing, and specifying the amount of such Drawing, such
Lender’s Proportionate Share thereof, and the date on which such Drawing is to
be made or was made and Administrative Agent shall promptly notify each Lender
thereof; provided, however, that LC Fronting Bank shall not
request the Lenders to make any payment in connection with any portion of a
Drawing for which LC Fronting Bank has received a Reimbursement Payment from
Borrower.  Upon receipt of any such request
for payment from LC Fronting Bank, each Lender shall pay to LC Fronting Bank
such Lender’s Proportionate Share of the unreimbursed portion of such Drawing,
together with interest thereon at a per annum rate equal to the Federal Funds
Rate from the date of such Drawing to the date on which such Lender makes
payment.  Each Lender’s obligation to
make each such payment to LC Fronting Bank shall be absolute, unconditional and
irrevocable and shall not be affected by any circumstance whatsoever, including
the occurrence or continuance of any Default or Event of Default, or the
failure of any other Lender to make any payment hereunder, and each Lender
further agrees that each such payment shall be made without any offset,
abatement, withholding or reduction whatsoever. 
If any Reimbursement Payment is made by Borrower to Administrative Agent
or LC Fronting Bank, Administrative Agent or LC Fronting Bank, as applicable,
shall pay to each Lender which has paid its Proportionate Share of the Drawing
such Lender’s Proportionate Share of the Reimbursement Payment and shall, in
the case of Administrative Agent, pay to LC Fronting Bank and, in the case of
LC Fronting Bank, retain, the balance of such Reimbursement Payment.

 

(f)            Commercial
Practices.  Borrower agrees that none of LC Fronting
Bank, Administrative Agent, nor any Lender (nor any of their respective
directors, officers or employees) shall be liable or responsible for, and the
Reimbursement Obligations of Borrower and Borrower’s obligations to repay the
DSRA LC Loans, the Energy Hedge LC Loan and the Project Agreement LC Loans
shall be shall be absolute, unconditional and irrevocable and shall be
performed strictly in accordance with the terms of this Financing Agreement
regardless of:  (i) the use of any
Letter of Credit or for any acts or omissions of any beneficiary or transferee
in connection therewith; (ii) payment by LC Fronting Bank against
presentation of documents which do not strictly comply with the terms of any
Letter of Credit, including failure of any documents to bear any reference or
adequate reference to such Letter of Credit so long as such 

 

11

 

documents
substantially comply with the terms of such Letter of Credit and LC Fronting
Bank has not acted with gross negligence or willful misconduct; (iii) any
amendment or waiver of or any consent to departure from all or any terms of any
of the Financing Documents agreed by Borrower; (iv) the existence of any
claim, setoff, defense or other right which Borrower may have at any time
against any beneficiary or transferee of any Letter of Credit (or any Persons
for whom any such beneficiary or transferee may be acting), Administrative
Agent, LC Fronting Bank, any Lender or any other Person, whether in connection
with this Financing Agreement, the transactions contemplated herein or in the
other Financing Documents, or in any unrelated transaction; (v) any
demand, statement, certificate, draft or other document presented under any
Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
any respect or any statement therein being untrue or inaccurate in any respect;
(vi) any extension of time for or delay, renewal or compromise of or other
indulgence or modification to the Drawing Payment granted or agreed to by
Administrative Agent, LC Fronting Bank, or any Lender; (vii) any failure
of the relevant Project Document under which the relevant Letter of Credit is
issued or any other Operative Document to be in full force and effect, (viii) any
failure to perfect or preserve the perfection of any Lien thereon, or the
release of any of the Collateral securing the performance or observance of the
terms of this Financing Agreement or any of the other Financing Documents, or (ix) any
other circumstances whatsoever in making or failing to make payment under any
Letter of Credit, except, in each case, that LC Fronting Bank shall be liable
to Borrower for acts or events described in clauses (i) through (ix) above
to the extent suffered by Borrower which Borrower provides evidence that such
acts or events were caused by (A) LC Fronting Bank’s willful misconduct or
gross negligence in determining whether a drawing made under any Letter of
Credit complies with the terms and conditions stated therein or (B) LC
Fronting Bank’s willful failure to pay under any Letter of Credit after a
drawing by the beneficiary strictly complying with the terms and conditions
stated therein.  Without limiting the
foregoing, LC Fronting Bank may accept any document that appears on its face to
be in order, without responsibility for further investigation.  Borrower hereby waives any right to object to
any payment made under any Letter of Credit with regard to a drawing that is in
the form provided in such Letter of Credit but which varies with respect to
punctuation (except punctuation with respect to any Dollar amount specified
therein), capitalization, spelling or similar administrative matters of form
that do not change meaning.

 

(g)           Replacement of Cash Collateral with Letters of
Credit.  Notwithstanding anything to
the contrary set forth herein, following the appointment of the LC Fronting
Bank by Borrower and Administrative Agent, Borrower may elect to replace any
Cash Collateral funded with the applicable Cash Collateral Loans with a
corresponding Letter of Credit in favor of the beneficiary specified by
Borrower, as required in Section 2.3(a) upon providing a
written notice to Administrative Agent at least three (3) Banking Days
prior to the requested replacement and providing the LC Fronting Bank with a
Notice of LC Activity requesting the issuance of such Letter of Credit.  Subject to the terms and conditions set forth
herein, including the satisfaction of conditions set forth in Section 3.4,
and upon receiving a confirmation from Administrative Agent that the relevant
Cash Collateral Loan has been repaid in full, together with all interest, fees
and other amounts accrued with respect thereto, or that the full amount of such
repayment has been deposited with an escrow agent acceptable to Administrative
Agent, the LC Fronting Bank shall issue the requested Letter of Credit in the
Stated Amount not to exceed the aggregate principal amount of the Cash
Collateral Loan repaid or to be repaid hereunder.

 

12

 

2.4           Interest Provisions Relating
to All Loans; Loan Funding; Prepayments.

 

(a)           Interest
Payment Dates.  Borrower shall pay accrued interest on the
unpaid principal amount of each Loan, each Cash Collateral Loan, each DSRA LC
Loan, the Energy Hedge LC Loan, and each Project Agreement LC Loan:

 

(i)            in
the case of LIBO Rate Loans, on the last day of each Interest Period related to
such Loan, Cash Collateral Loan, DSRA LC Loan, the Energy Hedge LC Loan or
Project Agreement LC Loan;

 

(ii)           with
respect to LIBO Rate Loans with an Interest Period of more than three months in
duration, on each day that would have been the last day of an “Interest Period”
with respect to such Loan had successive Interest Periods of three months
duration been applicable to such Loan;

 

(iii)          to
the extent not covered in clause (i) or (ii) above, on each Repayment
Date;

 

(iv)          to
the extent applicable to such Loan, Cash Collateral Loan, DSRA LC Loan, the
Energy Hedge LC Loan or Project Agreement LC Loan, on the Construction Loan
Maturity Date, on the applicable Expiration Date provided in Section 2.3(e)(iv)(y),
on the applicable DSRA LC Loan Maturity Date, on the Term Loan Maturity Date,
on the applicable Energy Hedge LC Loan Maturity Date or on the applicable
Project Agreement LC Loan Maturity Date, as applicable;

 

(v)           upon
any prepayment of such Loan, Cash Collateral Loan, DSRA LC Loan, Energy Hedge
LC Loan and Project Agreement LC Loan as and to the extent provided below;

 

(vi)          in
the case of Base Rate Loans, on the earlier of (A) the three-month
anniversary of the date when such Base Rate Loan was made, (B) each
Repayment Date, to the extent applicable; or (C) the date when such Base
Rate Loan is converted to a LIBO Rate Loan.

 

(vii)         at maturity
(whether by acceleration or otherwise).

 

(b)           Loan
Interest Periods.

 

(i)            The
initial and each subsequent Interest Period that may be selected by Borrower
for all Loans, Cash Collateral Loans, DSRA LC Loans, the Energy Hedge LC Loan
and Project Agreement LC Loans shall be one (1), two (2), three (3) or six
(6) months (or such other periods requested by Borrower as Administrative
Agent may approve in its sole and absolute discretion); provided, however,
that (A) any Interest Period which would otherwise end on a day which is
not a Banking Day shall be extended to the next succeeding Banking Day unless
such next Banking Day falls in another calendar month, in which case such
Interest Period shall end on the immediately preceding Banking Day; (B) any
Interest Period which begins on the last Banking Day of a calendar month (or on
a day for which there is no numerically 

 

13

 

corresponding
day in the calendar month at the end of such Interest Period) shall end on the
last Banking Day of the calendar month at the end of such Interest Period; (C) Borrower
may not select Interest Periods for a Construction Loan which would otherwise
end after the Construction Loan Maturity Date or otherwise end after a date
upon which Construction Loans are required to be repaid; (D) Borrower may
not select Interest Periods for a Term Loan, Cash Collateral Loan (to the
extent outstanding after the Term-Conversion Date), DSRA LC Loan, Energy Hedge
LC Loan or Project Agreement LC Loan which would otherwise end after the next
two succeeding Repayment Dates or otherwise end after a date upon which such
Term Loan, Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan or Project
Agreement LC Loan, as applicable, is required to be repaid; (E) any
Interest Period for a Construction Loan which would otherwise end after the
Construction Loan Maturity Date shall end on the Construction Loan Maturity
Date; (F) any Interest Period for a Term Loan which would otherwise end
after the Term Loan Maturity Date shall end on the Term Loan Maturity Date; (G) any
Interest Period for a Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan,
or Project Agreement LC Loan, as applicable, which would otherwise end after
the applicable Expiration Date provided in Section 2.3(e)(iv)(y),
DSRA LC Loan Maturity Date, Energy Hedge LC Loan Maturity Date, or Project
Agreement LC Loan Maturity Date, respectively, shall end on such Expiration
Date, the DSRA LC Loan Maturity Date, Energy Hedge LC Loan Maturity Date, or
Project Agreement LC Loan Maturity Date, respectively; (H) Loans for each
Interest Period shall be in the aggregate amount of Five Hundred Thousand
Dollars ($500,000) or an integral multiple of One Hundred Thousand Dollars
($100,000) in excess thereof, except for (i) the final Construction Loan
and (ii) the Term Loans, or such other amount agreed to by Administrative
Agent; (I) to the extent of the notional amount from time to time of
Interest Rate Agreements to which Borrower is a party, Borrower shall be deemed
to have selected the Interest Periods for such Loans, Cash Collateral Loans,
DSRA LC Loans, the Energy Hedge LC Loans or Project Agreement LC Loans equal to
such notional amount corresponding to calculation periods under such Interest
Rate Agreements; (J) during the Construction Period, Borrower may not at
any time have outstanding more than eight (8) different Interest Periods
relating to Construction Loans, Cash Collateral Loans, Energy Hedge LC Loans,
or Project Agreement LC Loans; (K) during the Term Period, Borrower may
not at any time have outstanding more than six (6) different Interest
Periods relating to Loans, Cash Collateral Loans, DSRA LC Loans, the Energy
Hedge LC Loan or Project Agreement LC Loans; and (L) prior to the date
occurring ninety (90) days after the Financial Closing Date, Borrower shall
only be entitled to request one (1) month Interest Periods.

 

(ii)           Borrower
may contact Administrative Agent at any time prior to the end of an Interest
Period for a quotation of LIBO Rates in effect at such time for given Interest
Periods.  Borrower may select an Interest
Period telephonically within the time periods specified in this Section 2.4,
which selection shall be irrevocable. 
The interest rate applicable to an Interest Period selected by Borrower
for Loans, any Cash Collateral Loans, any DSRA LC Loan, the Energy Hedge LC
Loan or any Project Agreement LC Loan shall be that in effect two (2) Banking
Days before the first day of the applicable Interest Period selected.  Borrower shall confirm such telephonic notice
to Administrative Agent by telecopy on the day such notice is given (in
substantially the form of Exhibit D-3, a “Confirmation of
Interest Period Selection”). 
Borrower shall promptly deliver to Administrative Agent the original of
the Confirmation of Interest Period Selection initially delivered by
telecopy.  Subject to the limitations set
forth above, if Borrower fails to notify Administrative Agent of the next
Interest Period for any Loan, Cash Collateral Loan, DSRA LC Loan, Energy Hedge
LC Loan or Project Agreement LC Loan 

 

14

 

in
accordance with this Section 2.4, such Loan, Cash Collateral Loan,
DSRA LC Loan, Energy Hedge LC Loan, or Project Agreement LC Loan shall
automatically convert to Loans, Cash Collateral Loans, DSRA LC Loans, Energy
Hedge LC Loans, or Project Agreement LC Loans, as applicable, having an
Interest Period of one (1) month during the Construction Period and three (3) months
during the Term Period on the last day of the current Interest Period therefore.  Administrative Agent shall, as soon as
practicable (and, in any case, within two (2) Banking Days) after a Loan,
Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan or Project Agreement
LC Loan is made, continued or Converted, notify Borrower of each determination
of the LIBO Rate applicable to each Loan, Cash Collateral Loan, DSRA LC Loan,
Energy Hedge LC Loan or Project Agreement LC Loan.

 

(c)           Interest Computations.  Borrower authorizes Administrative Agent to
compute interest payable by Borrower hereunder. 
Borrower agrees that all computations by Administrative Agent of
interest shall be conclusive absent manifest error.  Administrative Agent shall deliver to
Borrower a statement detailing such computations of accrued interest ten (10) Banking
Days prior to each Repayment Date.  All
computations of interest on LIBO Rate Loans hereunder shall be based upon a
year of 360 days and the actual days elapsed.  All computations of interest on Base Rate
Loans hereunder shall be based upon a year of 365 days (or 366 days
in a leap year) and the actual days elapsed.  The LIBO Rate will be adjusted for
Regulation D reserve requirements on a statutory basis to reflect the
Lenders’ actual cost of maintaining such reserve.

 

(d)           Register.

 

(i)            Administrative
Agent shall maintain, at its address referred to in Section 11.1, a
register for the recordation of the names and addresses of the Lenders and the
Commitments, Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans
and Project Agreement LC Loans of each Lender from time to time (the “Register”).  The Register shall be available for
inspection by Borrower at any reasonable time and from time to time upon
reasonable prior notice.

 

(ii)           Administrative
Agent shall record in the Register (i) the Commitments, the Loans, Cash
Collateral Loans, the DSRA LC Loans, Energy Hedge LC Loans and the  Project Agreement LC Loans from time to time
of each Lender, including any transfers thereof made in accordance with Section 9.14,
(ii) the interest rates applicable to all Loans, Cash Collateral Loans,
DSRA LC Loans, Energy Hedge LC Loans, Project Agreement LC Loans and the
effective dates of all changes thereto, (iii) the Interest Period for each
Loan, Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan and Project
Agreement LC Loan, (iv) the date and amount of any principal or interest
due and payable or to become due and payable from Borrower to each Lender
hereunder, (v) each repayment or prepayment in respect of the principal
amount of the Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC
Loans and Project Agreement LC Loans of each Lender, (vi) the Other Fees,
Commitment Fees, LC Fees, and other fees payable by Borrower hereunder from
time to time; (vii) the amount of any sum received by Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof and (viii) such
other information as Administrative Agent may determine is necessary for
administering the Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC
Loans, Project Agreement LC Loans and this Financing Agreement.  Any such 

 

15

 

recordation
shall be conclusive and binding on Borrower and each Lender, absent manifest
error; provided, however, that neither failure to make any such
recordation, nor any error in such recordation, shall affect any Lender’s
Commitments or Borrower’s obligations in respect of any applicable Loans, Cash
Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans, Project Agreement LC
Loans or otherwise; and provided  further, however, that in
the event of any inconsistency between the Register and any Lender’s records,
the recordations in the Register shall govern.

 

(e)           Promissory
Notes. 
The obligation of Borrower to repay the Loans made by each Lender and to
pay interest thereon at the rates provided herein, if requested by any Lender,
shall be evidenced by promissory notes in the form of Exhibit B-1
(individually, a “Construction Loan Note,” and collectively, the “Construction
Loan Notes”) and Exhibit B-2 (individually, a “Term Loan
Note,” and collectively, the “Term Loan Notes”), and each payable to
the order of such Lender and in the principal amount of such Lender’s
Construction Loan Commitment and such Lender’s Term Loan Commitment, respectively.  A promissory note shall not be necessary in
order to evidence any Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan
or any Project Agreement LC Loan. 
Borrower authorizes each Lender to record on the schedule annexed to
such Lender’s Note or Notes the date and amount of each Loan made by such
Lender and each payment or prepayment of principal thereunder, provided
that in the event of any inconsistency between the Register and any Lender’s
records, the recordations in the Register shall govern; and provided, further
that neither the failure to make any such notation nor any error in such
notation shall affect the validity of any Lender’s Commitment or Borrower’s
obligations to repay the full unpaid principal amount of the Loans or the other
obligations of Borrower hereunder or under the Notes.  Borrower further authorizes each Lender to
attach to and make a part of such Lender’s Note or Notes continuations of the
schedule attached thereto as necessary.

 

(f)            Loan
Funding.

 

(i)            Notice.  Each Notice of
Borrowing shall be delivered to Administrative Agent in accordance with this Article 2
and Section 11.1. 
Administrative Agent shall promptly notify each Lender of the contents
of each Notice of Borrowing.

 

(ii)           Pro
Rata Loans.  Except as provided in Section 9.12, all
Loans, Cash Collateral Loans, DSRA LC Loans, the Energy Hedge LC Loans and
Project Agreement LC Loans shall be made on a pro rata basis by the Lenders in
accordance with their respective Proportionate Shares, with each Borrowing to
be composed of a loan by each Lender equal to such Lender’s Proportionate Share
of such Borrowing.

 

(iii)          Lender
Funding. 
Each Lender shall, before 12:00 noon, New York time, on the date of each
Borrowing of a Construction Loan, make available to Administrative Agent at its
office specified in Section 11.1, in same day funds, such Lender’s
Proportionate Share of such Borrowing. 
The failure of any Lender to make the Loan to be made by it as part of
such Borrowing shall not relieve any other Lender of its obligation hereunder
to make its Loan on the date of such Borrowing. 
No Lender shall be responsible for the failure of any other Lender to
make the Loan to be made by such other Lender on the date of such Borrowing.

 

16

 

(iv)          Availability
of Funds. 
No later than 4:00 p.m., New York time, on the date specified in
each Notice of Borrowing, if the applicable conditions precedent listed in Article 3
have been satisfied or waived, as applicable, and to the extent Administrative
Agent shall have received the appropriate funds from the Lenders,
Administrative Agent shall make available the Construction Loans requested in
such Notice of Borrowing in Dollars and in immediately available funds, and
shall apply such funds pursuant to the terms of this Financing Agreement.  If Administrative Agent does not receive
appropriate funds in accordance with this Section, Administrative Agent or any
Lender may, in its sole and absolute discretion, make a Loan on such date in
the amount of such defaulting Lender’s Loan in lieu of such Lender in
accordance with Section 9.12.

 

(g)           Prepayments.

 

(i)            Optional
Prepayments.  Borrower may, at its option, upon two (2) Banking
Days’ notice to Administrative Agent with respect to any LIBO Rate Loans, Cash
Collateral Loans, DSRA Loans, Energy Hedge LC Loans or one (1) Banking Day’s
notice to Administrative Agent with respect to any Base Rate Loans, Cash
Collateral Loans, DSRA Loans, Energy Hedge LC Loans or Project Agreement LC
Loans, prepay the (A) Construction Loans in whole or in part, (B) Term
Loans in whole or in part or (C) Cash Collateral Loans, DSRA LC Loans,
Energy Hedge LC Loans or Project Agreement LC Loans in whole or in part.  Any optional prepayment hereunder shall be in
the minimum amount of One Million Dollars ($1,000,000) and integral multiples
of $100,000 in excess thereof, except for a prepayment in full of any Loan,
Cash Collateral Loan, DSRA LC Loan, the Energy Hedge LC Loan or Project
Agreement LC Loan.

 

(ii)           Mandatory
Prepayments.

 

(A)          Borrower
shall prepay the Loans, Cash Collateral Loans, DSRA LC Loans, the Energy Hedge
LC Loan and Project Agreement LC Loans to the extent provided by the terms of
this Financing Agreement and the Depositary Agreement (including without
limitation pursuant to Sections 2.8(b), 2.12(f) and 5.8(b) hereof
and Sections 5.3, 5.4, 5.5, and 5.6 of the
Depositary Agreement).

 

(B)           Borrower
shall prepay the Loans with any proceeds of demands or drawings, as applicable,
made by Administrative Agent (including any demands made by Administrative
Agent on behalf of Borrower under the NEP Contribution Agreement) under and in
accordance with the Noble Equity Support Documents.

 

(iii)          Terms
of all Prepayments.  Upon the prepayment of any Loan, Cash
Collateral Loans, DSRA LC Loan, Energy Hedge LC Loan, or Project Agreement LC
Loan, Borrower shall pay to Administrative Agent for the account of the
Lenders, on a pro rata basis (except as provided below), (i) first, to any
accrued but unpaid interest then due and owing in respect of the Base Rate
Loans, then  to any accrued but unpaid
interest then due and owing in respect of the LIBO Rate Loans, (ii) second,
in respect of any Reimbursement Obligations until such amounts have been repaid
in full, (iii) third, to outstanding principal in respect of Cash
Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans and Project Agreement LC
Loans until such amounts have been repaid in full, (iv) fourth, to
outstanding principal in respect of 

 

17

 

Loans until
such amounts have been repaid in full, and (v) fifth, to the prepayment of
any other Obligations under the Financing Documents.  Except as provided in Section 2.8(b),
all Mandatory Prepayments and Optional Prepayments shall be applied pro rata to
all amounts due on the Loans, Cash Collateral Loans, DSRA LC Loans, Energy
Hedge LC Loans and Project Agreement LC Loans then outstanding and shall be
applied so as to reduce, pro rata, the scheduled principal payments of all
Loans and the Amortization Schedule shall be amended and revised to take into
account the amount of such prepayment.

 

(iv)          Re-Borrowings.  Borrower may not
reborrow the principal amount of any Construction Loan or Term Loan which is
prepaid or repaid.  Unless otherwise
agreed by the Lenders in their sole discretion, upon any prepayment of Loans,
Borrower shall terminate or partially terminate Interest Rate Agreements such
that the notional amount under all of the Interest Rate Agreements combined
shall not at any time exceed one hundred percent (100%) of the aggregate
principal amount of the Term Loans, Cash Collateral Loans, DSRA LC Loans,
Energy Hedge LC Loans and Project Agreement LC Loans outstanding during such
period.

 

(h)           Conversions.  Subject to Sections 2.7(c) and 2.9,
Borrower shall have the right to (i) Convert Base Rate Loans to LIBO Rate
Loans upon at least a three (3) Banking Days’ written notice to
Administrative Agent of such Conversion and (ii) Convert LIBO Rate Loans
to Base Rate Loans upon at least a one (1) Banking Day’s written notice to
Administrative Agent of such Conversion.

 

2.5           Total Commitments.

 

(a)           Commitment
Amounts.

 

(i)            Construction
Loans. 
The aggregate principal amount of all Construction Loans made by the
Lenders outstanding at any time shall not exceed $631,773,000 or, if such
amount is reduced to a lower amount pursuant to the terms of this Financing
Agreement, such lower amount (such amount, as so reduced from time to time, the
“Total Construction Loan Commitment”).

 

(ii)           Term
Loans. 
The aggregate principal amount of Term Loans made by the Lenders
outstanding at any time shall not exceed $440,000,000 or, if such amount is
reduced (A) as a result of the Total Term Loan Commitment Resizing or (B) otherwise
pursuant to the terms of this Financing Agreement, such lower amount (such
amount, as so reduced from time to time, the “Total Term Loan Commitment”).

 

(iii)          Letters
of Credit.  The sum of the maximum aggregate Stated
Amount of all Letters of Credit outstanding at any time, any Reimbursement
Obligations remaining unpaid at any time and any Cash Collateral Loans or LC
Loans outstanding at any time shall not exceed $109,000,000 (such amount, as
reduced from time to time, the “Total LC/Cash Collateral  Commitment”). The sum of the maximum Stated
Amount of the Energy Hedge LC and the Energy Hedge Cash Collateral Loan
outstanding at any time shall not exceed $55,000,000.  The sum of the maximum Stated Amount of the
DSRA LC and the DSRA Cash Collateral Loan outstanding at any time shall not
exceed $30,000,000.  The sum of the
maximum Stated Amount of all Project Agreement LCs and all Project Agreement
Cash Collateral Loans 

 

18

 

outstanding
at any time shall not exceed $24,000,000 at any time prior to and including the
date that is six months after the Term-Conversion Date and $4,000,000 at all
times thereafter.

 

(b)           Total
Term Loan Commitment Resizing.

 

(i)            Not more than thirty
(30) days and not less than fifteen (15) days prior to the
Term-Conversion Date, Borrower shall calculate and deliver to Administrative
Agent, revised Base Case Projections (provided, however, that
Borrower may adjust such Base Case Projections up to and including the date
that is ten (10) days prior to the Term-Conversion Date) including a
calculation of the Projected Debt Service Coverage Ratios (which assume that
the maximum amount of the Total Term Loan Commitment is utilized) as of each
Repayment Date during the remaining Term (calculated under a P50 Production
Level and a P99 Production Level (using the P95 price projections for the
period between the tenth (10th) anniversary of the Term-Conversion
Date and the Term Loan Maturity Date based on the Market Consultant’s
projections and including (1) the projected Project Revenues under the REC
Contracts, (2) the projected Project Revenues attributable to merchant
sales of renewable energy credits based on the market study provided by CRA
International, Inc. and (3) the ICAP Revenues based on the market
study provided by the ICAP Consultant)) (A) which takes into account any
inability by Borrower to claim tax credits under the PTCs from WTGs, (B) which
takes into account any adjustments pursuant to Section 5.8, (C) any
adjustment to the “Fixed Price” as a result of any change to the “Effective
Date” or “Termination Date” (each as defined in the Energy Hedge Agreement) as
necessary in order to satisfy the condition precedent set forth in Section 3.3(x) hereof,
(D) which takes into account any revenues expected to be generated from
WTGs that have not achieved Completion, (E) using each other assumption,
without change or modification, used in calculating the Base Case Projections
delivered on the Financial Closing Date and (F) which takes into account
any change in the effective rate of interest as a result of any Hedge
Transactions entered into in accordance with Section 2.11.  Administrative Agent shall notify Borrower in
writing of any corrections, changes or adjustments which need to be made to the
foregoing calculations in such Projected Debt Service Coverage Ratios in order
to correct any error in such calculations. 
Borrower shall incorporate all such corrections, changes or adjustments
as Administrative Agent (acting reasonably and in consultation with the
Independent Engineer) deems appropriate and consistent with the terms of this
Financing Agreement (such Projected Debt Service Coverage Ratios as corrected,
changed or adjusted, “Term-Conversion Date Projected Debt Service Coverage
Ratios”).

 

(ii)           In the event that the Term-Conversion
Date Projected Debt Service Coverage Ratios fail on the date the calculation is
performed pursuant to Section 2.5(b)(i) (and after giving
effect to any corrections, changes or adjustments pursuant thereto) to equal or
exceed for each twelve month period following the Term-Conversion Date, (A) for
each twelve-month period through the tenth (10th) anniversary of the
Term-Conversion Date, (x) 1.45 to 1 under a P50 Production Level (taking
into account all projected Project Revenues; provided, however,
that, solely for purposes of such calculation, (1) merchant Project
Revenues shall be limited to not more than nineteen (19%) of the aggregate
projected Project Revenues and (2) the aggregate amount of the Loans
projected to be outstanding as of the tenth (10th) anniversary of
the Energy Hedge Agreement Effective Date  shall not
exceed twenty percent (20%) of the Total Term Loan Commitment (in each case, as
in effect on the Financial Closing Date) or (y) 1.00 to 1 under a P99
Production Level, taking into account all projected Project Revenues for such
period; and 

 

19

 

(B) for each remaining
twelve-month period through the Term Loan Maturity Date, after the tenth (10th)
anniversary of the Term-Conversion Date, (x) 2.50 to 1 under a P50
Production Level (taking into account solely projected sales of energy
generated by the Projects in accordance with the Market Consultant’s
projections and excluding (1) any Project Revenues projected from the sale
of  renewable energy credits and (2) any projected ICAP Revenues) and
(y) 1.00 to 1 under a P99 Production Level, taking into account all
projected Project Revenues for such period (taking into account solely
projected sales of energy generated by the Projects in accordance with the
Market Consultant’s P95 price projections and excluding (1) any Project
Revenues projected from the sale of  renewable energy credits and (2) any
projected ICAP Revenues),
then the Total Term Loan Commitment shall be reduced (the “Total Term Loan
Commitment Resizing”) to an amount such that the Term-Conversion Date
Projected Debt Service Coverage Ratios calculated as of the Term-Conversion
Date for each twelve month period following the Term-Conversion Date are equal
to or in excess of (A) for each twelve-month period through the tenth (10th)
anniversary of the Term-Conversion Date, (x) 1.45 to 1 under a P50
Production Level (taking into account all projected Project Revenues; provided,
however, that, solely for purposes of such calculation, (1) merchant
Project Revenues shall be limited to not more than nineteen (19%) of the
aggregate projected Project Revenues and (2) the aggregate amount of the
Loans projected to be outstanding as of the tenth (10th) anniversary
of Energy Hedge Agreement Effective Date shall not exceed twenty percent (20%)
of the Total Term Loan Commitment (in each case, as in effect on the Financial
Closing Date) or (y) 1.00 to 1 under a P99 Production Level, taking into
account all projected Project Revenues for such period; and (B) for each
remaining twelve-month period through the Term Loan Maturity Date, after the
tenth (10th) anniversary of the Term-Conversion Date, (x) 2.50
to 1 under a P50 Production Level (taking into account solely projected sales
of energy generated by the Projects in accordance with the Market Consultant’s
projections and excluding (1) any Project Revenues projected from the sale
of  renewable energy credits and (2) any projected ICAP Revenues) and
(y) 1.00 to 1 under a P99 Production Level, taking into account all
projected Project Revenues for such period (taking into account solely
projected sales of energy generated by the Projects in accordance with the
Market Consultant’s P95 price projections and excluding (1) any Project
Revenues projected from the sale of  renewable energy credits and (2) any
projected ICAP Revenues).

 

(c)           Reductions
and Cancellations.  Borrower may, upon three (3) Banking
Days’ written notice to Administrative Agent, permanently reduce, by the amount
of Five Hundred Thousand Dollars ($500,000) or an integral multiple of One
Hundred Thousand Dollars ($100,000) in excess thereof or such other amount
agreed to by Administrative Agent or cancel in its entirety, the Total
Construction Loan Commitment; provided, however, that (i) Borrower
may not reduce or cancel the Total Construction Loan Commitment if, after
giving effect to such reduction or cancellation, (A) the aggregate
principal amount of all Construction Loans, as the case may be, then
outstanding would exceed the Total Construction Loan Commitment, as the case
may be, or (B) the Available Construction Funds could not reasonably be
expected to be sufficient to achieve Final Completion and (ii) Borrower
shall pay to Administrative Agent all Commitment Fees then due upon any reduction
or cancellation.  From the effective date
of any such reduction or cancellation, the Commitment Fees shall be computed on
the basis of the Total Construction Loan Commitment as so reduced.  Once reduced or canceled, the Total
Construction Loan Commitment may not be increased or reinstated.  Any reductions pursuant to 

 

20

 

this Section 2.5(c) shall
be applied ratably to each Lender’s respective Commitments in accordance with Section 2.7(f).

 

2.6           Fees.

 

(a)           Other
Fees. 
Borrower shall pay to Administrative Agent, Collateral Agent and LC
Fronting Bank, solely for the account of Administrative Agent, Collateral
Agent, and the LC Fronting Bank, as applicable, the fees (“Other Fees”)
on the terms and in the respective amounts thereof set forth in the applicable
Fee Letters.

 

(b)           Commitment
Fees. 
On the last Banking Day in each calendar quarter during the Construction
Loan Availability Period (where all or any portion of such calendar quarter
occurs on or after the Financial Closing Date) and on the Construction Loan
Maturity Date (or, if the Total Construction Loan Commitment is reduced,
canceled or expires prior to such date, on the date of such reduction,
cancellation or expiration), Borrower shall pay to Administrative Agent, for
the benefit of the Lenders, accruing from the Financial Closing Date or the
first day of such quarter, as the case may be, Construction Loan commitment
fees (the “Construction Loan Commitment Fees”) for such quarter (or
portion thereof) then ending equal to the product of (A) 0.50% times (B) the
daily average Available Construction Loan Commitment for such quarter (or
portion thereof), times (C) a fraction, the numerator of which is the
number of days in such quarter (or portion thereof) and the denominator of
which is 360.  Such Construction Loan
Commitment Fees may be paid out of the proceeds of the Construction Loans, if
available.

 

(c)           Letter
of Credit Fees.

 

(i)            With
respect to any portion of the Available LC/Cash Collateral Commitment that has
not been cancelled, reduced or utilized by the issuance of the Letters of
Credit or the Borrowing of Cash Collateral Loans, on the last Banking Day in
each calendar quarter commencing from the Financial Closing Date and ending on
the expiration of the Term Period and on any date on which a Letter of Credit
is issued or a Cash Collateral Loan is made, Borrower shall pay to
Administrative Agent, for the benefit of the Lenders, accruing from the
Financial Closing Date or the first day of such quarter, as the case may be, a
commitment fee (the “LC Commitment Fee”) for such quarter (or portion
thereof) then ending equal to the product of (i) 0.50% times (ii) the
daily average Available LC/Cash Collateral Commitment for such quarter (or
portion thereof) times (iii) a fraction, the numerator of which is the
number of days in such quarter (or portion thereof) and the denominator of
which is 360.

 

(ii)           Upon
the issuance of any DSRA LC, on the last Banking Day in each calendar quarter
prior to the Expiration Date of such DSRA LC (where all or any portion of such
calendar quarter occurs on or after the date of such issuance) and on the date
of such Expiration Date (or, if such DSRA LC is reduced or canceled prior to
such date, on the date of such reduction or cancellation), Borrower shall pay
to Administrative Agent, for the benefit of the Lenders, accruing from the date
of such issuance, a letter of credit fee (the “DSRA Letter of Credit Fee”)
for such quarter (or portion thereof) then ending equal to the product of (A) the
Applicable Term Loan Margin for LIBO Rate Loans times (B) the daily
average Stated Amount of such DSRA LC for such quarter (or portion thereof)
times (C) a fraction, the numerator of 

 

21

 

which is
the number of days in such quarter (or portion thereof) and the denominator of
which is 360.

 

(iii)          Upon
the issuance of any Project Agreement LC, on the last Banking Day in each
calendar quarter prior to the Expiration Date of such Project Agreement LCs
(where all or any portion of such calendar quarter occurs on or after the date
of such issuance) and on the date of such Expiration Date (or, if such Project
Agreement LC is reduced or canceled prior to such date, on the date of such
reduction or cancellation), Borrower shall pay to Administrative Agent, for the
benefit of the Lenders, accruing from the date of such issuance, a letter of
credit fee (the “Project Agreement LC Fee”) for such quarter (or portion
thereof) then ending equal to the product of (A) the Applicable
Construction Loan Margin for LIBO Rate Loans (for Project Agreement LCs
outstanding during the Construction Period) or the Applicable Term Loan Margin
for LIBO Rate Loans (for Project Agreement LCs outstanding from and after the Term-Conversion
Date) times (B) the daily average Stated Amount of such Project Agreement
LC for such quarter (or portion thereof) times (C) a fraction, the
numerator of which is the number of days in such quarter (or portion thereof)
and the denominator of which is 360.

 

(iv)          On
the last Banking Day in each calendar quarter (where all or any portion of such
calendar quarter occurs on or after the Financial Closing Date) and prior to
the Expiration Date of the Energy Hedge LC and on the date of such Expiration
Date (or, if the Energy Hedge LC is canceled prior to such date, on the date of
such cancellation), Borrower shall pay to Administrative Agent, for the benefit
of the Lenders, accruing from the Financial Closing Date or the first day of
such quarter, as the case may be, a letter of credit fee (the “Energy Hedge
Letter of Credit Fee” and together with the DSRA Letter of Credit Fee and
the Project Agreement LC Fee, collectively, the “Letter of Credit Fees”)
for such quarter (or portion thereof) then ending equal to the product of (A) the
Applicable Term Loan Margin for LIBO Rate Loans times (B) the daily
average Stated Amount of the Energy Hedge LC for such quarter (or portion
thereof) times (C) a fraction, the numerator of which is the number of
days in such quarter (or portion thereof) and the denominator of which
is 360.

 

2.7           Other Payment Terms(a)     Place and Manner.  Borrower shall make all payments due to each
Lender hereunder to Administrative Agent, for the account of such Lender, to
Citibank N.A., Account No. ### at Citibank N.A. (ABA #: 021000089) in
lawful money of the United States and in immediately available funds not later
than 4:00 p.m., New York time, on the date on which such payment is
due.  Any payment made after such time on
any day shall be deemed received on the next Banking Day after such payment is
received.  Administrative Agent shall
disburse to each Lender each such payment received by Administrative Agent for
such Lender, such disbursement to occur on the day such payment is received if
received by 4:00 p.m., New York time, or otherwise on the next Banking
Day.

 

(b)           Date.  Subject to Section 2.4, whenever
any payment due under any Financing Document shall fall due on a day other than
a Banking Day, such payment shall be made on the next succeeding Banking Day,
and such extension of time shall be included in the computation of interest or
fees, as the case may be.

 

22

 

(c)           Late Payments.  If any amounts required to be paid by
Borrower under this Financing Agreement or the other Financing Documents
(including principal or interest payable on any Loan, Cash Collateral Loans,
DSRA LC Loan, Energy Hedge LC Loan and Project Agreement LC Loan and any fees
or other amounts otherwise payable to Administrative Agent or any Lender)
remain unpaid after such amounts are due, Borrower shall pay interest on the
aggregate, outstanding balance of such amounts from the date due until those
amounts are paid in full at a per annum rate equal to the Default Rate.  Administrative Agent shall give notice
promptly to Borrower that such fees or other amounts remain unpaid after same
are due, but the failure to give such notice shall not affect either the
accrual of interest on such amounts at the Default Rate nor Borrower’s
obligation to pay such amounts and such interest.  Without limiting any rights or remedies of
the Agents under Article 7 or other Financing Documents, as long as
any Event of Default shall have occurred and be continuing, Administrative
Agent shall suspend the right of Borrower to continue any LIBOR Rate Loan, in
which event all LIBO Rate Loans then outstanding shall be automatically
Converted on the last Business Day of the respective Interest Periods therefor
into Base Rate Loans.

 

(d)           Net of Taxes, Etc.

 

(i)            Taxes.  Any and all payments to or for the benefit of
Administrative Agent, LC Fronting Bank, any other Agent or any Lender by
Borrower hereunder or under any other Financing Document shall be made free and
clear of and without deduction, setoff or counterclaim of any kind whatsoever
and in such amounts as may be necessary in order that all such payments, after
deduction for or on account of any present or future Taxes imposed by the
United States or any political subdivision thereof or therein arising from or
relating to such Lender’s Commitments or Loans, Cash Collateral Loans, DSRA LC
Loans, the Energy Hedge LC Loan or Project Agreement LC Loans or other
financial accommodations made under this Financing Agreement or other amounts
payable to Administrative Agent, LC Fronting Bank, any other Agent or any
Lender under the Financing Documents (excluding franchise Taxes, minimum Taxes,
branch profits Taxes, Taxes imposed on or measured by the overall net income,
net profits or capital of Administrative Agent, LC Fronting Bank, any other
Agent or any Lender or similar taxes imposed by any jurisdiction or any
political subdivision or taxing authority thereof or therein as a result of a
connection between Administrative Agent, LC Fronting Bank, such other Agent or
such Lender and such jurisdiction or political subdivision, other than a
connection resulting solely from executing, delivering or performing its
obligations or receiving a payment under, or enforcing, this Financing
Agreement, any Note or any other Financing Document (the “Excluded Taxes”))
(all such Taxes other than Excluded Taxes being hereinafter referred to as “Indemnified
Taxes”), shall be not less than the amounts otherwise specified to be paid
under this Financing Agreement and the other Financing Documents.  Notwithstanding the foregoing, the term “Indemnified
Taxes” shall include, with respect to Administrative Agent or any other Agent
or Lender that becomes a party to this Financing Agreement as a result of an
assignment or a Lender that changes its Lending Office to an office outside the
United States, Taxes (or a portion thereof) that would have constituted the
same amount of Indemnified Taxes in the hands of the assigning (or
participating or transferring) Lender, Administrative Agent or other Agent (or
lending office) hereunder as of the date of such assignment or change in the
lending office; provided, however, that nothing in this sentence
shall affect any Lender’s obligations under Section 2.10.  If any Indemnified Taxes shall be
required by law to be withheld or deducted from or in respect of any sum
payable hereunder or under any other Financing 

 

23

 

Document to
Administrative Agent, any other Agent, LC Fronting Bank or any Lender and if
such Lender, Administrative Agent, any other Agent or LC Fronting Bank shall
have complied with Section 2.7(d)(v), (x) the sum payable
shall be increased as may be necessary so that after making all required
deductions (including deductions applicable to additional sums payable under
this Section 2.7(d)), Administrative Agent, any other Agent, LC
Fronting Bank or such Lender receives an amount equal to the sum it would have
received had no such deductions been made; (y) such deductions or
withholdings shall be made; and (z) Borrower shall pay the full amount
deducted or withheld to the relevant taxation authority or other authority in
accordance with applicable law.  In addition,
Borrower agrees to pay any present or future stamp, recording, documentary or
transfer Taxes, mortgage recording Taxes and any other excise or property
Taxes, charges or similar levies that arise under the laws of the United States
or any political subdivision thereof or therein from any payment made hereunder
or under any other Financing Document, Real Property Document or from the
execution, delivery, performance recording or otherwise with respect to this
Financing Agreement, any other Financing Document and any Real Property
Document (hereinafter referred to as “Other Taxes”).

 

(ii)           Indemnity.  Borrower shall indemnify Administrative
Agent, any other Agent, LC Fronting Bank and each Lender for the full amount of
Indemnified Taxes and Other Taxes (including any Indemnified Taxes or other
Taxes imposed by any jurisdiction on amounts payable under this Section 2.7(d))
paid by Administrative Agent, any other Agent, LC Fronting Bank or the Lender,
as applicable, arising from the execution, delivery or performance of its
obligations or from receiving a payment hereunder, or enforcing this Financing
Agreement or any Financing Document, or any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto, whether or
not such Indemnified Taxes or Other Taxes were correctly or legally asserted; provided
that Borrower shall not be obligated to indemnify Administrative Agent, any
other Agent, LC Fronting Bank or any Lender for any penalties, interest or
expenses relating to Indemnified Taxes or Other Taxes arising from such
indemnitee’s own gross negligence or willful misconduct.  Each of Administrative Agent, each other
Agent, LC Fronting Bank and each Lender agrees to use its reasonable efforts to
give notice to Borrower of the assertion of any claim against Administrative
Agent, such other Agent, LC Fronting Bank or such Lender, as applicable,
relating to such Indemnified Taxes or Other Taxes reasonably promptly, and in
no event later than the earlier to occur of the (i) sixtieth (60th)
day after Administrative Agent, such other Agent, LC Fronting Bank or such
Lender responsible for administering this Financing Agreement has actual
knowledge of such claim or (ii) tenth (10th) day prior to
the final expiration of any period available to such Lender under applicable
law for challenging such claim; provided that Administrative Agent’s,
any other Agent’s, LC Fronting Bank’s or any Lender’s failure to notify
Borrower within such period shall not relieve Borrower of its obligation under
this Section 2.7(d) with respect to Indemnified Taxes, Other
Taxes, penalties or expenses arising prior to the end of such period unless
such failure precluded Borrower from reasonably contesting the validity of such
Indemnified Taxes, Other Taxes, penalties, interest or expenses.  Payments by Borrower pursuant to this
indemnification shall be made within thirty (30) days from the date
Administrative Agent, such other Agent, LC Fronting Bank or such Lender makes
written demand therefor (submitted through Administrative Agent), which demand
shall be accompanied by documentation establishing, in reasonable detail, the
basis and calculation thereof and certifying that the method used to calculate
such amount is fair and reasonable. 
Following a written request by Borrower setting forth in reasonable
detail the basis therefor, each Lender agrees to determine in its sole
discretion (a) to contest Indemnified 

 

24

 

Taxes or
Other Taxes with respect to which such Lender has received an indemnity payment
pursuant to this Section 2.7(d)(ii) or (b) to permit
Borrower to contest such Indemnified Taxes or Other Taxes if such Lender’s
permission would be required and to cooperate with Borrower in such contest, in
each case at Borrower’s sole cost and expense; provided that,
notwithstanding the foregoing, no Lender shall be obligated to contest such
Indemnified Taxes or Other Taxes or maintain such contest, or permit Borrower
to contest such Indemnified Taxes or Other Taxes, or to make available its tax
returns (or any other information relating to its taxes which it deems
confidential) to Borrower or any other Person. 
If any Lender determines in its sole
discretion that it has received a refund of any Indemnified Taxes or Other
Taxes as to which it has received an indemnification, or with respect to which
Borrower has paid additional amounts, such Lender agrees to repay to Borrower
any such refund, net of any out of pocket costs incurred by Administrative
Agent, the applicable other Agent, LC Fronting Bank or the applicable Lender,
as the case may be, in connection therewith and without interest (other than
any net after tax interest paid by the relevant Governmental Authority with
respect to such refund), as soon as commercially practicable after such refund;
provided that Borrower, upon the request of Administrative Agent , such
other Agent, LC Fronting Bank or such Lender, agrees to repay the amount paid
over to Borrower (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to Administrative Agent, such other Agent, LC
Fronting Bank or such Lender in the event Administrative Agent, such other
Agent, LC Fronting Bank or such Lender is required to repay such refund to such
Governmental Authority.  This paragraph
shall not be construed to require Administrative Agent, any other Agent, any LC
Fronting Bank or any Lender to make available its tax returns (or any other
information relating to its taxes which it deems confidential) to Borrower or
any other Person.

 

(iii)          Notice.  Within thirty (30) days after the date
of any payment of Indemnified Taxes or Other Taxes by Borrower, Borrower shall
furnish to Administrative Agent, at its address referred to in Section 11.1,
the original or a certified copy of a receipt evidencing payment thereof, or if
such receipt is not obtainable, other evidence of such payment by Borrower
reasonably satisfactory to Administrative Agent.

 

(iv)          Survival
of Obligations.  The obligations of
Borrower under this Section 2.7(d) shall survive the
termination of this Financing Agreement and the repayment of the Obligations
until all applicable statutes of limitation (including any extensions thereof)
have expired.

 

(v)           Withholding
Exemption Certificates.  Borrower
shall not be required to pay any additional amount to (or indemnify) any Lender
under Section 2.7(d) to the extent that the obligation to
withhold or pay such amount with respect to Indemnified Taxes existed on the
date that the Lender became a party to this Financing Agreement (or, in the
case of a transferee that is a participation holder, on the date such a
participation holder became a transferee hereunder).  Each Agent and each Lender (upon becoming a
Lender hereunder, except to the extent provided in Section 2.7(d)(i) to
the extent the transferor was entitled to such Payment) and any Person to which
any Lender grants a participation (or otherwise transfers its interest in this
Financing Agreement) as permitted by this Financing Agreement agrees that on
the date such Lender or Person becomes a party to this Financing Agreement it
will deliver to each of Borrower, Collateral Agent and Administrative Agent
either (A) if such Lender or Person is a United States person as defined
in the Code, two duly and appropriately completed 

 

25

 

copies of a
United States Internal Revenue Service Form W-9 or any successor
applicable form or (B) if such Lender or Person is not a United States
person, two duly and appropriately completed copies of United States Internal
Revenue Service Form W-8IMY, W-8ECI, W-8EXP or W-8BEN (in the case of any
Lender claiming an exemption under the so-called portfolio interest exemption
rules, together with an exemption certificate reasonably satisfactory to
Borrower and Administrative Agent) or successor applicable form, as the case
may be (claiming therein, to the extent permissible under applicable law, a
reduction in or an exemption from United States withholding taxes), and, if
reasonably requested by Borrower, Collateral Agent or Administrative Agent, any
additional statements and forms so requested from time to time and including a
U.S. taxpayer identification number if required by such form or otherwise
necessary to obtain the benefit claimed. 
Each Lender required to deliver to Borrower, Collateral Agent and
Administrative Agent a form, or certificate pursuant to the preceding sentence
shall deliver such form or certificate as follows:  (x) each Lender which is a party hereto
on the Financial Closing Date shall deliver such form or certificate at least
five (5) Banking Days prior to the first date on which any payment
hereunder or under any other Financing Document is payable by Borrower
hereunder for the account of such entity; (y) each assignee or participant
shall deliver such form at least five (5) Banking Days before the
effective date of such assignment or participation; and (z) Administrative
Agent shall deliver such form or certificate to Borrower on the Financial
Closing Date.  Each Lender which is
required to deliver to Borrower and Administrative Agent a Form W-9,
W-8IMY, W-8ECI, W-8EXP or W-8BEN or other form or statement pursuant to the
preceding sentence further undertakes to deliver to Borrower and Administrative
Agent further copies of the Form W-9, W-8IMY, W-8ECI, W-8EXP or W-8BEN, or
successor applicable form or other form or certificate, or other manner of
certification or procedure, as the case may be, at least ten (10) days
before any such form or certificate expires or becomes obsolete (which date
shall be notified by Borrower or Administrative Agent) or within a reasonable
time (not to exceed sixty (60) days) after gaining knowledge of the
occurrence of any event requiring a change in the most recent forms or
certificates previously delivered by it to Borrower and Administrative Agent,
unless in any such cases an event (including any change in treaty, law or
regulation other than the addition of a “limitation on benefits” provision to
an existing tax treaty that did not have such a provision on the Financial
Closing Date) has occurred prior to the date on which any such delivery would
otherwise be required which renders all such forms inapplicable or which would
prevent a Lender from duly completing and delivering any such form with respect
to it.  Borrower shall not be obligated
to pay any additional amounts pursuant to Section 2.7(d) (or
make an indemnification payment pursuant to Section 2.7(d)) to any
Lender or Person (including any Person to which any Lender sells, assigns,
grants a participation in, or otherwise transfers, its rights under this
Financing Agreement) to the extent the obligation to pay such additional
amounts (or such indemnification) would not have arisen but for a failure of
such Lender or Person to comply with its obligations under this Section 2.7(d)(v) unless
such failure is caused by a change of law other than the addition of a “limitation
on benefits” provision to an existing tax treaty that did not have such a
provision on the Financial Closing Date. 
Notwithstanding the foregoing or anything else to the contrary in this
Financing Agreement, no Lender or other Person shall be obligated to deliver
any form, certificate or document which it cannot deliver as a matter of law.

 

(vi)          If
Administrative Agent is not a U.S. Person as defined in the Code,
Administrative Agent shall deliver, on or before the Financial Closing Date,
two duly completed copies of Internal Revenue Service Form W-8IMY
certifying that it is a “U.S. branch” 

 

26

 

and that
payments it receives for the account of others are not effectively connected
with the conduct of its trade or business in the United States and that it is
using such form as evidence of its agreement with Borrower to be treated as a
United States person with respect to such payments (and Borrower and
Administrative Agent agree to so treat Administrative Agent as a United States
person with respect to such payments), with the effect that Borrower can make
payments to Administrative Agent without deduction or withholding of any Taxes
imposed by the United States.

 

(e)           Failure to Pay Administrative
Agent.  Unless Administrative Agent
shall have received notice from Borrower at least two (2) Banking Days
prior to the date on which any payment is due to the Lenders hereunder that
Borrower will not make such payment in full, Administrative Agent may assume
that Borrower has made such payment in full to Administrative Agent on such
date, and Administrative Agent may, in reliance upon such assumption, cause to
be distributed to each Lender on such due date an amount equal to the amount
then due such Lender.  If and to the
extent Borrower shall not have so made such payment in full to Administrative
Agent, such Lender shall repay to Administrative Agent forthwith upon demand
such amount distributed to such Lender, together with interest thereon, for
each day from the date such amount is distributed to such Lender until the date
such Lender repays such amount to Administrative Agent, at a rate equal to the
LIBO Rate.  A certificate of
Administrative Agent submitted to any Lender with respect to any amounts owing
by such Lender under this Section 2.7(e) shall be conclusive
in the absence of manifest error.

 

(f)            Pro Rata Treatment.  Except as otherwise provided in this
Financing Agreement (including, without limitation, Section 9.12
hereof), (i) each Borrowing consisting of Loans and each reduction of
Commitments shall be made or allocated among the Lenders pro rata according to
their respective Proportionate Shares, (ii) each payment of principal of
and interest on the Loans shall be made or shared among the Lenders holding
such Loans pro rata according to the respective unpaid principal amounts of
such Loans held by such Lenders, and (iii) each payment of Commitment Fees
shall be shared among the Lenders pro rata according to their respective
Proportionate Shares.

 

(g)           Sharing of Payments, Etc.  If any Lender (a “Benefited Bank”)
shall obtain any payment (whether voluntary, involuntary, through the exercise
of any right of setoff, or otherwise) on account of Obligations (or interest
thereon) owed to it, in excess of its ratable share of payments on account of
such Obligations obtained by all Lenders entitled to such payments, such Lender
shall forthwith purchase from the other Lenders such participations in the
Obligations, as the case may be, as shall be necessary to cause such purchasing
Lender to share the excess payment ratably with each of them; and if after
taking into account such participations the Benefited Bank continues to have
access to additional funds of the Noble Entities for application on account of
its debt, then the Benefited Bank shall use such funds to reduce indebtedness
of Borrower held by it and share such payments with the other Lenders; provided,
however, that if all or any portion of such excess payment is thereafter
recovered from such purchasing Lender, such purchase from such Lender shall be
rescinded and each other Lender shall repay to the purchasing Lender the purchase
price to the extent of such recovery together with an amount equal to such
other Lender’s ratable share (according to the proportion of (i) the
amount of such other Lender’s required repayment to (ii) the total amount
so recovered from the purchasing Lender) of any interest or other amount paid
or payable by the purchasing Lender in 

 

27

 

respect of the total amount so
recovered.  Borrower agrees that any
Lender so purchasing a participation from another Lender pursuant to this Section 2.7(g) may,
to the fullest extent permitted by law, exercise all its rights of payment
(including the right of setoff) with respect to such participation as fully as
if such Lender were the direct creditor of Borrower in the amount of such
participation; provided that Borrower shall have no liability to the
Lenders hereunder to the extent that it has made all payments to the Lenders
and Administrative Agent when required to be made by Borrower hereunder.

 

2.8           Change of Circumstances.

 

(a)           Inability
to Determine Rates.  If, on or before
the first day of any Interest Period for any Loans (i) Administrative
Agent determines that the LIBO Rate for such Interest Period with respect to
the Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans or
Project Agreement LC Loans being made by the Lenders cannot be adequately and
reasonably determined due to the unavailability of funds in or other
circumstances affecting the London interbank market, or (ii) Lenders
holding at least aggregate Proportionate Shares of 33-1/3% or more of the then
outstanding Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans
and Project Agreement LC Loans shall advise Administrative Agent that (A) the
amount of interest payments to be paid by Borrower, based on the rates of
interest for such Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC
Loans or Project Agreement LC Loans minus the Applicable Term Loan Margin,
Applicable Construction Loan Margin or Applicable LC Loan Margin, as
applicable, set forth in Sections 2.2(b), 2.1(c), 2.3(d)(iii)(C),
2.3(d)(iv)(B) and 2.3(d)(v)(B), as the case may be, is less
than the cost to such Lenders of making or maintaining such Loans, Cash
Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans or Project Agreement LC
Loans or (B) deposits in Dollars in the London interbank market are not
available to such Lenders (as conclusively certified by each such Lender in
good faith in writing to Administrative Agent and to Borrower) in the ordinary
course of business in sufficient amounts to make and/or maintain their Loans,
Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans, or Project
Agreement LC Loans, then Administrative Agent shall immediately give notice of
such condition to Borrower.  After the
giving of any such notice and until Administrative Agent shall otherwise notify
Borrower that the circumstances giving rise to such condition no longer exist
(which notice shall be given promptly after such circumstances cease to exist),
(x) with respect to notices given under clause (i) above,
Borrower’s right to request the making of, and the Lenders’ obligations to make
or continue LIBO Rate Loans, shall be suspended and (y) with respect to
notices given under clause (ii) above, Borrower’s right to request
the making of, and the obligation of the Lenders advising Administrative Agent
under clause (ii) (the “Affected Lenders”), to make or
continue LIBO Rate Loans, shall be suspended and all Loans, Cash Collateral
Loans, DSRA LC Loans, Energy Hedge LC Loans, or Project Agreement LC Loans, as
the case may be, made or continued after the giving of such notice shall be
made or continued as Substitute Loans. 
With respect to notices given under clause (i) above, any
Loans, Cash Collateral Loans,  DSRA LC
Loans, Energy Hedge LC Loans or Project Agreement LC Loans outstanding at the
commencement of any such suspension and with respect to notices given under
clause (ii) above, any Loans, Cash Collateral Loans, DSRA LC Loans,
Energy Hedge LC Loans or Project Agreement LC Loans of Affected Lenders
outstanding at the commencement of such suspension shall, in each case, be
converted at the end of the then current Interest Period for such Loans, Cash
Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans or Project Agreement LC 

 

28

 

Loans into
Substitute Loans unless Administrative Agent has provided notice to Borrower in
writing that such suspension has then ended, such notice to be provided
promptly by Administrative Agent.

 

(b)           Illegality.  If, after the date of this Financing
Agreement, the adoption of any Governmental Rule, any change in any
Governmental Rule or the application or requirements thereof (whether such
change occurs in accordance with the terms of such Governmental Rule as
enacted, as a result of amendment, or otherwise), any change in the
interpretation or administration of any Governmental Rule by any
Governmental Authority, or compliance by any Lender or Noble Entity with any
request or directive of any Governmental Authority (a “Change of Law”)
shall make it unlawful or impossible for any Lender to make or maintain any
Loan, Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan or Project
Agreement LC Loan such Lender shall immediately notify Administrative Agent and
Borrower of such Change of Law.  Upon
receipt of such notice (i) Borrower’s right to request the making of, and
the Lenders’ obligations to make or continue, LIBO Rate Loans shall be
suspended for so long as such condition shall exist, and (ii) Borrower
shall either (x) immediately repay such Lender’s Loans, Cash Collateral
Loans, DSRA LC Loans, Energy Hedge LC Loans and Project Agreement LC Loans if
such Lender shall notify Borrower that such Lender may not lawfully continue to
fund and maintain such Loans, Cash Collateral Loans, DSRA LC Loans, Energy
Hedge LC Loans or Project Agreement LC Loans (y) replace such Lender so
affected pursuant to Section 9.12. 
Any prepayment of Loans, Cash Collateral Loans, DSRA LC Loans, Energy
Hedge LC Loans and Project Agreement LC Loans made pursuant to the preceding
sentence prior to the last day of an Interest Period for such Loans, Cash
Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans and Project Agreement LC
Loans shall be deemed a prepayment thereof. 
To the extent Substitute Loans are available, Borrower may convert
Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans and Project
Agreement LC Loans into Substitute Loans. 
Any conversion of Loans, Cash Collateral Loans, DSRA LC Loans, Energy
Hedge LC Loans and Project Agreement LC Loans made pursuant to the preceding
sentence prior to the last day of an Interest Period for such Loans, Cash
Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans and Project Agreement LC
Loans shall be deemed a prepayment thereof for purposes of Section 2.9
only and such prepayment shall not affect the aggregate Commitments hereunder.

 

(c)           Increased
Costs.  If, after the date of this
Financing Agreement, any Change of Law:

 

(i)            shall
subject any Lender to any tax, duty or other charge with respect to any
Obligation or Commitment, or shall change the basis of taxation of payments by
Borrower to any Lender on such Obligation or with respect to any Commitment
(except for Indemnified Taxes or Other Taxes (to the extent covered by Section 2.7),
Excluded Taxes or changes in the rate of taxation on the overall net income of
any Lender); or

 

(ii)           shall impose, modify or hold applicable any reserve,
special deposit or similar requirement (without duplication of any reserve
requirement included within the interest rate through the definition of “Reserve
Requirement”) against assets held by, deposits or other liabilities in or
for the account of, 

 

29

 

advances or loans by, or any other
acquisition of funds by any Lender for any LIBO Rate Loan; or

 

(iii)          shall impose on any Lender any other requirement or
condition directly related to any Obligation or Commitment;

 

and the
effect of any of the foregoing is to increase the cost to such Lender of
making, issuing, creating, renewing, participating in or maintaining any such
Obligation or Commitment or to reduce any amount receivable by such Lender
hereunder or under the Notes, then Borrower shall from time to time, upon
demand by Administrative Agent for such Lender (accompanied by a certificate
from such Lender setting forth in reasonable detail the amount of such
increased costs or reduced amounts and the basis for determination of such
amount), pay to Administrative Agent on behalf of such Lender additional
amounts sufficient to reimburse such Lender for such increased costs or to
compensate such Lender for such reduced amounts.  Thereafter, Borrower may replace such Lender
so affected pursuant to Section 9.12.

 

(d)           Capital
Requirements.  If any Lender
reasonably determines that (i) any Change of Law affects the amount of
capital required or expected to be maintained by such Lender or the Lending
Office of such Lender (a “Capital Adequacy Requirement”) and (ii) the
amount of capital maintained by such Lender or such Lending Office which is
attributable to or based upon the Loans, Cash Collateral Loans, DSRA LC Loans,
Energy Hedge LC Loans, Project Agreement LC Loans, the Commitments or this
Financing Agreement must be increased as a result of such Capital Adequacy
Requirement (taking into account such Lender’s policies with respect to capital
adequacy), Borrower shall pay to Administrative Agent on behalf of such Lender,
upon demand of Administrative Agent on behalf of such Lender (accompanied by a
certificate from such Lender setting forth in reasonable detail the amount of
such increased costs or reduced amounts and the basis for determination of such
amount), such amounts as such Lender shall reasonably determine are necessary
to compensate such Lender for the increased costs to such Lender of such
increased capital.  Thereafter, Borrower
may replace such Lender so affected pursuant to Section 9.12.

 

(e)           Notice.  Each Lender will notify Administrative Agent
of any event occurring after the date of this Financing Agreement that will
entitle such Lender to compensation pursuant to this Section 2.8,
as promptly as is reasonable, and in no event later than 60 days
after the principal officer of such Lender responsible for administering this
Financing Agreement has actual knowledge of such claim, and Administrative
Agent shall promptly notify Borrower of such event; provided that any
Lender’s failure to notify Administrative Agent within such 60 day period
of such assertion shall not relieve Borrower of its obligation under this Section 2.8
with respect to claims arising prior to the end of such period, but shall
relieve Borrower of its obligations under this Section 2.8 with
respect to the time between the end of such period and such time as Borrower
receives notices as provided herein.  Any
Lender seeking compensation under this Section 2.8 shall promptly
deliver to Borrower (with a copy to Administrative Agent) a written statement,
setting forth in reasonable detail the basis for calculating the additional
amounts owed to such Lender under this Section 2.8, which statement
shall be conclusive and binding upon all parties hereto absent demonstrable
error.

 

30

 

2.9           Funding Losses. 
If Borrower shall (a) repay or prepay any Loans, Cash Collateral
Loans, DSRA LC Loans, Energy Hedge LC Loans or Project Agreement LC Loans on
any day other than the last day of an Interest Period for such Loans (whether
an optional prepayment or a Mandatory Prepayment), (b) fail to borrow any
Loans in accordance with a Notice of Borrowing delivered to Administrative
Agent (whether as a result of the failure to satisfy any applicable conditions
or otherwise), or (c) fail to make any prepayment in accordance with any
notice of prepayment delivered to Administrative Agent; then Borrower shall,
upon demand by any Lender, reimburse such Lender for all costs and losses
incurred by such Lender as a result of such repayment, prepayment or failure (“Liquidation
Costs”) but shall not include any compensation for lost profits.  Borrower understands that such costs and
losses may include losses incurred by a Lender as a result of funding and other
contracts entered into by such Lender to fund Loans, any Cash Collateral Loans,
DSRA LC Loans, Energy Hedge LC Loans and Project Agreement LC Loans.  Each Lender demanding payment under this Section 2.9
shall deliver to Administrative Agent a certificate setting forth and
reasonably accounting for the amount of costs and losses for which demand is
made, and Administrative Agent shall promptly provide such certificate to
Borrower.  Notwithstanding the foregoing,
each Lender shall use commercially reasonable efforts to minimize any Liquidation
Costs.

 

2.10         Alternate Office; Minimization of Costs.

 

(a)           To the
extent commercially reasonably possible, each Lender shall designate an
alternative Lending Office with respect to its Loans, Cash Collateral Loans,
DSRA LC Loans, Energy Hedge LC Loans and Project Agreement LC Loans and otherwise
take any reasonable actions to reduce any liability of Borrower to such Lender
under Sections 2.7(d), 2.8(c) or 2.8(d), or to
avoid the unavailability of any Loans, Cash Collateral Loans, DSRA LC Loans,
the Energy Hedge LC Loans,  Project
Agreement LC Loans or an interest rate option under Section 2.8(b).

 

(b)           Any Lender
may designate a Lending Office other than that set forth on Exhibit I
and may assign all of its interests under the Financing Documents, and its
Notes, to such Lending Office, provided that such designation and
assignment do not at the time of such designation and assignment increase the
reasonably foreseeable liability of Borrower under Sections 2.7(d),
2.8(c), or 2.8(d) or make Loans, Cash Collateral Loans, DSRA
LC Loans, Energy Hedge LC Loans, Project Agreement LC Loans or an interest rate
option unavailable pursuant to Section 2.8(b).

 

Each Lender
shall use commercially reasonable efforts to avoid or minimize any additional
costs, Taxes, expense or obligation which might otherwise be imposed on
Borrower pursuant to Section 2.7(d), 2.8(c), or 2.8(d) or
as a result of such Lender being subject to a Reserve Requirement.

 

2.11         Interest Rate Protection.

 

(a)           Interest
Rate Agreements.  Borrower shall, no
later than three (3) months after the Term-Conversion Date, enter into one
or more Hedge Transactions, the intent of which is to protect Borrower against
increases in variable interest rates, solely with counterparties who are
Lenders or Affiliates of Lenders (“Counterparties”), which Interest Rate
Agreements shall be 

 

31

 

substantially
in the form attached hereto as Exhibit E-14, or otherwise in form
and substance reasonably satisfactory to Administrative Agent, and which Hedge
Transactions shall have an aggregate notional amount corresponding to an amount
equal to or greater than seventy-five percent (75%) of the outstanding
principal amount of the Term Loans.  Such
Hedge Transactions shall be based upon the Amortization Schedule and shall have
a termination date of the Term Loan Maturity Date.

 

(b)           Interest
Fix Fees.  Borrower shall pay all
reasonable costs, fees and expenses incurred by the Counterparties or
Administrative Agent in connection with the Interest Rate Agreements Borrower
enters into hereunder, including any reasonable costs, fees or expenses
(including increased interest payments) incurred in connection with any
unwinding, breach or termination of such Interest Rate Agreements, as set forth
in such Interest Rate Agreements (“Interest Fix Fees”).

 

(c)           Security.  The obligations of Borrower under each
Interest Rate Agreement between Borrower and a Counterparty, and all associated
Interest Fix Fees, shall be and are hereby secured by the Collateral Documents,
and shall rank pari passu with the Obligations
of Borrower under the Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge
LC Loans and Project Agreement LC Loans.

 

2.12         Extended Term Loans.

 

(a)           If on the
Term-Conversion Date there exists in the aggregate for all of the Projects (to
the extent such Projects remain subject to the Equity Capital Contribution
Agreement) not more than twenty two (22)
Incomplete Turbines, Borrower shall have the option, to be exercised not less
than four (4) Banking Days prior to the Term-Conversion Date, to request
in writing an additional Term Loan on the Term-Conversion Date pursuant to this
Section 2.12 in an aggregate amount not to exceed the lower of (i) the
Non-Conversion Amount and (ii) $45,000,000 (such amount as requested by
Borrower, the “Total Extended Term Loan Commitment”).  Upon the advance of the final Term Loan
requested in accordance with this Section 2.12, the Total Extended
Term Loan Commitment shall terminate and be of no further force or effect.  For the avoidance of doubt, any Construction
Loans that have previously been advanced and applied to the payment of Project
Costs in respect of any such Incomplete Turbines shall be deemed to constitute
a Term Loan advanced pursuant to this Section 2.12.

