Document:

Collateral Agency and Intercreditor Agreement, dated as of March 29, 2007

 EXHIBIT 10.11 
 EXECUTION VERSION 
 COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT 
 Dated as of March 29, 2007 
 among

 PLUM POINT ENERGY ASSOCIATES, LLC, 
 as the Borrower, 
 PPEA HOLDING COMPANY, LLC, 
 as Pledgor, 
 THE ROYAL BANK OF SCOTLAND PLC, 
 as Administrative Agent, 
 THE BANK OF NEW YORK, 
 as Collateral Agent, 
 AMBAC ASSURANCE
CORPORATION, 
 as Loan Insurer 
 and 
 EACH OF THE OTHER PARTIES HERETO FROM TIME TO TIME 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	SECTION 1.	 	 Definitions
	  	2
			
	1.1	 	 Defined Terms
	  	2
	1.2	 	 Rules of Interpretation
	  	18
			
	SECTION 2.	 	 Contesting Liens; Same Collateral; Same Collateral Documents
	  	19
			
	SECTION 3.	 	 Enforcement
	  	20
			
	3.1	 	 Exercise of Remedies; Acceleration Rights
	  	20
	3.2	 	 Enforcement of Liens
	  	21
	3.3	 	 Consents
	  	24
			
	SECTION 4.	 	 Payments
	  	24
			
	4.1	 	 Application of Proceeds
	  	24
	4.2	 	 Debt Balances
	  	25
	4.3	 	 Payments Over
	  	25
			
	SECTION 5.	 	 Other Agreements
	  	25
			
	5.1	 	 Releases
	  	25
	5.2	 	 Certain Actions
	  	26
	5.3	 	 Debt Service Reserve; Cash Collateral Accounts; Sponsor Support Agreement
	  	27
	5.4	 	 Additional Secured Obligations
	  	28
			
	SECTION 6.	 	 Insolvency or Liquidation Proceedings
	  	29
			
	6.1	 	 Finance and Sale Issues
	  	29
	6.2	 	 Avoidance Issues
	  	29
	6.3	 	 Reorganization Securities
	  	29
	6.4	 	 Post-Petition Interest
	  	30
			
	SECTION 7.	 	 Collateral Agent
	  	30
			
	7.1	 	 Appointment
	  	30
	7.2	 	 Delegation of Duties
	  	30
	7.3	 	 Exculpatory Provisions
	  	31
	7.4	 	 Notice of Event of Default
	  	33
	7.5	 	 Non-Reliance on Collateral Agents and Other Secured Parties
	  	33
	7.6	 	 Collateral Agents in Individual Capacity
	  	33
	7.7	 	 Successor Collateral Agents
	  	33
	7.8	 	 Security Documents
	  	34
	7.9	 	 No Risk of Funds
	  	34
	7.10	 	 Fees; Expenses
	  	34
	7.11	 	 Indemnification
	  	35

					
	SECTION 8.	 	 Reliance; Waivers; Etc.
	  	36
			
	8.1	 	 Reliance
	  	36
	8.2	 	 No Warranties or Liability
	  	36
	8.3	 	 No Waiver of Lien Priorities
	  	36
	8.4	 	 Obligations Unconditional
	  	37
			
	SECTION 9.	 	 Miscellaneous
	  	37
			
	9.1	 	 Conflicts
	  	37
	9.2	 	 Effectiveness; Continuing Nature of this Agreement; Severability
	  	37
	9.3	 	 Amendments; Waivers; Controlling Party
	  	38
	9.4	 	 Voting
	  	38
	9.5	 	 Information Concerning Financial Condition of the Borrower
	  	40
	9.6	 	 Application of Payments
	  	40
	9.7	 	 CONSENT TO JURISDICTION
	  	41
	9.8	 	 WAIVER OF JURY TRIAL
	  	41
	9.9	 	 Notices
	  	42
	9.10	 	 Further Assurances
	  	42
	9.11	 	 APPLICABLE LAW
	  	42
	9.12	 	 Binding on Successors and Assigns
	  	42
	9.13	 	 Specific Performance
	  	42
	9.14	 	 Headings
	  	42
	9.15	 	 Counterparts
	  	42
	9.16	 	 Authorization
	  	42
	9.17	 	 No Third Party Beneficiaries; No Partnership
	  	43
	9.18	 	 Provisions Solely to Define Relative Rights
	  	43

  

					
	 EXHIBIT
	  		 	
			
	 Exhibit A
	  	–	 	Form of Accession Agreement
			
	 ANNEX
	  		 	
			
	 Annex I
	  	–	 	Notices
			
	 SCHEDULE
	  		 	
			
	 Schedule I
	  	–	 	Excluded Collateral

  

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 This COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT is dated as of March 29, 2007, and is entered into by
and among PLUM POINT ENERGY ASSOCIATES, LLC, a Delaware limited liability company (the “Borrower”), PPEA HOLDING COMPANY, LLC, a Delaware limited liability company (the “Pledgor”), THE BANK OF NEW
YORK, in its capacity as collateral agent for the Secured Parties (as defined below) (the “Collateral Agent”), THE ROYAL BANK OF SCOTLAND PLC, in its capacity as Administrative Agent (as defined below), AMBAC ASSURANCE
CORPORATION, in its capacity as Loan Insurer (as defined below), and EACH OF THE OTHER PERSONS (AS DEFINED BELOW) PARTY HERETO FROM TIME TO TIME IN ACCORDANCE WITH THE TERMS HEREOF. Capitalized terms used in this Agreement have the meanings assigned
to them in Section 1 below. 
 RECITALS 
 (1) The Borrower has an undivided interest in an approximately 665 MW coal- fired power generation plant to be located near Osceola, Arkansas (the “Project”). 
 (2) The Borrower, the lenders party thereto from time to time (collectively, the “Construction Lenders”), The Royal Bank of
Scotland plc, in its capacity as administrative agent for the Construction Lenders (the “Administrative Agent”), The Royal Bank of Scotland plc, in its capacity as issuer of letters of credit, RBS Securities Corporation, in
its capacity as sole lead arranger and sole bookrunner (in such capacities, the “Lead Arranger”), the Collateral Agent and the other parties thereto from time to time have entered into that certain Credit Agreement, dated as
of the date hereof (the “Credit Agreement”). 
 (3) The Borrower may incur Additional Senior Debt after the date of
this Agreement. 
 (4) The Borrower will enter into certain interest rate protection agreements after the date of this Agreement, and the
Borrower may secure its obligations under certain of such agreements with a first priority lien on the Collateral. 
 (5) Certain of the
Borrower’s obligations under the Credit Agreement, the Secured Interest Rate Protection Agreements and the Secured Funded Debt Documents will be insured and guaranteed by the Loan Insurer, and the Borrower’s reimbursement and other
obligations to the Loan Insurer will be secured on a first priority basis by Liens on the Collateral pursuant to the terms of the Collateral Documents. 
 (6) The obligations of the Borrower under the Credit Agreement, the Secured Interest Rate Protection Agreements and the Secured Funded Debt Documents will be secured on a first priority basis by Liens on the
Collateral pursuant to the terms of the Collateral Documents. 
 (7) The Transaction Documents provide, among other things, that the parties
thereto shall set forth in this Agreement their respective rights and remedies with respect to the Collateral and certain other matters. 

 (8) In order to induce the Secured Parties to enter into the transactions contemplated by the Transaction
Documents, each of the parties hereto has agreed to the agency, intercreditor and other provisions set forth in this Agreement. 
 AGREEMENT 
 In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other
good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 SECTION 1. Definitions. 
 1.1 Defined Terms. Any terms used herein without
definition shall have the meaning ascribed thereto in the Collateral Documents. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and the plural forms of the
term defined): 
 “Accession Agreement” means an Accession Agreement substantially in the form attached hereto as
Exhibit A. 
 “Additional Senior Debt” means Debt incurred by the Borrower after the date hereof which is permitted
by all of the Transaction Documents and, pursuant to the terms thereof, the Borrower’s obligations to the lenders, tax-exempt bondholders, agents, trustee, issuing bank and other creditors of the Borrower thereunder are permitted to be secured
by a first-priority Lien on the Collateral. 
 “Advance” means (without duplication) (a) a loan (including any
Construction Loans, Backstop LC Loans, Revolving Credit Loans and Term Loans under and as defined in the Credit Agreement) or other funded debt obligation made by the Construction Lenders under the Credit Agreement and/or the New Lenders under any
other Secured Funded Debt Document and/or (b) an obligation of the Lenders under the Credit Agreement or the New Lenders under any other Secured Funded Debt Document to reimburse a LC Issuer for a drawing under a Letter of Credit, as the
context may require. 
 “Affiliate” means, when used with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent” means each of the Administrative Agent, the Collateral Agent, the Depositary Agent, each LC Issuer, the Lead Arranger, the Loan Insurer, and/or each agent, trustee and/or issuing bank under any Secured Funded
Debt Document, as the context may require. 
 “Asset Sale” means a sale, lease (as lessor), sale and leaseback,
assignment, conveyance, exclusive license (as licensor), transfer or other disposition to, or any exchange of Property with, any Person, in one transaction or a series of transactions, of part of the Borrower’s Properties, whether now owned or
hereafter acquired, leased or licensed, to the extent such sale, lease, sale and leaseback, assignment, conveyance, license, transfer or other disposition is permitted under the terms of all of the Transaction Documents. 
  

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 “Available Amount” of any Letter of Credit means, at any time, the maximum amount
available to be drawn under such Letter of Credit at such time (assuming compliance at such time with all conditions to drawing). 
 “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect, or any successor statute. 
 “Bankruptcy Event” shall be deemed to occur, with respect to any Person, if that person shall institute a voluntary case seeking
liquidation or reorganization under the Bankruptcy Law, or shall consent to the institution of an involuntary case thereunder against it; or such Person shall file a petition or shall otherwise institute any similar proceeding under any other
applicable Federal or state law, or shall consent thereto; or such Person shall apply for the appointment, or by consent or acquiescence there shall be an appointment, of a receiver, liquidator, sequestrator, trustee or other officer or custodian
with similar powers for itself or any substantial part of its property or assets; or such Person shall make an assignment for the benefit of its creditors; or such Person shall become insolvent, or admit in writing its inability or unwillingness to
pay its debts generally as they become due; or if an involuntary case shall be commenced seeking liquidation or reorganization of such Person under the Bankruptcy Law or any similar proceedings shall be commenced against such Person under any other
applicable Federal or state law and (i) the petition commencing the involuntary case is not timely controverted, (ii) the petition commencing the involuntary case is not dismissed within sixty (60) days of its filing, (iii) an
interim trustee is appointed to take possession of all or a portion of the property, and/or to operate all or any part of the business, of such Person and such appointment is not vacated within sixty (60) days, or (iv) an order for relief
shall have been issued or entered therein; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee or other officer having similar powers, of such Person or all or a
part of its property shall have been entered; or any other similar relief shall be granted against such Person under any applicable federal or state law. 
 “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors. 
 “Borrower” has the meaning specified in the preamble hereto. 
 “Breakage Costs” means, with respect to any Advance, the loss, cost and expense attributable to (a) the prepayment of the
principal amount of such Advance other than on the last day of the applicable interest period for such Advance or (b) the revocation by the Borrower of any notice of borrowing or notice of issuance submitted pursuant to the Credit Agreement or
any other Secured Funded Debt Document, as applicable, after the applicable minimum period for the submission of such notice of borrowing or notice of issuance, as applicable, specified therein or the failure of the conditions precedent to be met
after delivery of any such notice of borrowing or notice of issuance and, shall in any event include any amount payable pursuant to Section 2.16 of the Credit Agreement. 
  

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 “Business Day” means any day other than a Saturday or Sunday or other day on
which banks in New York, New York or in the State of Arkansas are authorized or required by law or executive order to remain closed. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a
combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations at any time shall be the capitalized amount thereof at such
time determined in accordance with GAAP. 
 “Cash” means money, currency or a credit balance in any demand account or
deposit account. 
 “Claims” means any and all actions, suits, penalties, claims and demands and reasonable
out-of-pocket liabilities, losses, costs and expenses (including reasonable and documented attorney’s fees and expenses) of any nature whatsoever. 
 “Closing Date” means March 29, 2007. 
 “Co-Participants” means ETEC, MJMEUC, MEAM and Empire. 
 “Collateral” means the
Equity Interests in and all Property of the Borrower (other than any Property which is specifically excluded from the Collateral pursuant to the Collateral Documents, including, from and after the disposition thereof, any Excluded Collateral), now
owned or hereinafter acquired. 
 “Collateral Documents” means the Mortgage, the Pledge Agreement, the Security
Agreement, this Agreement, the Depositary Agreement, each Consent, any fixture filings, financing statements, or other similar documents filed, recorded or delivered in connection with the foregoing, and any other agreement, document or instrument
pursuant to which a Lien is granted securing any Secured Obligations or under which rights or remedies with respect to such Liens are governed. 
 “Commitments” means the commitments of the Construction Lenders and the New Lenders to make Advances, to fund, issue and take participation interests in Letters of Credit, and/or to make other extensions of credit to
the Borrower, as more particularly provided for in the Credit Agreement or the applicable Secured Funded Debt Document. 
 “Consent” means each Consent and Agreement entered into on or prior to the Closing Date (including any “acknowledgment letter” delivered by the applicable counterparties on or before the Closing Date with
respect to any Consent and Agreements entered into prior to the Closing Date) or from time to time thereafter among the applicable counterparty, the Borrower and the Collateral Agent (for the benefit of the Secured Parties). 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” and “under common control with”
shall have meanings correlative thereto. 
  

 4 

 “Controlling Parties” means (a) in the case of the Credit Agreement,
(i) until the Credit Agreement has been Refinanced in full, the “Controlling Party” under and as defined in the Credit Agreement and (ii) if the Credit Agreement has been Refinanced in full and the Loan Insurer is not
guaranteeing or insuring any other Insured Debt, the administrative agent under any successor credit facility (subject to the requirements thereunder regarding majority or supermajority lender voting) and (b) in the case of any other Insured
Debt, the “Controlling Party”, “Directing Party” or analogous entity in respect of such other Insured Debt. 
 “Debt” of any Person at any date means, without duplication: 
 (a) indebtedness created,
issued or incurred by such Person for borrowed money (whether by loan or the issuance and sale of debt securities or the sale of Property of such Person to another Person subject to an understanding or agreement, contingent or otherwise, to
repurchase such Property of such Person from such Person); 
 (b) notes payable and drafts accepted by such Person
representing extensions of credit whether or not representing obligations for borrowed money; 
 (c) any obligation owed by
such Person for all or any part of the deferred purchase price of property or services (excluding any such obligations incurred under ERISA), which purchase price is due more than six months from the date of incurrence of the obligation in respect
thereof; 
 (d) the face amount of any letter of credit or similar instrument issued for the account of such Person or as to
which such Person is otherwise liable for reimbursement of drawings; 
 (e) the direct or indirect Guarantee, endorsement
(otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of another (provided that such obligation of such person shall be
“Debt” hereunder only if and to the extent that the assurance such Person is providing to such obligee is in respect of an obligation that otherwise constitutes “Debt” hereunder); 
 (f) any obligation of such Person the primary purpose or intent of which is to provide assurance to an obligee that the obligation of the
obligor thereof will be paid or discharged or the holders thereof will be protected (in whole or in part) against loss in respect thereof (provided that such obligation of such Person shall be “Debt” hereunder only if and to the
extent that the assurance such Person is providing to such obligee is in respect of an obligation that otherwise constitutes “Debt” hereunder); 
 (g) any liability of such Person for an obligation of another through any agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to
provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital 

  

 5 

 
contributions or otherwise) or (ii) to maintain the solvency or any balance sheet item, level of income or financial condition of another if, in the
case of any agreement described under subclauses (i) or (ii) of this clause (g), the primary purpose or intent thereof is as described in clause (f) above (provided that such liability of such Person
shall be “Debt” hereunder only if and to the extent that the related obligation otherwise constitutes “Debt” hereunder); 
 (h) all ordinary course trade payables which are more than 90 days overdue; 
 (i) all
obligations of such person in respect of any exchange traded or over the counter derivative transaction or any interest rate protection or commodity hedging transaction, including any transaction under any Hedging Agreement (including any Interest
Rate Protection Agreement), whether entered into for hedging or speculative purposes; and 
 (j) Capital Lease Obligations.

 “Debt Service Reserve” means any Permitted Investments deposited into a Debt Service Reserve Account as
contemplated by the Depositary Agreement. 
 “Debt Service Reserve Account” has the meaning assigned to such term in
the Depositary Agreement. 
 “Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would constitute an Event of Default. 
 “Depositary Agent” means The Bank of New
York, a New York banking corporation, not in its individual capacity but solely as depositary agent, bank and securities intermediary under the Depositary Agreement. 
 “Depositary Agreement” means the Depositary Agreement, dated as of the date hereof, among the Borrower, the Depositary Agent, the Administrative Agent and the Collateral Agent. 
 “DIP Financing” has the meaning specified in Section 6.1. 
 “direction of the Required First Lien Secured Parties” means any instruction or direction given to the Collateral Agent in
accordance with the terms of this Agreement (including Section 9.4 hereof and as contemplated by the definition of Required First Lien Secured Parties) to take or refrain from taking any action hereunder or under any other Collateral Document.
Each such instruction or direction shall be accompanied by a certificate from each Secured Debt Representative certifying the dollar amount that such Secured Debt Representative (on behalf of its applicable Secured Parties) is entitled to vote
pursuant to the applicable terms and conditions hereof. The Collateral Agent shall be entitled to conclusively rely on the accuracy of each such certificate of each Secured Debt Representative and the Collateral Agent shall provide a copy of each
such certificate to the other Secured Debt Representatives. 
 “Discharge Date” means the date on which: 

(a) payment in full in cash of (i) the outstanding principal amount of the Advances, (ii) unreimbursed amounts with respect
to any Letter of Credit issued under the Credit Agreement or the other Secured Funded Debt Documents and (iii) Interest Expense (including interest accruing (or which would, absent the commencement of an Insolvency or Liquidation Proceeding,
accrue) on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding) has been made under the Transaction Documents; 
  

 6 

 (b) the termination or expiration of all (i) Commitments, (ii) Secured Interest
Rate Protection Agreements and (iii) Secured Fuel Supply Agreements has occurred; 
 (c) cancellation, termination or
cash collateralization at 102.5% of the Available Amount thereof (in a manner reasonably satisfactory to the applicable LC Bank and the applicable Secured Debt Representative or, if such Letters of Credit are Insured Debt, the Controlling Party) of
all Letters of Credit issued and outstanding under the Credit Agreement or the other Secured Funded Debt Documents has occurred; and 
 (d)
payment in full in cash of all other Secured Obligations that are then due and payable or otherwise accrued has been made (or provision has been made for the payment and discharge in full of such other Secured Obligations in accordance with the
terms and conditions of the applicable Secured Funded Debt Documents). 
 “Early Termination Event” means, with
respect to any Secured Fuel Supply Agreement or any Secured Interest Rate Protection Agreement, the occurrence of any “Early Termination Event” or the designation of an “Early Termination Date” (however defined) or
any event of default (howsoever defined) under such Secured Fuel Supply Agreement or such Secured Interest Rate Protection Agreement (as the case may be) which results in the termination of such Secured Fuel Supply Agreement or such Secured Interest
Rate Protection Agreement (as the case may be). 
 “Eligible Fuel Supply Agreement Amount” means, as of any date of
determination, the amounts which the Borrower owes to the applicable Secured Fuel Supply Agreement Counterparty under such Secured Fuel Supply Agreement in respect of coal actually delivered to the Project under such Secured Fuel Supply Agreement
(and not, for the avoidance of doubt, any termination payments, mark-to-market payments or consequential, special, punitive, liquidated or indirect damage payments) as of such date of determination. 
 “Eligible Swap Amount” means, as of any date of determination, the amount of the Termination Payments (if any) due and owing to
the applicable Interest Rate Hedge Provider as of such of date of determination. 
 “Empire” means The Empire
District Electric Company, a Kansas corporation. 
 “Empire PPA” means the Power Purchase Agreement, dated as of
March 3, 2006, between the Borrower and Empire. 
  