 

(b)           Provided
that Borrower has requested in writing the Total Extended Term Loan Commitment
as provided in clause (a) above, and subject to the terms and conditions
set forth in clause (c) below, each Lender agrees to advance to
Borrower an additional Term Loan on the Term-Conversion Date as Borrower may
request (as set forth in clause (c) below) in an aggregate principal
amount not to exceed such Lender’s Extended Term Loan Commitment (for the
avoidance of doubt taking into account any Construction Loans advanced by such
Lender that are deemed to be Term Loans as described above).  Any Term Loans made or deemed made by the
Lenders in accordance with this Section 2.12 shall, from and after
such date of advancement be deemed “Term Loans” under this Financing Agreement
and any provisions associated with or related to Term Loans shall be deemed
amended to accommodate such additional advance of such Term Loans.

 

32

 

(c)                                  Borrower shall request additional
Term Loans under this Section 2.12 by delivering to Administrative
Agent a written notice (such notice to be deemed a “Notice of Borrowing”
hereunder) no later than four (4) Banking Days prior to the
Term-Conversion Date. The obligations of the Lenders to effect or permit any
Borrowing under this Section 2.12 are subject to the prior
satisfaction of each of the following conditions (unless waived by
Administrative Agent with the consent of the Majority Lenders):

 

(i)                                     The Term-Conversion shall have
occurred or shall occur concurrent with the funding of such additional Term
Loan;

 

(ii)                                  the conditions set forth in Section
3.4 shall have been satisfied;

 

(iii)                               each Noble Equity Support Document
shall remain in full force and effect with respect to the full amount then
owing thereunder; and

 

(iv)                              the
Equity Support Members shall remain obligated to make equity contributions to
Borrower with respect to the applicable Incomplete Turbines in accordance with
the Equity Capital Contribution Agreement.

 

(d)                                 The proceeds of any Term Loans made
pursuant to this Section 2.12 shall be deposited into the
Construction Account and any disbursement of such proceeds from the
Construction Account shall be subject to conditions to such disbursements as
set forth in the Depositary Agreement.

 

(e)                                  On or prior to the Initial Repayment
Date, Borrower shall have satisfied each of the following conditions with
respect to each Incomplete Turbine that achieves Completion after the
Term-Conversion Date (unless waived by Administrative Agent with the consent of
the Majority Lenders):

 

(i)                                     the Equity Support Members shall
have confirmed their funding obligations with respect to such Incomplete
Turbines;

 

(ii)                                  Borrower shall have furnished to
Administrative Agent evidence satisfactory to Administrative Agent (in
consultation with the Independent Engineer) that after giving effect to all the
financial accommodations provided by the Lenders to Borrower on the
Term-Conversion Date, including any additional Term Loan made pursuant to this Section
2.12, and any voluntary prepayment of the Loans in accordance with Section
2.4(g)(i), the Base Case Projections (after giving effect to any such
additional Term Loan but otherwise in substantially the form of Exhibit H-3,
as modified pursuant to Section 2.5(b)(i)) reflect a calculation of
Projected Debt Service Coverage Ratios, as of each Repayment Date during the
Term, of no less than (A) for each twelve-month period through the tenth
(10th) anniversary of the Term-Conversion Date, (x) 1.45 to 1 under
a P50 Production Level (taking into account all projected Project Revenues; provided,
however, that, solely for purposes of such calculation, (1) merchant
Project Revenues shall be limited to not more than nineteen (19%) of the
aggregate projected Project Revenues and (2) the aggregate amount of the Loans
projected to be outstanding as of the tenth (10th) anniversary of
the Energy Hedge

 

33

 

Agreement Effective Date  shall
not exceed twenty percent (20%) of the Total Term Loan Commitment (in each
case, as in effect on the Financial Closing Date) or (y) 1.00 to 1 under a P99
Production Level, taking into account all projected Project Revenues for such
period; and (B) for each remaining twelve-month period through the Term Loan
Maturity Date, after the tenth (10th) anniversary of the
Term-Conversion Date, (x) 2.50 to 1 under a P50 Production Level (taking into
account solely projected sales of energy generated by the Projects in accordance
with the Market Consultant’s projections and excluding (1) any Project Revenues
projected from the sale of  renewable energy credits and (2) any projected
ICAP Revenues) and (y) 1.00 to 1 under a P99 Production Level, taking into
account all projected Project Revenues for such period (taking into account
solely projected sales of energy generated by the Projects in accordance with
the Market Consultant’s P95 price projections and excluding (1) any Project
Revenues projected from the sale of  renewable energy credits and (2) any
projected ICAP Revenues)
(and the resulting amortization schedule shall replace the Amortization
Schedule provided on the Term-Conversion Date and shall thereafter be deemed
the “Amortization Schedule”); and

 

(iii)                               the conditions set forth in Sections 3.3(b),
(c), (d), (e), (f), (h), (o), and (u),
in each case, solely as applied to such Incomplete Turbines, shall have been
satisfied or waived.

 

(f)                                    If the conditions specified in
clause (e) above have not been satisfied or waived on or prior to the Initial
Repayment Date with respect to any Incomplete Turbines that have not achieved
Completion as of such date, Borrower shall prepay the Term Loans in a principal
amount equal to the principal amount of the Term Loan advanced on the
Term-Conversion Date pursuant to this Section 2.12 to the extent
that the proceeds thereof have not been applied to the payment of Project Costs
in respect of Incomplete Turbines as to which the conditions specified in
clause (e) above have been satisfied or waived as of the Initial Repayment
Date, which amount shall be confirmed by the Independent Engineer (it being
acknowledged and agreed that no Default or Event of Default shall arise as a
result of the failure to satisfy such conditions, unless Borrower shall fail to
make such prepayment).

 

ARTICLE 3

CONDITIONS PRECEDENT

 

3.1                                 Conditions
Precedent to the Financial Closing Date. The obligation of the Lenders
party hereto on the Financial Closing Date to make the Loans (including Cash
Collateral Loans), the obligation of LC Fronting Bank to issue the Letters of
Credit, and to otherwise enter into the transactions contemplated by this
Financing Agreement is subject to the prior satisfaction of each of the
following conditions (unless waived in writing by Administrative Agent and the
Lenders):

 

(a)                                  Resolutions.
Delivery to Administrative Agent of a copy of one or more resolutions or other
authorizations of the Major Project Participants (other than the Turbine
Supplier and the Project Companies’ counterparties under the Interconnection
Agreements), certified by the appropriate officer or representative of each
such entity as being in full force and

 

34

 

effect on the Financial Closing
Date, authorizing the execution, delivery and performance of this Financing
Agreement and the other Operative Documents and any instruments or agreements
required hereunder or thereunder to which such Major Project Participant is a
party, and in the case of Borrower, the Borrowings provided for herein.

 

(b)                                 Incumbency. Delivery to Administrative Agent
of a certificate reasonably satisfactory in form and substance to
Administrative Agent from each Major Project Participant (other than the
Turbine Supplier and the Project Companies’ counterparties under the
Interconnection Agreements), signed by the appropriate Responsible Officer(s)
of each such Person and dated the Financial Closing Date, as to the incumbency
of the natural persons authorized to execute and deliver this Financing Agreement
and the other Operative Documents and any instruments or agreements required
hereunder or thereunder to which such Major Project Participant is a party.

 

(c)                                  Formation Documents. Delivery to Administrative Agent
of (i) a copy of the articles of incorporation or certificate of
incorporation or formation, as applicable, of each Major Project Participant
(other than the Turbine Supplier and the Project Companies’ counterparties
under the Interconnection Agreements), each certified by the Secretary of State
of the applicable State of incorporation or formation and (ii) a copy of
the limited liability company operating agreement, by-laws or partnership
agreement of such Major Project Participant, certified by its secretary.

 

(d)                                 Good Standing. Delivery to Administrative Agent
of (i) certificates issued by the Secretary of State of the jurisdiction
of incorporation or formation of each of the Major Project Participants (other
than the Turbine Supplier), certifying that each such Major Project Participant
is in good standing and is qualified to do business in, and, if applicable, has
paid all franchise taxes or similar taxes due to, such state and
(ii) certificates issued by the Secretary of State of the State of New
York certifying that each such Major Project Participant (other than Equity
Support Member) is in good standing and is qualified to do business in such
State.

 

(e)                                  Independent Engineer’s Report and
Final Energy Production Analysis.

 

(i)                                     Delivery to Administrative Agent of
an Independent Engineer’s report, in substantially the form of Exhibit G-3(a),
which report shall be satisfactory to Administrative Agent and the Lenders, and
confirm the adequacy of the overall design technology, coordination of all
construction schedules, economics and contract integrity as it relates to each
Project.

 

(ii)                                  Delivery to Administrative Agent of
a final energy production analysis related to each Project prepared by the
Independent Engineer which shall be satisfactory to Administrative Agent and
the Lenders and consistent with the energy production and availability
assumptions in the Base Case Projections and which shall include a review by
the Independent Engineer of (A) a wind assessment study (including, the
meteorological tower data then available with respect to each Site) of gross
and net production forecasts of the Projects, on an individual Project and an
aggregate portfolio basis, including the standard deviation for the 1-year
and 10-year productions and including probabilities of energy exceedance
of 50%, 75%, 90%, 95% and 99% and (B) WTG’s availability assumptions
in the Base Case Projections.

 

35

 

(f)                                    Applicable Permits. Delivery to Administrative Agent
of Exhibit H-2, the schedule of Permits that are, or will become,
Applicable Permits, in form and substance reasonably satisfactory to
Administrative Agent, together with copies of the material Permits obtained
prior to the Financial Closing Date, each in form and substance reasonably
satisfactory to Administrative Agent. Part I of Exhibit H-2 shall
list each material Permit with respect to each Project that will be an
Applicable Permit as of the Financial Closing Date. Part II of Exhibit H-2
shall list all other material Permits that will become an Applicable Permit for
each Project. The Permits listed in Part II of Exhibit H-2 shall
reasonably be expected to be obtainable not later than the time when such
Permit becomes an Applicable Permit without material difficulty, expense or
delay.

 

(g)                                 Operative Documents. Delivery to Administrative Agent
(or with respect to Real Property Documents, posting, on or prior to the
Financial Closing Date, to Borrower’s virtual data room) of the following
documents duly authorized, executed and delivered by the parties thereto and,
with respect to the Mortgages, ready for recordation as required by applicable
law, in form and substance reasonably satisfactory to Administrative Agent:

 

(i)                                     Financing Documents (other than the
Interest Rate Agreements, the Control Agreement (Operations), the LLC
Agreement, Term Loan Notes, the Equity Support Member Pledge Agreement and any
Acceptable DSRA LC);

 

(ii)                                  Project Documents (other than the
Interconnection Agreements, and the Additional Project Documents and Consents
to be executed in connection therewith) and any supplements or amendments
thereto certified by a Responsible Officer of Borrower as being true, complete
and correct and in full force and effect on the Financial Closing Date and
which certificate shall include a certification that all conditions precedent
to the commencement of performance of each Noble Entity and its Affiliates
under the EPC Contracts, Management Services Agreements and Real Property
Documents have been performed, have occurred, or have been satisfied or waived;

 

(iii)                               Financing Statements and Fixture
Filings;

 

(iv)                              Consents duly executed by each Major
Project Participant listed in Exhibit F-2; and

 

(v)                                 such other documents, instruments
and agreements as Administrative Agent or the Title Insurer may reasonably
request to grant to Administrative Agent to perfect first priority Liens
(subject to Permitted Liens) in all Collateral (including, without limitation,
original certificates representing all issued and outstanding membership
interests of Borrower in each Project Company endorsed in blank and all issued
and outstanding membership interests of the Members in Borrower endorsed in
blank).

 

(h)                                 Certificate of Borrower. Administrative Agent shall have
received a certificate, dated as of the Financial Closing Date, signed by a
Responsible Officer of Borrower, in substantially the form of Exhibit G-1
(the “Borrower’s Certificate”).

 

36

 

(i)                                     Legal Opinions. Delivery to Administrative Agent
and Collateral Agent of opinions of:

 

(i)                                     Latham & Watkins LLP, counsel
for each of the Noble Entities, Operator, Asset Manager, EPC Contractor, and
Noble Equipment Resources, LLC;

 

(ii)                                  in-house counsel for each of the
Noble Entities, Operator, Asset Manager, EPC Contractor, and Noble Equipment
Resources, LLC;

 

(iii)                               and Richards, Layton
& Finger, P.A., special Delaware counse for each of the Noble Entities,
Operator, Asset Manager, EPC Contractor, and Noble Equipment Resources, LLC;

 

(iv)                              Bingham McCutchen LLP, counsel for
each Equity Support Member and GECC;

 

(v)                                 in-house counsel for the Turbine
Supplier;

 

(vi)                              Whiteman Osterman & Hana LLP,
special counsel for the Project Companies, regarding the Projects’ application
for and obtaining of certain local land use and state and federal environmental
permits;

 

(vii)                           Whiteman Osterman & Hana LLP and
Nixon Peabody LLP, special counsel to the Noble Entities addressing matters in
the IDA Documents;

 

(viii)                        Latham & Watkins LLP and Read
and Laniado, LLP, special counsel for the Noble Entities, addressing federal,
state and local energy regulatory matters; and

 

(ix)                                in-house counsel for
the Energy Hedge Provider Parent.

 

(j)                                     Market Consultant Certificate. Administrative Agent shall have
received the Market Consultant’s certificate, in substantially the form of Exhibit G-2(a),
with the Market Consultant’s report, in form and substance reasonably
satisfactory to Administrative Agent, attached thereto.

 

(k)                                  Reports. Administrative Agent shall have
received the ICAP Consultant’s reports, in form and substance reasonably
satisfactory to Administrative Agent and the Lenders, which reports shall
assess the NYISO installed capacity market for a period at least through 2022.

 

(l)                                     Insurance. Administrative Agent shall have
received (i) a certificate from a Responsible Officer of Borrower, dated
as of the Financial Closing Date and identifying underwriters, type of
insurance, insurance limits and policy terms, listing the special provisions
required as set forth in Exhibit K, describing the insurance
obtained and stating that such insurance is in full force and effect and that
all premiums then due thereon have been paid and that, in the opinion of such
Person, such insurance complies with Exhibit K, and (ii) certified

 

37

 

copies of all
policies evidencing such insurance (or a binder, commitment or certificates
signed by the insurer or a broker authorized to bind the insurer), in each case
in form and substance reasonably satisfactory to Administrative Agent.

 

(m)                               Insurance Consultant Certificate. Delivery to Administrative Agent
of the Insurance Consultant’s certificate, in substantially the form of Exhibit G-2(b),
with the Insurance Consultant’s report, in form and substance reasonably
satisfactory to Administrative Agent, attached thereto.

 

(n)                                 Financial
Statements. Administrative Agent shall have received the most recent annual
financial statements (audited for NEP) and most recent quarterly financial
statements from NEP (on a consolidated basis for the Noble Entities and
including pro forma financial statements, together with certificates from the
appropriate Responsible Officer thereof, stating that no material adverse
change in the consolidated assets, liabilities, operations or financial
condition of the Noble Entities has occurred from those set forth in the most
recent financial statements provided to Administrative Agent hereunder) and Equity Support Members (except to
the extent that the financial statements of any Equity Support Member are
publicly available on such Person’s website as a result of such Equity Support
Member or its parent providing Acceptable Equity Support Security being
required or permitted to file reports under the Exchange Act).

 

(o)                                 Patriot Act Compliance. Borrower shall have delivered to Administrative
Agent all such documentation and information requested by Administrative Agent
that are necessary (including the names and addresses of each Noble Entity and
an ownership diagram of each Noble Entity that shows each level of ownership of
each Noble Entity (along with the respective percentage ownership allocations
for each such level) up to NEP) for Administrative Agent and the Lenders to
identify each Noble Entity in accordance with the requirements of the Patriot
Act (including the “know your customer” and similar regulations thereunder),
including a Form W-9 for Borrower, Borrower’s local address (and mailing
address, if different) and the title and citizenship of three Responsible
Officers of each Noble Entity.

 

(p)                                 Base Case Project Projections. Borrower shall have furnished
Administrative Agent the Base Case Projections of operating expenses and cash
flow for each Project in substantially the form of Exhibit H-3 and
indicating on a consolidated basis Projected Debt Service Coverage Ratios (which
assumes that a portion of the Construction Loan Commitment in an amount equal
to the Total Term Loan Commitment will have been converted into a Term Loan as
of the Term-Conversion Date), calculated as of each Repayment Date during the
Term, of no less than (i) for each twelve-month period through the tenth
(10th) anniversary of the Term-Conversion Date, (A) 1.45 to 1 under
a P50 Production Level (taking into account all projected Project Revenues; provided,
however, that, solely for purposes of such calculation, (x) merchant
Project Revenues shall be limited to not more than nineteen (19%) of the
aggregate projected Project Revenues and (y) the aggregate amount of the Loans
projected to be outstanding as of the tenth (10th) anniversary of
the Energy Hedge Agreement Effective Date  shall not
exceed twenty percent (20%) of the Total Term Loan Commitment (in each case, as
in effect on the Financial Closing Date) or (B) 1.00 to 1 under a P99
Production Level, taking into account all projected Project Revenues for such
period; and (ii) for each remaining twelve-month period through the Term Loan
Maturity Date, after the tenth (10th) anniversary of the 

 

38

 

Term-Conversion Date,
(A) 2.50 to 1 under a P50 Production Level (taking into account solely
projected sales of energy generated by the Projects in accordance with the
Market Consultant’s projections and excluding (x) any Project Revenues
projected from the sale of  renewable energy credits and (y) any projected
ICAP Revenues) and (B) 1.00 to 1 under a P99 Production Level, taking into
account all projected Project Revenues for such period (taking into account
solely projected sales of energy generated by the Projects in accordance with
the Market Consultant’s P95 price projections and excluding (x) any Project
Revenues projected from the sale of  renewable energy credits and (y) any
projected ICAP Revenues).

 

(q)                                 Energy Delivery Plan. Borrower shall have furnished
Administrative Agent a plan for the sale and delivery to the market of the
energy production of each Project, in form and substance reasonably
satisfactory to Administrative Agent.

 

(r)                                    Consents. Borrower shall have delivered to
Administrative Agent Consents listed in Exhibit F-2, duly executed and
delivered by each party thereto.

 

(s)                                  Environmental Reports. Delivery to Administrative Agent
of the Environmental Reports together with a letter from Borrower’s
Environmental Consultant, in form and substance reasonably satisfactory to
Administrative Agent, authorizing Administrative Agent and the Lenders to rely
on such Environmental Reports.

 

(t)                                    Payment of Fees. All amounts required to be paid to
or deposited with Administrative Agent or any Lender, and all Taxes, fees and
other costs (including closing costs and fees) payable in connection with the
execution, delivery, recordation and filing of the documents and instruments
required to be filed as a condition precedent pursuant to this Section 3.1,
shall have been paid in full (or, with the consent of Administrative Agent,
shall be paid concurrently with the occurrence of the Financial Closing Date
out of the proceeds of the Construction Loans), and Borrower shall have
delivered to Administrative Agent a Financial Closing Date funds flow
statement.

 

(u)                                 UCC Reports. Administrative Agent shall have
received UCC lien search reports of a recent date before the Financial Closing
Date for each of the jurisdictions in which the UCC-1 financing statements, the
fixture filings and the Mortgages are intended to be filed in respect of the
Collateral, showing that upon due filing or recordation (assuming such filing
or recordation occurred on the date of such respective reports), the security
interests created under such Collateral Documents will have the first priority
ranking purported to be created in such Collateral Documents (subject to
Permitted Liens).

 

(v)                                 Project Budgets. Borrower shall have furnished to
Administrative Agent budgets each dated June 28, 2008 (“Project Budgets”)
estimating all anticipated costs to be incurred in connection with the
construction and start-up of each Project, including in such budget all
construction and non-construction costs and Estimated Interconnection Costs,
and including all interest, taxes and other carrying costs, and such other
information as Administrative Agent may reasonably require, together with a
balanced statement of uses and anticipated sources of funds necessary to
complete each Project, broken down as to separate construction phases and
components, which Project Budgets shall be reasonably satisfactory to
Administrative Agent.

 

39

 

(w)                               Project Schedules. Borrower shall have furnished
Administrative Agent a detailed and good faith estimate for the project
schedule of each Project dated June 5, 2008 for Project (Altona), June 5, 2008
for Project (Chateaugay) and June 5, 2008 for Project (Wethersfield) (“Project
Schedules”) indicating that each Project will commence operations and
produce electrical energy for commercial sale in accordance with Prudent
Utility Practices and applicable laws by no later than November 30, 2008, which
Project Schedule shall be reasonably satisfactory to Administrative Agent.

 

(x)                                   Surveys. Administrative Agent shall have
received ALTA/ACSM surveys of the Sites other than the Border Parcels (the “Surveys”)
in form and substance reasonably satisfactory to Title Insurer and
Administrative Agent and certified to Administrative Agent and the
Title Insurer by a licensed surveyor, together with Site Plan for each
Site.

 

(y)                                 Title Insurance. Borrower shall have delivered to
Administrative Agent paid title insurance policies in ALTA 10-17-92
form (with customary New York endorsements) or such other form which is
reasonably acceptable to Administrative Agent for each Project from the
Title Insurer  (i) insuring the
Mortgage to be a valid first priority Lien (subject to Permitted Liens) on the
applicable Project Company’s interest in all real property in which such
Project Company has a fee, leasehold or easement interest; (ii) providing
full coverage against mechanics’ and materialmen’s liens; and (iii) with a
commitment from the Title Insurer to issue future endorsements with
respect to each Borrowing to continue to insure the first-position priority of
the applicable Mortgage as to mechanics’ and materialmen’s liens, together with
such endorsements or other affirmative coverage as are reasonably required by
Administrative Agent, including, without limitation, contiguity, “same as”
survey and tie-in endorsements (such policies and
endorsements being hereinafter referred to as the “Title Policies”). The
Title Policies shall insure that the applicable Project Company has
marketable title to, or interest in (including fee, leasehold and/or easement
interest therein), the applicable Site, free and clear of liens, encumbrances
or other exceptions to title except those exceptions reasonably acceptable to
Administrative Agent (together, the “Permitted Encumbrances”) and
Permitted Liens. The Title Policies shall collectively be in the amount of
$631,773,000.

 

(z)                                   Title. Each Project Company shall have
acquired good, marketable and indefeasible title to, or interest in, its
respective Project and in and to all related property and assets to the extent
necessary to construct, operate and maintain the Project, and Borrower shall
have provided Administrative Agent with such documents or other evidence
thereof as Administrative Agent shall reasonably request.

 

(aa)                            Establishment of Accounts. The Accounts required to have been
established as of the date hereof under Article 2 and Section
5.3(a) of the Depositary Agreement shall have been established.

 

(bb)                          Building Loan Agreements and Lien
Law Affidavits.
Borrower and each Project Company shall have delivered to Administrative Agent
a Building Loan Agreement and a Lien Law Affidavit in substantially the form of
Exhibit D-7 attached hereto.

 

(cc)                            Regulatory Status. Each Project Company shall have filed
a self-certification notice of its status as an EWG, pursuant to 18 C.F.R.§ 366.7(a),
which accurately

 

40

 

provides all information
required thereby, and the self-certification is valid and effective (the “EWG
Determinations”), and Borrower shall have delivered to Administrative Agent
such EWG Determinations covering each Project. Each Project Company shall have
obtained and Borrower shall have delivered to Administrative Agent final orders
from FERC (i) approving each such Project Company’s application to sell energy,
capacity and ancillary services at market-based rates; (ii) accepting each such
Project Company’s market-based rate tariff for filing and finding that each
such Project Company is authorized under the FPA to sell electricity pursuant
to the rates, terms and conditions set forth in such Project Company’s
market-based rate tariff; and (iii) granting each such Project Company all
waivers of regulations and blanket authorizations customarily granted by FERC
to an entity that sells wholesale power and ancillary services at market-based
rates, including blanket FERC approval for the issuance of securities and
assumption of liabilities under Section 204 of the FPA (the “FERC Orders”).

 

(dd)                          REC Contracts. Borrower shall have provided evidence
satisfactory to Administrative Agent that the “Commercial Operation Milestone
Date” under each of the REC Contract (Altona) and the REC Contract (Chateaugay)
shall occur no earlier than November 1, 2008.

 

(ee)                            Equity Contribution Commitment Date. Administrative Agent shall have
received evidence that all conditions precedent to the effectiveness of the
Equity Capital Contribution Agreement have been satisfied.

 

(ff)                                Noble Equity Support Documents. Administrative Agent shall have
received evidence satisfactory to the Joint Lead Arrangers of the aggregate
amount of Project Costs paid by or on behalf of Borrower on or prior to the
Financial Closing Date, which may include copies of invoices with respect
thereto (the total amount of such Project Costs, the “Noble
Construction Equity Amount”).
Administrative Agent shall have received the Noble Base Equity Letter of Credit
or Borrower (or any of its Affiliates on its behalf) shall have deposited cash
to the Construction Account in the amount equal to the positive
difference, if any, between (a) the Noble Base Equity Amount and (b) the Noble
Construction Equity Amount. Administrative Agent shall have received the Noble
Contingent PTC Equity Letter of Credit and each other Noble Equity Support
Document.

 

(gg)                          Chateaugay Easement
Documents. Delivery to Administrative Agent of Chateaugay Easement
Documents in form and substance reasonably satisfactory to Administrative Agent.
Administrative Agent shall have received reasonably satisfactory evidence that
(i) the Chateaugay Easement Documents are satisfactory in form and substance to
the Equity Support Members and (ii) that the design and location of the
facilities to be constructed by or on behalf of NCW that are subject to the
Chateaugay Easement Documents have been approved by Noble Clinton, Noble
Ellenburg, and Dexia Credit Local, New York Branch, in its capacity as
mortgagee of Noble Clinton and Noble Ellenburg.

 

3.2                                 Conditions
Precedent to Each Borrowing. The obligation of the Lenders to effect or
permit any Borrowing (except for the Borrowing of Cash Collateral Loans, which
shall only be subject to Section 3.4) is subject to the prior reasonable
satisfaction of each of the following conditions (unless waived in writing by
Administrative Agent with the consent of the Majority Lenders):

 

41

 

(a)                                  Notice of Borrowing. Borrower shall have delivered a
Notice of Borrowing to Administrative Agent in accordance with the procedures
specified in Section 2.1(b), as applicable.

 

(b)                                 Certificate of Borrower. Administrative Agent shall have
received a certificate from Borrower, substantially in the form attached hereto
as Exhibit G-1, dated the date such Borrowing is proposed to be
made, certifying to the matters set forth in Section 3.4.

 

(c)                                  Drawdown Certificates. (i) not less than four
(4) Banking Days prior to the proposed Borrowing Date, Borrower shall
provide Administrative Agent with a certificate, dated the date such Borrowing
is to be made and signed by Borrower, substantially in the form of Exhibit D-4
and (ii) not less than four (4) Banking Days prior to the proposed
Borrowing Date the Independent Engineer shall have received all necessary
information from Borrower and the EPC Contractors and shall have provided
Administrative Agent with a certificate of the Independent Engineer, in
substantially the form of Exhibit D-6.

 

(d)                                 Available Construction Funds; Project
Schedules and Project Budgets. After taking into consideration the Borrowing being requested,
Available Construction Funds shall not be less than the aggregate unpaid amount
of Project Costs estimated by the Independent Engineer as necessary to cause
Completion with respect to all of the Projects and Final Completion with
respect to all of the Projects in all material respects in accordance with all
Legal Requirements and the Construction Contracts on or prior to a date not
later than the date specified in Section 7.9(a) for the applicable
Projects and the Final Completion Date, respectively, with respect to each
Project set forth in such Project’s Project Schedule and to pay or provide for
all anticipated non-construction Project Costs as to each Project and each
Project Company shall be in material compliance with the Project Schedule and
Project Budget for such Project.

 

(e)                                  Title Policy Endorsement. Borrower shall provide a “date
down” endorsement to the Title Policies, which endorsement shall increase
the coverage of the Title Insurance Policies by the amount of such
Borrowing, amend the effective date of the Title Insurance Policies to the
date of such Borrowing and continue to insure the first priority lien of the
Mortgages subject to no Liens or encumbrances, other than Permitted Liens.

 

(f)                                    Lien Waivers. Borrower shall have delivered to
Administrative Agent duly executed acknowledgments of payments and lien waivers
in the form attached hereto as Exhibit D-8 (or in such other form
reasonably satisfactory to Administrative Agent), from each applicable
Contractor and its subcontractors and materialmen for all work, services and
materials, including equipment and fixtures of all kinds, done, previously
performed or furnished which were the subject of Notices of Borrowing prior to
the requested Borrowing; provided that, with respect to any Borrowing,
lien waivers shall not be required from (i) the Turbine Supplier, unless such
lien waivers are delivered by the Turbine Supplier under the Turbine Supply
Agreement or (ii) subcontractors and materialmen with respect to an
invoice of less than $500,000 with respect to a contract, subcontract or
purchase order, provided that the aggregate of all such Liens with
respect to all such invoices does not exceed $2,000,000 at any time.

 

42

 

(g)                                 Applicable Permits. Prior to the Financial Closing
Date, each Project Company shall have duly obtained or been assigned the
Permits set forth on Part I of Exhibit H-2 for its respective
Project each of which shall be in full force and effect in such Project Company’s
name and, except as set forth on Exhibit H-2, not subject to
(i) any unsatisfied condition that must be satisfied prior to the Permit
becoming effective or (ii) any pending or threatened appeal or other
proceedings and all applicable statutory time periods for the filing of appeals
or petitions for reconsiderations shall have expired, except in each case that
could not reasonably be expected to result in a Material Adverse Effect. With
respect to each subsequent Borrowing for such Project, all Applicable Permits
required to have been obtained by the date of such Borrowing shall have been
issued and shall be in full force and effect and reasonably satisfactory in
form and substance to Administrative Agent and, except as set forth on Exhibit H-2,
not subject to (x) any unsatisfied condition that must be satisfied prior
to the Permit becoming effective or (y) any pending or threatened appeal
or other proceedings, except in each case that could not reasonably be expected
to result in a Material Adverse Effect.

 

(h)                                 Notice to Proceed. Notices to proceed shall have been
delivered by or on behalf of the applicable Project Company to the EPC
Contractor under the applicable EPC Contract and Administrative Agent shall
have received copies of such notices to proceed.

 

(i)                                     Additional
Project Documents, Etc. Borrower shall have
delivered to Administrative Agent true, complete and correct copies of any
Additional Project Documents, Financing Documents or Applicable Permits
executed or obtained since the date of the most recent Borrowing.

 

3.3                                 Conditions
Precedent to Term-Conversion. No Construction Loans shall Term-Convert
unless the following conditions shall have been satisfied or waived in writing
by Administrative Agent with the consent of the Majority Lenders:

 

(a)                                  Final Drawing. Borrower shall have effected a
Borrowing of Construction Loans in the amount of the then-remaining Available
Construction Loan Commitment, if any, which shall have been disbursed
(i) for purposes of funding the Completion Reserve Borrowing as required
by Section 3.3(i), and (ii) for any remaining amount after the
disbursements in clause (i) to the Operating Account (collectively, the “Final
Drawing”).

 

(b)                                 Acceptable Work. Administrative Agent shall have
received evidence reasonably satisfactory to Administrative Agent that all work
in connection with the Completion of the Projects (other than, to the extent
applicable, work in connection with WTGs in an aggregate amount for all of the
Projects equal to the lower of (i) no more than 10% of the WTGs allocated to
each Project as of the Financial Closing Date (other than any Project that has
been subject to a Removal under Section 6.20 of the Equity Capital Contribution
Agreement) and (ii) twenty-two (22) WTGs) requiring inspection on or prior
to the Term-Conversion Date by any Governmental Authorities having jurisdiction
has been duly inspected and approved (if necessary) by such authorities.

 

(c)                                  EPC Contractors’ Certificate. Administrative Agent shall have
received a certificate from the EPC Contractor, substantially in the form
attached to the EPC Contract to which such EPC Contractor is a party as Exhibit IV
thereto, confirming that (i) Substantial

 

43

 

Completion (as
defined in such EPC Contract) with respect to all WTGs comprising such Project
(other than WTGs in an aggregate amount not to exceed 10% of the WTGs allocated
to such Project as of the Financial Closing Date) has occurred; (ii) all
material warranties under such EPC Contract are in effect on and after the date
of Substantial Completion (as defined in such EPC Contract); and
(iii) there exist no defaults or disputes under such EPC Contract, which
could reasonably be expected to result in a Material Adverse Effect.

 

(d)                                 Turbine Supplier Certificates. Administrative Agent shall have
received Mechanical Completion Certificates and Commercial Operation
Certificates (each such certificate as defined in the Turbine Supply Agreement)
with respect to all Units (as defined in the Turbine Supply Agreement)
comprising the Projects (other than Units in an aggregate amount for all
Projects equal to the lower of (i) no more than 10% of the WTGs allocated to
each Project as of the Financial Closing Date (other than any Project that has
been subject to a Removal under Section 6.20 of the Equity Capital Contribution
Agreement) and (ii) twenty-two (22) WTGs).

 

(e)                                  Borrower’s Certificate. Administrative Agent shall have
received a certification by Borrower, the form of which is attached hereto as Exhibit G-5,
that Completion with respect to each Project has been achieved. Borrower shall
have filed a notice of completion of the Improvements necessary to establish
commencement of the statutory period for the filing of mechanics’ and
materialmen’s liens, if any.

 

(f)                                    Independent Engineer’s Certificate. Administrative Agent shall have
received a certificate of the Independent Engineer in substantially the form of
Exhibit G-3(b) that Completion with respect to each Project has
been achieved, attaching a summary of the Independent Engineer of
the technical capabilities of the Projects.

 

(g)                                 Repayment of Loans. Borrower shall have paid, or made
arrangements satisfactory to Administrative Agent to pay on the Term-Conversion
Date, to Administrative Agent the principal amount of Construction Loans
outstanding which are not to be Term-Converted plus all accrued and unpaid
interest on such Construction Loans, plus all other Obligations of Borrower due
and payable to the Lenders hereunder or under the other Financing Documents
with respect to such Construction Loans. Borrower shall have
caused each Construction Project Agreement LC to be returned to LC Fronting
Bank, irrevocably released or terminated by each beneficiary of such
Construction Project Agreement LC.

 

(h)                                 PTCs. Borrower shall be entitled to
claim tax credits available under the PTCs from all WTGs comprising not less
than two of the Projects (other than WTGs in an aggregate amount for all of the
Projects equal to the lower of (i) no more than 10% of the WTGs allocated to
each Project as of the Financial Closing Date (other than any Project that has
been subject to a Removal under Section 6.20 of the Equity Capital Contribution
Agreement) and (ii) twenty-two (22) WTGs) and unless a Total Term Loan Commitment
Resizing that takes into account the inability to realize PTCs with respect to
certain WTGs has occurred).

 

(i)                                     Completion Reserve Borrowing. To the extent of any
then-remaining Construction Loan Commitments, Borrower shall have made a
Completion Reserve Borrowing and deposited the proceeds thereof into the
Completion Reserve Account.

 

44

 

(j)                                     [Intentionally Omitted].

 

(k)                                  Equity
Support Documents; Class A and Class B Certificates. Delivery
to Administrative Agent of a fully executed LLC Agreement and Equity Support
Member Pledge Agreement. Delivery to Administrative Agent of the original
certificates representing all issued and outstanding membership interests in
Borrower issued under the LLC Agreement, including all Class A Units and Class
B Units, in each case endorsed in blank.

 

(l)                                     Equity Support Contributions. Each Equity Support Member shall
have contributed the Borrower Equity in the full amount
then required to be contributed by such Equity Support Member pursuant to the
Equity Capital Contribution Agreement. NEP shall have made an equity
contribution to Borrower in the full amount then required to be contributed by
NEP under the NEP Contribution Agreement.

 

(m)                               Applicable Permits. Borrower or a Project Company
shall have obtained and delivered to Administrative Agent copies of all
Applicable Permits, in form and substance reasonably satisfactory to
Administrative Agent, required for the applicable Project Company to operate
such Project (other than in connection with WTGs in an aggregate amount for all
of the Projects equal to the lower of (i) no more than 10% of the WTGs
allocated to each Project as of the Financial Closing Date (other than any
Project that has been subject to a Removal under Section 6.20 of the Equity
Capital Contribution Agreement) and (ii) twenty-two (22)), together with a
certificate of a Responsible Officer of Borrower, substantially in the form of Exhibit G-5,
certifying that all such Applicable Permits have been obtained. All such
Applicable Permits shall be in full force and effect, and not subject to any
pending or threatened appeal or proceeding or unsatisfied condition that must
be satisfied prior to the Permit becoming effective that, in each case, could
reasonably be expected to have a Material Adverse Effect.

 

(n)                                 [Intentionally
Omitted].

 

(o)                                 As-Built Surveys. Administrative Agent shall have
received an ALTA survey of each Site other than the Border Parcels, current
within 90 days,  certified to
Administrative Agent and the Title Company in a form reasonably acceptable to
Administrative Agent, showing: (i) the location of the perimeter of the
Premises by metes and bounds or in rectangular survey format, (ii) any
additional easements, rights-of-way, and utility lines referred to in the Title
Policy which actually service or cross such Site to the extent the easements
and rights-of-way are locatable from the description contained in the easement
or right-of-way document or to the extent the utility lines are located above
ground or are designated by monuments or markers or that are otherwise visible
above ground, (iii) the lines of the public streets abutting such Site
showing access to such Site from a public right of way, and any established
building and setback lines, if applicable, (iv) encroachments and the
extent thereof upon or off of such Site and of any improvements upon any
established building, setback and street lines, (v) the WTGs except for WTGs in
an aggregate amount for all of the Projects equal to the lower of (i) no more
than 10% of the WTGs allocated to each Project as of the Financial Closing Date
(other than any Project that has been subject to a Removal under Section 6.20
of the Equity Capital Contribution Agreement) and (ii) twenty-two (22) WTGs,
transmission lines, roadways and substation improvements and the relationship
of such improvements (other than roadways) by distances to the perimeter of the
Premises, established building, setback, street

 

45

 

lines, and, if any
improvements encroach upon or violate any established building, setback or
street lines, the relationship of such improvements by distances to the
perimeter of such Site, (vi) all flood zone designations in respect of such
Site, and (vii) any gaps, gores or overlaps between real property interests
which comprise such Site and whether such real property interests are
contiguous; provided that, notwithstanding any of the foregoing,
Borrower shall have the right to have the survey based on aerial photograph of
such Site, in which case the survey will not satisfy the standards for accuracy
of an ALTA survey with respect to precision of measurement.

 

(p)                                 Title Insurance. The Title Insurer shall have
issued to Administrative Agent a continuation to the Title Insurance
Policy, dated as of the Term-Conversion Date, showing the continuing first
priority Lien of each Mortgage (subject to Permitted Liens) and otherwise in
form and substance reasonably satisfactory to Administrative Agent.

 

(q)                                 Operative Documents. All Operative Documents (other
than the Additional Project Documents and, only if no Operations Working
Capital Account has been established, the Control Agreement (Operations)),
shall be in form and substance reasonably satisfactory to Administrative Agent
(to the extent not previously approved or accepted by Administrative Agent) and
in full force and effect.

 

(r)                                    Notice of Term-Conversion. Borrower shall have requested
Term-Conversion pursuant to a Notice of Term-Conversion delivered to Administrative
Agent in accordance with Section 2.2(a)(ii).

 

(s)                                  Account Deposits. The Accounts required under Articles
2 and 5 of the Depositary Agreement shall have been established and
each deposit and reserve (including the Debt Service Reserve Account) required
by Article 5 of the Depositary Agreement to be made to any Account
on or prior to the Term-Conversion Date shall have been made and shall have
been funded or shall be made simultaneously with Term-Conversion.

 

(t)                                    Total Term Loan Commitment Resizing. The Total Term Loan Commitment
Resizing, if required, shall have occurred in accordance with Section 2.5(b).
The resulting amortization schedule shall replace the Amortization Schedule
provided on the Financial Closing Date and shall thereafter be deemed the “Amortization
Schedule.”  Such Amortization Schedule
shall be further replaced, if applicable, on the date on which the conditions
specified in Section 2.12(e) shall have been satisfied and shall
thereafter be deemed the “Amortization Schedule.”

 

(u)                                 Payment of Fees. All amounts due and payable to
Administrative Agent or any Lender, and all Taxes, fees and other costs due and
payable in connection with the execution, delivery, recordation and filing (or
payable immediately after such execution, delivery, recordation and filing) of
the documents and instruments required to be filed as a condition precedent to
this Section 3.3 shall have been paid in full.

 

(v)                                 Effective Date. (i) (A)The “Effective Date”
under the Energy Hedge Agreement shall have occurred or (B) Administrative
Agent shall have received evidence satisfactory to it that such “Effective Date”
shall occur no later than April 1, 2009 (and Borrower shall have entered into a
short term commodity hedge, on market terms then available to it,

 

46

 

covering the energy
that would otherwise be sold under the Energy Hedge Agreement for the period
between the Term-Conversion Date and such “Effective Date” as if the Energy
Hedge Agreement “Effective Date” had occurred on the Term-Conversion Date) and
(ii) the “Termination Date” under the Energy Hedge Agreement shall be no
earlier than the tenth (10th) anniversary of such “Effective Date.”

 

(w)                               Debt to Equity. After giving effect to the
Term-Conversion and any advancement of Term Loans pursuant to Section 2.12(b),
the ratio of (x) the sum of (i) the Total LC/Cash Collateral
Commitment, (ii) the Term Loans, (iii) the Stated Amount of any issued
Letters of Credit and the aggregate principal amount of all Cash Collateral
Loans then outstanding, (iv) the principal amount of any DSRA Cash
Collateral Loan or DSRA LC Loan and (v) the “Energy Hedge Provider First Lien
Obligations” (as such term is defined in the Intercreditor Agreement) to
(y) the sum of (i) the Borrower Equity and (ii) the Noble Equity, shall
not exceed 70 to 30.

 

(x)                                   Insurance. Insurance complying with Section 5.15
shall be in full force and effect with respect to each Project and
Administrative Agent shall have received (i) a certificate from a Responsible
Officer of Borrower, dated as of the Term-Conversion Date and identifying
underwriters, type of insurance, insurance limits and policy terms, listing the
special provisions required as set forth in Exhibit K, describing
the insurance obtained and stating that such insurance is in full force and
effect and that all premiums then due thereon have been paid and that, in the
opinion of such Person, such insurance complies with Exhibit K
(such certification to be substantially in the form of the related certification
set forth in Exhibit G-5), and (ii) certified copies of all
policies evidencing such insurance (or a binder, commitment or certificates
signed by the insurer or a broker authorized to bind the insurer).

 

(y)                                 Annual
Operating Budget. Delivery to Administrative Agent of an Annual
Operating Budget with respect to each Project, prepared pursuant to Section
5.10(b).

 

(z)                                   Datedowns. Delivery
to Administrative Agent of updated opinions, resolutions, certificates, reports
(to the extent any such reports have been updated pursuant to the Equity
Capital Contribution Agreement) and similar documents reasonably requested by
Administrative Agent, in each case dated as of the Term-Conversion Date and in
form and substance reasonably satisfactory to Administrative Agent.

 

(aa) Delivery
to Administrative Agent of an updated site suitability report from the Turbine
Supplier confirming whether sector management will be required for any of the
Projects and, if sector management is prescribed by the Turbine Supplier, Administrative
Agent and Borrower shall jointly determine whether and to what extent any
energy reduction estimate should result therefrom.

 

3.4                                 Conditions
Precedent to Each Credit Event. The obligation of the Lenders to effect or
permit each Credit Event is subject to the further conditions that, on the date
such Credit Event is to occur, the following shall be true and correct (unless
waived in writing by Administrative Agent and the Lenders):

 

47

 

(a)                                  Representations and Warranties. Each representation and warranty
set forth in Article 4 is true and correct in all material respects
(except if such representation and warranty is already qualified by materiality
in which case such representation and warranty shall be true in all respects as
written) as if made on the date of such Credit Event (or if such representation
and warranty relates solely to an earlier date, as of such earlier date).

 

(b)                                 Event of Default. No Default or Event of Default has
occurred and is continuing.

 

(c)                                  Material Adverse Effect. As of the date of such Credit
Event, no Material Adverse Effect has occurred and is continuing.

 

3.5                                 No
Approval of Work. The making of any Borrowing hereunder shall not be deemed
an approval or acceptance by Administrative Agent or the Lenders of any work,
labor, supplies, materials or equipment furnished or supplied with respect to
any Project.

 

ARTICLE 4

REPRESENTATIONS AND WARRANTIES

 

Borrower makes the following representations
and warranties to and in favor of Administrative Agent and the Lenders as of
the Financial Closing Date (except that any representation or warranty in this Article 4
which relates expressly to another date, by direct reference or by reference to
a document dated a certain date, shall be deemed made only as of such date).

 

4.1                                 Organization.

 

(a)                                  Borrower (i) is a limited
liability company duly constituted, validly existing and in good standing under
the laws of the State of Delaware and (ii) is duly qualified, authorized
to do business and in good standing in each other jurisdiction where the
character of its properties or the nature of its activities makes such
qualification necessary. Borrower has all requisite power and authority to own
or hold under lease and operate the property it purports to own or hold under
lease and to carry on its business as now being conducted and as proposed to be
conducted under the Operative Documents, and has the requisite power and
authority to execute, deliver and perform each Operative Document to which it
is a party. On the Financial Closing Date, the sole member of Borrower is Noble
Environmental. The sole member of Noble Environmental is NEP.

 

(b)                                 Each Noble Entity (other than
Borrower) (i) is duly organized and validly existing and in good standing under
the laws of the State of its formation with all requisite organizational or
other power and authority under the laws of such State to enter into the
Operative Documents to which it is a party and to perform its obligations
thereunder and to consummate the transactions contemplated thereby;
(ii) is duly qualified, authorized to do business and in good standing in
each other jurisdiction where the character of its properties or the nature of
its activities makes such qualification necessary (including the State where
the Projects are located); and (iii) has the power (A) to carry on
its business as now being conducted and as proposed to be conducted by it
hereunder, (B) to execute, deliver and perform its obligations under each
Operative Document to which it is a party, (C) to take all action as may

 

48

 

be necessary to consummate the
transactions contemplated thereunder, (D) to provide guaranties and grant
the Liens and security interest provided for in the Financing Documents to
which it is a party, and (E) has the authority to execute, deliver and
perform its obligations under each Operative Document to which it is a party. The
sole member of each Project Company is Borrower.

 

4.2                                 Authorization;
No Conflict. Each Noble Entity has duly authorized, executed and delivered
each Operative Document to which such Noble Entity is a party (or such
Operative Document has been duly and validly assigned to such Noble Entity and
such Noble Entity has duly and validly assumed the obligations thereunder), and
neither such Noble Entity’s execution and delivery thereof nor its consummation
of the transactions contemplated thereby nor its compliance with the terms
thereof (a) conflicts with or constitutes a default under or results in
the violation of (i) any Legal Requirement applicable to or binding on
such Noble Entity or any of its properties or on the Projects or (ii) the
material provisions of the Organizational Documents of such Noble Entity;
(b) constitutes a default under or results in the violation of the
provisions of any Project Document or any indenture, mortgage, deed of trust,
or agreement or other instrument to which such Noble Entity is a party or by
which it or any of its properties or assets is bound or affected except such
default or violation; or (c) results in or requires the creation or
imposition of (or the obligation to create or impose) any Lien (other than
Permitted Liens) upon any of its property or assets or results in the
acceleration of, any obligation, except, in each case (with the exception of Section
4.2(a)(ii), as could not reasonably be expected to result in a Material
Adverse Effect.

 

4.3                                 Enforceability.
Each Operative Document required to be in place as of the relevant Credit Event
to which each Noble Entity is a party is a legal, valid and binding obligation
of such Noble Entity under the laws of the State governing each such Operative
Document, enforceable against such Noble Entity in accordance with its terms,
except as may be limited by applicable bankruptcy, insolvency, moratorium,
reorganization or other similar laws affecting the enforcement of creditors’
rights and subject to general equitable principles. None of the Operative Documents to which Borrower or any other Noble
Entity is a party has been amended or modified except in accordance with this
Financing Agreement or as disclosed to Administrative Agent. Each Operative
Document to which Borrower or another Noble Entity is a party has been duly
executed and delivered by Borrower and such Noble Entity, and to the knowledge
of Borrower, by each other party thereto.

 

4.4                                 Compliance
with Law. (a) Each Noble Entity is in compliance with and not in
default under such Noble Entity’s Organizational Documents; and (b) each
Noble Entity is in material compliance with all Legal Requirements applicable
to such Noble Entity, its Projects and its Sites. Except as otherwise have been
delivered to Administrative Agent, no notices of violation of any material
Legal Requirement relating to any Project or any Site have been issued or
received by any Noble Entity.

 

4.5                                 Existing
Defaults; Breaches of Representations and Warranties. No Noble Entity is in
default or in breach of any Operative Document and to Borrower’s Knowledge, no
other party to any Project Document is in default thereunder, in each case that
could reasonably be expected to have a Material Adverse Effect.

 

49

 

4.6                                 Taxes.

 

(a)                                  Each Noble Entity has filed, or has
caused to be filed, all material federal, state and local tax returns that it
is required to file, has paid or has caused to be paid all Taxes it is required
to pay to the extent due (other than those Taxes that it is contesting in good
faith and by appropriate proceedings, with adequate, segregated cash reserves
established for such Taxes and, to the extent such Taxes are not due, has
established or has caused to be established reserves that are required by GAAP
and other than de minimis Taxes).

 

(b)                                 No Noble Entity is a party to any
tax sharing agreement with any Person (including with any Affiliate of
Borrower, other than in connection with the Equity Support Documents).

 

4.7                                 Permits.

 

(a)                                  As of the Financial Closing Date,
there are no material Permits under existing law as any Project is currently
designed that are or will become Applicable Permits other than the Permits
described in Exhibit H-2.

 

(b)                                 As of and after the Financial
Closing Date, each Applicable Permit either(i) in the case of those Permits
listed in Part I of Exhibit H-2 (in each case other than as set forth on
Part I of Exhibit H-2), is in full force and effect and is not subject to (x)
any unsatisfied condition that must be satisfied prior to the Permit becoming
effective or (y) any pending or threatened appeals or other proceedings, that
in each case, could reasonably be expected to result in a Material Adverse
Effect; or (ii) in the case of those Permits listed in Part II of Exhibit
H-2, is not required to be obtained before the current  stage of
construction or operation of the Projects as contemplated by the Operative
Documents. Borrower believes in good faith that any Permit not yet obtained
will be obtained before such time as it becomes an Applicable Permit. Borrower
has notified Administrative Agent of each material Permit not listed in Exhibit
H-2 that has, since the Financial Closing Date, due to a change in
applicable law or otherwise, has or will become an Applicable Permit. No Noble
Entity is in violation of any Applicable Permit, except for such violations as would
not reasonably be expected to result in a Material Adverse Effect. To Borrower’s
Knowledge, each Major Project Participant is in compliance with its respective
Applicable Permits.

 

(c)                                  No material adverse modification or
amendment of any of the terms of any material Applicable Permit has been made.

 

4.8                                 Litigation.
Other than as set forth in Exhibit H-4, there are no pending or, to
Borrower’s Knowledge, threatened actions or proceedings of any kind, including
actions or proceedings of or before any Governmental Authority, to which any
Noble Entity, or by which any of them or any of their properties or any Project
are subject which, if adversely determined could reasonably be expected to have
a Material Adverse Effect.

 

4.9                                 Intellectual
Property. Each Noble Entity owns or has the right to use all material
patents, trademarks, service marks, trade names, copyrights, licenses,
franchises and other rights and know-how, which are necessary for the operation
of its business. None of the Noble Entities has received written notice that
(a) any material product, process, method, substance, part or

 

50

 

other material
presently contemplated to be sold by or employed by any Noble Entity in
connection with its business, including without limitation any CMS, will
infringe any patent, trademark, service mark, trade name, copyright, license or
other right or know-how owned by any other Person in a manner or to an extent
that could reasonably be expected to have a Material Adverse Effect;
(b) there is pending or threatened any claim or litigation against or
affecting any Noble Entity contesting its right to sell or use any such
product, process, method, substance, part or other material which if adversely
determined could reasonably be expected to have a Material Adverse Effect; or
(c) there is, or there is pending or proposed, any patent, invention,
device, statute or law, that could reasonably be expected to have a Material
Adverse Effect.

 

4.10                           Insurance.
Insurance complying with Section 5.15 hereof is in full force and
effect and all premiums then due thereon have been paid in full.

 

4.11                           Project
Documents.

 

(a)                                  (x) The Real Property and the
Real Property Documents and, (y) other than those that can be reasonably
expected to be commercially available when and as required, the services to be
performed, the materials to be supplied and the other rights granted pursuant
to the Project Documents:

 

(i)                                     are sufficient to enable the
Projects to be located, constructed, operated and maintained on the Sites in
material compliance with the Legal Requirements; and

 

(ii)                                  provide adequate ingress and egress
for any reasonable purpose in connection with the construction, operation and
maintenance of the Projects under the Project Documents.

 

(b)                                 There are no material contracts,
services, materials or rights required for the construction, operation or
maintenance of the Projects in material compliance with the Construction
Contracts, the Interconnection Agreements, the O&M Agreements, the Plans
and Specifications and the Base Case Projections other than those available
under the Project Documents or that could reasonably be expected to be
commercially available as and when necessary for such construction, operation
or maintenance at the Sites.

 

(c)                                  As of the Financial Closing Date,
the Operative Documents and the other documents listed in Exhibit H-6
are the only contracts and agreements to which any Noble Entity or Noble
Environmental is a party, other than those contracts and agreements that, if
entered into after the Financial Closing Date, would not meet the definition
for Additional Project Documents. True, correct and complete copies of all
Project Documents to which any Noble Entity or any of their Affiliates is a
party as currently in effect have been delivered to Administrative Agent by or
on behalf of Borrower or made available on the electronic document site.

 

(d)                                 The Site Plan for each Site
accurately depicts in all material respects the WTGs, collection lines and
roadways Borrower intends to develop or cause to be developed on the Site and
the relationship between and among the proposed location of the WTGs and
(i) the boundaries of the parcels on which the WTGs are to be
located and (ii) the location of houses on

 

51

 

the Sites and on land
adjacent to the Premises, subject to inaccuracy (A) inherent in the use of
the aerial photography from which the Site Plans were created, and
(B) resulting from the fact that connection lines have been drawn on the
Site Plans in locations necessary to distinguish them from one another and from
other features on the Site Plans. The location of the WTGs as shown on the Site
Plans does not violate any setback laws or setback provisions of the Project
Documents applicable to the installation or operation of the WTGs.

 

(e)                                  All consents required under the Real
Property Documents with respect to the location of WTGs, collection lines,
roadways, substations and other Improvements on the Sites have been obtained
from the Landowners counterparty to such Real Property Documents (if required
by the terms of such Real Property Document).

 

4.12                           ERISA.
No Noble Entity nor any member of the Controlled Group sponsors, maintains,
participates in or has or has had any liability in respect of any liability to
the PBGC or an ERISA Plan under ERISA. To Borrower’s Knowledge, neither the
execution nor the delivery of this Financing Agreement nor the consummation of
the transactions contemplated hereby will involve a “prohibited transaction”
within the meaning of Section 406 of ERISA or Section 4975 of the
Code which is not exempt under Section 408 of ERISA or under
Section 4975(d) of the Code.

 

4.13                           Business,
Debt, Contracts, Etc. Neither Borrower nor any Project Company has conducted
any material business other than the business contemplated by the Operative
Documents, has outstanding Debt other than pursuant to or allowed by the
Operative Documents and (b) neither Borrower nor any Project Company has
any subsidiaries (other than, in the case of Borrower, the Project Companies).

 

4.14                           Investment
Company. None of the Noble Entities nor any Subsidiary of any of them is an
investment company or a company controlled by an investment company, within the
meaning of the Investment Company Act of 1940, as amended.

 

4.15                           Governmental
Regulation. Other than as provided for in this Financing Agreement, each
Noble Entity has obtained all Applicable Permits required under any
Governmental Rule pertaining to the issuance of securities and assumption of
liabilities, rates or financial or organizational matters that are required for
the incurrence or repayment of the principal of and interest on any Loans, or
the incurrence by any Noble Entity of any of the Obligations or the execution,
delivery and performance by any Noble Entity of the Operative Documents to
which it is a party. There is no complaint or administrative proceeding pending
under or in connection with the aforementioned Applicable Permits, and no Noble
Entity has Knowledge of any facts or circumstances which could reasonably be
expected to give rise to such a complaint or administrative proceeding in the
future, which, in each case, if adversely determined, could reasonably be
expected to result in a Material Adverse Effect.

 

4.16                           Regulation U,
Etc. No Noble Entity is engaged principally, or as one of its principal
activities, in the business of extending credit for the purpose of purchasing
or carrying margin stock (as defined or used in Regulations T, U or X of
the Federal Reserve Board), and no part of the proceeds of the Borrowings or
the Project Revenues will be used by any Noble Entity to purchase or carry any
such margin stock or to extend credit to others for the purpose of

 

52

 

purchasing or
carrying any such margin stock or otherwise in violation of Regulations T,
U or X of the Federal Reserve Board.

 

4.17                           Financial
Statements. The financial statements in respect of each Noble Entity and
each other Affiliate of Borrower delivered pursuant to Sections 3.1(n) and
5.4 are true and correct and fairly present in all material respects the
financial condition of the Person to whom they relate as of the date thereof. Such
financial statements have been prepared in accordance with GAAP as properly and
consistently applied, subject to normal year-end adjustments and lack of
footnotes. There are no material liabilities, direct or contingent, of any
Noble Entity or any other Affiliate of Borrower whose financial statements have
been delivered pursuant to Sections 3.1(n) or 5.4,
except as has been disclosed in such financial statements or pursuant to the
Financing Documents or otherwise disclosed in writing to Administrative Agent
prior to the date hereof or the date of such delivery, if later.

 

4.18                           Partnerships
and Joint Ventures. No Project Company is a general partner or a limited
partner in any general or limited partnership or a joint venturer in any joint
venture or a member in any limited liability company, except as contemplated by
the Common Facilities. Borrower has no subsidiaries other than the Project
Companies.

 

4.19                           No
Default. No Default or Event of Default has occurred and is continuing.

 

4.20                           Hazardous
Substances.

 

(a)                                  Except
as set forth in Exhibit H-5 or except, in each case below, as could
not reasonably be expected to result in a Material Adverse Effect, (i) none
of the Noble Entities is in violation of or has at any time during the previous
five years violated any Hazardous Substances Law; (ii) none of the Noble
Entities has used, Released, generated, manufactured, produced or stored in,
on, under, or about any Site, any Improvements or other Mortgaged Property, or
transported or arranged for the transportation or disposal thereto or
therefrom, any Hazardous Substances; (iii) to the Knowledge of Borrower,
there are no aboveground or underground tanks or any surface impoundments or
lagoons, whether operative or temporarily or permanently closed, located on any
Site, any Improvement or other Mortgaged Property; and (iv) there are no
Hazardous Substances used, stored or present at, or on any Improvement or other
Mortgaged Property except to the extent that any such use, storage or presence
is in compliance with Hazardous Substances Law.

 

(b)                                 Except
as set forth in Exhibit H-4 or Exhibit H-5, Borrower
has received no notice of any Environmental Claim that could reasonably be
expected to have a Material Adverse Effect.

 

(c)                                  Except
as set forth in the reports of Borrower’s Environmental Consultants delivered
pursuant to Section 3.1(s) of this Financing Agreement,
Borrower has no Knowledge of any past or existing violations of any Hazardous
Substances Laws by any Person relating in any way to any Site, any Improvement
or other Mortgaged Property.

 

(d)                                 Except
as set forth in Exhibit H-4 or Exhibit H-5, there are
no Hazardous Substances Laws that could reasonably be expected to have a
Material Adverse Effect.

 

53

 

(e)                                  Borrower has provided to Administrative
Agent copies of all environmental assessment or investigation reports, audits
or studies relating to each Project, each Site, the Mortgaged Property and the
Improvements that have been performed by or on its behalf or that are in its
custody or possession.

 

4.21                           Title
and Liens.

 

(a)                                  As of the Financial Closing Date,
each Project Company has good and, with respect to real property, marketable,
insurable (at regular rates) and indefeasible title to the interests in the
assets then owned by such Project Company that comprise its respective Project
as of such date, and all of the Collateral then existing relating to such
Project, in each case free and clear of all Liens other than Permitted Liens. On
the Term-Conversion Date, each Project Company has good and, with respect to
real property, marketable, indefeasible and insurable (at regular rates) title
to the interests in the assets that comprise its respective Project, and all of
the Collateral relating to such Project, in each case free and clear of all
Liens other than Permitted Liens.

 

(b)                                 Except
as set forth in Schedule 4.21(b), none of the Permitted Liens materially
interferes with the construction, ownership or operation of any Project or,
unless otherwise obtained, requires any consents, approvals, permits,
easements, licenses or other rights from or notices to the parties thereto for
the construction, ownership or operation of any such Project or for the
granting of the security contemplated by the Collateral Documents.

 

4.22                           Roads;
Collection System.

 

(a)                                  All roads necessary for the
construction, operation and maintenance of the Projects under and pursuant to
the Project Documents have either been completed or the necessary rights of way
therefor have been acquired (other than rights under Applicable Permits listed
in Exhibit H-2 of this Financing Agreement).

 

(b)                                 All easements, rights of way,
agreements and other rights necessary for the construction and utilization of
the Interconnection Lines have been acquired (other than easements and rights
of way which the Noble Entities shall acquire in connection with the
Interconnection Agreements, rights under Applicable Permits listed in Exhibit H-2
of this Financing Agreement) and consents or waivers from the owners of any
easement, covenant or servitude that burdens any of the Sites so long as the
Title Policy insures against loss resulting from the exercise of the rights
under any such easement, covenant or servitude.

 

4.23                           PUHCA
and FPA Regulation.

 

(a)                                  EWG. Each Project Company is an EWG.

 

(b)                                 FERC Regulation. As of each Borrowing,
each Project Company is in compliance with all applicable requirements under
the FPA and the FERC’s regulations thereunder, except as could not reasonably
be expected to have a Material Adverse Effect. As of the Financial Closing
Date, the FERC Orders are in full force and effect.

 

54

 

(c)                                  Lenders Not Subject to Regulation. None of Administrative Agent, LC
Fronting Bank, the Securities Intermediary, the Lenders, nor any “affiliate”
(as that term is defined in PUHCA) of any of them will, solely as a result of
Borrower’s or any Project Company’s construction, ownership, leasing or
operating of the Projects, the sale or transmission of electricity therefrom or
the entering into any Operative Document or any transaction contemplated hereby
or thereby, be subject to, or not exempt from, regulation under the FPA or
PUHCA, except that the exercise by Administrative Agent or the Lenders of
certain remedies allowed under the Financing Documents may subject
Administrative Agent, the Lenders and their affiliates (as that term is defined
in PUHCA) to regulation under the FPA or PUHCA.

 

4.24                           Disclosure.
No written statement or information, other than projections and pro forma
financial information, contained in any document, certificate or written
statement furnished to Administrative Agent or the Lenders by or, to the
Knowledge of Borrower, on behalf of, any Noble Entity, taken as a whole, for
use in connection with the transactions contemplated by this Financing
Agreement or the other Operative Documents, contained as of the date such
statement, information, document or certificate was so furnished any untrue
statement of a material fact. The projections and pro forma financial
information contained in the materials referenced above are based upon good
faith estimates and assumptions believed by management of the Noble
Entities to be reasonable at the time made, it being recognized by the Lenders
that such projections and information as they relate to future events are not to
be viewed as fact and that actual results during the period or periods covered
by such projections and information may differ from the projected results set
forth therein by a material amount.

 

4.25                           Project
Budgets; Project Schedules; Projections. Borrower has prepared, or caused
to be prepared, the Project Budgets and the Project Schedules and is
responsible for developing the assumptions on which the Project Budgets and the
Project Schedules are based. The Project Budgets, the Project Schedules and the
resulting Base Case Projections are, to Borrower’s Knowledge as of the
Financial Closing Date, based on reasonable assumptions as to all legal and
factual matters material to the estimates set forth therein, and set forth a
good faith estimate, believed by management of the Noble Entities to be
reasonable at the time made, of the expected financial performance of the
Projects over the Term.

 

4.26                           Collateral.
The security interests in the Collateral granted to Administrative Agent
pursuant to the Collateral Documents (a) constitute as to personal
property included in the Collateral the first priority security interest
(subject to Permitted Liens) purported to be created under such Collateral
Document, and (b) are, as to Collateral which can be perfected by the proper
filing of a UCC financing statement, superior and prior to the rights of all
third Persons now existing or hereafter arising whether by way of mortgage,
lien, security interests, encumbrance, assignment or otherwise, except for
Permitted Liens. All such action as is necessary in accordance with the
Collateral Documents has been taken to establish and perfect Administrative
Agent’s or the Depositary’s rights in and to, and first priority Lien on,
subject to Permitted Liens, the Collateral, including any recording, filing,
registration, giving of notice, granting of control or other similar action. The
Collateral Documents relating to the Collateral and the financing statements
relating thereto have been or contemporaneously with the execution hereof will
be duly filed or recorded in each office and in each jurisdiction where
required in order to create, perfect and maintain perfected the first Lien
(subject to Permitted Liens) and
security interest described above. The Lien of each Mortgage constitutes a valid
and subsisting

 

55

 

Lien
of record on all the Mortgaged Property described in such Mortgage (subject to
Permitted Liens). No filing, recording, re-filing or rerecording other than
those listed in Exhibit E-11 is necessary to perfect and maintain
the perfection and priority of the interest, title or Liens referred to in this
Section 4.26 relating to personal property set forth in the
Collateral Documents, and on or prior to the Financial Closing Date all such
filings or recordings (other than those that are required to be made only at a
later date, which are so indicated on Exhibit E-11) will have been
made. No filing or recording other than the recording of the applicable
Mortgages with the county recorder of Clinton, Franklin and Wyoming Counties of
the State of New York is necessary to create the interest, title or Liens on
all Mortgaged Property subject thereto, and on or immediately after the
Financial Closing Date, such filing will be made.

 

4.27                           Labor
Disputes and Acts of God. Neither
the business nor the properties of any Noble Entity or, to the Knowledge of
Borrower, any of the other Major Project Participants (with respect to their
activities or interests with respect to the Projects) are adversely affected by
any fire, explosion, accident, strike, lockout or other labor dispute, drought,
storm, hail, earthquake, embargo, act of God or of the public enemy, or other
casualty (whether or not covered by insurance), in each case, that would be
reasonably expected to constitute a Material Adverse Effect.

 

4.28                           Proper Subdivision. None of the Mortgaged Property needs
to be subdivided from larger tracts of land in order to be made subject to a
Lien, and the Mortgaged Property may be mortgaged, conveyed, made subject to a
Lien and otherwise dealt with as separate legal estates subject to the extent
and limitations of Borrower’s rights, title and interest therein and thereto.

 

4.29                           Expected Economic Benefits. The projections and financial
information contained in the REC Contracts Bid Documents with respect to the
projected economic benefits expected to be realized from the Projects for the
State of New York are based upon good faith estimates and assumptions believed
by the management of the Noble Entities to be reasonable as of the
Financial Closing Date and
consistent, in all material respects, with the Project Budgets and the Project
Documents, it being recognized by the Lenders that such projections and
information as they relate to future events are not to be viewed as fact and
that actual results during the period or periods covered by such projections
and information may differ from the projected results set forth therein by a
material amount.

 

4.30                           Landowner
Consents. Borrower’s inability to obtain Landowner Consents listed on Exhibit F-3
has not resulted from any dispute between the relevant Project Companies and
the relevant Landowners with respect to the Real Property Documents to which
such Landowners are parties or from any default by a Project Company under such
Real Property Documents.

 

ARTICLE 5

AFFIRMATIVE COVENANTS OF BORROWER

 

Borrower
covenants and agrees that so long as this Financing Agreement is in effect, it
will, and will cause each Project Company to, unless Administrative Agent at
the direction of the Majority Leaders (or, if so specified, Administrative
Agent) waives compliance in writing:

 

56

 

5.1                                 Use
of Proceeds and Project Revenues.

 

(a)                                  Proceeds. (i) Unless otherwise applied
pursuant to this Financing Agreement or Article 5 of the Depositary
Agreement, deposit the proceeds of the Construction Loans into the Construction
Account and hold such proceeds and use them solely to pay Project Costs and (ii) utilize
the proceeds of the Borrower Equity for the repayment of the outstanding
Construction Loans that will not have been Term-Converted as of the
Term-Conversion Date as required under Section 3.3(g).

 

(b)                                 Revenues. Unless otherwise applied pursuant
to Article 5 of the Depositary Agreement or this Financing
Agreement, deposit all Project Revenues in the Operating Account for
application solely for the purposes and in the order and manner provided in Article 5
of the Depositary Agreement.

 

5.2                                 Payment.
Pay all sums due and payable under this Financing Agreement and the other
Financing Documents to which a Noble Entity is a party according to the terms
hereof and thereof (other than the LLC Agreement, Operating Agreement and
Project Company LLC Agreements).

 

5.3                                 Notices.
Promptly, upon obtaining Knowledge of any of the occurrences or matters
described below, or the giving of notice with respect thereto, as the case may
be, give written notice to Administrative Agent of such occurrences or matters:

 

(a)                                  Any litigation, claim, suit,
proceeding, or arbitration pending or, to the Knowledge of Borrower, threatened
against any Noble Entity involving any (i) injunctive, declaratory or
other equitable relief or (ii) claims against any Noble Entity or any
Project in excess of $1,000,000 in the aggregate;

 

(b)                                 Any dispute or disputes which may
exist between any Noble Entity and any Governmental Authority and which involve
(i) claims against any Noble Entity which individually exceed $1,000,000
or in the aggregate in any fiscal year of such Noble Entity exceed $3,000,000; (ii) 
revocation, material adverse modification or suspension of any Applicable
Permit; or (iii) any Liens for Taxes due but not paid;

 

(c)                                  Any Event of Default or Default;

 

(d)                                 (i) any casualty, damage or
loss, through fire, theft, other hazard or casualty, whether or not insured, if
such casualty, damage or loss is suffered by any Noble Entity, Noble
Environmental or any Project and is in excess of (x) $1,000,000 for such
Noble Entity or Project and $3,000,000 for Noble Environmental for any one
casualty or loss, or (y) an aggregate of $2,000,000 for such Noble Entity
or Project and $6,000,000 for Noble Environmental and (ii) the initiation
of any insurance claim proceedings with respect to any such casualty, damage or
loss described in clause (i), above;

 

(e)                                  Initiation of any condemnation
proceedings involving any material portion of any Project;

 

57

 

(f)                                    With respect to any Project, any
contractual obligations incurred by the applicable Noble Entity resulting in
payments by such Noble Entity exceeding $1,000,000 in any fiscal year of such
Noble Entity, not including any obligations incurred pursuant to the Operative
Documents or any obligation contemplated in the relevant Annual Operating Budget;

 

(g)                                 Any written notice of termination,
event of default or other material adverse notice given or received under any
Project Document;

 

(h)                                 Any Acceptance Tests which are to be
performed under the Construction Contracts;

 

(i)                                     Any event of force majeure asserted
in writing under any Project Document to which any Noble Entity is a party
which could reasonably be expected to cause a material delay in the Project
Schedules, material increase in the Project Costs, or material impairment in
the operation of any of the Projects;

 

(j)                                     Any event of default, foreclosure or
other proceeding under a fee Mortgage in favor of a Landowner Mortgagee for
which a Non-Disturbance Agreement has not been delivered to Administrative
Agent;

 

(k)                                  Any (i) fact, circumstance,
condition or occurrence at, on, or arising from, any Site, any Improvement, or
other Mortgaged Property that results in material noncompliance with any
Hazardous Substances Law or any Release of Hazardous Substances on or from any
Site, any Improvement or other Mortgaged Property that has resulted or could
reasonably be expected to result in material personal injury or have a Material
Adverse Effect, and (ii) pending or, to Borrower’s Knowledge, threatened,
Environmental Claim against any Noble Entity or to Borrower’s Knowledge any of
its Affiliates, contractors, lessors, grantors (under easements) or any other
Persons, arising in connection with their occupying or conducting operations on
or at any Project, any Site, any Improvement or other Mortgaged Property which
Environmental Claim could reasonably be expected to have a Material Adverse
Effect;

 

(l)                                     Promptly after any Person becomes a
Member of Borrower or the occurrence of any other change in or transfer of
ownership interests in Borrower, which notice shall identify such member and
such member’s interest in Borrower or shall describe, in reasonable detail,
such other change or transfer;

 

(m)                               In the event any WTG could
reasonably be expected not to commence operations and production of electrical
energy for commercial sale in accordance with Prudent Utility Practices and
applicable laws on or prior to the date specified in Section 7.9(a) for
the applicable Projects;

 

(n)                                 The commencement of the erection of
any Upwind Turbine; and

 

(o)                                 Promptly after Borrower obtains
Knowledge that an ERISA Event occurs or is reasonably likely to occur with
respect to an ERISA Plan, written notice of such ERISA Event describing in
reasonable detail the facts which constitute the ERISA Event.

 

58

 

(p)                                 Any
forced outage affecting the output of an entire Project continuing for more
than 24 hours;

 

(q)                                 Promptly,
but in no event later than 30 days after the execution and delivery to Borrower
thereof, a copy of each Additional Project Document and each Applicable Permit
executed or obtained by Borrower;

 

(r)                                    Any
cancellation or material change in the terms, coverage or amounts of any
insurance described in Section 5.15;

 

(s)                                  Any
material notice or material correspondence received by any Project Company or
Borrower from FERC;

 

(t)                                    Any
notice received by any Project Company or Borrower from a Major Project
Participant or a subcontractor of the EPC Contractor that could reasonably be
expected to result in a material delay in any Project Schedule;

 

(u)                                 Any
Cash Collateral Withdrawal;

 

(v)                                 Any
adjustment of the “Bid Price” (as defined in the applicable REC Contract) under
Section 5.02(e) of such REC Contract; and

 

(u)                                 Copies of reports to be provided to
Equity Support Members under Section 5.03(b)(viii) of the LLC
Agreement.

 

5.4                                 Financial
Statements.

 

(a)                                  Deliver to Administrative Agent (or
cause to be delivered to Administrative Agent), in form and detail reasonably
satisfactory to Administrative Agent:

 

(i)                                     As soon as available but no later than
forty-five (45) days after the close of the first, second and third
quarterly periods of its fiscal year, quarterly (and year-to-date)
(consolidated, if applicable) financial statements of and prepared by each of
NEP and Borrower and by each Equity Support Member,  including a balance sheet and
statements of income and cash flows; and

 

(ii)                                  As soon as available but no later
than one hundred twenty (120) days after the close of each applicable
fiscal year, audited (consolidated, if applicable) financial statements of NEP
and each Equity Support Member and, to the extent
prepared, unaudited financial statements of Borrower, including, in each case,
statements of equity, balance sheets as of the close of such year, statements
of income and cash flows and reconciliation of capital accounts, all prepared
in accordance with GAAP, and, in the case of NEP and each Equity
Support Member, accompanied by an opinion of a nationally recognized
independent certified public accountant selected by the Person whose financial
statements are being prepared; provided that, in the case of clause (i) above
and this clause (ii), (x) for any of the foregoing entities which is a
public company and is required or permitted to file reports under the Exchange
Act, the availability of

 

59

 

such report on Form 10Q, Form 10K
or the availability on such entity’s website shall satisfy the requirements of
this Section 5.4; and (y) for any entity which is a public
company and, pursuant to the provisions of applicable law, is only required to
file semi-annual financial statements, only semi-annual financial statements
shall be required under this Section 5.4.

 

(b)                                 Each time financial statements are
delivered under Section 5.4(a)(i) or (ii), a certificate
signed by the natural person who is a financial officer, managing director,
managing general partner or managing member of Borrower shall be delivered
along with such financial statements, certifying that such financial officer,
managing director, managing general partner or managing member has made or
caused to be made a review of the transactions and financial condition
specified in such financial statements during the relevant fiscal period and
that such review has not, to the knowledge of Borrower, disclosed the existence
of any event or condition which constitutes an Event of Default hereunder or if
any such event or condition exists, the nature thereof and the corrective
actions that such Person has taken or proposes to take with respect thereto.

 

5.5                                 Reports.

 

(a)                                  Until Final Completion with respect
to all of the Projects, deliver to Administrative Agent monthly a report
describing in reasonable detail the progress of the construction of each
Project since the last prior report hereunder, including any monthly progress
reports received from the Turbine Supplier under the Turbine Supply Agreement
and the contractors under the Construction Contracts. Until Completion is
achieved with respect to all of the Projects, deliver to the Independent Engineer
and Administrative Agent a weekly progress report describing in reasonable
detail the progress of construction with respect to each Project.

 

(b)                                 Deliver to
Administrative Agent, on a quarterly basis, a summary operating report for each
Project, which shall include (i) a one-month, year-to-date and twelve
consecutive month numerical and narrative assessment of (A) such Project’s
compliance with each material category in the Annual Operating Budgets, (B) electrical
production, delivery, grid curtailment, if any, (C) Windfarm Availability,
including available hours for each WTG, wind speed and directional data, and
scheduled and unscheduled maintenance of each WTG, (D) cash receipts,
including payments made under the REC Contracts, the Additional Capital Contribution
Agreement and proceeds of merchant energy sales, and disbursements and cash
balances, including distributions to any Member, debt service payments and
balances in the Accounts, (E) casualty losses of value in excess of
$1,000,000 individually or $2,000,000 in the aggregate for such Project, (F) replacement
of equipment not contemplated by the then current applicable Annual Operating
Budget of value in excess of $2,000,000, (G)  disputes with contractors,
materialmen, suppliers or others and any related claims against Borrower or the
relevant Project Company in excess of $1,000,000, (H) PTCs earned by each
Equity Support Member with respect to such Project, and (I) performance
guarantee and/or warranty claims, as applicable, made by or against any Noble
Entity in excess of $1,000,000; and (ii) a comparison of year-to-date
figures for such Project to corresponding figures provided in the prior year.

 

(c)                                  Provide to Administrative Agent upon
Administrative Agent’s reasonable request (upon consultation, as appropriate in
light of their role in each Project, with the

 

60

 

Independent Consultants) such
existing reports, statements, lists of property, accounts, budgets, forecasts
and other similar information concerning each Project to the extent reasonably
available.

 

(d)                                 Deliver to Administrative Agent
promptly after receipt thereof each Annual Operating Plan under the O&M
Agreements.

 

(e)                                  Deliver to Administrative Agent all
such information described in Section 3.1(o) or otherwise
requested by Administrative Agent (including the names and addresses of each
Noble Entity) that is necessary for Administrative Agent or the Lenders to
identify each Noble Entity in accordance with the requirements of the Patriot Act
(including the “know your customer” and similar regulations thereunder),
including a Form W-9 for each Noble Entity, each Noble Entity’s local
address (and mailing address, if different) and the title and citizenship of
three Responsible Officers of each Noble Entity.

 

(f)                                    Deliver to Administrative
Agent, monthly, a report summarizing the Net Settlement Amount paid under
the Energy Hedge Agreement and any positive or negative adjustments made to the
Tracking Account, in each case during the month immediately preceding the
delivery of such report.

 

5.6                                 Existence,
Conduct of Business, Properties, Etc. Except as otherwise permitted under
this Financing Agreement, (a) maintain and preserve its existence as a
Delaware limited liability company and all material rights, privileges and
franchises necessary for the normal conduct of its business and (b) perform (to
the extent not excused by force majeure events or the non-performance of the
other party) all of its contractual obligations under the Operative Documents
to which it is a party, except in clause (b) to the extent failure to
so perform could not reasonably be expected to result in a Material Adverse
Effect.

 

5.7                                 Obligations.
Pay, discharge or otherwise satisfy at or before maturity or before they become
delinquent, subject to any applicable cure periods, all material obligations,
except (a) such as may be contested in good faith, provided
that provision is made, to the reasonable satisfaction of Administrative
Agent, for the posting of security or for the bonding of such obligations or
the prompt payment thereof in the event that such obligation is payable, and (b) any
Noble Entity’s trade payables which shall be paid in the ordinary course of
business.

 

5.8                                 Upwind
Array Event.

 

(a)                                  In the event there occurs an Upwind
Array Event, then, within fifteen (15) Banking Days of such event (an “Adjustment
Date”), Borrower shall calculate once (subject to any corrections, changes
or adjustments made pursuant to this Section 5.8) and deliver to
Administrative Agent Projected Debt Service Coverage Ratios (calculated under a
P50 Production Level and a P99 Production Level (using the P95 price
projections and including (1) the projected Project Revenues under the REC
Contracts (and/or any comparable long-term replacement contracts in respect
thereof), (2) the projected Project Revenues attributable to merchant
sales of renewable energy credits based on the market study provided by CRA
International, Inc. and (3) the ICAP Revenues)) calculated as of each
Repayment Date during the remaining Term, using availability forecasts which
have been updated or amended solely to take

 

61

 

into account such Upwind Array
Event but otherwise using the assumptions and data used in the Base Case
Projections. Administrative Agent (in consultation with the Independent
Engineer) shall notify Borrower in writing of any corrections, changes or
adjustments relating solely to the Upwind Array Event to be made to such
Projected Debt Service Coverage Ratios. Borrower shall incorporate all such
reasonable corrections, changes or adjustments into such Projected Debt Service
Coverage Ratios.

 

(b)                                 In the event that
there occurs an Upwind Array Event and the Projected Debt Service Coverage
Ratios calculated in accordance with clause (a) above fail to equal or
exceed (i) for each twelve-month period through the tenth (10th)
anniversary of the Term-Conversion Date, (A) 1.45 to 1 under a P50
Production Level (taking into account all projected Project Revenues; provided,
however, that, solely for purposes of such calculation, (x) merchant
Project Revenues shall be limited to not more than nineteen (19%) of the
aggregate projected Project Revenues and (y) the aggregate amount of the
Loans projected to be outstanding as of the tenth (10th) anniversary
of the Energy Hedge Agreement Effective Date shall not exceed twenty percent
(20%) of the Total Term Loan Commitment (in each case, as in effect on the
Financial Closing Date) or (B) 1.00 to 1 under a P99 Production Level,
taking into account all projected Project Revenues for such period; and (ii) for
each remaining twelve-month period through the Term Loan Maturity Date, after
the tenth (10th) anniversary of the Term-Conversion Date, (A) 2.50
to 1 under a P50 Production Level (taking into account solely projected sales
of energy generated by the Projects in accordance with the Market Consultant’s
projections and excluding (x) any Project Revenues projected from the sale
of  renewable energy credits and (y) any projected ICAP Revenues) and
(B) 1.00 to 1 under a P99 Production Level, taking into account all
projected Project Revenues for such period (taking into account solely
projected sales of energy generated by the Projects in accordance with the
Market Consultant’s P95 price projections and excluding (x) any Project
Revenues projected from the sale of  renewable energy credits and (y) any
projected ICAP Revenues),
then Borrower shall prepay the Loans pro rata across
all maturities, to Administrative Agent for the account of each Lender, from
time to time, in an amount necessary, as of the date the Projected Debt Service
Coverage Ratios are calculated (or adjusted in accordance with the last
sentence of clause (a) above) so as to achieve compliance with the ratios
in (i), (ii), and (iii) above (the “Upwind Array Event Amount”)
based on the production forecast adjusted to reflect the effects of an Upwind
Array Event. Upon any full or partial payment of the Upwind Array Event Amount,
the Amortization Schedule shall be amended and revised to take into account the
amount of such prepayment.

 

5.9                                 Books,
Records, Access. Maintain adequate books, accounts and records with respect
to each Noble Entity and each Project and prepare all financial statements
required hereunder in accordance with GAAP and in compliance in all material
respects with the regulations of any Governmental Authority having jurisdiction
thereof, and permit employees or agents of Administrative Agent and the Lenders
(including the Independent Engineer) at any reasonable times and upon
reasonable prior notice to inspect all of each Noble Entity’s properties,
including the WTGs and the Sites or to examine or audit all of each Noble
Entity’s books, accounts and records (including engineering drawings, designs
and manuals with respect to each Project) and, make copies and memoranda
thereof and, together with the Independent Engineer, to witness any Acceptance
Tests under the Construction Contracts.

 

62

 

5.10                           Operation
of Project and Annual Operating Budget.

 

(a)                                  Operate and maintain the Projects,
or cause the same to be operated and maintained, consistent with Prudent
Utility Practices, Applicable Permits and all material requirements of the
Operative Documents. Each Noble Entity shall from time to time consider the
reasonable recommendations of the Independent Engineer in connection with the
operation of the Projects.

 

(b)                                 Borrower shall, on or before sixty
(60) days prior to Completion of each Project, adopt an Annual Operating Budget
for such Project. Not less than sixty (60) days in advance of the
beginning of each fiscal year thereafter, Borrower shall similarly adopt a
draft Annual Operating Budget for each Project for the ensuing fiscal year. Copies
of each draft Annual Operating Budget for each year of operation shall be
promptly furnished to Administrative Agent for its review and approval, such
approval not to be unreasonably withheld or delayed; provided, however,
that if Administrative Agent fails to approve such Annual Operating Budget or
offer comments thereto within thirty (30) days after receipt thereof, such
Annual Operating Budget shall be deemed approved by Administrative Agent. Borrower
shall operate and maintain each Project, or cause each Project to be operated
and maintained, generally in accordance with each applicable Annual Operating
Budget as approved or deemed approved by Administrative Agent; provided,
however, that Borrower shall not exceed any individual line item in any
Annual Operating Budget by more than fifteen percent (15%) of the budgeted
amount therefor and shall not exceed in the aggregate for all line items in any
Annual Operating Budget by more than ten percent (10%) of the budgeted
amount therefor. Any Annual Operating Budget may be amended with Administrative
Agent’s prior written consent (such consent not to be unreasonably withheld or
delayed) and in such event Borrower shall operate and maintain the relevant
Project, or cause the relevant Project to be operated and maintained, generally
in accordance with such Annual Operating Budget as so amended. If
Administrative Agent does not approve an Annual Operating Budget,
Administrative Agent shall notify Borrower of the items which are disapproved
and the reason for such disapproval, and until such Annual Operating Budget is
so approved, the applicable Annual Operating Budget most recently in effect
shall continue to apply, except that (i) any items of the then-proposed
Annual Operating Budget that have been approved shall be given effect in
substitution of the corresponding items in the applicable Annual Operating
Budget most recently in effect and (ii) any items of the then-proposed
Annual Operating Budget that have not been approved shall be increased by two
percent (2%) plus the percentage increase of the (aa) Consumer Price Index
for January 1 of the then applicable year over (bb) Consumer Price
Index for January 1 of the immediately preceding year.

 

5.11                           Preservation
of Rights; Further Assurances.

 

(a)                                  Preserve, protect and defend the
rights of each Noble Entity under each and every Project Document, including,
if appropriate, prosecution of suits to enforce any right of each Noble Entity
thereunder and enforcement of any claims with respect thereto except, in each
case, as could not reasonably be expected to have a Material Adverse Effect.

 

(b)                                 From time to time as reasonably
requested by Administrative Agent, execute, acknowledge, record, register,
deliver and/or file all notices, statements, instruments and

 

63

 

other documents (including any
memorandum of lease or other agreement, financing statement, continuation
statement, fixture filing, certificate of title or estoppel certificate)
relating to the Loans and other Obligations stating the interest and charges
then due in accordance with the Collateral Documents, take such other steps as
may be necessary to maintain the rights, Liens and priorities of Administrative
Agent and the Lenders in accordance with the Collateral Documents with respect
to the Collateral.

 

(c)                                  If any Noble Entity shall at any
time acquire any fee interest in real property or leasehold, easement or other
interest in real property valued in excess of $500,000 or necessary for the
proper operation, maintenance or construction of a Project which is not covered
by any Mortgage, promptly upon such acquisition, execute, deliver and record a
supplement to the relevant Mortgage in form and substance similar to the
existing Mortgages, subjecting such fee interest in real property or leasehold,
easement or other interests in real property to the Lien and security interest
created by such Mortgage and cause the Title Insurer to endorse the
Title Policy for such Project to include such additional real property
interest, at Borrower’s expense.

 

(d)                                 If a Landowner Mortgagee commences a
foreclosure or other proceeding relating to a fee mortgage on a Site for which
a Non-Disturbance Agreement has not been delivered to Administrative Agent,
Borrower agrees to cure all defaults of such Landowner under such mortgage,
deliver a Non-Disturbance Agreement to Administrative Agent or cause such
mortgage to be released of record with respect to such Site, within ten (10) days
prior to the date such foreclosure or other proceeding can result in the Lien
of the Mortgage being foreclosed out; provided, however, that
this Section 5.11(d) shall not apply to any fee mortgage on an
Ancillary Border Parcel.

 

5.12                           Construction
of Projects; Completion.

 

(a)                                  Cause each Project to be constructed,
expanded, improved, equipped and to achieve Completion with respect to all of
the Projects by no later than the date specified in Section 7.9(a) for
the applicable Projects and Final Completion with respect to all of the
Projects on or prior to the Final Completion Date in each case substantially in
accordance with the Plans and Specifications, the Construction Contracts, the
Interconnection Agreements, the Project Schedules and the Project Budgets and
utilizing the disbursements as contemplated thereby.

 

(b)                                 Neither Borrower nor any Project
Company shall, to its Knowledge without the prior written consent of
Administrative Agent, permit the installation of any Temporary Components or
used parts in the construction of any Project.

 

5.13                           Taxes,
Other Government Charges and Utility Charges. Pay, or cause to be paid, as
and when due, all Taxes, assessments and governmental charges of any kind that
may at any time be lawfully assessed or levied against or with respect to any
Noble Entity or any Project, all utility and other charges incurred in the
construction, operation, maintenance, use, occupancy and upkeep of any Project,
and all assessments and charges lawfully made by any Governmental Authority for
public improvements in each case that may be secured by a Lien on the
properties of any Noble Entity or any Project. Any Noble Entity may contest in
good faith any such Taxes, assessments and other charges and, in such event,
may permit the Taxes, assessments or other

 

64

 

charges so contested to remain
unpaid during any period, including appeals, when such Noble Entity is in good
faith contesting the same, so long as (a) cash reserves, reasonably
satisfactory to Administrative Agent, have been established to pay any such
Taxes, assessments or other charges, accrued interest thereon and potential
penalties or other costs relating thereto, or other adequate provision for the
payment thereof shall have been made; (b) enforcement of the contested
tax, assessment or other charge is effectively stayed for the entire duration
of such contest; and (c) any tax, assessment or other charge determined to
be due, together with any interest or penalties thereon, is promptly paid when
due after resolution of such contest, if required by such resolution.

 

5.14                           Compliance
With Laws, Instruments. At
its expense (a) comply, or cause compliance, in all material respects,
with all applicable Legal Requirements relating to the Projects or Noble
Entities and its Organizational Documents, (b) maintain, or cause to be
maintained, all material Permits and licenses, including all Applicable
Permits, that are necessary to conduct its business and to own, insure,
construct, operate and maintain each Project in the manner contemplated by the
Project Documents; and (c) at or before the time that any Permit becomes
an Applicable Permit, obtain, or cause to be obtained, such Permit.

 

5.15                           Maintenance
of Insurance. Without cost to the Lenders, maintain or cause to be
maintained on its behalf in effect the types of insurance required pursuant to
the Insurance Requirements attached hereto as Exhibit K, in the
amount and on the terms and conditions specified therein, with insurance
companies rated “A” or better, with a minimum size rating of “IX” by Best’s
Insurance Guide and Key Ratings (or an equivalent rating by another nationally
recognized insurance rating agency of similar standing if Best’s Insurance
Guide and Key Ratings shall no longer be published), provided, however,
that if insurance required pursuant to the Insurance Requirements is not
available on commercially reasonable terms, Borrower shall obtain insurance on
terms most similar to the Insurance Requirements that is available on
commercially reasonable terms, as reasonably confirmed by the Insurance
Consultant.

 

5.16                           Warranty
of Title. Subject only to Permitted Liens, maintain or cause to be
maintained (a) good, marketable and indefeasible title to, or interest in,
the fee, leasehold or easement estate (as the case may be) to the Sites
pursuant to the Real Property Documents and (b) good, marketable and
indefeasible title to, or interest in, all of its other respective material
properties and assets.

 

5.17                           Event
of Eminent Domain. If an Event of Eminent Domain shall occur with respect to
any material Collateral, (a) diligently pursue or cause to be pursued all
its rights to compensation against the relevant Governmental Authority in
respect of such Event of Eminent Domain; (b) not, without the written
consent of Administrative Agent at the direction of the Majority Lenders, which
consent shall not be unreasonably withheld or delayed, compromise or settle any
claim in amount greater than $2,000,000 resulting from such Event of Eminent
Domain against such Governmental Authority; and (c) pay or apply all
Eminent Domain Proceeds in accordance with Section 5.5 of the
Depositary Agreement.

 

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5.18                           Indemnification.

 

(a)                                  Without duplication of Borrower’s
obligations under Sections 2.7(d), 2.8(c) or 2.8(d) (and
excluding any items or events specifically excluded from Borrower’s obligations
thereunder), indemnify, defend and hold harmless Administrative Agent,
Collateral Agent (solely in connection with its performance of duties as
Collateral Agent for the Secured Parties hereunder), LC Fronting Bank and each
Lender and in their capacities as such, their respective officers, directors,
shareholders, controlling persons, employees, and agents (collectively, the “Indemnitees”)
from and against and reimburse the Indemnitees for:

 

(i)                                     any
and all claims, obligations, liabilities, losses, damages, injuries (to person,
property, or natural resources), penalties, actions, suits, judgments, costs
and expenses (including reasonable attorney’s fees of a single counsel, plus a
single local counsel if required, and additional counsel solely to the extent
the Indemnitees have inconsistent or conflicting defenses or the circumstances
giving rise to such indemnification would create an ethical conflict for such
single counsel) of whatever kind or nature, whether or not well founded,
meritorious or unmeritorious, demanded, asserted or claimed against any such
Indemnitee (collectively, “Claims”) in any way relating to, or arising
out of or in connection with this Financing Agreement, the other Operative
Documents, or any Project; and

 

(ii)                                  any
and all Claims arising in connection with (x) the Release or presence of
any Hazardous Substances at, on, from or affecting the Project, any Site, any
Improvement or other Mortgaged Property, whether foreseeable or unforeseeable,
including all costs of removal and disposal of such Hazardous Substances, (y) any
violation of or non-compliance with any Hazardous Substances Law or any
Applicable Permit by Borrower or the Project or with respect to the Project,
any Site, any Improvement or other Mortgaged Property, and (z)  actions
required by a Governmental Authority either to determine whether the Project is
in compliance with applicable Legal Requirements or to cause the Project to be
in compliance with all applicable Legal Requirements.

 

(b)                                 The foregoing indemnities shall not
apply with respect to an Indemnitee, to the extent of a Claim arising solely as
a result of the (i) gross negligence or willful misconduct of such
Indemnitee (or such Indemnitee’s officers, directors, shareholders, controlling
persons, employees and agents), as determined by a final non-appealable
judgment of a court of competent jurisdiction, but shall continue to apply to
all other Indemnitees or (ii) action or inaction of another Indemnitee.

 

(c)                                  The provisions of this Section 5.18
shall survive foreclosure under the Collateral Documents and satisfaction or
discharge of the Obligations for Claims based upon facts or occurrences arising
on or prior to the date of such satisfaction and discharge (notwithstanding
that such Claim may not be asserted or known to an Indemnitee until a date
subsequent to such satisfaction and discharge), and shall be in addition to any
other rights and remedies of Administrative Agent and the Lenders.

 

66

 

(d)                                 No Indemnitee shall settle any Claim
unless Borrower has consented to such settlement.

 

(e)                                  In case any action,
suit or proceeding subject to the indemnity of this Section 5.18
shall be brought against any Indemnitee, such Indemnitee shall notify Borrower
of the commencement thereof, and Borrower shall be entitled, at its expense, to
participate in, and, to the extent that Borrower desires, to assume and control
the defense thereof. Such Indemnitee shall be entitled, at its expense, to
participate in any action, suit or proceeding the defense of which has been
assumed by Borrower. Notwithstanding the foregoing, Borrower shall not be
entitled to assume and control the defenses of any such action, suit or
proceedings if and to the extent that, in the reasonable opinion of such
Indemnitee and its counsel, such action, suit or proceeding involves the
potential imposition of criminal liability upon such Indemnitee or a potential
or actual conflict of interest between such Indemnitee and Borrower (unless
such conflict of interest is waived in writing by such Indemnitee), and in such
event (other than with respect to disputes between such Indemnitee and another
Indemnitee) Borrower shall pay the reasonable expenses of such Indemnitee in
such defense as otherwise provided in this Section 5.18; provided
that Borrower shall not be required to pay any such expenses of more than one
lead counsel.

 

(f)                                    Borrower shall report
to such Indemnitee on the status of action, suit or proceeding as to which it
has assumed a defense under clause (e) above as material developments
shall occur and from time to time as requested by such Indemnitee (but not more
frequently than every 90 days). Borrower shall deliver to such Indemnitee a
copy of each document filed or served on any party in such action, suit or
proceeding, and each material document which Borrower possesses relating to
such action, suit or proceeding.

 

(g)                                 Upon payment of any
Claim by Borrower pursuant to this Section 5.18, or other similar
indemnity provisions contained herein to or on behalf of an Indemnitee,
Borrower without any further action, shall be subrogated to any and all claims
that such Indemnitee may have relating thereto, and such Indemnitee shall
cooperate with Borrower and give such further assurances as are necessary or
advisable to enable Borrower vigorously to pursue such claims.

 

(h)                                 Any amounts payable by
Borrower pursuant to this Section 5.18 shall be regularly payable within
30 days after Borrower receives an invoice for such amounts from any applicable
Indemnitee.

 

5.19                           Average Annual Debt
Service Coverage Ratios. Not later than five (5) Banking Days after
each Repayment Date, Borrower shall calculate and deliver to Administrative Agent
the Average Annual Debt Service Coverage Ratio for the 12-month period ending
on such Repayment Date. Administrative Agent shall notify Borrower in writing
of any reasonable corrections, changes or adjustments which should be made to
such Average Annual Debt Service Coverage Ratio calculations, within ten (10) Banking
Days of receipt. Borrower shall incorporate all such reasonable corrections,
changes or adjustments consistent with the terms of this Financing Agreement. The
calculations of Average Annual Debt Service Coverage Ratios hereunder shall be
used in determining deposits to or releases from the Distribution Reserve
Account pursuant to Section 5.3(d) of the Depositary Agreement
or payments in accordance with Section 5.2(a)(xix) of the
Depositary Agreement.

 

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5.20                           Project
Company Distributions. Promptly upon receipt by the Project Companies or
Borrower, cause to be transferred all Project Revenues, Insurance Proceeds,
Eminent Domain Proceeds or other payments or amounts payable to Borrower for
deposit into the applicable Account as required by Article 5 of the
Depositary Agreement.

 

5.21                           Trust
Fund Covenants. Receive the advances of the building loans to be made
hereunder and pursuant to the Building Loan Agreements and hold the right to
receive the same as a trust fund for the purpose of paying the “cost of the
improvement” (as defined in Section 22 of the Lien Law) and apply the same
first to such payment before using any part thereof for any other purpose.

 

5.22                           Accounts.
Maintain or own only the Distributable Cash Account and the Accounts
established in accordance with the Depositary Agreement and the other Financing
Documents and cause each such Account to be an “account” maintained with a “bank”
(within the meaning of Sections 4-104(a)(1) and 4-105(1) of the
Uniform Commercial Code, respectively).

 

5.23                           Acceptance
Certificates. Deliver to Administrative Agent copies of all Acceptance
Certificates (as defined in the Turbine Supply Agreement) within ninety (90)
days after Final Completion.

 

5.24                           Environmental
Matters. Conduct and
complete, or cause the relevant Project Company to conduct and complete, any
investigation, study, sampling and testing, and undertake any corrective,
cleanup, removal, response, remedial or other action necessary to identify,
report, remove and remediate all Hazardous Substances Released at, on, in,
under or from any Project, any Site, any Improvement or other Mortgaged
Property, to the extent required by and in accordance with the requirements of
all applicable Hazardous Substances Laws.

 

5.25                           FERC
Compliance. Comply and cause
each Project Company to comply in all material respects with the FERC Orders
and each applicable requirement imposed by FERC on parties with market-based
rate authority and any requirements relating to each Project Company’s status
as an EWG.

 

5.26                           Additional
Capital Contribution Agreement Invoices. Deliver to Administrative Agent
copies of all “Contribution Invoices”, “Revised Invoices” and “Revised Contribution
Invoices” (each as defined in the Additional Capital Contribution Agreement)
concurrently with the delivery thereof to the Equity Support Members pursuant
to Sections 3.02 and 3.03 of the Additional Capital
Contribution Agreement.

 

5.27                           Removed
Project Company. If any Project fails to achieve Completion by March 31,
2009, Administrative Agent and the Lenders, acting in their sole discretion,
may (a) direct Borrower and Noble Environmental to issue a notice with
respect to the Removal of such Project under Section 6.20 of the Equity
Capital Contribution Agreement, and/or (b) on March 31, 2009 or
thereafter, cause Borrower to assign its entire right, title and interest in
the Removed Project Company and all Obligations owed by Borrower with respect
to the Removed Project Company under this Financing Agreement and the other
Financing Documents to a Subsidiary of NEP

 

68

 

reasonably satisfactory to
Administrative Agent and the Lenders. If the Removal notice is issued under Section 
6.20 of the Equity Capital Contribution Agreement in accordance with this Section 5.27,
Borrower shall (i) use commercially reasonable efforts to cause the Energy
Hedge Provider and the Energy Hedge Provider Parent to effect a partial
assignment of the Energy Hedge Agreement, the Energy Hedge Provider Parent
Guaranty and related documents to the Removed Project Company, (ii) use
commercially reasonable efforts to cause the Energy Hedge Provider and the
Energy Hedge Provider Parent to execute amendments to the relevant Consents,
and (iii) amend the Collateral Documents, the Equity Support Documents and
the relevant Consents, as applicable, as may be necessary to reflect the
transactions contemplated with respect to the Removed Project Company.

 

5.28                           Interconnection
Agreements. Borrower shall deliver to Administrative Agent fully executed
copies (certified by a Responsible Officer of Borrower to be true, correct and
complete) of (a) the Interconnection Agreements (Altona) on or prior to July 31,
2008; (b) the Interconnection Agreements (Chateaugay) on or prior to August 15,
2008, and (c) the Interconnection Agreement (Wethersfield) on or prior to September 15,
2008 and such Interconnection Agreements shall be in form and substance reasonably
satisfactory to Administrative Agent. To the extent that any Interconnection
Agreement is required to be filed with FERC, each such Interconnection
Agreement shall have been filed or accepted for filing without condition by
FERC on or prior to the dates set forth above.

 

5.29                           Chateaugay
REC Contract. On or prior to August 15, 2008, Borrower shall deliver
to Administrative Agent a fully executed copy (certified by a Responsible
Officer of Borrower to be true, correct and complete) of an amendment to the
REC Contract (Chateaugay), in form and substance reasonably satisfactory to
Administrative Agent, decreasing the capacity of the “Bid Facility” (as defined
therein) to 106.5 megawatt and adjusting the relevant defined terms contained
in the REC Contract (Chateaugay) proportionately (including such defined terms
as “Bid Capacity,” “Bid Quantity”, “Expected Total Dollars” and other relevant
provisions).

 

5.30                           Landowner
Consents. Borrower shall use commercially reasonable efforts to deliver to
Administrative Agent fully executed copies (certified by a Responsible Officer
of Borrower to be true, correct and complete) of the Landowner Consents listed
on Exhibit F-3, in each case substantially in the form of the Landowner
Consents delivered to Administrative Agent as of the Financial Closing Date, on
or prior to August 15, 2008; provided, however, if, after
using its commercially reasonable efforts, Borrower fails to deliver any
Landowner Consents on or prior to August, 15, 2008, Borrower shall continue
using its commercially reasonable efforts to deliver such Landowner
Consents  on or prior to the
Term-Conversion Date.

 

ARTICLE 6

NEGATIVE COVENANTS OF BORROWER

 

Borrower
covenants and agrees that so long as this Financing Agreement is in effect, it
will not, and will not allow any Project Company to, without the prior written
consent of (i) Administrative Agent acting at the direction of the
Majority Lenders or, (ii) if so specified, (x) the Lenders, or (y) Administrative
Agent:

 

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6.1                                 Contingent
Liabilities. Except as provided in this Financing Agreement, become liable
as a surety, guarantor, accommodation endorser or otherwise, for or upon the
obligation of any other Person or otherwise create, incur, assume or suffer to
exist any contingent obligation exceeding in the aggregate $2,500,000; provided,
however, that this Section 6.1 shall not be deemed to
prohibit (a) the lease or acquisition of goods, supplies or merchandise in
the normal course of developing, constructing, maintaining and operating the
Projects on normal trade credit; (b) the endorsement of negotiable
instruments received in the normal course of developing, constructing,
maintaining and operating the Projects; or (c) contingent liabilities
required or contemplated under any Applicable Permit or Operative Documents.

 

6.2                                 Limitations
on Liens. Create, assume or suffer to exist any Lien on any of the
Collateral or any Project which secures a charge or obligation on any Project
or on any of such Collateral, real or personal, whether now owned or hereafter
acquired, except Permitted Liens.

 

6.3                                 Indebtedness.
Incur, create, assume or permit to exist any Debt except Permitted Debt.

 

6.4                                 Sale
or Lease of Assets. Sell, lease, assign, transfer or otherwise dispose of
assets (other than amounts on deposit in the Distributable Cash Account) in
excess of $2,500,000 in any fiscal year or $10,000,000 in the aggregate for all
Projects, whether now owned or hereafter acquired except (a) as
contemplated by the Operative Documents; (b) obsolete, worn out or
replaced property not used or useful in the development, construction,
operation or maintenance of any Project; (c) dispositions from one Project
Company to another Project Company; (d) subject to Section 5.17,
transfers required by a Governmental Authority in connection with an Event of
Eminent Domain; (e) dispositions in connection with alternative renewable
energy credit arrangements; (f) granting leasehold interests in the
Projects as contemplated by the IDA Documents; (g) as expressly
contemplated by the Mortgages; (h) in connection with the Removal of a
Project in accordance with Section 5.27; or (i) to sell,
lease, transfer, convey or otherwise dispose of the NYPA Facilities to NYPA and
the NYSEG Facilities to NYSEG to the extent specified in the Interconnection
Agreements.

 

6.5                                 Changes.
Change or expand, in any material respect, the nature of its business beyond
the business contemplated in the Operative Documents, including the
installation by any Project Company of any WTG that is not on any Site or does
not comprise any Project.

 

6.6                                 Distributions.
Directly or indirectly make or declare any distribution (in cash, property or
obligation) on, or other payment on account of, any interest in Borrower or any
payments in respect of any management fees to any Member (any such
distribution, payment or transfer, a “Restricted Payment”) unless such
distribution, transfer or payment is (i) made from Distributable Cash, or (ii) for
the payment of taxes due and payable by any Member attributable to Borrower or
any Project Company for a particular tax period, but only to the extent such
taxes are consistent with the tax assumptions in the Base Case Projections
(e.g., PTC and depreciation lives assumptions) and take into account any
distributions of Distributable Cash made to such Member with respect to such
tax period; provided, however, that no Restricted Payment shall
be made (1) in violation of Article 5 of the Depositary
Agreement or prior to the full funding of all Accounts in accordance with Article 5
of the Depositary Agreement, (2) upon the occurrence and during the
continuation of an Event of Default, or (3) prior to the Initial Repayment
Date.

 

70

 

6.7                                 Investments.
Make or permit to remain outstanding any advances or loans or extensions of
credit to, or purchase or own any stock, bonds, notes, debentures or other
securities of or investments in any Person, except (a) as solely of,
between or among the Noble Entities, and (b) Permitted Investments.

 

6.8                                 Transactions
With Affiliates. Except for the Project Documents, Equity Support Documents
and IDA Documents, directly or indirectly enter into any transaction or series
of transactions with or for the benefit of an Affiliate other than on an arm’s
length basis, on customary commercial terms and not involving, in the
aggregate, in excess of $500,000 on an annual basis.

 

6.9                                 Regulations.
Directly or indirectly apply any part of the proceeds of any Loan or Project
Revenues to the purchasing or carrying of any margin stock within the meaning
of Regulations T, U or X of the Federal Reserve Board, or any regulations,
interpretations or rulings thereunder.

 

6.10                           Loan
Proceeds; Project Revenues. Use, pay, transfer, distribute or dispose of
any (i) Construction Loan proceeds, or use the Letters of Credit, in any
manner or for any purposes except as provided herein and in the Depositary
Agreement or (ii) Project Revenues in any manner or for any purposes
except as provided herein, in the Depositary Agreement and in the other
Financing Documents.

 

6.11                           Partnerships.
Execute a binding agreement to become a general or limited partner in any
partnership, or a member in any limited liability company, or a joint venturer
in any joint venture or acquire property, create and hold stock or other equity
interests in any Person or form or acquire any subsidiaries and, in the case of
Borrower, its 100% direct ownership in each of the Project Companies.

 

6.12                           Dissolution
and Asset Purchase. (a) Liquidate, wind-up or dissolve, (b) combine,
merge or consolidate with or into any other entity, (c) change its legal
form, or (d) implement any acquisition or purchase of assets valued at
greater than $3,000,000, in any fiscal year, from any Person, other than pursuant
to the Operative Documents; provided, however, that any such
acquisition shall not be financed from the proceeds of the Loans.

 

6.13                           Additional
Project Documents. Enter into or become a party to any Additional Project
Document, other than (i) any Additional Project Document which is required
by Legal Requirements or a Governmental Authority, (ii) contemplated by Sections
6.4 or 6.8 or (iii)(a) with the prior written consent of
Administrative Agent acting at the direction of the Majority Lenders (which
consents shall not to be unreasonably withheld or delayed) and (b) in the name
of Borrower or any Project Company. Borrower shall deliver to Administrative
Agent documents necessary to cause Borrower’s and the Project Companies’
interests in, to and under such Additional Project Document to be pledged
and/or mortgaged, if applicable, to Administrative Agent if requested by
Administrative Agent.

 

6.14                           Amendments;
Change Orders; Completion.

 

(a)                                  (i)                                     Except as otherwise provided in Sections 6.14(b) and
(d), cause, consent to, or permit, any termination or surrender of,
amendment, modification, variance, or

 

71

 

supplement to, or waiver of
timely compliance with, any material terms or conditions of any Project Document
or any Applicable Permit (including any adjustment of the “Bid Price” under any
REC Contract occurring under Section 5.02(e) of any REC Contract
which shall be deemed to have a Material Adverse Effect), other than
terminations, surrenders, amendments, modifications, variances, supplements or
waivers which could not reasonably be expected to have a Material Adverse
Effect, and so long as a copy of any such termination or surrender of,
amendment, modification, variance, supplement or waiver is delivered to
Administrative Agent not less than five (5) Banking Days prior to the
execution thereof.

 

(ii)                                  Cause, consent to, or permit, any
termination or surrender of, amendment, modification, variance, or supplement
to, or waiver of timely compliance with, any terms or conditions of any
Applicable Permit (other than terminations, surrenders, amendments,
modifications, variances, supplements or waivers which could not reasonably be
expected to have a Material Adverse Effect, and so long as a copy of any such termination
or surrender of, amendment, modification, variance, supplement or waiver is
delivered to Administrative Agent not less than five (5) Banking Days
prior to the execution thereof).

 

(b)                                 Unless compliance hereof is waived
in writing by Administrative Agent, direct or consent to any change order or
amendment, or update any Exhibits under any Construction Contract if such
change order, amendment or update:

 

(i)                                     will increase Project Costs of any
Project by more than $1,000,000 individually;

 

(ii)                                  together with all previous change
orders, will increase the Project Costs for a Project by more than $2,000,000
in the aggregate for such Project (exclusive of increases reimbursed by
insurance awards, condemnation awards or contractual damage awards);

 

(iii)                               will delay Completion with respect
to any Project beyond the date specified in Section 7.9(a) for
the applicable Projects or Final Completion with respect to any Project
beyond the Final Completion Date; or

 

(iv)                              could
reasonably be expected to result in a material risk of the termination or a
material adverse modification of any Applicable Permit; provided,
however, that the foregoing Sections 6.14(b)(i) and (ii) shall
not apply with respect to change orders, amendments or updates resulting from (A) a
Change in Law (as defined in the relevant EPC Contract); (B) the EPC
Contractor’s encountering a condition, including a condition resulting from
Hazardous Materials (as defined in the relevant EPC Contract), that, with the
exercise of reasonable diligence, the EPC Contractor could not have foreseen,
or (C) the EPC Contractor’s complying with any Permit that requires a
change in the EPC Contractor’s designs, specifications, manner of performing
its obligations or the scope of its obligations pursuant to the applicable EPC
Contract;

 

(c)                                  Declare Mechanical Completion,
Commercial Operation or Final Acceptance with respect to any Unit (under and as
defined in the Turbine Supply Agreement) or

 

72

 

Mechanical
Completion, Substantial Completion or Final Acceptance (in each case, under and
as defined in the EPC Contracts) with respect to any Project, in each case
without the prior written approval of Administrative Agent in consultation with
the Independent Engineer, such approval not to be unreasonably withheld or
delayed.

 

(d)           Unless compliance hereof is waived in writing by
Administrative Agent, direct or consent to any change order or amendment under
any O&M Agreement or Management Services Agreement if such change order or
amendment:

 

(i)            will increase the Annual Operating
Budget for any Project except as permitted under Section 5.10(b);

 

(ii)           will require an amendment or change
order under any Construction Contract which would delay Completion with respect
to any Project beyond the date specified in Section 7.9(a) for
the applicable Projects or Final Completion with respect to any Project
beyond the Final Completion Date;

 

(iii)          could reasonably be expected to
cause any Project not to comply in all material respects with Legal
Requirements; or

 

(iv)          will increase the amount of any fees
paid to any Noble Entity or any of its Affiliates.

 

(e)           Administrative Agent shall respond to each change
order request or request for waiver of compliance with clauses (b) and/or
(d) above within five (5) Banking Days after it receives such
request.

 

6.15         Name; Fiscal Year.  Change its name or its jurisdiction of
organization without written notice to Administrative Agent at least thirty
(30) days prior to such change, or change its fiscal year without the
prior written consent of Administrative Agent (such consent not to be
unreasonably withheld or delayed).

 

6.16         Assignment.  Assign its rights hereunder or under any of
the Operative Documents to any Person except as permitted by Sections 6.2
or 6.4 or consent to the assignment by any Major Project Participant of
its obligations under any Operative Document to which it is a party.

 

6.17         Abandonment of Project.  At any time (a) prior to
Term-Conversion, willfully and voluntarily abandon the development,
construction or operation of any Project for a continuous period of more than
sixty (60) consecutive days for any reason (which period (i) shall be
measured from the date substantial work is discontinued until the date such
substantial work is resumed and thereafter diligently continued, and (ii) shall
not include delays caused by any event of force majeure or default by a Major
Project Participant (other than Borrower or any of its Affiliates) under any
Project Document); and (b) on or following Term-Conversion, willfully and
voluntarily abandon and suspend the operation of any Project for a period of
more than sixty (60) consecutive days for any reason (other than force
majeure, including an action taken by a Governmental Authority), provided
that, with respect to clauses (a) and (b) of this Section 6.17,
none of (A) scheduled maintenance of a Project, (B) repairs to a
Project, whether or not 

 

73

 

scheduled, or (C) a
forced or scheduled outage of a Project shall constitute abandonment so long as
the relevant Noble Entity is diligently attempting to end such suspension.

 

6.18         Hazardous Substances.  Except as could not, individually or in the
aggregate, reasonably be expected to result in Material Adverse Effect, (i) release
into the environment any Hazardous Substances in violation of any Hazardous
Substances Laws, Governmental Rules or Applicable Permits, or (ii) allow
any Hazardous Substance to impact or be present on, in, under or above any
Site, Improvement or any Mortgaged Property.

 

6.19         ERISA.  Establish, maintain, contribute to or become
obligated to contribute to or incur any liability in respect of any ERISA Plan
or suffer or permit any of its subsidiaries to do so.

 

6.20         Regulation of Parties.  Take or cause to be taken any actions that
could reasonably be expected to result in either (a) any Project Company
losing its FERC authorization to sell energy, capacity or ancillary services at
market-based rates or failing to maintain its EWG status, or (b) Administrative
Agent, LC Fronting Bank, Depositary, the Lenders or any “affiliate” (as that
term is defined in PUHCA) of any of them, solely as a result of any Noble
Entity’s actions relating to the ownership, leasing or operation of any
Project, the sale of electricity therefrom or the entering into any Operative
Document or any transaction contemplated hereby or thereby, becoming subject to
regulation under PUHCA or the FPA.

 

6.21         Removal of a Project
Company.  Allow, permit or suffer to
exist an issuance of a notice to Equity Support Members with respect to the
Removal of a Project Company under Section 6.20 of the Equity Capital
Contribution Agreement or allow, permit or suffer to exist any action taken by
Noble Environmental or any of its Affiliates with respect to the Removal of a
Project Company under Section 6.20 of the Equity Capital Contribution
Agreement, in each case without the prior written consent of Administrative
Agent and the Majority Lenders.

 

ARTICLE 7

EVENTS OF DEFAULT; REMEDIES

 

The occurrence of any of the following events
shall constitute an event of default (individually, a “Event of Default”,
and collectively, “Events of Default”) hereunder:

 

7.1           Failure to Make
Payments.

 

(a)           Borrower (or NEP on Borrower’s behalf) shall fail to
pay, in accordance with the terms of this Financing Agreement, (i) any
principal on any Loan, any Reimbursement Obligation (other than the
Reimbursement Obligations payable pursuant to Section 2.3(d)(iii)(A),
Section 2.3(d)(iv)(A) or Section 2.3(d)(v)(A)) or
any Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan or Project
Agreement LC Loan on the date due; (ii) any interest or fee due and owing
to Administrative Agent, LC Fronting Bank, the Lenders or under any Interest
Rate Agreement within five (5) days after the date that such amount is
due; or (iii) any other cost, charge or other amount due under this
Financing Agreement or any other Financing Document (other than the
Reimbursement Obligations payable pursuant to Section 2.3(d)(iii)(A),
Section 2.3(d)(iv)(A)) or Section 2.3(d)(v)(A)) (x) within
ten (10) days after receipt of notice that such amounts are due.

 

74

 

(b)           Subject to any applicable cure period under the applicable
Equity Support Documents, any party to an Equity Support Document shall default
in the payment or performance of its obligations thereunder, except to the
extent such default in performance could not reasonably be expected to result
in a Material Adverse Effect.

 

7.2           Judgments.  (i) A final judgment or judgments shall
be entered against any Noble Entity in the amount of $2,000,000 individually or
$5,000,000 in the aggregate (other than (a) a judgment which is fully
covered by insurance or satisfied in full or discharged within sixty
(60) days after its entry or (b) a judgment, the execution of which
is effectively stayed within sixty (60) days after its entry) or (ii) any
other final judgment or judgments shall be entered against any Noble Entity
(for declaratory or injunctive relief) which could impair or inhibit the
construction of any Project or any Noble Entity’s use of any Project for the
purpose for which such Project was intended and which, in the case of
clauses (i) and/or (ii) above, could reasonably be expected to
have a Material Adverse Effect.

 

7.3           Misstatements.  Any representation or warranty made by any
Noble Entity and furnished to Administrative Agent or any Lender under this
Financing Agreement or any other Financing Document shall, as of the date made,
be untrue in any material respect, provided, however, that if any
such misstatement is capable of being remedied, Borrower may remedy such
misstatement by curing the adverse effects of such misstatement, within thirty
(30) days of obtaining Knowledge of such misstatement.

 

7.4           Bankruptcy;
Insolvency.  Any of the following
events shall have occurred (each, a “Bankruptcy Event”):

 

(a)           Any of the Major Project
Participants or NYSERDA (in the case of any Person other than a Noble Entity,
only if such Major Project Participant or NYSERDA has at such time material
unperformed obligations under any Project Document to which it is a party) or
any provider of any Acceptable Equity Support Security (collectively, the “Subject
Persons”) shall institute a voluntary case seeking liquidation or
reorganization under the Bankruptcy Law (or any successor statute), or shall
consent to the institution of an involuntary case thereunder against it;

 

(b)           Any of the Subject Persons shall
file a petition, answer or consent or shall otherwise institute any proceeding
similar to those described in Section 7.4(a) under any other
applicable federal, state or other applicable law, or shall consent thereto;

 

(c)           Any of the Subject Persons shall
apply for, or by consent or acquiescence there shall be an appointment of, a
receiver, liquidator, sequestrator, trustee or other officer with similar
powers;

 

(d)           Any of the Subject Persons shall
make an assignment for the benefit of creditors; or any of the Subject Persons
shall admit in writing its inability to pay its debts generally as they become
due; or

 

(e)           If an involuntary case shall be
commenced seeking the liquidation or reorganization of any of the Subject
Persons under the Bankruptcy Law (or any successor 

 

75

 

statute) or any similar proceeding shall be
commenced against any of the Subject Persons under any other applicable
federal, state or other applicable law, and:

 

(i)            the petition commencing the
involuntary case is not timely controverted;

 

(ii)           the petition commencing the
involuntary case is not dismissed within sixty (60) days of its filing;

 

(iii)          an interim trustee is appointed to
take possession of all or a material portion of the property, and/or to operate
all or any material part of the business of any of the Subject Persons and such
appointment is not vacated within sixty (60) days;

 

(iv)          an order for relief shall have been
issued or entered therein and such order is not vacated within sixty
(60) days;

 

(v)           a decree or order of a court having
jurisdiction in the premises for the appointment of a receiver, liquidator,
sequestrator, trustee or other officer having similar powers of any of the
Subject Persons or of all or a material part of their property, shall have been
entered and such decree or order is not vacated within sixty (60) days; or

 

(vi)          any other similar relief shall be
granted against any of the Subject Persons under any applicable federal, state
or other law and such relief is not vacated within sixty (60) days;

 

provided,
however, that (except with regard to a Bankruptcy Event of any Noble
Entity, Noble Environmental, any Equity Support Member or the Turbine
Supplier), a Bankruptcy Event shall not result in an Event of Default under
this Section 7.4 if Borrower obtains a Replacement Obligor for the
affected party within sixty (60) days of such Bankruptcy Event.

 

7.5           Cross Default.  Any Noble Entity shall default for a period
beyond any applicable grace period in the payment of any principal, interest or
other amount due, under any agreement (other than the Financing Documents)
involving the borrowing of money or the advance of credit and the outstanding
amount or amounts payable under all such agreements equals or exceeds
$3,000,000 in the aggregate or (ii) in the performance of any obligation
under any agreement (other than the Financing Documents) involving the
borrowing of money or the advance of credit and the outstanding amount or
amounts payable under all such agreements equals or exceeds $3,000,000 and such
failure to perform results in the acceleration of the obligations thereunder.

 

7.6           ERISA.  If any Noble Entity or any member of the
Controlled Group should establish, maintain, contribute to or become obligated
to contribute to or incur any liability in respect of any ERISA Plan and an
ERISA Event shall have occurred and, within forty-five (45) days after the
reporting of such reportable event to Administrative Agent by Borrower (or
Administrative Agent otherwise obtaining actual (as distinct from constructive)
knowledge of such event) and the furnishing of such information as
Administrative Agent may reasonably request with respect thereto,
Administrative Agent shall have notified Borrower in writing that 

 

76

 

Administrative
Agent has made a determination that, on the basis of such ERISA Event, an Event
of Default exists hereunder; provided that ERISA Event shall involve (i) one
or more ERISA Plans that are single-employer plans (as defined in Section 4001(a)(15)
of ERISA) and under which the aggregate gross amount of unfunded benefit
liabilities (as defined in Section 4001(a)(16) of ERISA), including vested
unfunded liabilities which arise or might arise as the result of the
termination of such ERISA Plan or Plans, and/or (ii) one or more
Multiemployer Plans to which the aggregate liabilities of the Noble Entities
and all members of the Controlled Group shall, in each case, be in an amount
that could reasonably be expected to have a Material Adverse Effect on the
economic condition of any Noble Entity.

 

7.7           Breach of Project
Documents.

 

(a)           Borrower.  Subject to Section 7.8(a)(ii),
an event of default caused by any Noble Entity shall have occurred and be
continuing under a Project Document and such event of default shall continue
unremedied for a period of sixty (60) days; provided, however,
that if (i) such event of default cannot be cured within such period, (ii) such
Noble Entity has given written notice to Administrative Agent of such event of
default in accordance with Section 5.3(c), and (iii) such
Noble Entity as promptly as practicable commences action reasonably designed to
cure such event of default and continues diligently to pursue such action,
then, an Event of Default shall not occur hereunder if such Noble Entity shall cure such event of default
within a ninety (90) day cure period in addition to the sixty (60) day period
described above;  provided, further,
that, notwithstanding the foregoing, (x) unless and until (i) the PTC
Eligibility Deadline has been extended to at least December 31, 2009 or (ii) two
Projects have achieved Completion, in the case of any event of default
occurring during the period between August 1, 2008 and the Term-Conversion
Date, other than any event of default under the REC Contracts, the cure period
described above as it relates to such event of default shall be deemed to have
ended on the later of (1) the date that is thirty (30) days after the
occurrence of such event of default and (2) October 1, 2008 and (y) unless
and until the third Project has achieved Completion, in the case of any event
of default occurring during the period between the date when the Completion of
the first two Projects has been achieved and the Term-Conversion Date, other
than any event of default under the REC Contracts, the cure period described
above as it relates to such event of default shall be deemed to have ended on
the date that is sixty (60) days after the occurrence of such event of default.

 

(b)           Third Party.  An event of
default (other than an event of default caused by a Noble Entity) shall have
occurred and be continuing under a Project Document and such event of default
shall continue unremedied for a period of ninety (90) days; provided,
however, that if (i) such event of default cannot be cured within
such period, (ii) Borrower has given written notice to Administrative
Agent of such event of default in accordance with Section 5.3(c),
and (iii) such party or any Noble Entity acting on its behalf as promptly
as practicable commences action reasonably designed to cure such event of
default and continues diligently to pursue such action, then, an Event of
Default shall not occur hereunder if
such party or a Noble Entity acting on its behalf shall cure such event of
default within a ninety (90) day cure period in addition to the ninety (90) day
period described above; provided, further, that,
notwithstanding the foregoing, (x) unless and until (i) the PTC
Eligibility Deadline has been extended to at least December 31, 2009 or (ii) two
Projects have achieved Completion, in the case of any event of default
occurring during the period between August 1, 2008 and the Term-Conversion
Date, 

 

77

 

other
than any event of default under the REC Contracts, the cure period described
above as it relates to such event of default shall be deemed to have ended on
the later of (1) the date that is thirty (30) days after the occurrence of
such event of default and (2) October 1, 2008 and (y) unless and
until the third Project has achieved Completion, in the case of any event of
default occurring during the period between the date when the Completion of the
first two Projects has been achieved and the Term-Conversion Date, other than
any event of default under the REC Contracts, the cure period described above
as it relates to such event of default shall be deemed to have ended on the
date that is sixty (60) days after the occurrence of such event of default; provided,
further, that, notwithstanding anything to the contrary provided in this
Section 7.7(b), the aggregate cure period described in the
immediately preceding proviso shall be limited to thirty (30) days in the case
of any event of default arising under Section 10.1(f) of any EPC
Contract.

 

(c)           Termination.

 

(i)            (A) Any Financing Document
(other than the Fee Letter if terminated by any of the Joint Lead Arrangers) or
any material provision thereof shall for any reason cease to be valid and
binding on the Persons (other than any Agent or Lender) parties thereto  or (B) any such Person party to any Financing Document
terminates or claims in writing to terminate any such Financing Agreement,
other than in accordance with its terms;

 

provided,
however, that if any such event occurs under or with respect to any
Interest Rate Agreement or Letter of Credit, such event shall not result in an
Event of Default under this Section 7.7(c)(i) if Borrower
enters into or obtains a replacement of such Interest Rate Agreement or Letter
of Credit (on substantially the same terms as the Interest Rate Agreement or
Letter of Credit being replaced) with or from a Replacement Obligor within
ninety (90) days of such event.

 

(ii)           (A) Any Project Document or any
provision thereof shall for any reason cease to be valid and binding on the
Persons parties thereto (other than any Real Property Document or Project
Document, or provision thereof, if any of the events described in this clause (ii) with
respect thereto could not, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect) or (B) any such Person
terminates or claims in writing to terminate any such Project Document (other
than any Real Property Document or Project Document if a termination with
respect thereto could not, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect);

 

provided,
however, that if any such event occurs under or with respect to any
Project Document, such event shall not result in an Event of Default under this
Section 7.7(c)(ii) if Borrower or a Project Company, as
applicable, enters a replacement agreement for such Project Document (on
substantially the same terms as the Project Document being replaced) with a
Replacement Obligor within ninety (90) days of such event; provided,
further, that, notwithstanding the foregoing, (x) unless and until (i) the
PTC Eligibility Deadline has been extended to at least December 31, 2009
or (ii) two Projects have achieved Completion, in the case of any such
event occurring during the period between 

 

78

 

August 1, 2008 and the
Term-Conversion Date, other than any such event under the REC Contracts, the
cure period described above as it relates to such event shall be deemed to have
ended on the later of (1) the date that is thirty (30) days after the
occurrence of such event and (2) October 1, 2008 and (y) unless
and until the third Project has achieved Completion, in the case of any event
occurring during the period between the date when the Completion of the first
two Projects has been achieved and the Term-Conversion Date, other than any
event under the REC Contracts, the cure period described above as it relates to
such event shall be deemed to have ended on the date that is sixty (60) days after
the occurrence of such event.

 

7.8           Breach of Terms of
Agreement.

 

(a)           (i) Any Noble Entity shall fail
to perform or observe any of the covenants set forth in Sections 5.1,
5.3(c), 5.6(a), 5.15, 
or Article 6 (other than Section 6.14(a)(ii) and
the Sections specified in Section 7.8(c) below) or (ii) the
occurrence of any “Event of Default” or “event of default” (each as defined
under the applicable IDA Document) by any Noble Entity under any IDA Document
or the occurrence of any “Event of Default” or “Termination Event” (each as
defined under the Energy Hedge Agreement) by Borrower under the Energy Hedge
Agreement;

 

(b)           Any Noble Entity shall fail to
perform or observe any of the covenants set forth in Sections 5.13,
5.20, 5.22 or 5.28 of this Financing Agreement or Article 5
of the Depositary Agreement and such failure shall continue unremedied for a
period of seven (7) Banking Days after the earlier of the date any Noble
Entity obtains Knowledge thereof or receives written notice thereof from
Administrative Agent;

 

(c)           Any Noble Entity shall fail to
perform or observe any of the covenants set forth in Sections 6.1, 6.2,
6.4, 6.5, 6.7, 6.8, 6.10, 6.11, 6.13,
6.14(a)(i), 6.14 (b) and (d), 6.15 or 6.16
and any such failure shall continue unremedied for a period of three (3) Banking
Days after the earlier of the date any Noble Entity obtains Knowledge thereof
or receives written notice thereof from Administrative Agent; or

 

(d)           Any Noble Entity or Member shall
fail to perform or observe any other covenant to be performed or observed by it
hereunder or under any Financing Document and not otherwise provided for
elsewhere in this Article 7, and such failure shall continue
unremedied for a period of sixty (60) days after the earlier of the date
such Noble Entity or Member, as applicable, obtains Knowledge thereof or
receives written notice thereof from Administrative Agent; provided,
however, that if (i) such failure is of a nature such that it
cannot reasonably be cured within such sixty (60) day period,  (ii) such Noble Entity has given written
notice to Administrative Agent of such failure in accordance with Section 5.3(c),
and (iii) such Noble Entity or Member, as applicable, as promptly as
practicable commences action reasonably designed to cure such failure and
continues diligently to pursue such action, then such sixty (60) day cure
period shall be extended for an additional sixty (60) days.

 

79

 

7.9           Completion; Final
Completion; Term-Conversion.

 

(a)           Completion with respect to two of
the Projects shall not have occurred on or prior to November 30, 2008
(which date shall be extended to March 31, 2009 if and when the PTC
Eligibility Deadline has been extended to at least December 31, 2009) or
completion with respect to all of the Projects shall not have occurred on or
prior to the Construction Loan Maturity Date;

 

(b)           Final Completion with respect to all
of the Projects shall not have occurred on or before the Final Completion Date;
or

 

(c)           Term-Conversion shall not have
occurred on or prior to the Construction Loan Maturity Date.

 

7.10         Security.  Any of the Collateral Documents, once
executed and delivered, shall, except as the result solely of the acts of
Administrative Agent or the Lenders, in any material respect fail to provide
the Lenders the Liens, security interest, rights, titles, interest, remedies,
powers or privileges intended to be created thereby or cease to be in full
force and effect with respect to the Collateral, or the validity thereof or the
applicability thereof to the Loans, Cash Collateral Loans, DSRA LC Loans, the
Energy Hedge LC Loan, Project Agreement LC Loans, the Notes or any other
Obligations purported to be secured or guaranteed thereby or any part thereof
shall be disaffirmed (in writing, if disaffirmed by any Person other than any
Noble Entity or any of its Affiliates) by or on behalf of the relevant Noble
Entity.

 

7.11         Loss of Applicable
Permits.

 

(a)           Borrower or any Project Company shall fail to procure
a Permit on or before the date that such Permit becomes an Applicable Permit,
or maintain and comply with any Permit and, in each case, such failure could
reasonably be expected to have a Material Adverse Effect.

 

(b)           Any Applicable Permit necessary for the operation,
maintenance or construction of a Project shall be modified, revoked or canceled
by the issuing agency or other Governmental Authority having jurisdiction and
such modification, revocation or cancellation shall continue unremedied for
sixty (60) days and such material adverse modification, revocation or
cancellation of such Applicable Permit could reasonably be expected to have a
Material Adverse Effect.

 

(c)           The
FERC Orders or the EWG Determinations shall be adversely modified, revoked or
cancelled by FERC, and such adverse modification, revocation or cancellation
could reasonably be expected to have a Material Adverse Effect.

 

7.12         Loss of Collateral.  Any material portion of the Collateral is
seized or appropriated without value being paid therefor such as to allow
replacement of such property with comparable property and/or prepayment in full
of the corresponding portion of the Obligations then outstanding and to allow
the Noble Entities to continue satisfying its obligations hereunder and under
the other Operative Documents;  or

 

80

 

7.13         Destruction of the
Project.  All or substantially all of
the assets of any Project is destroyed, and thereafter (a) the conditions
specified in Section 5.4(c) of the Depositary Agreement are not
met or (b) such Project ceases to operate for a period beyond the later of
(i) sixty (60) days after the receipt of Insurance Proceeds or (ii) one
hundred thirty five (135) days after the event of loss unless, in either
case, restoration or repair shall have been approved in accordance with Section 5.4
of the Depositary Agreement.

 

7.14         Transfer of Interests.  Borrower shall cease to directly or
indirectly own, legally and beneficially, and control in the aggregate 100% of
the economic and voting interests in each Project Company and, except in
connection with a Permitted Transfer, the Members shall cease to directly or
indirectly own, legally and beneficially, and control in the aggregate 100% of
the economic and voting interests in Borrower.

 

Remedies

 

Without derogation of the provisions of Section 3.4(b),
upon the occurrence and during the continuation of an Event of Default, after
providing notice to Borrower of any remedy it intends to exercise hereunder or
under the other Financing Documents, Administrative Agent may, and at the
election of the Majority Lenders shall, without further notice of default,
presentment or demand for payment, protest or notice of non-payment or
dishonor, or other notices or demands of any kind, all such notices and demands
being waived by Borrower, exercise any or all of the following rights and
remedies, in any combination or order that Administrative Agent or the Majority
Lenders may elect, in addition to such other rights or remedies as
Administrative Agent and the Lenders may have hereunder, under the Collateral
Documents or at law or in equity:

 

7.15         No Further Loans.  Refuse, and the Lenders shall not be
obligated, to make any additional Loans or issue or maintain the Letters of
Credit or permit any Term-Conversion or make (or permit to be made) any
payments from any Account or any Proceeds (as defined in the UCC) or other
funds held by Administrative Agent or Depositary under the Financing Documents
or on behalf of Borrower.

 

7.16         Cure by Administrative
Agent.  Without any obligation to do
so, make disbursements or Loans to or on behalf of Borrower to cure any Event
of Default hereunder and to cure any default and render any performance under
any Project Documents as the Majority Lenders may consider necessary or appropriate,
to preserve and protect the Collateral or the Lenders’ interests therein, and
all sums so expended, together with interest on such total amount at the
Default Rate, shall be repaid by Borrower to Administrative Agent on demand and
shall be secured by the Financing Documents, notwithstanding that such
expenditures may, together with amounts advanced under this Financing
Agreement, exceed the amount of the Total Construction Loan Commitment.