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 “Equity Interests” means shares of capital stock, partnership interests,
membership interests in a limited liability company, beneficial interests in a trust or other equity interests in any person, or any obligations convertible into or exchangeable for, or giving any person a right, option or warrant to acquire, such
equity interests or such convertible or exchangeable obligations. 
 “ETEC” means East Texas Electric Cooperative,
Inc., a generation and transmission electric cooperative existing under the laws of the State of Texas. 
 “Event of
Default” means the occurrence of (a) any “Event of Default” under and as defined in the Credit Agreement or any other Collateral Document, (b) any “Event of Default”, “Early Termination Event” or
“Additional Termination Event”, under and as defined in the Secured Interest Rate Protection Agreement, (c) any similar term describing an event of default or early termination event under and however defined in any Secured Interest
Rate Protection Agreement or (d) any similar term describing an event of default under any other Transaction Document. 
 “Excluded Collateral” means any of the Borrower’s Properties set forth on Schedule 1.01(a) hereto. 
 “FERC” means the Federal Energy Regulatory Commission and its successors. 
 “GAAP”
means generally accepted accounting principles in the United States. 
 “Governmental Authority” means the government
of the United States of America or any other nation, any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Governmental
Rule” means, with respect to any Person, any law, rule, regulation, ordinance, order, code, treaty, judgment, decree, directive, guideline, policy or similar form of decision of any Governmental Authority binding on such Person.

 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or
otherwise, of (a) the guarantor or (b) another Person (including any bank under a letter of credit) to induce the creation of which the guarantor has issued a reimbursement, counterindemnity or similar obligation, in either case
guaranteeing or having the economic effect of guaranteeing any Debt or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation, contingent or
otherwise, of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation or to purchase (or to advance or supply funds for the purchase of) any security
for the payment of such Debt or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Debt or other obligation of the payment of such Debt or other obligation, (iii) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Debt or other obligation, (iv) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Debt 

  

 8 

 
or obligation or (v) to otherwise assure or hold harmless the owner of such Debt or other obligation against loss in respect thereof; provided,
however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. 
 “Hedging Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, fuel or
other commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided,
however, that no phantom stock or similar plan providing for payments and on account of services provided by current or former directors, officers, employees or consultants of the Borrower or any Affiliate of the Borrower shall be a Hedging
Agreement. 
 “Indemnified Person” has the meaning assigned to such term in Section 7.11(a). 
 “Independent Engineer” means Stone & Webster Management Consultants, Inc., or its successor appointed pursuant to the
Credit Agreement. 
 “Insolvency or Liquidation Proceeding” means: 
 (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Loan Party; 
 (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or
other similar case or proceeding with respect to any Loan Party or with respect to a material portion of their respective assets; 
 (c) any
liquidation, dissolution, reorganization or winding up of any Loan Party whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or 
 (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Loan Party. 
 “Insurance Policies” has the meaning assigned to such term in the Depositary Agreement. 
 “Insured Debt” has the meaning assigned to such term in Section 9.4(d). 
 “Interest
Expense” means, for any period, cash interest expense (including default interest) of the Borrower for such period (including all commissions, discounts and other fees and charges owed by the Borrower with respect to letters of credit
and bankers’ acceptance financing) under any of the Secured Funded Debt Documents. 
 “Interest Rate Hedge
Provider” means any Person providing an Interest Rate Protection Agreement; provided, that such Person’s long-term unsecured debt is rated at least 

  

 9 

 
“AA-” by S&P and “Aa3” by Moody’s at the time such Person enters into an Interest Rate Protection Agreement (including the
applicable confirmation thereunder) with the Borrower. 
 “LC Issuer” means (a) The Royal Bank of Scotland plc,
in its capacity as issuer of Letters of Credit under the Credit Agreement and (b) any other issuer of Letters of Credit under any of the Secured Funded Debt Documents. 
 “Lenders Exposure Amount” means, with respect to the Credit Agreement and the other Secured Funded Debt Documents, at any time,
an amount equal to (without duplication) (a) the sum of the aggregate principal amount of the Advances outstanding under the Credit Agreement or such other Secured Funded Debt Document at such time, plus (b) the sum of the aggregate
Available Amount under all Letters of Credit at such time plus (c) the sum of the aggregate amount of undrawn (and then uncancelled) Commitments under the Credit Agreement or such other Secured Funded Debt Document at such time (provided
that for purposes of this clause (c), if the applicable Secured Funded Debt Document contemplates Advances made under one class of Commitments to convert to Advances made under another class Commitments (e.g., Construction Loans under the
Credit Agreement being converted into Term Loans under the Credit Agreement), then the Commitments under such other class shall be disregarded for purposes of calculating Lenders Exposure Amount (e.g., the Term Loan Commitments under the Credit
Agreement shall be disregarded prior to Term-Conversion). 
 “Letters of Credit” means each of the letters of credit
issued by the LC Issuer under any of the Secured Funded Debt Documents (including the Letters of Credit under and as defined in the Credit Agreement). 
 “Lien” means, with respect to any Property, (a) any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, encumbrance, collateral assignment, charge or security
interest in, on or of such Property, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the
foregoing) relating to such Property and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Loan Insurance Agreement” means the Loan Insurance Agreement, dated as of the date hereof, between the Borrower and the Loan Insurer. 
 “Loan Insurance Policy” means the Financial Guaranty Insurance Policy No. SF0881BE, dated as of the date hereof, made by the Loan
Insurer to the Administrative Agent, for the benefit of the Construction Lenders, as beneficiary. 
 “Loan Insurer”
means Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance company, in its capacity as the issuer of the Insurance Policies. 
 “Loan Insurer Payments” shall have the meaning assigned to such term in the Loan Insurance Agreement. 
 “Loan Party” means each of the Borrower, the Pledgor and any other Person which provides collateral security for the benefit of the Secured Parties. 
  

 10 

 “Major Maintenance” means all expenditures by the Borrower for major maintenance
of the Project in accordance with Prudent Utility Practices, the Project Contracts and vendor and supplier requirements and recommendations (including overhauls and replacements of major components of the Project). For the avoidance of doubt,
“Major Maintenance” excludes any ordinary course expenditures by the Borrower related to the operation and maintenance of the Project. 
 “Management Fee” means an operating period management fee payable to the Project Manager in accordance with Section 6.2.2 of the Project Management Agreement in an aggregate amount not to exceed the
Borrower’s portion of such operating period management fee in accordance with Section 6.2.2 of the Project Management Agreement (as in effect on the date hereof), which Management Fee shall at all times be subordinate to the Secured
Obligations. For the avoidance of doubt, the Management Fee shall not include (a) any costs or expenses reimbursable to the Project Manager under Section 6.1 of the Project Management Agreement (as in effect on the date hereof) or
(b) any construction period management fee payable to the Project Manager in accordance with Section 6.2.1 of the Project Management Agreement (as in effect on the date hereof). 
 “Management Services Agreement” means the Management Services Agreement, dated as of March 29, 2007, between Plum Point
Management Company, LLC and the Borrower. 
 “MEAM” means Municipal Energy Agency of Mississippi, a public body
corporate and politic and a joint agency organized under the laws of Mississippi. 
 “MJMEUC” means Missouri Joint
Municipal Electric Utility Commission, a body public and corporate of the State of Missouri. 
 “MJMEUC PPA” means
the Power Purchase Agreement, dated as of December 4, 2006, between the Borrower and MJMEUC. 
 “Mortgage” means
each deed of trust, real property debenture, mortgage, leasehold mortgage, assignment of rents, and similar document made by the Borrower in favor of or for the benefit of the Collateral Agent (on behalf of the Secured Parties) on the Closing Date
or from time to time thereafter pursuant to any of the Transaction Documents. 
 “Moody’s” means Moody’s
Investors Service, Inc. 
 “Net Cash Proceeds” means (a) with respect to any Asset Sale or Recovery Event, the
proceeds thereof in the form of cash and cash equivalents (including any such proceeds subsequently received (as and when received) in respect of noncash consideration initially received), net of (a) selling expenses (including reasonable and
customary broker’s fees or commissions, legal fees, transfer and similar Taxes incurred by the Borrower in connection therewith and the Borrower’s good faith estimate of income Taxes paid or payable in connection with such sale, after
taking into account any available tax credits or deductions and any tax sharing arrangements), (b) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification obligations or purchase price
adjustment associated with such Asset Sale (provided that, to the extent and at the time any such amounts are released from 

  

 11 

 
such reserve, such amounts shall constitute Net Cash Proceeds) and (iii) the principal amount, premium or penalty, if any, interest and other amounts on
any Debt for borrowed money (other than the Secured Obligations) which is secured by the asset sold in such Asset Sale and which is required to be repaid with such proceeds (other than any such Debt assumed by the purchaser of such asset).

 “New Lenders” means the lenders, noteholders, tax-exempt bondholders and/or other creditors who make Advances to
the Borrower or otherwise extend Commitments to the Borrower under any Secured Funded Debt Document (other than the Credit Agreement) and their respective Secured Debt Representatives. 
 “O&M Costs” means all actual cash maintenance and operation costs incurred and paid for the Project on account of the
Borrower’s interest in the Project (or any other Co-Participant’s interest that the Borrower has chosen to fund in accordance with the Participation Agreement) in any particular calendar or fiscal year or period to which said term is
applicable, including payments made by the Borrower: 
 (1) for fuel and/or guaranteed heat rate payments made by the Borrower
under the Power Purchase Agreements; 
 (2) under the PILOT Agreements; 
 (3) under Permitted Rail Car Leases; 
 (4) for coal, additives or chemicals and transportation costs related thereto; 
 (5) for its
Taxes (other than those based upon the Borrower’s income); 
 (6) for insurance, consumables, spare parts, equipment,
material, repair and maintenance services; 
 (7) lease payments; 
 (8) under the Permitted O&M Agreement; 
 (9) under Additional Project Contracts (as defined in the Credit Agreement); 
 (10) under the
Management Services Agreement; 
 (11) under any parts or combustion turbine services agreement; 
 (12) for legal fees and consulting fees and expenses paid by the Borrower in connection with the financing, management, maintenance or
operation of the Project; 
  

 12 

 (13) Loan Insurer Payments and interest payments contemplated by Section 2.01 of the
Loan Insurance Agreement; 
 (14) fees paid in connection with obtaining, transferring, maintaining or amending any permits;

 (15) investments by the Borrower in any Permitted Project Company, provided that (i) such investments are made
in accordance with the terms of the Transaction Documents and (ii) the proceeds of such investments are applied to pay for items which would be “O&M Costs” if the Borrower purchased such items; and 
 (16) reasonable general and administrative expenses, including all expenditures incurred to prevent the occurrence of any default under
any Transaction Document or Project Document or any Default or Event of Default, and/or to keep the Collateral free and clear of all Liens (other than Permitted Liens). 
 Notwithstanding anything to the contrary herein, O&M Costs shall not include (i) Major Maintenance expenditures,
(ii) Restricted Payments of any kind to the Borrower or its Affiliates, (iii) non-cash charges, including depreciation or obsolescence charges or reserves therefore, amortization of intangibles or other bookkeeping entries of a similar
nature, (iv) Capital Expenditures, (v) payments for restoration or repair of the Project from the Loss Proceeds Account in accordance with the terms of this Agreement and the Depositary Agreement, (vi) payments in respect of Debt of
the Borrower (other than Debt of the type referred to in clauses (h) and (j) of the definition thereof), (vii) the Management Fee and (viii) the Borrower’s income taxes. 
 “Other Credit Support” means any (a) letter of credit, (b) guaranty (other than any such guaranty issued by the
Borrower) or (c) cash collateral issued or pledged, as applicable, in favor of any Secured Party to support the obligations of the Borrower under the applicable Transaction Document. 
 “Other Credit Support Exception” means (a) with respect to any Other Credit Support constituting a guaranty, the guarantor
thereunder fails to make payment after receipt of a demand for payment thereunder made in accordance with the terms of such guaranty, within three Business Days of its receipt of such demand and (b) with respect to any Other Credit Support
constituting a letter of credit, the occurrence and continuance of any of the following: (i) a restraint or injunction shall be threatened or pending against the issuer of such letter of credit or Secured Party that is the beneficiary thereof
that restrains or limits or seek to restrain or limit a draw upon, or the application of proceeds from, such letter of credit prior to, concurrent with, or following such draw or application, (ii) the issuing bank of such letter of credit shall
be subject to a bankruptcy, or (iii) the issuing bank shall have disavowed, repudiated or dishonored its obligations under such letter of credit after, if applicable, delivery to such issuing bank of a conforming draw request thereunder.

 “Participation Agreement” shall mean that certain Participation Agreement, dated as of March 3, 2006 by and
between the Borrower, ETEC, MJMEUC, Empire and MEAM (pursuant to the Joinder to Participation Agreement, dated as of June 8, 2006). 
  

 13 

 “Permitted Investments” has the meaning assigned to such term in the Depositary
Agreement. 
 “Permitted Liens” means any Lien (a) on the Collateral or (b) which the Borrower may incur or
suffer to exist on any of its Properties, in each case to the extent permitted by all of the Transaction Documents. 
 “Permitted
O&M Agreement” means any operation and maintenance agreement with a third party contractor or an Affiliate of Dynegy Inc. to provide day-to-day operation and maintenance services to the Project which contains terms and conditions
reasonably acceptable to the Controlling Party, in consultation with the Independent Engineer. 
 “Permitted Project
Company” means any subsidiary of the Borrower formed in accordance with the Participation Agreement and in accordance with the terms of all the Transaction Documents. 
 “Permitted Rail Car Leases” means any lease agreement for the supply of railcars for fuel supply which contains terms and
conditions reasonably acceptable to the Controlling Party, in consultation with the Independent Engineer. 
 “Permitted Tax-Exempt
Bond Refinancing” means the Refinancing of the Tax-Exempt Bonds, as contemplated by the definition of “Permitted Tax-Exempt Bond Refinancing” in the Credit Agreement. 
 “Person” means any natural person, corporation, trust, business trust, joint venture, joint stock company, association, company,
limited liability company, partnership, Governmental Authority or other entity. 
 “PILOT Agreements” means
(i) the PILOT Lease, (ii) that certain PILOT Bond Trust Indenture, dated as of March 1, 2006, by and between the City and the PILOT Bond Trustee, (iii) the HOPA Agreements, (iv) the PILOT, (v) the Guaranty Agreement,
dated as of March 1, 2006, made by the Borrower in favor of the PILOT Bond Trustee, (vi) the Empire Participating Co-Tenant Agreement, (vii) the Empire Asset Purchase Agreement, (viii) the Assignment of Undivided
Tenancy-In-Common Interest, by the Borrower in favor of Empire, (ix) the Assignment of Undivided Tenancy-In-Common Interest, by the Borrower in favor of ETEC, (x) the Assignment of Undivided Tenancy-In-Common Interest, by the Borrower in
favor of MJMEUC, (xi) the Assignment of Undivided Tenancy-In-Common Interest, by the Borrower in favor of MEAM, and (xii) any other agreement related thereto. 
 “Pledge Agreement” means the Pledge and Security Agreement, dated as of the date hereof, between the Pledgor and the Collateral Agent (for the benefit of the Secured Parties) in respect of the
pledge by the Pledgor of the membership interests in the Borrower. 
 “Power Purchase Agreements” means the Empire
PPA, the MJMEUC PPA, the SMEPA PPA and the SWECI PPA. 
 “Project Contracts” has the meaning assigned to such term in
the Credit Agreement. 
  

 14 

 “Project Management Agreement” means that certain Project Management Agreement,
dated as of March 3, 2006, among the Borrower, the Co-Participants and the Project Manager. 
 “Project Manager”
means LSP Services Plum Point, LLC, in its role as project manager pursuant to the Project Management Agreement. 
 “Property” means any right or interest in or to assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible. 
 “Prudent Utility Practices” means, as to the Project, those practices, methods, equipment, specifications and standards of safety
and performance, as the same may change from time to time, as are commonly used by electric generation stations in the United States of a type and size similar to the Project, including as to fuel type and configuration of the Project, as good, safe
and prudent engineering practices in connection with operation, maintenance, repair, improvement and use of electrical and other equipment, facilities and improvements of such electrical station, with commensurate standards of safety, performance,
dependability, efficiency and economy. The term “Prudent Utility Practices” does not necessarily mean one particular practice, method, equipment specification or standard in all cases, but is instead intended to encompass a
broad range of acceptable practices, methods, equipment specifications and standards. 
 “Recovery Event” means any
settlement of or payment in respect of any property or casualty insurance claim or any taking under power of eminent domain or by condemnation or similar proceeding of or relating to any property or asset of the Borrower, in each case, if not used
to repair or rebuild the Project in accordance with the Participation Agreement. 
 “Refinanced” means, in respect of
any Debt, or the agreement or contract pursuant to which such Debt is incurred, (a) such Debt (or more than 20% of the principal amount thereof) or related agreement or contract is extended, renewed, defeased, refinanced, replaced, refunded or
repaid, and (b) any other Debt issued in exchange or replacement for or to refinance such Debt (or more than 20% of the principal amount thereof), in whole or in part, whether with the same or different lenders, arrangers and/or agents and
whether with a larger or smaller aggregate principal amount and/or a longer or shorter maturity, in each case to the extent permitted under the terms of the Transaction Documents. 
 “Required First Lien Secured Parties” means, at any time and calculated in accordance with the terms of this Agreement (including
Section 9.4 hereof), Secured Parties owed or holding more than 50% of the sum of (without duplication): 
 (a) the
Lenders Exposure Amount under the Credit Agreement and the other Secured Funded Debt Documents at such time; 
 (b) from and
after the date on which an Early Termination Event under any Secured Interest Rate Protection Agreement has occurred, the Eligible Swap Amount thereunder at such time; 
  

 15 

 (c) from and after the date on which an Early Termination Event under any Secured Fuel
Supply Agreement has occurred, the Eligible Fuel Supply Agreement Amount at such time; and 
 (d) the amounts owed to the Loan
Insurer under the Loan Insurance Agreement at such time. 
 “Responsible Officer” of any Person, means, any executive
officer, chief financial officer, principal accounting officer, treasurer, assistant treasurer or controller of such Person and any other officer or similar official thereof responsible for the administration of the obligations of such Person in
respect of this Agreement and the other Transaction Documents; provided that, with respect to the Collateral Agent, such term shall mean the Person in the corporate trust offices of the Collateral Agent responsible for the administration of
this Agreement. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or
other property) with respect to any Equity Interests in the Borrower, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, defeasance, retirement,
acquisition, cancellation or termination of any Equity Interests in the Borrower or any option, warrant or other right to acquire any such Equity Interests in the Borrower, in any case, excluding (a) the Developer Conversion Fee referred to in
the Depositary Agreement and (b) to the extent contemplated by Section 3.8(c) of the Depositary Agreement any payments in respect of the Empire Buy-In (as defined in the Depositary Agreement) after application of the net proceeds thereof
pursuant to Section 3.11 of the Depositary Agreement. 
 “S&P” means Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc. 
 “Secured Funded Debt Documents” means (a) the Credit
Agreement and (b) any other agreement, document, indenture or instrument providing for or evidencing the obligations of the Borrower to any of the New Lenders in respect of Advances made by such New Lenders to the Borrower, Commitments made by
such New Lenders to the Borrower or other extensions of credit extended by such New Lenders to the Borrower, to the extent such are effective at the relevant time. For the avoidance of doubt, the definition of “Secured Funded Debt
Documents” does not include the Collateral Documents, the Loan Insurance Agreement, the Secured Fuel Supply Agreement or the Secured Interest Rate Protection Agreements. 
 “Secured Debt Representative” means (a) with respect to the Credit Agreement, the Administrative Agent (subject to
Section 9.4(d)), (b) with respect to any other Secured Funded Debt Document, the agent or trustee for the New Lenders thereunder (as designated in the applicable Accession Agreement) (subject to Section 9.4(d)), (c) with respect
to any Secured Interest Rate Protection Agreement, the Interest Rate Hedge Provider party thereto, (d) with respect to any Secured Fuel Supply Agreement, the Secured Fuel Supply Agreement Counterparty party thereto and (e) with respect to
the Loan Insurance Agreement, the Loan Insurer. 
  