 

7.17         Acceleration.  Declare and make all sums of accrued and
outstanding principal and accrued but unpaid interest remaining under this
Financing Agreement together with all unpaid fees, costs (including Liquidation
Costs and Interest Fix Fees), charges and other amounts due hereunder or under
any other Financing Document, immediately due and payable, provided that
in the event of an Event of Default occurring and continuing under Section 7.4,
all such 

 

81

 

amounts shall
become immediately due and payable without further act of Administrative Agent
or the Lenders or any other Person.

 

7.18         Termination of
Commitments.  Terminate the
Commitments, provided that in the event of an Event of Default occurring
under Section 7.4, such termination shall automatically occur without
further act of Administrative Agent or the Lenders or any other Person.

 

7.19         Cash Collateral.  Apply or execute upon any amounts on deposit
in any Account or any other moneys of any Noble Entity on deposit with
Administrative Agent or any Lender or the Depositary (other than the
Distributable Cash Account) in the manner provided in the UCC and other
relevant statutes and decisions and interpretations thereunder with respect to
cash collateral.  In addition, Administrative
Agent may (i) require the cash collateralization of all Letters of Credit
(to the extent of the undrawn Stated Amounts of Letters of Credit issued and
outstanding) or (ii) after the acceleration of the Loans, terminate the
Letters of Credit pursuant to Section 2 thereof.

 

7.20         Possession of Project.  Enter into possession of any Project and
perform or cause to be performed any and all work and labor necessary to
complete such Project substantially according to the Construction Contracts and
the Plans and Specifications or to operate and maintain such Project, and all
sums expended by Administrative Agent in so doing, together with interest on
such total amount at the Default Rate, shall be repaid by Borrower to
Administrative Agent upon demand and shall be secured by the Financing Documents,
notwithstanding that such expenditures may, together with amounts advanced
under this Financing Agreement, exceed the amount of the Total Construction
Loan Commitment.

 

7.21         IDA Documents.  Exercise any and all rights under the IDA
Documents permitted to be taken by Administrative Agent thereunder, including
terminating such agreements.

 

7.22         Remedies Under
Financing Documents.  Exercise any
and all rights and remedies available to it under any of the Financing
Documents, including judicial or non-judicial foreclosure or public or private
sale of any of the Collateral pursuant to the Collateral Documents.

 

7.23         Drawings under Noble
Equity Support Documents.  Make a
demand or drawing, as applicable, under, and on the terms and conditions set
forth in, any Noble Equity Support Document up to the amount provided
thereunder.

 

ARTICLE 8

SCOPE OF LIABILITY

 

Notwithstanding any other provision of the
Financing Documents (but subject to the last sentence of this Article 8),
there shall be no recourse against any Member or any of their respective
Affiliates (except the Noble Entities), or the stockholders or other owners,
officers, directors or employees of any of them (each, a “Non-Recourse Party”),
for any liability to the Lenders arising in connection with any breach or
default under this Financing Agreement except to the extent the same is
enforced against the Noble Entities and the Collateral and the rents,

 

82

 

issues, profits, proceeds and products of the Collateral, and the
Lenders shall look solely to the Noble Entities (but not to any Non-Recourse
Party or to any distributions received by any Non-Recourse Party pursuant to
the terms of this Financing Agreement except as provided herein) and the
Collateral and the rents, issues, profits, proceeds and products of the
Collateral (including the Equity Support Documents) in enforcing rights and
obligations under and in connection with the Financing Documents; provided
that the foregoing provisions of this Article 8 shall not (a) constitute
a waiver, release or discharge (or otherwise impair the enforceability) of any
of the indebtedness, or of any of the terms, covenants, conditions, or
provisions of this Financing Agreement, the Notes, the Project Company
Guarantee, any Collateral Document or other Financing Document (but without
personal liability to the Non-Recourse Parties except as provided herein and
therein), and the same shall continue until the Commitments have been
terminated and all Obligations have been fully paid, discharged, observed, or
performed; (b) constitute a waiver, release or discharge of any obligations of
a Non-Recourse Party under any Operative Documents to which it is a party; (c) constitute
a waiver, release or discharge (or otherwise impair the enforceability)
of any Lien or security interest purported to be created pursuant to the
Collateral Documents (or otherwise impair the ability of any Lender to realize
or foreclose upon any Collateral); (d) limit or restrict the right of any
Agent and/or the Lenders (or any assignee, beneficiary or successor to any of
them) to name any Noble Entity or any other Person as a defendant in any action
or suit for a judicial foreclosure or for the exercise of any other remedy
under or with respect to this Financing Agreement, any Project, any Mortgage,
the Project Company Guarantee, any Collateral Document or any other Financing
Document, or otherwise, or for injunction or specific performance, so long as no
judgment in the nature of a deficiency judgment shall be enforced against any
Non-Recourse Party out of any property, assets or funds other than the
Collateral and the rents, issues, profits, proceeds or products of the
Collateral, and any other property of any Noble Entity; and (e) affect or
diminish or constitute a waiver, release or discharge of any specific written
obligation, covenant, or agreement made by any of the Non-Recourse Parties or
any security granted by the Non-Recourse Parties in support of the obligations
of such Persons under any guarantee or as security for the obligations of the
Noble Entities.  Notwithstanding the
foregoing, it is expressly understood and agreed that nothing contained in this
Article 8 shall be deemed to limit or restrict any right or remedy
of the Lenders (or any assignee or beneficiary thereof or successor thereto)
with respect to, and each of the Noble Entities and all of the other Persons
described above shall remain fully liable to the extent that such Person would
otherwise be liable for its own actions with respect to, any fraud, willful
misconduct, gross negligence or misappropriation of Project Revenues or any
other earnings, revenues, rents, issues, profits or proceeds from any Project
that should or would have been paid as provided herein or paid or delivered to
Administrative Agent or any other Lender (or any assignee or beneficiary
thereof or successor thereto) towards any payment required under this Financing
Agreement or any other Operative Document.

 

ARTICLE 9

AGENTS; SUBSTITUTION

 

9.1           Appointment, Powers and Immunities.

 

(a)           Each Lender hereby appoints and authorizes
Administrative Agent to act as its Administrative Agent hereunder and under the
other Financing Documents with such powers as are expressly delegated to
Administrative Agent by the terms of this Financing 

 

83

 

Agreement
and the other Financing Documents, together with such other powers as are
reasonably incidental thereto.  Each
Secured Party hereby appoints and authorizes Collateral Agent to act as
Collateral Agent hereunder and under the other Financing Documents with such
powers as are expressly delegated to Collateral Agent by the terms of this
Financing Agreement and the other Financing Documents, together with such other
powers as are reasonably incidental thereto. Each Lender hereby appoints and
authorizes each Co-Documentation Agent to act as Co-Documentation Agent
hereunder and under the other Financing Documents with such powers as are
expressly delegated to such Co-Documentation Agent by the terms of this
Financing Agreement and the other Financing Documents, together with such other
powers as are reasonably incidental thereto. 
Each Lender hereby appoints and authorizes Syndication Agent to act as
Syndication Agent hereunder and under the other Financing Documents with such
powers as are expressly delegated to Syndication Agent by the terms of this
Financing Agreement and the other Financing Documents, together with such other
powers as are reasonably incidental thereto. 
None of the Agents shall have any duties or responsibilities except
those expressly set forth in this Financing Agreement or in any other Financing
Document, and none of the Agents shall be a trustee for, or fiduciary of, any
Lender or Secured Party.  Notwithstanding
anything to the contrary contained herein, no Agent shall be obligated or
required to take any action which is contrary to this Financing Agreement or
any other Financing Document or any Legal Requirement or that exposes any Agent
to any liability or unreimbursed expenses. 
None of the Agents, the Lenders or any of their respective Affiliates
shall be responsible to any other Lender for any recitals, statements, representations
or warranties made by any Noble Entity or their respective Affiliates or any
Member contained in this Financing Agreement or any other Financing Document or
in any certificate or other document referred to or provided for in or received
by any Agent or any Lender under this Financing Agreement or any other
Financing Document, for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Financing Agreement, the Notes, any other
Financing Document or any other document referred to or provided for herein or
for any failure by any Noble Entity or their respective Affiliates or any
Member to perform their respective obligations hereunder or thereunder.  Any Agent may employ agents and
attorneys-in-fact and shall not be responsible for the negligence or misconduct
of any such agent or attorneys-in-fact selected by it with reasonable care.

 

(b)           No Agent nor any of such Agent’s respective directors,
officers, employees or agents shall be responsible for any action taken or
omitted to be taken by it or them hereunder or under any other Financing
Document or in connection herewith or therewith, except for its or their own
gross negligence or willful misconduct as determined by a final non-appealable
judgment of a court of competent jurisdiction. 
Without limiting the generality of the foregoing, each Agent (i) may
treat the payee of any Note as the holder thereof until Administrative Agent
receives written notice of the assignment or transfer thereof signed by such
payee and in form and substance satisfactory to Administrative Agent; (ii) may
consult with legal counsel, independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be
taken in good faith by them in accordance with the advice of such counsel, accountants
or experts; (iii) makes no warranty or representation to any Lender for
any statements, warranties or representations made in or in connection with any
Operative Document; (iv) shall not have any duty to ascertain or to
inquire as to the performance or observance of any of the terms, covenants or
conditions of any Operative Document on the part of any party thereto or to
inspect the property (including the books and records) of any Noble Entity or
any other Person; and (v) shall not be responsible to any Lender for the
due execution, 

 

84

 

legality,
validity, enforceability, genuineness, sufficiency or value of any Operative
Document or any other instrument or document furnished pursuant hereto or thereto.  Except as otherwise provided under this
Financing Agreement, each Agent shall take such action with respect to the
Financing Documents as shall be directed by the Majority Lenders.

 

(c)           Each
Agent may also from time to time, when such Agent deems it to be necessary or
desirable, appoint one or more trustees, co-trustees, co-agents, subagents or
attorneys-in-fact (each, a “Supplemental
Agent”) with respect to all or any part of its duties; provided, however, that no such
Supplemental Agent shall be authorized to take any action unless and except to
the extent expressly authorized in writing by the applicable Agent; provided,
however, that this shall not increase the overall compensation payable to such
Agent under the relevant Fee Letter.

 

(d)           Without limitation of the generality
of the foregoing, no Agent shall (i) be bound to make any investigation
into the facts stated in any resolution, certificate, statement, instrument,
opinion, report, consent, order, approval, bond or other document or have any responsibility
for filing or recording any financing or continuation statement in any public
office at any time or to otherwise perfect or maintain the perfection of any
security interest or lien granted to it hereunder or (ii) be responsible
for the accuracy or content of any certificate, statement, direction or opinion
furnished to it in connection with this Financing Agreement.  Without limiting the generality of the
foregoing, in the absence of its own gross negligence or willful misconduct, no
Agent nor any of its Affiliates, directors, officers, managers, employees,
advisors, counsel, agents or attorneys-in-fact shall be responsible to any
party for any mistake, omission or error of judgment with respect to the value
or valuation, genuineness, enforceability, existence, perfection or priority of
any of the Collateral, the determination of the fair market value of any
Collateral, or any other matters determined hereunder or under the other
Financing Documents.

 

(e)           The enumeration of any permissive
rights or powers herein available to each Agent shall hereunder not be
construed to be an imposition of a duty.

 

(f)            Whenever
in the administration of the provisions of this Financing Agreement, any Agent
shall deem it necessary or desirable that a matter be proved or established
prior to taking or suffering any action to be taken, such matter may, in the
absence of gross negligence or bad faith on the part of such Agent, be deemed
to be conclusively proved and established by an officer’s certificate of a
Lender executed by an authorized signatory of such Lender, which shall be full
warrant to such Agent for any action taken, suffered or omitted by it under the
provisions of this Financing Agreement upon the faith thereof.

 

(g)           Each individual designated as an authorized
representative of Borrower (an “Authorized Representative”), is
authorized to give and receive notices, requests and instructions and deliver
certificates and documents in connection with this Financing Agreement on
behalf of Borrower, and the specimen signature for each such Authorized
Representative of Borrower initially authorized hereunder provided in the
incumbency certificate delivered pursuant to Section 3.1(b).  From time to time, Borrower may deliver to
Administrative Agent and Collateral Agent a revised incumbency certificate with
a specimen signature, but each of the 

 

85

 

parties hereto shall
be entitled to rely conclusively on the then incumbency certificate of Borrower
until receipt of a superseding incumbency certificate

 

(h)           Notwithstanding anything to the
contrary herein, any and all communications (both text and attachments) by or
from Collateral Agent that Collateral Agent in its sole discretion deems to
contain confidential, proprietary, and/or sensitive information and sent by
electronic mail will be encrypted.  The
recipient of the email communication will be required to complete a one-time
registration process.  Information and
assistance on registering and using the email encryption technology can be
found at Collateral Agent’s secure website
www.citigroup.com/citigroup/citizen/privacy/email.htm or by calling (866)
535-2504 (in the U.S.) or (904) 954-6181 at any time.

 

(i)            Whether or not therein expressly so provided, every
provision of this Financing Agreement and any other Financing Document to which
it is a party relating to the conduct or affecting the liability of or
affording protection to the Agents shall be subject to the provisions of this Article IX.

 

(j)            No
direction given to any Agent which imposes, or purports to impose, upon such
Agent any obligation not set forth in or arising under this Financing Agreement
shall be binding upon such Agent unless such Agent elects, at its sole option,
to accept direction.  No Agent shall be
required to take any action which is contrary to applicable law or any
provision of this Financing Agreement.

 

(k)           In
the event that any Agent is required to acquire title to an asset for any
reason, or take any managerial action of any kind in regard thereto which in
such Agent’s sole discretion may cause such Agent to be considered an “owner or
operator” under any environmental laws or otherwise cause such Agent to incur,
or be exposed to, any environmental liability or any liability under any other federal,
state or local law, such Agent reserves the right, instead of taking such
action, either to resign as or to arrange for the transfer of the title or
control of the asset to a court appointed receiver.  No Agent shall be liable to any person or entity
for any environmental liability or any environmental claims or contribution
actions under any federal, state or local law, rule or regulation by
reason of such Agent’s actions and conduct as authorized, empowered and
directed hereunder or relating to any kind of discharge or release or
threatened discharge or release of any hazardous materials into the
environment.

 

9.2           Reliance by Agents.  Each Agent shall be entitled to conclusively
rely upon, and act in reliance on, any certificate, notice or other document
(including any cable, telegram, telecopy or telex) believed by it to be genuine
and correct and to have been signed or sent by or on behalf of the proper
Person or Persons, and upon advice and statements of legal counsel, independent
accountants and other experts selected by such Agent.  As to any other matters not expressly
provided for by this Financing Agreement, no Agent shall be required to take
any action or exercise any discretion, but shall be required to act or to
refrain from acting upon instructions of the Majority Lenders or, where
expressly provided, the Majority Lenders (except that no Agent shall be
required to take any action which exposes such Agent to personal liability or
which is contrary to this Financing Agreement, any other Financing Document or
any Legal Requirement) and shall in all cases be fully protected in acting, or
in refraining from acting (and shall be fully protected in so acting or
refraining from acting), hereunder or under any other 

 

86

 

Financing Document in accordance with the
instructions of the Majority Lenders, and such instructions of the Majority
Lenders and any action taken or failure to act pursuant thereto shall be
binding on all of the Lenders.

 

9.3           Non-Reliance.  Each Lender represents that it has,
independently and without reliance on Administrative Agent, any other Agent or
any other Lender, and based on such documents and information as it has deemed
appropriate, made its own appraisal of the financial condition and affairs of
the Noble Entities, the Equity Support Members and their respective Affiliates
and decision to enter into this Financing Agreement and agrees that it will,
independently and without reliance upon Administrative Agent, any other Agent
or any other Lender, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own appraisals and decisions
in taking or not taking action under this Financing Agreement.  Each of Administrative Agent, each other
Agent and each Lender shall not be required to keep informed as to the
performance or observance by any Noble Entity, any Equity Support Member or any
of their respective Affiliates or the Members under this Financing Agreement or
any other document referred to or provided for herein or to make inquiry of, or
to inspect the properties or books of any Noble Entity, any Equity Support
Member or any of their respective Affiliates or any Member.

 

9.4           Defaults.  Administrative Agent and Collateral Agent (each
acting in its capacity as Administrative Agent or Collateral Agent, as
applicable, and not in any other capacity) shall not be deemed to have
knowledge or notice of the occurrence of any Default or Event of Default unless
Administrative Agent or a Responsible Officer of Collateral Agent, as
applicable, has received a written notice from a Lender or Borrower, referring
to this Financing Agreement, describing such Default or Event of Default and
indicating that such notice is a “notice of default.”  If Administrative Agent or Collateral Agent
receives such a notice of the occurrence of a Default or Event of Default,
Administrative Agent or Collateral Agent, as applicable, shall give notice
thereof to the Lenders and to the other Agents. 
Administrative Agent and Collateral Agent shall take such action with
respect to such Default or Event of Default as is provided in Article 7
or if not provided for in Article 7, as Administrative Agent and
Collateral Agent, as applicable, shall be reasonably directed by the Majority
Lenders; provided, however, that unless and until Administrative
Agent or Collateral Agent, as applicable, shall have received such directions,
Administrative Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such Default or Event of
Default as it shall deem advisable in the best interest of the Lenders.

 

9.5           Indemnification.  Without limiting the obligations of Borrower
hereunder, each Lender agrees to indemnify each Agent (and its respective
officers, directors, employees, agents and representatives) ratably in
accordance with its Proportionate Share for any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever, which may at any
time be imposed on, incurred by or asserted against such Agent in any way
relating to or arising out of this Financing Agreement, the other Financing
Documents or any documents contemplated by or referred to herein or therein or
the transactions contemplated hereby or thereby or the enforcement of any of
the terms hereof or thereof or of any such other documents; provided, however,
that no Lender shall be liable for any of the foregoing to the extent they
arise solely from such Agent’s gross negligence or willful misconduct as
determined by a final non-appealable judgment of a court of 

 

87

 

competent jurisdiction.  Each Agent shall be fully justified in
refusing to take or to continue to take any action hereunder unless it shall
first be indemnified to its satisfaction by the Lenders against any and all
liability and expense which may be incurred by it by reason of taking or
continuing to take any such action.  Without
limitation of the foregoing, each Lender agrees to reimburse each Agent
promptly upon demand for its ratable share of any out-of-pocket expenses
(including counsel fees) incurred by such Agent in connection with the
preparation, execution, administration or enforcement of, or legal advice in
respect of rights or responsibilities under, the Operative Documents, to the
extent that such Agent is not reimbursed promptly for such expenses by
Borrower.  The failure of any Lender to
reimburse any Agent promptly upon demand for any amount required to be paid by
such Lender to such Agent as provided herein shall not relieve any other Lender
of its obligation hereunder to reimburse such Agent for such amount.  Without prejudice to the survival of any
other agreement of any Lender hereunder, the agreement and obligations of each
Lender contained in this Section 9.5 shall survive the payment in
full of principal, interest and all other amounts payable hereunder and under
the other Financing Documents.

 

9.6           Successor Administrative Agent or
Collateral Agent.  Each of
Administrative Agent and Collateral Agent acknowledges that its current
intention is to remain Administrative Agent and Collateral Agent
hereunder.  Nevertheless, Administrative
Agent or Collateral Agent may resign at any time by giving written notice
thereof to the Lenders and Borrower, such resignation to be effective only upon
the acceptance of the appointment of a successor Administrative Agent or
Collateral Agent, as applicable.  Each of
Administrative Agent and Collateral Agent may be removed involuntarily only for
a material breach of its duties and obligations hereunder or under the other
Financing Documents or for gross negligence or willful misconduct, in
connection with the performance of its duties hereunder or under the other
Financing Documents and then only upon the (a) affirmative vote of the
Majority Lenders (excluding Administrative Agent or Collateral Agent, as
applicable, from such vote and Administrative Agent’s or Collateral Agent’s, as
applicable, Proportionate Share of the Commitment from the amounts used to
determine the portion of the Commitment necessary to constitute the required
Proportionate Share of the remaining Lenders) or (b) written request of
Borrower (with the written consent of the Majority Lenders, not to be
unreasonably withheld, delayed or conditioned). 
Upon any such resignation or removal, the Majority Lenders shall have
the right to appoint (subject to the rights granted below) a successor
Administrative Agent or Collateral Agent, as applicable, with the consent of
Borrower (unless an Event of Default shall have occurred and be continuing),
which consent shall not be unreasonably withheld and which consent shall be
provided with respect to at least one of the Lenders.  If no successor Administrative Agent or
Collateral Agent, as applicable, shall have been so appointed by the Majority
Lenders (with the consent of Borrower unless an Event of Default shall have
occurred and be continuing), or if such successor Administrative Agent or
Collateral Agent, as applicable, shall have not accepted such appointment,
within sixty (60) days after the retiring Administrative Agent’s or
Collateral Agent’s, as applicable, giving of notice of resignation or the
Lenders’ removal of the retiring Administrative Agent or Collateral Agent, as
applicable, the retiring Administrative Agent or Collateral Agent, as
applicable, may, on behalf of the Lenders, appoint a successor Administrative
Agent or Collateral Agent, as applicable, which shall be a Lender, if any
Lender shall be willing to serve, and otherwise shall be a commercial bank
selected by Administrative Agent or Collateral Agent, as applicable, unless,
within thirty (30) days of such selection by Administrative Agent or
Collateral Agent, as applicable, Borrower selects a 

 

88

 

different commercial bank to so act as
Administrative Agent or Collateral Agent, as applicable, in which case the
commercial bank so selected by Borrower shall become the successor
Administrative Agent or Collateral Agent, as applicable.  Upon the acceptance of any appointment as
Administrative Agent or Collateral Agent, as applicable, under the Operative
Documents by a successor Administrative Agent or Collateral Agent, as
applicable, such successor Administrative Agent or Collateral Agent, as
applicable, shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Administrative Agent or
Collateral Agent, as applicable, and the retiring Administrative Agent or
Collateral Agent, as applicable, shall be discharged from its duties and
obligations as Administrative Agent or Collateral Agent, as applicable, under
the Financing Documents.  After any
retiring Administrative Agent’s or Collateral Agent’s, as applicable,
resignation or removal hereunder as Administrative Agent or Collateral Agent,
as applicable, the provisions of this Article 9 shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent or Collateral Agent, as applicable, under the Operative
Documents.

 

9.7           Authorization.  Each of Administrative Agent and Collateral
Agent is hereby authorized by the Lenders to execute, deliver and perform each
of the Financing Documents to which Administrative Agent or Collateral Agent,
as applicable, is or is intended to be a party and each Lender agrees to be
bound by all of the agreements of Administrative Agent or Collateral Agent, as
applicable, contained in the Financing Documents.  Each of Administrative Agent and Collateral
Agent is further authorized by the Lenders to enter into agreements
supplemental hereto with any Person for the purpose of curing any formal
defect, inconsistency, omission or ambiguity in this Financing Agreement or any
Financing Document to which it is a party (without any consent or approval by
the Lenders).

 

9.8           Other Rights and Powers of Each Agent.  With respect to its Commitment, the Loans,
Cash Collateral Loans, DSRA LC Loans, the Energy Hedge LC Loan and Project
Agreement LC Loans made by it and any Note issued to it, each Agent shall have
the same rights and powers under the Operative Documents as any other Lender
and may exercise the same as though it were not a Agent.  The term “Lender” or “Lenders” shall, unless
otherwise expressly indicated, include each Agent in its individual
capacity.  Each Agent and its Affiliates
may accept deposits from, lend money to, act as trustee under indentures of,
and generally engage in any kind of business with any Noble Entity or any other
Person, without any duty to account therefor to the Lenders.

 

9.9           Amendments.  Neither this Financing Agreement nor any of
the other Financing Documents, nor any of the provisions contained herein or
therein may be amended, modified, terminated, varied, supplemented or waived
without the prior written consent of Borrower and the Majority Lenders; provided,
however, that no such amendment, modification, termination, variance,
supplement or waiver shall, without the consent of all of the Lenders, the
Agents and the Voting Participants:

 

(a)           Extend the maturity of any Loan,
Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan, Project Agreement LC
Loan or any of the Notes or reduce the principal amount thereof, or reduce the
rate or change the time of payment of interest due on any Loan, Cash Collateral
Loan, DSRA LC Loan, Energy Hedge LC Loan, Project Agreement LC Loan, Note,
Commitment Fee or LC Fee; or

 

89

 

(b)           Extend the Construction Loan
Maturity Date, the Term Loan Maturity Date, any applicable Expiration Date
provided in Section 2.3(e)(iv)(y), 
DSRA LC Loan Maturity Date, any Energy Hedge LC Loan Maturity Date or
any Project Agreement LC Loan Maturity Date; or

 

(c)           Modify Sections 2.1, 2.2,
2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 5.1,
6.6, 9.1, 9.13, or 9.14 of this Financing Agreement
or Sections 5.1, 5.2, or 5.3 of the Depositary
Agreement; or

 

(d)           Reduce the amount or extend the
payment date for any amount due under Article 2; or

 

(e)           Increase the amount of the
Commitment of any Lender hereunder (except as permitted under Section 9.12);
or

 

(f)            Reduce or change the time or amount
of payment of any fee (other than the Other Fees) due or payable hereunder or
under any Financing Document; or

 

(g)           Reduce the percentage specified in
the definition of Majority Lenders; or

 

(h)           Amend this Section 9.9
other than with the consent of the Lenders required under the corresponding
clause of this Section 9.9; or

 

(i)            Release any Collateral from the Lien
of any of the Collateral Documents, release any guaranties under any of the
Collateral Documents or allow release of any funds from any Account otherwise
than in accordance with the terms hereof (including Section 6.4) and with
the terms of the Depositary Agreement.

 

With respect to any request to
amend any of Sections 5.1, 5.2, or 5.3 of the
Depositary Agreement or Sections 5.8, 6.6, 9.13, or 9.14
of the Financing Agreement, each Lender shall be deemed to have consented to
such request if it has not notified Administrative Agent of its objection to
such request by a date which is no later than the applicable deadline to be
mutually agreed upon between Administrative Agent and Borrower.

 

No amendment, modification,
termination, variance, supplement or waiver of any provision of this Financing
Agreement relating to Administrative Agent shall be effective without the
written consent of Administrative Agent.

 

Notwithstanding anything to the contrary provided in this Section 9.9,
the consent of the Majority Lenders shall not be required with respect to any
amendment or modification of the Equity Capital Contribution Agreement, solely
to the extent that such amendment or modification is required under the Equity
Support Member Syndication Side Letter (as in effect on the Financial Closing
Date), if Borrower has demonstrated to the reasonable satisfaction of
Administrative Agent that neither the aggregate amount of the Equity Capital
Contribution nor  the aggregate amount of
each quarterly equity contribution payable to Borrower under the ACCA would be
reduced as a result of any such change or modification.

 

90

 

9.10         Withholding Tax.

 

(a)           Administrative Agent may withhold from any interest
payment to any Lender an amount equivalent to any applicable withholding
tax.  If the forms or other documentation
required by Section 2.7(d)(v) are not delivered to
Administrative Agent, then Administrative Agent may withhold from any interest
payment to any Lender not providing such forms or other documentation, an
amount equivalent to the applicable withholding tax.

 

(b)           If the Internal Revenue Service or any authority of
the United States or other jurisdiction asserts a claim that Administrative
Agent did not properly withhold tax from amounts paid to or for the account of
any Lender (because the appropriate form was not delivered, was not properly
executed, or because such Lender failed to notify Administrative Agent or any
other Person of a change in circumstances which rendered the exemption from, or
reduction of, withholding tax ineffective, or for any other reason) such Lender
shall promptly indemnify Administrative Agent and/or Borrower, as applicable,
fully for all amounts paid, directly or indirectly, by such Person as tax or
otherwise, including penalties and interest, together with all expenses
incurred, including legal expenses, allocated staff costs, and any
out-of-pocket expenses.

 

(c)           If any Lender sells, assigns, grants participations
in, or otherwise transfers its rights under this Financing Agreement, the
participant shall comply and be bound by the terms of Sections 2.7(d)(v),
9.10(a) and 9.10(b) as though it were such Lender.

 

9.11         General Provisions as to Payments.  Administrative Agent shall promptly distribute
to each Lender its pro rata share of each payment of principal and interest
payable to the Lenders on the Loans, Cash Collateral Loans, DSRA LC Loans,
Energy Hedge LC Loans, Project Agreement LC Loans and fees hereunder received
by Administrative Agent for the account of the Lenders and of any other amounts
owing under the Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC
Loans and Project Agreement LC Loans. 
The payments made for the account of each Lender shall be made, and
distributed to it, for the account of its Lending Office.

 

9.12         Substitution of Lender.  Should any Lender fail to make a Loan, or
provide the forms or other documentation required by Section 2.7(d)(v) in
violation of its obligations under this Financing Agreement, or be unable to
make or continue LIBO Rate Loans due to an event occurring under Section 2.8(a) or
Section 2.8(b), or claim increased costs under Section 2.8(c) or
Section 2.8(d) (a “Substitutable Lender”),
Administrative Agent (a) may in its sole discretion fund the Loan on
behalf of the Substitutable Lender and (b) shall cooperate with Borrower
or any other Lender to find another Person that shall be acceptable to
Administrative Agent and that shall be willing to assume the Substitutable
Lender’s obligations under this Financing Agreement (including the obligation
to make the Loan which the Substitutable Lender failed to make but without
assuming any liability for damages for failing to have made such Loan or any
previously required Loan).  Subject to
the provisions of the next following sentence, such Person shall be substituted
for the Substitutable Lender hereunder upon execution and delivery to
Administrative Agent of an agreement acceptable to Administrative Agent by such
Person assuming the Substitutable Lender’s obligations under this Financing
Agreement, and all principal, interest and fees which would otherwise have been
payable to the Substitutable Lender shall thereafter be 

 

91

 

payable to such Person.  Nothing in (and no action taken pursuant to)
this Section 9.12 shall relieve the Substitutable Lender from any
liability it might have to Borrower or to the other Lenders as a result of its
failure to make such Loan.

 

9.13         Participations.

 

(a)           Generally.  Nothing
herein provided shall prevent any Lender from selling a participation in its
Commitment (and Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC
Loans or Project Agreement LC Loans made thereunder); provided that,
except to the extent provided in Section 9.13(b) below with
respect to Voting Participations, (i) no such sale of a participation
shall alter such Lender’s obligations hereunder and (ii) any agreement
pursuant to which any Lender may grant a participation in its rights with
respect to its Commitment (and Loans or other Obligations) shall provide that,
with respect to such Commitment (and Loans or other Obligations), such Lender
shall retain the sole right and responsibility to exercise the rights of such
Lender, and enforce the obligations of Borrower relating to such Commitment
(and Loans or other Obligations), including the right to approve any amendment,
modification or waiver of any provision of this Financing Agreement or any
other Financing Document and the right to take action to have the Notes
declared due and payable pursuant to Article 7.  Except to the extent provided in Section 9.13(b) below
with respect to Voting Participations, no recipient of a participation in any
Commitment or Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC
Loans or Project Agreement LC Loans of any Lender shall have any rights under
this Financing Agreement.

 

(b)           Voting Participations. 
Notwithstanding the provisions of Section 9.13(a), a Lender
may sell a participation (a “Voting Participation”) in its Commitment
(and Loans or other Obligations made thereunder) to a Voting Participant
whereby such Voting Participant shall be accorded the voting rights of such
Lender to the extent of such Voting Participation, and the voting rights of
such Lender shall be reduced accordingly; provided, however, that
no Lender may sell such Voting Participation in any portion of its Commitment
(including Loans and other Obligations) that is less than Five Million Dollars
($5,000,000) (unless to another Lender) or which leaves the selling Lender with
a Commitment (including Loans and other Obligations) that is less than Five
Million Dollars ($5,000,000) after giving effect to such Voting Participation
and all previous Voting Participations. 
For the avoidance of doubt, where any matter contained in this Financing
Agreement requires the vote, agreement or consent of all of the Lenders, then
such matter shall also require the vote, agreement or consent (as the case may
be) of the Voting Participants.  Each
Voting Participant shall provide such information concerning the details of its
participation (such as its contact details, the dollar amount of the
participation purchased and a copy of the participation agreement) as
Administrative Agent shall reasonably request, and the parties to such Voting
Participation shall cause to be paid to Administrative Agent a processing fee
in the amount of Three Thousand Five Hundred Dollars ($3,500).  Sub-participations of a Voting Participation
by a Voting Participant shall not be permitted hereunder.

 

9.14         Transfer of Commitment.  Notwithstanding anything else herein to the
contrary, any Lender, after receiving the prior written consent of
Administrative Agent and, so long as no Event of Default has occurred and is
continuing, Borrower, may from time to time, at its option, sell, assign,
transfer, negotiate or otherwise dispose of a portion of its Commitment (and
Loans and other Obligations) (including the Lender’s interest in this Financing
Agreement and the other

 

92

 

Financing Documents) to any
bank or other lending institution which in such assigning Lender’s reasonable
judgment is reasonably capable of performing the obligations of a Lender
hereunder and reasonably experienced in project financings and, with respect to
any such sale, assignment, transfer, negotiation or other disposition occurring
prior to the Term-Conversion Date, such bank or other lending institution shall
have a combined capital and surplus of at least One Hundred Million Dollars
($100,000,000); provided, however, that (x) no Lender
(including any assignee of any Lender) may assign any portion of its Commitment
(including Loans) of less than Ten Million Dollars ($10,000,000) (unless to
another Lender) or which leaves the assigning Lender with a Commitment
(including Loans) of less than Five Million Dollars ($5,000,000) after giving
effect to such assignment and all previous assignments (except that a Lender
may be left with no Commitment and Loans if it assigns its entire Commitment
and Loans), (y) no Lender (including any assignee of any Lender) may
assign any portion of its Commitment (including Loans) to a new lender if, at
the time of transfer, such assignment would result, if the circumstances
(including Governmental Rules) at the time of such transfer were unchanged in
claims being made by such new lender, for costs pursuant to Section 2.7
or Section 2.8 hereof in excess of those which could be made by the
assigning Lender were it not to make such assignment, unless such new lender
waives its right to claim such costs or unless Borrower consents to such
transfer and (z) no Lender may transfer to a new Lender which (either
itself or through its Affiliates) develops, constructs, owns (other than
ownership interests in projects in which such new Lender or such Affiliates are
passive investors and neither exercise management nor day to day control over
the affairs of such projects) or operates wind farms.  In the event of any such assignment, (a) the
assigning Lender’s Proportionate Share shall be reduced by the amount of the
Proportionate Share assigned to the new lender; (b) the parties to such
assignment shall execute and deliver an appropriate agreement evidencing such
sale, assignment, transfer or other disposition and shall cause to be paid to Administrative
Agent a processing fee in the amount of Three Thousand Five Hundred Dollars
($3,500); (c) at the assigning Lender’s option, Borrower shall execute and
deliver to such new lender new Notes in the forms attached hereto as Exhibit B-1
or Exhibit B-2 (as appropriate), in a principal amount equal to its
Proportionate Share of the Commitment being assigned, and Borrower shall
execute and exchange with the assigning Lender a replacement note for any Note
in an amount equal to the Proportionate Share of the Commitment retained by the
Lender, if any, and (d) the assigning Lender shall (without duplication of
its obligations pursuant to the immediately preceding clause (c)) cancel
and return any Note to Borrower promptly after the effectiveness of such assignment.  Thereafter, such new lender shall be deemed
to be a Lender and shall have all of the rights and duties of a Lender (except
as otherwise provided in this Article 9), in accordance with its
Proportionate Share, under each of the Financing Documents.  For greater certainty, other than as set
forth in Section 11.4(b), the costs of the foregoing shall not be
for the account of Borrower.

 

9.15         Laws.  Notwithstanding the foregoing provisions of
this Article 9, no sale, assignment, transfer, negotiation or other
disposition of the interests of any Lender hereunder or under the other
Financing Documents shall be allowed if it would require registration under the
Exchange Act, any other federal securities laws or regulations or the
securities laws or regulations of any applicable jurisdiction.  Borrower shall, from time to time at the
request and expense of Administrative Agent, execute and deliver to
Administrative Agent, or to such party or parties as Administrative Agent may
designate, any and all further instruments and take such further actions as may
in the opinion of Administrative Agent be reasonably necessary or advisable to
give full force and effect to such disposition.

 

93

 

9.16         Assignability to Federal
Reserve Bank. 
Notwithstanding any other provision contained in this Financing
Agreement or any other Financing Document to the contrary, any Lender may
assign all or any portion of the Loans, Cash Collateral Loans, DSRA LC Loans,
Energy Hedge LC Loans, Project Agreement LC Loans or Notes held by it to any
Federal Reserve Bank or the United States Treasury as collateral security
pursuant to Regulation A of the Federal Reserve Board and any Operating
Circular issued by such Federal Reserve Bank, provided that any payment
in respect of such assigned Loans, Cash Collateral Loans, DSRA LC Loans, Energy
Hedge LC Loans, Project Agreement LC Loans or Notes made by Borrower to or for
the account of the assigning and/or pledging Lender in accordance with the
terms of this Financing Agreement shall satisfy Borrower’s obligations
hereunder in respect to such assigned Loans, Cash Collateral Loans, DSRA LC
Loans, Energy Hedge LC Loans, Project Agreement LC Loans or Notes to the extent
of such payment.  No such assignment
shall release the assigning Lender from its obligations hereunder and in no
event shall the Federal Reserve Bank be considered a “Lender” hereunder.

 

9.17         Response to Borrower
Requests. 
Administrative Agent and each Lender shall endeavor to act as diligently
as practicable in the review of documents, the making of determinations or the
consideration of requests for consents, approvals, waivers or amendments
required to be reviewed, made or considered by Administrative Agent or the
Lenders, as the case may be, as contemplated by and in accordance with the
provisions of this Financing Agreement and the other Operative Documents.

 

ARTICLE 10

INDEPENDENT CONSULTANTS

 

10.1         Removal and Fees.  Administrative Agent, in its reasonable
discretion, may remove from time to time, any one or more of the Independent
Consultants and appoint replacements or shall appoint additional
consultants.  If no Event of Default
shall have occurred and be continuing such replacement consultants or
additional consultants shall be reasonably acceptable to Borrower.  Notice of any replacement Independent
Consultant shall be given by Administrative Agent to Borrower, the Lenders and
to the Independent Consultant being replaced. 
All reasonable fees and expenses of the Independent Consultants (whether
the original Independent Consultants or replacements) shall be paid by
Borrower; provided, however, that unless an Event of Default
shall have occurred and be continuing, Administrative Agent shall request that
each such Independent Consultant provide Borrower with its proposed scope of
work and proposed budget therefor, and shall consult with and seek the consent
of Borrower (such consent not to be unreasonably withheld or delayed) with
regard to the matters contained therein.

 

10.2         Duties.  Each Independent Consultant shall be
contractually obligated to Administrative Agent to carry out the activities
required of it in this Financing Agreement and as otherwise requested by
Administrative Agent and shall be responsible solely to Administrative
Agent.  Borrower acknowledges, and will
cause each Project Company to acknowledge, that it will not have any cause of
action or claim against any Independent Consultant resulting from any decision
made or not made, any action taken or not taken or any advice given by such
Independent Consultant in the due performance in good faith of its duties to
Administrative 

 

94

 

Agent hereunder, except to
the extent arising from such Independent Consultant’s gross negligence or
willful misconduct.

 

10.3         Independent Consultants’
Certificates.

 

(a)           Borrower,
upon request by Administrative Agent, shall provide such documents and
information which are available to Borrower as any of the Independent
Consultants may consider reasonably necessary in order for the Independent
Consultants to deliver to Administrative Agent the following certificates:

 

(i)            certificates
of the Insurance Consultant, Borrower’s Environmental Consultants and the
Independent Engineer delivered on and dated as of the Financial Closing Date as
described in Article 3 and containing the matters set out therein;

 

(ii)           after
the Financial Closing Date, all certificates to be delivered pursuant to Section 3.2(c) or,
if no Loan has taken place in any month, certificates delivered at the end of
the month as to the matters required by Exhibit D-6;

 

(iii)          monthly
after the Financial Closing Date (until the Term-Conversion Date), a report and
status of the progress of each Project to that date, a complete assessment of
Project Costs to Final Completion with respect to all of the Projects and such
other information and certification as Administrative Agent may reasonably
require from time to time; and

 

(iv)          such
other information and certification as Administrative Agent may reasonably
require from time to time.

 

(b)           Following
Completion with respect to all of the Projects, Borrower shall provide such
documents and information to the (i) Insurance Consultant as it may
reasonably consider necessary in order for the Insurance Consultant to deliver
annually to Administrative Agent a certificate setting forth a report on the
status of the insurance requirements with respect to each Project and such
other information and certification as Administrative Agent may reasonably
require from time to time, and (ii) Independent Engineer as it may
reasonably consider necessary in order for the Independent Engineer to deliver
to Administrative Agent (at such times as Administrative Agent shall reasonably
deem necessary) an annual report of the status of each Project.

 

10.4         Certification of Dates.  Borrower shall provide the Independent
Consultants with reasonable notice of the expected occurrence of any such dates
or events that would require certificates of Independent Consultants hereunder.

 

ARTICLE 11

MISCELLANEOUS

 

11.1         Addresses.  Any communications between the parties hereto
or notices provided pursuant hereto or hereunder shall be given to the
following addresses:

 

95

 

	
  If to Administrative Agent:

  	
  Citibank, N.A., as Administrative Agent

  
	
   

  	
  1615 Briette Road Ops 3

  
	
   

  	
  New Castle, DE 19720

  
	
   

  	
  Tel:

  	
  (302) 323-3611

  
	
   

  	
  Fax :

  	
  (212) 994-0961

  
	
   

  	
  Attn:

  	
  Melik Khoury

  
	
   

  	
   

  	
   

  
	
  If to Collateral Agent:

  	
  Citibank Agency & Trust

  
	
   

  	
  Citibank, N.A., as Collateral Agent

  
	
   

  	
  388 Greenwich Street, 14th Floor

  
	
   

  	
  New York, NY 10013

  
	
   

  	
  Tel:

  	
  (212) 816-2977

  
	
   

  	
  Fax:

  	
  (212) 627-2762

  
	
   

  	
  Attn:

  	
  Patricia Gallagher—Project Noble

  
	
   

  	
   

  	
   

  
	
  If to Borrower:

  	
  Noble Environmental Power 2008 Hold Co., LLC

  
	
   

  	
  8 Railroad Avenue

  
	
   

  	
  Suite 8, Second Floor

  
	
   

  	
  Essex, CT 06426

  
	
   

  	
  Tel:    

  	
  (860) 581-5010

  
	
   

  	
  Fax:

  	
  (860) 767-7041

  
	
   

  	
  Attn:

  	
  Vice President of Asset Management

  
	
   

  	
   

  	
   

  
	
  If to the Project Companies:

  	
  Noble Altona Windpark, LLC

  
	
   

  	
  8 Railroad Avenue

  
	
   

  	
  Suite 8, Second Floor

  
	
   

  	
  Essex, CT 06426

  
	
   

  	
  Tel:

  	
  (860) 581-5010

  
	
   

  	
  Fax:

  	
  (860) 767-7041

  
	
   

  	
  Attn:

  	
  Vice President of Asset Management

  
	
   

  	
   

  	
   

  
	
   

  	
  Noble Chateaugay Windpark, LLC

  
	
   

  	
  8 Railroad Avenue

  
	
   

  	
  Suite 8, Second Floor

  
	
   

  	
  Essex, CT 06426

  
	
   

  	
  Tel:

  	
  (860) 581-5010

  
	
   

  	
  Fax:

  	
  (860) 767-7041

  
	
   

  	
  Attn:

  	
  Vice President of Asset Management

  
	
   

  	
   

  	
   

  
	
   

  	
  Noble Wethersfield Windpark, LLC

  
	
   

  	
  8 Railroad Avenue

  
	
   

  	
  Suite 8, Second Floor

  
	
   

  	
  Essex, CT 06426

  
	
   

  	
  Tel:

  	
  (860) 581-5010

  
	
   

  	
  Fax:

  	
  (860) 767-7041

  
	
   

  	
  Attn:

  	
  Vice President of Asset Management

  

 

96

 

All notices or other communications required
or permitted to be given hereunder shall be in writing and shall be considered
as properly given (a) if delivered in person, (b) if sent by
overnight delivery service (including Federal Express, ETA, Emery, DHL, Air
Borne and other similar overnight delivery services), (c) in the event
overnight delivery services are not readily available, if mailed by first class
mail, postage prepaid, registered or certified with return receipt requested or
(d) if sent by telecopy.  Notice so
given shall be effective upon actual receipt by the addressee, except that
communication or notice so transmitted by telecopy shall be deemed to have been
validly and effectively given on the day (if a Banking Day and, if not, on the
next following Banking Day) on which it is transmitted if transmitted before 4 p.m.,
recipient’s time, and if transmitted after that time, on the next following
Banking Day, in each case as evidenced by transmittal confirmation received by
the transmitter; provided, however that if notice is sent by
telecopy the transmitter shall confirm such telecopy by telephone.  Any party shall have the right to change its
address for notice hereunder to any other location within the United States by
giving of thirty (30) days’ written notice to the other parties in the manner
set forth herein above.

 

11.2         Additional Security; Right
to Set-Off.  Other than
in the Distributable Cash Account, any deposits or other sums at any time
credited or due from Lenders and any Project Revenues, securities or other
Collateral of the Noble Entities in the possession of Administrative Agent may
at all times be treated as collateral security for the payment of the Loans,
Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans, Project Agreement
LC Loans and the Notes and all other obligations of the Noble Entities to the
Lenders under this Financing Agreement and the other Financing Documents, and
Borrower hereby pledges, and shall cause each of the Project Companies to
pledge, to Administrative Agent for the benefit of the Lenders and grants
Administrative Agent a security interest and Lien in and to all such deposits,
sums, securities or other Collateral. 
Regardless of the adequacy of any other collateral, Administrative Agent
and only Administrative Agent may execute or realize on the Lenders’ security
interest in any such deposits or other sums credited by or due from the Lenders
to any Noble Entity, and may apply any such deposits or other sums to or set
them off against Borrower’s obligations to Lenders under the Notes and this
Financing Agreement at any time after the occurrence and during the continuance
of any Event of Default.  Notwithstanding
any provision in this Financing Agreement to the contrary, neither Administrative
Agent nor any Lender shall have any rights to set off any amounts due to
Administrative Agent or any Lender under this Financing Agreement against any
funds in the Distributable Cash Account.

 

11.3         Delay and Waiver.  No delay or omission to exercise any right,
power or remedy accruing to Administrative Agent, any other Agent or the
Lenders upon the occurrence of any Event of Default or Default or any breach or
default of Borrower under this Financing Agreement or any other Financing
Document shall impair any such right, power or remedy of Administrative Agent,
any other Agent or the Lenders, nor shall it be construed to be a waiver of any
such breach or default, or an acquiescence therein, or of any similar breach or
default thereafter occurring, nor shall any waiver of any single Event of
Default, Default or other breach or default be deemed a waiver of any other
Event of Default, Default or other breach or default theretofore or thereafter
occurring.  Any waiver, indulgence,
permit, consent or approval of any kind or character on the part of
Administrative Agent, any other Agent and/or the Lenders of any Event of
Default, Default or other breach or default under this Financing Agreement or
any other Financing Document, or any waiver on the part of Administrative
Agent, any other Agent and/or the Lenders of any provision or condition of this
Financing Agreement or any other Financing 

 

97

 

Document, must be in a
writing expressly referencing this Financing Agreement and shall be effective
only to the extent in such writing specifically set forth.  All remedies, either under this Financing
Agreement or any other Financing Document or by law or otherwise afforded to
Administrative Agent, the other Agents and the Lenders, shall be cumulative and
not alternative.

 

11.4         Costs, Expenses and
Attorneys’ Fees; Syndication.

 

(a)           Borrower
will pay to Administrative Agent all of its reasonable third-party and
out-of-pocket costs and expenses in connection with the preparation,
negotiation, closing and costs of administering this Financing Agreement and
the Operative Documents, including the reasonable fees, expenses and
disbursements of a single New York counsel and such special counsel as are
reasonably necessary, in each case retained by Administrative Agent in
connection with the preparation of such documents and any amendments hereof or
thereof, or the negotiation, closing or administration of this Financing
Agreement, and the reasonable fees, expenses and disbursements of the
Independent Consultants and any other engineering, insurance, environmental and
construction consultants to Administrative Agent incurred in connection with
this Financing Agreement or the Loans, Cash Collateral Loans, DSRA LC Loans,
Energy Hedge LC Loans, Project Agreement LC Loans, the Letters of Credit or the
Commitments, and the reasonable and documented travel, out-of-pocket, tombstone
and lucite costs incurred by Administrative Agent, provided, however,
that Borrower shall not be required to pay the fees of Lenders’ (other than
Administrative Agent’s) attorneys. 
Except as provided in Section 5.18(e), Borrower will
reimburse Administrative Agent, the other Agents and the Lenders for all costs
and expenses, including reasonable attorneys’ fees of a single New York counsel
and such special counsel as are reasonably necessary, expended or incurred by
Administrative Agent, the other Agents and each Lender in enforcing this
Financing Agreement or the other Financing Documents in connection with an
Event of Default or Default, in actions for declaratory relief in any way
related to this Financing Agreement, in collecting any sum which becomes due
Administrative Agent or any Lender on the Notes or under the Financing
Documents, or in connection with the participation by Administrative Agent, any
Lender or the Independent Engineer in any arbitration proceedings under the
Construction Contracts.

 

(b)           In
connection with syndication of the credit facilities under this Financing
Agreement, an information package, subject to the confidentiality provisions
contained in Section 11.20, containing certain relevant information
concerning Borrower, each Member, the Projects and the other Project
participants will be provided to potential Lenders and participants.  Borrower agrees to cooperate and to cause
each Affiliate of Borrower to cooperate in the syndication of the credit
facilities under this Financing Agreement in all respects reasonably requested
by Administrative Agent and Syndication Agent including participation in a
reasonable number of bank meetings held in connection with such syndication,
and to provide, for inclusion in such package, all information which
Administrative Agent and Syndication Agent may request from it or which
Administrative Agent or Borrower may consider material to a lender or
participant, or necessary or appropriate for accurate and complete
disclosure.  Borrower shall be
responsible for all reasonable documented third-party and out-of-pocket costs
and expenses incurred by Administrative Agent and Syndication Agent in
connection with the initial syndication of the credit facilities under this
Financing Agreement.

 

98

 

11.5         Attorney-In-Fact.

 

(a)           For
the purpose of allowing Administrative Agent and Collateral Agent to exercise
their respective rights and remedies provided in Article 7
following the occurrence and during the continuation of an Event of Default,
Borrower hereby constitutes and appoints, and shall cause each Project Company
to constitute and appoint, each of Administrative Agent and Collateral Agent
its true and lawful attorney-in-fact, with full power of substitution, to
complete any or all of any Projects in the name of the Noble Entities, and
hereby empowers such attorney or attorneys as follows:

 

(i)            To
use any unadvanced proceeds of the Loans and any Borrower Equity or Noble
Equity for the purpose of completing, operating or maintaining any or all of
the Projects, the Construction Contracts, the O&M Agreements and the Plans
and Specifications or the other Project Documents;

 

(ii)           To
make such changes and corrections in the Plans and Specifications as reasonably
shall be necessary or desirable to complete the work on any or all of any
Projects in substantially the manner contemplated by the Construction Contracts;

 

(iii)          To
employ such contractors, subcontractors, agents, architects and inspectors as
reasonably shall be required for such purposes;

 

(iv)          To
pay, settle or compromise all bills and claims which may be or become Liens or
security interests against any or all of the Projects or the Collateral, or any
part thereof, unless a bond or other security satisfactory to Administrative
Agent has been provided;

 

(v)           To
execute applications and certificates in the name of any Noble Entity which
reasonably may be required by the Financing Documents or any other agreement or
instrument executed by or on behalf of any Noble Entity in connection with any
or all of any Projects;

 

(vi)          To
prosecute and defend all actions or proceedings in connection with any or all
of any Projects or the Collateral or any part thereof and to take such action
and require such performance as such attorney-in-fact reasonably deems
necessary under any performance and payment bond and the Financing Documents;

 

(vii)         To do any
and every act which any Noble Entity might do on its behalf with respect to the
Collateral or any part thereof or any or all of any Projects and to exercise
any or all of any Noble Entity’s rights and remedies under any or all of the
Project Documents; and

 

(viii)        To use any
funds contained in any Account, including the Debt Service Reserve Account, to
pay interest and principal on the Obligations as accrued from time to time or
to pay Project Costs or O&M Costs.

 

99

 

(b)           This
power of attorney shall be deemed to be a power coupled with an interest and
shall be irrevocable.

 

11.6         Entire Agreement.  This Financing Agreement and any agreement,
document or instrument attached hereto or referred to herein integrate all the
terms and conditions mentioned herein or incidental hereto and supersede all
oral negotiations and prior writings in respect to the subject matter
hereof.  In the event of any conflict
between the terms, conditions and provisions of this Financing Agreement and
any such agreement, document or instrument, the terms, conditions and
provisions of this Financing Agreement shall prevail.

 

11.7         Governing Law.  THIS FINANCING AGREEMENT, AND ANY INSTRUMENT
OR AGREEMENT REQUIRED HEREUNDER (TO THE EXTENT NOT EXPRESSLY PROVIDED FOR
THEREIN), SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE LAWS OF THE STATE OF
NEW YORK, APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE AND
WITHOUT REFERENCE TO CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW).

 

11.8         Severability.  In case any one or more of the provisions
contained in this Financing Agreement should be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby, and
the parties hereto shall enter into good faith negotiations to replace the
invalid, illegal or unenforceable provision.

 

11.9         Headings.  Paragraph headings and a table of contents
have been inserted in this Financing Agreement as a matter of convenience for
reference only and it is agreed that such paragraph headings are not a part of
this Financing Agreement and shall not be used in the interpretation of any
provision of this Financing Agreement.

 

11.10       Accounting Terms.  All accounting terms not specifically defined
herein shall be construed in accordance with GAAP and practices consistent with
those applied in the preparation of the financial statements submitted by
Borrower to Administrative Agent, and (unless otherwise indicated) all
financial data submitted pursuant to this Financing Agreement shall be prepared
in accordance with such principles and practices.

 

11.11       No Partnership, Etc  Administrative Agent, each other Agent, the
Lenders and Borrower intend that the relationship between them shall be solely
that of creditor and debtor.  Nothing
contained in this Financing Agreement, the Notes or in any of the other
Financing Documents shall be deemed or construed to create a partnership,
tenancy-in-common, joint tenancy, joint venture or co-ownership by, between or
among Administrative Agent, each other Agent, the Lenders and Borrower or any
other Person.  Neither Administrative
Agent, any other Agent nor the Lenders shall be in any way responsible or liable
for the debts, losses, obligations or duties of the Noble Entities, the Equity
Support Members or any other Person with respect to the Project Documents, the
Projects or otherwise.  All obligations
to pay real property or other taxes, assessments, insurance premiums, and all
other fees and charges arising from any Project Document or the ownership,
operation or occupancy of the Projects and to perform all obligations under the
Project Documents, the Real Property Documents and any other 

 

100

 

agreements and contracts
relating to the Projects shall be the sole responsibility of the Noble
Entities, as applicable.

 

11.12       Mortgages; Collateral
Documents.  The Loans
and the other Obligations are secured in part by the Mortgages encumbering
certain properties in New York. 
Reference is hereby made to the Mortgages and the other Collateral
Documents for the provisions, among others, relating to the nature and extent
of the security provided thereunder, the rights, duties and obligations of the
Noble Entities and the rights of Administrative Agent, each other Agent and the
Lenders with respect to such security.

 

11.13       Limitation on Liability.  NO CLAIM SHALL BE MADE BY ANY PARTY HERETO OR
ANY OF ITS AFFILIATES, DIRECTORS, EMPLOYEES, ATTORNEYS OR AGENTS AGAINST ANY
OTHER PARTY HERETO OR ANY OF ITS AFFILIATES, DIRECTORS, EMPLOYEES, ATTORNEYS OR
AGENTS FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (WHETHER OR
NOT THE CLAIM THEREFOR IS BASED ON CONTRACT, TORT, DUTY IMPOSED BY LAW OR
OTHERWISE), IN CONNECTION WITH, ARISING OUT OF OR IN ANY WAY RELATED TO THE
TRANSACTIONS CONTEMPLATED BY THIS FINANCING AGREEMENT OR THE OTHER OPERATIVE
DOCUMENTS OR ANY ACT OR OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH;
AND EACH PARTY HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE UPON ANY SUCH
CLAIM FOR ANY SUCH SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES,
WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS
FAVOR.

 

11.14       Waiver of Jury Trial.  ADMINISTRATIVE AGENT, THE OTHER AGENTS, LC
FRONTING BANK, THE LENDERS AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY, AND
INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH, THIS FINANCING AGREEMENT OR ANY OTHER OPERATIVE DOCUMENT, OR ANY COURSE
OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS
OF ADMINISTRATIVE AGENT, THE OTHER AGENTS, LC FRONTING BANK, THE LENDERS OR
BORROWER.  THIS PROVISION IS A MATERIAL
INDUCEMENT FOR ADMINISTRATIVE AGENT, THE OTHER AGENTS AND THE LENDERS TO ENTER
INTO THIS FINANCING AGREEMENT.

 

11.15       Consent to Jurisdiction.  Administrative Agent, each other Agent, LC
Fronting Bank, the Lenders and Borrower agree (and Borrower shall cause each
Project Company to agree) that any legal action or proceeding by or against any
Noble Entity or with respect to or arising out of this Financing Agreement, the
Notes or any other Financing Document may be brought in or removed to the
courts of the State of New York, in and for the County of New York, or of the
United States of America for the Southern District of New York, as
Administrative Agent may elect.  By
execution and delivery of this Financing Agreement, Administrative Agent, each
other Agent, LC Fronting Bank, the Lenders and Borrower accept (and Borrower
shall cause each Project Company to accept), for themselves and in respect of
their property, generally and unconditionally, the jurisdiction of the
aforesaid courts.  

 

101

 

Administrative Agent, each
other Agent, the Lenders and Borrower irrevocably consent to the service of
process out of any of the aforementioned courts in any such action or proceeding
by the mailing of copies thereof by registered or certified airmail, postage
prepaid, to Administrative Agent, each other Agent, LC Fronting Bank, the
Lenders or Borrower, as the case may be, at their respective addresses for
notices as specified herein and that such service shall be effective five (5) Banking
Days after such mailing.  Nothing herein
shall affect the right to serve process in any other manner permitted by law or
the right of Administrative Agent, any other Agent or any Lender to bring legal
action or proceedings in any other competent jurisdiction, including judicial
or non-judicial foreclosure of any Mortgage. 
Administrative Agent, each other Agent, the Lenders and Borrower hereby
waive (and Borrower shall cause each Project Company to waive) any right to
stay or dismiss any action or proceeding under or in connection with any or all
of any Project, this Financing Agreement or any other Financing Document
brought before the foregoing courts on the basis of forum non-conveniens.

 

11.16       Usury.  Nothing contained in this Financing Agreement
or the Notes shall be deemed to require the payment of interest or other
charges by Borrower or any other Person in excess of the amount which the
holders of the Notes may lawfully charge under any applicable usury laws.  In the event that the holders of the Notes
shall collect moneys which are deemed to constitute interest which would
increase the effective interest rate to a rate in excess of that permitted to
be charged by applicable law, all such sums deemed to constitute interest in
excess of the legal rate shall, upon such determination, at the option of the
holder of the Notes, be returned to Borrower or credited against the principal
balance of the Notes then outstanding. 
Nothing contained in this Section 11.16 shall be construed
as waiving any usury exemption any Lender has under law, and, to the extent any
such exemption applies, this Section 11.16 shall be inapplicable.

 

11.17       Successors and Assigns.  The provisions of this Financing Agreement shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 
Borrower may not assign or otherwise transfer any of its rights under
this Financing Agreement without the prior written consent of Administrative
Agent, the other Agents and the Lenders.

 

11.18       Counterparts.  This Financing Agreement may be executed in
one or more counterparts and by facsimile and when signed by all of the parties
listed below shall constitute a single binding agreement.

 

11.19       Trust Fund Provisions.  This Financing Agreement is subject to the
trust fund provision of Section 13 of the Lien Law of the State of New
York.  The affidavit attached hereto as Exhibit D-7
and made a part hereof is made pursuant to and in compliance with Section 22
of the Lien Law, and if so indicated on such affidavit the proceeds of the loan
will be used in part to reimburse Borrower for payments made by Borrower prior
to the initial Borrowing hereunder but subsequent to the commencement of the
Improvements for items of “cost of improvement” as defined in Subdivision 5 of Section 2
of the Lien Law.

 

11.20       Confidentiality.  Administrative Agent, the other Agents, LC
Fronting Bank and the Lenders agree to use commercially reasonable efforts to
maintain the confidential nature of, and shall not use or disclose the
financial information or other confidential information related to

 

102

 

any Noble Entity, Noble
Environmental or the Projects, without first obtaining Borrower’s prior written
consent; provided that nothing in this Section 11.20 shall
require any such party to obtain any consent of Borrower in connection with (a) exercising
any of their respective rights under the Operative Documents, including those
exercisable upon the occurrence and continuance of an Event of Default; (b) providing
information about any Noble Entity, Noble Environmental or the Projects to any
other Lender or prospective Lender or any Person acquiring, or potentially
acquiring, any interest of the Lenders under this Financing Agreement and any
such Person’s directors, officers, employees, agents and consultants in
connection with their credit evaluation of Borrower or otherwise (provided,
that in the case of any such Person potentially acquiring such an interest from
any Lender, such Person shall be bound by the terms of this Section 11.20);
(c) any situation in which Administrative Agent, any other Agent, LC Fronting
Bank or the Lenders, or any of them (i) are required by any Legal
Requirement or Governmental Authority to disclose information or (ii) are
requested by bank examiners to disclose information (provided that if
permitted by applicable Legal Requirements, such Person shall be bound by the
terms of this Section 11.20); (d) providing information to
legal counsel to such party in connection with the transactions contemplated by
any of the Operative Documents (provided, that such counsel shall be
bound by the terms of this Section 11.20); (e) providing
information to independent accountants, auditors or other expert consultants
retained by any such party (provided, that such auditors or consultants
shall be bound by the terms of this Section 11.20); (f) any
information that is in or becomes part of the public domain otherwise than
through a wrongful act of any such party or any employees or agents thereof or
other Persons to whom confidential information is disclosed under subsections
(b), (c), (d) or (e) above; (g) any information that is in the
possession of any such party prior to receipt thereof from Borrower or any
other Person known to Administrative Agent, any other Agent, LC Fronting Bank
or the Lenders to be acting on behalf of Borrower; (h) any information
that is independently developed by any such party; and (i) any information
that is disclosed to any such party by a third party that is not known or
reasonably suspected by such party to be bound by a confidentiality agreement
with, or other contractual, legal or fiduciary obligation of confidentiality
to, Borrower with respect to such information.

 

11.21       Forbearance Agreement. 
The rights of the Secured Parties to exercise any of their respective
remedies hereunder or under any of the other Financing Documents are subject to
the restrictions and limitations set forth in the Forbearance Agreement.

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

103

 

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

 

	
   

  	
  NOBLE ENVIRONMENTAL POWER
  2008

  HOLD CO., LLC, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Walter Howard

  
	
   

  	
  Name:

  	
  Walter
  Howard

  
	
   

  	
  Title:

  	
  President

  

 

 

	
   

  	
  CITIBANK, N.A.,  as Administrative Agent 

  for  the Lenders

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Stuart J. Murray

  
	
   

  	
  Name:

  	
  Stuart
  J. Murray

  
	
   

  	
  Title:

  	
  Director

  

 

 

	
   

  	
  CITIBANK, N.A.,  as Collateral Agent for 

  the Secured Parties

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Stuart J. Murray

  
	
   

  	
  Name:

  	
  Stuart
  J. Murray

  
	
   

  	
  Title:

  	
  Director

  

 

 

	
   

  	
  CITICORP NORTH AMERICA,
  INC., as a 

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Stuart J. Murray

  
	
   

  	
  Name:  Stuart J. Murray

  
	
   

  	
  Title:    Director

  

 

 

	
   

  	
  CITIBANK GLOBAL MARKETS,
  INC., 

  acting on behalf of CITIBANK, N.A., as 

  Joint Lead Arranger and Joint Bookrunner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Stuart J. Murray

  
	
   

  	
  Name:  Stuart J. Murray

  
	
   

  	
  Title:    Director

  

 

 

	
   

  	
  HSH NORDBANK AG, NEW YORK

  BRANCH, as Co-Documentation Agent, 

  Joint Lead Arranger, Joint Bookrunner and a 

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Tony K. Muoser

  
	
   

  	
  Name:  Tony K. Muoser

  
	
   

  	
  Title:    Senior Vice President
    HSH
  Nordbank AG,
   
  New York Branch

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Gregory T. Hutton

  
	
   

  	
  Name:  Gregory T. Hutton

  
	
   

  	
  Title:    Vice President
    HSH Nordbank AG, New York Branch

  

 

 

	
   

  	
  RBS SECURITIES
  CORPORATION, doing 

  business as RBS GREENWICH CAPITAL, 

  as Syndication Agent, Joint Lead Arranger and

  Joint Bookrunner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jeff Stuart

  
	
   

  	
  Name:  Jeff Stuart

  
	
   

  	
  Title:    Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
   

  	
  ROYAL BANK OF SCOTLAND
  PLC, as 

  Co-Documentation Agent and a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jonathan Kim

  
	
   

  	
  Name:  Jonathan Kim

  
	
   

  	
  Title:    Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

EXHIBIT A

TO

FINANCING
AGREEMENT

 

DEFINITIONS

 

“Acceptable DSRA LC”
means (a) the DSRA LC or (b) a letter of credit in form and substance
satisfactory to Administrative Agent (i) presented to Administrative Agent
for approval at least seven (7) Banking Days prior to the date of any
proposed issuance thereof, (ii) issued by a financial institution whose
long-term senior unsecured debt is rated at least “A-” by S&P or “A3” by
Moody’s, (iii) naming Administrative Agent on behalf of the Lenders as the
beneficiary, and (iv) containing other terms and provisions reasonably
satisfactory to Administrative Agent, including provisions that (A) such
letter of credit shall automatically renew upon the expiration thereof unless,
at least 60 days prior to such expiration, the issuer thereof shall
provide Administrative Agent with a notice of non-renewal of such letter of
credit and (B) if no agreement for a renewal or replacement of such letter
of credit has been made 30 days prior to the expiration of the letter
of credit, or within 20 days after the long-term senior unsecured
debt rating of the financial institution that provides the letter of credit is
downgraded below “A-” by S&P or “A3” by Moody’s, the stated amount of the
letter of credit shall be automatically drawn in full (without any further
action required of Administrative Agent, Borrower, any Project Company or any
account party) and the proceeds thereof automatically deposited in the Debt
Service Reserve Account.  In addition to
and without limiting the foregoing, such letter of credit issued pursuant to
subclause (b) above (w) shall have an initial expiration date of
at least one year after issuance (x) shall not be secured by any of the
Collateral, (y) shall not impose on Borrower or any Project Company any obligation
to reimburse drawing payments thereunder and (z) shall be issued in a face
amount equal from time to time to the DSRA Minimum Balance less any amounts on
deposit in the Debt Service Reserve Account.

 

“Acceptable Equity Support
Security” means a letter of credit or unconditional and irrevocable
guarantee (i) issued or executed, as applicable, by a financial
institution or other Person whose long-term senior unsecured debt is rated at
least “A-” by S&P or “A3” by Moody’s, (ii) naming Administrative Agent
on behalf of the Lenders as the beneficiary, and (iii) containing other
terms and provisions reasonably satisfactory to Administrative Agent, including
provisions that (A)  such letter of credit or guarantee secures the
obligations of the Equity Support Members under the Equity Support Documents or
the obligations of NEP and Noble Environmental under the NEP Contribution
Agreement, (B) any such guaranty shall have a term of no less than the
remaining Term and any such letter of credit shall automatically renew upon the
expiration thereof unless, at least 60 days prior to such expiration,
the issuer thereof shall provide Administrative Agent with a notice of
non-renewal of such letter of credit and (C) if no agreement for a renewal
or replacement of such letter of credit has been made 30 days prior
to the expiration of the letter of credit, or within 15 days after
the long-term senior unsecured debt rating of the financial institution that
provides the letter of credit is downgraded below “A-” by S&P or “A3” by
Moody’s, the stated amount of the letter of credit shall be automatically drawn
(without any further action required of Administrative Agent, Borrower, any
Project Company or any account party) and the proceeds thereof automatically
deposited into an account designated by Administrative Agent as security for
the payment of the 

 

 

obligations of the Equity
Support Members under the Equity Support Documents or the obligations of NEP
and Noble Environmental under the NEP Contribution Agreement.  In addition to and without limiting the
foregoing, any such letter of credit or guaranty issued or executed, as
applicable, pursuant to this definition (x) shall not impose on Borrower
or any Project Company any obligation to reimburse payments made thereunder, (y) shall
not be secured by any of the Collateral and (z) shall, in the case of a
letter of credit, have an initial expiration date of at least one year after
issuance.