 16 

 “Secured Fuel Supply Agreement Counterparties” means each counterparty to
a Secured Fuel Supply Agreement which is bound by this Agreement. 
 “Secured Fuel Supply Agreements” means
any coal and other fuel supply agreements entered into by the Borrower and relating to the Project and entered into in accordance with the terms of the Transaction Documents, provided that the Secured Fuel Supply Agreement Counterparty has
become bound by this Agreement pursuant to Section 5.4. 
 “Secured Interest Rate Protection Agreement”
means any Interest Rate Protection Agreement which has been entered into by the Borrower and an Interest Rate Hedge Provider. 
 “Secured Obligations” means, collectively, without duplication: (a) all of the Borrower’s financial liabilities and obligations, of whatsoever nature and however evidenced (including, but not limited to,
principal, interest, premium, fees, reimbursement obligations, penalties, termination payments, settlement amounts, amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Law,
indemnities and legal and other expenses, whether due after acceleration, termination or otherwise) to the Secured Parties in their capacity as such under the Transaction Documents or any other agreement, document or instrument evidencing, securing
or relating to such financial liabilities or obligations, in each case, direct or indirect, primary or secondary, fixed or contingent, now or hereafter arising out of or relating to any such agreements; (b) any and all sums advanced by any of
the Secured Parties in order to preserve the Collateral or preserve its security interest in the Collateral; and (c) in the event of any proceeding for the collection or enforcement of the obligations described in
clauses (a) and (b) above, after an Event of Default has occurred and is continuing and unwaived, 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 any of the Secured Parties of its rights under the Collateral Documents, together with reasonable attorneys’ fees and court costs. For the avoidance of doubt, (i) with respect to each Secured Fuel Supply
Agreement, the Secured Obligations shall only include the Eligible Fuel Supply Agreement Amount for such Secured Fuel Supply Agreement and (ii) with respect to the Tax-Exempt Bonds, prior to the occurrence of a Permitted Tax-Exempt Bond
Refinancing, the obligations of the Borrower under the Tax-Exempt Bonds and related documents and agreement shall not be Secured Obligations. 
 “Secured Parties” means the Construction Lenders, the New Lenders, the Agents, the Interest Rate Hedge Providers, the Secured Fuel Supply Agreement Counterparties and the Loan Insurer and their respective Secured
Debt Representatives. 
 “Security Agreement” means the Security Agreement, dated as of the date hereof, between the
Borrower and the Collateral Agent. 
 “SMEPA PPA” means the Power Purchase Agreement, dated as of July 31, 2006,
between the Borrower and SMEPA 
 “SWECI PPA” means the Amended and Restated Power Purchase Agreement, dated as of
March 28, 2007, between the Borrower and SWECI. 
  

 17 

 “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges, liabilities or withholdings imposed by any Governmental Authority and any and all interest and penalties related thereto. 
 “Tax-Exempt Bonds” means the tax-exempt bonds in an aggregate principal amount of $100,000,000 issued by the City of Osceola, Arkansas pursuant to the terms and conditions of that certain Trust Indenture, dated as of
April 1, 2006, the proceeds of which were lent to the Borrower by the City pursuant to the terms and conditions of a loan agreement, dated as of April 1, 2006. 
 “Term-Conversion” has the meaning assigned to such term in the Credit Agreement. 
 “Termination Payment” means any amounts payable to or by the Borrower in connection with a termination (whether as a result of the occurrence of an event of default or other termination event) of any Secured Interest
Rate Protection Agreement, together with any Interest Expense due and payable by the Borrower in connection with such amounts. 
 “Transaction Documents” means the Secured Interest Rate Protection Agreements, the Secured Fuel Supply Agreements, the Collateral Documents (including this Agreement), the Loan Insurance Agreement, the Secured Funded
Debt Documents and any other related agreement. 
 “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 any Collateral (as hereinafter
defined) is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions
hereof relating to such perfection or priority and for purposes of definitions related to such provisions. 
  

	 	1.2	Rules of Interpretation. 

 For all purposes of this
Agreement and the other Collateral Documents, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) all
definitions in Section 1.1 shall apply equally to both the singular and plural forms of the terms defined; 
 (b) all accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; 
 (c) the expressions “payment in
full,” “paid in full” and any other similar terms or phrases when used herein with respect to the Secured Obligations shall mean the payment in full in cash of all Secured Obligations; 
 (d) unless otherwise expressly provided, all references in this Agreement to designated “Articles,” “Sections,” “Annex,”
“Exhibits,” “Schedules,” “clauses” 

  

 18 

 
and other subdivisions are to the designated Articles, Sections, Annex, Exhibits, Schedules, clauses and other subdivisions of this Agreement; 
 (e) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and
not to any particular Article, Section or other subdivision; 
 (f) unless otherwise expressly specified, any agreement, contract or
document defined or referred to herein shall mean such agreement, contract or document as in effect as of the date hereof, as the same may thereafter be amended, restated, supplemented or otherwise modified from time to time in accordance with the
terms thereof and of this Agreement and the other Transaction Documents and including any agreement, contract or document in substitution or replacement of any of the foregoing in accordance with the terms of this Agreement and the other Transaction
Documents; 
 (g) unless the context clearly intends to the contrary, pronouns having a masculine or feminine gender shall be deemed to
include the other; 
 (h) any reference to any Person shall include its successors and permitted assigns in the capacity indicated, and in the
case of any Governmental Authority, any Person succeeding to its functions and capacities; 
 (i) the word “will” shall be construed
to have the same meaning and effect as the word “shall”; 
 (j) the words “include” or “including” shall be
deemed to be followed by “without limitation” or “but not limited to” whether or not they are followed by such phrases or words of like import; 
 (k) except as otherwise expressly provided herein, any reference to any Debt shall mean such Debt as Refinanced from time to time in accordance with all of the Transaction Documents; and 
 (l) if the Credit Agreement is Refinanced in full, then any term used herein which is expressly provided to be defined in the Credit Agreement shall mean
such term as defined in the Credit Agreement prior to and without giving effect to any such Refinancing or amendments made in contemplation thereof. 
 SECTION 2. Contesting Liens; Same Collateral; Same Collateral Documents. 
 (a) Each of the
parties hereto agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the priority, validity, perfection or enforceability
of a Lien held by or on behalf of any of the Secured Parties in the Collateral or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any party hereto to enforce this
Agreement. 
  

 19 

 (b) Subject to clause (c) below, each of the parties hereto agrees that no Loan Party shall
grant or permit any additional Liens on any Property to secure any Secured Obligations unless it has granted or concurrently grants a Lien on such Property to secure all Secured Obligations. To the extent that the foregoing provision is not complied
with for any reason, without limiting any other rights and remedies available to the Collateral Agent and/or the Secured Parties, each Secured Party agrees that any amounts received by or distributed to any of them pursuant to or as a result of
Liens granted in contravention of this Section 2(b) shall be subject to Section 4.3. 
 (c) Other than as provided in
Section 5.3, the parties hereto agree that it is their intention that the Collateral be identical. In furtherance of the foregoing, the parties hereto agree, subject to the other provisions of this Agreement: 
 (i) upon request by the Collateral Agent or any Secured Debt Representative, each party hereto agrees to cooperate in good faith (and to direct their
counsel to cooperate in good faith) from time to time in order to determine the specific items included in the Collateral and the steps taken to perfect their respective Liens thereon; and 
 (ii) that the documents, agreements and instruments creating or evidencing the Collateral shall be the same documents. 
 Nothing in this Section shall be construed as expanding the obligations under the Secured Fuel Supply Agreements which may be secured hereunder.

 SECTION 3. Enforcement. 
 3.1 Exercise of Remedies; Acceleration Rights. (a) Until the Discharge Date has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Borrower or any other Loan Party, the
Collateral Agent, in accordance with a direction of the Required First Lien Secured Parties, shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right to credit bid the Secured Obligations) and make
determinations regarding the release, sale, disposition or restrictions with respect to the Collateral. In exercising rights and remedies with respect to the Collateral, the Collateral Agent, in accordance with a direction of the Required First Lien
Secured Parties, may enforce the provisions of the Collateral Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall
include the rights of the Collateral Agent (or any other agent appointed by the Required First Lien Secured Parties) to sell or otherwise dispose of Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to
exercise all the rights and remedies of a secured creditor under the UCC and the Collateral Documents and of a secured creditor under the Bankruptcy Laws of any applicable jurisdiction, in each case in accordance with a direction of the Required
First Lien Secured Parties. 
 (b) Notwithstanding any provision to the contrary in this Agreement (including clause (c) below), upon
the occurrence of an Event of Default caused by a Bankruptcy Event of the Borrower, (i) the unutilized Commitments shall forthwith terminate immediately 

  

 20 

 
and (ii) all Advances and accrued Interest Expense in respect of the Secured Obligations owed to each Secured Party shall be immediately due and payable
without presentment, demand, protest or notice of any kind whatsoever. 
 (c) Notwithstanding any provision to the contrary in any
Transaction Documents (but subject to clause (b) above), the relevant Secured Parties may only accelerate the Secured Obligations owed to such Secured Parties under their respective Transaction Documents if (i) the Collateral Agent has
been authorized pursuant to a direction of the Required First Lien Secured Parties to exercise rights and remedies with respect to the Collateral as contemplated by Section 3.1(a) above, (ii) the aggregate principal amount outstanding
under the applicable Transaction Documents is greater than $85,000,000 at such time or greater than an amount equal to 25% of the aggregate Lenders Exposure Amount at such time or (iii) the Borrower shall become the subject of a Bankruptcy
Event. 
 3.2 Enforcement of Liens. (a) At all times prior to the Discharge Date, the Collateral Agent, in accordance with a
direction of the Required First Lien Secured Parties as contemplated by Section 3.1 above, will have all rights to take action under any of the Collateral Documents with respect to the Collateral (other than as expressly provided for in the
Depositary Agreement), including, without limitation, the exclusive right to enforce, collect or realize on any Collateral or exercise any other right or remedy with respect to the Collateral. 
 (b) Until the Discharge Date, except to the extent directed or consented to by the Required First Lien Secured Parties, none of the Collateral Agent, any
Secured Debt Representative or any other Secured Party will: 
 (i) request judicial relief, in any Insolvency or Liquidation
Proceeding or in any other court, that would hinder, delay, limit or prohibit the lawful exercise or enforcement of any right or remedy otherwise available to the Secured Parties in respect of the Liens granted to the Collateral Agent, for the
benefit of the Secured Parties; 
 (ii) oppose or otherwise contest any motion for relief from the automatic stay or for any
injunction against foreclosure or enforcement of Liens granted to the Collateral Agent, for the benefit of the Secured Parties, made by the Collateral Agent, acting at the direction of, or as consented to by, the Required First Lien Secured Parties,
in any Insolvency or Liquidation Proceeding; 
 (iii) oppose or otherwise contest any lawful exercise by the Collateral Agent,
acting at the direction of, or as consented to by, the Required First Lien Secured Parties, of the right to credit bid the Secured Obligations at any sale in foreclosure of the Liens granted to the Collateral Agent, for the benefit of the Secured
Parties; or 
 (iv) oppose or otherwise contest any other request for judicial relief made in any court by the Collateral
Agent, acting at the direction of, or as consented to by, the Required First Lien Secured Parties; relating to the lawful enforcement of any Lien; 
  

 21 

 provided, however, that the Collateral Agent may take such actions as it deems desirable to create, prove,
preserve or protect the Liens upon any Collateral. Notwithstanding the foregoing, both before and during an Insolvency and Liquidation Proceeding, any Secured Party and any Secured Debt Representative may take any actions and exercise any and all
rights that they would have as an unsecured creditor, including, without limitation, the commencement of an Insolvency or Liquidation Proceeding against any Loan Party in accordance with applicable law and the termination of any Transaction Document
in accordance with the terms thereof; provided that the Secured Parties and the Secured Debt Representatives may not take any of the actions prohibited by clauses (i) through (iv) above or oppose or contest any other
claim that it has agreed not to oppose or contest under Section 6. 
 (c) In exercising rights and remedies with respect to the
Collateral after the occurrence and during the continuance of any Event of Default, the Required First Lien Secured Parties may, acting through their respective Secured Debt Representatives as contemplated by Section 9.4, instruct the
Collateral Agent to enforce (or to refrain from enforcing) the provisions of the Collateral Documents in respect of the Secured Obligations and exercise (or refrain from exercising) remedies thereunder or any such rights and remedies, all in such
order and in such manner as the Collateral Agent may determine, unless otherwise directed by the Required First Lien Secured Parties, including: 
 (i) the exercise or forbearance from exercise of all rights and remedies in respect of the Collateral and/or the Secured Obligations; 
 (ii) the enforcement or forbearance from enforcement of any Lien in respect of the Collateral; 
 (iii) the exercise or forbearance
from exercise of rights and powers of a holder of Equity Interests or any other form of securities or membership interests included in the Collateral to the extent provided in the Collateral Documents; 
 (iv) the acceptance of the Collateral in full or partial satisfaction of the Secured Obligations; and 
 (v) the exercise or forbearance from exercise of all rights and remedies of a secured lender under the UCC or any similar law of any applicable
jurisdiction or in equity. 
 (d) Without in any way limiting the generality of clause (c) above (but subject to the rights of
the Borrower and the other Loan Parties expressly provided for under the Transaction Documents), the Collateral Agent, the Administrative Agent, the Loan Insurer and each other Secured Party and any of them may, at any time and from time to time in
accordance with the applicable Transaction Documents and/or applicable law, without the consent of or notice to any other Secured Party, without incurring responsibility to any other Secured Party and without impairing or releasing the Lien
priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of any other Secured Party is affected, impaired or extinguished thereby), do one or more of the following: 
 (i) change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of
any of the Secured 

  

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Obligations or any Lien on any Collateral or guaranty thereof or any liability of the Borrower or any other Loan Party, or any liability incurred directly or
indirectly in respect thereof (including any increase in or extension of the Secured Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement
in any manner any Liens held by the Collateral Agent or any of the Secured Parties, the Secured Obligations or any of the Transaction Documents; 
 (ii) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Collateral or any liability of the Borrower or any other Loan Party to the Secured Parties or the
Collateral, or any liability incurred directly or indirectly in respect thereof; 
 (iii) settle or compromise any Secured Obligation or any
other liability of the Borrower or any other Loan Party or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the Secured
Obligations) in any manner or order; and 
 (iv) exercise or delay in or refrain from exercising any right or remedy against the Borrower or
any security or any other Loan Party or any other Person, elect any remedy and otherwise deal freely with the Borrower, any other Loan Party or any Collateral and any security and any guarantor or any liability of the Borrower or any other Loan
Party to the Secured Parties or any liability incurred directly or indirectly in respect thereof. 
 As provided for in Section 9.18,
nothing in this clause (d) is intended to impair or affect the Borrower’s or any other Loan Party’s obligations to the Secured Parties to comply with the terms of the Transaction Documents. 
 (e) Following notice of any Event of Default received pursuant to Section 5.2, any Secured Debt Representative may request in writing that
the Collateral Agent pursue any lawful action in respect of the Collateral in accordance with the terms of the Collateral Documents. Upon any such written request, the Collateral Agent shall seek the consent of the Required First Lien Secured
Parties to pursue such action (it being understood that the Collateral Agent shall not be required to advise the Required First Lien Secured Parties to pursue any such action). Prior to the Discharge Date and following receipt of any notice that an
Event of Default has occurred, the Collateral Agent may await direction from the Required First Lien Secured Parties and will act, or decline to act, pursuant to a direction of the Required First Lien Secured Parties, in the exercise and enforcement
of the Collateral Agent’s interests, rights, powers and remedies in respect of the Collateral or under the Collateral Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Agent will act, or
decline to act, with respect to the manner of such exercise of remedies pursuant to a direction of the Required First Lien Secured Parties. Subsequent to the Collateral Agent receiving written notice that any Event of Default has occurred entitling
the Collateral Agent to foreclose upon, collect or otherwise enforce the Liens on the Collateral then, unless it has been directed to the contrary pursuant to a direction of the Required First Lien Secured Parties, the Collateral Agent in any event
may (but will not be obligated to) take all lawful and commercially reasonable actions permitted under the Collateral Documents that it may deem necessary or advisable in its reasonable judgment to protect or preserve its interest in the Collateral
and the interests, rights, powers and remedies granted or available to the Collateral Agent under, pursuant to or in connection with the Collateral Documents. 
  