 

“Acceptance Tests”
means any performance test conducted on the WTGs, including tests performed on
each WTG as it is constructed and placed in service, all tests required to be
performed by any Contractor as a condition to Unit Acceptance (as defined in
the Turbine Supply Agreement) or Final Acceptance (as defined in the EPC
Contracts), including, without limitation, Test Procedures (as defined in the
EPC Contracts), and Start-Up and Commissioning procedures (pursuant to the
Turbine Supply Agreement), and all other performance and acceptance tests under
the Construction Contracts.

 

“Accounts” means
the Construction Account, the Operating Account, the Debt Service Reserve
Account, the O&M and CapEx Reserve Account, the Distribution Reserve
Account, the Completion Reserve Account, the Working Capital Accounts, the
Insurance Proceeds Account, the Merchant Revenues Reserve Account and including
any sub-accounts within such accounts.

 

“Acquisition Loan Mortgage
(Altona)” means the Acquisition Loan Mortgage, Security Agreement,
Assignment of Leases and Rents, Financing Statement and Fixture Filing
(Altona), dated June 30, 2008, given by NAW and Clinton County IDA to
Collateral Agent in the maximum principal amount of $90,324,000 encumbering the
parcels of real property comprising the Site (Altona) and intended to be
recorded in the Clinton County Recorder’s Office.

 

“Acquisition Loan Mortgage
(Chateaugay)” means the Acquisition Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Chateaugay), dated June 30, 2008, given by NCW and Franklin County
IDA to Collateral Agent in the maximum principal amount of $93,410,000
encumbering the parcels of real property comprising the Site (Chateaugay)
located in the Town of Chateaugay, New York, and intended to be recorded in the
Franklin County Recorder’s Office.

 

“Acquisition Loan Mortgage
(Chateaugay (Clinton))” means the Acquisition Loan Mortgage,
Security Agreement, Assignment of Leases and Rents, Financing Statement and
Fixture Filing (Chateaugay (Clinton)), dated June 30, 2008, given by NCW
to Collateral Agent in the maximum principal amount of $1,076,000 encumbering
the parcels of real property comprising the Site (Chateaugay) located in the
Town of Clinton, New York, and intended to be recorded in the Clinton County
Recorder’s Office.

 

“Acquisition Loan Mortgage
(Wethersfield)” means the Acquisition Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Wethersfield), dated June 30, 2008, given by NWW and Wyoming
County IDA to Collateral Agent in the maximum principal amount of $112,981,000
encumbering the parcels 

 

2

 

of real property comprising
the Site (Wethersfield), and intended to be recorded in the Wyoming County
Recorder’s Office.

 

“Actual Interconnection
Costs” means, as of the Term-Conversion Date, the actual aggregate
costs required or anticipated to be required to be incurred by each Project
Company under the Interconnection Agreements, including to design, procure,
construct, upgrade and test the facilities contemplated under the
Interconnection Agreements, including any cost required to be expended on or in
connection with the NYISO system grid, that have not been paid by the Project
Companies as of such date.

 

“Additional Capital
Contribution Agreement” means that certain Additional Capital
Contribution Agreement, dated June 30, 2008, among Borrower and each
Equity Support Member.

 

“Additional Collateral
Mortgage (Altona)” means the Additional Collateral Mortgage,
Security Agreement, Assignment of Leases and Rents, Financing Statement and
Fixture Filing (Altona), dated June 30, 2008, given by NAW and
Clinton County IDA to Collateral Agent in the maximum principal amount of
$438,910,000 encumbering the parcels of real property comprising the Site
(Altona) and intended to be recorded in the Clinton County Recorder’s
Office.

 

“Additional Collateral
Mortgage (Chateaugay)” means the Additional Collateral Mortgage,
Security Agreement, Assignment of Leases and Rents, Financing Statement and
Fixture Filing (Chateaugay), dated June 30, 2008, given by NCW and
Franklin County IDA to Collateral Agent in the maximum principal amount of
$446,017,000 encumbering the parcels of real property comprising the Site
(Chateaugay) and intended to be recorded in the Franklin County Recorder’s
Office.

 

“Additional Collateral
Mortgage (Wethersfield)” means the Additional Collateral Mortgage,
Security Agreement, Assignment of Leases and Rents, Financing Statement and
Fixture Filing (Wethersfield), dated June 30, 2008, given by NWW and
Wyoming County IDA to Collateral Agent in the maximum principal amount of
$389,829,000 encumbering the parcels of real property comprising the Site
(Wethersfield) and intended to be recorded in the Wyoming County Recorder’s
Office.

 

“Additional Project
Documents” means any contracts or agreements entered into between
any Noble Entity and any other Person or assigned to any Noble Entity
subsequent to the Financial Closing Date, except as permitted by Section 6.4
or 

6.12(d) of the Financing Agreement, and that either (a) replaces or
substitutes for an existing Project Document (in which case the contract which
is so replaced will cease to be a Project Document) or (b) has a value
over its term in excess of $2,000,000; provided, however, that
notwithstanding the foregoing, any contract or agreement between any Noble
Entity and any Affiliate, except as permitted by Section 6.8 of the
Financing Agreement, shall be deemed an Additional Project Document hereunder.

 

“Adjustment Date”
has the meaning given in Section 5.9(a) of the Financing
Agreement.

 

3

 

“Administrative Agent”
means Citibank, N.A., acting in its capacity as Administrative Agent for the
Lenders under the Financing Agreement, or any successor appointed pursuant to
the terms of the Financing Agreement.

 

“Affiliate” of a
specified Person means any other Person that directly, or indirectly through
one or more intermediaries, controls, is controlled by or is under common
control with the Person specified, or who holds or beneficially owns ten
percent (10%) or more of the equity interest in the Person specified or
ten percent (10%) or more of any class of voting securities of the Person
specified.

 

“Agents” means,
collectively, Administrative Agent and Collateral Agent.

 

“Altona PILOT Mortgage”
means the PILOT Mortgage, dated May 1, 2008, as amended by First Amendment
to PILOT Mortgage, dated May 1, 2008, each from NAW and Clinton County IDA
to the County Treasurer of Clinton County, New York, as agent for Clinton
County, New York, Town of Altona, New York, Northern Adirondack Central School
District and Clinton County IDA.

 

“Amortization Schedule”
means the amortization schedule set forth as Exhibit J to the
Financing Agreement, as the same may be amended or replaced pursuant to the
Financing Agreement (including pursuant to Section 3.3(u) of
the Financing Agreement).

 

“Ancillary Border Parcels”
means Border Parcels that are not required for a Project to comply with any
set-back requirements or other Legal Requirements as specified in the legal
descriptions of the Sites attached to the relevant Mortgages, as applicable.

 

“Annual Operating Budgets”
means each operating plan and a budget, detailed by calendar month and
consistent with the methodology set forth in the Base Case Projections, of
anticipated revenues, debt service, the Average Annual Debt Service Coverage
Ratio for the year ending on the anticipated date of Completion, and each year
subsequent thereto throughout the Term, proposed shareholder or member
distributions, maintenance, repair and operation expenses (including reasonable
allowance for contingencies and working capital), maintenance reserves and all
other anticipated O&M Costs for each Project, initially for the period from
Completion to the conclusion of the first full fiscal year thereafter (and for
each subsequent Annual Operating Budget, for each fiscal year subsequent
thereto throughout the Term), and Borrower shall re-assess the scheduling and
probable cost of each material item of maintenance of each Project and include
a timetable and budget therefor in each of such Annual Operating Budgets.

 

“Applicable Construction
Loan Margin” means from and including the Financial Closing
Date to but excluding the Term-Conversion Date, (a) with respect to the
LIBO Rate Loans, an interest rate equal to 1.75% per annum and (b) with
respect to the Base Rate Loans, an interest rate equal to 0.75% per annum.

 

“Applicable LC Loan Margin”
means (i) at all times prior to the Term-Conversion Date, the Applicable
Construction Loan Margin and (ii) at all times from and after the
Term-Conversion Date, the Applicable Term Loan Margin.

 

4

 

“Applicable Permit”
means, at a given time, any material Permit (including any material
Environmental Permit or material zoning, sanitation, FERC, import, export,
safety, siting or building Permit) that is necessary at such given time
pursuant to applicable Legal Requirements or the Operative Documents in light
of the stage of development, construction or operation of any Project at such
given time to acquire, lease, develop, construct, test, operate, maintain,
repair, own or use such Project as contemplated by the Operative Documents, to
sell electricity therefrom, and for Borrower or any Project Company to enter
into any Operative Document or to consummate any transaction contemplated
thereby, in each case materially in accordance with all applicable Legal
Requirements.

 

“Applicable REC Contract” means any REC Contract that
by its terms is scheduled to terminate prior to March 31, 2009.

 

“Applicable Term Loan
Margin” means (a) with respect to the LIBO Rate Loans, (i) during
the period commencing on the Term-Conversion Date and ending on the day
immediately preceding the fourth (4th) anniversary of the Term-Conversion Date, 1.75% per
annum, (ii) during the period commencing on the fourth (4th) anniversary of the
Term-Conversion Date and ending on the day immediately preceding the eighth (8th) anniversary of the
Term-Conversion Date, 1.875% per annum, (iii) during the period commencing
on the eighth (8th) anniversary
of the Term-Conversion Date and ending on the day immediately preceding the
tenth (10th) anniversary
of the Term-Conversion Date, 2.00% per annum, (iv) during the period
commencing on the tenth (10th) anniversary of the Term-Conversion Date and ending on the day
immediately preceding the twelfth (12th) anniversary of the Term-Conversion Date, 2.25% per
annum, and (v) thereafter 2.50% per annum; and (b) with respect to the
Base Rate Loans, (i) during the period commencing on the Term-Conversion
Date and ending on the day immediately preceding the fourth (4th) anniversary of the
Term-Conversion Date, 0.75% per annum, (ii) during the period commencing
on the fourth (4th) anniversary
of the Term-Conversion Date and ending on the day immediately preceding the
eighth (8th) anniversary
of the Term-Conversion Date, 0. 875% per annum, (iii) during the period
commencing on the eighth (8th) anniversary of the Term-Conversion Date and ending on the day
immediately preceding the tenth (10th) anniversary of the Term-Conversion Date, 1.00% per
annum, (iv) during the period commencing on the tenth (10th) anniversary of the
Term-Conversion Date and ending on the day immediately preceding the twelfth
(12th) anniversary
of the Term-Conversion Date, 1.25% per annum, and (v) thereafter 1.50% per
annum.

 

“Asset Manager”
means Noble Management Services, LLC, a Delaware limited liability company.

 

“Assignment of Easements”
means each Assignment of Easement from Noble Entities to NAW, NCW or NWW duly
executed by the parties thereto and in recordable form.

 

“Assignment of Leases”
means, collectively, (a) the Assignment of Leases (Altona), (b) the
Assignment of Leases (Chateaugay), (c) the Assignment of Leases
(Chateaugay (Clinton)) and (d) the Assignment of Leases (Wethersfield).

 

5

 

“Assignment of Leases
(Acquisition Loan (Altona))” means an Assignment of Leases, Rents
and Profits duly executed by NAW and Clinton County IDA in connection with the
Acquisition Loan Mortgage (Altona) in recordable form.

 

“Assignment of Leases
(Acquisition Loan (Chateaugay))” means an Assignment of Leases,
Rents and Profits duly executed by NCW and Franklin County IDA in connection
with the Acquisition Loan Mortgage (Chateaugay) in recordable form.

 

“Assignment of Leases
(Acquisition Loan (Chateaugay (Clinton)))” means an Assignment of
Leases, Rents and Profits duly executed by NCW in connection with the
Acquisition Loan Mortgage (Chateaugay (Clinton)) in recordable form.

 

“Assignment of Leases
(Acquisition Loan (Wethersfield))” means an Assignment of Leases,
Rents and Profits duly executed by NWW and Wyoming County IDA in connection
with the Acquisition Loan Mortgage (Wetherfield) in recordable form.

 

“Assignment of Leases
(Additional Collateral (Altona))” means an Assignment of Leases,
Rents and Profits duly executed by NAW and Clinton County IDA in connection
with the Additional Collateral Mortgage (Altona) in recordable form.

 

“Assignment of Leases
(Additional Collateral  (Chateaugay))”
means an Assignment of Leases, Rents and Profits duly executed by NCW and
Franklin County IDA in connection with the Additional Collateral Mortgage
(Chateaugay) in recordable form.

 

“Assignment of Leases
(Additional Collateral  (Wethersfield))”
means an Assignment of Leases, Rents and Profits duly executed by NWW and
Wyoming County IDA in connection with the Additional Collateral Mortgage
(Wetherfield) in recordable form.

 

“Assignment of Leases (Altona)”
means  the Assignment of Leases
(Acquisition Loan (Altona)), the Assignment of Leases (Building Loan (Altona)),
the Assignment of Leases (Project Loan (Altona)) and the Assignment of Leases
(Additional Collateral (Altona)).

 

“Assignment of Leases
(Building Loan (Altona))” means an Assignment of Leases, Rents and
Profits duly executed by NAW and Clinton County IDA in connection with the
Building Loan Mortgage (Altona) in recordable form.

 

“Assignment of Leases
(Building Loan (Chateaugay))” means an Assignment of Leases, Rents
and Profits duly executed by NCW and Franklin County IDA in connection with the
Building Loan Mortgage (Chateaugay) in recordable form.

 

“Assignment of Leases
(Building Loan (Chateaugay (Clinton)))” means an Assignment of Leases,
Rents and Profits duly executed by NCW and in connection with the Building Loan
Mortgage (Chateaugay (Clinton)) in recordable form.

 

“Assignment of Leases
(Building Loan (Wethersfield))” means an Assignment of Leases, Rents
and Profits duly executed by NWW and Wyoming County IDA in connection with the
Building Loan Mortgage (Wetherfield) in recordable form.

 

6

 

“Assignment of Leases
(Chateaugay)” means the Assignment of Leases (Acquisition Loan
(Chateaugay)), the Assignment of Leases (Building Loan (Chateaugay)), the
Assignment of Leases (Project Loan (Chateaugay)) and the Assignment of Leases
(Additional Collateral (Chateaugay)).

 

“Assignment of Leases
(Chateaugay (Clinton))” means the Assignment of Leases (Acquisition
Loan (Chateaugay (Clinton))), the Assignment of Leases (Building Loan
(Chateaugay (Clinton))) and the Assignment of Leases (Project Loan (Chateaugay
(Clinton))).

 

“Assignment of Leases
(Project Loan (Altona))” means an Assignment of Leases, Rents and
Profits duly executed by NAW and Clinton County IDA in connection with the
Project Loan Mortgage (Altona) in recordable form.

 

“Assignment of Leases
(Project  Loan (Chateaugay))”
means an Assignment of Leases, Rents and Profits duly executed by NCW and
Franklin County IDA in connection with the Project Loan Mortgage (Chateaugay)
in recordable form.

 

“Assignment of Leases
(Project Loan (Chateaugay (Clinton)))” means an Assignment of
Leases, Rents and Profits duly executed by NCW and in connection with the
Project Loan Mortgage (Chateaugay (Clinton)) in recordable form.

 

“Assignment of Leases
(Project Loan (Wethersfield))” means an Assignment of Leases, Rents
and Profits duly executed by NWW and Wyoming County IDA in connection with the
Project Loan Mortgage (Wetherfield) in recordable form.

 

“Assignment of Leases
(Wethersfield)” means the Assignment of Leases (Acquisition Loan
(Wethersfield)), the Assignment of Leases (Building Loan (Wethersfield)), the
Assignment of Leases (Project Loan (Wethersfield)) and the Assignment of Leases
(Additional Collateral (Wethersfield)).

 

“Authorized Person”
means a natural Person designated by Borrower as such on forms supplied by
Administrative Agent.

 

“Available Construction
Funds” means at any time the sum of (a) the aggregate unused
portion of the Total Construction Loan Commitment, plus
(b) the undisbursed Insurance Proceeds and Eminent Domain Proceeds on
deposit in the Insurance Proceeds Account that are available for the payment of
Project Costs, plus (c) any damages or
liquidated damages on deposit in the NIPDR Account (as defined in the
Depositary Agreement) that are available for payment of Project Costs under any
Project Document, plus (d) (without
duplication of any amounts under clause (a) above) any amounts on
deposit in the Construction Account that are available for payment of Project
Costs, plus (e) any additional equity
received by Borrower that is on deposit in the Construction Account, plus (f) any guarantees provided by NEP in support of
Borrower or any Project Company entered into on terms and conditions that are
satisfactory to Administrative Agent (acting at the direction or with the
consent of the Majority Lenders, such consent not to be unreasonably withheld
or delayed).

 

“Available Construction Loan
Commitment” means at any time (a) on or prior to the
Construction Loan Maturity Date, the Total Construction Loan Commitment at such
time 

 

7

 

minus the aggregate
principal amount of all Construction Loans outstanding at such time and (b) after
the Construction Loan Maturity Date, zero; provided, however,
that notwithstanding the foregoing, a portion of the Total Construction Loan
Commitment in an amount up to the Completion Reserve Borrowing shall not be available
for Borrowing prior to the Final Drawing but shall be available for Borrowing
on the Term-Conversion Date, and shall comprise a portion of the Final Drawing,
all as more fully set forth in Section 3.3(a) of the Financing
Agreement.

 

“Available LC/Cash
Collateral Commitment” means, with respect to any type of Letter of
Credit or Cash Collateral Loan (a) at any time and from time to time, the
Total LC/Cash Collateral Commitment applicable to such type of Letter of Credit
or Cash Collateral Loan minus (b) the aggregate Stated Amounts
applicable to such type of Letter of Credit plus the aggregate principal
of the applicable Cash Collateral Loans then outstanding.

 

“Average Annual Debt
Service Coverage Ratio” means, as of the required date, the ratio of
(a) Operating Cash Available for Debt Service to (b) Debt Service,
for the preceding twelve month period ending on such date; provided, however,
that the first 3 such Average Annual Debt Service Coverage Ratio calculated
pursuant to Section 5.19 of the Financing Agreement shall be
calculated by reference to actual figures in the period between the
Term-Conversion Date and the calculation date.

 

“Banking Day”
means any day (a) other than a Saturday, Sunday or other day on which
banks are authorized to be closed in New York, New York, and (b) which is
also a day on which dealings in Dollar deposits are carried out in the London
interbank market.

 

“Bankruptcy Event”
has the meaning given in Section 7.4 of the Financing Agreement.

 

“Bankruptcy Law”
means Title 11, United States Code, and any other state or federal
insolvency, reorganization, moratorium or similar law for the relief of
debtors.

 

“Base Case Projections”
means a financial model that is a projection of operating results for the
Projects over a period ending no sooner than 2023, showing Borrower’s
reasonable good faith estimates, prepared as of the Financial Closing Date or
the Term-Conversion Date, as applicable, of revenue, operating expenses,
Projected Debt Service Coverage Ratios and sources and uses of revenues over
the forecast period, which projection as of the Financial Closing Date is
attached as Exhibit H-3 to the Financing Agreement.

 

“Base Rate”
means, for any day, a rate per annum equal to the higher of (a) the Prime
Rate in effect on such day and (b) the Federal Funds Rate for such day plus
0.50%.  Any change in the Base Rate due
to a change in the Prime Rate or the Federal Funds Effective Rate shall be
effective from and including the effective date of such change in the Prime
Rate or the Federal Funds Rate, as the case may be.

 

“Base Rate Loans”
means any Loan, Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan or
Project Agreement LC Loan that accrues interest at a rate per annum determined
by reference to the applicable Base Rate.

 

8

 

“Border Parcels”
means parcels of land with respect to which Borrower has a real property
interest (including leasehold or easement interests) and located within a Site
on which no Improvements, roadways, WTG’s or Interconnection Lines comprising
any portion of a Project are located.

 

“Borrower” means
Noble Environmental Power 2008 Hold Co, LLC, a Delaware limited liability
company.

 

“Borrower Equity”
means the equity required to be contributed by each Equity Support Member
pursuant to the Equity Capital Contribution Agreement and which equity will be
applied pursuant to Section 5.1 of the Financing Agreement.

 

“Borrower’s Environmental
Consultants” means Ecology and Environmental Consultants.

 

“Borrower Pledge Agreement”
means the Borrower Pledge Agreement (including the ownership certificates and
any disposition instruments, transfer powers and irrevocable proxies attached
thereto), substantially in the form of Exhibit E-8, duly executed
by Borrower and Collateral Agent.

 

“Borrowing”
means a borrowing by Borrower of any Construction Loan (including the Final
Drawing) or Term Loan, the issuance or extension of any Letter of Credit or the
borrowing of any Cash Collateral Loan, in each case upon the satisfaction (or
waiver in accordance with the terms of the Financing Agreement) of each of the
applicable conditions precedent listed in Article 3 of the
Financing Agreement.

 

“Borrowing Date”
means a Banking Day specified in a Notice of Borrowing on which the Lenders
make Loans pursuant to the Financing Agreement.

 

“Building Loan Agreements”
means (a) Building Loan Agreement (Altona) with respect to the items
which are Cost of Improvement for the Altona Project, (b) Building Loan
Agreement (Chateaugay) with respect to the items which are Cost of
Improvement for the Chateaugay Project, (c) Building Loan Agreement
(Chateaugay (Clinton)) with respect to the items which are Cost of
Improvement for the Chateaugay (Clinton) Project, and (d) Building Loan
Agreement (Wethersfield) with respect to the items which are Cost of
Improvement for the Wethersfield Project, each between the applicable Project
Company and Administrative Agent and the Secured Parties, in form and substance
satisfactory to Administrative Agent and in recordable form in the county in
which the applicable Project is located.

 

“Building Loan Mortgage
(Altona)” means the Building Loan Mortgage, Security Agreement,
Assignment of Leases and Rents, Financing Statement and Fixture Filing
(Altona), dated June 30, 2008, given by NAW and Clinton County IDA to
Collateral Agent in the maximum principal amount of $97,745,000 encumbering the
parcels of real property comprising the Site (Altona) and intended to be
recorded in the Clinton County Recorder’s Office.

 

“Building Loan Mortgage
(Chateaugay)” means the Building Loan Mortgage, Security Agreement,
Assignment of Leases and Rents, Financing Statement and Fixture Filing 

 

9

 

(Chateaugay), dated June 30,
2008, given by NCW and Franklin County IDA to Collateral Agent in the maximum
principal amount of $87,344,000 encumbering the parcels of real property
comprising the Site (Chateaugay) located in the Town of Chateaugay, and
intended to be recorded in the Franklin County Recorder’s Office.

 

“Building Loan Mortgage
(Chateaugay (Clinton))” means the Building Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Chateaugay (Clinton)), dated June 30, 2008, given by NCW to Collateral
Agent in the maximum principal amount of $9,835,000 encumbering the parcels of
real property comprising the Site (Chateaugay) located in the Town of Clinton,
and intended to be recorded in the Franklin County Recorder’s Office.

 

“Building Loan Mortgage
(Wethersfield)” means the Building Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Wethersfield), dated June 30, 2008, given by NWW and Wyoming
County IDA to Collateral Agent in the maximum principal amount of $122,599,000
encumbering the parcels of real property comprising the Site (Wethersfield),
and intended to be recorded in the Wyoming County Recorder’s Office.

 

“Capital Adequacy
Requirement” has the meaning given in Section 2.8(d) of
the Financing Agreement.

 

“Cash Collateral”
means, depending on the context, a cash deposit established with the proceeds
of a Cash Collateral Loan in accordance with Sections 2.3(a)(i), 2.3(a)(ii) or
2.3(a)(iii) of the Financing Agreement, as applicable.

 

“Cash Collateral Loans”
means, collectively or individually, depending on the context, the Energy Hedge
Cash Collateral Loans, the DSRA Cash Collateral Loans and the Project Agreement
Cash Collateral Loans.

 

“Cash Collateral Withdrawal”
means a withdrawal of any portion of Cash Collateral established with the
proceeds of a Cash Collateral Loans by the beneficiary of such Cash Collateral,
other than for purposes of repaying such amounts to Borrower.

 

“Certificates of Design
Suitability” means those certain site-specific certifications of the
WTGs with respect to each Project from either DNV or GL, in each case in form
and substance reasonably satisfactory to Administrative Agent and the
Independent Engineer.

 

“Change of Law”
has the meaning given in Section 2.8(b) of the Financing
Agreement.

 

“Chateaugay Easement Documents” means (a) the
Easement Agreement—Collection Lines, dated June 9, 2008, by and among NCW,
Noble Clinton and Noble Ellenburg, (b) the Easement Agreement—Ryan
Substation, dated June 9, 2008, by and among NCW, Noble Clinton and Noble
Ellenburg, (c) the Subordination, Non-Disturbance, and Attornment
Agreement with respect to the Easement Agreement – Collection Lines, dated June 9,
2008, by 

 

10

 

and among NCW, Noble Clinton, Noble Ellenburg and Dexia Crédit Local,
New York Branch, as mortgagee, and (d) the Subordination, Non-Disturbance,
and Attornment Agreement with respect to the Easement Agreement — Ryan
Substation, dated June 9, 2008, by and among NCW, Noble Clinton, Noble
Ellenburg and Dexia Crédit Local, New York Branch, as mortgagee.

 

“Chateaugay PILOT Mortgage” means the
PILOT Mortgage, dated November 20, 2007, as amended by Amendment No. 1
to PILOT Mortgage, dated May 1, 2008, each among NCW, Franklin County IDA,
Franklin County, New York, Town of Chateaugay, New York, and Chateaugay Central
School District.

 

“Claims” has the
meaning given in Section 5.20(a)(i) of the Financing
Agreement.

 

“Clinton County”
means the County of Clinton, New York.

 

“Clinton County IDA”
means the County of Clinton Industrial Development Agency.

 

“Clinton County Recorder’s
Office” means the Office of the County Clerk of Clinton County, New
York.

 

“Clinton County Treasurer” means
The County Treasurer of Clinton County, New York, as agent for Clinton County,
the Town of Clinton, New York, the Northern Adirondack Central School District
and the Chateaugay Central School District.

 

“CMS” means all
computer monitoring systems necessary for each of the Projects to operate as designed,
including all computer hardware, communications cable to the meteorological
stations and to each wind turbine controller, fiber optic cable
instrumentation, and all related computer software, all as more particularly
described in Exhibit A of the EPC Contracts.

 

“Co-Documentation
Agents” means each of  HSH Nordbank AG, New York Branch, and The
Royal Bank of Scotland plc, acting in its capacity as Co-Documentation Agent
for the Lenders under the Financing Agreement, or any successor appointed
pursuant to the terms of the Financing Agreement.

 

“Code” means the
Internal Revenue Code of 1986, as amended.

 

“Collateral”
means all real and personal property which is subject, from time to time, to
the security interests or liens granted in or purported or intended to have
been granted by any of the Collateral Documents.

 

“Collateral Agent”
means, depending on the context (a) Citibank, N.A., acting in its capacity
as Collateral Agent for the Secured Parties under the Financing Agreement, or
any successor appointed pursuant to the terms of the Financing Agreement or (b) Citibank,
N.A., in its capacity as the “First Lien Collateral Agent” (as such term is
defined in the Intercreditor Agreement) or any successor appointed pursuant to
the terms of the Intercreditor Agreement.

 

11

 

“Collateral Documents”
means, collectively, the Building Loan Agreements, the Mortgages, the
Assignment of Leases, the Security Agreement, the Pledge Agreements, the
Depositary Agreement, the Control Agreements (Project Companies), Control
Agreement (Operations), the Project Company Guarantees, any Acceptable DSRA LC,
the Consents and any other mortgage, deed of trust, security document,
financing statement and any similar document or instrument filed or recorded
for the benefit of Collateral Agent and/or the Lenders in connection with the
foregoing.

 

“Commitment Fees”
means, collectively, the Construction Loan Commitment Fees and the LC
Commitment Fees.

 

“Commitments”
means, (a) with respect to each Lender, without duplication, such Lender’s
Construction Loan Commitment, Term Loan Commitment and LC Commitment, and, (b) with
respect to all Lenders, means, without duplication, the Total Construction Loan
Commitment, the Total Term Loan Commitment and the Total LC/Cash Collateral
Commitment.

 

“Completion”
means, with respect to each Project, that (a) Commercial Operation (as
defined in the Turbine Supply Agreement) and Substantial Completion (as defined
in the EPC Contracts) have each occurred with respect to all WTGs comprising
such Project (other than no more than 10% of the WTGs allocated to such Project
as of the Financial Closing Date), (b) all WTGs comprising such Project
((other than no more than 10% of the WTGs allocated to such Project as of the
Financial Closing Date) have passed Acceptance Tests pursuant to the EPC
Contracts, (c) completion of all such work (including completion of such
Project’s CMS but other than Punch List Items) shall have occurred in
accordance in all material respects with the Plans and Specifications, (d) the
initial synchronization date (as provided in the Interconnection Agreements)
has occurred and (e) such Project shall be interconnected with the
transmission provider.

 

“Completion Reserve Account”
has the meaning given in Section 5.3(g) of the Depositary
Agreement.

 

“Completion Reserve
Borrowing” means a Borrowing of Construction Loans on the
Term-Conversion Date in an amount equal to the lesser of (i) the Permitted
Completion Amount and (ii) the Available Construction Loan Commitment as
of such date, the proceeds of which shall be used solely to fund the Completion
Reserve Account.

 

“Confirmation of Interest
Period Selection” has the meaning given in Section 2.4(b)(ii) of
the Financing Agreement.

 

“Consents” means
the consents to collateral assignment, including the Landowner Consents, the
Non-Disturbance Agreements, the IDA Consents, the Town Consents and consents to
collateral assignment entered into on the Financial Closing Date identified on Exhibit F-2
of the Financing Agreement and consents to collateral assignment entered into
after the Financial Closing Date identified on Exhibit F-2 of the
Financing Agreement, in each case by and among Borrower or the relevant Project
Company, Collateral Agent and the Persons identified therein and in
substantially the form of Exhibit F-1 to the Financing Agreement,
in each case in form and substance reasonably satisfactory to Administrative
Agent.

 

12

 

“Construction Account”
has the meaning given in Section 5.1(a)(i) of the Depositary
Agreement.

 

“Construction Contracts”
means the EPC Contracts and the Turbine Supply Agreement.

 

“Construction Loan”
and “Construction Loans” have the meanings
given in Section 2.1(a)(i) of the Financing Agreement.

 

“Construction Loan
Availability Period” means the period from the Financial Closing
Date to the Construction Loan Maturity Date.

 

“Construction Loan
Commitment” means, at any time with respect to each Lender, such
Lender’s Proportionate Share of the Total Construction Loan Commitment at such
time.

 

“Construction Loan
Commitment Fees” has the meaning given in Section 2.6(b)(i) of
the Financing Agreement.

 

“Construction Loan Facility”
has the meaning given in Section 2.1(a)(i) of the Financing
Agreement.

 

“Construction Loan Maturity
Date” means the earliest to occur of (a) March 31, 2009, (b) the
Term-Conversion Date, and (c) such earlier date on which the entire
outstanding principal balance of the Construction Loans, together with all unpaid
interest, fees, charges and costs, becomes due and payable pursuant to and in
accordance with the Financing Agreement.

 

“Construction Loan Note”
and “Construction Loan Notes” have the
meanings given in Section 2.4(e) of the Financing Agreement.

 

“Construction Period”
means the period from the Financial Closing Date until but not including the
Term-Conversion Date.

 

“Construction Working
Capital Accounts” has the meaning given in Section 1.1
of the Depositary Agreement.

 

“Consumer Price Index”
shall mean the Consumer Price Index for all Urban Consumers, Northeast Region,
as published by the United States Department of Labor, Bureau of Labor
Statistics, such successor index as may be published by the United States
Government, or such substitute index as may be mutually agreed to by
Administrative Agent and Borrower.

 

“Contractors”
means, collectively, the Turbine Supplier and the EPC Contractor.

 

“Control Agreement (Altona)”
means that certain control agreement, dated June 30, 2008, among NAW,
Collateral Agent and the Working Capital Account Bank regarding the perfection
of Collateral Agent’s Lien on the Altona Construction Working Capital Account
(as defined in the Depositary Agreement).

 

13

 

“Control Agreement
(Chateaugay)” means that certain control agreement, dated June 30,
2008, among NCW and Collateral Agent and the Working Capital Account Bank
regarding the perfection of Collateral Agent’s Lien on the Chateaugay
Construction Working Capital Account (as defined in the Depositary Agreement).

 

“Control Agreement
(Operations)” means that certain control agreement to be entered
into among Borrower, the Project Companies, Collateral Agent and the Working
Capital Account Bank regarding the perfection of Collateral Agent’s Lien on the
Operations Working Capital Account, in form and substance satisfactory to
Administrative Agent.

 

“Control Agreement
(Wethersfield)” means that certain control agreement, dated June 30,
2008, among NWW, Collateral Agent and the Working Capital Account Bank
regarding the perfection of Collateral Agent’s Lien on the Wethersfield
Construction Working Capital Account (as defined in the Depositary Agreement).

 

“Control Agreements
(Project Companies)” means, collectively, the Control Agreement
(Altona), the Control Agreement (Chateaugay) and the Control Agreement
(Wethersfield).

 

“Controlled Group”
means (a) a corporation which is a member of a controlled group of
corporations with any Noble Entity within the meaning of Section 414(b) of
the Code, (b) a trade or business (including a sole proprietorship,
partnership, trust, estate or corporation) which is under common control with
any Noble Entity within the meaning of Section 414(c) of the Code or Section 4001(b)(1) of
ERISA, (c) a member of an affiliated service group with any Noble Entity
within the meaning of 

Section 414(m) of the Code, or (d) an entity deemed affiliated
with any Noble Entity under Section 414(o) of the Code.

 

“Convert”,
“Conversion” and “Converted” means a conversion pursuant to Section 2.4(h) of
the Financing Agreement of one Type of any Loan, Cash Collateral Loan, DSRA LC
Loan, Energy Hedge LC Loan or Project Agreement LC Loan, as applicable, into
another Type of such Loan, Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC
Loan or Project Agreement LC Loan.

 

“Conveyed
Transmission Owner Facilities” means the portion of the substation,
interconnection, microwave or transmission facilities constructed or otherwise
developed by NAW, NCW and/or NWW or an Affiliate thereof, described on Exhibit H-7
to the Financing Agreement, which the applicable Project Company contemplates
selling, leasing, transferring, conveying or otherwise disposing of to NYPA or
NYSEG, as applicable, pursuant to the applicable Interconnection Agreements.

 

“Cost of Improvement”
means the Cost of Improvement for the Altona Project, the Cost of Improvement
for the Chateaugay Project, the Cost of Improvement for the Chateaugay
(Clinton) Project and the Cost of Improvement for the Wethersfield Project.

 

“Cost of Improvement for
the Altona Project” means those items defined as cost of improvement
under 

Section 2(5) of the Lien Law with respect to the Project (Altona).

 

14

 

“Cost of Improvement for
the Chateaugay Project” means those items defined as cost of
improvement under Section 2(5) of the Lien Law with respect to the
portion of the Project (Chateaugay) to be constructed in the Town of
Chateaugay, New York.

 

“Cost of Improvement for
the Chateaugay (Clinton) Project” means those items defined as cost
of improvement under Section 2(5) of the Lien Law with respect to the
portion of the Project (Chateaugay) to be constructed in the Town of Clinton,
New York.

 

“Cost of Improvement for
the Wethersfield Project” means those items defined as cost of
improvement under Section 2(5) of the Lien Law with respect to the
Project (Wethersfield).

 

“Counterparties”
has the meaning given in Section 2.11(a) of the Financing
Agreement.

 

“Credit Event”
means the Financial Closing Date, each Borrowing, issuance or extension of any
Letter of Credit, and Term-Conversion.

 

“Debt” of any
Person at any date means, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments, (c) all obligations
of such Person to pay the deferred purchase price of property or services,
except trade accounts payable arising in the ordinary course of business, (d) all
obligations of such Person under leases which are or should be, in accordance
with GAAP, recorded as capital leases in respect of which such Person is
liable, (e) all obligations of such Person to purchase securities which
arise out of or in connection with the sale of the same or substantially
similar securities, (f) all deferred obligations of such Person to
reimburse any bank or other Person in respect of amounts paid or advanced under
a letter of credit or other instrument, (g) all Debt of others secured by
a Lien on any asset of such Person, whether or not such Debt is assumed by such
Person and (h) all Debt of others guaranteed directly or indirectly by
such person or as to which such Person has an obligation substantially the
economic equivalent of a guarantee.

 

“Debt Service”
means for Borrower and the Project Companies (on a consolidated basis) and for
any period, and without duplication of amounts included in the definition of
O&M Costs, all obligations for principal, interest payments and any fees,
including net obligations in respect of the Interest Rate Agreements and Energy
Hedge Agreement, due in respect of all Debt (or, with respect to the Energy
Hedge Agreement, amounts) payable by Borrower and the Project Companies (on a
consolidated basis) in such period; provided that Debt Service shall not
include increases or reductions to the Tracking Account.

 

“Debt Service Reserve
Account” has the meaning given in Section 5.3(d)(i) of
the Depositary Agreement.

 

“Default” means
any occurrence, circumstance or event, or any combination thereof, which, with
the lapse of time, the giving of notice or both, would constitute an Event of
Default.

 

15

 

“Default Rate”
means (a) with respect to Loans, the interest rate per annum equal to the
then applicable LIBO Rate or the applicable Base Rate plus two percent
(2%) plus (i) during the Construction Loan Availability Period, the
Applicable Construction Loan Margin, or (ii) during the Term Loan
Availability Period, the Applicable Term Loan Margin and (b) with respect
to any Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan, Project
Agreement LC Loan or any Reimbursement Obligation, the interest rate per annum
equal to the then applicable LIBO Rate or the applicable Base Rate plus two
percent (2%) plus the Applicable LC Loan Margin, provided that in
no event shall the Default Rate exceed the maximum rate permitted by applicable
law.

 

“Depositary”
means The Bank of New York, in its capacity as Depositary under the Depositary
Agreement, or its successor appointed pursuant to the terms of the Depositary
Agreement.

 

“Depositary Agreement”
means a Depositary Agreement substantially in the form of Exhibit E-6,
duly executed by Borrower, Administrative Agent, Collateral Agent and
Depositary.

 

“Distributable Cash”
has the meaning given in Section 5.2(a)(xvi) of the Depositary
Agreement.

 

“Distributable Cash Account” means a deposit account of
Borrower titled the “New York 2008 Portfolio Wind Generation Projects —
Distributable Cash Account” over which Collateral Agent shall not have a
security interest or a lien for the benefit of itself, any Lender or any other
Person.

 

“Distribution Date”
means 15 Banking Days after each Repayment Date up to and including the
Term Loan Maturity Date or, if such date occurs on a day other than a Banking
Day, the next succeeding Banking Day after such date.  Notwithstanding anything in any Financing
Document to the contrary, no Distribution Date shall occur prior to the Initial
Repayment Date.

 

“Distribution Reserve
Account” has the meaning given in Section 5.3(d)(i) of
the Depositary Agreement.

 

“Dollars” and “$” means United States dollars or such coin or currency of
the United States of America as at the time of payment shall be legal tender
for the payment of public and private debts in the United States of America.

 

“Drawdown Certificate”
means a certificate delivered to Administrative Agent substantially in the form
of Exhibit D-4 to the Financing Agreement.

 

“Drawing” means
a drawing on a Letter of Credit.

 

“Drawing Payment”
means a payment by LC Fronting Bank of all or any part of the Stated Amount in
conjunction with a Drawing under any Letter of Credit.

 

16

 

“DSRA Cash Collateral Loan”
has the meaning given in Section 2.3(a)(ii) of the Financing
Agreement.

 

“DSRA LC” means
that certain letter of credit to be issued in favor of Administrative Agent
pursuant to 

Section 2.3(a)(ii) of the Financing Agreement.

 

“DSRA LC Loan”
has the meaning given in Section 2.3(d)(iv)(B) of the
Financing Agreement.

 

“DSRA LC Loan Maturity Date”
has the meaning given in Section 2.3(d)(iv)(B) of the
Financing Agreement.

 

“DSRA Letter of Credit Fee”
has the meaning given in Section 2.6(c)(ii) of the Financing
Agreement.

 

“DSRA Minimum Balance”
means, (a) as of a given date prior to the tenth (10th)
anniversary of the Term-Conversion Date, an amount equal to the interest and
principal payments on the Term Loans and LC Loans (if applicable) scheduled to
be paid on the next two (2) Repayment Dates and (b) as of a given
date from and after the tenth (10th) anniversary of the
Term-Conversion Date to and including the Term Loan Maturity Date, an amount
equal to the interest and principal payments on the Term Loans and LC Loans (if
applicable) scheduled to be paid on the next four (4) Repayment Dates.

 

“ECCA and ACCA Consent”
means that certain consent and assignment, dated June 30, 2008, among EFS Noble II, LLC, GE Capital Markets, Inc.,
Borrower and Collateral Agent.

 

“ECCA and ACCA Guarantor
Consent” means that certain consent and assignment, dated June 30,
2008, among GECC, Borrower and Collateral Agent.

 

“Eminent Domain Proceeds”
has the meaning given in Section 5.5 of the Depositary Agreement.

 

“Energy Hedge Agreement”
means the ISDA Master Agreement and ISDA Credit Support Annex, each dated June 30,
2008, between Borrower and the Energy Hedge Provider and the schedules and
confirmation entered into pursuant thereto.

 

“Energy Hedge Agreement
Effective Date” has the meaning assigned to the term “Effective Date”
in the Energy Hedge Agreement, as in effect on the date hereof.

 

“Energy Hedge Agreement
Consent” means that certain consent and agreement, dated June 30,
2008, between Borrower and the Energy Hedge Provider and the schedules and
confirmation entered into pursuant thereto.

 

“Energy Hedge Cash
Collateral Loan” has the meaning given in Section 2.3(a)(i) of
the Financing Agreement.

 

17

 

“Energy Hedge LC” means that certain letter of credit, dated
as of the later of the (i) Financial Closing Date and (ii) Trade Date
(as defined in the Energy Hedge Agreement), issued in favor of the Energy Hedge
Provider pursuant to Section 2.3(a)(i) of the Financing
Agreement.

 

“Energy Hedge LC Loan”
has the meaning given in Section 2.3(d)(iii)(C) of the
Financing Agreement.

 

“Energy Hedge LC Loan
Maturity Date” has the meaning given in Section 2.3(d)(iii)(C) of
the Financing Agreement.

 

“Energy Hedge Letter of
Credit Fee” has the meaning given in Section 2.6(c)(iv) of
the Financing Agreement.

 

“Energy Hedge Provider”
means Citigroup Energy Inc., a Delaware corporation, and its successors and
assigns under the Energy Hedge Agreement.

 

“Energy Hedge Provider
Forbearance Agreement” means the
Forbearance Agreement, dated June 30, 2008, by and among EFS Noble II, LLC
and GE Capital Markets, Inc. (as the initial Equity Support Members and on
behalf of their respective successors and assigns), the Energy Hedge Provider
and Borrower.

 

“Energy Hedge Provider
Parent” means Citigroup Energy Inc., a Delaware corporation.

 

“Energy Hedge Provider
Parent Guaranty” means the Guaranty, dated June 30, 2008, by
the Energy Hedge Provider Parent in favor of Borrower.

 

“Environmental Claim”
means any and all obligations, liabilities, losses, administrative, regulatory
or judicial actions, suits, demands, decrees, claims, liens, judgments, warning
notices, notices of noncompliance or violation, investigations, proceedings,
removal or remedial actions or orders, or damages (foreseeable and
unforeseeable, including consequential and punitive damages), penalties, fees,
out-of-pocket costs, expenses, disbursements, attorneys’ or consultants’ fees,
relating in any way to any Hazardous Substances Law or any Permit issued under
any such Hazardous Substances Law (hereafter “Claims”), including (a) any
and all Claims by Governmental Authorities for enforcement, cleanup, removal,
response, remedial or other actions or damages pursuant to any applicable
Hazardous Substances Law, (b) any and all Claims by any third party
seeking damages, contribution, indemnification, cost recovery, compensation or
injunctive relief resulting from Hazardous Substances or arising from alleged
injury or threat of injury to health, safety or the environment, and (c) any
claim of any third party seeking to impose any liability or obligation arising
under any Hazardous Substances Law that is assumed, retained or imposed by
operation of law or otherwise.

 

“Environmental Permit”
means any permit required or issued pursuant to a Hazardous Substances Law.

 

18

 

“Environmental Report
(Altona)” means that certain Phase I Environmental Site Assessment
dated November 7, 2007 prepared by Borrower’s Environmental Consultant
with respect to the Site (Altona).

 

“Environmental Report
(Chateaugay)” means that certain Phase I Environmental Site
Assessment dated November 16, 2007 prepared by Borrower’s Environmental
Consultant with respect to the Site (Chateaugay).

 

“Environmental Report
(Wethersfield)” means that certain Phase I Environmental Site
Assessment dated October 29, 2007 prepared by Borrower’s Environmental
Consultant with respect to the Site (Wethersfield).

 

“Environmental Reports”
means, collectively, the Environmental Report (Altona), the Environmental
Report (Chateaugay) and the Environmental Report (Wethersfield).

 

“EPC Contract (Altona)”
means that certain Engineering, Procurement and Construction Contract, dated June 30,
2008, between NAW and EPC Contractor.

 

“EPC Contract (Chateaugay)”
means that certain Engineering, Procurement and Construction Contract, dated June 30,
2008, between NCW and EPC Contractor.

 

“EPC Contract
(Wethersfield)” means that certain Engineering, Procurement and
Construction Contract, dated June 30, 2008, between NWW and EPC
Contractor.

 

“EPC Contractor”
means Noble Constructors, LLC (formerly known as Noble Services, Inc.), a
Delaware limited liability company.

 

“EPC Contracts”
means, collectively, the EPC Contract (Altona), the EPC Contract (Chateaugay),
and the EPC Contract (Wethersfield).

 

“EPC Contracts Consent”
means that certain consent and agreement, dated June 30, 2008, among the
EPC Contractor, NAW, NCW, NWW and Collateral Agent.

 

“Equity Capital
Contribution Agreement” means that certain Membership Interest
Purchase and Equity Capital Contribution Agreement, dated June 30, 2008,
among Borrower and each Equity Support Member.

 

“Equity Support Documents”
means, collectively, the Operating Agreement, the LLC Agreement, the GECC
Guaranty, the Equity Capital Contribution Agreement, the Additional Capital
Contribution Agreement, the Noble Equity Support Documents,  the
ECCA and ACCA Consent, any Acceptable Equity Support Security and any other
equity contribution agreement and guaranty in support thereof required to be
entered into in connection with any Permitted Transfer to an Equity Support
Member, in each case in form and substance satisfactory to Administrative Agent
and the Majority Lenders.

 

“Equity Support Member
Syndication Side Letter” has the meaning given to the term “Syndication
Side Letter” in the Equity Capital Contribution Agreement.

 

19

 

“Equity Support Members”
means (a) EFS Noble II, LLC, a
Delaware limited liability company, (b) GE Capital Markets, Inc.,
a Delaware corporation; and (c) following a Permitted Transfer of an
Equity Support Member’s interest, each Member of Borrower (other than Noble
Environmental) which, until its obligations under the Equity Capital
Contribution Agreement (other than its indemnification obligations pursuant to Section 6.02
thereof) and the Additional Capital Contribution Agreement have been paid
and/or performed in full and the Forbearance Term (as defined in the
Forbearance Agreement) has expired, meet the following criteria:  such Member (i) is or becomes a party to
the applicable Equity Support Documents, (ii) has a long-term senior
unsecured debt rating of at least “A3” by Moody’s or “A-” by S&P or (iii) provides
security for its obligations under the Equity Capital Contribution Agreement
and the Additional Capital Contribution Agreement (in form and substance
satisfactory to Administrative Agent in its sole discretion unless such
security constitutes Acceptable Equity Support Security).

 

“Equity Support Member
Pledge Agreement” means the Equity Support Member Pledge Agreement
(including the ownership certificates and any disposition instruments, transfer
powers and irrevocable proxies attached thereto), substantially in the form of Exhibit E-9,
each duly executed by the Equity Support Member and Collateral Agent.

 

“ERISA” means
the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Event”
means any (a) Reportable Event with respect to an ERISA Plan, (b) termination
of any ERISA Plan, (c) reasonable grounds for the termination of such
ERISA Plan by the PBGC or for the appointment by the appropriate United States
District Court of a trustee to administer such ERISA Plan as determined by the
PBGC or the appropriate United States District Court, as applicable, (d) appointment
of a trustee by a United States District Court to administer any ERISA Plan, (e) institution
by the PBGC of proceedings to terminate any ERISA Plan, (f) complete or
partial withdrawal by any Noble Entity or any member of the Controlled Group
from any Multiemployer Plan, (g) Multiemployer Plan shall have entered
reorganization status, become insolvent, or terminate (or notified any Noble
Entity or any member of the Controlled Group of its intent to terminate) under Section 4041A
of ERISA, or (h) material failure by any Noble Entity or any member of the
Controlled Group to make any required contribution or premium payment in
respect of any ERISA Plan.

 

“ERISA Plan”
means any employee benefit plan (a) maintained by any Noble Entity or any
member of the Controlled Group, or to which any of them contributes or is
obligated to contribute, for its employees, (b) covered by Title IV
of ERISA or to which Section 412 of the Code applies and (c) with
respect to which any Noble Entity is reasonably expected to have any material
liability.

 

“Estimated Interconnection
Costs” means, as of the Financial Closing Date, the costs estimated
to be incurred by each Project Company under the Interconnection Agreements,
which estimate shall be reasonably acceptable to Administrative Agent (in
consultation with the Independent Engineer).

 

20

 

“Event of Default”
and “Events of Default” have the meanings
given in Article 8 of the Financing Agreement.

 

“Event of Eminent Domain”
means any compulsory transfer or taking by condemnation, eminent domain or
exercise of a similar power, or transfer under threat of such compulsory transfer
or taking, of any significant part of the Collateral or any of the Mortgaged
Property, by any agency, department, authority, commission, board,
instrumentality or political subdivision of any State in which a Project is
located, the United States or another Governmental Authority having
jurisdiction.

 

“EWG” means an “exempt
wholesale generator,” as such term is defined in PUHCA and the FERC’s
regulations thereunder.

 

“EWG Determinations”
has the meaning given in Section 3.1(cc) of the Financing Agreement.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Excluded Taxes”
has the meaning given in Section 2.7(d)(i) of the Financing
Agreement.

 

“Expiration Date”
means, with respect to any Letter of Credit, the date of expiration set forth
therein.

 

“Extended Term Loan
Commitment” means, at any time with respect to each Lender, such
Lender’s Proportionate Share of the Total Extended Term Loan Commitment at such
time.

 

“FDIC” means the
Federal Deposit Insurance Corporation and its successors.

 

“Federal Funds Rate”
means, for any day, the rate per annum (rounded upwards, if necessary, to the
nearest 1/100 of 1%) equal to the weighted average of the per annum
rates on overnight Federal funds transactions with member banks of the Federal
Reserve System arranged by federal funds brokers as published by the Federal
Reserve Bank of New York for such day (or, if such rate is not so published for
any day, the average of the rates quoted by three federal funds brokers to
Administrative Agent on such day on such transactions).

 

“Federal Reserve Board”
means the Board of Governors of the Federal Reserve System.

 

“Fee Letters”
means, collectively or individually, depending on the context (a) that
certain letter agreement, dated June 30, 2008, by and between
Administrative Agent and Borrower, (b) that certain letter agreement,
dated May 27, 2008, by and between Collateral Agent and Borrower; and (c) an
agreement to be entered into by and between Borrower and the LC Fronting Bank
(upon designation thereof).

 

“FERC” means the
Federal Energy Regulatory Commission and its successors.

 

21

 

“FERC Orders”
has the meaning given in Section 3.1(cc) of the Financing
Agreement.

 

“Final Completion”
means, with respect to each Project, that “Final Acceptance” under the EPC
Contracts and final acceptance of such work (including acceptance by Borrower
and the Project Companies and the Independent Engineer and completion of all
Punch List Items) shall have occurred and that completion of all such work
shall have been materially in accordance with the terms of the Plans and
Specifications and the requirements of all Applicable Permits, all as certified
by the Independent Engineer to Administrative Agent (which certification shall
be reasonably satisfactory to Administrative Agent).  For purposes of clarification, unless
expressly stated where used to the contrary, the terms “Final Acceptance” shall
refer to Final Completion of all of the Projects, other than any Project that
has been subject to a Removal under Section 6.20 of the Equity Capital
Contribution Agreement, (and not Final Acceptance of less than all of the
Projects other than WTGs in an aggregate amount for all of the Projects (other
than any Project that has been subject to a Removal under Section 6.20 of
the Equity Capital Contribution Agreement) not to exceed twenty-two
(22) and shall not be deemed achieved until all the Projects other than
WTGs in an aggregate amount for all of the Projects (other than any Project that
has been subject to a Removal under Section 6.20 of the Equity Capital
Contribution Agreement) not to exceed twenty-two (22) have achieved Final
Completion.

 

“Final Completion Date”
means the first anniversary of the Term-Conversion Date.

 

“Final Completion Tests”
means all tests necessary to achieve Final Completion, and the work to which
such tests relate.

 

“Final Drawing”
has the meaning given in Section 3.3(a) of the Financing
Agreement.

 

“Final Energy Production
Analysis” has the meaning given in Section 3.3(w) of
the Financing Agreement.

 

“Financial Closing”
means the satisfaction (or waiver in accordance with the terms of the Financing
Agreement) of each of the conditions precedent listed in Section 3.1
of the Financing Agreement.

 

“Financial Closing Date”
means the date upon which Financial Closing occurs.

 

“Financing Agreement”
means that certain Financing Agreement, dated June 30, 2008, among
Borrower, the Agents, the Lenders and the other agents party thereto, to which
this Exhibit A is attached.

 

“Financing Documents”
means, collectively, the Financing Agreement, the Notes, the Collateral
Documents, the Equity Support Documents, the Forbearance Agreement, the
Intercreditor Agreement, the Letters of Credit, the Interest Rate Agreements
(including all Hedge Transactions thereunder), and any other similar documents,
agreements or instruments 

 

22

 

entered into in connection
with any of the foregoing or with the transactions contemplated by the
Financing Documents.

 

“Financing Statement and
Fixture Filing (Altona)” means the Financing Statement and Fixture
Filing for the interest in real property comprising the Site (Altona),
substantially in the form of Exhibit E-2, duly executed by NAW.

 

“Financing Statement and
Fixture Filing (Chateaugay)” means the Financing Statement and
Fixture Filing for the interest in real property comprising the Site
(Chateaugay), substantially in the form of Exhibit E-3, duly
executed by NCW.

 

“Financing Statement and
Fixture Filing (Wethersfield)” means the Financing Statement and
Fixture Filing for the interest in real property comprising the Site
(Wethersfield), substantially in the form of Exhibit E-4, duly
executed by NWW.

 

“Financing Statements and
Fixture Filings” means, collectively, the Financing Statement and
Fixture Filing (Altona), the Financing Statement and Fixture Filing
(Chateaugay) and the Financing Statement and Fixture Filing (Wethersfield).

 

“Forbearance Agreement”
means the Forbearance Agreement, dated June 30, 2008, by and among EFS
Noble II, LLC and GE Capital Markets, Inc. (as the initial Equity Support
Members and on behalf of its successors and assigns), Administrative Agent,
Collateral Agent and Borrower.

 

“FPA” means the
Federal Power Act, 16. U.S.C.,
Section 824 et seq.

 

“Franklin County IDA”
means the County of Franklin Industrial Development Agency.

 

“GAAP” means
generally accepted accounting principles in the United States of America
consistently applied.

 

“GECC Guaranty”
means the Guaranty, dated June 30, 2008, by GECC in favor of Borrower.

 

“GECC” means
General Electric Capital Corporation, a Delaware corporation.

 

“Governmental Authority”
means any national, state or local government (whether domestic or foreign),
any political subdivision thereof or any other governmental,
quasi-governmental, judicial, public or statutory instrumentality, authority,
body, agency, bureau or entity (including any zoning authority, FERC, the
Securities and Exchange Commission, the FDIC, the Comptroller of the Currency or
the Federal Reserve Board, any central bank or any comparable authority), or
any arbitrator with authority to bind a party at law.

 

“Governmental Entities”
means Clinton County IDA, Clinton County, The County Treasurer of Clinton
County, New York, the Town of Clinton, New York, The Town of Ellenburg, New
York, the Chateaugay Central School District, the Northern Adirondack Central
School District, Wyoming County IDA, Wyoming County and the Town of Eagle.

 

23

 

“Governmental Rule”
means, with respect to any Person, any statute, law, rule, regulation,
ordinance, rule of common law, order or binding interpretation, code,
treaty, judgment, decree, directive, guideline or similar form of decision of
any Governmental Authority in each case applicable to or binding upon such
Person or any of its properties or to which such Person or any of its property
is subject.

 

“Hazardous Substances”
means (statutory acronyms and abbreviations having the meaning given them in
the definition of “Hazardous Substances Laws”) substances defined as “hazardous
substances,” “pollutants” or “contaminants” in Section 101 of the CERCLA;
those substances defined as “hazardous waste,” “hazardous materials” or “regulated
substances” by the RCRA; those substances designated as a “hazardous substance”
pursuant to Section 311 of the CWA; those substances defined as “hazardous
materials” in Section 103 of the HMTA; those substances regulated as a
hazardous chemical substance or mixture or as an imminently hazardous chemical
substance or mixture pursuant to Sections 6 or 7 of the TSCA; those
substances defined as “contaminants” by Section 1401 of the SDWA, if
present in excess of permissible levels; those substances regulated by the Oil
Pollution Act; those substances defined as a pesticide pursuant to Section 2(u) of
the FIFRA; those substances defined as a source, special nuclear or by-product
material by Section 11 of the AEA; those substances defined as “residual
radioactive material” by Section 101 of the UMTRCA; those substances
defined as “toxic materials” or “harmful physical agents” pursuant to Section 6
of the OSHA); those substances defined as hazardous wastes in 40
C.F.R.  Part 261.3; those substances
defined as hazardous waste constituents in 40 C.F.R.  Part 260.10, specifically including
Appendix VII and VIII of Subpart D of 40 C.F.R.  Part 261; those substances designated as
hazardous substances in 40 C.F.R. 
Parts 116.4 and 302.4; those substances defined as hazardous
substances or hazardous materials in 49 C.F.R.  Part 171.8; those substances regulated
as hazardous materials, hazardous substances, or toxic substances in 40
C.F.R.  Part 1910; any substance,
material or waste that is prohibited, regulated or defined as “hazardous” or
any other term of similar import under, or for which liability or standards of
conduct are imposed pursuant to, any Hazardous Substances Law, including
without limitation, pollutants, contaminants, wastes, toxic substances, toxic
mold, noise emissions, radon gas, oil, petroleum, petroleum derivatives,
asbestos, PCBs, volatile organic compounds and semivolatile organic compounds,
or in the regulations adopted and publications promulgated pursuant to any
Hazardous Substances Laws, whether or not such regulations or publications are
specifically referenced herein. 
Hazardous Substances also include the foregoing substances defined in
the counterparts to any of the above cited federal references contained in the
Governmental Rules of the States in which the Projects are located,
including but not limited to the Hazardous Substances Laws and the rules and
regulations promulgated pursuant thereto.

 

“Hazardous Substances Law”
means any of:

 

(a)           the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, as amended (42 U.S.C. Section 9601 et seq.) (“CERCLA”);

 

(b)           the Federal Water Pollution Control Act (33 U.S.C. Section 1251
et seq.) (“Clean Water Act”
or “CWA”);

 

24

 

(c)           the Resource Conservation and Recovery Act (42 U.S.C. Section 6901
et seq.) (“RCRA”);

 

(d)           the Atomic Energy Act of 1954 (42 U.S.C. Section 2011
et seq.) (“AEA”);

 

(e)           the Clean Air Act (42 U.S.C. Section 7401 et seq.) (“CAA”);

 

(f)            the Emergency Planning and Community Right to Know Act
(42 U.S.C. Section 11001 et seq.) (“EPCRA”);

 

(g)           the Federal Insecticide, Fungicide, and Rodenticide Act (7
U.S.C. Section 136 et seq.) (“FIFRA”);

 

(h)           the Oil Pollution Act of 1990 (P.L. 101-380, 104
Stat. 486);

 

(i)            the Safe Drinking Water Act (42 U.S.C. Sections 300f
et seq.) (“SDWA”);

 

(j)            the Toxic Substances Control Act (15 U.S.C. Section 2601
et seq.) (“TSCA”);

 

(k)           the Hazardous Materials Transportation Act (49 U.S.C. Section 1801
et seq.) (“HMTA”);

 

(l)            the Uranium Mill Tailings Radiation Control Act
of 1978 (42 U.S.C. Section 7901 et seq.) (“UMTRCA”);

 

(m)          the Occupational Safety and Health Act (29 U.S.C. Section 651
et seq.) (“OSHA”);

 

(n)           the National Environmental Policy Act (42 U.S.C.
Sections 4321 et seq.);

 

(o)           the State Environmental Quality Review Act (NY ECL
Sections 8-0101 et seq.); and

 

(p)           all other Federal, state or local Legal Requirements now
or hereafter in effect that relate to pollution, health and safety, the
management, protection or cleanup of the environment, including the protection
of endangered species and migratory birds and the preservation of cultural
resources, and all Legal Requirements that relate to (i) any Release or (ii) the
use, treatment, storage, disposal, handling, manufacturing, transportation,
arrangement for disposal or shipment of Hazardous Substances or otherwise
govern Hazardous Substances, including all duties, standards of conduct or
responsibility pursuant to common law.

 

“Hedge Transaction”
means any “Transaction” (such as swaps, caps, collars or floors) entered into
under an Interest Rate Agreement.

 

“ICAP Consultant”
means CRA International Inc.

 

25

 

“ICAP Revenues”
means, for any period, amounts expected to be paid to the Project Companies for
installed capacity provided by the Project Companies in the NYISO installed
capacity market.

 

“IDA Consents”
means (a) with respect to Project (Chateaugay), the Consent to Assignment
of Franklin County IDA Documents from Franklin County IDA, dated June 30,
2008, (b) with respect to Project (Wethersfield), the Consent to
Assignment of Wyoming County IDA Documents from Wyoming County IDA, dated June 30,
2008, and (c) with respect to Project (Altona), the Consent to Assignment
of Clinton County IDA Documents from Clinton County IDA, dated June 30,
2008.

 

“IDA Documents”
means (a) with respect to Project (Chateaugay), (i) the Lease to
Agency, dated November 20, 2007, as amended by Amendment No. 1 to
Lease to Agency dated May 1, 2008, each between NCW and Franklin County
IDA, (ii) the Lease Agreement, dated November 20, 2007, as amended by
Amendment No. 1 to Lease Agreement, dated May 1, 2008, each between
NCW and Franklin County IDA, (iii) the Payment in Lieu of Tax Agreement,
dated November 20, 2007, as amended by Amendment No. 1 to PILOT
Agreement, dated May 1, 2008, each by and among NCW, Franklin County IDA,
Franklin County, New York, Town of Chateaugay and Chateaugay Central School
District, Chateaugay PILOT Mortgage, and (iv) the Bill of Sale, dated November 15,
2007, from NCW to Franklin County IDA, (b) with respect to Project
(Wethersfield), (i) the Lease to Agency, dated May 14, 2008, between
NWW and Wyoming County IDA, (ii) the Lease Agreement, dated May 14,
2008, between NWW and Wyoming County IDA, (iii) the Payment in Lieu of Tax
Agreement, dated May 14, 2008, between NWW and Wyoming County IDA, and (iv) the
Bill of Sale, dated May 14, 2008, from NWW to Wyoming County IDA, and (c) with
respect to Project (Altona), (i) the Lease to Agency, dated May 1,
between NAW and Clinton County IDA, (ii) the Lease Agreement, dated May 1,
between NAW and Clinton County IDA, (iii) the Payment in Lieu of Tax
Agreement, dated May 1, by and among NAW, Clinton County IDA, Clinton
County, New York, Town of Altona, and Northern Adirondack Central School
District, (iv) the Capacity Royalty Agreement, dated May 1, by and
among NAW, Clinton County IDA, Clinton County, New York, Town of Altona, and
Northern Adirondack Central School District, (v) the Altona PILOT
Mortgage, and (v) the Bill of Sale, dated May 1, from NAW to Clinton
County IDA.

 

“IDA PILOT
Mortgages” means the Altona PILOT Mortgage and the Chateaugay PILOT
Mortgage.

 

“Improvements”
has the meaning given in the granting clause of the Mortgages.

 

“Incomplete Turbine
Completion Date” means the date on which each of the conditions
specified in 2.12(e) of the Financing Agreement have been satisfied or
waived as provided therein.

 

“Incomplete Turbines”
means, with respect to any Project, any WTGs that have not achieved Completion as
of the Term-Conversion Date applicable to such Project.

 

“Indemnified Taxes”
has the meaning given in Section 2.7(d)(i) of the Financing
Agreement.

 

26

 

“Indemnitees”
has the meaning given in Section 5.20(a) of the Financing
Agreement.

 

“Independent Consultants”
means, collectively, the Insurance Consultant, Borrower’s Environmental
Consultant, the Independent Engineer, the Market Consultant, the ICAP
Consultant, CRA International, Inc., and DNV or GL (as the case may be) or
their successors appointed pursuant to Section 10.1 of the
Financing Agreement.

 

“Independent Engineer”
means Garrad Hassan America Inc. or their successors appointed pursuant to Section 10.1
of the Financing Agreement.

 

“Initial Repayment Date”
means the last day of the calendar month during which the three (3) month
anniversary of the Term-Conversion Date occurs; provided that, if the
Term-Conversion Date occurs on or prior to the fourteenth (14th) day
of a calendar month, the Initial Repayment Date shall be the last day of the
month during which the two (2) month anniversary of the Term-Conversion
Date occurs.

 

“Insurance Consultant”
means Moore-McNeil, LLC, or its successor appointed pursuant to Section 10.1
of the Financing Agreement.

 

“Insurance Proceeds”
has the meaning given in Section 5.4(a) of the Depositary
Agreement.

 

“Insurance Proceeds Account” has the meaning given in Section 5.4(a) of
the Depositary Agreement.

 

“Insurance Requirements”
means the provisions set forth on Exhibit K of the Financing
Agreement.

 

“Interconnection Agreement
(Altona)” means that certain Interconnection Agreement, to be
executed by and among NAW, NYISO and NYPA, with respect to the approximately
97.5 MW of the Project (Altona).

 

“Interconnection Agreement
(Chateaugay)” means that certain Interconnection Agreement, to be
executed on or prior to the Term-Conversion Date, by and among NCW, NYISO and
NYPA, with respect to the approximately 106.5 MW of the Project (Chateaugay).

 

“Interconnection Agreement
(Wethersfield)” means that certain Interconnection Agreement, to be
executed by and among NWW, NYISO and the NYSEG.

 

“Interconnection Agreements”
means, collectively, the Interconnection Agreements (Altona), the
Interconnection Agreements (Chateaugay) and the Interconnection Agreement
(Wethersfield).

 

“Interconnection Lines”
means the transmission or interconnection lines, including any and all poles,
wires, cables, anchors, cross-arms and foundations, constructed by or on behalf
of Borrower or any Project Company or otherwise provided for by Borrower or any

 

27

 

Project Company to
interconnect any Project to the relevant substation therefor, as contemplated
under the Interconnection Agreements.

 

“Intercreditor Agreement”
means that certain Collateral Agency and Intercreditor Agreement, dated June 30,
2008, by and among Borrower, the Project Companies, Administrative Agent, and
Citibank, N.A., in its capacity as the “First-Lien Collateral Agent” and the “Second-Lien
Collateral Agent” thereunder (in each case, as such terms are defined in the
Intercreditor Agreement).

 

“Interest Fix Fees”
has the meaning given in Section 2.11(b) of the Financing
Agreement.

 

“Interest Period”
means with respect to any Loan, Cash Collateral Loan, DSRA LC Loan, the Energy
Hedge LC Loan or Project Agreement LC Loan, the time periods selected by
Borrower pursuant to Section 2.1, Section 2.2, or Section 2.3
of the Financing Agreement (in each case in accordance with Section 2.4(b) of
the Financing Agreement), which commences on the first day of such Loan, Cash
Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan or Project Agreement LC
Loan and ends on the last day of such time period.