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 3.3 Consents. Notwithstanding anything to the contrary contained herein or in any of the other
Collateral Documents, with respect to the exercise of any rights or remedies of any of the Secured Parties under any of the Consents and Agreements, the Collateral Agent shall have the sole right to exercise such rights or remedies in accordance
with the direction of the Required First Lien Secured Parties. 
 SECTION 4. Payments. 
 4.1 Application of Proceeds. (a) Regardless of any Insolvency or Liquidation Proceeding which has been commenced by or against the Borrower or
any other Loan Party, (i) the Collateral or any proceeds thereof received in connection with the sale or other disposition of, or collection on, such Collateral upon the exercise of remedies in accordance with Section 3 and
(ii) any amounts intended to be paid to any of the Secured Parties during the pendency of any Insolvency or Liquidation Proceeding shall, in each case, be applied in the following order (it being agreed that the Collateral Agent shall apply
such amounts in the following order as promptly as is reasonably practicable after the receipt thereof): 
 first, on a
pro rata basis, to (i) the payment of all amounts (including fees, expenses and indemnity payments) due to the Collateral Agent or any other Agent (in each case, in such Agent’s capacity as an agent, arranger or issuing bank and not
in such Agent’s capacity as a Construction Lender, New Lender, Loan Insurer or other Secured Party) under any of the Transaction Documents and (ii) to the payment of all fees, expenses, Interest Expense, indemnity payments and premiums, if
any, due to the Loan Insurer under the Loan Insurance Agreement; 
 second, on a pro rata basis, to (i) the
payment of all Interest Expense, fees and other amounts (other than principal, Termination Payments or other amounts expressly provided for in clause third or fourth below) due to any of the Secured Parties under any of the Secured
Funded Debt Documents, (ii) the payment of all ordinary course settlement payments (excluding any Termination Payments) and Interest Expense due to the applicable Interest Rate Hedge Providers under the applicable Interest Rate Protection
Agreements, (iii) the payment of all Interest Expense due to the applicable Secured Fuel Supply Agreement Counterparties under the applicable Secured Fuel Supply Agreements and (iii) the payment of any Level 2 Defaulted Payments (as
defined in the Depositary Agreement) that have not previously been reimbursed by the Borrower to the Loan Insurer; 
 third, on a pro rata basis, to (i) the payment of all principal (and any applicable premium) due to any of the Secured Parties under any of the Secured Funded Debt Documents, (ii) the payment of the applicable
Eligible Fuel Supply Agreement Amount due to the applicable Secured Fuel Supply Agreement Counterparties under the applicable Secured Fuel Supply Agreements, (iii) the payment of any other amounts that have not previously been reimbursed or
paid by the Borrower to the Loan Insurer under any of the Transaction Documents (including all amounts then due under Section 2.01 of 

  

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the Loan Insurance Agreement to the extent such amounts have not been paid under clause first or second above) and (iv) to the payment of
all Termination Payments and any other amounts due to the applicable Interest Rate Hedge Providers under the applicable Interest Rate Protection Agreements; and 
 last, the balance, if any, after all of the Secured Obligations have been paid in full in cash, to the Borrower or as otherwise
required by applicable law. 
 4.2 Debt Balances. (a) Upon the written request of the Collateral Agent, each Secured Debt
Representative shall promptly (and, in any event, within five Business Days) give the Collateral Agent written notice of the aggregate amount of the Secured Obligations then outstanding and owed by the Borrower or any other Loan Party to the Secured
Parties represented by such Secured Debt Representative under the applicable Transaction Documents and any other information that the Collateral Agent may reasonably request. 
 (b) Without limiting the foregoing, upon receipt of any of the monies referred to in Section 4.1 above, the Collateral Agent shall promptly
provide notice to each Secured Debt Representative of the receipt of such monies. Within 10 Business Days of the receipt of such notice, each Secured Debt Representative shall give the Collateral Agent written certification by an authorized officer
or representative thereof of the aggregate amount of the Secured Obligations then outstanding owed by the Borrower or any other Loan Party to the Secured Parties represented by such Secured Debt Representative under the applicable Transaction
Documents to be certified to as presently due and owing (and, promptly upon receipt thereof, the Collateral Agent shall provide a copy of each such certification to each other Secured Debt Representative). Unless otherwise directed by a court of
competent jurisdiction or each Secured Debt Representative, the Collateral Agent shall use the information provided for in such notices as the basis for applying such monies in accordance with Section 4.1 above. 
 4.3 Payments Over. Whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Borrower or any other Loan Party,
any Collateral or proceeds thereof received by any Secured Party in connection with the exercise of any right or remedy relating to the Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to
the Collateral Agent for the benefit of the Secured Parties in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. 
 SECTION 5. Other Agreements. 
 5.1 Releases. (a) Upon the request of the Borrower in connection with any Asset Sale (other than in connection with the exercise of the Collateral Agent’s rights and remedies in respect of the Collateral provided for in
Section 3) by the Borrower, to the extent permitted by the terms of all of the Transaction Documents, or in connection with the disposal of any Excluded Collateral, the Collateral Agent will, at the Borrower’s expense, execute and
deliver to the Borrower such documents (including UCC termination statements) as the Borrower may reasonably request to evidence and effectuate the irrevocable and concurrent release of any Lien granted under any of the Collateral Documents in any
Collateral being disposed of in connection with such Asset Sale or Excluded Collateral transaction; provided that in each case 
  

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the Borrower shall have delivered to each Collateral Agent and each Secured Debt Representative, at least 10 Business Days, or such lesser period of time as
the Collateral Agent or each Secured Debt Representative may agree, prior to the date of the proposed release, a written request for release identifying (generally) the relevant Collateral and the provisions under the Transaction Documents which
permit such Asset Sale, together with a certification by the Borrower stating that such Asset Sale or Excluded Collateral transaction is in compliance with the terms of all of the Transaction Documents and that the proceeds of such Asset Sale will
be applied in accordance with the terms of the Transaction Documents. The Borrower shall provide the Collateral Agent and each Secured Debt Representative with all information as such Person may reasonably request to verify the accuracy of such
certification. The Collateral Agent shall not be required to deliver any such release documents until its (and its legal counsel) expenses have been paid in connection therewith. 
 (b) Upon the Discharge Date, all rights to the Collateral shall revert to the Borrower, and, upon the written request of the Borrower, the Collateral
Agent will, at the Borrower’s expense, (i) promptly cause to be transferred and delivered, without any recourse, warranty or representation whatsoever, any Collateral and any proceeds received in respect thereof, (ii) execute and
deliver to the Borrower such UCC termination statements and other documentation as the Borrower may reasonably request to effect the termination and release of the Liens on the Collateral and (iii) execute and deliver to the Borrower such other
documentation as the Borrower may reasonably request to affect the termination of the Borrower’s and the Pledgor’s obligations under the Transaction Documents to which it is a party (other than any such obligation which is intended by its
terms to survive the Discharge Date). 
 5.2 Certain Actions. So long as any Secured Obligations remain outstanding in respect of more
than one class of Secured Parties, the following provisions shall apply: 
 (a) Each Secured Debt Representative hereby agrees
to give, pursuant to the terms set forth in the Transaction Documents, as the case may be, the Collateral Agent and each other Secured Debt Representative prompt written notice of the occurrence of (i) any Event of Default under such
Person’s Transaction Documents, as applicable, of which such Person has written notice, and (ii) acceleration of the maturity of any Secured Obligations under any of the Transaction Documents for which it acts as a Secured Debt
Representative wherein such Secured Obligations have been declared to be or have automatically become due and payable earlier than the scheduled maturity thereof or termination date thereunder (or similar remedial actions including demands for cash
collateral, have been taken) and setting forth the aggregate amount of Secured Obligations that have been so accelerated under such Transaction Documents, in each case, as soon as practicable after the occurrence thereof (and, in any event, within
five Business Days after the occurrence thereof); provided, however, that the failure to provide such notice shall not limit or impair the rights of the Secured Parties, or the obligations of the Borrower or any other Loan Party, hereunder or
under the other Transaction Documents. No Agent shall be deemed to have knowledge or notice of the occurrence of an Event of Default under the Transaction Documents to which it is a party until such Agent has received a written notice of such Event
of Default from any other Agent, the Borrower, the other Loan Parties or any other Secured Party for whom such Agent is acting as agent or trustee. 
  

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 (b) The Collateral Agent hereby agrees to give each Secured Debt Representative written
notice of the occurrence of an Event of Default following receipt thereof of written notice to it and provide a copy of all other information provided to it by the Borrower, any other Loan Party under the Collateral Documents upon request.

 (c) Each Loan Party hereby agrees that, at any time and from time to time, at its sole cost and expense, it shall promptly
execute and deliver all further agreements, instruments, documents and certificates and take all further action that may be necessary in order to fully effect the purposes of this Agreement and the Collateral Documents (including, to the extent
required by any Collateral Document, the delivery of possession of any Collateral represented by certificated securities that hereafter comes into existence or is acquired in the future to the applicable Collateral Agent as pledgee for the benefit
of the Secured Parties) and to enable the Collateral Agents to exercise and enforce its rights and remedies under the Collateral Documents with respect to the Collateral or any part thereof. 
 (d) As of the date hereof, the Loan Insurer is the Controlling Party under and as defined in the Credit Agreement. In the event the Administrative Agent
becomes the Controlling Party under and as defined in the Credit Agreement, it shall deliver a notice thereof to each party hereto and, thereafter, in event the Loan Insurer becomes once again the Controlling Party under and as defined in the Credit
Agreement, the Loan Insurer and the Administrative Agent shall jointly deliver a notice thereof to each party hereto. 
 5.3 Debt Service
Reserve; Cash Collateral Accounts; Sponsor Support Agreement. 
 (a) Notwithstanding anything to the contrary herein (including, without
limitation, Section 4.1), each Secured Party hereby acknowledges and agrees that (i) the Lien on all of the Borrower’s rights, titles and interests in, to and under the Lenders Debt Service Reserve Account (as defined in the
Depositary Agreement) shall be solely for the benefit of the Administrative Agent, the Collateral Agent (solely in its capacity as agent for the Loan Insurer, the Lenders and the Administrative Agent), the Depositary (solely in its capacity as agent
for the Loan Insurer, the Lenders and the Administrative Agent), the Loan Insurer and the Lenders and (ii) the Lien on all of the Borrower’s rights, titles and interests in, to and under a Permitted Additional Debt Service Reserve Account
(as defined in the Depositary Agreement) shall be solely for the benefit of the applicable Secured Parties entitled to receive amounts on deposit therein or credited thereto pursuant to Section 3.6 of the Depositary Agreement. For the avoidance
of doubt, it is the intention of the parties that (i) each Debt Service Reserve Account and the funds on deposit therein and credited thereto shall be separate from each other Debt Service Reserve Account, (ii) funds on deposit in or
credited to a Debt Service Reserve Account shall not be commingled with any funds on deposit in or credited to any other Debt Service Reserve Account and (iii) any Lenders Debt Service Reserve Surety and Tax-Exempt Bond Debt Service Reserve
Surety (each as defined in the Depositary Agreement) shall only be credited to, and available to be drawn under, the Debt Service Reserve Account to which it is intended to be credited. 
  

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 (b) Notwithstanding anything to the contrary herein, nothing contained herein shall be construed to
impair the rights of any of the Collateral Agent, the LC Issuers, the Loan Insurer or the Administrative Agent to exercise their rights and remedies in respect of the cash collateral accounts established for the purpose of cash collateralizing any
Letters of Credit under the Credit Agreement or as otherwise contemplated by the Sponsor Support Agreement, and each of the parties hereto acknowledges and agrees that the Lien and rights of any the Collateral Agent, the LC Issuers, the Loan Insurer
or the Administrative Agent in, to and under such cash collateral accounts and all funds on deposit therein or credited thereto shall be solely for the benefit of the specified beneficiaries thereof. In the event any additional cash collateral
accounts are established in connection with cash collateralizing Letters of Credit as contemplated by the definition of Discharge Date or as otherwise contemplated by the Secured Funded Debt Documents (provided, that no more than 102.5% of
the Available Amount of such Letters of Credit is cash collateralized), such collateral account shall only be for the benefit of the particular Secured Party who issued or has participation interests in or, in the case of the Loan Insurer, who has
insured such Letters of Credit being cash collateralized. 
 (c) Notwithstanding anything to the contrary herein, each Secured Party hereby
acknowledges and agrees that the Sponsor Support Agreement, and the Sponsor Support Payments thereunder and the credit support provided by the Sponsors (as defined therein) thereunder, shall only be for the benefit of the Loan Insurer, the
Administrative Agent and the Construction Lenders. 
 5.4 Additional Secured Obligations. 
 (a) Subject to the limitations set forth in the Transaction Documents, each Loan Party and each Secured Party acknowledges and agrees that the Collateral
may secure additional Secured Obligations of the Borrower to Interest Rate Hedge Providers, Secured Fuel Supply Agreement Counterparties and/or New Lenders (and the Agents thereof), as contemplated hereby. Upon execution and delivery to the
Collateral Agent and the Borrower of an Accession Agreement by the Secured Debt Representative for such Interest Rate Hedge Providers, Secured Fuel Supply Agreement Counterparties and/or New Lenders (and the Agents thereof) (as applicable), such
Persons shall become “Secured Parties” hereunder, as applicable and the Loan Parties’ obligations to such Persons shall become “Secured Obligations”. Each Loan Party and each Secured Party agrees
that this Agreement and the applicable Collateral Documents may be amended by the Loan Parties, the Loan Insurer and the Collateral Agent without the consent of any other Secured Party to the extent necessary or desirable to (i) effectuate the
intent of this Section 5.4, (ii) cause the Liens granted thereby to be in favor of such Persons (to the extent Liens in favor of such Persons are expressly permitted by the terms of all of the Transaction Documents) and
(iii) cause such Persons to be treated in the same manner as the other Secured Parties under this Agreement and the other Collateral Documents (other than as expressly provided hereby). 
 (b) The Borrower shall deliver to the Collateral Agent and each Secured Debt Representative, at least 10 Business Days, or such lesser period of time as
the Collateral Agent and each Secured Debt Representative may agree, prior to the date any such Accession Agreement is entered into and the proposed Secured Obligations referred to therein incurred a certificate by the Borrower stating that the
incurrence of the Debt contemplated by such 

  

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Accession Agreement (or the Secured Fuel Supply Agreement contemplated thereby) is being entered into in compliance with the terms of all of the Transaction
Documents (and such certifications shall contain, to the extent requested by the Collateral Agent, the Borrower’s analysis thereof). The Borrower shall provide the Collateral Agent and each Secured Debt Representative with all information as
such Person may reasonably request to verify the accuracy of such certificate. 
 SECTION 6. Insolvency or Liquidation Proceedings.

 6.1 Finance and Sale Issues. Until the Discharge Date has occurred, if the Borrower or any other Loan Party shall be subject to
any Insolvency or Liquidation Proceeding and the Collateral Agent (acting in accordance with a direction of the Required First Lien Secured Parties) shall desire to permit the use of “Cash Collateral” (as such term is defined in
Section 363(a) of the Bankruptcy Code), on which the Collateral Agent or any other creditor has a Lien or to permit the Borrower or any other Loan Party to obtain financing, whether from the Secured Parties or any other Person under
Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (“DIP Financing”), then each Secured Party agrees that it will raise no objection to such Cash Collateral use or DIP Financing; provided that
(a) notwithstanding the foregoing, each Secured Debt Representative and each Secured Party retains the right to object to any ancillary agreements or ancillary arrangements regarding the Cash Collateral use or the DIP Financing that are
materially prejudicial to their interests and (b) the DIP Financing (i) does not compel the Borrower or any Loan Party to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms are
set forth in the DIP Financing documentation or a related document or (ii) the DIP Financing document or Cash Collateral order does not expressly require the liquidation of the Collateral prior to a default under the DIP Financing documentation
or Cash Collateral order. 
 6.2 Avoidance Issues. If any Secured Party is required in any Insolvency or Liquidation Proceeding or
otherwise to turn over or otherwise pay to the estate of the Borrower or any other Loan Party any amount paid in respect of the Secured Obligations (a “First Lien Recovery”), then such Secured Party shall be entitled to a
reinstatement of Secured Obligations with respect to all such recovered amounts. In such event (a) the Discharge Date shall be deemed not to have occurred and (b) if this Agreement shall have been terminated prior to such First Lien
Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. 

6.3 Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens
upon any Property of the reorganized debtor are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan, on account of the Secured Obligations, then, to the extent the debt obligations distributed on account of the
Secured Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt
obligations. 
  

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 6.4 Post-Petition Interest. None of the Secured Parties shall oppose or seek to challenge any
claim by any Secured Party, for allowance in any Insolvency or Liquidation Proceeding of Secured Obligations consisting of post-petition interest, fees or expenses. 
 SECTION 7. Collateral Agent. 
 7.1 Appointment. (a) The Bank of New York is hereby
appointed Collateral Agent hereunder and under the other Collateral Documents and each of the Secured Parties hereby authorizes The Bank of New York to act as Collateral Agent in accordance with the terms hereof and the other Collateral Documents.
The Collateral Agent hereby agrees to act in its capacity as such upon the express conditions contained herein and the other Collateral Documents, as applicable. In performing its functions and duties hereunder, the Collateral Agent shall act solely
as an agent of the Secured Parties and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for any Loan Party or any of its subsidiaries. Each of the Secured Parties irrevocably
authorizes the Collateral Agent to take such action on their behalf and to exercise such powers, rights and remedies hereunder and under the other Collateral Documents as are specifically delegated or granted to the Collateral Agent by the terms
hereof and thereof or contained in an act of the Required First Lien Secured Parties, together with such powers, rights and remedies as are reasonably incidental thereto. The Collateral Agent shall have only those duties and responsibilities that
are expressly specified herein and the other Collateral Documents or contained in a direction of the Required First Lien Secured Parties. The Collateral Agent may exercise such powers, rights and remedies and perform such duties by or through its
agents or employees. The Collateral Agent shall not have, by reason hereof or any of the other Transaction Documents, a fiduciary relationship in respect of any Secured Party, and nothing herein or any of the other Transaction Documents, expressed
or implied, is intended to or shall be so construed as to impose upon the Collateral Agent any obligations in respect hereof or any of the other Transaction Documents except as expressly set forth herein or therein. 
 (b) The provisions of this Section 7 are solely for the benefit of the Collateral Agent and the other Secured Parties and no Loan Party shall
have any rights as a third party beneficiary of any of the provisions hereof. 
 7.2 Delegation of Duties. (a) The Collateral
Agent may execute any of its duties under this Agreement and the Collateral Documents (including for purposes of holding or enforcing any Lien on the Collateral or any portion thereof granted under the Collateral Documents or of exercising any
rights or remedies thereunder) by or through agents or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts of its choice concerning all matters pertaining to such duties. The Collateral Agent shall be
responsible for the negligence or misconduct of any agent or attorney-in-fact selected by it with reasonable care. 
 (b) The Collateral
Agent may also from time to time, when the Collateral Agent deems it to be necessary or desirable, appoint one or more trustees, co-trustees, collateral co-agents, collateral subagents or attorneys-in-fact (each, a “Supplemental
Collateral Agent”) with respect to all or any part of the Collateral; provided, however, that no such Supplemental Collateral Agent shall be authorized to take any action with respect to any Collateral unless and 

  

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except to the extent expressly authorized in writing by the Collateral Agent. Should any instrument in writing from the Borrower or any other Loan Party be
required by any Supplemental Collateral Agent so appointed by the Collateral Agent to more fully or certainly vest in and confirm to such Supplemental Collateral Agent such rights, powers, privileges and duties, the Borrower shall, or shall cause
such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the Collateral Agent. If any Supplemental Collateral Agent, or successor thereto, shall die, become incapable of acting, resign or be removed,
all rights, powers, privileges and duties of such Supplemental Collateral Agent, to the extent permitted by law, shall automatically vest in and be exercised by the Collateral Agent until the appointment of a new Supplemental Collateral Agent.

 (b) Any notice, request or other writing given to the Collateral Agent shall be deemed to have been given to each Supplemental Collateral
Agent. Every instrument appointing any Supplemental Collateral Agent shall refer to this Agreement and the conditions of this Section 7.2. 
 (c) Any Supplemental Collateral Agent may at any time appoint the Collateral Agent as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf or in its name. 
 7.3 Exculpatory Provisions. (a) Neither the Collateral Agent nor any
of its officers, partners, directors, employees or agents shall be liable to the Secured Parties for any action taken or omitted by the Collateral Agent under or in connection with any of the Collateral Documents except to the extent caused by the
Collateral Agent’s gross negligence, willful misconduct or breach of this Agreement. The Collateral Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith or
any of the other Collateral Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until the Collateral Agent shall have received a direction of the Required First Lien Secured Parties
and, upon receipt of such direction the Collateral Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such directions. Without prejudice to the
generality of the foregoing, (i) the Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by
the proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who may be attorneys for a Loan Party), accountants, experts and other professional advisors selected by it;
(ii) no Secured Party shall have any right of action whatsoever against the Collateral Agent as a result of the Collateral Agent acting or (where so instructed) refraining from acting hereunder or any of the other Collateral Documents in
accordance with a direction of the Required First Lien Secured Parties; and (iii) the Collateral Agent shall be fully protected in performing (and is hereby authorized by the Secured Parties to perform) the ministerial and administrative acts
contemplated by or expressly provided in the Collateral Documents. Whenever in the administration of this Agreement the Collateral Agent shall deem it necessary or desirable that a factual or legal matter be proved or established in connection with
the Collateral Agent taking, suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof is herein specifically prescribed) may be deemed to be conclusively proved or established by a certificate of a
Responsible Officer of the Borrower or, if appropriate, from a legal opinion from counsel to the Borrower. 
  