 

“Interest Rate Agreement”
means the ISDA Master Agreement to be entered into between Borrower and any
hedge bank thereunder pursuant to Section 2.11 of the Financing
Agreement (as distinct from the Energy Hedge Agreement), and each schedule and
confirmation entered into pursuant thereto (including all Hedge Transactions
thereunder).

 

“Joint Bookrunners”
means each of the Joint Lead Arrangers in its respective capacity as Joint
Bookrunner under the Financing Agreement.

 

“Joint Lead Arrangers”
means (a) Citibank Global Markets Inc., acting on behalf of Citibank,
N.A., (b) HSH Nordbank AG, New York Branch, and (c) RBS Securities
Corporation, doing business as RBS Greenwich Capital.

 

“Junior Security Documents”
has the meaning given to the term “Second
Lien Collateral Documents” in the Intercreditor Agreement.

 

“Knowledge” means,
with respect to Borrower, any Project Company or any Member (x) the actual
(as distinct from constructive) knowledge of any Person, at the relevant time,
who is a Responsible Officer of Borrower, any Project Company or any Member, (y) the
Owner Designated Representative or the Operator Designated Representative, or (z) any
other Person holding any of the positions (or successor position to any such
position) enumerated on Exhibit H-9 of the Financing Agreement.

 

“Landowner” means
each grantor of an easement interest or lessor of a leasehold interest of any
portion of any Site that has granted an easement or leased real property to
Borrower or any Project Company.

 

“Landowner Consents” means those certain consent
and agreements from each Landowner (other than the owners of land on which no
WTGs or transmission lines will be

 

28

 

constructed and which are
not required for setback compliance) in form and substance satisfactory to
Administrative Agent.

 

“Landowner Mortgagee”
means the holder of a fee mortgage encumbering a Landowner’s land which is
senior in priority and recorded against the land prior to the recording of a
memorandum of easement in favor of the Project Company.

 

“LC Commitment”
means, at any time with respect to each Lender, such Lender’s Proportionate
Share of the Total LC/Cash Collateral Commitment.

 

“LC Commitment Fee”
has the meaning given in Section 2.6(c)(i) of the Financing
Agreement.

 

“LC Exposure”
means, for any Letter of Credit, the Stated Amount on the date of issuance of
such Letter of Credit.

 

“LC Fees” means,
collectively, the LC Commitment Fees and the Letter of Credit Fees.

 

“LC Fronting Bank”
means any Lender that may be designated as the “LC Fronting Bank” by Borrower
and Administrative Agent after the Financial Closing Date.

 

“LC Issuance Period”
means (a) with regard to the DSRA LC, the period from the Term-Conversion
Date (as long as the LC Issuing Bank has been designated by Borrower and
Administrative Agent on or prior to such date) until the Term Loan Maturity
Date, (b) with regard to any Project Agreement LC, the period from the
Financial Closing Date (as long as the LC Issuing Bank has been designated by
Borrower and Administrative Agent) until the Term Loan Maturity Date, and (c) with
regard to the Energy Hedge LC, the period from the Financial Closing Date (as
long as the LC Issuing Bank has been designated by Borrower and Administrative
Agent) until the Term-Conversion Date.

 

“LC Loans” means
any Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans and Project
Agreement LC Loans.

 

“Legal Requirements”
means, as to any Person, any law, common law, treaty, rule or regulation,
ordinance, order, any requirement under an Applicable Permit, and any written
determination or requirement of any Governmental Authority in each case
applicable to or binding upon such Person or any of its properties or to which
such Person or any of its property is subject.

 

“Lender” or “Lenders” means the banks or other financial institutions
from time to time party to the Financing Agreement and their successors and
assigns.

 

“Lending Office”
means with respect to any Lender, the office designated as such beneath the
name of such Lender on Exhibit I of the Financing Agreement or such
other office of such Lender as such Lender may specify in writing from time to
time to Administrative Agent and Borrower.

 

29

 

“Letter of Credit Fees”
has the meaning given in Section 2.6(c)(iii) of the Financing
Agreement.

 

“Letters of Credit”
means, collectively the DSRA LC, the Energy Hedge LC and each Project Agreement
LC.

 

“LIBO Rate”
means a rate per annum (rounded upwards if necessary, to the nearest 1/100
of 1%) determined by Administrative Agent equal to the rate appearing on Page 3750
of the Telerate Service (or any successor or substitute page of the
Telerate Service providing rate quotations comparable to those currently
provided on such Page 3750, as determined by Administrative Agent) at
which deposits in Dollars (in the approximate amount and having approximately
the same maturity as the Loan, Cash Collateral Loan, DSRA LC Loan, Energy Hedge
LC Loan or Project Agreement LC Loan to be made) are offered to Administrative
Agent in the London Interbank Market at approximately 11:00 a.m.
(London time), two Banking Days prior to the first day of the Interest Period
for such Loan, Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan or
Project Agreement LC Loan.

 

“LIBO Rate Loans”
means any Loan, Cash Collateral Loan, DSRA LC Loan, Energy Hedge LC Loan or
Project Agreement LC Loan that accrues interest at a rate per annum determined
by reference to the applicable LIBO Rate.

 

“Lien” on any
asset means any mortgage, deed of trust, lien, pledge, charge, security
interest, restrictive covenant or easement or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected or
effective under applicable law, or any preference, priority or preferential
arrangement of any kind or nature whatsoever including the interest of a vendor
or lessor under any conditional sale agreement, capital lease or other title
retention agreement relating to such asset.

 

“Lien Law” means
the Lien Law of the State of New York.

 

“Liquidation Costs”
has the meaning given in Section 2.9 of the Financing Agreement.

 

“LLC Agreement”
means the Amended and Restated Limited Liability Company Agreement of Borrower,
to be executed on the Term-Conversion Date, by and among Noble Environmental
and Equity Support Members.

 

“LLC Agreement (Altona)”
means the Limited Liability Company Agreement of Noble Altona Windpark, LLC,
dated April 10, 2006, as amended, amended and restated, modified or
supplemented from time to time.

 

“LLC Agreement (Chateaugay)”
means the Limited Liability Company Agreement of Noble Chateaugay Windpark,
LLC, dated November 10, 2006, as amended, amended and restated, modified
or supplemented from time to time.

 

“LLC Agreement
(Wethersfield)” means the Limited Liability Company Agreement of
Noble Wethersfield Windpark, LLC, dated November 10, 2006, as amended,
amended and restated, modified or supplemented from time to time.

 

30

 

“Loans” means,
collectively, the Construction Loans and the Term Loans.

 

“Major Project Participants”
means (a) each Noble Entity, (b) each Member and the Equity Support
Members (until such Equity Support Members’ obligations under the Equity
Capital Contribution Agreement (other than its indemnification obligations
pursuant to Section 6.02 thereof) and the Additional Capital Contribution
Agreement have been paid and/or performed in full and the Forbearance Term (as
defined in the Forbearance Agreement) has expired), (c) the Operator, (d) the
Asset Manager, (e) each Contractor (until the obligations of such
Contractor under the Construction Contracts to which it is a party shall have
been performed and/or paid in full), (f) Energy Hedge Provider; (g) Energy
Hedge Provider Parent and (h) each party to the Interconnection Agreements
other than Noble Entities.

 

“Majority Lenders”
means, at any time, a combination of Lenders and/or Voting Participants having
Proportionate Voting Shares which in the aggregate exceed fifty percent (50%).

 

“Management Services
Agreement (Altona)”  means
that certain Management Services Agreement, dated June 30, 2008, between
the Asset Manager and NAW.

 

“Management Services Agreement
(Chateaugay)” means that certain Management Services Agreement,
dated June 30, 2008, between the Asset Manager and NCW.

 

“Management Services
Agreement (Wethersfield)” means that certain Management Services
Agreement, dated June 30, 2008, between the Asset Manager and NWW.

 

“Management Services
Agreements” means, collectively, the Management Services Agreement
(Altona), the Management Services Agreement (Chateaugay) and the Management
Services Agreement (Wethersfield).

 

“Management Services Agreements
Consent” means that certain consent and agreement, dated June 30,
2008, among the Asset Manager, NAW, NCW, NWW and Collateral Agent.

 

“Mandatory Prepayment”
means a prepayment of Obligations required of Borrower pursuant to the
Financing Agreement.

 

“Market Consultant”
means Global Energy Decisions, Inc. or its successors appointed pursuant
to Section 10.1 of the Financing Agreement.

 

“Material Adverse Effect”  means (a) a material adverse change in (i) the
overall status of the business, results of operations or financial condition of
the Noble Entities and the Projects, taken as a whole, or (ii) the ability
of the Equity Support Members, taken as a whole, and NEP to meet their
respective financial obligations under the Equity Support Documents, in the
case of this clause (ii), until the obligations of the Equity Support Members
or NEP, as applicable, under the Equity Support Documents have been performed
or paid in full; or (b) a material adverse change in the ability of
Borrower, any Project Company or any other Person party to any Operative
Document to perform any of its material obligations under the Operative
Documents if such change has a material adverse effect on the Noble Entities
and the Projects 

 

31

 

taken as a whole; or (c) a
material adverse change affecting the ability of Financing Parties to enforce
any of the material obligations of the Noble Entities, NEP, Noble Environmental
or the Equity Support Members under the Financing Documents to which they are a
party or a material adverse chance in the validity, priority or perfection of
the Lenders’ security interests in and Liens on the Collateral.

 

“Maturity” or “maturity” means with respect to any Loan, Cash Collateral
Loan, DSRA LC Loan, Energy Hedge LC Loan, Project Agreement LC Loan, Borrowing,
interest, fee or other amount payable by Borrower under the Financing Agreement
or the other Financing Documents, the date such Loan, Cash Collateral Loan,
DSRA LC Loan, the Energy Hedge LC Loan, Borrowing, interest, fee or other
amount becomes due, whether upon the stated maturity or due date, upon
acceleration or otherwise.

 

“Maximum Stated DSRA LC
Amount” has the meaning given in Section 2.3(a)(ii) of
the Financing Agreement.

 

“Members” means (a) as
of the Financial Closing Date, Noble Environmental and (b) from and after
the Term-Conversion Date, each Equity Support Member, and each other Person
which has an ownership interest in Borrower pursuant to a Permitted Transfer.

 

“Moody’s” means
Moody’s Investors Service, Inc.

 

“Mortgage (Altona)”
means, collectively, (a) the Acquisition Loan Mortgage (Altona), (b) the
Building Loan Mortgage (Altona), (c) the Project Loan Mortgage (Altona)
and (d) the Additional Collateral Mortgage (Altona).

 

“Mortgage (Chateaugay)”
means, collectively, (a) the Acquisition Loan Mortgage (Chateaugay), (b) the
Building Loan Mortgage (Chateaugay), (c) the Project Loan Mortgage
(Chateaugay) and (d) the Additional Collateral Mortgage (Chateaugay).

 

“Mortgage (Chateaugay
(Clinton))” means, collectively, (a) the Acquisition Loan
Mortgage (Chateaugay (Clinton)), (b) the Building Loan Mortgage
(Chateaugay (Clinton)) and (c) the Project Loan Mortgage (Chateaugay
(Clinton)).

 

“Mortgage (Wethersfield)”
means, collectively, (a) the Acquisition Loan Mortgage (Wethersfield), (b) the
Building Loan Mortgage (Wethersfield), (c) the Project Loan Mortgage
(Wethersfield) and (d) the Additional Collateral Mortgage (Wethersfield).

 

“Mortgaged Property”
means, collectively, the “Mortgaged Property” as defined in each Mortgage.

 

“Mortgages”
means, collectively, (a) the Mortgage (Altona), (b) the Mortgage
(Chateaugay), (c) the Mortgage (Chateaugay (Clinton)) and (d) the
Mortgage (Wethersfield).

 

“Multiemployer Plan”
means any ERISA Plan that is a multiemployer plan (as defined in Section 4001(a)(3) of
ERISA) to which any Noble Entity or any member of the Controlled Group is
making, or has an obligation to make, contributions, or has made, or has 

 

32

 

been obligated to make,
contributions since the date which is six years immediately preceding the
Financial Closing Date.

 

“NAW” means
Noble Altona Windpark, LLC, a Delaware limited liability company.

 

“NCW” means
Noble Chateaugay Windpark, LLC, a Delaware limited liability company.

 

“NEP” means
Noble Environmental Power, LLC, a Delaware limited liability company.

 

“NEP 2006 Hold Co”
means Noble Environmental Power 2006 Hold Co, LLC, a Delaware limited liability
company.

 

“NEP 2007 Equipment Co”
means Noble Environmental Power 2007 Equipment Co, LLC, a Delaware limited
liability company.

 

“NEP 2008 Equipment Co”
means Noble Environmental Power 2008 Equipment Co, LLC, a Delaware limited
liability company.

 

“NEP Contribution Agreement”
means the Equity Contribution Agreement and Guarantee, dated June 30,
2008, by and among NEP, Noble Environmental, Borrower, Administrative Agent and
Collateral Agent.

 

“Noble Base Equity Amount”  has the meaning given in the NEP Contribution Agreement.

 

“Noble Base Equity Letter
of Credit” has the meaning given in the NEP Contribution Agreement.

 

“Noble Clinton”
means Noble Clinton Windpark I, LLC, a Delaware limited liability company.

 

“Noble Construction Equity
Amount” has the meaning given in Section 3.1  (gg)
of the Financing Agreement.

 

“Noble Contingent PTC
Equity Amount” has the meaning given in the NEP Contribution
Agreement.

 

“Noble Contingent PTC
Equity Letter of Credit” means a letter of credit that meets the
requirements of “Acceptable Equity Support Security” with respect to letters of
credit in the initial stated amount of $40,000,000.

 

“Noble Ellenburg”
means Noble Ellenburg Windpark, LLC, a Delaware limited liability company.

 

“Noble Entities”
means, collectively, Borrower and the Project Companies.

 

33

 

“Noble Environmental”
means Noble Environmental Power Hold Co. 2008 Prime, LLC, a Delaware limited
liability company.

 

“Noble Environmental Pledge
Agreement” means the Pledge Agreement (including the ownership
certificates and any disposition instruments, transfer powers and irrevocable
proxies attached thereto), substantially in the form of Exhibit E-10,
duly executed by Noble Environmental and Collateral Agent.

 

“Noble Equity”
means all amounts contributed by Noble Environmental to Borrower (whether
through a drawing under the Noble Contingent PTC Equity Letter of Credit, a
drawing under the NEP guarantee or otherwise) in accordance with the NEP
Contribution Agreement (other than the Noble Base Equity Excess Amount (as
defined in the NEP Contribution Agreement)).

 

“Noble Equity Support
Documents” mean, collectively or individually, depending on the
context, the NEP Contribution Agreement, and, to the extent applicable, the
Noble Base Equity Letter of Credit and the Noble Contingent PTC Equity Letter
of Credit.

 

“Non-Conversion Amount”
means an amount equal to the excess of (a) the Total Term Loan Commitment
on the Term-Conversion Date immediately prior to giving effect to the
advancement of Term-Loans on the Term-Conversion Date over (b) the
principal amount of Construction Loans converted into a Term Loan on the
Term-Conversion Date pursuant to Section 2.2(a)(i) of the
Financing Agreement.

 

“Non-Disturbance Agreement”
means each of those certain Subordination and Non-Disturbance Agreement duly
executed by a Landowner Mortgagee, a Landowner, the appropriate Noble Entity
and Administrative Agent, substantially in the form of Exhibit E-12
to the Financing Agreement and in form and substance satisfactory to
Administrative Agent.

 

“Non-Recourse Party”
has the meaning given thereto in Article 8.

 

“Notes” means,
collectively, the Construction Loan Notes and the Term Loan Notes.

 

“Notice of Borrowing”
has the meaning given in Section 2.1(a)(ii) of the Financing
Agreement.

 

“Notice of LC Activity”
has the meaning given in Section 2.3(c) of the Financing
Agreement.

 

“Notice of Term-Conversion”
has the meaning given in Section 2.2(a)(ii) of the Financing
Agreement.

 

“NWW” means
Noble Wethersfield Windpark, LLC, a Delaware limited liability company.

 

“NYISO” means
the New York Independent System Operator, Inc.

 

34

 

“NYPA” means the
New York Power Authority, a public authority of the State of New York.

 

“NYPA Facilities”
means the portion of the Conveyed Transmission Owner Facilities constructed or
otherwise developed by NAW, NCW and NWW or an Affiliate thereof, described on Exhibit H-7
to the Financing Agreement, which NAW, NCW or NWW contemplate selling, leasing,
transferring, conveying or otherwise disposing of to NYPA pursuant to the
applicable Interconnection Agreements.

 

“NYSEG” means
the New York State Electric & Gas Corporation, a New York corporation.

 

“NYSEG Facilities”
means the portion of the Conveyed Transmission Owner Facilities constructed or
otherwise developed by NAW, NCW and NWW or an Affiliate thereof, described on Exhibit H-7
to the Financing Agreement, which NAW, NCW or NWW contemplate selling, leasing,
transferring, conveying or otherwise disposing of to NYSEG pursuant to the applicable
Interconnection Agreements.

 

“NYSERDA” means
the New York State Energy Research and Development Authority.

 

“O&M Agreement (Altona)” means that certain
Operation and Maintenance Agreement, dated June 30, 2008, between Operator
and NAW.

 

“O&M Agreement
(Chateaugay)” means that certain Operation and Maintenance
Agreement, dated June 30, 2008, between Operator and NCW.

 

“O&M Agreement
(Wethersfield)” means that certain Operation and Maintenance
Agreement, dated June 30, 2008, between Operator and NWW.

 

“O&M Agreements”
means, collectively, the O&M Agreement (Altona), the O&M Agreement
(Chateaugay) and the O&M Agreement (Wethersfield).

 

“O&M Agreements Consent”
means that certain consent and agreement, dated June 30, 2008, among
Operator, NAW, NCW, NWW and Collateral Agent.

 

“O&M and CapEx Reserve
Account” has the meaning given in Section 5.3(b)(i) of
the Depositary Agreement.

 

“O&M and CapEx Reserve
Requirement” means, for a required date, the amount determined by
Borrower (with the prior approval of Administrative Agent and the Independent
Engineer, which approval shall not be unreasonably withheld or delayed), to be
required during the next six (6) months in respect of O&M Costs, but
excluding fees and expenses of the Operator under the O&M Agreements payable
under Sections 6.3, 6.4 and 6.5 thereof. 
The O&M and CapEx Reserve Requirement, which shall be determined on
a portfolio basis, shall be determined or re-determined annually and attached
to the Annual Operating Budgets, beginning with the Annual Operating Budgets
for 2008.

 

35

 

“O&M and CapEx Reserve
Target Level” means (i) on each of the first four (4) Repayment
Dates, 25% of the O&M and CapEx Reserve Requirement and (ii) on each
Repayment Date thereafter, 100% of the O&M and CapEx Reserve Requirement.

 

“O&M Costs”
means all maintenance and operation costs incurred and paid for in relation to
the Projects in any particular calendar or fiscal year or period to which said
term is applicable, state and local taxes, payments required to be made by any
Noble Entity under the IDA Documents, insurance, consumables, payments under
any lease, payments pursuant to the agreements for the management, operation
and maintenance of the Projects (including amounts required to be paid under
the Spare Parts Agreement, the Management Services Agreements and the O&M
Agreements), reasonable legal fees, costs and expenses paid by Borrower or any
Project Company in connection with the management, maintenance or operation of
the Projects, costs and expenses paid by Borrower or any Project Company in
connection with obtaining, transferring, maintaining or amending any Applicable
Permits and general and administrative expenses, but excluding in all cases (i) non-cash
charges, including depreciation or obsolescence charges or reserves therefor,
amortization of intangibles or other bookkeeping entries of a similar nature, (ii) all
interest charges and charges for the payment or amortization of principal of
any Debt of any Noble Entity, (iii) for purposes of calculating the
Projected Debt Service Coverage Ratios, payments made using amounts on deposit
in the O&M and CapEx Reserve Account or Additional Maintenance Account, (iv) payments
required to be made under the Chateaugay Easement Documents and (v) solely
to the extent required by the Project Documents in effect as of the Financial
Closing Date or the Additional Project Documents, distributions or indemnity
payments of any kind to Members or Noble Entities or any of their respective Affiliates.  For the avoidance of doubt, to the extent
insufficient funds are available in the Operating Account to pay any O&M
Cost and amounts are advanced by or on behalf of any Lender for the payment of
such O&M Costs, such advance shall itself constitute an O&M Cost.

 

“Obligations”
means, with respect to any Noble Entity, collectively, (a) all Debt,
Loans, advances, debts, liabilities (including any indemnification or other
obligations that survive the termination of the Financing Documents), letter of
credit reimbursement obligations, Cash Collateral Loans, DSRA LC Loans, Energy
Hedge LC Loans, Project Agreement LC Loans and all other obligations, howsoever
arising (including guarantee obligations), owed by such Person to
Administrative Agent or the Lenders (including in their capacity as
Counterparties under any Interest Rate Agreement) of every kind and description
(whether or not evidenced by any note or instrument and whether or not for the
payment of money), direct or indirect, absolute or contingent, due or to become
due, now existing or hereafter arising, pursuant to the terms of the Financing
Documents or any other agreement, document or instrument evidencing, securing
or relating to such indebtedness, liabilities and obligations, including all interest,
fees (including Other Fees, Interest Fix Fees, Commitment Fees and LC Fees),
charges, expenses, attorneys’ fees and accountants’ fees payable by such Person
thereunder, (b) any and all sums advanced by Administrative Agent in order
to preserve the Collateral or preserve its security interest in the Collateral
(including, but without duplication of Borrower’s obligation to repay same,
amounts described in the last sentence of the definition of O&M Costs) and (c) in
the event of any proceeding for the collection or enforcement of the
obligations described in clause (a) and (b) above, after an
Event of Default shall have occurred and be continuing, the expenses of
retaking, holding, preparing for sale or lease, selling or otherwise disposing
of or realizing on the Collateral, or of any exercise by the Lenders of their
rights under the Collateral Documents, 

 

36

 

together with any necessary
attorneys’ fees and court costs.  When
used without reference to any particular Noble Entity, “Obligations” shall
refer to the collective Obligations of the Noble Entities.

 

“Operating Account”
has the meaning given in Section 5.2 of the Depositary Agreement.

 

“Operating Agreement”
means that certain Limited Liability Company Operating Agreement of Borrower,
dated June 6, 2008.

 

“Operating Cash Available
for Debt Service” means for any period the excess of (a) the
aggregate of Project Revenues for such period over (b) the aggregate of
all amounts payable for such period pursuant to Sections 5.2(a)(i),
5.2(a)(ii) and 5.2(a)(iii) of the Depositary
Agreement.

 

“Operations Working Capital
Account” has the meaning given in Section 5.3(a)(iv) of
the Depositary Agreement.

 

“Operative Documents”
means, collectively, the Financing Documents and the Project Documents.

 

“Operator” means
Noble Wind Operations, LLC, a Delaware limited liability company.

 

“Operator Designated
Representative” has the meaning given in each EPC Contract.

 

“Optional Prepayment”
means an optional prepayment of Obligations made by Borrower pursuant to Section 2.4(g) of
the Financing Agreement.

 

“Organizational Documents”
means, as to any Person, the articles of incorporation, certificate of
formation, bylaws, operating agreement, partnership agreement, or other organizational
or governing documents of such Person, including, in the case of Borrower, the
Operating Agreement.

 

“Other Fees” has
the meaning given in Section 2.6(a) of the Financing
Agreement.

 

“Other Taxes”
has the meaning given in Section 2.7(d)(i) of the Financing
Agreement.

 

“Owner Designated
Representative” has the meaning given in each EPC Contract.

 

“P50 Production Level”
means the aggregate annual energy production level of the Projects, taken as a
whole, that has a probability of excedence of 50% over a (i) one-year
period of time and (ii) ten-year period of time, in each case according to
the Independent Engineer’s wind production forecasts agreed to between
Administrative Agent and Borrower in 

 

37

 

the preliminary energy
production analysis delivered pursuant to Section 3.1(e)(ii) of
the Financing Agreement and the Final Energy Production Analysis delivered
pursuant to Section 3.3(w) of the Financing Agreement, as
applicable.

 

“P95 Production Level”
means the aggregate annual energy production level of the Projects, taken as a
whole, that has a probability of excedence of 95% over a one-year period
of time, according to the Independent Engineer’s wind production forecasts
agreed to between Administrative Agent and Borrower in the preliminary energy
production analysis delivered pursuant to Section 3.1(e)(ii) of
the Financing Agreement and the Final Energy Production Analysis delivered
pursuant to Section 3.3(w) of the Financing Agreement, as
applicable.

 

“P99 Production Level”
means the aggregate annual energy production level of the Projects, taken as a
whole, that has a probability of excedence of 99% over a one-year period
of time, according to the Independent Engineer’s wind production forecasts
agreed to between Administrative Agent and Borrower in the preliminary energy
production analysis delivered pursuant to Section 3.1(e)(ii) of
the Financing Agreement and the Final Energy Production Analysis delivered
pursuant to Section 3.3(w) of the Financing Agreement, as
applicable.

 

“Parts” means
any part, appliance, instrument, appurtenance, accessory or other personal
property of any nature necessary or useful to the operation, maintenance,
service or repair of a Project, including all Parts provided pursuant to the
Construction Contracts, the Spare Parts Agreement and O&M Agreements.

 

“Patriot Act”
means the USA PATRIOT Act of 2001 and all rules and regulations
adopted thereunder.

 

“PBGC” means the
Pension Benefit Guaranty Corporation or any entity succeeding to any or all of
its functions under Title IV of ERISA.

 

“Permit” means
any action, approval, consent, waiver, exemption, variance, franchise, order,
permit, authorization, right or license of or from a Governmental Authority.

 

“Permitted Completion
Amount” means a sum equal to (i) an amount certified by
Borrower and the Independent Engineer on the date of Completion and reasonably
approved by Administrative Agent as necessary to pay Permitted Completion Costs
plus, (ii) a contingency amount equal to 50% of such Permitted
Completion Costs, which sum constituting the Permitted Completion Amount shall
be more fully identified on the Drawdown Certificate for the Final Drawing.

 

“Permitted Completion Costs”
means (a) unpaid Project Costs (other than in respect of any Incomplete
Turbines), including outstanding Punch List Items, retainage or other costs
required for Final Completion under the Construction Contracts and (b) the
Actual Interconnection Costs (if any), all as certified by Borrower and the Independent
Engineer on the Term-Conversion Date and reasonably approved by Administrative
Agent.

 

“Permitted Debt”
means:

 

(a)           the Loans and the other Obligations;

 

38

 

(b)           debt incurred pursuant to the Interest Rate Agreements,
the DSRA LC, the Energy Hedge LC or any Project Agreement LC;

 

(c)           operating leases and trade or other similar indebtedness
incurred in the ordinary course of developing, constructing, operating or
maintaining, the Projects not in excess of $3,000,000 per Project and
$8,000,000 for all Projects in the aggregate and to the extent not in excess of
the Project Budgets or current Annual Operating Budget;

 

(d)           with respect to each Project Company, up to an aggregate
of $1,000,000 of Debt incurred in the ordinary course of developing,
constructing, operating or maintaining its respective Project associated with
purchase money Permitted Liens;

 

(e)           debt permitted by any Operative Document;

 

(f)            contingent liabilities, to the extent otherwise constituting
Debt, permitted pursuant to Section 6.1 of the Financing Agreement;

 

(g)           debt of any Project Company under the Project Company
Guarantees;

 

(h)           debt of one Project Company to another Project Company;

 

(i)            debt of a Project Company to Borrower as contemplated by
the Financing Documents;

 

(j)            the granting of any performance bonds, surety or letters
of credit or guarantees of Debt or obligations of third parties required to be
provided to, or in favor of, suppliers of equipment or contractors or Government
Authorities for the implementation of the Projects, provided that the
Debt incurred or amounts drawn under such bonds, surety, letters of credit or
guarantees does not exceed, at any time (i) $10,000,000 if granted in
connection with the REC Contracts and (ii) $5,000,000 if granted for other
purposes under this clause;

 

(k)           debt of Borrower or any Project Company arising from the
honoring by a bank or other financial institution of a check, draft or similar
instrument inadvertently drawn by Borrower or such Project Company in the
ordinary course of business against insufficient funds, so long as such Debt is
repaid within five Banking Days;

 

(l)            the payment obligations under the IDA Documents; and

 

(m)          debt of Borrower or any Project Company in respect of
workers’ compensation claims and self-insurance, in each case in the ordinary
course of business.

 

“Permitted Encumbrances”
has the meaning given in Section 3.1(z) of the Financing
Agreement.

 

“Permitted Investments”
means:

 

(a)           direct obligations of the United States of America
(including obligations issued or held in book-entry form on the books of the
Department of the Treasury of the United 

 

39

 

States of America) or obligations the timely
payment of the principal of and interest on which are fully guaranteed by the
United States of America, in each case maturing within one hundred eighty
(180) days from the date of acquisition thereof;

 

(b)           obligations, debentures, notes or other evidence of
indebtedness issued or guaranteed by the Export-Import Bank of the United
States, Federal Housing Administration or other agency or instrumentality of
the United States maturing within one hundred eighty (180) days from the
date of acquisition thereof;

 

(c)           interest-bearing demand or time deposits (including
certificates of deposit, bankers acceptances or other “money market”
instruments) maturing within three hundred sixty five (365) days from the
date of acquisition thereof and which are either (i) insured by the
Federal Deposit Insurance Corporation, or (ii) held in banks (including
any Lender) and savings and loan associations, having general obligations rated
at least “AA” or equivalent by S&P or Moody’s, or if not so rated, secured
at all times, in the manner and to the extent provided by law, by collateral
security described in clauses (a) or (b) of this definition, of
a market value of no less than the amount of moneys so invested;

 

(d)           obligations of any state of the United States or any
agency or instrumentality of any of the foregoing which are rated at least “AA”
by S&P or at least “Aa2” by Moody’s and which mature within one hundred
eighty (180) days of the acquisition thereof;

 

(e)           commercial paper rated (on the date of acquisition
thereof) at least A-1 or P-1 or equivalent by S&P or Moody’s, respectively
(or an equivalent rating by another nationally recognized credit rating agency
of similar standing if neither of such corporations is then in the business of
rating commercial paper), maturing not more than one hundred eighty
(180) days from the date of creation thereof; or

 

(f)            any advances, loans or extensions of credit or any bonds,
notes, debentures or other securities as Administrative Agent may from time to
time approve in its sole and absolute discretion.

 

“Permitted Liens”
means:

 

(a)           the rights and interests of the Secured Parties provided
in the Operative Documents;

 

(b)           Liens imposed by any Governmental Authority for
Indemnified Taxes and Other Taxes not yet due or that are being contested in good
faith by appropriate proceedings, so long as (i) such proceedings shall
not interfere in any material respect with the normal operation or disposition
of any Project or any Site, or (ii) a bond or other security has been
posted or provided in such manner and amount as to assure Administrative Agent
that any Taxes, assessments or other charges determined to be due will be
promptly paid in full when such contest is determined;

 

(c)           materialmen’s, mechanics’, workers’, repairmen’s,
employees’ or other like Liens arising in the ordinary course of business or,
prior to Final Completion, in connection with the construction of any Project,
in all instances either for amounts not yet due or for 

 

40

 

amounts being contested in good faith and by
appropriate proceedings so long as  (i) such
proceedings shall not interfere in any material respect with the normal
operation or disposition of any Project or any Site or (ii) a bond or
other security has been posted or provided in such manner and amount as to
assure  that any amount determined to be due
will be promptly paid in full when such contest is determined;

 

(d)           Permitted Encumbrances;

 

(e)           Liens incurred in the ordinary course of business in
connection with worker’s compensation, unemployment insurance, social security
and other Governmental Rules;

 

(f)            Liens arising out of judgments or awards so long as an
appeal or proceeding for review is being prosecuted in good faith and for the
payment of which cash reserves, bonds or other security (in the case of any
such other security, in form and substance reasonably acceptable to
Administrative Agent in its reasonable discretion) have been provided or are
fully covered by insurance;

 

(g)           minor defects, easements, rights-of-way, restrictions and
other similar encumbrances incurred in the ordinary course of business and
encumbrances consisting of zoning restrictions, licenses, restrictions on the
use of property or minor imperfections in title which do not materially impair
the property affected thereby for the purpose for which title was acquired or
materially interfere with the operation of any Project as contemplated by the
Operative Documents;

 

(h)           Liens, deposits or pledges to secure mandatory statutory
obligations or performance of bids, tenders, contracts (other than for the
repayment of borrowed money) or leases, or for purposes of like general nature
in the ordinary course of its business;

 

(i)            Liens on assets (real or personal) of any Noble Entity
which assets collectively have a fair market value of less than $5,000,000 in
the aggregate (among all Noble Entities and Projects);

 

(j)            involuntary Liens (including a lien of an attachment,
judgment or execution) securing a charge or obligation on any Noble Entity’s
property, either real or personal, whether now or hereafter owned, of less than
$1,500,000 in the aggregate (among all Noble Entities and Projects);

 

(k)           Liens of trade vendors created in connection with Debt
allowed under Section 6.3 of the Financing Agreement;

 

(l)            fee mortgages in favor of Landowner Mortgagees;

 

(m)          fee mortgages in favor of Landowner Mortgagees for which a
Non-Disturbance Agreement has not been provided to Administrative Agent, so
long as the maximum principal amount secured under such Landowner Mortgages
shall not exceed $560,900 for Project (Altona), $2,352,241 for Project
(Chateaugay) or $9,159,957 for Project (Wethersfield); provided that, if
an event of default occurs or a foreclosure proceeding or other proceedings is
commenced by a Landowner Mortgagee under a fee mortgage for which a
Non-Disturbance 

 

41

 

Agreement has not been delivered to
Administrative Agent (other than a fee mortgage on an Ancillary Border Parcel)
and Borrower has failed to cure such default pursuant to Section 5.11
of the Financing Agreement, such fee mortgage shall no longer be deemed a
Permitted Lien hereunder;

 

(n)           to the extent constituting a Permitted Transfer, rights of
Members under the Operating Agreement to purchase from other Members thereunder
any ownership interests in Borrower;

 

(o)           liens and encumbrances under the IDA Documents; and

 

(p)           subordinated Liens granted pursuant to the Junior Security
Documents.

 

“Permitted Transfer”
means:

 

(a)           at any time after the Term-Conversion Date, a sale,
assignment or transfer by Noble Environmental of all or a portion of its
ownership interests in Borrower to its Affiliates that is consented to by the
Majority Lenders;

 

(b)           any sale, transfer or assignment by any Member of its
ownership interests in Borrower to, or any issuance of ownership interest in
Borrower to, an Equity Support Member or to any Affiliate of an Equity Support
Member which, until its obligations under the Equity Capital Contribution
Agreement (other than its indemnification obligations pursuant to Section 6.02
thereof) and the Additional Capital Contribution Agreement have been paid
and/or performed in full and the Forbearance Term (as defined in the
Forbearance Agreement) has expired, meets the credit criteria set forth in
clause (b) of the definition of Equity Support Member at the time of
such sale, transfer, issuance or assignment; provided that Noble
Environmental maintains control of the fundamental management decisions of
Borrower (whether through direct or indirect control of the governing body of
Borrower, through a management services agreement or otherwise);

 

(c)           any sale, transfer or assignment of the Conveyed
Transmission Owner Facilities to NYPA or NYSEG; and

 

(d)           at any time after the Term-Conversion Date, any other
sale, assignment or transfer by NEP or its successors and assigns of its
ownership interests in Borrower that is consented to by the Majority Lenders (provided
that the consent of the Majority Lenders shall not be required if such transferee
(i) has substantial ownership experience in the wind industry, as
reasonably determined by the Administative Agent, and (ii) has, or is
directly or indirectly owned and controlled by a Person who has, a long-term
senior unsecured debt rating of at least “A3” by Moody’s or “A-” by S&P); provided,
however, that, except as would not reasonably be expected to have a
Material Adverse Effect, no such sale, assignment or transfer described in
clauses (a) through (d) above shall be permitted unless (i) the
addition of such Person as a Member shall not cause any Project to lose its
authorization to sell energy, capacity or ancillary services at market-based
rates or to lose its status as an EWG; (ii) no Default or Event of Default
shall occur after giving effect to the sale of such interests or addition of
such Person as a Member; and (iii) the intended transferee (in the event
of a Permitted Transfer by any Member) shall have executed and delivered to
Administrative Agent a joinder agreement to the applicable 

 

42

 

Pledge Agreement (such that 100% of the
ownership interests in Borrower and the Project Companies, as applicable shall
at all times be subject to the first priority Lien of the Collateral Documents,
subject to Permitted Liens) and any applicable Equity Support Documents.

 

“Person” means
any natural person, corporation, limited liability company, partnership, firm,
association, Governmental Authority or any other entity whether acting in an
individual, fiduciary or other capacity.

 

“Plans and Specifications”
means the plans and specifications for the construction and design of the
Projects, including any document describing the scope of work performed by
Contractors under the Construction Contracts or any other contract or
subcontract for the construction of the Projects and any feeder lines and
interconnections, all work drawings, engineering and construction schedules,
project schedules, project monitoring systems, specifications status lists,
material and procurement ledgers, drawings and drawing lists, manpower
allocation documents, management and project procedures documents, project
design criteria, the Certificates of Design Suitability, and any other document
referred to in the Construction Contracts or any of the documents referred to
in this definition, as the same may be amended from time to time.

 

“Pledge Agreements”
means the Borrower Pledge Agreement, substantially in the form of Exhibit E-8,
Equity Support Member Pledge Agreement, substantially in the form of Exhibit E-9,
and Noble Environmental Pledge Agreement, substantially in the form of Exhibit E-10.

 

“Prime Rate”
means the rate of interest per annum publicly announced from time to time by
Citibank, N.A., as such bank’s prime rate for extensions of credit made by it
in the United States.  Each change in the
Prime Rate shall be effective from and including the date such change is
publicly announced by the applicable bank as being effective.

 

“Project Agreement Cash
Collateral Loan” has the meaning given in Section 2.3(a)(iii) of
the Financing Agreement.

 

“Project Agreement LC”
means one or more letters of credit to be issued pursuant to Section 2.3(a)(iii) of
the Financing Agreement.

 

“Project Agreement LC
Expiration  Date” has the
meaning given in Section 2.3(e)(iv) of the Financing
Agreement.

 

“Project Agreement LC Loan”
has the meaning given in Section 2.3(d)(v)(B) of the Financing
Agreement.

 

“Project Agreement LC Loan
Maturity Date” has the meaning given in Section 2.3(d)(v)(B) of
the Financing Agreement.

 

“Project (Altona)”
means the Noble Altona Windpark Wind Power project, when fully developed, an
approximately 97.5 megawatt wind generation facility composed of
65 WTGs located within the city limits of Altona, New York, as more
particularly described in Exhibit H-1.

 

43

 

“Project (Chateaugay)”
means the Noble Chateaugay Windpark Wind Power project, when fully developed,
an approximately 106.5 megawatt wind generation facility composed of 71
WTGs located in Franklin and Clinton Counties, New York, as more particularly
described in Exhibit H-1.

 

“Project (Wethersfield)”
means the Noble Wethersfield Windpark Wind Power project, when fully developed,
an approximately 126 megawatt wind generation facility composed of
84 WTGs located in Wyoming County, New York, as more particularly
described in Exhibit H-1.

 

“Project Budgets”
has the meaning given in Section 3.1(w) of the Financing
Agreement.

 

“Project Companies”
means, collectively, NAW, NCW, and NWW.

 

“Project Company Guarantee”
means the Project Company Guarantee substantially in the form of Exhibit E-7,
duly executed by each Project Company.

 

“Project Company LLC
Agreements” means, collectively, the LLC Agreement (Altona), the LLC
Agreement (Chateaugay) and the LLC Agreement (Wethersfield).

 

“Project Costs”
means (a) the cost of designing, engineering, equipping, procuring,
constructing, starting up, installing, testing, and, prior to the
Term-Conversion Date, operating and maintaining each Project; (b) the cost
to Borrower or any Project Company of constructing or procuring the
construction of the collection system and interconnection of the Projects to
the relevant electrical substation and grid therefor; (c) the cost of
acquiring any lease and any other necessary interest in the Sites; (d) real
and personal property taxes, payments required to be make under the IDA
Documents, ad valorem taxes, sales, use and excise taxes and insurance
(including title insurance) premiums payable with respect to any Project during
the Construction Period; (e) interest payable on any Loan and financing-related
fees (including Other Fees, Commitment Fees and LC Fees); (f) initial
working capital requirements of the Projects as set forth in the Project
Budgets; (g) the costs of acquiring Permits for the Projects during the
Construction Period; (h) Interest Fix Fees payable during the Construction
Period, other than Interest Fix Fees resulting from a default under applicable
Interest Rate Agreements; (i) all general and administrative costs of
Borrower or any Project Company attributable to any Project during the
Construction Period; (j)  reserve fund requirements required to be
deposited into the Debt Service Reserve Account, Working Capital Account,
O&M and CapEx Reserve Account and Completion Reserve Account; (k) the
cost of establishing a spare parts inventory for any Project; (l) the cost
of establishing the Letters of Credit; (m) (without duplication of any
other costs enumerated herein) the Cost of the Improvement and (n) other
fees, costs and expenses relating to the development, construction and closing
of the financing for any Project, including financial, legal and consulting
fees, costs and expenses.

 

“Project Documents”
means the O&M Agreements, the Construction Contracts, the Interconnection
Agreements (upon their execution and delivery by all parties thereto), the
Management Services Agreements, the REC Contracts, the Spare Parts Agreements,
the Energy Hedge Agreement, the Energy Hedge Provider Parent Guaranty, the Real
Property Documents, 

 

44

 

the Consents, the “Sponsor
Guaranty” (as defined in the LLC Agreement) and the Additional Project
Documents.

 

“Project Loan Mortgage
(Altona)” means the Project Loan Mortgage, Security Agreement,
Assignment of Leases and Rents, Financing Statement and Fixture Filing
(Altona), dated June 30, 2008, given by NAW and Clinton County IDA to
Collateral Agent securing a maximumm principal amount of $4,794,000 encumbering
the parcels of real property comprising the Site (Altona) and intended to
be recorded in the Clinton County Recorder’s Office.

 

“Project Loan Mortgage
(Chateaugay)” means the Project Loan Mortgage, Security Agreement,
Assignment of Leases and Rents, Financing Statement and Fixture Filing
(Chateaugay), dated June 30, 2008, given by NCW and Franklin County IDA to
Collateral Agent securing a maximum principal amount of $5,002,000, encumbering
the parcels of real property comprising the Site (Chateaugay) located in the
Town of Chateaugay, and intended to be recorded in the Franklin County Recorder’s
Office.

 

“Project Loan Mortgage
(Chateaugay (Clinton))” means the Project Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Chateaugay (Clinton)), dated June 30, 2008, given by NCW to
Collateral Agent securing a maximum principal amount of $273,000, encumbering
the parcels of real property comprising the Site (Chateaugay) located in the
Town of Clinton, and intended to be recorded in the Clinton County Recorder’s
Office.

 

“Project Loan Mortgage (Wethersfield)”
means the Project Loan Mortgage, Security Agreement, Assignment of Leases and
Rents, Financing Statement and Fixture Filing (Wethersfield), dated June 30,
2008, given by NWW and Wyoming County IDA to Collateral Agent securing a
maximum principal amount of $6,390,000, encumbering the parcels of real
property comprising the Site (Wethersfield), and intended to be recorded in the
Wyoming County Recorder’s Office.

 

“Project Revenues”
means all income and receipts derived from the ownership or operation of the
Projects, including payments and liquidated damages paid to Borrower or any
Project Company under the REC Contracts, the Additional Capital Contribution
Agreement, alternative renewable energy credit contracts, ICAP Revenues, the
Energy Hedge Agreement, the Construction Contracts, the O&M Agreements, and
the Management Services Agreements, merchant energy revenues, proceeds of any
business interruption insurance (to the extent such proceeds are not required
to be used to prepay the Loans or the other Obligations pursuant to Section 5.4
of the Depositary Agreement) and any other contract or agreement of any Noble
Entity, other income derived from the sale or use of electric energy
transmitted, distributed or sold by any Project (including merchant energy
sales and transmission credits under the Interconnection Agreements, if any),
any receipts derived from the sale of any property pertaining to any Project or
incidental to the operation of any Project, and the investment income on
amounts in the Accounts, all as determined in conformity with cash accounting
principles.

 

“Project Schedules”
has the meaning given in Section 3.1(x) of the Financing
Agreement.

 

45

 

“Projected Debt Service
Coverage Ratio” means the ratio, calculated as of each calculation
date under the Financing Agreement (including any Adjustment Date and in
connection with any Total Term Loan Commitment Resizing) until the Term Loan
Maturity Date based on the financial model utilized to create the Base Case
Projections and applying the P50 Production Level or the P99 Production Level ((A) for
each twelve-month period through the tenth (10th) anniversary of the
Term-Conversion Date, (x) under a P50 Production Level, taking into
account all projected Project Revenues; provided, however, that,
solely for purposes of such calculation, (1) merchant Project Revenues
shall be limited to not more than nineteen (19%) of the aggregate projected
Project Revenues and (2) the aggregate amount of the Loans projected to be
outstanding as of the tenth (10th) anniversary of the Energy Hedge
Agreement Effective Date shall not exceed twenty percent (20%) of the Total
Term Loan Commitment (in each case, as in effect on the Financial Closing Date)
or (y) under a P99 Production Level, taking into account all projected
Project Revenues for such period; and (B) for each remaining twelve-month
period through the Term Loan Maturity Date, after the tenth (10th)
anniversary of the Term-Conversion Date, (x) under a P50 Production Level,
taking into account solely projected sales of energy generated by the Projects
in accordance with the Market Consultant’s projections and excluding (1) any
Project Revenues projected from the sale of  renewable energy credits and (2) any
projected ICAP Revenues) and (y) under a P99 Production Level, taking into
account all projected Project Revenues for such period (taking into account
solely projected sales of energy generated by the Projects in accordance with
the Market Consultant’s P95 price projections and excluding (1) any
Project Revenues projected from the sale of  renewable energy credits and (2) any
projected ICAP Revenues)),
as the case may be, of (a) Operating Cash Available for Debt Service to (b) Debt
Service, calculated for each Repayment Date during the Term for the next
succeeding twelve-month period after each such Repayment Date.

 

“Projects” or “Project” means, collectively, the Project (Altona), the
Project (Chateaugay) and the Project (Wethersfield) or any of them, as the
context may require.

 

“Proportionate Share”
means with respect to each Lender, the percentages set forth opposite such
Lender’s name on Exhibit I to the Financing Agreement, as such Exhibit I
may be amended from time to time, as such percentages may be modified from time
to time as a result of transfers of Commitments, Loans, Cash Collateral Loans,
DSRA LC Loans, Energy Hedge LC Loans or Project Agreement LC Loans by a Lender.

 

“Proportionate Voting
Shares” means with respect to (a) each Lender, the percentages
set forth opposite such Lender’s name on Exhibit I to the Financing
Agreement, as such Exhibit I may be amended from time to time and
as such percentages may be modified from time to time as a result of (i) transfers
of Commitments, Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC
Loans or Project Agreement LC Loans by a Lender or (ii) participations in
Commitments, Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans
or Project Agreement LC Loans by a Voting Participant to which such Lender has
transferred a participation interest, and (b) each Voting Participant, the
percentage participation in Commitments, Loans, Cash Collateral Loans, DSRA LC
Loans, Energy Hedge LC Loans or Project Agreement LC Loans transferred to such Voting
Participant by a Lender.

 

“Prudent Utility Practices”
means those practices, methods, equipment, specifications and standards of
safety and performance, as the same may be changed from time 

 

46

 

to time, as are generally
used in the construction, operation and maintenance of privately-owned wind
generated electric power generation facilities similar to the Projects by
entities that sell the power generated therefrom at market-based rates, which
in the exercise of reasonable judgment and in light of the facts known at the
time the decision was made, are considered good, safe and prudent practice in
connection with the construction, operation and maintenance of wind generation
facilities similar to the Projects, and as are in accordance in all material
respects with the Applicable Permits and generally accepted national standards
of professional care, skill, diligence and competence applicable to
construction, operation and maintenance practices in the wind generated
electric power generation industry.

 

“PTC” means the
federal Production Tax Credit applicable to wind generation facilities set
forth in Section 45 of the Internal Revenue Code of 1986.

 

“PTC Eligibility Deadline” means December 31,
2008 or a later required “in-service” deadline for PTC eligibility that has
been adopted by effective legislation.

 

“PUHCA” means
the Public Utility Holding Company Act of 2005, as amended, and all FERC rules and
regulations adopted thereunder.

 

“Punch List Items”
means, for a given Project, the punch list items under the Construction
Contracts applicable to such Project, including, without limitation, the Punch
List (as defined in the Turbine Supply Agreement) and the Punch List (as
defined in the EPC Contracts).

 

 “Real Property” means all real property and other real estate
interests owned by any Noble Entity, which the relevant Noble Entity owns in
fee or in which it owns a leasehold or subleasehold interest as a tenant, an
easement or sub-easement right as an easement holder, a license right as a
licensee or an interest as a co-tenant or otherwise occupies, including,
without limitation, the real property more particularly identified in the
Title Policies.

 

“Real Property Documents”
means any documents, agreements or instruments pursuant to which any Noble
Entity has rights in Real Property, including, without limitation, each
Assignment of Easements, all easements, sub-easements, leases, subleases,
licenses and other agreements with Landowners, the Consents, the Non-Disturbance
Agreements, the IDA Documents, the Chateaugay Easement Documents and all deeds
pursuant to which any Noble Entity owns a fee interest in real property.

 

“REC Contract (Altona)”  means the REC Contract, dated March 14, 2007, between
NAW and NYSERDA.

 

“REC Contract (Chateaugay)”  means the REC Contract, dated March 14, 2007, between
NCW and NYSERDA.

 

“REC Contract
(Wethersfield)”  means the REC
Contract, dated May 27, 2008, between NWW and NYSERDA.

 

“REC Contracts”  means the REC Contract (Altona), the REC Contract
(Chateaugay) and the REC Contract (Wethersfield).

 

47

 

“REC Contracts Bid
Documents” means “Bid Proposals (Economic Benefits Created by the
Bid Facility)” delivered to NYSERDA in connection with each REC Contract.

 

“REC Contracts Consents”  means, collectively, (a) that certain consent and
agreement, dated June 30, 2008, among NYSERDA, NAW and Collateral Agent, (b) that
certain consent and agreement, dated June 30, 2008, among NYSERDA, NCW and
Collateral Agent, and (c) that certain consent and agreement, dated June 30,
2008, among NYSERDA, NWW and Collateral Agent.

 

“Register” has
the meaning given in Section 2.4(d)(i) of the Financing
Agreement.

 

“Regulation D”
means Regulation D of the Board of Governors of the Federal Reserve System
(or any successor).

 

“Regulatory Change”
means any change after the date of the Financing Agreement in federal, state,
local or foreign laws, regulations, Legal Requirements or requirements under
Applicable Permits, or the adoption or making after such date of any
interpretations, directives or requests of or under any federal, state, local
or foreign laws, regulations, Legal Requirements or requirements under
Applicable Permits (whether or not having the force of law) by any Governmental
Authority charged with the interpretation or administration thereof.

 

“Reimbursement Obligation”
means Borrower’s obligation to repay any Drawing Payments under any Letter of
Credit (together with interest accrued and unpaid thereon) as provided in Section 2.3(d)(iii),
Section 2.3(d)(iv) or Section 2.3(d)(v) of
the Financing Agreement.

 

“Reimbursement Payments”
means a payment made by or on behalf of Borrower in partial or complete
satisfaction of a Reimbursement Obligation.

 

“Release” means
disposing, discharging, injecting, spilling, leaking, leaching, dumping,
pumping, pouring, emitting, escaping, emptying, seeping, placing and the like,
into or upon any land or water or air, or otherwise entering into the
environment.

 

“Removal” has
the meaning given in the Equity Capital Contribution Agreement.

 

“Removed Project Company”
has the meaning given in the Equity Capital Contribution Agreement.

 

“Repayment Dates”
means the Initial Repayment Date, the three (3) month anniversary of such
date and each successive three (3) month anniversary of the prior
anniversary date up to and including the Term Loan Maturity Date.

 

“Replacement Obligor”
means, with respect to any Person party to an Operative Document, any Person
with relevant experience and/or creditworthiness, as applicable, in each case
reasonably satisfactory to Administrative Agent and the Majority Lenders (provided
that if such Person’s experience and/or creditworthiness, as reasonably
determined by Administrative 

 

48

 

Agent and the Majority
Lenders, is analogous or comparable to that of the original party to the
Operative Document, then such Person shall be deemed to be satisfactory to
Administrative Agent and the Majority Lenders), which Replacement Obligor,
pursuant to any definitive agreement or definitive guaranty reasonably
satisfactory to Administrative Agent, assumes the Obligations on terms and
conditions no less favorable to Borrower or the relevant Project Company party
thereto than those which such Person being replaced is obligated pursuant to
the applicable Operative Document.

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA.

 

“Reserve Accounts”
means the Debt Service Reserve Account, O&M and CapEx Reserve Account, and
Completion Reserve Account.

 

“Reserve Requirement”
means, with respect to any Lender, the maximum rate (expressed as a percentage)
at which reserves (including any marginal, supplemental or emergency reserves)
are required to be maintained during the Interest Period therefor under
Regulation D by such Lender. 
Without limiting the effect of the foregoing, the Reserve Requirement
shall reflect any other reserves required to be maintained by such Lender, by
reason of any Regulatory Change against (i) any category of liabilities
which includes deposits by reference to which the LIBO Rate, Loans, Cash
Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans or Project Agreement LC
Loans is to be determined, (ii) any category of liabilities or extensions
of credit or other assets which include Loans, Cash Collateral Loans, DSRA LC
Loans, Energy Hedge LC Loans or Project Agreement LC Loans or (iii) any
category of liabilities or extensions of credit which are considered
irrevocable commitments to lend, unless such Loans, Cash Collateral Loans, DSRA
LC Loans, Energy Hedge LC Loans or Project Agreement LC Loans are exempt from
this foregoing list.

 

“Responsible Officer”
means, as to any Person, its president, chief executive officer, any senior
vice president, treasurer, or chief financial officer or, when used with
respect to Collateral Agent, any officer assigned to the Corporate Trust
Division of Citibank N.A. (or any successor thereto), including any Vice
President, Assistant Vice President, Trust Officer or any other officer of
Collateral Agent customarily performing functions similar to those performed by
any of the above-designated officers, in each case having direct responsibility
for the administration of the Financing Documents.

 

“Restricted Payment”
has the meaning given in Section 6.6 of the Financing Agreement.

 

“S&P” means
Standard & Poor’s Corporation.

 

“Secured Party”
means Administrative Agent, Collateral Agent, LC Fronting Bank, Depositary, any
Counterparty, each Lender and each of their respective successors, transferees
and assigns.

 

“Securities Intermediary”
means  The Bank of New York, in its capacity
as securities intermediary hereunder and under the Depositary Agreement.

 

49

 

“Security Agreement”
means the Security Agreement substantially in the form of Exhibit E-5,
duly executed by each Noble Entity.

 

“Settlement Amount”
has the meaning given in the Energy Hedge Agreement.

 

“Site (Altona)”
has the same meaning as the term “Property” given in the Mortgage (Altona).

 

“Site (Chateaugay)”
has the same meaning as the term “Property” given in the Mortgage (Chateaugay).

 

“Site (Wethersfield)”
has the same meaning as the term “Property” given in the Mortgage
(Wethersfield).

 

“Site Plan”
means the site plan for each Site showing the WTGs, collection lines, roadways
and substations Borrower intends to develop or cause to be developed on the
Site.

 

“Sites” means,
collectively, the Site (Altona), the Site (Chateaugay) and the Site (Wethersfield).

 

“Spare Parts Agreement
(Altona)”  means the
Contractual Parts Supply Agreement, dated June 30, 2008, between Noble
Equipment Resources, LLC and NAW.

 

“Spare Parts Agreement
(Chateaugay)” means the Contractual Parts Supply Agreement, dated June 30,
2008, between Noble Equipment Resources, LLC and NCW.

 

“Spare Parts Agreement
(Wethersfield)” means the Contractual Parts Supply Agreement, dated June 30,
2008, between Noble Equipment Resources, LLC and NWW.

 

“Spare Parts Agreements”
means the Spare Parts Agreement (Altona), the Spare Parts Agreement
(Chateaugay) and the Spare Parts Agreement (Wethersfield).

 

“Spare Parts Agreement
Consent” means that certain consent and agreement, dated June 30,
2008, among Noble Equipment Resources, LLC, NAW, NCW, NWW and Collateral Agent.

 

“State” means (a) any
state of the United States of America or (b) the District of Columbia.

 

“Stated Amount”
means, with regard to any Letter of Credit, the total amount available to be
drawn under such Letter of Credit at the time in question in accordance with
the terms of such Letter of Credit and the Financing Agreement.

 

“Subsidiary”
means, with respect to any Person, (i) any corporation more than fifty
percent (50%) of whose stock of any class or classes having by the terms
of ordinary voting power to elect a majority of the directors of such
corporation is at the time owned by such Person and/or one or more Subsidiaries
of such Person; and (ii) any partnership, limited liability company,
association, joint venture or other entity in which such Person and/or one or
more 

 

50

 

Subsidiaries of such Person
has an equity or income interest greater than fifty percent (50%) of all
equity or income interests.

 

“Substitutable Lender”
has the meaning given in Section 9.12 of the Financing Agreement.

 

“Substitute Loans”
means with respect to the Loans, Cash Collateral Loans, DSRA LC Loans, Energy
Hedge LC Loans and Project Agreement LC Loans as certified by any Lender to
Borrower, a reasonable alternative basis for making available or, as the case
may be, maintaining such Lender’s Proportionate Share of Loans, Cash Collateral
Loans, DSRA LC Loans, Energy Hedge LC Loans or Project Agreement LC Loans,
including alternative interest periods, alternative types of Loans, Cash
Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans or Project Agreement LC
Loans, alternative currencies or alternative rates of interest, provided
that the margin above the cost of funds to such Lender is equivalent to the
margin otherwise payable to such Lender pursuant to the Financing Agreement.

 

“Surveys” has
the meaning given in Section 3.1(y) of the Financing
Agreement.

 

“Syndication  Agent” means RBS Securities Corporation, doing business as
RBS Greenwich Capital, acting in its capacity as the Syndication Agent for the
Lenders under the Financing Agreement, or any successor appointed pursuant to
the terms of the Financing Agreement.

 

“Taxes” means
all present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, mortgage recording taxes, fees or other charges imposed by any
Governmental Authority, including any interest, additions to tax, penalties or
other similar items applicable thereto.

 

“Temporary Components”
means any used or refurbished parts or components of any aspect of the
Equipment and Services (as defined in the Turbine Supply Agreement).

 

“Term” means the
entire period during which there is any outstanding Obligation.

 

“Term-Conversion”
means the conversion of Construction Loans to Term Loans upon satisfaction or
waiver of the conditions set forth in Section 3.3 of the Financing
Agreement, including the extension of the maturity date of Construction Loan
Notes pursuant to Section 2.2(a) of the Financing Agreement.

 

“Term-Conversion Date”
means the date on which Term-Conversion occurs.

 

“Term-Conversion Date
Projected Debt Service Coverage Ratio” has the meaning given in Section 2.5(b)(i) of
the Financing Agreement.

 

“Term-Convert”
is the verb form of “Term-Conversion.”

 

“Term Loan”
means a Construction Loan that shall have Term-Converted pursuant to Section 2.2
of the Financing Agreement and any Term Loan made pursuant to Section 2.12
of the Financing Agreement.

 

51

 

“Term Loan Commitment”
means, at any time with respect to each Lender, such Lender’s Proportionate
Share of the Total Term Loan Commitment at such time.

 

“Term Loan Facility”
has the meaning given in Section 2.2(a)(i) of the Financing
Agreement.

 

“Term Loan Maturity Date”
means the earlier to occur of (a) the fifteenth (15th)
anniversary of the Term-Conversion Date and (b) such earlier date on which
the entire outstanding principal balance of the Term Loans, together with all
unpaid interest, fees, charges and costs, becomes due and payable pursuant to
and in accordance with the Financing Agreement.

 

“Term Loan Note”
and “Term Loan Notes” has the meaning given
in Section 2.4(e) of the Financing Agreement.

 

“Term Period”
means the period from the Term-Conversion Date to the Term Loan Maturity Date.

 

“Title Insurer”
means Stewart Title Guaranty Company.

 

“Title Policies”
means, collectively, (a) the Title Policy (Altona), (b) the
Title Policy (Chateaugay), (c) the Title Policy (Chateaugay
(Clinton)) and (d) the Title Policy (Wethersfield).

 

“Title Policy (Altona)”
means that certain policy of the title insurance issued by the
Title Insurer as provided in Section 3.1(z) of the
Financing Agreement, in respect of the Project (Altona), including all
amendments thereto, endorsements thereof and substitutions or replacements
therefor.

 

“Title Policy
(Chateaugay)” means that certain policy of the title insurance
issued by the Title Insurer as provided in Section 3.1(z) of
the Financing Agreement, in respect of the portion of the Project (Chateaugay)
located in the Town of Chateaugay, New York, including all amendments thereto,
endorsements thereof and substitutions or replacements therefor.

 

“Title Policy
(Chateaugay (Clinton))” means that certain policy of the title
insurance issued by the Title Insurer as provided in Section 3.1(z) of
the Financing Agreement, in respect of the portion of the Project (Chateaugay)
located in the Town of Clinton, New York, including all amendments thereto,
endorsements thereof and substitutions or replacements therefor.

 

 “Title Policy (Wethersfield)” means that certain policy
of the title insurance issued by the Title Insurer as provided in Section 3.1(z) of
the Financing Agreement, in respect of the Project (Wethersfield), including
all amendments thereto, endorsements thereof and substitutions or replacements
therefor.

 

“Total Construction Loan
Commitment” has the meaning given in Section 2.5(a)(i) of
the Financing Agreement.

 

52

 

“Total Extended Term Loan
Commitment” has the meaning given in Section 2.12 of the
Financing Agreement.

 

“Total LC/Cash Collateral
Commitment” has the meaning given in Section 2.5(a)(iii) of
the Financing Agreement.

 

“Total Term Loan Commitment”
has the meaning given in Section 2.5(a)(ii) of the Financing
Agreement.

 

“Total Term Loan Commitment
Resizing” has the meaning given in Section 2.5(b)(ii) of
the Financing Agreement.

 

“Town Consents”
means (a) with respect to Project (Chateaugay), the Consent to Assignment
of Host Community Agreement from Town of Chateaugay, dated June 30, 2008, (b) with
respect to Project (Wethersfield), the Consent to Assignment of Host Community
Agreement from Town of Wethersfield, dated June 30, 2008, and the Consent
to Assignment of Town Agreements from Town of Eagle, dated June 30, 2008,
and (c) with respect to Project (Altona), the Consent to Assignment of
Town Agreements from Town of Altona, dated June 30, 2008.

 

“Tracking Account”
has the meaning given in the Energy Hedge Agreement.

 

“Trade Date” has
the meaning given in the Energy Hedge Agreement.

 

“Turbine Supplier”
means General Electric Company, a New York corporation, and its successors and
assigns under the Turbine Supply Agreement.

 

“Turbine Supply Agreement”
means, collectively or individually, depending on the context, that certain (a)(i)
Master Contract for the Sale of Power Generation Equipment and Related
Services, dated February 15, 2006, as amended by the First Amendment,
dated August 24, 2006, by and between NEP 2006 Hold Co and the Turbine
Supplier, and (ii) Purchase Order No. 2 with respect to the Noble
Altona Wind Farm, dated February 15, 2006, executed by and between NEP
2006 Hold Co and the Turbine Supplier, as assigned to NAW pursuant to that
certain Turbine Assignment Agreement, dated June 30, 2008, among NEP 2006
Hold Co, Noble Altona and the Turbine Supplier, (b)(i) Master Contract for
the Sale of Power Generation Equipment and Related Services, dated October 17,
2006, by and between NEP 2007 Equipment Co and the Turbine Supplier, and (ii) Purchase
Order No. 2, Purchase Order No. 3 and Purchase Order No. 4, each
dated May 2, 2007, with respect to Noble Chateaugay Wind Farm and Noble
Wethersfield Wind Farm, in each case executed by and between NEP 2007 Equipment
Co and the Turbine Supplier, as assigned to NCW and NWW pursuant to that
certain Turbine Assignment Agreement, dated June 30, 2008, among NEP 2007
Equipment Co, NCW, NWW and the Turbine Supplier, and (c)(i) Master
Contract for the Sale of Power Generation Equipment and Related Services, dated
October 17, 2006, by and between NEP 2008 Equipment Co and the Turbine
Supplier, and (ii) Purchase Order No. 3 with respect to Noble
Wethersfield Wind Farm, dated October 17, 2007, executed by and between
NEP 2008 Equipment Co and the Turbine Supplier, as assigned to NWW pursuant to
that certain Turbine Assignment Agreement, dated June 30, 2008, among NEP
2008 Equipment Co, NWW and the Turbine Supplier.

 

53

 

“Turbine Supply Agreement
Consents” means, collectively, (a) that certain consent and
agreement, dated June 30, 2008, among the Turbine Supplier, NAW and
Collateral Agent, (b) that certain consent and agreement, dated June 30,
2008, among the Turbine Supplier, NCW, NWW and Collateral Agent and (c) that
certain consent and agreement, dated June 30, 2008, among the Turbine
Supplier, NWW and Collateral Agent.

 

“Type”
means LIBO Rate Loans or Base Rate Loans, as applicable, each of which
constitutes a Type of a Loan, Cash Collateral Loans, DSRA LC Loan, Energy Hedge
LC Loan or Project Agreement LC Loan.

 

“UCC” means the
Uniform Commercial Code of the jurisdiction the law of which governs the
document in which such term is used or which governs the creation or perfection
of the Liens granted thereunder.

 

“Unpaid Drawing”
has the meaning given in Section 2.3(d)(iii)(B) of the
Financing Agreement.

 

“Upwind Array”
means a single Upwind Turbine or windfarm project and all Upwind Turbines
located thereon.

 

“Upwind Array Event”
means the erection of an Upwind Turbine, which related Upwind Array could
reasonably be expected to decrease the energy production level at any Project
by two percent (2%) or more, as determined by the Independent Engineer.

 

“Upwind Array Event Amount”
has the meaning given in Section 5.8(b) of the Financing
Agreement, as such amount shall be reduced by the amount of any payments made
pursuant to such Section.

 

“Upwind Turbine”
means with respect to any Project, a wind turbine generator not owned by the
applicable Project Company and located upwind from and within a radius of
fifteen (15) rotor diameters of a WTG comprising a part of such Project.

 

“Voting Participants”
means any participant to whom a Voting Participation has been transferred with
the prior written consent of Administrative Agent and Borrower (which Borrower
consent shall not be unreasonably withheld or delayed and which Borrower
consent shall not be required during the occurrence and continuance of an Event
of Default).  For the avoidance of doubt,
a Voting Participant shall not be deemed a Lender, but a participant, under the
Financing Agreement or the other Financing Documents (except to the extent
expressly provided therein, including Section 9.10(c) of the
Financing Agreement).

 

“Voting Participation”
has the meaning given in Section 9.13(b) of the Financing
Agreement.

 

“Windfarm Availability”
means, for any calculation period for each Project, a fraction, the (a) numerator
of which is a fraction the (i) numerator of which is sum of the available
hours for each WTG in each such Project and (ii) denominator of which is
the total number of WTGs in each such Project and (b) denominator of which
is the number of hours in such calculation period.

 

54

 

“Working Capital Accounts”
has the meaning given in Section 5.3(a)(iv) of the Depositary
Agreement.

 

“Working Capital Account
Bank” has the meaning given in Section 5.3(a)(i) of
the Depositary Agreement.

 

“Working Capital Cap”
has the meaning given in Section 5.2(a)(i) of the Depositary
Agreement.

 

“Wyoming County”
means Wyoming County, New York.

 

“Wyoming County IDA”
means the Wyoming County Industrial Development Agency.

 

“Wyoming County Recorder’s
Office” means the Office of the Clerk of Wyoming County, New York.

 

“WTG(s)” means,
collectively, the General Electric SLE 1.5 MW wind turbine generating
units, together with towers on which such wind turbine generating units are
mounted and all components thereof, including blades, hub, nacelle, controllers
and meters, transformers, and CMS, to be purchased from and commissioned by the
Turbine Supplier at the Projects pursuant to the Turbine Supply Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

55

 

RULES OF INTERPRETATION

 

1.                                       The singular
includes the plural and the plural includes the singular.

 

2.                                       The word “or”
is not exclusive.

 

3.                                       A reference to
a Governmental Rule includes any amendment or modification to such
Governmental Rule, and all regulations, rulings and other Governmental Rules promulgated
under such Governmental Rule.

 

4.                                       A reference to
a Person includes its successors and permitted assigns.

 

5.                                       Accounting
terms have the meanings assigned to them by GAAP, as applied by the accounting
entity to which they refer.

 

6.                                       The words “include,”
“includes” and “including” are not limiting.

 

7.                                       A reference in
a document to an Article, Section, Exhibit, Schedule, Annex or Appendix is to
the Article, Section, Exhibit, Schedule, Annex or Appendix of such document
unless otherwise indicated.  Exhibits,
Schedules, Annexes or Appendices to any document shall be deemed incorporated
by reference in such document.

 

8.                                       References to
any document, instrument or agreement (a) shall include all exhibits,
schedules and other attachments thereto, (b) shall include all documents,
instruments or agreements issued or executed in replacement thereof, and (c) shall
mean such document, instrument or agreement, or replacement or predecessor
thereto, as amended, modified and supplemented from time to time (to the extent
permitted under the Financing Documents) and in effect at any given time.

 

9.                                       The words “hereof,”
“herein” and “hereunder” and words of similar import when used in any document
shall refer to such document as a whole and not to any particular provision of
such document.

 

10.                                 References to “days”
shall mean calendar days, unless the term “Banking Days” shall be used.  References to a time of day shall mean such
time in New York, New York, unless otherwise specified.

 

11.                                 The words “will”
and “shall” shall be construed to have the same meaning and effect.

 

56Exhibit 10.39(b)

 

 

DEPOSITARY AGREEMENT

 

among

 

NOBLE ENVIRONMENTAL POWER 2008

HOLD CO., LLC,

a Delaware limited liability company

(Borrower)

 

CITIBANK, N.A.

(Administrative Agent)

 

CITIBANK, N.A.

(Collateral Agent)

 

and

 

THE BANK OF NEW YORK

(Depositary)

 

Dated as of June 30, 2008

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1
  DEFINED TERMS

  	
  2

  
	
   

  	
   

  	
   

  
	
  1.1

  	
  Defined
  Terms

  	
  2

  
	
  1.2

  	
  Financing
  Agreement and UCC Definitions

  	
  5

  
	
  1.3

  	
  Rules of
  Interpretation

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2
  ESTABLISHMENT AND ADMINISTRATION OF ACCOUNTS

  	
  5

  
	
   

  	
   

  	
   

  
	
  2.1

  	
  Establishment
  of Accounts

  	
  5

  
	
  2.2

  	
  Event of
  Default

  	
  7

  
	
  2.3

  	
  Permitted
  Investments

  	
  8

  
	
  2.4

  	
  Monies
  Received by Borrower

  	
  10

  
	
  2.5

  	
  Books of
  Account; Statements

  	
  10

  
	
  2.6

  	
  Adequate
  Instruction; Sufficiency of Funds

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3
  SECURITY AND RELATED PROVISIONS; SECURITIES INTERMEDIARY

  	
  11

  
	
   

  	
   

  	
   

  
	
  3.1

  	
  Securities
  Accounts; Deposit Accounts; the Depositary

  	
  11

  
	
  3.2

  	
  Certain
  Rights and Powers in Respect of Accounts and Funds

  	
  13

  
	
  3.3

  	
  Security
  Interest

  	
  15

  
	
  3.4

  	
  Perfection;
  Further Assurances

  	
  15

  
	
  3.5

  	
  Other
  Liens; Adverse Claim

  	
  15

  
	
  3.6

  	
  Duties
  and Certain Rights of Depositary

  	
  16

  
	
  3.7

  	
  Remedies

  	
  19

  
	
  3.8

  	
  Costs,
  Expenses and Attorneys’ Fees

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4
  WITHDRAWAL AND TRANSFER PROCEDURES

  	
  20

  
	
   

  	
   

  	
   

  
	
  4.1

  	
  Maintenance
  of Funds in Accounts; Withdrawals

  	
  20

  
	
  4.2

  	
  Withdrawal/Transfer
  Certificate

  	
  20

  
	
  4.3

  	
  Delivery
  of Certificates

  	
  21

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5
  APPLICATION OF FUNDS

  	
  22

  
	
   

  	
   

  	
   

  
	
  5.1

  	
  Construction
  Account

  	
  22

  
	
  5.2

  	
  Operating
  Account

  	
  25

  
	
  5.3

  	
  Other
  Accounts

  	
  29

  
	
  5.4

  	
  Application
  of Insurance Proceeds

  	
  36

  
	
  5.5

  	
  Application
  of Eminent Domain Proceeds

  	
  39

  
	
  5.6

  	
  Application
  of Certain Damages Payments; Mandatory Prepayments

  	
  39

  
	
  5.7

  	
  Earnings
  on Accounts

  	
  40

  

 

 

	
  ARTICLE 6
  TERMINATION OF AGREEMENT

  	
  40

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7
  MISCELLANEOUS

  	
  40

  
	
   

  	
   

  	
   

  
	
  7.1

  	
  Notices

  	
  40

  
	
  7.2

  	
  Benefit
  of Agreement

  	
  42

  
	
  7.3

  	
  Delay and
  Waiver

  	
  42

  
	
  7.4

  	
  Amendments

  	
  42

  
	
  7.5

  	
  Governing
  Law

  	
  42

  
	
  7.6

  	
  Submission
  to Jurisdiction

  	
  42

  
	
  7.7

  	
  WAIVER OF
  JURY TRIAL

  	
  43

  
	
  7.8

  	
  Severability

  	
  43

  
	
  7.9

  	
  Headings

  	
  43

  
	
  7.10

  	
  Successors
  and Assigns

  	
  43

  
	
  7.11

  	
  Entire
  Agreement

  	
  43

  
	
  7.12

  	
  Consequential
  Damages

  	
  44

  
	
  7.13

  	
  Survival

  	
  44

  
	
  7.14

  	
  Further
  Information

  	
  44

  
	
  7.15

  	
  Additional
  Depositary Provisions

  	
  44

  
	
  7.16

  	
  Counterparts

  	
  44

  

 

Schedule A – Telephone Numbers for Call-backs and
Person(s) Designated to Confirm Payment Instructions

 

Appendix I – Wire Instructions for the Accounts

 

Exhibit A – Form of Withdrawal/Transfer
Certificate

 

Exhibit B – Form of Distribution Certificate

 

ii

 

This
DEPOSITARY AGREEMENT, dated as of June 30, 2008 (as amended, amended and
restated, supplemented or otherwise modified from time to time, this “Agreement”),
is entered into by and among NOBLE ENVIRONMENTAL POWER 2008 HOLD CO., LLC,
a  limited liability company organized
and existing under the laws of the State of Delaware (“Borrower”),
CITIBANK, N.A., as administrative agent for the Lenders (in such capacity, “Administrative
Agent”), CITIBANK, N.A., as collateral agent for the First Lien Secured
Parties under the Intercreditor Agreement referred to below (in such capacity, “Collateral
Agent”), and THE BANK OF NEW YORK, a New York banking corporation, as
depositary agent, bank and securities intermediary (in such capacities, “Depositary”).

 

RECITALS

 

A.            Borrower intends to develop,
construct, install, test, own, operate, maintain and use, in each case through
its wholly-owned subsidiaries, (i) an approximately 97.5 MW wind powered
electric generating facility located in the city of Altona, New York, (ii) an
approximately 106.5 MW wind powered electric generating facility located in
Franklin and Clinton Counties, New York, and (iii) an approximately 126 MW
wind powered electric generating facility located in Wyoming County, New York.

 

B.            In order to partially finance the development,
construction, installation, testing, operation, maintenance and use of the
Projects, Borrower has entered into that certain Financing Agreement, dated as
of the date hereof (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Financing Agreement”), among Borrower,
the financial institutions from time to time party thereto as lenders
(collectively, the “Lenders”), Citibank, N.A., as collateral agent, and
the other agents parties thereto from time to time, pursuant to which, among
other things, Lenders have extended commitments to make loans and other
financial accommodations to, and for the benefit of, Borrower.

 

C.            Borrower and Energy Hedge Provider have entered into, and
Project Companies have guaranteed, that certain 1992 ISDA Master Agreement, the
Schedule to the 1992 ISDA Master Agreement, the ISDA Credit Support Annex, and
the Confirmation, each dated as of the date hereof, and the schedules, exhibits
and annexes attached to any of the foregoing (as the same may be amended,
modified, or supplemented from time to time, the “Energy Hedge Agreement”),
pursuant to which the Borrower may incur certain payment obligations in favor
of the Energy Hedge Provider.

 

D.            It is a condition precedent to the
effectiveness of the Financing Agreement and the other Financing Documents, and
the making of the advances of credit contemplated thereby, that Borrower shall
have executed this Agreement.

 

E.             It is a requirement under the
Energy Hedge Agreement and other Energy Hedge Documents, and the performance of
the Energy Hedge Provider’s obligations thereunder, that Borrower shall have
executed and delivered this Agreement.

 

F.             The obligations of the Borrower
under the Financing Agreement will be secured on a first priority basis by
Liens on the Collateral pursuant to the terms of the First Lien Collateral
Documents.

 

1

 

G.            The obligations of the Borrower and
the Guarantors in respect of the Energy Hedge Agreement will be secured on a
second priority basis, and after the Term-Conversion Date, the Energy Hedge
Provider First Lien Obligations will also be secured on a first priority basis,
by Liens on the Collateral, in each case pursuant to the Collateral Documents
and subject to the terms and conditions set forth in the Intercreditor
Agreement (as defined below).

 

H.            In order to further secure and support
Borrower’s First Lien Obligations to the First Lien Secured Parties, Borrower
is entering into this Agreement, pursuant to which, among other things,
Borrower will grant to Collateral Agent, for the benefit of the First Lien
Secured Parties, and Collateral Agent will have a perfected first priority
security interest in the Accounts and in all financial assets held therein or
credited thereto and all proceeds thereof.

 

I.              Under the Intercreditor Agreement
dated as of the date hereof (as the same may be amended, amended and restated,
supplemented or otherwise modified from time to time, the “Intercreditor
Agreement”) among the Borrower, certain guarantors from time to time party
thereto, the Administrative Agent, Citibank, N.A., as the First Lien Collateral
Agent, and Energy Hedge Provider, the First Lien Secured Parties have
separately appointed the Collateral Agent to act on their behalf under this
Agreement and the Collateral Agent has accepted such appointment.

 

J.             Depositary has agreed to act as depositary
agent, bank and securities intermediary pursuant to the terms of this
Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the promises contained herein, and in order to
induce Lenders to enter into the Financing Agreement and to make the loans and
other financial accommodations contemplated thereby, and to induce the
performance of the Energy Hedge Provider’s obligations under the Energy Hedge
Agreement, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Borrower hereby agrees with
Administrative Agent, Collateral Agent for the benefit of the Secured Parties,
and Depositary as follows:

 

ARTICLE 1

DEFINED TERMS

 

1.1           Defined Terms.  The following terms when used in this
Agreement, including its preamble and recitals, shall have the following
meanings:

 

“AA
Response” has the meaning given in Section 5.4(d).

 

“Account
Holder” means, for each Account, the account holder in the first column of
the chart in Sections 2.1(b) and 
5.3(a) titled Account Holder.

 

“Accounts”
has the meaning given in Section 2.1(b).

 

“Administrative
Agent” has the meaning given in the Preamble to this Agreement.

 

2

 

“Altona
Construction Account” has the meaning given in Section 2.1(b).

 

“Altona
Construction Working Capital Account” has the meaning given in Section 5.3(a)(i).

 

“Authorized
Signatory” has the meaning given in Section 3.6.8.

 

“Borrower”
has the meaning given in the Preamble to this Agreement.

 

“Chateaugay
Construction Account” has the meaning given in Section 2.1(b).

 

“Chateaugay
Construction Working Capital Account” has the meaning given in Section 5.3(a)(i).

 

“Claim”
has the meaning given in Section 3.6.5(a).

 

“Collateral
Agent” has the meaning given in the Preamble to this Agreement.

 

“Construction
Working Capital Accounts” means the Altona Construction Working Capital
Account, the Chateaugay Construction Working Capital Account and the
Wethersfield Construction Working Capital Account.

 

“Depositary”
has the meaning given in the Preamble to this Agreement.

 

“Distributable
Cash” has the meaning given in Section 5.2(a)(xix).

 

“Distributable
Cash Account” means the account established pursuant to and in accordance
with Section 2.1(c).

 

“Distribution
Certificate” means a Distribution Certificate substantially in the form
attached hereto as Exhibit B.

 

“Distribution
Reserve Requirement” has the meaning given in Section 5.3(d)(ii).

 

“Energy
Hedge Agreement” has the meaning given in the Recitals to this Agreement.

 

“Energy
Hedge Provider” has the meaning given in the Recitals to this Agreement.

 

“Energy
Hedge Provider Control Agreement” means the Control Agreement, dated as of
the date hereof, among the Borrower, the Energy Hedge Provider (as Second Lien
Collateral Holder under the Intercreditor Agreement) and Depositary.

 

“EPC
Contractor Construction Account” has the meaning given in Section 2.1(b).

 

“EPC
Subcontract” means a subcontract under an EPC Contract.

 

“Establishment
Date” means, for each Account, the corresponding date, as applicable, in
the (i) fourth column of the chart in Section 2.1(a) titled
Establishment Date or (ii) fifth column of the chart in Section 2.1(b) titled
Establishment Date.

 

3

 

“Executed
Withdrawal/Transfer Certificate”  has the
meaning given to it in Section 4.2.

 

 “Financing Agreement” has the meaning
given in the Recitals to this Agreement.

 

“Class A
Distribution Reserve Account” has the meaning given in Section 5.3(f)(i).

 

“Indemnitee”
has the meaning given in Section 3.6.5.

 

“Insurance
Condition Deadline” has the meaning given in Section 5.4(c).

 

“Insurance
Proceeds Submission” has the meaning given in Section 5.4(d).

 

“Intercreditor
Agreement” has the meaning given in the Recitals to this Agreement.

 

“Lenders”
has the meaning given in the Recitals to this Agreement.

 

“Noble
Base Equity Excess Amount” has the meaning given in the NEP Contribution
Agreement.

 

“NIPDR
Account” has the meaning given in Section 5.6(a).

 

“Operations
Working Capital Account” has the meaning given in Section 5.3(a)(iv).

 

“Project
Company Construction Accounts” means the Altona Construction Account, the
Chateaugay Construction Account and the Wethersfield Construction Account.

 

 “Securities Intermediary” has the
meaning given in Section 3.1(b).

 

“Test
Revenues” means, with respect to any Project, any revenues earned and
payments received in respect of such Project by any Noble Entity from and after
the date hereof until (but excluding) the Term-Conversion Date in respect of
such Project.

 

“The
Bank of New York Fee Agreement” means the Noble Environmental Power Depositary
and Trust Agreement Fee Schedule, dated April 12, 2008, executed by
Borrower and Depositary.

 

“Tracking
Account” has the meaning assigned to such term in the Energy Hedge
Agreement.

 

“Tracking
Account Payments” means amounts owed by Borrower with respect to any
balance under the Tracking Account, whether or not then due and payable.

 

“UCC”
means the Uniform Commercial Code as the same may, from time to time, be
in effect in the State of New York; provided, however, in the
event that, by reason of mandatory provisions of law, any or all of the
perfection or priority of the security interest in the Accounts and all
financial assets and/or cash deposited therein is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the
State of New York, the term “UCC” shall mean the Uniform Commercial Code
as in effect in such other jurisdiction for purposes of the 

 

4

 

provisions
hereof relating to such perfection or priority and for purposes of definitions
related to such provisions.

 

“Wethersfield
Construction Account” has the meaning given in Section 2.1(b).

 

Wethersfield
Construction Working Capital Account” has the meaning given in Section 5.3(a)(i).

 

“Withdrawal/Transfer
Certificate” means a Withdrawal/Transfer Certificate substantially in the
form attached hereto as Exhibit A.

 

“Working
Capital Account Bank” has the meaning given in Section 5.3(a).

 

1.2           Financing Agreement and UCC
Definitions.  Unless otherwise
defined herein, capitalized terms used in this Agreement but not defined in
this Agreement, including its preamble and recitals, have the meanings provided
in the Intercreditor Agreement or, if not defined there, shall have the
meanings provided in the Financing Agreement or, if not defined therein, the
UCC; provided that any definitions incorporated from the Financing Agreement in
accordance with the foregoing priority of incorporation and used in Article 5
hereof shall have the meanings provided in the Financing Agreement on the date
of this Agreement.

 

1.3           Rules of Interpretation.  Unless otherwise provided herein, the rules of
interpretation set forth in Exhibit A to the Financing Agreement shall
apply to this Agreement, including its preamble and recitals.

 

ARTICLE 2

ESTABLISHMENT AND ADMINISTRATION OF ACCOUNTS

 

2.1           Establishment of Accounts.

 

(a)           Depositary hereby agrees and confirms
that it has established, or will establish on or prior to the Establishment
Date, and will maintain until the termination of this Agreement in accordance
with Article 4 or as otherwise expressly set forth herein, each of
the following segregated, special, collateral accounts listed below, in the
name of Borrower and under the exclusive “control” of Collateral Agent (except
as provided in the Energy Hedge Provider Control Agreement) pursuant to Sections 3.1(c) through
(f), as applicable:

 

	
  Name of Account at Depositary

  	
   

  	
  Account

  Number

  	
   

  	
  Defined Term for

  Account

  	
   

  	
  Establishment

  Date

  
	
  New York 2008 Portfolio Wind Generation

  Projects - Construction Account

  	
   

  	
  ###

  	
   

  	
  “Construction Account”

  	
   

  	
  Financial Closing Date

  
	
  New York 2008 Portfolio Wind Generation

  Projects - Insurance Proceeds Account

  	
   

  	
  ###

  	
   

  	
  “Insurance Proceeds Account”

  	
   

  	
  Financial Closing Date

  

 

5

 

	
  New York 2008 Portfolio Wind Generation

  Projects - Non-Insurance Proceeds Damage Restoration Account

  	
   

  	
  ###

  	
   

  	
  “Non-Insurance Proceeds Damage Restoration
  Account”

  	
   

  	
  Financial Closing Date

  
	
  New York 2008 Portfolio Wind Generation

  Projects - Operating Account

  	
   

  	
  ###

  	
   

  	
  “Operating Account”

  	
   

  	
  Financial Closing Date

  
	
  New York 2008 Portfolio Wind Generation

  Projects - O&M and CapEx Reserve Account

  	
   

  	
  ###

  	
   

  	
  “O&M and CapEx Reserve Account”

  	
   

  	
  Term-Conversion Date

  
	
  New York 2008 Portfolio Wind Generation

  Projects - Debt Service Reserve Account

  	
   

  	
  ###

  	
   

  	
  “Debt Service Reserve Account”

  	
   

  	
  Term-Conversion Date

  
	
  New York 2008 Portfolio Wind Generation

  Projects – Distribution Reserve Account

  	
   

  	
  ###

  	
   

  	
  “Distribution Reserve Account”

  	
   

  	
  Term-Conversion Date

  
	
  New York 2008 Portfolio Wind Generation

  Projects – Completion Reserve Account

  	
   

  	
  ###

  	
   

  	
  “Completion Reserve Account”

  	
   

  	
  Term-Conversion Date

  
	
  New York 2008 Portfolio Wind Generation

  Projects – Class A Distribution Reserve Account

  	
   

  	
  ###

  	
   

  	
  “Class A Distribution Reserve Account”

  	
   

  	
  Term-Conversion Date

  

 

(b)           Depositary hereby agrees and confirms
that it has established, or will establish on or prior to the Establishment
Date, and will maintain until the termination of this Agreement in accordance
with Article 4 or as otherwise expressly set forth herein, each of
the following segregated, special, collateral accounts listed below (each to be
referred to herein by the defined term provided, and collectively with the
accounts described in, and established pursuant to, Section 2.1(a),
the “Accounts”), in the name of the applicable Account Holder specified
below and under the exclusive “control” of Collateral Agent (except as provided
in the Energy Hedge Provider Control Agreement) pursuant to Sections 3.1(c) through
(f), as applicable: 

 

	
  Account

  Holder

  	
   

  	
  Name of Account at

  Depositary

  	
   

  	
  Account

  Number

  	
   

  	
  Defined Term

  for Account

  	
   

  	
  Establishment

  Date

  
	
  NAW

  	
   

  	
  Portfolio Wind Generation Projects – Construction
  Account of Noble Altona Windpark, LLC, as agent for the Clinton County
  Industrial Development Agency, for the construction of Project (Altona)

  	
   

  	
  ###

  	
   

  	
  “Altona Construction Account”

  	
   

  	
  Financial Closing Date

  

 

6

 

	
  NCW

  	
   

  	
  Portfolio Wind Generation Projects – Construction
  Account of Noble Chateaugay Windpark, LLC, as agent for the Franklin County
  Industrial Development Agency, for the construction of Project (Chateaugay)

  	
   

  	
  ###

  	
   

  	
  “Chateaugay Construction Account”

  	
   

  	
  Financial Closing Date

  
	
  NWW

  	
   

  	
  Portfolio Wind Generation Projects – Construction
  Account of Noble Wethersfield Windpark, LLC, as agent for the Franklin County
  Industrial Development Agency, for the construction of Project (Wethersfield)

  	
   

  	
  ###

  	
   

  	
  “Wethersfield Construction Account”

  	
   

  	
  Financial Closing Date

  
	
  Noble Constructors, LLC

  	
   

  	
  Portfolio Wind Generation Projects – EPC
  Contractor Construction Account

  	
   

  	
  ###

  	
   

  	
  “EPC Contractor Construction Account”

  	
   

  	
  Financial Closing Date

  

 

(c)           Depositary also hereby agrees and
confirms that it has established, or will establish on or prior to the
Term-Conversion Date and will maintain until the termination of this Agreement
in accordance with Article 4 or as otherwise expressly set forth
herein, the Distributable Cash Account in the name of and under the exclusive
control of the Borrower.  Notwithstanding
anything to the contrary herein the Distributable Cash Account shall not be
considered an “Account” under the Financing Documents, the Energy Hedge
Agreement or the Collateral Documents and the Lenders, the Energy Hedge Provider
and the Collateral Agent shall not be granted any security interest in or a
lien on the Distributable Cash Account nor have any rights with respect
thereto.

 

(d)           Wire instructions for each of the
Accounts are set forth on Appendix I attached hereto.

 

2.2           Event of Default.

 

(a)           Upon the occurrence and during the
continuation of an Event of Default and after prior written notice to Borrower
and Depositary issued in accordance with Section 7.5 of the Intercreditor
Agreement, at the election of Collateral Agent, and without limiting the rights
or remedies of Collateral Agent or any other Secured Party herein or under any
of the other Collateral Documents, subject to the terms of the Intercreditor
Agreement (i) Collateral Agent shall have the right (but not the
obligation) to direct Depositary in writing to administer the Accounts and
disburse funds therefrom (and, upon the exercise of such right, Depositary
shall comply with any such written directions) in accordance with the
Intercreditor Agreement, and

 

7

 

(ii) Depositary
shall execute and deliver (or cause to be executed and delivered) to Collateral
Agent all proxies and other instruments as Collateral Agent may reasonably
request in writing for the purpose of enabling Collateral Agent (on behalf of
the Secured Parties) to exercise any voting or other consensual rights
pertaining to the Accounts and the funds therein in accordance with the
Intercreditor Agreement and the Collateral Documents.

 

(b)                                 Subject to Section 5.2(b) and
the provisions of the Intercreditor Agreement, (i) from and after receipt
by Depositary and Borrower of written notice from Collateral Agent that an
Event of Default exists and is continuing and until such time as Depositary
receives written notice from Collateral Agent that such Event of Default no
longer exists (which Collateral Agent shall promptly deliver to Depositary and
Borrower following the cure of such Event of Default), Depositary shall not
accept any instructions or certificates from Borrower and shall only withdraw
or transfer amounts in the Operating Account at the written direction or with
the written consent of Collateral Agent, and (ii) from and after
Depositary’s receipt of written notice from Collateral Agent or Borrower that
an Event of Default exists and until the earlier to occur of (A) such time
as Depositary receives written notice from Collateral Agent that such Event of
Default no longer exists (which notice Collateral Agent shall promptly deliver
to Depositary and Borrower following the cure of such Event of Default) and (B) such
time as Collateral Agent notifies Depositary in writing of any other
application of such amounts, Depositary shall at the written direction of
Collateral Agent apply amounts in the Operating Account to the payment
categories specified in Section 5.2(a)(i) through Section 5.2(a)(xix),
as determined by the Collateral Agent in accordance with the Intercreditor
Agreement.

 

2.3                                 Permitted
Investments.

 

2.3.1                        Directing
the Making of Investments.  Pending
the application of funds in accordance with Section 5.2(a), any
cash held in Accounts maintained hereunder shall be invested in Permitted
Investments from time to time by Depositary at the expense of Borrower (a) as
directed in writing by Borrower, (i) so long as Collateral Agent has not
notified Depositary that an Event of Default has occurred and is continuing in
accordance with Section 2.2(b) or (ii) after Collateral
Agent has delivered a written notice to Depositary that any such Event of
Default no longer exists, (which notice Collateral Agent shall promptly deliver
following the cure of such Event of Default), and (b) as directed in
writing by Collateral Agent, if Collateral Agent has notified Depositary that
an Event of Default has occurred and is continuing (until such time as
Collateral Agent notifies Depositary that any such Event of Default no longer
exists, which notice Collateral Agent shall promptly deliver following the cure
of such Event of Default); provided,  however,
that, if Borrower fails to so direct Depositary, or if there exists an Event of
Default and Collateral Agent fails to so direct Depositary, by 11:00 a.m.
on the date on which the term of any Permitted Investment terminates, amounts
in respect of such terminating Permitted Investment shall be reinvested in the
Dreyfus Treasury Prime Cash Management Fund #674 or, if such fund does not then
exist, in one or more short-term market instruments including, but not limited
to, marketable obligations issued or guaranteed by the U.S. Government, its
agencies or instrumentalities, bank instruments, corporate debt securities
issued by U.S. or foreign companies, commercial paper, demand instruments,
adjustable rate obligations, asset- backed securities, restricted securities,
fully collateralized repurchase agreements or money market funds subject to the
requirements of the Investment Company Act of 1940, as amended, invested in any
one or more of the aforementioned types of instruments, in 

 

8

 

each case
which are either (i) insured by the Federal Deposit Insurance Corporation,
or (ii) held in banks (including any Lender) and savings and loan
associations, having general obligations rated at least “AA” or equivalent by
S&P or Moody’s, or if not so rated, secured at all times, in the manner and
to the extent provided by law, by collateral security described in
clauses (a) or (b) of the definition of Permitted Investments,
of a market value of no less than the amount of moneys so invested; provided,
further, that Depositary’s obligation to invest such amounts is conditioned
upon receipt by Depositary of a valid Form W-9 of the Internal Revenue
Service of the United States in accordance with Section 2.3.3.  The right to direct the manner of investment
includes, but is not limited to, the right (i) to direct Depositary to
sell any Permitted Investment or hold it until maturity and (ii) upon any
sale at maturity of any Permitted Investment, to direct Depositary to reinvest
the proceeds thereof, plus any
interest received by Depositary thereon, in Permitted Investments or to hold
such proceeds and interest for application pursuant to the terms of this
Agreement.  No Secured Party shall have
any liability for any loss resulting from any such investment other than any
such loss caused by such Secured Party’s willful misconduct or gross
negligence.

 

2.3.2                        Application
of Permitted Investments.  Permitted
Investments purchased upon the direction of Borrower or Collateral Agent, as
the case may be, under the provisions of this Agreement by Depositary shall be
deemed at all times to be a part of the Account from which funds were withdrawn
in order to acquire the Permitted Investment and shall be deemed to constitute
funds on deposit in and credited to such Account, and the income or interest
earned and gains realized in excess of losses suffered by an Account due to the
investment of funds deposited therein shall be credited and retained in the
particular Account in respect of which the Permitted Investment was purchased,
except as expressly provided by the terms hereof.

 

2.3.3                        Earnings.  All earnings on funds in any Account
maintained hereunder shall be credited to Borrower (or the Account Holder, as
applicable) for tax reporting purposes. 
Depositary shall provide Borrower and Collateral Agent a statement with
respect to all interest earned on any Account as of the close of each calendar
year for which income is earned on the Accounts.  Borrower shall provide Depositary with its
taxpayer identification number, documented, to the extent necessary, by an appropriate
executed Form W-9, upon execution of this Agreement.  The Form W-9 shall, to the extent
necessary, be renewed as required by the Internal Revenue Service of the United
States and provided to Depositary. 
Depositary shall be entitled to rely on an opinion of legal counsel
(which may be counsel of Borrower) in connection with the reporting of any
earnings with respect hereto.  In no
event shall Depositary be liable or responsible for the payment of taxes on any
income earned on the Accounts.

 

2.3.4                        Liquidation
of Investments for Distributions. 
Upon the occurrence and during the continuance of an Event of Default,
subject to the terms of the Intercreditor Agreement, Collateral Agent is hereby
authorized to direct Depositary, in writing, to liquidate or direct the
liquidation of any Permitted Investment (without regard to maturity) in order
to make or cause to be made any application required by any provision contained
in Article 5.  In
furtherance, and not in limitation, but without duplication, of any other
indemnity or limitation of liability with respect to Administrative Agent,
Collateral Agent or Depositary contained herein or in any other Financing
Document, neither Administrative Agent nor Collateral Agent or any other
Secured Party shall in any way be liable for any losses suffered by Borrower,
including losses due to early liquidation or market risk, which are a result of
exercise of its authority by Administrative 

 

9

 

Agent or
Collateral Agent under this provision (other than any such losses arising from
such Secured Party’s gross negligence or willful misconduct).

 

2.3.5                        Value
of Permitted Investments.  Permitted
Investments credited to any Account shall be valued at their then-current
market value.

 

2.3.6                        Security
Interest in Permitted Investments. 
Whenever Depositary purchases a Permitted Investment not represented or
evidenced by certificates or instruments capable of possession, Depositary
shall notify Borrower and Collateral Agent in writing of such purchase and,
upon the request of Collateral Agent (a copy of such request to be delivered
concurrently to Borrower by Collateral Agent), deliver such information to
Collateral Agent as may be reasonably necessary to enable Collateral Agent to take
all necessary action, including giving confirmations and notices to record
Collateral Agent’s interest therein, all as required by the UCC to perfect a
first priority security interest for the benefit of Collateral Agent (on behalf
of the Secured Parties).  Without
limiting the foregoing, whenever Depositary purchases a Permitted Investment
which is a certificate of deposit, Depositary shall simultaneously or promptly
thereafter notify the issuer of the certificate of deposit in writing as
follows:  CITIBANK, N.A., as Collateral
Agent for the Secured Parties, has a security interest in and pledge of the
certificate(s) of deposit being purchased this day by The Bank of New
York, as Depositary and bailee on behalf of Collateral Agent and the other
Secured Parties.

 

2.4                                 Monies
Received by Borrower.  In the event
that Borrower or any Project Company receives any Project Revenues, Insurance
Proceeds or other amounts required by the terms hereof, the First Lien
Collateral Documents or the Financing Agreement to be deposited into any
Account, Borrower shall, or shall cause the applicable Project Company to,
without any notice or demand whatsoever, promptly deliver the same to
Depositary for application in accordance with the terms of this Agreement.  Except as provided herein, no amount held in
any Account maintained hereunder shall be disbursed except in accordance with
the provisions of this Agreement.

 

2.5                                 Books
of Account; Statements.  Depositary
shall maintain books of account and record therein all deposits into and
transfers to and from the Accounts and all investment transactions effected by
Depositary pursuant to the terms hereof, and any such recordation shall
constitute prima facie evidence of the information
recorded.  Not later than the fifth
Banking Day of each month after the Financial Closing Date, Depositary shall
deliver to Borrower, with a copy to Collateral Agent, a statement setting forth
the transactions in each Account during the preceding month (including, without
limitation, deposits, withdrawals and transfers from and to such Account) and
specifying the Project Revenues, Insurance Proceeds, equity contributions,
Permitted Investments, investment income earned and other amounts held in each
such Account at the close of business on the last Banking Day of the preceding
month.  In addition, Depositary shall
promptly respond (during normal business hours) to requests by Collateral Agent
or Borrower for information regarding deposits, investments and transfers into,
in respect of and among Accounts.

 

10

 

2.6                                 Adequate
Instruction; Sufficiency of Funds.

 

(a)                                  Subject to the last sentence of Section 7.1,
in the event that Depositary receives any monies in respect of any Noble Entity
or any Project without adequate instruction as to the Account into which such
monies are to be deposited, Depositary shall promptly deposit such monies into (i) prior
to the Term-Conversion Date, the Construction Account (for purposes of this
sentence, the Term-Conversion Date shall be deemed to have occurred at such
time as the Administrative Agent so notifies Depositary, which notice
Administrative Agent shall promptly deliver upon satisfaction or waiver of the
conditions to Term-Conversion in accordance with the Financing Agreement) and (ii) thereafter,
the Operating Account, keeping such records as may be necessary to adequately
distinguish such monies from other funds held in such Account, and shall
promptly thereafter notify Borrower and Collateral Agent of the receipt of such
monies.

 

(b)                                 To the extent that there are
insufficient funds in the relevant Account to make a payment, transfer or
withdrawal requested from such Account, Depositary shall (i) promptly
notify Collateral Agent and Borrower of such deficiency and (ii) thereafter,
unless it promptly receives contrary written instructions from Collateral Agent
(or Borrower, so long as no Event of Default has occurred and is continuing),
make such payment, transfer or written withdrawal to the extent of such funds.

 

ARTICLE 3

SECURITY AND RELATED PROVISIONS; SECURITIES INTERMEDIARY

 

3.1                                 Securities
Accounts; Deposit Accounts; the Depositary.

 

(a)                                  Acceptance of Appointment of
Depositary.  The Depositary is hereby appointed to act as
Depositary and it hereby agrees to act as Depositary under the express terms of
this Agreement.  Each of Administrative
Agent, Collateral Agent and Borrower hereby acknowledges that the Depositary
shall act solely as Depositary under the express terms of this Agreement.

 

(b)                                 Depositary. 
The Depositary, as securities intermediary (in such capacity, the “Securities
Intermediary”) with respect to the Accounts, hereby agrees and confirms
that it has established such Accounts, and the Distributable Cash Account as
set forth and defined in this Agreement and shall maintain such Accounts in
accordance with the terms hereof. 
Amounts shall be deposited into, managed and administered, and withdrawn
from each of the Accounts in strict accordance with the provisions of this
Agreement, the Financing Agreement and the First Lien Collateral Documents.

 

(c)                                  Securities Accounts. 
The Securities Intermediary and the Borrower agree that (i) each
such Account established by Securities Intermediary is and will be maintained
as a “securities account” (within the meaning of Section 8-501(a) of
the UCC); and (ii) all Financial Assets in registered form or payable to
or to the order and credited to any such Account shall be registered in the
name of the Securities Intermediary, endorsed to the Securities Intermediary or
in blank or credited to another securities account maintained in the name of
the Securities Intermediary and in no case will any Financial Asset credited to
any such Account be registered in the name of Borrower, payable to the order of
Borrower or specially endorsed to Borrower 

 

11

 

except
to the extent the foregoing have been specially endorsed to the Securities
Intermediary or in blank.

 

(d)                                 Each item of property (including a
security, security entitlement, investment property, instrument or obligation,
share, participation, interest, cash or other property whatsoever) credited to
any Account shall be treated as a Financial Asset.  Until this Agreement shall terminate in accordance
with the terms hereof, Collateral Agent shall have sole “control” (within the
meaning of Section 8-106(d)(1) and (2) of the UCC) of all “security
entitlements” (within the meaning of Section 8-102(a)(17) of the UCC) with
respect to the Financial Assets credited to the Accounts.  All property delivered to the Securities
Intermediary pursuant to this Agreement will be promptly credited to the
Accounts.  If after receipt of a notice
from Administrative Agent that an Event of Default has occurred and is
continuing in accordance with Section 2.2(b), the Securities
Intermediary shall receive any entitlement order from Collateral Agent
directing transfer or redemption of any Financial Asset relating to any Account
in accordance with this Agreement, the Securities Intermediary shall comply
with such entitlement order without further consent by Borrower or any other
Person.  Depositary hereby represents
that it has not entered into, and agrees that, until the termination of this
Agreement, it will not enter into, any agreement with any other Person in
respect of any of the Accounts pursuant to which it would agree to comply with
such entitlement orders, other orders or instructions made by such Person,
(except as provided in the Energy Hedge Provider Control Agreement).

 

(e)                                  Deposit Accounts. 
In the event that the Accounts are not considered “securities accounts”
(within the meaning of Section 8-501(a) of the UCC) under any
applicable Legal Requirement, the Accounts shall be deemed to be “deposit
accounts” (within the meaning of Section 9-102(a)(29) of the UCC), which
Collateral Agent shall maintain with Depositary acting not as a securities
intermediary but as a “bank” (within the meaning of Section 9-102(a)(8) of
the UCC).  Depositary shall not have
title to the funds on deposit in the Accounts, and shall credit the Accounts
with all receipts of interest, dividends and other income received on the
property held in the Accounts.  Until
this Agreement shall terminate in accordance with the terms hereof, Collateral
Agent shall have sole “control” (within the meaning of Section 9-104(a)(2) and
(3) of the UCC) of the Accounts, except as provided herein and in the
Energy Hedge Provider Control Agreement. 
All funds delivered to Depositary pursuant to this Agreement will be
promptly credited to the Accounts.  If at
any time Depositary shall receive any instruction from Collateral Agent  in accordance with this Agreement directing
disposition of the funds in the Accounts in accordance with this Agreement,
Depositary shall comply with such instruction without further consent by
Borrower or any other Person.  Depositary
hereby represents that it has not entered into, and agrees that, until the
termination of this Agreement, it will not enter into, any agreement with any other
Person in respect of any of the Accounts pursuant to which it would agree to
comply with such instruction or other instructions made by such Person.

 

(f)                                    Dominion and Control. 
In the event that the Accounts are not considered “securities accounts”
or “deposit accounts” (each as defined in the UCC) under applicable Legal
Requirements or a security interest cannot be granted and perfected in the
Accounts under the UCC, then the Accounts and all property deposited therein
shall be deemed under the dominion and control of Collateral Agent (except as
provided herein and in the Energy Hedge Provider Control Agreement) and
Depositary will act and will be deemed to be acting as Collateral Agent’s agent
in respect of the Accounts for the purpose of maintaining such dominion and 

 

12

 

control
for the purpose of the creation and perfection of security interests in favor
of Collateral Agent.

 

(g)                                 Account Name Changes. 
Depositary shall not change the name of or account number for any
Account without the prior written consent of Administrative Agent, Collateral
Agent and Borrower except for changes due to internal system modifications
after which Depositary shall promptly notify Administrative Agent, Collateral
Agent and Borrower.

 

(h)                                 Notwithstanding anything to the
contrary contained herein, the Collateral Agent shall have a first-priority
perfected security interest for the benefit of the First Lien Secured Parties
in the Accounts and all amounts deposited therein or credited thereto and all
other property or collateral described herein, subject to Permitted Liens.  In addition, all instructions and direction
to be given under and pursuant to this Agreement shall, until termination of
this Agreement in accordance with Article 6 hereof, be given solely
by Collateral Agent or Borrower as provided herein without giving effect to any
instruction or direction given by the Junior Creditor (as defined in the Energy
Hedge Provider Control Agreement) under the Energy Hedge Provider Control
Agreement or otherwise.

 

3.2                                 Certain
Rights and Powers in Respect of Accounts and Funds.

 

3.2.1                        Rights
to Accounts.  Borrower shall not make
any withdrawal or transfer from any Account except in accordance with the terms
and conditions of this Agreement, the Financing Agreement and the First Lien
Collateral Documents.  Borrower shall not
have any rights or powers with respect to the remittance of amounts credited
to, the disbursement of credited amounts out of, or the investment of credited
amounts in, the Accounts, except to have amounts credited thereto or invested
in accordance with this Agreement, the Financing Agreement and the First Lien
Collateral Documents, as applicable.

 

3.2.2                        Certain
Additional Powers of Collateral Agent and Depositary.

 

(a)                                  Collateral Agent and, where appropriate,
Depositary will have the right, but not the obligation, to:

 

(i)                                     refuse any item for deposit in any
Account, which is not in accordance with this Agreement; and

 

(ii)                                  refuse to honor any request for
transfer from any Account which is not consistent with this Agreement.

 

(b)                                 Borrower hereby irrevocably
constitutes and appoints Collateral Agent as Borrower’s true and lawful
attorney-in-fact, with full authority in the place and stead of Borrower and in
the name of Borrower from time to time in the discretion of Collateral Agent,
if an Event of Default shall have occurred and be continuing, to take any
action and to execute any instrument which Collateral Agent may deem necessary
or advisable to accomplish the purposes of this Agreement, including:

 

(A)                              to ask, demand, collect, sue for,
recover, compromise, receive and give acquittance and receipts for moneys due
and to become due under or in 

 

13

 

respect of any of the Accounts or the
proceeds of financial assets held therein or credited thereto;

 

(B)                                to receive, endorse, and collect any
drafts or other instruments, documents and chattel paper, in connection with
clause (i) above;

 

(C)                                to file any claims or take any
action or institute any proceedings which Collateral Agent may deem necessary
or desirable for the collection of any of the Accounts or the proceeds of
financial assets held therein or credited thereto or otherwise to enforce the
rights of Collateral Agent with respect to any of the Accounts or the proceeds
of financial assets held therein or credited thereto, provided that,
with respect to this clause (C), such rights shall be exercised in
accordance with Section 3.7; and

 

(D)                               to perform the affirmative
obligations of Borrower hereunder.

 

Borrower hereby acknowledges,
consents and agrees that the power of attorney granted pursuant to this Section 3.2.2
is irrevocable and coupled with an interest.

 

(c)                                  With respect to the powers and
rights granted to Collateral Agent in Article 5, notwithstanding the
absence of any Default or Event of Default, Borrower hereby constitutes and
appoints Collateral Agent as Borrower’s true and lawful attorney-in-fact with
full authority in the place and stead of Borrower and in the name of Borrower
to make the direct payments as specified and as permitted in such Article 5;
and this power of attorney shall be deemed to be a power coupled with an
interest and shall be irrevocable.  No
further direction or authorization from Borrower shall be necessary to warrant
or permit Collateral Agent to direct such payments in accordance with the
foregoing sentence and Article 5.

 

(d)                                 The powers conferred on Collateral
Agent hereunder are solely to protect its interest (on behalf of the Secured
Parties) in the Accounts and the proceeds of financial assets held therein or
credited thereto and shall not impose any duty on Collateral Agent to exercise
any such powers.  Except for the
reasonable care of any Account or Permitted Investment in its possession or
under its control (as the case may be), the performance of its respective
obligations hereunder or the other Financing Documents, and the accounting for
moneys actually received by it hereunder, Collateral Agent shall have no duty
as to any Account or the proceeds of financial assets held therein or credited
thereto, or as to the taking of any necessary steps to preserve rights against
prior parties or any other rights pertaining to any such Account or
proceeds.  Each of Depositary and
Collateral Agent is required to exercise reasonable care in the custody and
preservation of any Account in its possession or under its control (as the case
may be); provided, however, that (i) Depositary in any event
shall be deemed to have exercised reasonable care in the custody and
preservation of any Account if it takes such action for that purpose as
Collateral Agent or, at times other than upon the occurrence and during the
continuance of any Event of Default, Borrower reasonably requests in writing
(and in accordance with the terms of this Agreement) or otherwise acts in
accordance with the requirements of Section 3.6.3, and (ii) Collateral
Agent in any event shall be deemed to have exercised reasonable care in the
custody and preservation of any Account if it takes such action for that
purpose as Borrower reasonably requests in writing (and in accordance with the
terms of this 

 

14

 

Agreement)
at times other than upon the occurrence and during the continuance of any Event
of Default.  Nothing in this Section 3.2
shall be construed as limiting Collateral Agent’s maintenance of “control”
(within the meaning of Section 9-104(a)(2) and (3) or Section 8-106(d)(1) and
(2), as applicable, of the UCC) over the Accounts.

 

3.3                                 Security
Interest.

 

3.3.1                        Grant.  To secure the timely payment in full in cash
of the First Lien Obligations, Borrower does hereby collaterally assign, grant
and pledge to, and grant a Lien on, and security interest in favor of,
Collateral Agent, on behalf of and for the sole and exclusive benefit of the
First Lien Secured Parties in, all the estate, right, title, interest and
security entitlements of Borrower, whether now owned or hereafter acquired, in
all Accounts and in all financial assets including Permitted Investments held
therein or credited thereto and all proceeds thereof, including all rights of
Borrower to receive moneys due in respect of all Accounts, all claims with
respect to any Account, all income or gain earned in respect of the financial
assets held in or credited to any Account, all Insurance Proceeds, Eminent
Domain Proceeds and payments described in Section 5.6 credited to
or deposited in any Account, and all proceeds receivable or received when any
Account is collected, exchanged or otherwise disposed of, whether voluntarily
or involuntarily.  No Noble Entity shall
have any rights or powers with respect the Accounts, the contents of the
Accounts or any proceeds with respect thereto except as expressly provided in
this Agreement.

 

3.3.2                        Acknowledgment.  Depositary hereby acknowledges the security
interest in, and the pledge by Borrower to Collateral Agent, for the benefit of
the Secured Parties, of all of Borrower’s security entitlements to the Accounts
and all financial assets including Permitted Investments held therein or credited
thereto and all proceeds thereof, and Depositary will so indicate on the
records maintained by Depositary with respect to the Accounts.  Depositary agrees to hold all such security
entitlements and financial assets in its custody and in trust for the purposes
of, and on the terms set forth in, this Agreement.

 

3.4                                 Perfection;
Further Assurances.  Borrower agrees
that from time to time it shall promptly execute and deliver all instruments
and documents, and take all actions, that may be reasonably necessary, or that
Collateral Agent may reasonably request, in order to perfect and protect the
assignments and security interests granted or intended to be granted hereby or
to enable Collateral Agent to exercise and enforce its rights and remedies
hereunder with respect to the Accounts, all financial assets held therein or
credited thereto and all proceeds thereof. 
Without limiting the generality of the foregoing, Borrower hereby
authorizes the filing of such financing or continuation statements, or amendments
thereto, and shall execute and deliver such other instruments, endorsements or
notices, as may be necessary or as Collateral Agent may reasonably request, in
order to perfect and preserve the assignments and security interests granted or
purported to be granted in accordance with this Agreement.

 

15

 

3.5                                 Other
Liens; Adverse Claim.

 

(a)                                  Borrower represents and warrants
that:

 

(i)                                     it has not assigned any of its
rights under the Accounts except as permitted herein or by the other First Lien
Collateral Documents and the Junior Security Documents;

 

(ii)                                  it has not executed and has no
Knowledge of any effective financing statement, security agreement, control
agreement or other instrument similar in effect covering all or any part of the
Accounts, except such as may have been filed in connection with this Agreement
or the other First Lien Collateral Documents, the Junior Security Documents,
the Energy Hedge Provider Control Agreement and other Permitted Liens; and

 

(iii)                               it has full power and authority to
grant a security interest in and assign its right, title and interest in the
Accounts and all financial assets held therein or credited thereto and all
proceeds thereof hereunder, subject to Permitted Liens.

 

(b)                                 Depositary represents and warrants
that to its knowledge without any independent investigation there is no Lien on
any of the Accounts other than Permitted Liens, other than the claims and
interest of the parties as provided herein. 
In the event that Depositary has or subsequently obtains by agreement,
operation of law or otherwise a security interest in any Account or any
security entitlement credited thereto other than Permitted Liens, Depositary
hereby agrees that such security interest shall be subordinate to the security
interest of Collateral Agent for the benefit of the Secured Parties.

 

(c)                                  Depositary represents and warrants
that to its knowledge without any independent investigation it has no notice of
any adverse claim to the financial assets deposited in or credited to the
various Accounts or to security entitlements with respect thereto.

 

(d)                                 The financial assets credited to the
Accounts shall not be subject to deduction, set-off, banker’s lien, or any
other right in favor of any Person other than Collateral Agent (except for
Permitted Liens and to the extent of returned items and chargebacks either for
uncollected checks or other items of payment and transfers previously credited
to one or more of the Accounts and Borrower and Collateral Agent hereby
authorize Depositary to debit the relevant Accounts for such amount).

 

3.6                                 Duties
and Certain Rights of Depositary.

 

3.6.1                        General.  The duties of Depositary shall be determined
solely by the express provisions of this Agreement and no implied duties,
covenants or obligations shall be read into this Agreement against Depositary.

 

3.6.2                        Negative
Pledge.  Depositary hereby agrees
that it shall not grant any security interests in the Accounts or the financial
assets that it is obligated to maintain under this Agreement except such as may
be granted in connection with this Agreement or the Permitted Liens.

 

3.6.3                        Degree
of Care.  Depositary shall exercise
at least the level of care it exercises with respect to its own funds and, in
all events, reasonable care, in administering and accounting 

 

16

 

for amounts
credited to the Accounts and the Permitted Investments purchased with such
amounts.

 

3.6.4                        Action
Upon Notices; Exercise of Judgment. 
Depositary (a) may conclusively rely on a written notification from
Collateral Agent or Borrower in determining whether a Default or an Event of
Default has occurred, and (b) may conclusively rely on written
notification from Administrative Agent, Collateral Agent or Borrower in
determining whether the Term-Conversion Date, the Incomplete Turbine Completion
Date, Completion or the Final Completion Date has occurred (it being
acknowledged and agreed that if Depositary receives any conflicting notices,
orders, requests, waivers, consents, receipts or other papers or documents
hereunder, the applicable notice from Collateral Agent shall control in the
absence of manifest error).  Depositary
shall be permitted to conclusively rely and act upon any notice, order,
request, waiver, consent, receipt or other paper or document (whether in its
original or facsimile form) reasonably believed by Depositary to be signed by
any Person stated above in this Section 3.6.4 or any other
authorized Person.  Depositary shall not
be liable for any error of judgment or for any act done or step taken or
omitted by it in good faith or for any mistake of fact or law or for anything
which Depositary may do or refrain from doing in connection herewith, except
its own gross negligence or willful misconduct. 
Depositary shall have duties only as set forth herein.

 

3.6.5                        Indemnification
and Liability.

 

(a)                                  Borrower shall indemnify, defend and
hold harmless Depositary and its officers, directors, shareholders, controlling
persons, employees, and agents (collectively, the “Indemnitees”) from
and against and reimburse the Indemnitees for any and all claims, obligations,
liabilities, losses, damages, injuries (to person, property, or natural
resources), penalties, actions, suits, judgments, costs and expenses (including
reasonable attorney’s fees of a single counsel, plus a single local counsel if
required, and additional counsel solely to the extent the Indemnitees have
inconsistent or conflicting defenses or the circumstances giving rise to such
indemnification would create an ethical conflict for such single counsel) of
whatever kind or nature, whether or not well founded, meritorious or
unmeritorious, demanded, asserted or claimed against any such Indemnitee
(collectively, “Claims”) in any way relating to, or arising out of or in
connection with this Agreement.

 

(b)                                 The foregoing indemnities shall not
apply with respect to an Indemnitee, to the extent of a Claim arising as a
result of the (i) gross negligence or willful misconduct of such
Indemnitee (or such Indemnitee’s officers, directors, shareholders, controlling
persons, employees and agents) as determined by a final non-appealable judgment
of a court of competent jurisdiction, but shall continue to apply to all other
Indemnitees or (ii) action or inaction (to the extent a duty to act
existed on the part of such Indemnitee) of another Indemnitee.

 

(c)                                  The provisions of this Section 3.6.5
shall survive foreclosure under the Collateral Documents and satisfaction or
discharge of the First Lien Obligations for Claims based upon facts or
occurrences arising on or prior to the date of such satisfaction and discharge
(notwithstanding that such Claim may not be asserted or known to an Indemnitee
until a date subsequent to such satisfaction and discharge), and shall be in
addition to any other rights and remedies of Depositary.

 

17

 

(d)                                 Any amounts payable by Borrower
pursuant to this Section 3.6.5 shall be paid within thirty
(30) days after Borrower receives a reasonably detailed written invoice
for such amounts from any applicable Indemnitee, and if not paid within such
thirty (30) day period shall bear interest at the Default Rate.

 

(e)                                  No Indemnitee shall settle any Claim
unless Borrower has consented to such settlement.

 

3.6.6                        Court
Orders.  Depositary is hereby
authorized, in its reasonable discretion, to obey and comply with all writs,
orders, judgments or decrees issued by any court or administrative agency
affecting any money, documents or things held by Depositary.  Depositary shall not be liable to any of the
parties hereto, their successors, heirs or personal representatives by reason
of Depositary’s compliance with such writs, orders, judgments or decrees,
notwithstanding that such writ, order, judgment or decree may later be
reversed, modified, set aside or vacated.

 

3.6.7                        Resignation
and Termination.

 

(a)                                  Depositary may at any time resign by
giving notice to each other party to this Agreement, such resignation to be
effective upon the appointment of a successor Depositary as provided
below.  Collateral Agent (upon the
direction of the Required First Lien Secured Parties) and, so long as no Event
of Default has occurred or is continuing, with the prior written consent of
Borrower, or Borrower (with the prior written consent of Collateral Agent
acting upon the direction of the Required First Lien Secured Parties, not to be
unreasonably withheld or delayed) may remove Depositary at any time by giving
notice to each other party to this Agreement, such removal to be effective upon
the appointment of a successor Depositary as provided below.

 

(b)                                 In the event of any resignation or
removal of Depositary, a successor Depositary, which shall be a bank or trust
company organized under the laws of the United States of America or of the
State of New York, having a corporate trust office in New York and a capital
and surplus of not less than $500,000,000, shall be appointed by Collateral
Agent after, so long as no Event of Default has occurred and is continuing,
approval from Borrower.  If no successor
Depositary shall have been so appointed by Collateral Agent (with the consent
of the Borrower unless an Event of Default shall have occurred and be
continuing), or if such successor Depositary shall have not accepted such
appointment, within thirty (30) days after the retiring Depositary’s giving of
notice of resignation or the removal of the retiring Depositary, Collateral
Agent may, on behalf of the Secured Parties, appoint a successor Depositary,
which shall be a commercial bank having a corporate trust office in New York
and a capital and surplus of not less than $500,000,000, unless, within
twenty-one (21) days of such selection by Collateral Agent, so long as no Event
of Default has occurred that is continuing, Borrower selects a different
commercial bank to so act as Depositary, in which case the commercial bank so
selected by Borrower shall become the successor Depositary.  If no successor Depositary has been
appointed, Depositary may, at the expense of Borrower, petition a court of
competent jurisdiction to appoint a successor Depositary.  Any such successor Depositary shall be
capable of acting as a “securities intermediary” (within the meaning of Section 8-102(a)(14)
of the UCC) and a “bank” (within the meaning of Section 9 102(a)(8) of
the UCC) and shall deliver to each party to this Agreement a written instrument
accepting such appointment and thereupon such 

 

18

 

successor
Depositary shall succeed to all the rights and duties of Depositary under this
Agreement and shall be entitled to receive the Accounts from the predecessor
Depositary.  If Depositary consolidates
with, merges or converts into, or transfers all or substantially all of its
corporate trust business (including this transaction) or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Depositary so long
as such new entity meets the criteria set forth in this Section 3.6.7(b).

 

(c)                                  Upon the replacement of Depositary
hereunder, all investments and other amounts held by it or credited to Accounts
pursuant to this Agreement shall be transferred to such successor
Depositary.  In the event of the
resignation or termination of Depositary, Depositary shall be entitled to its
reasonable fees and expenses in accordance with Section 3.8 up to
the time such resignation or termination becomes effective in accordance with
this Section 3.6.7.

 

3.6.8                        Directions
and Instructions to Depositary.  All
written directions and instructions (which may be provided by facsimile or
other electronic transmission) by Borrower, Collateral Agent or Administrative
Agent to Depositary pursuant to this Agreement shall be executed by an
authorized signatory (each, an “Authorized Signatory”) of Borrower,
Collateral Agent or Administrative Agent, as applicable.  No person shall be deemed to be an Authorized
Signatory of Borrower, Collateral Agent or Administrative Agent, unless such
person is named on a certificate of incumbency delivered to Depositary on the
Financial Closing Date or is otherwise named in a written notice signed by an
Authorized Signatory and delivered by Borrower, Collateral Agent or
Administrative Agent to Depositary at any time subsequent to the Financial
Closing Date.

 

3.7                                 Remedies.  If an Event of Default shall have occurred
and be continuing:

 

(a)                                  Collateral Agent may exercise in
respect of the Accounts after written notice to Borrower, in addition to other
rights and remedies provided for herein (including Section 2.2) or
otherwise available to it, all the rights and remedies of a secured party under
the UCC at that time and consistent with the provisions of the Intercreditor
Agreement and the other Collateral Documents, including the right to proceed to
protect and enforce the rights vested in it by this Agreement, to sell,
liquidate or otherwise dispose of any or all of the Accounts, and to cause the
Accounts to be sold, liquidated or otherwise disposed of, in each case in such
manner as Collateral Agent may elect;

 

(b)                                 the proceeds of any financial assets
credited to or held in any Account and all cash proceeds received by Collateral
Agent in respect of any sale of, collection from or other realization upon all
or any part of the Accounts may, in the discretion of Collateral Agent, then or
at any time thereafter, be applied (after payment of any amounts payable to
Depositary pursuant to the terms hereof) in whole or in part by Collateral
Agent against all or any part of the First Lien Obligations in accordance with
the Intercreditor Agreement; and

 

(c)                                  except as provided in Section 5.2(b),
the Executed Withdrawal/Transfer Certificate directing any withdrawal or
transfer from any Account shall be executed solely by Collateral Agent.

 

19

 

(d)                                 Any surplus of such amounts or
proceeds remaining after payment in full in cash of all the First Lien
Obligations shall be applied in accordance with the Intercreditor
Agreement.  No right, power or remedy
herein conferred upon or reserved to Collateral Agent or the other Secured
Parties is intended to be exclusive of any other right, power or remedy and
every such right, power and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right, power and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or
remedy hereunder or otherwise shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.  Resort to any or all security now or
hereafter held by Collateral Agent or the other Secured Parties may be taken
concurrently or successively and in one or several consolidated or independent
judicial actions or lawfully taken nonjudicial proceedings, or both.

 

3.8                                 Costs,
Expenses and Attorneys’ Fees. 
Borrower agrees to pay to Depositary such fees and reasonable expenses,
including the reasonable costs and expenses of Depositary’s counsel, on the
terms and in the amounts set forth in The Bank of New York Fee Agreement.  In addition, except to the extent any
reasonable costs and expenses of Depositary result from Depositary’s gross
negligence or willful misconduct, Borrower shall pay Depositary all reasonable
costs and expenses (including reasonable attorneys’ fees and expenses) incurred
by Depositary in connection with (a)  the performance by Depositary of any
of its agreements or obligations contained herein, (b) any exercise by
Depositary of its rights or remedies hereunder or (c) the purchase by
Depositary of Permitted Investments as contemplated by Section 2.3,
in each case, together with interest thereon (to the extent permitted by law)
computed at a rate per annum equal to the LIBO Rate from the date on which such
costs or expenses are due and payable to the date of payment thereof within
five (5) Banking Days of demand therefor.

 

ARTICLE 4

WITHDRAWAL AND TRANSFER PROCEDURES

 

4.1                                 Maintenance
of Funds in Accounts; Withdrawals. 
Until withdrawn or transferred pursuant to and in accordance with this
Agreement, all amounts deposited into any Account shall be held in such Account.  All withdrawals and transfers from any
Account shall be made in accordance with the provisions of Articles 4
and 5.

 

4.2                                 Withdrawal/Transfer
Certificate.  Borrower shall not be
entitled to request withdrawals or transfers of monies from any Account without
having provided a Withdrawal/Transfer Certificate authorizing such withdrawal
and/or transfer.  Except for transfers
made by Collateral Agent or Depositary as permitted by this Agreement,
withdrawals or transfers from any Account shall be made by Depositary following
receipt of (and in accordance with) a Withdrawal/Transfer Certificate signed by
Borrower and countersigned by Collateral Agent (such countersignature not to be
unreasonably withheld or delayed) (an “Executed Withdrawal/Transfer Certificate”).  Each Withdrawal/Transfer Certificate shall
request withdrawals and transfers to and from Accounts in accordance with Article 5.

 

20

 

4.3                                 Delivery
of Certificates.

 

(a)                                  Delivery to Agents and Form of
Withdrawal/Transfer Certificate and Distribution Certificate. 
At least three (3) Banking Days prior to any withdrawal or transfer
from any Account, Borrower shall deliver to Collateral Agent:

 

(i)                                     a Withdrawal/Transfer Certificate
signed by an Authorized Officer of the Borrower specifying:

 

(A)                              each Account from which a withdrawal
or transfer is requested and, in the case of any transfer, the relevant Account(s) or
Distributable Cash Account to which, and/or other Person(s) to whom, such
transfer is to be made;

 

(B)                                the amount requested to be withdrawn
or transferred from each such Account;

 

(C)                                the relevant date on which such
withdrawal or transfer is to be made (which date shall be in accordance with
the provisions of Article 5);

 

(D)                               the purpose for which the amount so
withdrawn or transferred is to be applied (if not evident from the nature of
the payment or identity of the intended payee); and

 

(E)                                 all other information required to be
provided in such Withdrawal/Transfer Certificate under, or to evidence
compliance with, the relevant provisions of Articles 4 and 5.

 

(ii)                                  in the event that the applicable
Withdrawal/Transfer Certificate shall request any transfers, payments or
withdrawals constituting Restricted Payments, a Distribution Certificate.

 

(b)                                 Collateral Agent’s Review of
Certificates; Delivery to Depositary.

 

(i)                                     In the event that, prior to the
relevant date of withdrawal or transfer, Collateral Agent shall reasonably
determine that either or both:  (A) any
amounts specified in a Withdrawal/Transfer Certificate (or an amended
Withdrawal/Transfer Certificate, as applicable) have been incorrectly
calculated; and/or (B) such Withdrawal/Transfer Certificate (or an amended
Withdrawal/Transfer Certificate, as applicable) fails to satisfy the
requirements of the provisions of the Financing Documents, Collateral Agent
shall notify Borrower promptly but in no case later than two (2) Banking
Days following Collateral Agent’s receipt of such Withdrawal/Transfer
Certificate and shall return such Withdrawal/Transfer Certificate to Borrower
with the reason for its determinations noted thereon.  Borrower may resubmit any such
Withdrawal/Transfer Certificate with corrections addressing the concerns noted
by the Collateral Agent.

 

(ii)                                  Collateral Agent shall countersign
any Withdrawal/Transfer Certificate (or any amended or corrected
Withdrawal/Transfer Certificate, as applicable) that meets the requirements of
this Agreement, and furnish a copy of such Executed Withdrawal/Transfer
Certificate (or such amended or corrected certificate, as applicable) 

 

21

 

to Depositary (with a copy to Borrower) at
least one (1) Banking Day prior to the requested withdrawal/transfer date
and instruct Depositary to implement such Executed Withdrawal/Transfer
Certificate (or such amended or corrected certificate, as applicable) in
accordance with Section 4.3(b)(iii) and the other provisions
of this Agreement.

 

(iii)                               Implementation of
Withdrawal/Transfer Certificate.  Except as
otherwise provided in this Agreement, following receipt of an Executed
Withdrawal/Transfer Certificate, Depositary shall pay or transfer the amount(s) specified
in such Executed Withdrawal/Transfer Certificate by making such payment or
transfer not later than the close of business New York time on the date set out
in such Executed Withdrawal/Transfer Certificate for such payment or transfer
(or if such certificate is not received by Depositary at least one (1) Banking
Day prior to such date of withdrawal or transfer, by the close of business New
York time on the next succeeding Banking Day following delivery of such
Executed Withdrawal/Transfer Certificate to Depositary).

 

ARTICLE 5

APPLICATION OF FUNDS

 

5.1                                 Construction
Account.

 

(a)                                  As contemplated by Section 2.1,
on or prior to the Financial Closing Date, Depositary shall establish in the
name of the Collateral Agent at Depositary an account entitled “New York 2008
Portfolio Wind Generation Projects – Construction Account” (the “Construction
Account”).  The proceeds of all
Construction Loans and all Test Revenues shall be deposited into the
Construction Account.

 

(b)                                 Funds in the Construction Account
shall be applied by disbursement by Depositary pursuant to an Executed
Withdrawal/Transfer Certificate or as otherwise specified in Article 4
(provided that any such disbursements from the Construction Account made
after the Term-Conversion Date shall be subject to the conditions set forth in
clause (f) below):

 

(i)                                     for the payment of Project Costs; or

 

(ii)                                  to the Project Company Construction
Accounts for payment, or reimbursement of prior payment, of Project Costs.

 

(c)                                  Funds in the Project Company
Construction Accounts shall be applied by disbursement by Depositary pursuant
to an Executed Withdrawal/Transfer Certificate or as otherwise specified in Article 4:

 

(i)                                     to the applicable Construction
Working Capital Account for the reimbursement of Project Costs that have been
evidenced by (A) an invoice (open or paid) or (B) other evidence of
payment of Project Costs, which solely with respect to clause (B), are
reasonably satisfactory to Administrative Agent; or

 

22

 

(ii)                                  to the EPC Contractor Construction
Account or such other entity or account indicated in such Executed Withdrawal/Transfer
Certificate for the payment of Project Costs.

 

(d)                                 Funds in the EPC Contractor
Construction Account shall be applied by disbursement by Depositary pursuant to
an Executed Withdrawal/Transfer Certificate or as otherwise specified in Article 4,
to the account of the EPC Contractor or such other entity or account indicated
in such Executed Withdrawal/Transfer Certificate for the payment of Project
Costs.

 

(e)                                  In furtherance thereof, Borrower
agrees that, upon the occurrence and during the continuance of an Event of
Default, (i) Depositary, at the direction of Collateral Agent, may
transfer any or all of the sums in the Construction Account, the Construction
Working Capital Accounts, Project Company Construction Accounts and EPC
Contractor Construction Account into the account of the applicable Contractors,
or any other materialmen or subcontractors in payment of amounts due and owing
to such party from any Noble Entity without further authorization from
Borrower, (ii) Collateral Agent may direct Depositary to make such direct
payments and (iii) no further direction or authorization from Borrower
shall be necessary to warrant or permit Collateral Agent to direct Depositary
to make such direct payments.

 

(f)                                    Collateral Agent and Depositary
shall have the right, but not the obligation, to (i) upon the occurrence
and during the continuation of an Event of Default, supply any missing
endorsements of any Noble Entity or Noble Environmental that are not supplied
after a written request by Collateral Agent and to pay and charge items payable
by Depositary pursuant to and  in
accordance with this Article 5; (ii) refuse to honor any check
drawn on any Account which does not sufficiently identify the work or materials
covered by the check, or which conflicts with this Agreement, the Intercreditor
Agreement or the Financing Agreement, or which has been improperly filled out
or endorsed; (iii) create and charge to the applicable Account overdrafts
and all applicable charges under The Bank of New York Fee Agreement related to
the Accounts; (iv) remit copies of checks and other items related to the
Accounts with statements instead of the originals which may be retained by
Depositary; and (v) upon the occurrence and during the continuation of an
Event of Default, pay First Lien Obligations and amounts under the Project
Documents (A) owing and past due after any applicable grace period and (B) not
being contested in good faith by any Noble Entity, in accordance with this
Agreement, the Intercreditor Agreement and the Financing Agreement.  Collateral Agent shall promptly notify
Borrower of any of the above actions.

 

(g)                                 On the Term-Conversion Date, after
application of the Borrowings described in Section 3.3(a) of
the Financing Agreement, the proceeds of the Final Drawing and all amounts
remaining in the Construction Account (other than the proceeds of the Term
Loan, if any, made on the Term-Conversion Date pursuant to Section 2.12
of the Financing Agreement and any other amounts to be applied to the payment
of Project Costs in respect of Incomplete Turbines (if any)) shall be
deposited, pursuant to an Executed Withdrawal/Transfer Certificate into the
Operating Account; provided, however, that and, unless an Event
of Default has occurred and is continuing as of such date, the Noble Base
Equity Excess Amount, if any, shall be released to an unrestricted account
designated by Borrower irrespective of the conditions set forth in Section 6.6
of the Financing Agreement.  On the
Incomplete Turbine Completion Date, all amounts 

 

23

 

remaining
in the Construction Account, the Project Company Construction Accounts and/or
the EPC Contractor Construction Account shall be deposited pursuant to an
Executed Withdrawal/Transfer Certificate, into the Operating Account (or, to
the extent required pursuant to Section 2.12(f) of the Financing
Agreement, to the prepayment of the Term Loan as provided therein); provided,
however, that and, unless an Event of Default has occurred and is
continuing as of such date, the Noble Base Equity Excess Amount, if any, shall
be released to an unrestricted account designated by Borrower irrespective of
the conditions set forth in Section 6.6 of the Financing Agreement.