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 (b) Beyond the exercise of reasonable care in the custody thereof and as otherwise specifically set forth
herein, the Collateral Agent shall not have any duty as to any of the Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any
other rights pertaining thereto and the Collateral Agent shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or
maintaining the perfection of any security interest in the Collateral. The Collateral Agent shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier,
forwarding agency or other agent or bailee selected by the Collateral Agent in good faith. 
 (c) The Collateral Agent shall not be
responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or
omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence, willful misconduct or breach of this Agreement on the part of the Collateral Agent, for the validity or sufficiency of the Collateral
or any agreement or assignment contained therein, for the validity of the title of any Loan Party to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the
maintenance of the Collateral. 
 (d) In the event that the Collateral Agent is required to acquire title to any Property for any reason, or
take any managerial action of any kind in regard thereto, in order to carry out any obligation for the benefit of another, which in the Collateral Agent’s sole discretion may cause the Collateral Agent to be considered an “owner or
operator” under the provisions of CERCLA, or otherwise cause the Collateral Agent to incur liability under CERCLA or any other federal, state or local law, the Collateral Agent reserves the right, instead of taking such action, to either
resign as Collateral Agent or arrange for the transfer of the title or control of the asset to a court-appointed receiver. The Collateral Agent shall not be liable to the Secured Parties, the Loan Parties or any other Person for any Environmental
Actions under any federal, state or local law, rule or regulation by reason of the Collateral Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to the discharge, release or threatened release of hazardous
materials into the environment. If at any time it is necessary or advisable for any part of the Properties of the Loan Parties to be possessed, owned, operated or managed by any Person (including the Collateral Agent) other than a Loan Party or the
Secured Parties, the Required First Lien Secured Parties shall direct the Collateral Agent to appoint an appropriately qualified Person (excluding the Collateral Agent) who they shall designate to possess, own, operate or manage, as the case may be,
such part of the Project. 
 (e) The Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement
or under any other Collateral Document (i) if such action would, in the reasonable opinion of the Collateral Agent, be contrary to applicable law or the terms of this Agreement or (ii) if such action is not specifically provided for in
this Agreement or under any other Collateral Document, it shall not have received a direction of the Required First Lien Secured Parties (or, to the extent expressly provided for in the Depositary Agreement, the Administrative Agent or the
Controlling Party, as applicable) to take such action. 
  

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 7.4 Notice of Event of Default. The Collateral Agent shall be deemed to not have actual knowledge
or notice of the occurrence of any Event of Default unless the Collateral Agent has received written notice from an authorized officer of a Secured Party or a Loan Party referring to this Agreement and the applicable document or documents governing
such Event of Default, describing such Event of Default and stating that such notice is a “Notice of Event of Default”. In the event that the Collateral Agent receives such a written notice, the Collateral Agent shall give
notice thereof to the Secured Debt Representatives. 
 7.5 Non-Reliance on Collateral Agents and Other Secured Parties. Each of the
Secured Parties expressly acknowledges that none of the Collateral Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by the Collateral Agent
hereinafter taken, including any review of the affairs of the Borrower or any of its Affiliates, shall be deemed to constitute any representation or warranty by the Collateral Agent to any such Person. 
 (b) The Collateral Agent shall not be responsible to any Secured Party for the execution, effectiveness, genuineness, validity, enforceability,
collectibility or sufficiency hereof or any other Transaction Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements,
instruments, reports or certificates or any other documents furnished or made by the Collateral Agent to Secured Parties or by or on behalf of any Loan Party, to any Secured Party or the Collateral Agent in connection with the Transaction Documents
and the transactions contemplated thereby or for the financial condition or business affairs of any Loan Party or any other Person liable for the payment of any Secured Obligations, nor shall the Collateral Agent be required to ascertain or inquire
as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Transaction Documents or as to the use of the proceeds of the Advances or as to the existence or possible existence of
any Event of Default or to make any disclosures with respect to the foregoing. 
 7.6 Collateral Agents in Individual Capacity. The
agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, the Collateral Agent in its individual capacity as a Secured Party hereunder. With respect to Secured Obligations made
or renewed by it or any of its Affiliates, the Collateral Agent and its Affiliates shall have the same rights and powers under this Agreement and the other Transaction Documents as any Secured Party, and may exercise the same as though the
Collateral Agent were not a Collateral Agent, and the term “Secured Party” shall (to the extent applicable), unless the context clearly otherwise indicates, include the Collateral Agent in its individual capacity. 
 7.7 Successor Collateral Agents. The Bank of New York may resign as Collateral Agent upon 30 days’ notice to each other Secured Party party
hereto and the Borrower. In addition, in accordance with a direction of the Required First Lien Secured Parties, The Bank of New York (or any successor thereto) may be removed as Collateral Agent. If The Bank of New York (or any successor thereto)
should resign or be removed as Collateral Agent, the Required First Lien Secured Parties shall appoint a successor agent (in consultation with the 

  

 33 

 
Borrower) whereupon such successor agent shall succeed to the rights, powers and duties of the Collateral Agent, and the term “Collateral
Agent” shall mean such successor agent effective upon such appointment and approval, and The Bank of New York’s (or any successor thereto) rights, powers and duties as Collateral Agent shall be terminated, without any other or further
act or deed on the part of any of the parties to this Agreement or any Secured Party. If no successor agent has accepted appointment as Collateral Agent by the date that is 30 days following The Bank of New York’s (or any successor thereto)
notice of resignation or removal, The Bank of New York (or any successor thereto) resignation or removal shall nevertheless thereupon become effective and the Administrative Agent shall assume and perform all of the duties of the Collateral Agent
hereunder until such time, if any, as a successor agent as contemplated above. After any Person’s resignation as a Collateral Agent, the provisions of this Section shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was a Collateral Agent under this Agreement and the other Collateral Documents. 
 7.8 Security Documents. (a) Each
party hereto hereby further authorizes the Collateral Agent on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Collateral and the Collateral Documents. Without
further written consent or authorization from the Secured Parties, the Collateral Agent may execute any documents or instruments as contemplated hereby (including the Collateral Documents and release documents pursuant to Section 5.1).

 (b) Anything contained in any of the Collateral Documents to the contrary notwithstanding, the Borrower, the Collateral Agent and each
Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral, it being understood and agreed that all powers, rights and remedies under the Collateral Documents may be exercised
solely by the Collateral Agent, and (ii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Collateral Agent or any Secured Party may be the purchaser or
licensor of any or all of such Collateral at any such sale or other disposition and the Collateral Agent, as agent for and representative of the Secured Parties shall be entitled, for the purpose of bidding and making settlement or payment of the
purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or
other disposition. 
 7.9 No Risk of Funds. None of the provisions of this Agreement or the other Collateral Documents shall be
construed to require the Collateral Agent 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. 
 7.10 Fees; Expenses. The Borrower agrees to pay to the Collateral Agent (a) the Collateral Agent’s fees in accordance with a fee
schedule provided by the Collateral Agent to the Borrower prior to the date hereof and (b) the amount of any and all of the Collateral Agent’s reasonable and documented out-of-pocket expenses, including the reasonable and documented fees
and expenses of its counsel (and any local counsel) and of any accountants, experts or agents, which the Collateral Agent may incur in connection with (i) the execution and administration of this Agreement and the other Collateral Documents,
(ii) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral or 
  

 34 

 
(iii) the exercise or enforcement (whether through negotiations, legal proceedings or otherwise) of any of the rights of the Collateral Agent under this
Agreement and the other Collateral Documents. 
 7.11 Indemnification. 
 (a) The Borrower, whether or not any of the transactions contemplated hereby shall be consummated, hereby assumes liability for and agrees to defend,
indemnify and hold harmless the Collateral Agent, including its officers, directors, agents, Affiliates and employees (each, an “Indemnified Person”), from and against any Claims (including, without limitations, the cost and
expenses of defending themselves and the related costs and fees of their counsel) which may be imposed on, incurred by or asserted against an Indemnified Person in any way relating to or arising or alleged to arise out of: (i) its acceptance or
administration of this Agreement and the other Collateral Documents; (ii) the financing, construction, ownership, operation or maintenance of the Project, or any part thereof; (iii) any latent or other defects in the Project whether or not
discoverable by an Indemnified Person or the Borrower; (iv) a violation of laws or other loss of or damage relating to the Project; (v) any breach by the Borrower of any of its representations or warranties under the Transaction Documents
or failure by the Borrower to perform or observe any covenant or agreement to be performed by it under any of the Transaction Documents; (vi) personal injury, death or property damage relating to the Project, including Claims based on strict
liability in tort; and (vii) the transactions contemplated hereby (including (A) the performance by the Collateral Agent of its duties, rights and obligations hereunder, (B) any action taken by the Collateral Agent pursuant to a
direction of the Required First Lien Secured Parties and (C) any action contemplated to be taken by it hereunder or under any of the Collateral Documents); provided that the foregoing indemnities in clauses (i) through
(vii) shall not, as to any Indemnified Person, apply to Claims to the extent they arise out of or result from (A) the gross negligence or willful misconduct of such Indemnified Person as determined in a final, non-appealable judgment by a
court of competent jurisdiction, (B) any breach of any obligation or representation or warranty of such Indemnified Person under any Transaction Document, or (C) any Taxes owed by the Indemnified Person in its individual capacity.

 (b) All amounts due under clause (a) shall be payable not later than 30 days after written demand therefor. To the extent that the
Borrower fails to pay any amount required to be paid by it to the Collateral Agent under clause (a) of this Section, each Secured Party severally agrees to pay to the Collateral Agent such Secured Party’s pro rata share (determined as of
the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against the Collateral Agent in its capacity as such. For purposes hereof, a Secured Parties’s “pro rata share” shall be determined based upon its share of the aggregate amount of Secured Obligations at such time.

 (c) To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in clause (a) may be unenforceable in
whole or in part because they are violative of any law or public policy, the Borrower or the applicable Secured Parties (as applicable) shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment
and satisfaction of all indemnified liabilities incurred pursuant to clause (a) by any Indemnified Person. 
  

 35 

 (d) The agreements in this Section 7.11 shall survive the resignation of the Collateral Agent and
any termination of this Agreement, including any termination under any Bankruptcy Law. 
 SECTION 8. Reliance; Waivers; Etc.

 8.1 Reliance. Other than any reliance on the terms of this Agreement, each Secured Party acknowledges that it has, independently
and without reliance on the Collateral Agent, the Administrative Agent, the Loan Insurer, or any other Secured Party and based on documents and information deemed by it appropriate, made its own credit analysis and decision to enter into the
applicable Transaction Documents and be bound by the terms of this Agreement and it will continue to make its own credit decision in taking or not taking any action under the applicable Transaction Documents or this Agreement. 
 8.2 No Warranties or Liability. (a) Each Secured Party acknowledges and agrees that none of the Collateral Agent, the Administrative Agent,
the Loan Insurer or any other Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Transaction Documents,
the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise expressly provided herein, the Secured Parties will be entitled to manage and supervise their respective loans and extensions of credit under the
Transaction Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. 
 8.3 No Waiver of
Lien Priorities. (a) No right of the Secured Parties, the Collateral Agent or any of them to enforce any provision of this Agreement or any Transaction Document shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Borrower or any other Loan Party or by any act or failure to act by any Secured Party or the Collateral Agent, or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement or any Transaction
Document, regardless of any knowledge thereof which the Collateral Agent or any Secured Party, or any of them, may have or be otherwise charged with. 
 (b) Notwithstanding anything to the contrary in any of the Collateral Documents (but subject to Section 9.4(d)), none of the Collateral Documents shall be amended, modified or supplemented (i) in any manner
materially adverse to any class of the Secured Parties without the consent of the Secured Debt Representative for each such affected class, (ii) in any manner which modifies the voting rights of any class of the Secured Parties without the
consent of the Secured Debt Representative for each such affected class or (iii) in any manner inconsistent with the payment and lien priorities established hereby and by the Depositary Agreement for any class of Secured Parties without the
consent of the Secured Debt Representative for such affected class. 
  

 36 

 8.4 Obligations Unconditional. All rights, interests, agreements and obligations of each of the
Collateral Agent, Administrative Agent, the Loan Insurer and the Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any Transaction Documents; 
 (b) except as otherwise expressly set forth in this Agreement, any change in the time, manner or place of payment of, or in any other
terms of, all or any of the Secured Obligations or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any Transaction Document; 
 (c) except as otherwise expressly set forth in this Agreement, any exchange of any security interest in any Collateral or any other
collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Secured Obligations or any guarantee thereof; 
 (d) the commencement of any Insolvency or Liquidation Proceeding in respect of the Borrower or any other Loan Party; or 
 (e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, the Pledgor, the Borrower or any
other Loan Party in respect of the Collateral Agent, the Secured Obligations or any Secured Party. 
 SECTION 9. Miscellaneous.

 9.1 Conflicts. With respect to the matters covered hereby, in the event of any conflict between the provisions of this Agreement
and the provisions of any other Transaction Document, the provisions of this Agreement shall govern and control. 
 9.2 Effectiveness;
Continuing Nature of this Agreement; Severability. (a) This Agreement shall become effective when executed and delivered by each of the parties hereto. 
 (b) The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. 
 (c) Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction. All references to any Loan Party shall include such Loan Party as debtor and debtor-in-possession and any receiver or trustee for such Loan Party (as the case may be)
in any Insolvency or Liquidation Proceeding. 
 (d) This Agreement shall terminate and be of no further force and effect on the Discharge
Date. Upon the repayment in full in cash of all Secured Obligations owing to a particular series of Secured Parties, and the termination of all such Secured Parties’ Commitments and Transaction Documents related specifically thereto, such
Secured Parties, at 

  

 37 

 
their request, may be released from all of their obligations hereunder so long as such Secured Parties concurrently disclaim and waive any rights to the
Collateral or the other benefits hereof (other than Section 6). 
 9.3 Amendments; Waivers; Controlling Party.
(a) Subject Sections 8.3(b), 9.3(b) and 9.4(d), no amendment, modification or waiver of any of the provisions of this Agreement by any Agent or Secured Debt Representative shall be deemed to be made unless the same shall be in
writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the
obligations of the other parties to such party in any other respect or at any other time. Each of the parties hereto acknowledges and agrees that if the Loan Insurer is the Controlling Party under and as defined in the Credit Agreement or any other
Secured Funded Debt Document, then the Loan Insurer shall have all rights to take all actions (including granting waivers, approving amendments or otherwise) for the Agents under the Credit Agreement or any such Secured Funded Debt Document (as
applicable) hereunder; provided that no such actions shall, in the absence of the Collateral Agent’s consent (such consent not to be unreasonably withheld or delayed), be effective as against the Collateral Agent to the extent that the
effect of such action would be to increase or otherwise materially amend or modify the duties of the Collateral Agent hereunder. 
 (b)
Notwithstanding Section 9.3(a), neither the Borrower nor any other Loan Party shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent its rights are
directly affected (which includes, but is not limited to any amendment to the Borrower’s ability to cause additional obligations to constitute Secured Obligations as the Borrower may designate or any amendment, modification or waiver of
Section 5.1, 5.4, 6.1, 9.1, 9.2, 9.3, 9.4, 9.8 or 9.9) or such amendment, modification or waiver, if adopted, would cause any Loan Party to be in default under any of the
Transaction Documents. 
 (c) Notwithstanding the other provisions of this Section 9.3, the Borrower, the Pledgor, the Loan
Insurer (so long as it is the Controlling Party under the Credit Agreement or any other Secured Funded Debt Document) and the Collateral Agent may (but shall have no obligation to) amend or supplement this Agreement or the Collateral Documents
without the consent of any other Secured Party: (i) to cure any ambiguity, defect or inconsistency; (ii) to make any change that would provide any additional rights or benefits to the Secured Parties; or (iii) to make, complete or
confirm any grant of Collateral permitted or required by this Agreement or any of the Collateral Documents or any release of any Collateral that is otherwise permitted under the terms of this Agreement and the Transaction Documents. 
 9.4 Voting. (a) Without limiting anything contained herein (including Section 9.3(b) and 9.3(c)) and other than
ministerial and administrative acts contemplated by or expressly provided in the Collateral Documents to which it is a party, the Collateral Agent shall not take any other action (including the exercise of remedies, the amendment of Collateral
Documents or the granting of waivers under such Collateral Documents), or grant its consent under any Collateral Documents, unless pursuant to a direction of the Required First Lien Secured Parties. If the Collateral Agent determines that discretion
is needed in the taking of any action, it may refrain from taking such action until such directions or instructions are received pursuant to a direction of the Required First Lien Secured Parties and shall have no liability to the Secured Parties
for so refraining. 
  

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 (b) In connection with any act or decision by the Required First Lien Secured Parties under this
Agreement or any of the Collateral Documents, (i) the vote of the Construction Lenders or the New Lenders (as applicable) shall be calculated based on the amount of the Lenders Exposure Amount owed to such Construction Lenders or the New
Lenders (as applicable) at the time the applicable matter is presented for a vote, (ii) the vote of the Interest Rate Hedge Providers shall be calculated based on the amount of the Eligible Swap Amount at the time the applicable matter is
presented for a vote, (iii) the vote of the Secured Fuel Supply Agreement Counterparties shall be calculated based on the amount of the Eligible Fuel Supply Agreement Amount at the time the applicable matter is presented for a vote and
(iv) the vote of the Loan Insurer (as contemplated by clause (d) of the definition of “Required First Lien Secured Parties” and not including its rights to vote any Secured Party’s claims in respect of the Insured Debt as
contemplated by clause (d) below) shall be calculated based on the amount owed by the Borrower to the Loan Insurer under the Loan Insurance Agreement at the time the applicable matter is presented for a vote. 
 (c) In calculating the percentage of Secured Parties voting for any matter that is the subject of a vote, consent, waiver, approval or otherwise
providing direction with respect to a decision, the total number of votes cast by the Secured Parties (taken as a single class and series of Debt) in favor of such decision shall be divided by the total number of votes eligible to be cast by the
Secured Parties which are entitled to so vote, consent, waive, approve or otherwise provide direction (and, for the avoidance of doubt, no series of Debt hereunder will vote as a block or separate class). 
 (d) Notwithstanding anything to the contrary herein, as and to the extent provided for in (1) the Credit Agreement, (2) any Interest Rate
Protection Agreement, if the Borrower’s scheduled payment obligations thereunder are insured pursuant to an Insurance Policy and (3) from and after the occurrence of a Permitted Tax-Exempt Bond Refinancing, any Secured Funded Debt
Documents relating to such Permitted Tax-Exempt Bond Refinancing (if the Borrower’s scheduled principal and interest payment obligations under such Secured Funded Debt Documents are guaranteed by the Loan Insurer pursuant to an Insurance
Policy) (collectively, the Credit Agreement, such Secured Funded Debt Documents, such Interest Rate Protection Agreements and the Secured Obligations thereunder being referred to herein as the “Insured Debt”), the Loan
Insurer (so long as it is the “Controlling Party” for such Insured Debt or the person thereunder entitled to exercise the applicable Secured Parties’ voting rights) shall be treated as the holder of all such Insured Debt and shall
have all of the rights afforded to it under Article X of the Credit Agreement (in the case of the Credit Agreement), any comparable provision of such other Secured Funded Debt Documents and/or such Interest Rate Protection Agreements (in the case of
other Insured Debt), including: 
 (i) having the exclusive power after the Closing Date to determine, control and direct any
request, demand, authorization, direction, notice, consent, waiver, funding decision, or other action to be given, made or taken by any party to the Credit Agreement (including the Administrative Agent and the Construction Lenders, but excluding the
Borrower), such Secured Funded Debt Documents (including the 

  

 39 

 
applicable trustee and tax-exempt bond holders, but excluding the Borrower) and such Interest Rate Protection Agreements (including the applicable Interest
Rate Hedge Providers, but excluding the Borrower), hereunder; 
 (ii) having the exclusive power under the Transaction
Documents (including this Agreement) to vote on behalf of such Insured Debt to determine the exercise of, and otherwise control and direct the enforcement of, all rights and remedies in respect of any Event of Default and the Collateral (including
the exclusive power to provide to the Collateral Agent any “direction of the Required First Lien Secured Parties”); and 
 (iii) having the sole right to vote all of the Construction Lenders’ claims hereunder (i.e., their “Lenders Exposure Amount”), the applicable trustee and tax-exempt bond holders claims hereunder (i.e., their “Lenders
Exposure Amount”), and the applicable Interest Rate Hedge Providers claims hereunder (i.e., their “Eligible Swap Amount”), and having the sole right to exercise the applicable Secured Debt Representative’s voting rights hereunder
(including, in each case, votes with respect to any matters contemplated by Sections 3, 8.3(b) and 9.3(a) and this Section 9.4). 
 Nothing in this clause (d) shall impair or affect the Administrative Agent’s or any other Agent’s obligations, as a Secured Debt Representative, to provide the information, notices and other
documentation required of it hereunder. 
 9.5 Information Concerning Financial Condition of the Borrower. Each Secured Party shall
each be responsible for keeping themselves informed of (a) the financial condition of the Borrower and (b) all other circumstances bearing upon the risk of nonpayment of the Secured Obligations. No Agent or Secured Party shall have any
duty to advise any other Agent or Secured Party of information known to it or them regarding such condition or any such circumstances or otherwise. In the event that any Agent or Secured Party, in its or their sole discretion, undertakes at any time
or from time to time to provide any such information to any other Agent or Secured Party, it or they shall be under no obligation: 
 (a) to make, and the Agents and the Secured Parties shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided;

 (b) to provide any additional information or to provide any such information on any subsequent occasion; 
 (c) to undertake any investigation; or 
 (d) to disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 
 9.6 Application of Payments. All payments received by the Collateral Agent (on behalf of the Secured Parties) or any Secured Party in accordance
with the terms hereof and the other Collateral Documents may be applied, reversed and reapplied, in whole or in part, to such part of the Secured Obligations as provided for herein and in the applicable Transaction Documents. 
  

 40 

 9.7 CONSENT TO JURISDICTION. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR
RELATING HERETO SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY
(A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE
MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 9.9; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL
JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E) AGREES THAT EACH PARTY RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY OTHER PARTY IN THE COURTS OF ANY OTHER JURISDICTION. 
 9.8 WAIVER OF JURY TRIAL.
EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO
ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS
THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN
WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 9.8 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE
EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
  

 41 

 9.9 Notices. All notices to the Secured Parties permitted or required under this Agreement shall
also be sent to the Collateral Agent. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served, telexed or sent by telefacsimile or United States mail or courier service and shall be deemed
to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or telex, or three Business Days after depositing it in the United States mail with postage prepaid and properly
addressed. For the purposes hereof, the addresses of the parties hereto shall be as set forth on Annex I hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties.
Each Secured Debt Representative shall provide the Collateral Agent with current contact and notice information at all times hereunder. 
 9.10 Further Assurances. Each Loan Party agrees that, at the sole cost and expense of the Borrower, it shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if
requested) as the Collateral Agent may reasonably request to effectuate the terms of and the Liens contemplated by this Agreement. 
 9.11
APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 9.12 Binding on Successors and Assigns. This Agreement (including any decision by the Secured Parties hereunder) shall be binding upon the parties
hereto, Secured Parties and the Loan Parties and their respective successors and permitted assigns. 
 9.13 Specific Performance. The
Collateral Agent and each Secured Debt Representative may demand specific performance of this Agreement. Each party hereto hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted
to bar the remedy of specific performance in any action which may be brought by the Collateral Agent or any Secured Debt Representative. 
 9.14 Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 9.15 Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy
shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable. 
 9.16 Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. 
  

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 9.17 No Third Party Beneficiaries; No Partnership. Subject to Section 9.18, this
Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the Secured Parties. Nothing contained in this Agreement and no
action by any Secured Party is intended to constitute or shall be deemed to constitute such Secured Parties (or any of them) a partnership, association, joint venture or other entity. 
 9.18 Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended for the purpose of defining the relative
rights of the Collateral Agent and the other Secured Parties. None of the Borrower, any other Loan Party or any other creditor thereof shall have any rights hereunder and neither the Borrower nor any other Loan Party may rely on the terms hereof,
other than, in each case, the provisions of Sections 4.1, 5.1, 5.4, 6.1, 9.3, 9.4 and 9.16 (and the related definitions) hereof. Nothing in this Agreement is intended to or shall impair the
obligations of the Borrower or any other Loan Party, which are absolute and unconditional, (a) to pay the Secured Obligations as and when the same shall become due and payable in accordance with their terms or (b) otherwise comply with the
terms of the Transaction Documents. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Collateral Agency and Intercreditor Agreement
as of the date first written above. 
  

			
	 BORROWER

	
	 PLUM POINT ENERGY ASSOCIATES, LLC,

	 a Delaware limited liability company

		
	 By:
	 	 /s/ Illegible

	 Name:
	 	
	 Title:
	 	
	
	 PLEDGOR

	
	 PPEA HOLDING COMPANY, LLC,

	 a Delaware limited liability company

		
	 By
	 	 /s/ Illegible

	 Name:
	 	
	 Title:
	 	
	
	 COLLATERAL AGENT

	
	 THE BANK OF NEW YORK not in its individual
 capacity, but solely as Collateral Agent under the
 Collateral Agency and Intercreditor Agreement

		
	 By:
	 	 /s/ Beata Mryniewicka

	 Name:
	 	Beata Mryniewicka
	 Title:
	 	Assistant Vice President

 [COLLATERAL AGENCY AGREEMENT] 

			
	 ADMINISTRATIVE AGENT

	
	 THE ROYAL BANK OF SCOTLAND PLC

		
	 By:
	 	 /s/ Richard Randall

	 Name:
	 	Richard Randall
	 Title:
	 	Managing Director
	
	 LOAN INSURER

	
	 AMBAC ASSURANCE CORPORATION

		
	 By:
	 	 /s/ Illegible

	 Name:
	 	
	 Title:
	 	

 [COLLATERAL AGENCY AGREEMENT]Loan Agreement, dated as of April 1, 2006

 EXHIBIT 10.12 
  

 CITY OF OSCEOLA, ARKANSAS

 and 
 PLUM POINT ENERGY
ASSOCIATES, LLC 
  

 LOAN AGREEMENT 

 Dated as of April 1, 2006 
  

 LOAN AGREEMENT 
 TABLE OF CONTENTS 
 (This Table of Contents is not a part of the Loan Agreement and is only for
convenience of reference.) 
  

					
	 Parties
	  		  	1
	 Recitals
	  		  	1
	
	 ARTICLE I
 DEFINITIONS

			
	 Section 1.1
	  	Definitions	  	2
	 Section 1.2
	  	Use of Words and Phrases	  	7
	
	 ARTICLE II
 REPRESENTATIONS

			
	 Section 2.1
	  	Representations and Warranties of the Issuer	  	8
	 Section 2.2
	  	Representations and Warranties of the Company	  	8
	
	 ARTICLE III
 THE PROJECT

			
	 Section 3.1
	  	Acquiring, Constructing and Equipping of the Project	  	10
	 Section 3.2
	  	Company Required to Pay in Event Proceeds of Bonds Insufficient	  	10
	 Section 3.3
	  	Revision of Scope, Plans, Schedule and Specifications	  	10
	 Section 3.4
	  	Certification of Completion Date	  	10
	
	 ARTICLE IV
 ISSUANCE OF THE BONDS

			
	 Section 4.1
	  	Issuance of the Bonds	  	12
	 Section 4.2
	  	Disposition of Bond Proceeds	  	12
	
	 ARTICLE V
 LOAN PROVISIONS

			
	 Section 5.1
	  	Loan of Bond Proceeds	  	13
	 Section 5.2
	  	Loan Payments and Payment of Other Amounts Payable	  	13
	 Section 5.3
	  	No Defense or Set-Off — Unconditional Obligation	  	14
	 Section 5.4
	  	Credit Enhancement and Liquidity Facility	  	15

					
	
	 ARTICLE VI
 SPECIAL COVENANTS AND AGREEMENTS

			
	 Section 6.1
	  	Maintenance of Corporate Existence	  	16
	 Section 6.2
	  	Release and Indemnification Covenants	  	16
	 Section 6.3
	  	Qualification of Company in Arkansas	  	17
	 Section 6.4
	  	Permits or Licenses	  	17
	 Section 6.5
	  	Access to Project	  	17
	 Section 6.6
	  	Recordation and Filing	  	17
	 Section 6.7
	  	Tax Exempt Status of Bonds	  	17
	 Section 6.8
	  	Arbitrage Covenant	  	18
	 Section 6.9
	  	Usury Covenant	  	20
	 Section 6.10
	  	Continuing Disclosure	  	20
	
	 ARTICLE VII
 ASSIGNMENT, LEASING AND SELLING

			
	 Section 7.1
	  	Conditions	  	21
	 Section 7.2
	  	Instrument Furnished to Trustee	  	21
	 Section 7.3
	  	Limitation	  	21
	 Section 7.4
	  	Assignment of Issuer’s Rights	  	21
	
	 ARTICLE VIII
 TRUST INDENTURE

			
	 Section 8.1
	  	Company’s Performance Under Indenture	  	22
	 Section 8.2
	  	Company Credit Facility	  	22
	
	 ARTICLE IX
 EVENTS OF DEFAULT AND REMEDIES

			
	 Section 9.1
	  	Events of Default	  	23
	 Section 9.2
	  	Force Majeure	  	23
	 Section 9.3
	  	Remedies on Default	  	24
	 Section 9.4
	  	No Remedy Exclusive	  	24
	 Section 9.5
	  	Company to Pay Attorneys’ Fees and Expenses	  	25
	 Section 9.6
	  	Waiver of Breach	  	25
	 Section 9.7
	  	Rights of Credit Provider	  	25
	
	 ARTICLE X
 REDEMPTION OF BONDS

			
	 Section 10.1
	  	Optional Redemption of Bonds	  	26
	 Section 10.2
	  	Extraordinary Optional Redemption of Bonds	  	26

					
	 Section 10.3
	  	Mandatory Redemption of Bonds	  	26
	 Section 10.4
	  	Amounts Payable by Company	  	26
	 Section 10.5
	  	Procedure for Exercise of Options	  	27
	
	 ARTICLE XI
 MISCELLANEOUS

			
	 Section 11.1
	  	Notices	  	28
	 Section 11.2
	  	Severability	  	29
	 Section 11.3
	  	Execution of Counterparts	  	29
	 Section 11.4
	  	Amounts Remaining in Bond Fund	  	29
	 Section 11.5
	  	Amendments, Changes and Modifications	  	29
	 Section 11.6
	  	Governing Law	  	29
	 Section 11.7
	  	Company Representatives	  	29
	 Section 11.8
	  	No Personal Liability	  	29
	 Section 11.9
	  	Parties in Interest	  	30
		
	 Signatures and Seals
	  	31
	 Exhibit A - Description of Project
	  	32

 LOAN AGREEMENT 
 This LOAN AGREEMENT, dated as of April 1, 2006, by and between CITY OF OSCEOLA, ARKANSAS, a municipality organized and existing under the laws of the State of Arkansas (the “Issuer”), and PLUM POINT
ENERGY ASSOCIATES, LLC, a limited liability company organized and existing under and by virtue of the laws of the State of Delaware (the “Company”). 
 W I T N E S S E T H: 
 WHEREAS, the Issuer is authorized and empowered under the laws of the State of
Arkansas, including particularly Title 14, Chapter 267 of the Arkansas Code of 1987 Annotated (the “Act”), to issue revenue bonds and to expend the proceeds thereof to finance the acquisition, construction, reconstruction, extension,
equipment or improvement of pollution control facilities for the disposal or control of sewage, solid waste, water pollution, air pollution, or any combination thereof; and 
 WHEREAS, the Company’s undivided interest in certain sewage and solid waste disposal facilities (the “Project”) are being acquired,
constructed and equipped by or on behalf of the Company at the Plum Point Energy Station (the “Plant”) of the Company and others to be located within or near the Issuer; and 
 WHEREAS, at the request of the Company and in furtherance of the purposes of the Act, the Issuer proposes to issue its revenue bonds under the Act in the
aggregate principal amount of $100,000,000 (identified in Article I hereof and referred to herein as the “Bonds”), and to loan the proceeds thereof to the Company upon the terms and conditions set forth herein, for the purpose of financing
the cost of acquiring, constructing and equipping the Project; 
 NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants herein made, and subject to the conditions herein set forth, the parties hereto agree as follows: 

 ARTICLE I 
 DEFINITIONS 
 Section 1.1. Definitions. In addition to the words and terms
elsewhere defined in this Loan Agreement, the following words and terms as used in this Loan Agreement shall have the following meanings unless the context or use indicates another or different meaning: 
 “Act” — Title 14, Chapter 267 of the Arkansas Code of 1987 Annotated, as enacted and amended from time to time. 
 “Alternate Credit Enhancement” or “Alternate Liquidity Facility” — A letter of credit, insurance policy, line of credit, surety
bond, standby purchase agreement or other security or liquidity instrument, as the case may be, issued in accordance with the terms of the Indenture as a replacement or substitute for any Credit Enhancement or Liquidity Facility, as applicable, then
in effect. 
 “Bond Counsel” — Any firm of nationally recognized municipal bond attorneys selected by the Company, acceptable
to the Issuer and the Trustee, and experienced in the issuance of municipal bonds and matters relating to the exclusion of the interest thereon from gross income for Federal income tax purposes. 
 “Bonds” — City of Osceola, Arkansas Solid Waste Disposal Revenue Bonds (Plum Point Energy Associates, LLC Project), Series 2006, in the
aggregate principal amount of $100,000,000, issued under and secured by the Indenture. 
 “Bond Fund” — The fund by that name
created and established in Section 6.1 of the Indenture. 
 “Business Day” — Any business day other than (i) a
Saturday or Sunday, or (ii) a day on which the Trustee, the Paying Agent, or the Remarketing Agent is required or authorized to be closed, or (iii) a day on which the office of the Credit Provider or Liquidity Provider at which
certificates and demands for payment are required to be presented under the Credit Enhancement or Liquidity Facility is required or authorized to be closed, or (iv) a day on which the New York Stock Exchange, Inc. is closed. 
 “Clearing Fund” — The fund by that name created and established in Section 7.1 of the Indenture. 
 “Clerk” — The person holding the office and performing the duties of City Clerk of the Issuer. 
  

 2 

 “Collateral Agent” — (i) Credit Suisse, Cayman Islands Branch, in its capacity as
collateral agent for the secured parties under the Company Credit Facility, or (ii) any other Person so designated in writing by the Company to the Trustee and the Credit Provider, confirmed in writing by the then-existing Collateral Agent
known as such to the Trustee and the Credit Provider. 
 “Company” — Plum Point Energy Associates, LLC, a limited liability
company organized and existing under the laws of the State of Delaware, and its permitted successors and assigns hereunder. 
 “Company
Credit Facility” — (i) The Credit Agreement dated as of March 14, 2006, among the Lenders from time to time party thereto, Credit Suisse, Cayman Islands Branch, as administrative agent, as collateral agent, and as issuing bank,
Credit Suisse Securities (USA) LLC, Goldman Sachs Credit Partners L.P., Merrill Lynch & Co. and Morgan Stanley & Co. Incorporated, as joint lead arrangers and joint lead bookrunners, the party named therein as syndication agent,
the party named therein as documentation agent, and the Company, and any amendments and supplements thereto, or (ii) any other credit agreement, loan agreement, indenture, or similar agreement entered into by the Company for the purpose of
borrowing money or securing indebtedness of the Company which refunds or replaces the initial Company Credit Facility described in clause (i) of this definition. 
 “Company Credit Facility Construction Account” — (i) The account of the Company entitled “Plum Point Construction Account” and numbered 10226008.1 maintained with JPMorgan Chase Bank, N.A., in
its capacity as depositary agent, bank and securities intermediary for the secured parties under the initial Company Credit Facility, or (ii) any other account so designated in writing by the Company to the Trustee and the Credit Provider,
confirmed in writing by the then-existing Collateral Agent known as such to the Trustee and the Credit Provider. 
 “Company Credit
Facility Revenue Account” — (i) The account of the Company entitled “Plum Point Revenue Account” and numbered 10226008.2 maintained with JPMorgan Chase Bank, N.A., in its capacity as depositary agent, bank and securities
intermediary for the secured parties under the initial Company Credit Facility, or (ii) any other account so designated in writing by the Company to the Trustee and the Credit Provider, confirmed in writing by the then-existing Collateral Agent
known as such to the Trustee and the Credit Provider. 
 “Company Representative” — A person at the time designated to act on
behalf of the Company for purposes of the Indenture by a written instrument furnished to the Trustee containing the specimen signature of such person and signed on behalf of Company by any of its officers. The certificate may designate an alternate
or alternates. 
  

 3 

 “Completion Date” — The date of completion of the acquisition, construction and equipping
of the Project, as that date shall be determined by the Company and certified as provided in Section 3.4 hereof. 
 “Construction
Fund” — The fund by that name created and established in Section 7.1 of the Indenture. 
 “Credit Enhancement”
— A letter of credit, insurance policy, surety bond, line of credit or other instrument then in effect which secures or guarantees the payment of principal of and interest on the Bonds. 
 “Credit Provider” — Any bank, insurance company, pension fund or other financial institution which provides a Credit Enhancement or
Alternate Credit Enhancement for the Bonds. A Credit Provider also may be the Liquidity Provider. For any period during which the Company Credit Facility is in effect, the term “Credit Provider” as used herein shall refer to and mean the
Issuing Bank. The initial Credit Provider shall be Credit Suisse, New York Branch. 
 “Credit Provider Failure” or “Liquidity
Provider Failure” — A failure of the Credit Provider or Liquidity Provider, as applicable, to pay a properly presented and conforming draw or request for advance under the Credit Enhancement or Liquidity Facility, as applicable, or the
filing or commencement of any bankruptcy or insolvency proceedings by or against the Credit Provider or Liquidity Provider, as applicable, or the Credit Provider or Liquidity Provider, as applicable, shall declare a moratorium on the payment of its
unsecured debt obligations or shall repudiate the Credit Enhancement or Liquidity Facility, as applicable. 
 “Event of Default”
— Any event of default specified in Section 9.1 hereof. 
 “Indenture” — The Trust Indenture dated as of
April 1, 2006, by and between Issuer and Trustee, securing the Bonds, and any amendments and supplements thereto. 
 “Issuer”
— City of Osceola, Arkansas, a municipality organized and existing under the laws of the State of Arkansas, and its successors and assigns. 
 “Issuing Bank” — (i) Credit Suisse, New York Branch, as issuing bank under the Company Credit Facility, or (ii) any other Person so designated in writing by the Company to the Trustee and the Credit Provider,
confirmed in writing by the then-existing Issuing Bank known as such to the Trustee. 
 “Liquidity Facility” — Any letter of
credit, line of credit, standby purchase agreement or other instrument then in effect which provides for the payment of the purchase price of Bonds upon the tender thereof in the event remarketing proceeds are insufficient therefor. 
  

 4 

 “Liquidity Provider” — Any bank, insurance company, pension fund or other financial
institution which provides a Liquidity Facility or Alternate Liquidity Facility for the Bonds. A Liquidity Provider also may be the Credit Provider. 
 “Loan Agreement” — This Loan Agreement and any amendments and supplements hereto. 
 “Loan Payments” — All amounts required to be paid by the Company to the Issuer (and the Trustee as the assignee of the Issuer) pursuant to Section 5.2 of this Loan Agreement. 
 “Mayor” — The person holding the office and performing the duties of the Mayor of the Issuer. 
 “Maximum Rate” — The lesser of (i) the rate of ten and three-quarters percent
(10 3/4%) per annum or such higher rate of interest as the Trustee may accept, based upon an opinion of Bond
Counsel, to the effect that such higher rate is not greater than the maximum rate permitted by applicable law, or (ii) the maximum rate per annum, specified therein, upon which there has been calculated the amount available to be drawn on the
Credit Facility to pay interest on the Bonds. 
 “Outstanding” — When used with reference to the Bonds, as of any
particular date, the aggregate of all Bonds authenticated and delivered under the Indenture, except: 
 (a) Bonds canceled at
or prior to such date or delivered to or acquired by the Trustee prior to such date for cancellation; 
 (b) Bonds deemed to
be paid in accordance with Article X of the Indenture; 
 (c) Bonds in lieu of or in exchange or substitution for which other
Bonds shall have been authenticated and delivered pursuant to the Indenture; and 
 (d) On or after any Purchase Date, Bonds
tendered or deemed tendered provided moneys sufficient to pay the Purchase Price thereof on such Purchase Date shall be available in the Purchase Fund for such purpose. 
 “Paying Agent” — The commercial bank, trust company or other entity which may from time to time be appointed to serve as Paying Agent as provided in Section 12.12 of the Indenture. Until such time
as an alternate Paying Agent is appointed, the Paying Agent shall be the Trustee. 
 “Plant” — The approximately 665 megawatt
coal-fired electric generation plant jointly leased by the Company and others from the Issuer in connection with industrial development revenue bonds issued by the Issuer to be located on a site adjacent to the Mississippi River within or near the
Issuer and known as the Plum Point Energy Station. 
  