 

(h)                                 At all times
after the Term-Conversion Date and until the Incomplete Turbine
Completion Date, the disbursement of amounts on deposit in the Construction
Account shall be subject to the following conditions (in addition to the other
conditions specified herein for such disbursements):

 

(i)                                     Administrative Agent shall have
received a certificate from Borrower, substantially in the form attached as Exhibit G-1
to the Financing Agreement, dated the date such Borrowing is proposed to be
made, certifying to the matters set forth in Section 3.4 of the Financing
Agreement as of the date of such disbursement;

 

(ii)                                  not less than four (4) Banking
Days prior to the date proposed for such disbursement, Borrower shall provide
Administrative Agent with a certificate, dated the date such
Borrowing is to be made and signed by Borrower, substantially in the form of Exhibit D-4
to the Financing Agreement and (ii) not less than four (4) Banking
Days prior to the date proposed for such disbursement, the Independent Engineer
shall have received all necessary information from Borrower and the EPC
Contractors and shall have provided Administrative Agent with a certificate of
the Independent Engineer, in substantially the form of Exhibit D-6 to the
Financing Agreement;

 

(iii)                               after taking into consideration the
disbursement being requested, Available Construction Funds shall not be less
than the aggregate unpaid amount of Project Costs estimated by the Independent
Engineer as necessary to cause Completion of the Incomplete Turbines and Final
Completion with respect to all of the Projects in all material respects in
accordance with all Legal Requirements and the Construction Contracts on or
prior to a date not later than the Initial Repayment Date and the Final
Completion Date, respectively;

 

(iv)                              Borrower shall provide a “date down”
endorsement to the Title Policies, which endorsement shall increase the
coverage of the Title Insurance Policies by the amount of such disbursement,
amend the effective date of the Title Insurance Policies to the date of such
Borrowing and continue to insure the first priority lien of the Mortgages
subject to no Liens or encumbrances, other than Permitted Liens;

 

(v)                                 Borrower shall have delivered to
Administrative Agent duly executed acknowledgments of payments and lien waivers
in the form attached as Exhibit D-8 to the Financing Agreement (or in such
other form reasonably satisfactory to Administrative Agent), from each
applicable Contractor and its subcontractors and materialmen for all work,
services and materials, including equipment and fixtures of all kinds, done, 

 

24

 

previously performed or furnished which were
the subject of disbursements from the Construction Account since the
Term-Conversion Date and prior to the requested disbursement; provided, that
with respect to any disbursement, lien waivers shall not be required from (i) the
Turbine Supplier, unless such lien waivers are delivered by the Turbine
Supplier under the Turbine Supply Agreement or (ii) subcontractors and
materialmen with respect to a contract, subcontract or purchase order with a
value of less than $1,000,000; and

 

(vi)                              all Applicable Permits required to
have been obtained by the date of such disbursement shall have been issued and
shall be in full force and effect and reasonably satisfactory in form and
substance to Administrative Agent and, except as set forth on Exhibit H-2
to the Financing Agreement, not subject to (x) any unsatisfied condition
that must be satisfied prior to the Permit becoming effective or (y) any
pending or threatened appeal or other proceedings, except in each case that
could not reasonably be expected to result in a Material Adverse Effect.

 

5.2                                 Operating
Account.  As contemplated by Section 2.1,
on or prior to the Financial Closing Date, Depositary shall establish in the
name of the Collateral Agent at Depositary an account entitled “New York 2008
Portfolio Wind Generation Projects – Operating Account” (the “Operating
Account”).  Except as provided in Article 5
hereof or Articles 3 and 4 of the Intercreditor Agreement, all Project Revenues
and other amounts as required pursuant to the Financing Documents shall be
deposited in the Operating Account.

 

(a)                                  So long as no Event of Default has
occurred and is continuing, funds in the Operating Account shall be applied by
disbursement or internal account transfer by Depositary pursuant to an Executed
Withdrawal/Transfer Certificate or as otherwise specified in Article 4,
in each case at the following times and in the following order of priority:

 

(i)                                     from time to time, (A) but no
more frequently than twice per month, to the payment of (i) any amounts
payable or due within the next thirty (30) days pursuant to the IDA
Documents and (ii) thereafter other O&M Costs currently payable or due
within the next thirty (30) days and with respect to which funds have not
already been withdrawn from the Operating Account, and (B) but no more
frequently than once per month, to the Operations Working Capital Account, provided
that in no event shall the aggregate amount on deposit in the Operations
Working Capital Account exceed one-sixth (1/6) of the aggregate annual O&M
Costs as set forth in the then current Annual Operating Budget, or such other
amount as Administrative Agent and Collateral Agent may reasonably agree, (such
amount, the “Working Capital Cap”);

 

(ii)                                  after making each applicable
withdrawal and transfer above, from time to time, to the payment of all fees,
costs, charges, Interest Fix Fees and any other amounts (other than as
specifically described below in this Section 5.2(a)) due and
payable to Administrative Agent, Collateral Agent, LC Fronting Bank,
Depositary, the Counterparties and the Lenders in connection with this
Agreement, the Financing Agreement and the other Financing Documents;

 

25

 

(iii)                               after making each applicable
withdrawal and transfer above, from time to time, to the payment by Borrower of
Settlement Amounts (if any), and other payments required to be paid by Borrower
pursuant to the Energy Hedge Agreement (if any), in each case other than Other
Credit Support Payments, Termination Payments, and Tracking Account Payments;

 

(iv)                              after making each applicable
withdrawal and transfer above, from time to time, to the pro rata
payment of interest on the Loans, Cash Collateral Loans, DSRA LC Loans, Project
Agreement LC Loans and the Energy Hedge LC Loans then due and owing and
payments then due and owing by Borrower pursuant to the Interest Rate
Agreements, if any;

 

(v)                                 after making each applicable
withdrawal and transfer above, on Repayment Dates, to the pro rata
repayment of (A) the principal of the Loans or Cash Collateral Loans then
due and payable, (B) and any outstanding principal on the Project
Agreement Cash Collateral Loans, Energy Hedge LC Loans and Project Agreement LC
Loans then due and payable, and (C) Other Credit Support Payments,
Termination Payments and, following the Termination Date (as defined in the
Energy Hedge Agreement), the Tracking Account Payments, in each case solely to
the extent then due and payable by Borrower; provided, however,
that (i) such Other Credit Support Payments, Termination Payments and the
Tracking Account Payments constitute the Energy Hedge Provider First Lien
Obligations under the Intercreditor Agreement as of the applicable dates and (ii) the
aggregate amount withdrawn pursuant to this clause (v)(C) shall not exceed
$45,000,000;

 

(vi)                              after making each applicable
withdrawal and transfer above, from time to time, to the payment of any
outstanding Reimbursement Obligations;

 

(vii)                           after making each applicable
withdrawal and transfer above, on Repayment Dates, to the pro rata payment of
the principal of any DSRA Cash Collateral Loans or DSRA LC Loans until repaid
in full;

 

(viii)                        after making each applicable
withdrawal and transfer above, from time to time, to the payment of any other
Obligations then due and payable under the Financing Agreement, including any
LC Loans then outstanding (together with all fees, interest and other amounts
then due and payable with respect to such LC Loans);

 

(ix)                                after making each applicable
withdrawal and transfer above, on the Repayment Dates following the Termination
Date (as defined in the Energy Hedge Agreement), to the payment of Other Credit
Support Payments and Termination Payments and the payment of Tracking Account
Payments then due and payable by Borrower, in an amount equal to (x) fifty
percent (50%) multiplied by any amounts remaining in the Operating Account
after giving effect to each applicable withdrawal and transfer above, minus
(y) the amount of Other Credit Support Payments, Termination Payments and
Tracking Account Payments paid on the applicable date pursuant to clause (v)(C) above;
provided, however, that (i) such Other Credit Support
Payments, Termination Payments and Tracking Account Payments constitute the
Energy Hedge Provider First Lien Obligations under the Intercreditor Agreement
as of the applicable 

 

26

 

dates and (ii) the aggregate amount
withdrawn pursuant to clause (v)(C) and this clause (ix) shall not
exceed $45,000,000;

 

(x)                                   after making each applicable
withdrawal and transfer above, on Repayment Dates, to the maintenance of the
O&M and CapEx Reserve Account pursuant to Section 5.3(b);

 

(xi)                                after making each applicable
withdrawal and transfer above, on the Term-Conversion Date and on Repayment
Dates, to the maintenance of the Debt Service Reserve Account pursuant to Section 5.3(c);

 

(xii)                             after making each applicable
withdrawal and transfer above, from time to time, to the payment of any Upwind
Array Event Amount due and owing under the terms of the Financing Agreement;

 

(xiii)                          after making each applicable
withdrawal and transfer above, from time to time, to the mandatory prepayments
payable under Section 2.4(g)(ii) of the Financing Agreement (except
for payments with respect to any Upwind Array Event Amount);

 

(xiv)                         after making each applicable
withdrawal and transfer above, to the 
payment of taxes due and payable by any Member solely as permitted by Section 6.6(ii) of
the Financing Agreement;

 

(xv)                            after making each applicable
withdrawal and transfer above, to the payment of any fees then due and payable
by the Project Companies to their counterparties under the O&M Agreements,
Management Services Agreements and the Spare Parts Agreements;

 

(xvi)                         after making each applicable
withdrawal and transfer above, on the Distribution Dates and to the extent
permitted under Section 5.3(f)(i), to the Class A Distribution
Reserve Account pursuant to Section 5.3(f)(i);

 

(xvii)                      after making each applicable
withdrawal and transfer above, on the Repayment Dates following the Termination
Date (as defined in the Energy Hedge Agreement), to the payment of Other Credit
Support Payments and Termination Payments and payment or prepayment of Tracking
Account Payments, in an amount equal to (x) fifty percent (50%) multiplied
by any amounts remaining in the Operating Account after giving effect to each
applicable withdrawal and transfer above, minus (y) the amount of
Other Credit Support Payments, Termination Payments and Tracking Account
Payments paid on the applicable date pursuant to clause (v)(C) above and
clause (ix) above;

 

(xviii)                   after making each applicable
withdrawal and transfer above, on the Distribution Dates and to the extent permitted
under Section 5.3(d)(ii)(A), other than any Distributable Cash, to
the Distribution Reserve Account pursuant to Section 5.3(d); and

 

(xix)                           after making each applicable
withdrawal and transfer above, on the Distribution Dates and provided that (i) the
withdrawal and transfer specified below in

 

27

 

this clause (xix) is not in violation of Article 5
or prior to the full funding of all Accounts (other than the Distribution
Reserve Account) in accordance with Article 5, (ii) no Event
of Default has occurred and is continuing and (iii) the Initial Repayment
Date has occurred, to the Distributable Cash Account (such amounts,
collectively the “Distributable Cash”). 
If distributions to the Distributable Cash Account are not permitted
because the conditions in the preceding sentence have not been satisfied,
remaining amounts shall be retained in the Distribution Reserve Account and
applied in accordance with Section 5.3(d).  For the avoidance of doubt, any
indemnification obligations of Borrower under Section 6.02 of the Equity
Capital Contribution Agreement and Article 9 and Section 13.02 of the
LLC Agreement shall be paid solely out of Distributable Cash.

 

(b)                                 Upon the occurrence and during the
continuance of an Event of Default other than a “Forbearance Default” (as such
term is defined in the Forbearance Agreement or the Energy Hedge Provider
Forbearance Agreement), funds in the Operating Account shall be applied at the
following times and in the following order of priority by disbursement by
Depositary pursuant to an Executed Withdrawal/Transfer Certificate or as
otherwise specified in Article 4, directly to the Person entitled
thereto or to any Account (it being acknowledged and agreed that Borrower shall
be permitted to submit any Withdrawal/Transfer Certificate or otherwise direct
any application of funds on deposit in the Operating Account or any other
Account, unless prohibited by the Majority Lenders, in which case, the Executed
Withdrawal/Transfer Certificate shall be executed and delivered to Depositary
solely by Collateral Agent):

 

(i)                                     from time to time, (A) but no
more frequently than once per month, to the payment of (i) any amounts
currently payable pursuant to the IDA Documents and (ii) thereafter other
O&M Costs currently payable, in each case with respect to which funds have
not already been withdrawn from the Operating Account and (B) but no more
frequently than once per month, to the Operations Working Capital Account,
provided that in no event shall the aggregate amount on deposit in the
Operations Working Capital Account exceed the Working Capital Cap;

 

(ii)                                  after making each applicable
withdrawal and transfer above (unless the Majority Lenders shall have directed
otherwise in which case such withdrawal and transfer shall not be required),
funds in the Operating Account shall be applied at the direction of Collateral
Agent in accordance with Section 4.1 of the Intercreditor Agreement.

 

(c)                                  If insufficient funds are available
from Project Revenues or otherwise to pay the costs, payments or First Lien
Obligations due and payable in accordance with Section 5.2(a)(i) through
(ix) above, Borrower and Collateral Agent may direct the Depositary
to transfer funds sufficient to satisfy such costs, payments or First Lien
Obligations (if such funds are available) (i) first,
from the Distribution Reserve Account, O&M and CapEx Reserve Account,
Operations Working Capital Account and Completion Reserve Account to pay any
amounts due and payable pursuant to the IDA Documents, (ii) second, from the Distribution Reserve Account, O&M and
CapEx Reserve Account, Operations Working Capital Account and Completion
Reserve Account to pay Debt Service and other First Lien Obligations due and
payable, (iii) third, from the
Operations Working Capital Account to the Operating Account pursuant to 

 

28

 

Section 5.3(a)(v)(B) and (iv) fourth, from the Debt Service Reserve Account to pay Debt
Service due and payable.

 

5.3                                 Other
Accounts.

 

(a)                                  Working Capital Accounts.

 

(i)                                     Construction Working Capital
Accounts.  On or prior to the Financial Closing Date,
Borrower shall establish four deposit and checking accounts, in the name of the
Account Holder listed in the first column below and each to be referred to
herein by the defined term provided in the third column below, with Citizens
Bank of Connecticut or another bank reasonably acceptable to Collateral Agent
(the “Working Capital Account Bank”) as follows:

 

	
  Account 

  Holder

  	
   

  	
  Name of Account at Depositary

  	
   

  	
  Defined Term 

  for Account

  	
   

  	
  Initial Deposit

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NAW

  	
   

  	
  New York 2008 Portfolio Wind Generation
  Projects – Construction Working Capital Account of Noble Altona Windpark, LLC

  	
   

  	
  “Altona Construction Working Capital
  Account”

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NCW

  	
   

  	
  New York 2008 Portfolio Wind Generation
  Projects – Construction Working Capital Account of Noble Chateaugay Windpark,
  LLC

  	
   

  	
  “Chateaugay Construction Working Capital
  Account”

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NWW

  	
   

  	
  New York 2008 Portfolio Wind Generation
  Projects – Construction Working Capital Account of Noble Wethersfield
  Windpark, LLC

  	
   

  	
  “Wethersfield Construction Working Capital
  Account”

  	
   

  	
  $

  	
  2,000,000

  	
   

  

 

(ii)                                  On the Financial Closing Date, each
Construction Working Capital Account shall have on deposit the amount listed in
the corresponding Initial Deposit column in Section 5.3(a)(i) above.  On or prior to the Financial Closing Date,
Borrower shall cause the Working Capital Account Bank to enter into the Control
Agreements (Project Companies).  Borrower
shall not, and shall not permit the Project Companies to, move, close or modify
the Construction Working Capital Accounts except as provided herein.

 

(iii)                               Borrower acknowledges that amounts
retained in the Construction Working Capital Accounts constitute Collateral and
that Borrower shall be entitled to withdraw amounts from the Construction
Working Capital Accounts to (A) pay, or reimburse for the prior payment
of, Project Costs that are consistent with the applicable Project Budget (as
may be modified pursuant to the Financing Agreement) then in effect 

 

29

 

and which have become due and payable or (B) deposit
such amounts in the Construction Account for application in accordance with Section 5.1.  Amounts transferred to the Construction
Working Capital Accounts for the payment, or reimbursement for the payment, of
such Project Costs which are not, for any reason, applied to the payment, or
reimbursement, of Project Costs may be retained in the Construction Working
Capital Accounts for application to the next succeeding month’s Project Costs
consistent with the then applicable Project Budget; provided, however,
that upon the Term-Conversion Date, all amounts in the Construction Working
Capital Accounts (other than amounts to be applied to the payment of Project
Costs in respect of Incomplete Turbines) shall be transferred to the Operations
Working Capital Account.  All earnings on
amounts credited to the Construction Working Capital Accounts (including
Permitted Investments held in or credited to the Construction Working Capital
Accounts) shall accrue to the respective Construction Working Capital Accounts.

 

(iv)                              At any time, Borrower may establish
a single deposit and checking account with respect to the Projects (the “Operations
Working Capital Account”, together with the Construction Working Capital
Accounts, the “Working Capital Accounts”) with the Working Capital
Account Bank.  On or prior to the date
the Operations Working Capital Account is so established, Borrower shall cause
the Working Capital Account Bank to enter into a Control Agreement (Operations)
and to agree, pursuant to such Control Agreement (Operations), to comply with
the terms and conditions set forth in clause (vii) below.  Borrower shall not move, close or modify the
Operations Working Capital Account without the prior written consent of
Administrative Agent and Collateral Agent, such consent not to be unreasonably
withheld or delayed.

 

(v)                                 Borrower acknowledges that amounts
retained in the Operations Working Capital Account constitute Collateral and
that Borrower shall be entitled to withdraw amounts from the Operations Working
Capital Account to (A) pay O&M Costs that are consistent with the
Annual Operating Budgets (as may be modified pursuant to Section 5.10(b) of
the Financing Agreement) then in effect and which have become due and payable
or (B) re-deposit such amounts in the Operating Account for application in
accordance with Section 5.2. 
Amounts transferred to the Operations Working Capital Account for the
payment of such O&M Costs which are not, for any reason, applied to the
payment of O&M Costs may be retained in the Operations Working Capital
Account for application to the next succeeding month’s O&M Costs consistent
with the then applicable Annual Operating Budget; provided, however,
that at no time shall (x) the aggregate amount in the Operations Working
Capital Account exceed the Working Capital Cap or (y) amounts be
transferred to the Operations Working Capital Account except in accordance with
Section 5.2(a)(i)(B).  All
earnings on amounts credited to the Operations Working Capital Account
(including Permitted Investments held in or credited to the Operations Working
Capital Account) shall accrue to the Operations Working Capital Account.

 

(vi)                              Borrower shall execute and deliver
such documents and instruments as Collateral Agent shall reasonably request in
order to grant Collateral Agent, for the benefit of the Secured Parties, a
perfected first priority Lien (subject to Permitted Liens) in the Working
Capital Accounts.  Borrower shall not
have any rights or powers to direct 

 

30

 

or control activities with respect to the
Working Capital Accounts except to have funds therein invested and/or disbursed
in accordance with this Agreement.  Upon
the occurrence and during the continuance of an Event of Default, Collateral
Agent shall have all rights and powers with respect to the Working Capital
Accounts and the contents of the Working Capital Accounts as it has with
respect to any other Collateral and may apply such amounts in accordance with
the provisions of Section 4.1 of the Intercreditor Agreement.  The Working Capital Accounts and the amounts
held thereunder (including Permitted Investments therein) shall be at all times
under the exclusive control of Collateral Agent pursuant to Section 9-104(a)(2) of
the UCC, except as provided in the Energy Hedge Provider Control Agreement.

 

(b)                                 O&M and CapEx Reserve Account.

 

(i)                                     As contemplated by Section 2.1,
on or prior to the Term-Conversion Date, Depositary shall establish in the name
of the Collateral Agent at Depositary an account entitled “New York 2008
Portfolio Wind Generation Projects – O&M and CapEx Reserve Account” (the “O&M
and CapEx Reserve Account”). 
Borrower may withdraw amounts from the O&M and CapEx Reserve Account
pursuant to an Executed Withdrawal/Transfer Certificate to pay amounts due
under the IDA Documents and other O&M Costs and fees, costs, charges and
other amounts due in connection with operation and maintenance of any Project
in the event that Project Revenues or other amounts in the Operating Account
are insufficient therefor or as otherwise specified herein.  Notwithstanding the foregoing, upon the
occurrence and during the continuance of an Event of Default, Collateral Agent
shall be entitled to withdraw amounts from the O&M and CapEx Reserve
Account to pay (x) any amounts due and payable pursuant to the IDA
Documents (y) outstanding First Lien Obligations that are due and payable
and (z) other O&M Costs and fees, costs, charges and other amounts (in
addition to those described in clause (x) above), due and payable in
connection with the operation and maintenance of any Project (pursuant to an
Executed Withdrawal/Transfer Certificate executed and delivered to Depositary
solely by Collateral Agent with a copy to Borrower), in each case in the event
that Project Revenues or other amounts in the Operating Account are
insufficient therefor.  Amounts on
deposit in the O&M and CapEx Reserve Account may also be applied toward the
payment of the outstanding Energy Hedge LC Loan.

 

(ii)                                  Beginning on the Initial Repayment
Date, and continuing on each Repayment Date thereafter, Borrower shall,
pursuant to an Executed/Withdrawals Transfer Certificate, deposit into the
O&M and CapEx Reserve Account, all Project Revenues or other amounts in the
Operating Account in excess of the amounts applied pursuant to Section 5.2(a)(i) through
(ix), in the amount required to fund the O&M and CapEx Reserve
Account to the O&M and CapEx Reserve Target Level, and (y) on the
second, third and fourth Repayment Dates, an amount equal to the amount of any
shortfall(s) in achieving the O&M and CapEx Reserve Target Level
required at the previous Repayment Date.

 

(iii)                               In the event that on any Repayment
Date the amounts on deposit in the O&M and CapEx Reserve Account exceed the
O&M and CapEx Reserve Target Level (except if such excess is a result of
the deposit made pursuant to Section 5.2(a)(x), then 

 

31

 

Borrower may pursuant to an Executed Withdrawal/Transfer
Certificate cause all such excess amounts to be deposited into the Operating
Account for application in accordance with Section 5.2(a).

 

(c)                                  Debt Service Reserve Account.

 

(i)                                     As contemplated in Section 2.1,
on or prior to the Term-Conversion Date, Depositary shall establish in the name
of the Collateral Agent at Depositary an account entitled “New York 2008
Portfolio Wind Generation Projects - Debt Service Reserve Account” (the “Debt
Service Reserve Account”).  On the
Term-Conversion Date, Borrower shall deposit or cause to be deposited into the
Debt Service Reserve Account an amount equal to the DSRA Minimum Balance (minus
the undrawn Stated Amount of any Acceptable DSRA LC posted as of such
date).  On each Repayment Date, Borrower
shall cause to be deposited into the Debt Service Reserve Account pursuant to
an Executed Withdrawal/Transfer Certificate all Project Revenues or other
amounts in the Operating Account in excess of the amounts applied pursuant to Section 5.2(a)(i) through
(x) until the amount deposited therein equals the DSRA Minimum
Balance (minus the undrawn Stated Amount of any Acceptable DSRA LC posted as of
such date).

 

(ii)                                  Unless and until an Event of Default
shall have occurred and be continuing, Borrower shall be permitted to withdraw
amounts from the Debt Service Reserve Account pursuant to an Executed
Withdrawal/Transfer Certificate to pay fees, costs, charges and other amounts
due to Administrative Agent, Collateral Agent and the other Lenders and to pay
amounts of principal and interest due under the Loans in the event that Project
Revenues or other amounts in the Operating Account are insufficient
therefor.  Upon the occurrence and during
the continuance of an Event of Default, Collateral Agent shall be entitled to
withdraw amounts from the Debt Service Reserve Account to pay fees, costs,
charges and other amounts due to Administrative Agent, Collateral Agent and the
other Obligations under and the Financing Agreement (pursuant to an Executed
Withdrawal/Transfer Certificate executed and delivered solely by Collateral
Agent) in the event that Project Revenues or other amounts in the Operating
Account are insufficient therefor. 
Amounts on deposit in the Debt Service Reserve Account may also be
applied toward the payment of any outstanding Energy Hedge LC Loan or Project
Agreement LC Loan.

 

(iii)                               At any time, unless an Event of
Default shall have occurred and be continuing, Borrower shall be permitted to
withdraw amounts from the Debt Service Reserve Account pursuant to an Executed
Withdrawal/Transfer Certificate, transfer such amounts to the Distributable
Cash Account and fund the Debt Service Reserve Account by providing to
Collateral Agent, as named beneficiary thereof and in an amount equal to the
then-applicable DSRA Minimum Balance, one or more Acceptable DSRA LCs, and the
amount available for drawdown under such letter(s) of credit from time to
time shall be credited toward satisfaction of the DSRA Minimum Balance.  If an Acceptable DSRA LC is then in place, to
the extent necessary to make withdrawals from the Debt Service Reserve Account
in accordance with this Section 5.3(c)(iii), Collateral Agent shall
from time to time, first withdraw any amounts on deposit in the Debt Service
Reserve Account 

 

32

 

and second draw on such Acceptable DSRA LC in
accordance with the procedures and requirements thereof.

 

(iv)                              In the event that on any Repayment
Date the amounts on deposit in the Debt Service Reserve Account (together with
the amounts available to be drawn under Acceptable DSRA LCs) exceed the DSRA
Minimum Balance, then Collateral Agent, upon the request of Borrower, by
written instruction to the Depositary, shall cause all such excess amounts on
deposit in the Debt Service Reserve Account to be deposited into the Operating
Account for application in accordance with Section 5.2(a)(viii).

 

(d)                                 Distribution Reserve Account.

 

(i)                                     As contemplated by Section 2.1,
on or prior to the Term-Conversion Date, Depositary shall establish in the name
of the Collateral Agent at Depositary an account entitled “New York 2008
Portfolio Wind Generation Project - Distribution Reserve Account” (the “Distribution
Reserve Account”).

 

(ii)                                  Applications Related to DSCR.

 

(A)                              If the Average Annual Debt Service
Coverage Ratio calculated as of a Repayment Date (or as of the immediately
preceding Repayment Date if such calculation shall be furnished on a date other
than a Repayment Date) pursuant to Section 5.19 of the Financing
Agreement is less than (1) during the period between the Term-Conversion
Date and until the tenth (10th) anniversary of the Term-Conversion
Date, 1.20 to 1 or (2) during the period after the tenth (10th)
anniversary of the Term-Conversion Date and until the Term Loan Maturity Date,
1.40 to 1, then Borrower shall cause to be deposited pursuant to an Executed
Withdrawal/Transfer Certificate into the Distribution Reserve Account all
Project Revenues or other amounts in the Operating Account in excess of the
amounts applied in accordance with Section 5.2(a)(i) through (xix),
and Borrower shall cause to be deposited pursuant to an Executed
Withdrawal/Transfer Certificate such Project Revenues or other amounts from the
Operating Account into the Distribution Reserve Account until such time as the
Average Annual Debt Service Coverage Ratio shall be equal to or in excess of (1) during
the period between the final Term Conversion Date and until the tenth (10th)
anniversary of the Term-Conversion Date, 1.20 to 1 or (2) during the
period after the tenth (10th) anniversary of the Term-Conversion
Date and until the Term Loan Maturity Date, 1.40 to 1 (the “Distribution
Reserve Requirement”).  Any amounts
that have remained undisbursed in the Distribution Reserve Account for
twenty-four (24) consecutive months, shall, on the next Repayment Date, be
applied to the mandatory prepayment of Obligations as provided in Section 2.4(g) of
the Financing Agreement (pursuant to an Executed Withdrawal/Transfer
Certificate executed and delivered to Depository solely by Collateral Agent).

 

(B)                                Notwithstanding anything to the
contrary herein, upon the occurrence and during the continuation of an Event of
Default, all amounts then retained in the Distribution Reserve Account shall be
applied to the prepayment of 

 

33

 

First Lien Obligations as provided in Section 4.1
of the Intercreditor Agreement (pursuant to an Executed Withdrawal/Transfer
Certificate executed and delivered to Depositary solely by Collateral Agent) if
and to the extent that such First Lien Obligations are due and payable.  Notwithstanding anything to the contrary
herein, from time to time, Borrower and Collateral Agent may direct Depositary
to withdraw pursuant to an Executed Withdrawal/Transfer Certificate executed
and delivered to Depositary solely by Borrower and Collateral Agent amounts
from the Distribution Reserve Account to pay First Lien Obligations due and
payable in accordance with Sections 5.2(a)(i) through (xv)
(including the funding of any of the Reserve Accounts up to the maximum amount
of the applicable reserve requirements with respect thereto).

 

(e)                                  Completion Reserve Account.

 

(i)                                     As contemplated by Section 2.1,
on or prior to the Term-Conversion Date, Depositary shall establish in the name
of the Collateral Agent at Depositary an account entitled “New York 2008
Portfolio Wind Generation Projects – Completion Reserve Account” (“Completion
Reserve Account”).  On the
Term-Conversion Date, the Completion Reserve Borrowing shall be deposited into
the Completion Reserve Account.

 

(ii)                                  Funds in the Completion Reserve
Account shall, from time to time, be applied toward Project Costs or Permitted
Completion Costs, pursuant to an Executed Withdrawal/Transfer Certificate by
disbursement to the Person or Persons entitled thereto.

 

(iii)                               Upon Final Completion and provided
no Event of Default has occurred and is continuing, all amounts remaining in
the Completion Reserve Account shall be deposited as directed by the Borrower.

 

(f)                                    Class A Distribution Reserve
Account.

 

(i)                                     As contemplated by Section 2.1,
on or prior to the Term-Conversion Date, Depositary shall establish in the name
of the Collateral Agent at Depositary an account entitled “New York 2008
Portfolio Wind Generation Project - Class A Distribution Reserve Account”
(the “Class A Distribution Reserve Account”).  Borrower shall, on each Distribution Date,
cause to be deposited pursuant to an Executed Withdrawal/Transfer Certificate
into the Class A Distribution Reserve Account such Project Revenues or
other amounts from the Operating Account in excess of the amounts applied in
accordance with Section 5.2(a)(i) through (xv) up to an
aggregate amount, if any (without duplication of any such amount previously
deposited into the Class A Distribution Reserve Account, unless such
duplication results from a withdrawal pursuant to Section 5.3(f)(iii)),
not to exceed the sum of (a) the amount actually paid by the Class A
Member (as defined in the Forbearance Agreement) to effect a cure of any
failure of Borrower to pay Scheduled Principal and Interest (as defined in the
Forbearance Agreement) and to replenish the amount of any Reserve Account
Withdrawal (as defined in the Forbearance Agreement) in accordance with Section 1.04(c) of
the Forbearance Agreement, (b) the amount actually paid by Class A 

 

34

 

Member, in conjunction with the payment of
the amount described in clause (i) above, to effect the cure of the
Events of Default specified by the Administrative Agent in the written notice
delivered to Class A Member pursuant to clause (aa) of the last
sentence of Section 1.03(e)(i) of the Forbearance Agreement,
and (c) the amount actually paid by Class A Member in order to cause
one or more of the Project(s) to resume generation and transmission of
electricity to NYISO following the complete cessation of operation of such
Project(s).

 

(ii)                                  If all Events of Default that are
directly and primarily curable by the payment of a sum of money (as specified
by the Administrative Agent in the written notice delivered to Class A
Member pursuant to clause (aa) of the last sentence of Section 1.03(e)(i) of
the Forbearance Agreement) have been cured, then Borrower shall cause, pursuant
to an Executed Withdrawal/Transfer Certificate, all amounts on deposit in the Class A
Distribution Reserve Account to be paid to the Class A Member.  Notwithstanding anything to the contrary
contained in the immediately preceding sentence and provided that all Events of
Default that are directly and primarily curable by the payment of a sum of
money (as specified by the Administrative Agent in the written notice delivered
to Class A Member pursuant to clause (aa) of the last sentence of Section 1.03(e)(i) of
the Forbearance Agreement) have been cured, (x) upon the occurrence and
during the continuation of an “Event of Default” (as defined in the Energy
Hedge Agreement) or “Termination Event” (as defined in the Energy Hedge
Agreement) in which the Borrower is an Affected Party (as defined in the Energy
Hedge Agreement) or the Defaulting Party (as defined in the Energy Hedge
Agreement), as applicable, or (y) following the termination of the Energy
Hedge Agreement by the Energy Hedge Provider and until all obligations owing to
the Energy Hedge Provider under the Energy Hedge Agreement have been satisfied
(unless the amount of such unsatisfied obligations is less than the undrawn
face amount of any Posted Credit Support (as defined in the Energy Hedge
Agreement), no payments pursuant to this Section 5.3(f)(ii) shall
be made by the Borrower to the Class A Member, other than reimbursements
to the Class A Member permitted by the Forbearance Agreement or the Energy
Hedge Provider Forbearance Agreement, as applicable, of amounts actually paid
by the Class A Member in respect of clause (i) of the definition of “White
Knight Cure Amount” (as defined in the Forbearance Agreement) (and Borrower
shall cause, pursuant to an Executed Withdrawal/Transfer Certificate, such
amounts on deposit in the Class A Distribution Reserve Account to be paid
to the Class A Member), provided that if the Energy Hedge Provider
provides the Borrower with  written
notice that amounts with respect to clause (ii) and (iii) of the
definition of “White Knight Cure Amount (as defined in the Forbearance
Agreement) may also be released, then Borrower shall cause, pursuant to an
Executed Withdrawal/Transfer Certificate, such amounts on deposit in the Class A
Distribution Reserve Account to be paid to the Class A Member.

 

(iii)                               Prior to the cure of all Events of
Default specified in Section 5.3(f)(ii), Collateral Agent shall be
entitled to withdraw (pursuant to an Executed Withdrawal/Transfer Certificate
executed and delivered to Depositary solely by Collateral Agent) amounts from
the Class A Distribution Reserve Account to pay the payments set forth in Sections 5.2(a)(i) through
(xv) (including the funding of any of the Reserve Accounts up to the
maximum amount of the reserve requirements applicable 

 

35

 

with respect thereto at that time); provided
that payments of First Lien Obligations shall be subject to the provisions of Section 4.1
of the Intercreditor Agreement.

 

5.4                                 Application
of Insurance Proceeds.

 

(a)                                  As contemplated by Section 2.1,
on or prior to the Financial Closing Date, Depositary shall establish in the
name of the Collateral Agent at Depositary an account entitled “New York 2008
Portfolio Wind Generation Projects – Insurance Proceeds Account” (the “Insurance
Proceeds Account”).  Subject to Section 5.4(b),
all amounts and proceeds (including instruments) in respect of title, business
interruption, property and casualty insurance and the proceeds of the insurance
policies described in sub-paragraphs (d), (g) and (k) of paragraph 1
of Exhibit K to the Financing Agreement which are required to be
maintained by any Noble Entity thereunder (“Insurance Proceeds”) shall
be deposited in the Insurance Proceeds Account and applied as provided in this Section 5.4.

 

(b)                                 Any business interruption Insurance
Proceeds received by Administrative Agent, Collateral Agent  or Borrower shall be deposited into the
Operating Account for application in accordance with Section 5.2; provided,
that such business interruption Insurance Proceeds shall be applied to the
prepayment of the First Lien Obligations as provided in Section 4.1 of the
Intercreditor Agreement (pursuant to an Executed Withdrawal/Transfer
Certificate executed and delivered to Depositary) with any surplus applied in
accordance with the Intercreditor Agreement if (i) the damage or
destruction to a Project which directly or indirectly causes such Project to
receive payment of such business interruption Insurance Proceeds constitutes a
total loss or complete destruction of such Project (comprising a loss of at
least 30% of its insurable value)  or (ii) Borrower
notifies Administrative Agent and Collateral Agent in writing that it does not
intend to repair or restore the damage or destruction covered by such business
interruption Insurance Proceeds.

 

(c)                                  Subject to Section 5.4(f) below,
all Insurance Proceeds (other than business interruption Insurance Proceeds,
the application of which shall be governed by Section 5.4(b)) shall
be applied to the prepayment of First Lien Obligations as provided in Section 4.1
of the Intercreditor Agreement (pursuant to an Executed Withdrawal/Transfer
Certificate executed and delivered to Depositary) with any surplus applied in
accordance with the Intercreditor Agreement, unless, subject to Section 5.4(d),
each of the following conditions is satisfied or waived by the Required First
Lien Secured Parties and the Energy Hedge Provider within twelve (12) months of
the damage or destruction to which such Insurance Proceeds relate for clause (ii) of
this Section 5.4(c) (each such applicable deadline, the “Insurance
Condition Deadline”):

 

(i)                                     such damage or destruction does not
constitute a total loss or complete destruction of the applicable Project
(comprising a loss of at least 30% of its insurable value);

 

(ii)                                  no Event of Default (other than an
Event of Default that has occurred solely as a result of such damage or
destruction) has occurred and is continuing;

 

(iii)                               Borrower and the Independent
Engineer certify that repair or restoration of a Project to which such
Insurance Proceeds relate is technically and economically 

 

36

 

feasible within a eighteen (18) month period
from the date the conditions in this Section 5.4(c) are
satisfied and that (A) a sufficient amount of funds is or will be
available to the applicable Noble Entity to complete such repairs and
restorations using (1) such Insurance Proceeds, (2) any other equity
moneys contributed for such repairs and restorations or (3) amounts in the
Distributable Cash Account, the O&M CapEx Reserve Account, the Distribution
Reserve Account, the Class A Distribution Reserve Account, the Completion
Reserve Account and NIPDR Account, and (B) upon the completion of such
repairs and restorations, the Borrower could reasonably be expected to meet
Projected Debt Service Coverage Ratios, calculated as of the date of such
Borrower’s certification for each Repayment Date during the remaining Term, of
no less than (A) for each
twelve-month period through the tenth (10th) anniversary of the
Term-Conversion Date, (x) 1.45 to 1 under a P50 Production Level (taking
into account all projected Project Revenues; provided,
however, that, solely for purposes of such calculation, (1) merchant
Project Revenues shall be limited to not more than nineteen (19%) of the
aggregate projected Project Revenues and (2) the aggregate amount of the
Loans projected to be outstanding as of the tenth (10th) anniversary
of the Energy Hedge Agreement Effective Date shall not exceed twenty percent
(20%) of the Total Term Loan Commitment (in each case, as in effect on the
Financial Closing Date) and (y) 1.00 to 1 under
a P99 Production Level, taking into account all projected Project Revenues for
such period; and (B) for each remaining twelve-month period through the
Term Loan Maturity Date, after the tenth (10th) anniversary of the
Term-Conversion Date, (x) 2.50 to 1 under a P50 Production Level (taking
into account solely projected sales of energy generated by the Projects in
accordance with the Market Consultant’s projections and excluding (1) any
Project Revenues projected from the sale of  renewable energy credits and (2) any
projected ICAP Revenues) and (y) 1.00 to 1 under a P99 Production Level,
taking into account all projected Project Revenues for such period (taking into
account solely projected sales of energy generated by the Projects in
accordance with the Market Consultant’s P95 price
projections and excluding (1) any Project Revenues
projected from the sale of  renewable energy credits and (2) any
projected ICAP Revenues);

 

(iv)                              if such damage or destruction occurs
during the Construction Period, such repair or restoration will be completed,
in the reasonable judgment of Administrative Agent in consultation with the
Independent Engineer, by a date that is not later than the Construction Loan
Maturity Date; and

 

(v)                                 no material federal, state, local or
other governmental license, registration, recording, filing, consent, permit,
order, authorization, certificate, approval, exemption or declaration is
necessary to proceed with such repair and restoration, unless Borrower and/or
the applicable Project Company could reasonably be expected to obtain such
license, registration, recording, filing, consent, permit, order,
authorization, certificate, approval, exemption or declaration in the ordinary
course; and

 

(d)                                 Borrower shall submit, or cause to
be submitted, to Administrative Agent and Collateral Agent the documentation,
certificates and other information to satisfy the conditions in Section 5.4(c) (“Insurance
Proceeds Submission”) within one hundred eighty (180) days after the damage
or destruction to which such Insurance Proceeds relate.  Administrative Agent and Collateral Agent
shall cooperate and respond (and, when applicable, engage the Independent

 

37

 

Engineer
to so respond) (the “AA Response”) within thirty (30) days after receipt
of the Insurance Proceeds Submission as to whether such Insurance Proceeds
Submission reasonably satisfies the conditions set forth in Section 5.4(c).  Borrower shall have an additional thirty (30)
days after receipt of the AA Response to cure any defects or omissions in such
Insurance Proceeds Submission, to the reasonable satisfaction of the
Administrative Agent and Collateral Agent. 
In the event that Borrower is required, pursuant to Section 5.4(c),
to apply the Insurance Proceeds to the prepayment of Loans and other First Lien
Obligations, Administrative Agent and Collateral Agent shall notify Borrower of
such requirement not later than (i) fifteen (15) days prior to the date
such prepayment shall be required to be made and (ii) thirty (30) days
after the Insurance Conditions Deadline; provided, that the failure by
Administrative Agent or Collateral Agent to provide such notice shall not limit
or otherwise affect the obligation of Borrower to make such prepayment (except
for the date on which such payment shall be due).

 

(e)           Subject to Section 5.4(f),
provided that the conditions set forth in Section 5.4(c) have
been satisfied or waived as provided therein, if there shall occur any damage
or destruction of a Project with respect to which Insurance Proceeds for any
single loss in an amount that is (A) equal to or less than $5,000,000 for
any Project is payable, such Insurance Proceeds shall be paid out of the
Insurance Proceeds Account to Borrower and (B) greater than $5,000,000 for
any Project is payable, such Insurance Proceeds shall be paid out of the
Insurance Proceeds Account to Collateral Agent for distribution to the Borrower
for use in accordance with clause (ii) below, and in each such case, such
Insurance Proceeds payable pursuant to this Section 5.4(e) shall
be applied to the payment of the cost of the repair or restoration of such
damage or destruction in accordance with the following procedures:

 

(i)            Borrower shall submit a detailed
report to Administrative Agent describing Borrower’s plan for effectuating
repairs and improvements and such report shall be reasonably satisfactory to
the Administrative Agent;

 

(ii)           Borrower shall cause any necessary
repairs or restoration to be commenced and completed promptly and diligently at
the cost and expense of the applicable Noble Entity using such Insurance
Proceeds and any other amounts available to the Noble Entities as provided in Section 5.4(c)(iii);
and

 

(iii)          Borrower shall provide to
Administrative Agent a certificate from Borrower (A) describing in
reasonable detail the nature of the repair or restoration to be effected with
such payments; (B) stating the estimated cost of such repairs or
restoration; and (C) stating that a sufficient amount of funds is or will
be available to Borrower or the relevant Project Company.

 

(f)            Notwithstanding anything to the
contrary contained in this Section 5.4 (including the failure to
satisfy the conditions specified in Section 5.4(c) and to
follow the procedures specified in Section 5.4(e)), if there shall
occur any damage or destruction of a Project with respect to which Insurance
Proceeds for any single loss in an amount that is less than $5,000,000 for any
Project is payable, such Insurance Proceeds shall be paid out of the Insurance
Proceeds Account to Borrower and applied to the prompt payment of the cost of
the repair or restoration of such damage or destruction.

 

38

 

(g)           If, after any Insurance Proceeds have
been applied to the repair or restoration of a Project as provided in Section 5.4(e),
or Section 5.4(f), the Project will be able to operate at a level
enabling Borrower to satisfy its First Lien Obligations, when due and payable,
any excess Insurance Proceeds shall be paid into the Construction Account (if
received prior to the Term-Conversion Date) or the Operating Account  (if received on or after the Term-Conversion
Date), otherwise such excess Insurance Proceeds shall be applied to the
prepayment of the First Lien Obligations as provided in Section 4.1 of the
Intercreditor Agreement (pursuant to an Executed Withdrawal/Transfer
Certificate executed and delivered to Depositary solely by Collateral Agent)
with any surplus applied in accordance with the Intercreditor Agreement.

 

5.5           Application of
Eminent Domain Proceeds.  All amounts
and proceeds (including instruments) received in respect of any Event of
Eminent Domain (“Eminent Domain Proceeds”) shall be subject to the
same treatment as Insurance Proceeds as provided in Section 5.4, mutatis mutandis.

 

5.6           Application of
Certain Damages Payments; Mandatory Prepayments.

 

(a)           As contemplated by Section 2.1,
on or prior to the Financial Closing Date, Depositary shall establish in the
name of the Collateral Agent at Depositary an account entitled “New York 2008
Portfolio Wind Generation Projects – Non-Insurance Proceeds Damage Restoration
Account” (the “NIPDR Account”).

 

(b)           Performance Damages.  Any performance damage payment in an amount
greater than $5,000,000 made to any Noble Entity (or the Noble Entities in the
aggregate) for or on account of any permanent diminution in the performance of
any of the Projects, including liquidated damages for failing to achieve the
Power Curve Guarantee (as defined in the Turbine Supply Agreement), shall be
applied to the prepayment of the First Lien Obligations as provided in Section 4.1
of the Intercreditor Agreement (pursuant to an Executed Withdrawal/Transfer
Certificate executed and delivered to Depositary) with any surplus applied in
accordance with the Intercreditor Agreement.

 

(c)           Damage Payments.  Any damage payment (other than Insurance
Proceeds) in an amount greater than $5,000,000 made to any Noble Entity (or the
Noble Entities in the aggregate) in order to compensate for physical (as
distinct from consequential or loss of profit) damage suffered by any Project
shall be deposited into the NIPDR Account and shall be available as directed by
Borrower pursuant to an Executed Withdrawal/Transfer Certificate for repair of
such physical damage (in consultation with the Independent Engineer).

 

(d)           Any other damage payment in an amount
greater than $5,000,000 made to any Noble Entity that does not comprise damage
payments of the type described in clauses (b) and (c) of this Section 5.6,
including any payment made to any Noble Entity (or the Noble Entities in the
aggregate) pursuant to any litigation or other legal proceeding or pursuant to
surety, performance or similar bonds or letters of credit relating to any
Project, shall be deposited into the Operating Account.

 

(e)           Any damage payment which would
comprise a damage payment of the type described in clauses (b), (c) or (d) of
this Section 5.6 which is in an amount less than or equal to 

 

39

 

$5,000,000
shall be available as directed by Borrower pursuant to an Executed
Withdrawal/Transfer Certificate for (i) repair of any damage or (ii) otherwise
deposited in the Operating Account.

 

5.7           Earnings on Accounts.  All earnings on amounts credited to any
Account (including Permitted Investments held or credited therein) maintained
hereunder shall accrue to such Account, as applicable.

 

ARTICLE 6

 

TERMINATION OF
AGREEMENT

 

The rights and powers granted herein to Administrative Agent and
Collateral Agent have been granted in order, among other things, to perfect
Collateral Agent’s security interests in the Accounts and to permit
Administrative Agent and Collateral Agent to carry out their respective duties
under the First Lien Documents and the Intercreditor Agreement, are powers
coupled with an interest, and will neither be affected by the bankruptcy of
Borrower or any other Person nor by the lapse of time.  Except as otherwise provided herein, the
obligations of Depositary hereunder shall continue in effect until the First
Lien Obligations have been paid in cash in full pursuant to the terms of the
First Lien Documents and the Intercreditor Agreement, including this
Agreement.  Administrative Agent and
Collateral Agent shall promptly notify Depositary (with a copy to Borrower) of
such payment in writing.  All right,
title and interest of Collateral Agent in the Accounts shall so terminate and
revert to Borrower upon the payment in full in cash of all First Lien
Obligations (other than the First Lien Obligations that are intended to survive
the termination of the First Lien Documents and the termination of the
Financing Agreement and the Energy Hedge Agreement).  At such time, Collateral Agent shall notify
Depositary to, and upon such notification Depositary shall, pay any amounts
(including Permitted Investments) then remaining in any of the Accounts to an
account designated in writing by Borrower to Depositary.  No termination of any Secured Party’s
interest hereunder shall affect the rights of any other Secured Party
hereunder.

 

ARTICLE 7

 

MISCELLANEOUS

 

7.1           Notices.  Any communications between the parties hereto
or notices provided herein to be given may be given to the following addresses:

 

	
  If to Depositary:

  	
  The Bank of New York

  
	
   

  	
  101 Barclay Street

  
	
   

  	
  New York, NY 10286

  
	
   

  	
  Attention:

  	
  Corporate Finance

  
	
   

  	
  Telephone:

  	
  (212) 815-5445

  
	
   

  	
  Facsimile:

  	
  (212) 815-5704/5707

  

 

40

 

	
  If to Administrative Agent:

  	
  Citibank, N.A., as Administrative Agent

  
	
   

  	
  1615 Briette Road Ops 3

  
	
   

  	
  New Castle,

  	
  DE 19720

  
	
   

  	
  Attention: 

  	
  Melik Khoury

  
	
   

  	
  Telephone: 

  	
  (302) 323-3611

  
	
   

  	
  Facsimile: 

  	
  (212) 994-0961

  
	
   

  	
   

  
	
  If to Collateral Agent:

  	
  Citibank, N.A., as Collateral Agent

  
	
   

  	
  c/o Citibank Agency & Trust

  
	
   

  	
  388 Greenwich St., 14th Floor

  
	
   

  	
  New York, NY 10013

  
	
   

  	
  Attention: 

  	
  Patricia Gallagher - Project Noble

  
	
   

  	
  Telephone: 

  	
  (212) 816-2977

  
	
   

  	
  Facsimile: 

  	
  (212) 627-2762

  
	
   

  	
   

  
	
   

  	
   

  
	
  If to Borrower:

  	
  Noble Environmental Power 2008 Hold Co., LLC

  
	
   

  	
  8 Railroad Avenue

  
	
   

  	
  Suite 8, Second Floor

  
	
   

  	
  Essex, CT 06426

  
	
   

  	
  Attn: Vice President – Asset Management

  
	
   

  	
  Telephone: 

  	
  (860) 581-5010

  
	
   

  	
  Facsimile: 

  	
  (860) 767-7041

  

 

All notices or other communications required or permitted to be given
hereunder shall be in writing and shall be considered as properly given (a) if
delivered in person, (b) if sent by overnight delivery service (including
Federal Express, ETA, Emery, DHL, Air Borne and other similar overnight
delivery services), (c) in the event overnight delivery services are not
readily available, if mailed by first class mail, postage prepaid, registered
or certified with return receipt requested or (d) if sent by
telecopy.  Notice so given shall be
effective upon actual receipt by the addressee, provided, however,
that if notice is sent by telecopy the transmitter shall confirm such telecopy
by telephone.  Any party shall have the
right to change its address for notice hereunder to any other location within
the United States by giving of ten (10) days’ written notice to the other
parties in the manner set forth herein above. 
The parties to this Agreement hereby authorize Depositary to rely upon
and comply with instructions and directions sent by e-mail, facsimile and other
similar unsecured electronic methods (but excluding on-line communications
systems covered by a separate agreement (such as Depositary’s Inform or
CA$H-Register Plus system) (“On-Line Communications systems)) (“Electronic
Methods”) by persons reasonably believed by the Depositary to be authorized to
give instructions and direction on behalf of the parties.  Except as set forth below with respect to
funds transfers, Depositary shall have no duty or obligation to verify or
confirm that the person who sent such instructions or directions is, in fact, a
person authorized to give instructions or directions on behalf of the parties
hereto (other than to verify that the signature on a facsimile is the signature
of a person authorized to give instructions and directions on behalf of such
party); and Depositary shall have no liability for any losses, liabilities,
costs or expenses incurred or sustained by such party as a result of such
reliance upon or compliance with such instructions or directions unless such
losses, liabilities or costs are found by a final and non-appealable decision of
a court of competent jurisdiction to have resulted from the gross negligence or
willful misconduct of Depositary.  The
parties hereto agree to assume all risks arising out of the use of Electronic
Methods to submit instructions and 

 

41

 

directions to Depositary, including the risk of Depositary acting on
unauthorized instructions, and the risk of interception and misuse by third
parties unless Depositary has acted in violation of this Agreement and such action
is found by a final and non-appealable decision of a court of competent
jurisdiction to have resulted from the gross negligence or willful misconduct
of Depositary.

 

7.2           Benefit of
Agreement.  Nothing in this
Agreement, expressed or implied, shall give or be construed to give to any
Person other than the parties hereto and the Secured Parties, any legal or
equitable right, remedy or claim under this Agreement, or under any covenants
and provisions of this Agreement, each such covenant and provision being for
the sole benefit of the parties hereto and the Secured Parties.

 

7.3           Delay and Waiver.  No failure or delay by Administrative Agent,
Collateral Agent or Depositary in exercising any right or power hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such right or power, or any abandonment or discontinuance of steps to enforce
such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. 
The rights and remedies of Administrative Agent and Collateral Agent
hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have.  No waiver of
any provision of this Agreement or consent to any departure by Borrower
therefrom shall in any event be effective unless the same shall be permitted by
Section 7.4, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given.

 

7.4           Amendments.  No provision of this Agreement may be amended,
modified or supplemented or waived, except in a writing signed by the party to
be bound and, solely with respect to Collateral Agent and Borrower, made in
accordance with the provisions of the Intercreditor Agreement.

 

7.5           Governing Law.  THIS AGREEMENT AND ANY INSTRUMENT OR
AGREEMENT REQUIRED HEREUNDER (TO THE EXTENT NOT EXPRESSLY PROVIDED FOR THEREIN)
SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK,
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE AND WITHOUT REFERENCE
TO CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW).  REGARDLESS OF ANY
PROVISION IN ANY OTHER AGREEMENT, FOR PURPOSES OF THE UCC, THE “SECURITIES
INTERMEDIARY’S JURISDICTION” AND “BANK’S JURISDICTION” OF DEPOSITARY WITH
RESPECT TO THE ACCOUNTS IS THE STATE OF NEW YORK.

 

7.6           Submission to
Jurisdiction.  Administrative Agent,
Collateral Agent, Depositary and Borrower agree that any legal action or
proceeding by or against Borrower or with respect to or arising out of this
Agreement or any other Financing Document may be brought in or removed to the
courts of the State of New York, in and for the County of New York, or of the
United States of America for the Southern District of New York.  By execution and delivery of this Agreement,
Administrative Agent, Collateral Agent, Depositary and Borrower accept, for
themselves and in respect of their property, generally and unconditionally, the
jurisdiction of the aforesaid courts.  Administrative
Agent, Collateral Agent, Depositary and Borrower irrevocably 

 

42

 

consent to the service of process out of any
of the aforementioned courts in any such action or proceeding by the mailing of
copies thereof by registered or certified airmail, postage prepaid, to
Administrative Agent, Collateral Agent, Depositary or Borrower, as the case may
be, at their respective addresses for notices as specified herein and that such
service shall be effective five (5) Banking Days after such mailing.  Administrative Agent, Collateral Agent,
Depositary and Borrower hereby waive any right to stay or dismiss any action or
proceeding under or in connection with this Agreement or any other Financing
Document brought before the foregoing courts on the basis of forum non-conveniens.

 

7.7           WAIVER OF JURY
TRIAL.  BORROWER, DEPOSITARY,
COLLATERAL AGENT AND ADMINISTRATIVE AGENT HEREBY KNOWINGLY, VOLUNTARILY, AND
INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH, THIS AGREEMENT.  THIS PROVISION IS
A MATERIAL INDUCEMENT FOR EACH PARTY TO ENTER INTO THIS AGREEMENT.

 

7.8           Severability.  In case any one or more of the provisions
contained in this Agreement should be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby, and the parties hereto
shall enter into good faith negotiations to replace the invalid, illegal or
unenforceable provision.

 

7.9           Headings.  Article and Section headings have
been inserted in this Agreement as a matter of convenience for reference only
and it is agreed that such Article and Section headings are not a
part of this Agreement and shall not be used in the interpretation of any
provision of this Agreement.

 

7.10         Successors and
Assigns.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
Borrower may not assign or otherwise transfer any of its rights or
obligations hereunder.  Depositary may
only assign or otherwise transfer any of its rights or obligations hereunder in
accordance with the terms of this Agreement (including Section 3.6).  Administrative Agent and Collateral Agent may
only assign or otherwise transfer any of its rights or obligations hereunder in
accordance with the terms of the Financing Agreement (including Article 9
thereof) and Intercreditor Agreement, respectively.  Any corporation or association into which
Depositary may be merged or converted or which it may be consolidated, or any
corporation or association to which all or substantially all the business of
Depositary’s corporate trust line of business may be transferred, shall be the
Depositary under this Depositary Agreement without any further act.

 

7.11         Entire Agreement.  This Agreement, and each of the other First
Lien Collateral Documents, integrate all the terms and conditions mentioned
herein or incidental hereto and supersede all oral negotiations and prior
writings in respect of the subject matter hereof.  In the event of any conflict between the
terms, conditions and provisions of this Agreement and any such agreement, document
or instrument, the terms, conditions and provisions of this Agreement shall
prevail.  In the event of a conflict
between the provisions of the Financing Agreement and the provisions of either
this Agreement or the Intercreditor Agreement, the provisions of this Agreement
or the Intercreditor Agreement, as applicable, shall govern.

 

43

 

7.12         Consequential
Damages.  In no event shall any party
be liable for special, indirect, punitive or consequential loss or damage of
any kind whatsoever (including lost profits), in connection with, arising out
of or in any way related to the transactions contemplated by this Agreement,
even if such party has been advised of the likelihood of such loss or damage
and regardless of the form of action.

 

7.13         Survival.  The provisions regarding the payment of
expenses and indemnification obligation, including Sections 3.6.5, 7.12
and 7.15, shall survive and remain in full force and effect regardless
of the termination of this Agreement or any provision hereof or the resignation
of removal of Depositary until all applicable statutes of limitation (including
any extensions thereof) have expired.

 

7.14         Further
Information.  Depositary shall
promptly provide Administrative Agent, Collateral Agent and Borrower with any
information reasonably requested by Administrative Agent, Collateral Agent or
Borrower (as the case may be) concerning balances in the Accounts and payments
from such Accounts.

 

7.15         Additional
Depositary Provisions.  Depositary
may execute or perform any duties under this Agreement either directly or
through agents or attorneys.  Depositary
shall act as an agent only and shall not be responsible or liable in any manner
for soliciting any funds or for the sufficiency, correctness, genuineness or
validity of any funds or securities deposited with or held by it, except in the
case of its gross negligence, willful misconduct or bad faith.  Depositary shall be fully protected in acting
or refraining from acting upon any written notice, certificate, instruction,
request or other paper or document (whether in its original or facsimile form),
as to the due execution thereof and the validity and effectiveness of the
provisions thereof and as to the truth of any information contained therein,
which Depositary in good faith believes to be genuine.  Depositary shall not be liable for any error
of judgment or for any act done or step taken or omitted except in the case of
its gross negligence, willful misconduct or bad faith (including any action
taken pursuant to Section 2.3.1). 
In the event of any dispute as to the construction or interpretation of
any provision of this Agreement, Depositary shall be entitled to consult with
and obtain advice from legal counsel of its own selection in its sole
discretion.

 

None of the provisions of this Agreement shall be construed to require
the Depositary in its individual capacity to expend or risk its own funds or
otherwise to incur any personal financial liability in the performance of any
of its duties hereunder or thereunder.

 

7.16         Counterparts.  This Agreement and any amendments, waivers,
consents or supplements hereto or in connection herewith may be executed in any
number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are
physically attached to the same document.

 

[SIGNATURE PAGES FOLLOWS]

 

44

 

IN WITNESS WHEREOF, the parties hereto, by their officers duly
authorized, intending to be legally bound, have caused this Agreement to be
duly executed and delivered as of the date first above written.

 

	
   

  	
  NOBLE ENVIRONMENTAL POWER 2008

  HOLD CO., LLC, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Walter
  Howard

  
	
   

  	
  Name: 
  Walter Howard

  
	
   

  	
  Title:   
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CITIBANK, N.A.,

  
	
   

  	
   as
  Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stuart
  J. Murray

  
	
   

  	
  Name:  Stuart J. Murray

  
	
   

  	
  Title:   
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CITIBANK, N.A.,

  
	
   

  	
  as First Lien Collateral Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stuart
  J. Murray

  
	
   

  	
  Name:  Stuart J. Murray

  
	
   

  	
  Title:   
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK,

  
	
   

  	
   as Depositary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carlos
  R. Luciano

  
	
   

  	
  Name:  Carlos R. Luciano

  
	
   

  	
  Title:   
  Vice President

  

 

 

ACKNOWLEDGED AND AGREED:

 

	
  NOBLE ALTONA WINDPARK, LLC,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Thomas F. Swank

  	
   

  
	
  Name: Thomas F. Swank

  	
   

  
	
  Title: Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  NOBLE CHATEAUGAY WINDPARK, LLC,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Thomas F. Swank

  	
   

  
	
  Name: Thomas F. Swank

  	
   

  
	
  Title: Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  NOBLE WETHERSFIELD WINDPARK, LLC,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Thomas F. Swank

  	
   

  
	
  Name: Thomas F. Swank

  	
   

  
	
  Title: Vice President

  	
   

  

 

 

Schedule A

to Depositary Agreement

Telephone Number(s) for Call-Backs and

Person(s) Designated to Confirm Payment Instructions

 

Depositary is authorized to
confirm payment instructions issued in the name of Collateral Agent with any
person purporting to be a person designated below at the number below, whether
or not that person is the person who has issued the payment instructions to
Depositary.

 

	
  Name

  	
  Telephone Number

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 

 

(Note:  If less than five persons, type “N/A” on
excess lines provided.  If more than five
persons, attach and sign a supplemental Schedule.)

 

 

	
  Customer Name

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Printed Name of Authorized Signatory

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Title

  	
   

  

 

 

 

 

Appendix I

to Depositary Agreement

 

Wire
Instructions for the Accounts

 

The Bank of New York

Acct Name: 

For Further Credit To: Account # 

Re: Name of Co. 

Attn:

 

 

Exhibit A

to Depositary Agreement

[FORM OF WITHDRAWAL/TRANSFER CERTIFICATE] (1)

 

Date of this Withdrawal/Transfer
Certificate:  [                    ]
(2)

Date of Withdrawal or Transfer:  [                    ]
(3)

VIA FAX No.  (212)
815-5704/5707

 

The Bank of New York

101 Barclay Street

New York, NY 10286

Attention:  Corporate Trust Group—Corporate
Finance

 

Ladies and Gentlemen:

 

This
Withdrawal/Transfer Certificate is delivered to you pursuant to Section 4.3
of the Depositary Agreement (the “Depositary
Agreement”), dated as of June 30, 2008, among Noble
Environmental Power 2008 Hold Co., LLC (“Borrower”), CITIBANK, N.A., in its capacity as Administrative
Agent for the Lenders (in such capacity, the “Administrative Agent”), CITIBANK, N.A., in its capacity as
Collateral Agent for the First Lien Secured Parties (in such capacity, the “Collateral Agent”), and THE BANK
OF NEW YORK, in its individual capacity as Depositary (the “Depositary”).  Reference is also made to the Financing
Agreement, dated as of the date hereof (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Financing
Agreement”), among Borrower, the financial institutions from time to time
party thereto as lenders (collectively, the “Lenders”), Citibank, N.A.,
as collateral agent, and the other agents parties thereto from time to time.

 

Capitalized terms used but not defined herein
shall have the respective meanings assigned thereto in the Depositary
Agreement.

 

Borrower hereby requests the sums indicated
in Annex 1 hereto be paid or transferred to and from the Accounts as set
forth in Annex 1 hereto.

 

Borrower hereby represents and warrants that
Borrower is entitled, pursuant to the Depositary Agreement and the Financing
Agreement, to request the withdrawal or transfer in the manner, at the times
and in the amounts set forth in this Withdrawal/Transfer Certificate.

 

	
  (1)

  	
   

  	
  Certificate shall be completed by Borrower and delivered to
  Administrative Agent for review no later than five (5) Banking Days
  prior to the requested date of withdrawal or transfer pursuant to
  Section 4.3 of the Depositary Agreement.

  
	
   

  	
   

  	
   

  
	
  (2)

  	
   

  	
  Certificate should be signed by Borrower, countersigned by
  Administrative Agent and delivered to Depositary no later than one
  (1) Banking Day prior to the date of withdrawal or transfer to which
  this certificate relates pursuant to Section 4.3(b)(iii) of
  the Depositary Agreement.

  
	
   

  	
   

  	
   

  
	
  (3)

  	
   

  	
  Insert the applicable date of withdrawal or transfer to which this
  Withdrawal/Transfer Certificate relates.

  

 

A-1

 

Borrower certifies that all attachments to
this Withdrawal/Transfer Certificate that are required to be annexed hereto
pursuant to Section 4.3 of the Depositary Agreement are attached
hereto.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  NOBLE ENVIRONMENTAL POWER 2008

  HOLD CO., LLC, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and Approved by:

  	
   

  
	
   

  	
   

  
	
  CITIBANK, N.A.,

  	
   

  
	
  as Administrative Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CITIBANK, N.A.,

  	
   

  
	
  as Collateral Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
					

 

A-2

 

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Construction Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-3

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Altona Construction Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-4

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Chateaugay Construction Account

 

	
  Date of Withdrawal or 

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be 

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-5

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Wethersfield Construction Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-6

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from EPC Contractor Construction Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-7

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Operating Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be 

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-8

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from O&M CapEx Reserve Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-9

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Debt Service Reserve Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-10

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Distribution Reserve Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-11

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Completion Reserve Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-12

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Proceeds Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-13

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Non-Insurance Proceeds Damage Restoration
Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-14

 

Annex 1

to Withdrawal/Transfer Certificate

Withdrawals/Transfers from Class A Distribution Reserve Account

 

	
  Date of Withdrawal or

  Transfer

  	
   

  	
  Amount to be

  withdrawn/transferred

  	
   

  	
  Account/Person to be

  Transferred to

  	
   

  	
  Purpose

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

A-15

 

Exhibit B

to Depositary Agreement

[FORM OF DISTRIBUTION CERTIFICATE]

 

Date of this Distribution
Certificate:  [                     ]

Date of Transfer or Withdrawal:  [                       ]

 

Citibank, N.A., as Collateral
Agent

c/o Citibank Agency & Trust

388 Greenwich St., 14th Floor

New York, NY 10013

Attention:    Patricia Gallagher -
Project Noble

	
  Telephone:

  	
  (212) 816-2977

  
	
  Facsimile:

  	
  (212) 627-2762

  

 

Ladies and Gentlemen:

 

This
Distribution Certificate is delivered to you pursuant to Section 4.3(a)(ii) of
the Depositary Agreement (the “Depositary
Agreement”), dated as of June 30, 2008, among Noble
Environmental Power 2008  Hold Co., LLC (“Borrower”), CITIBANK, N.A., in its
capacity as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”), CITIBANK,
N.A., in its capacity as Collateral Agent for the First Lien Secured Parties
(in such capacity, the “Collateral
Agent”), and THE BANK OF NEW YORK, in its individual capacity as
Depositary (the “Depositary”).  Reference is also made to the Financing
Agreement, dated as of the date hereof (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Financing
Agreement”), among Borrower, the financial institutions from time to time
party thereto as lenders (collectively, the “Lenders”), Citibank, N.A.,
as collateral agent, and the other agents parties thereto from time to time.

 

Capitalized terms used but not defined herein
shall have the respective meanings assigned thereto in the Depositary
Agreement.

 

Borrower hereby requests that the sum of
[insert amount requested] be paid from the [Operating Account] [Class A
Distribution Reserve Account][Distribution Reserve Account] to the [Asset
Managers/Operators/ Noble Equipment Resources, LLC] [the Class A Member
(as defined in the Forbearance Agreement] [Distributable Cash Account] as a
Restricted Payment to which Borrower is entitled pursuant to the terms of
Depositary Agreement and the Financing Agreement.

 

Borrower hereby certifies to the Agents in
connection with the Restricted Payment in the amount of [$     ] reflected in the Withdrawal/Transfer
Certificate attached hereto (the “Requested
Restricted Payment”) that the conditions set forth in Section 6.6
of the Financing Agreement have been satisfied.

 

B-1

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  NOBLE ENVIRONMENTAL POWER 2008

  HOLD CO., LLC, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and Approved by:

  	
   

  
	
   

  	
   

  
	
  CITIBANK, N.A.,

  	
   

  
	
  as Administrative Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CITIBANK, N.A.,

  	
   

  
	
  as Collateral Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
					

 

B-2

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