 5 

 “Project” — The Company’s undivided interest (which may be a leasehold interest) in
the land, the buildings, structures and other improvements, and those items of fixtures, machinery, equipment and other tangible personal property acquired, constructed and equipped, in whole or in part, with the proceeds of the Bonds (including any
changes in, additions to, substitutions for or deletions of facilities or portions thereof made under Section 3.3 hereof). As presently contemplated by the existing plans and specifications prepared by or on behalf of the Company, the Project
is generally described in Exhibit A hereto. 
 “Project Costs” — All costs and expenses incurred with respect to the
development, financing, design, engineering, acquisition, equipping, construction, assembly, inspection, testing, completion and start-up of the Project, including, without limitation: 
 (a) obligations of the Company incurred for labor and materials (including obligations payable to the Company) in connection with the
acquisition, construction or equipping of the Project, including reimbursement to the Company or its affiliates for all advances and payments (including interest) made prior to or after delivery of the Bonds; 
 (b) the cost of performance or other bonds and any and all types of insurance that may be necessary or appropriate to have in effect
during the course of construction of the Project; 
 (c) all costs of engineering and architectural services, including the
costs of the Company for test borings, surveys, estimates, plans and specifications and preliminary investigations therefor, and for supervising construction, as well as for the performance of all other duties required by or consequent to the proper
construction of the Project; 
 (d) all expenses incurred in connection with the issuance of the Bonds, including, without
limitation, compensation and expenses of the Trustee, compensation to any financial consultants or underwriters, legal fees and expenses, costs of printing, and recording and filing fees; 
 (e) all fees for examination of title or title insurance, and for recording this Loan Agreement and the Indenture or filing any financing
statements; 
 (f) any sums required to reimburse the Company for advances (including interest) made by either of them or any
of the Company’s affiliates for any of the above items or for any other costs incurred and for work done by either of them or any of the Company’s affiliates which are properly chargeable to the Project; 
  

 6 

 (g) all costs which the Company shall be required to pay, under the terms of any contract
or contracts, for the acquisition, construction, installation or equipping of the Project; and 
 (h) interest on the Bonds
prior to the Completion Date. 
 “Reimbursement Agreement” — Any reimbursement agreement, credit agreement, line of credit
agreement, standby purchase agreement or other agreement, by and between the Credit Provider or Liquidity Provider, as applicable, and the Company, pursuant to which the Credit Enhancement, Liquidity Facility, Alternate Credit Enhancement, or
Alternate Liquidity Facility is issued or provided. The Company Credit Facility shall be the initial Reimbursement Agreement. 
 “Remarketing Agent” — Goldman Sachs & Co., or any other investment banking firm which may be substituted in its place as provided in Section 13.1 of the Indenture. 
 “Trustee” — The commercial bank, trust company or other entity which may from time to time be appointed to serve as Trustee under the
provisions of the Indenture or by operation of law. The initial Trustee shall be Regions Bank, Little Rock, Arkansas. 
 Capitalized terms
used but not defined in this Loan Agreement shall have the meanings given to them in the Indenture or, if such terms are not defined in the Indenture, the meanings given to them in the Company Credit Facility. 
 Section 1.2. Use of Words and Phrases. “Herein”, “hereby”, “hereunder”, “hereof”,
“hereinabove”, “hereinafter”, and other equivalent words and phrases refer to this Loan Agreement and not solely to the particular portion thereof in which any such word is used. The definitions set forth in Section 1.1
hereof include both singular and plural. Whenever used herein, any pronoun shall be deemed to include both singular and plural and to cover all genders. The term “including” shall mean “including without limitation.” 

 

 7 

 ARTICLE II 
 REPRESENTATIONS 
 Section 2.1. Representations and Warranties of the Issuer. The
Issuer makes the following representations and warranties as the basis for the undertakings herein contained: 
 (a) The Issuer is a
municipality duly organized and existing under the laws of the State of Arkansas. 
 (b) The Issuer has the power to enter into the
transactions contemplated by this Loan Agreement and to carry out its obligations hereunder. By proper action of the governing body of the Issuer, the Issuer has been duly authorized to execute and deliver this Loan Agreement. 
 (c) The Issuer has not and will not except as otherwise required by mandatory provisions of law, assign its interest in this Loan Agreement other than to
secure the Bonds. 
 (d) The acquiring, constructing and equipping of the Project will promote the securing and developing of industry and
will thereby further the public purposes of the Act. 
 Section 2.2. Representations and Warranties of the Company. The Company
makes the following representations and warranties as the basis for the undertakings herein contained: 
 (a) The Company is a limited
liability company duly organized under the laws of the State of Delaware and is in good standing under the laws of such state, is duly authorized to do business in the State of Arkansas and is in good standing under the laws of such state, has all
requisite limited liability company power and authority, and has, or will when required have, the legal right, to own and operate its property and assets, to lease the property it operates as lessee and to carry on its business as now conducted and
as proposed to be conducted in respect of the Project, has the power under its Operating Agreement to enter into this Loan Agreement and perform its obligations hereunder, and has duly authorized the execution and delivery of this Loan Agreement by
proper corporate action. 
 (b) The Project is of the type authorized and permitted by the Act, and the Company intends to operate the
Project to the expiration or earlier termination of this Loan Agreement for solid waste disposal purposes. 
 (c) Estimated Project Costs
have been determined in accordance with sound engineering and accounting principles, and the Company estimates that all of the proceeds of the Bonds will be expended to pay such Project Costs. 
 (d) Neither the execution and delivery of this Loan Agreement, the consummation of the transactions contemplated hereby, nor the compliance with the
terms and conditions of this 

  

 8 

 
Loan Agreement conflicts with or results in a breach of the terms, conditions or provisions of any agreement or instrument to which Company is now a party or
by which Company is bound, or constitutes a default under any of the foregoing, or results in the creation or imposition of any lien, charge or encumbrance whatsoever (other than Permitted Liens) upon any of the property or assets of the Company.

 (e) All representations and warranties of the Company contained in any certificate required to be given in connection with the issuance of
the Bonds will be true and correct in all material respects as of the date of such certificate. 
 (f) This Loan Agreement has been duly
executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 (g) No action, consent or approval of, registration or filing with, Permit from, notice to, or any other action by, any Governmental Authority is or will be required in connection with (i) the due execution,
delivery and performance by the Company of this Loan Agreement, or (ii) the construction and operation of the Project as contemplated by this Loan Agreement (other than any such action, consent, approval, registration, filing, Permit or notice
which is not material) except (A) such as have been made or obtained and are in full force and effect, (B) any Permits referred to in Section 3.12(b) of the Company Credit Facility, and (C) as provided in Section 5.17 of the
Company Credit Facility. 
 (h) There are no pending, or, to the knowledge of the Company, threatened actions or proceedings of any kind,
including actions or proceedings of or before any Governmental Authority, to which the Company or, to the knowledge of the Company, the Project or the Site is a party or is subject, or by which any of them or any of their properties or the Project
are bound, which would reasonably be expected to have a material adverse effect on the Company’s ability to perform its obligations hereunder. 
  

 9 

 ARTICLE III 
 THE PROJECT 
 Section 3.1. Acquiring, Constructing and Equipping of the Project.
The Company shall cause the Project to be acquired, constructed and equipped with all reasonable dispatch in order to effectuate the purposes of the Act. The Company shall have the sole responsibility under this Loan Agreement for the acquiring,
constructing and equipping of the Project and may perform the same itself or through its agents, and may make or issue such contracts, orders, receipts and instructions, and in general do or cause to be done all such other things as it may in its
sole discretion consider requisite or advisable for the acquiring, construction and equipping of the Project and for fulfilling its obligations under this Article III. The Company shall have full authority and the sole right under this Loan
Agreement to supervise and control, directly or indirectly, all aspects of the acquiring, constructing and equipping of the Project. 
 Section 3.2. Company Required to Pay in Event Proceeds of Bonds Insufficient. In the event the proceeds of the issuance and sale of the Bonds available for payment of Project Costs should not be sufficient to pay the Project
Costs in full, the Company agrees to complete the Project and to pay that portion of the Project Costs in excess of the moneys available therefor from the proceeds of the Bonds. The Issuer does not make any warranty, either expressed or implied,
that the proceeds of the issuance and sale of the Bonds available for payment of Project Costs will be sufficient to pay all of the Project Costs. The Company agrees that if after exhaustion of Bond proceeds the Company should pay any portion of the
Project Costs pursuant to the provisions of this Section, the Company shall not be entitled to reimbursement therefor from the Issuer or from the Trustee or from the owners of any of the Bonds, nor shall the Company be entitled to any diminution of
the amounts payable under Section 5.2 hereof. 
 Section 3.3. Revision of Scope, Plans, Schedule and Specifications. Subject
to the Company Credit Facilities, the Company may revise the scope, plans, schedule and specifications for the Project at any time and from time to time in any respect, including, without limitation, any changes therein, additions thereto,
substitutions therefor and deletions therefrom; provided, however, that no such revision shall materially impair the effective use of the Project contemplated by this Loan Agreement, shall render inaccurate any of the representations contained in
Section 2.2 hereof, or shall result in a violation of any of the covenants contained in Section 6.7 hereof; and provided, further, that no such revision shall result in a change in the description of the Project in Exhibit A hereto, unless
the Company shall have theretofore delivered to the Trustee a Favorable Opinion of Bond Counsel. 
 Section 3.4. Certification of
Completion Date. Promptly after the Completion Date, the Company shall submit to the Issuer and the Trustee a certificate, executed by a Company Representative, which shall (a) specify the Completion Date, (b) state that acquisition,
construction and equipment of the Project has been completed and the Project Costs have been paid or set aside for payment, except for any Project Costs which have been incurred but are not 

  

 10 

 
then due and payable or the liability for the payment of which is being contested or disputed by the Company, and (c) state that not less than 95% of
the net proceeds of the Bonds (within the meaning of Section 142(a) of the Code) have been expended (i) for proper costs of land or property of a character subject to the allowance for depreciation under Section 167 of the Code, or
which are, for federal income tax purposes, chargeable to capital account or would have been so chargeable either with a proper election by the Company or but for a proper election by the Company to deduct such amounts, and (ii) to provide
sewage and solid waste disposal facilities within the meaning of Section 142(a)(5) and (6) of the Code and regulations thereunder. Notwithstanding the foregoing, such certificate may state that it is given without prejudice to any rights
against third parties which exist at the date thereof or which may subsequently come into being. 
  

 11 

 ARTICLE IV 
 ISSUANCE OF THE BONDS 
 Section 4.1. Issuance of the Bonds. The Issuer shall issue
the Bonds under and in accordance with the Indenture. The Company hereby approves the issuance of the Bonds and all terms and conditions thereof. 
 Section 4.2. Disposition of Bond Proceeds. (a) The net proceeds from the issuance and sale of the Bonds shall be deposited into the Clearing Fund and the Construction Fund in accordance with the provisions of
Section 7.2 of the Indenture. 
 (b) Moneys in the Clearing Fund shall be disbursed for payment of the fee and expenses of Goldman,
Sachs & Co. in connection with the issuance of the Bonds. 
 (c) Moneys in the Construction Fund shall be disbursed from time to
time for direct payment of Project Costs, for reimbursement of Project Costs paid by the Company or its affiliates, or for payment to the Company Credit Facility Construction Account, all in accordance with and pursuant to requisitions as provided
in Section 7.2 of the Indenture. The Company hereby covenants and agrees that all payments from the Construction Fund to the Company Credit Facility Construction Account shall be promptly expended for the payment of Project Costs. 

 

 12 

 ARTICLE V 
 LOAN PROVISIONS 
 Section 5.1. Loan of Bond Proceeds. Concurrently with the sale
and delivery of the Bonds, the Issuer covenants and agrees that it will, upon the terms and conditions in this Loan Agreement, lend to the Company an amount equal to the aggregate principal amount of the Bonds to finance Project Costs for the
Company. Pursuant to said covenant and agreement, the Issuer will issue the Bonds upon the terms and conditions contained in this Loan Agreement and the Indenture and will cause the Bond proceeds to be applied as provided in Article IV hereof. The
Bonds may be sold by the Issuer, with the consent of the Company, at a discount from their principal amount. If the Issuer does sell Bonds at a discount, the amount of such discount shall be deemed to have been loaned to the Company pursuant to the
terms and conditions hereof. 
 Section 5.2. Loan Payments and Payment of Other Amounts Payable. (a) On or before any date
that principal of or interest on the Bonds is due as set forth in the Indenture and the date of final payment of the principal of and interest on the Bonds or any date fixed for the redemption of any or all of the Bonds pursuant to the Indenture,
the Company covenants and agrees to pay or to cause to be paid in lawful money of the United States of America to the Trustee, as Loan Payments, a sum equal to the amount payable on such payment date as principal (whether at maturity, upon
redemption or otherwise) of and interest on the Bonds as provided in the Indenture. Each payment made pursuant to this Section shall be made in immediately available funds at the principal corporate trust office of the Trustee during normal banking
hours. 
 In the event that the payment of the principal of and accrued interest on the Bonds is accelerated under Section 11.2 of the
Indenture, the Company covenants and agrees to pay, or cause to be paid, to the Trustee as provided above a sum equal to all the principal of and interest on the Bonds then outstanding. 
 Each payment pursuant to this Section shall at all times be sufficient to pay the amount of principal (whether at maturity, upon redemption or otherwise)
or Purchase Price of and interest payable on the Bonds on the date that such payment is due. Upon and after the payment in full of (i) the Bonds (or the provision for payment thereof having been made in accordance with the provisions of the
Indenture), (ii) the fees, charges and expenses of the Trustee and Paying Agents (if any) in accordance with the Indenture, and (iii) all other amounts required to be paid under this Loan Agreement and the Indenture, the Company shall not
be obligated to make any further payments under the provisions of this Section. 
 The Company shall receive as a credit against its
obligations to make the payments described in this Section 5.2(a) all payments made by the Credit Provider under the Credit Enhancement or any Alternate Credit Enhancement, as applicable, and the Company may make any payment in respect of which
it receives such a credit to the Credit Provider in respect of its reimbursement obligations under such Credit Enhancement or Alternate Credit Enhancement, as applicable. 
  

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 (b) The Company agrees to pay the fees, charges and reasonable and necessary expenses, including
reasonable attorneys’ fees, of the Trustee, the Remarketing Agent, the Tender Agent, and any Paying Agent incurred in connection with this Loan Agreement, the Indenture, and any transaction or event contemplated by this Loan Agreement or the
Indenture. 
 (c) The Company agrees to pay or cause to be paid, promptly upon receipt of an invoice therefor (with reasonable supporting
documentation) from the Issuer, the reasonable and necessary expenses incurred by the Issuer with respect to this Loan Agreement, the Indenture, and any transaction or event contemplated by this Loan Agreement or the Indenture, which are not
otherwise required to be paid by the Company under the terms of this Loan Agreement. 
 (d) The Company agrees to pay to the Tender Agent
amounts equal to the amounts to be paid by the Tender Agent with respect to the Purchase Price of Bonds pursuant to Section 4.4 of the Indenture, such amounts to be paid by the Company to the Trustee on the dates such payments pursuant to
Section 4.4 of the Indenture are to be made; provided, however, that the obligation of the Company to make any such payment hereunder shall be reduced by the amount of moneys available for such payment under clause (a) or (b) of
Section 4.4 of the Indenture, and the Company may make any such payment to the Liquidity Provider in respect of its reimbursement obligations under the applicable Liquidity Facility or Alternate Liquidity Facility drawn to make any such payment
under clause (b) of Section 4.4 of the Indenture. 
 (e) In the event the Company should fail to make, or cause to be made, any of
the payments required in this Section, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid. 
 Section 5.3. No Defense or Set-off — Unconditional Obligation. The obligations of the Company to make the payments required in
Section 5.2 hereof and to perform and observe the other agreements on its part contained herein shall be absolute and unconditional, irrespective of any defense or any right of set-off, recoupment or counterclaim it might otherwise have against
the Issuer or the Trustee (other than due to the prior payment of any amounts by a draw on the Credit Enhancement by the Trustee), and the Company shall pay absolutely net during the term of this Loan Agreement the payments to be made as prescribed
in Section 5.2 and all other payments required hereunder free of any deductions and without abatement, diminution or set-off; and until such time as the principal of and interest on the Bonds shall have been fully paid, or provision for the
payment thereof shall have been made in accordance with the Indenture, the Company: (i) will not suspend or discontinue any payments provided for in Section 5.2 hereof; (ii) will perform and observe all of its other agreements
contained in this Loan Agreement; and (iii) except as provided in Article IX hereof, will not terminate this Loan Agreement for any cause, including, without limiting the generality of the foregoing, failure to complete the Project, the
occurrence of any act or circumstances that may constitute failure of consideration, destruction of or damage to the Project, commercial frustration of purpose, any 

  

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change in the tax laws of the United States of America or the State of Arkansas or any political subdivision of such state, or any failure of the Issuer or
the Trustee to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Loan Agreement or the Indenture. 
 Section 5.4. Credit Enhancement and Liquidity Facility. Simultaneously with the original issuance and delivery of the Bonds, the Company
shall provide for the issuance and delivery of the Credit Enhancement and the Liquidity Facility conforming with the requirements of the Indenture to the Trustee. Except for any period during which the Bonds are in the Fixed Rate Mode, the Company
shall (i) cause the Credit Provider to provide one or more extensions of the Credit Enhancement, (ii) cause the Liquidity Provider to provide one or more extensions of the Liquidity Facility, or (iii) provide at any time for the
delivery to the Trustee of an Alternate Credit Enhancement or Alternate Liquidity Facility, in each case in accordance with the provisions of Section 4.8 of the Indenture. Except for any period during which the Bonds are in the Fixed Rate Mode,
failure to provide an Alternate Credit Enhancement or Alternate Liquidity Facility or to secure an extension of the Credit Enhancement or Liquidity Facility then in effect, shall result in mandatory purchase of the Bonds as provided in
Section 4.2 of the Indenture. The Company hereby authorizes and directs the Trustee to draw moneys under the Credit Enhancement and the Liquidity Facility and any Alternate Credit Enhancement and Alternate Liquidity Facility, as applicable, in
accordance with the provisions thereof and of the Indenture. 
  

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 ARTICLE VI 
 SPECIAL COVENANTS AND AGREEMENTS 
 Section 6.1. Maintenance of Corporate
Existence. The Company agrees that it will do all things necessary to preserve and keep in full force and effect and in good standing its existence, material rights and material franchises under the laws of the state of its organization and will
not dissolve or otherwise dispose of all or substantially all of its assets and will not consolidate with or merge into any other entity or permit one or more other entities to consolidate with or merge into it, except the Company may, without
violating the foregoing, consolidate with or merge into another entity or permit one or more other entities to consolidate with or merge into it, or transfer (other than by way of an assignment as security for obligations of the Company) all or
substantially all of its assets to another entity (thereafter dissolving or not dissolving as it may elect), subject, however, to the conditions that (a) the entity surviving such merger or resulting from such consolidation, or the entity to
which all or substantially all of the assets of the Company are transferred, as the case may be, shall (i) qualify to do business in the State of Arkansas under the laws thereof and (ii) assume in writing all of the obligations of the
Company hereunder, (b) the Company shall have theretofore obtained the written consent of the Credit Provider, and (c) the Company shall have theretofore delivered to the Issuer and the Trustee a Favorable Opinion of Bond Counsel. Upon and
after such consolidation, merger or transfer meeting the foregoing conditions, the Company shall be relieved from liability for its obligations hereunder. 
 Section 6.2. Release and Indemnification Covenants. (a) The Company shall and hereby agrees to indemnify and save the Issuer and the Trustee harmless against and from all claims by or on behalf of any
person, firm, corporation or other legal entity arising from the conduct or management of, or from any work or thing done on, the Project during the term of this Loan Agreement from (i) any condition of the Project, (ii) any breach or
default on the part of the Company in the performance of any of its obligations under this Loan Agreement, (iii) any act or negligence of the Company or any of its agents, contractors, servants, employees or licensees or (iv) any act or
negligence of any assignee or sublessee of the Company, or of any agents, contractors, servants, employees or licensees of any assignee or sublessee of the Company. The Company shall indemnify and save the Issuer and the Trustee harmless from any
such claim arising as aforesaid from (i), (ii), (iii) or (iv) above, or in connection with any action or proceeding brought thereon, and upon notice from the Issuer or the Trustee, the Company shall defend them or any of them in any such
action or proceeding. Notwithstanding the foregoing, neither the Issuer nor the Trustee shall be entitled to indemnification for any claim arising out of its own gross negligence or willful misconduct. 
 (b) Notwithstanding the fact that it is the intention of the parties that the Issuer shall not incur pecuniary liability by reason of the terms of this
Loan Agreement, or the undertakings required of the Issuer hereunder by reason of the issuance of the Bonds, the execution of the Indenture, the performance of any act required of the Issuer by this Loan Agreement, or the 

  

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performance of any act requested of the Issuer by the Company, including all claims, liabilities or losses arising in connection with the violation of any
statutes or regulations pertaining to the foregoing; nevertheless, if the Issuer should incur any such pecuniary liability, then in such event the Company shall indemnify and hold the Issuer harmless against all claims by or on behalf of any person,
firm or corporation or other legal entity arising out of the same, and all reasonable costs and expenses incurred in connection with any such claim or in connection with any action or proceeding brought thereon, and upon written notice from the
Issuer, the Company shall defend the Issuer in any such action or proceeding. Notwithstanding the foregoing, neither the Issuer nor the Trustee shall be entitled to indemnification for any claim arising out of its own gross negligence or willful
misconduct. 
 Section 6.3. Qualification of Company in Arkansas. The Company agrees that throughout the term of this Loan
Agreement it will be qualified to do business in the State of Arkansas. 
 Section 6.4. Permits or Licenses. In the event that it
may be necessary for the proper performance of this Loan Agreement on the part of the Company or the Issuer that any application or applications for any permit or license to do or to perform certain things be made to any governmental or other agency
by the Company or the Issuer, the Company and the Issuer each shall, upon the request of either, execute such application or applications. 
 Section 6.5. Access to Project. The Issuer and the Trustee shall have the right, upon reasonable advance notice to the Company, to have reasonable access to the Project and the books and records of the Company with respect to
the Project during normal business hours for the purpose of ascertaining the Company’s compliance with the terms and conditions hereof. In making such inspections, the Issuer and the Trustee will observe the Company’s prevailing security
and safety arrangements. Nothing contained in this Section 6.5 or in any other provision of this Loan Agreement shall be construed to entitle the Issuer or the Trustee to any information or inspection involving the confidential know-how or
other proprietary information of the Company, and prior to any such inspection the Company may require the Issuer and the Trustee to enter into a confidentiality agreement in form and substance satisfactory to the Company with respect to any
information involving the confidential know-how or other proprietary information of the Company. 
 Section 6.6. Recordation and
Filing. The Company covenants that it will cause the Indenture and this Loan Agreement, such security agreements, financing statements and all supplements thereto and other instruments as may be required from time to time to be kept, to be
recorded and filed in such manner and in such places as may be required by law in order to fully preserve and protect the security of the owners of the Bonds and the rights of Trustee under such instruments, and to perfect the security interest
created by the Indenture. 
 Section 6.7. Tax Exempt Status of Bonds. The Company covenants and agrees that it will not take or
authorize or permit any action to be taken and has not taken or authorized or 

  

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permitted any action to be taken which results in interest paid on the Bonds being included in gross income for purposes of federal income taxes. Without
limiting the generality of the foregoing, the Company further covenants and agrees as follows: 
 (a) No portion of the proceeds of the Bonds
will be used to reimburse the Company for expenditures made earlier than sixty (60) days prior to November 21, 2005, except for the following: (i) costs of issuance of the Bonds; (ii) preliminary expenditures up to an amount not
in excess of 20% of the aggregate issue price of the Bonds consisting of architectural, engineering, surveying, soil testing, reimbursement bond issuance, and similar costs that are incurred prior to commencement of acquisition, construction, or
rehabilitation of a project, other than land acquisition, site preparation, and similar costs incident to commencement of construction; and (iii) an additional amount not in excess of the lesser of $100,000 and 5% of the proceeds of the Bonds.

 (b) No portion of the proceeds of the Bonds will be used to reimburse the Company for expenditures made with respect to any portion of the
Project (i) more than 18 months prior to such reimbursement, or (ii) more than 18 months after such portion of the Project has been placed in service or abandoned, whichever is later, but in no event more than 3 years after the original
expenditure was paid. 
 (c) Not less than 95% of the net proceeds of the Bonds (within the meaning of Section 142(a) of the Code) have
been expended or are anticipated to be expended (i) for Project Costs which constitute proper costs of land or property of a character subject to the allowance for depreciation under Section 167 of the Code, or which will be, for federal
income tax purposes, chargeable to capital account or would have been so chargeable either with a proper election by the Company or but for a proper election by the Company to deduct such amounts, and (ii) to provide sewage and solid waste
disposal facilities within the meaning of Section 142(a)(5) and (6) of the Code and regulations thereunder. 
 (d) The average
maturity of the Bonds (within the meaning of Section 147(b) of the Code and regulations thereunder) will not exceed 120% of the average reasonably expected economic life of the facilities being financed with the proceeds of the Bonds (within
the meaning of Section 147(b) of the Code and regulations thereunder), determined with respect to any facility as of the later of the date on which the Bonds are issued or the date on which the facility was placed in service. 
 (e) No changes shall be made in the Project which in any way impairs the exemption of interest on any of the Bonds from federal income taxation.

 (f) Within fifteen (15) days of the date of issuance of the Bonds, there neither have been nor will be any “private activity
bonds” (within the meaning of Section 141(a) of the Code) sold to finance or refinance facilities of the Company or any “related person” (within the meaning of Section 147(a)(2) of the Code) under a common plan of marketing,
at substantially the same rate of interest, and for which a common or pooled security will be used or available to pay debt service. 
  

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 (g) No portion of the proceeds of the Bonds will be used to provide or acquire any airplane, skybox or
other private luxury box, health club facility, facility primarily used for gambling, store the principal business of which is the sale of alcoholic beverages for consumption off premises. 
 (h) With respect to any portion of the Project being acquired by the Company the first use of which was not solely with the Company within the meaning of
Section 147(d) of the Code (“Existing Property”), the Company shall make expenditures to rehabilitate such Existing Property equaling or exceeding 15% (in the case of the building or buildings comprising the Existing Property) or 100%
(in the case of facilities other than a building) of the cost of acquiring such Existing Property. Such rehabilitation expenditures shall consist solely of amounts properly chargeable to capital account which are incurred by the Company. The term
“rehabilitation expenditures” does not include any expenditure attributable to the enlargement of the Existing Property or any other expenditure described in Section 47(c)(2)(B) of the Code. All such rehabilitation expenditures shall
be incurred by the Company within two years after the later of (i) the date on which the Existing Property was acquired, or (ii) the date of issuance of the Bonds. 
 (i) Less than 25% of the net proceeds of the Bonds shall be used (directly or indirectly) for the acquisition of land (or an interest therein), and no
portion of the proceeds of the Bonds shall be used (directly or indirectly) for the acquisition of land (or an interest therein) to be used for farming purposes. 
 (j) No action shall be taken that will cause the Bonds to be “federally guaranteed” as defined in Section 149(b) of the Code. 
 (k) No portion of the Bond proceeds, including any underwriting discount, in excess of the 2% of the proceeds thereof (within the meaning of
Section 147(g) of the Code and regulations thereunder) will be used to finance costs of issuance of the Bonds. 
 (l) The Company shall
comply with all covenants contained in any certificate required to be given by the Company in connection with the issuance of the Bonds pertaining to the tax exempt status of the interest paid on the Bonds. 
 The covenants and agreements contained in this Section 6.7 shall survive any termination of this Loan Agreement. 
 Section 6.8. Arbitrage Covenant. The Issuer and the Company covenant that no use of the proceeds of the Bonds or the earnings thereon will be
made or directed, and no other action will be taken, which would cause the Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code. The Company further covenants that (a) all actions with respect to the

  

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Bonds required by Section 148(f) of the Code shall be taken, (b) it shall make the determinations required by subsection (a) of
Section 8.3 of the Indenture and promptly notify the Trustee of the same, together with supporting calculations, and (c) it shall within forty (40) days after (i) each anniversary of the date of initial authentication and
delivery of the Bonds, unless the final payment, whether upon redemption in whole or at maturity, of the Bonds shall have occurred prior to such anniversary, and (ii) such final payment, file with the Trustee a statement signed by the Company
to the effect that the Company is then in compliance with its covenants contained in clauses (a) and (b) of this sentence, together with supporting calculations and directing the Trustee to pay to the United States the amount or amounts
subject to rebate under Section 148(f) of the Code; provided, however, that if the Company shall furnish an opinion of Bond Counsel to the Trustee to the effect that no further action by the Company is required for such compliance with respect
to the Bonds, the Company shall not thereafter be required to deliver any such statements or calculations. 
 Section 6.9. Usury
Covenant. The Company covenants and agrees that it will not take or authorize or permit any action to be taken and has not taken or authorized or permitted any action to be taken which results in interest paid on the outstanding principal amount
of the Bonds, together with all other payments to the owners of the Bonds which are required to be included as interest on the Bonds under applicable usury law, at a rate per annum greater than the Maximum Rate. This covenant shall survive the
termination of this Loan Agreement. 
 Section 6.10. Continuing Disclosure. In the event the Bonds are converted to a Mode which
will make the Bonds subject to Rule 15c2-12 promulgated under the Securities Act of 1934, as amended, the Company covenants and agrees that it will execute a continuing disclosure undertaking satisfying the requirements of such Rule and shall
cooperate with the Remarketing Agent and any Underwriter (as defined in such Rule) in satisfying the requirements of such Rule, as the same may from time to time be amended and supplemented. 
  

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 ARTICLE VII 
 ASSIGNMENT, LEASING AND SELLING 
 Section 7.1. Conditions. The Company’s
interest in this Loan Agreement may be assigned in whole or in part, and the Project may be leased, subleased, or sold as a whole or in part (whether a specific element or unit or an undivided interest), by the Company, subject, however, to the
conditions that (a) no assignment, lease, sublease, or sale shall relieve the Company from liability for its obligations hereunder, other than (i) those obligations relating to the utilization of the Premises which obligations, to the
extent of the interest assigned, leased, subleased, or sold, shall be deemed to be satisfied and discharged, and (ii) as described in Section 6.1 hereof, and (b) the Company shall have theretofore obtained the written consent of the
Credit Provider or shall have certified to the Issuer that no such consent is required, and (c) the Company shall have theretofore delivered to the Issuer and the Trustee a Favorable Opinion of Bond Counsel. 
 Section 7.2. Instrument Furnished to Trustee. The Company shall, within fifteen (15) days after the delivery thereof, furnish to the
Issuer and the Trustee a true and complete copy of the agreements or other documents effectuating any such assignment, lease, sublease, or sale. 
 Section 7.3. Limitation. This Loan Agreement shall not be assigned nor shall the Project be leased, subleased or sold, in whole or in part, except as provided in this Article VII or in Section 5.4 or 6.1 hereof. 

Section 7.4. Assignment of Issuer’s Rights. As security for the payment of the Bonds, the Issuer will assign to the Trustee the
Issuer’s rights under this Loan Agreement (except for the Issuer’s rights under Sections 5.2(c), 6.2, 6.5 and 9.5 hereof and any rights of the Issuer to receive notices, certificates, or other communications hereunder), including the right
to receive payments hereunder and the proceeds thereof, and hereby directs the Company to make said payments, or to cause said payments to be made, directly to the Trustee. The Company herewith consents to such assignment and will make payments, or
cause payments to be made, directly to the Trustee without defense or set-off by reason of any dispute between the Company and the Issuer or the Trustee. 
  

 21 

 ARTICLE VIII 
 TRUST INDENTURE; COMPANY CREDIT FACILITY 
 Section 8.1. Company’s Performance
Under Indenture. The Company acknowledges receipt of the Indenture and approves of the terms thereof. The Company agrees, for the benefit of the owners from time to time of the Bonds, to do and perform all acts and things contemplated in the
Indenture to be done or performed by it. 
 Section 8.2. Company Credit Facility. The Company hereby covenants and agrees that it
will deliver to the Trustee a true and correct copy of the Company Credit Facility, as the same may from time to time be modified, supplemented, amended, or amended and restated. 
  

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 ARTICLE IX 
 EVENTS OF DEFAULT AND REMEDIES 
 Section 9.1. Events of Default. Each of the
following events shall constitute and is referred to in this Loan Agreement as an “Event of Default”: 
 (a) Failure by the Company
to pay when due any payment required to be made under Section 5.2(a) or 5.2(d) hereof. 
 (b) Failure by the Company to observe and
perform any material covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section 9.1(a), which failure shall continue for a period of sixty (60) days after written notice, specifying such
failure and requesting that it be remedied, is given to the Company by the Issuer or the Trustee, provided that if the Company is proceeding with reasonable diligence to remedy the same, then such sixty-day period shall be extended to such date as
may be reasonably necessary to remedy such default. The Company shall not be deemed in breach or default of this Loan Agreement during such initial sixty-day cure period, nor (as long as the Company is proceeding with reasonable diligence as set
forth above) during such extended cure period. 
 (c) The dissolution or liquidation of the Company or the filing by the Company of a
voluntary petition in bankruptcy, or failure by the Company promptly to lift any execution, garnishment or attachment of such consequence as will impair its ability to carry out its obligations under this Loan Agreement, or filing of any involuntary
bankruptcy proceedings against the Company which is not timely contested by the Company, or a general assignment by the Company for the benefit of its creditors, or the entry by the Company into an agreement of composition with its creditors of such
consequence as will impair its ability to carry out its obligations under this Loan Agreement, or the approval by a court of competent jurisdiction of a petition applicable to the Company in any proceeding for its reorganization instituted under the
provisions of any bankruptcy act, or under any similar act which may hereafter be enacted. The term “dissolution or liquidation of the Company”, as used in this subsection, shall not be construed to include the cessation of the corporate
existence of the Company resulting either from a merger or consolidation of the Company into or with another corporation or a dissolution or liquidation of the Company following a transfer of all or substantially all of its assets as an entirety,
under the conditions permitting such actions contained in Section 6.1 hereof. 
 (d) The principal of all Bonds then outstanding and the
interest accrued thereon shall be declared immediately due and payable pursuant to Section 11.2 of the Indenture. 
 Section 9.2. Force Majeure. The provisions of Section 9.1(b) hereof are subject to the following limitation: if by reason of acts of God; strikes, lockouts or other industrial disturbances; acts of public enemies; orders or
other acts of any kind of the Government of the United States or of the State of Arkansas, or any other sovereign entity or body politic, or any 

  

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department, agency, political subdivision, court or official of any of them, or any civil or military authority; insurrections; riots; epidemics; landslides;
lightning; earthquakes, volcanoes; fires; hurricanes; tornadoes; storms; floods; washouts; droughts; arrests; restrain of government and people; civil disturbances; explosions, breakage or accident to machinery; partial or entire failure of
utilities; or any cause or event not reasonably within the control of the Company, the Company is unable in whole or in part to carry out any one or more of its agreements or obligations contained herein, other than its obligations under Sections
5.2(a), 5.2(d), 6.1 and 6.2 hereof, the Company shall not be deemed in default by reason of not carrying out said agreement or agreements or performing said obligation or obligations during the continuance of such inability. The Company agrees,
however, to use all reasonable efforts to remedy with all reasonable dispatch the cause or causes preventing it from carrying out its agreements; provided, that the settlement of strikes, lockouts and other industrial disturbances shall be entirely
within the discretion of the Company, and the Company shall not be required to make settlement of strikes, lockouts and other industrial disturbances by acceding to the demands of the opposing party or parties when such course is in the sole
discretion of the Company unfavorable to the Company. 
 Section 9.3. Remedies on Default. Whenever any Event of Default
hereunder shall have happened and be continuing, any one or more of the following remedial steps may be taken: 
 (a) The Issuer with the
prior consent of the Trustee, or the Trustee, may at its option, and shall, if acceleration occurs or is declared pursuant to Section 1002 of the Indenture, declare all unpaid amounts payable under this Loan Agreement, together with interest,
then due thereon, to be immediately due and payable, whereupon the same shall become due and payable. 
 (b) The Issuer with the prior
consent of the Trustee, or the Trustee, may take any action at law or in equity to collect the payments then due and thereafter to come due hereunder, or to enforce performance and observance of any obligation, agreement or covenant of the Company
under this Loan Agreement. 
 Any amounts collected pursuant to action taken under this Section shall be applied in accordance with the
Indenture. 
 In case any proceeding taken by the Issuer or the Trustee on account of any Event of Default shall have been discontinued or
abandoned for any reason, or shall have been determined adversely to the Issuer or the Trustee, then and in every case the Issuer, the Company and the Trustee shall be restored to their former positions and rights hereunder, respectively, and all
rights, remedies and powers of the Issuer, the Company and the Trustee shall continue as though no such proceeding has been taken. 
 Section 9.4. No Remedy Exclusive. No remedy conferred upon or reserved to the Issuer or the Trustee by this Loan Agreement is intended to be exclusive of any other available remedy or remedies, but each and every such remedy
shall be cumulative and shall be in addition to every other remedy given under this Loan Agreement or now or hereafter existing at law or in 

  

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equity or by statute. No delay or omission to exercise any right or power accruing upon any Event of Default shall impair any such right or power or shall be
construed to be a waiver thereof, but any such right or power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Issuer or the Trustee to exercise any remedy reserved to it in this Article, it shall
not be necessary to give any notice other than such notice as may be required in this Article. Nothing in this Loan Agreement contained shall affect or impair the right of the Purchaser (so long as the Purchaser is owner of not less than 100% in
aggregate principal amount of the Bonds) to institute in its own name any suit, action or proceeding in equity or at law for the enforcement of this Loan Agreement for any other remedy hereunder. 
 Section 9.5. Company to Pay Attorneys’ Fees and Expenses. In the event the Company should default under any of the provisions of this
Loan Agreement and the Issuer or the Trustee should employ attorneys or incur other expenses for the collection of payments due hereunder or for the enforcement of performance or observance of any obligation or agreement on the part of the Company
contained herein, the Company agrees that it will on demand therefor pay to the Issuer or the Trustee, as the case may be, the reasonable fees of such attorneys and such other expenses so incurred. 
 Section 9.6. Waiver of Breach. In the event that any agreement contained herein shall be breached by either the Company or the Issuer and
such breach shall thereafter be waived by the other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other breach hereunder. In view of the assignment of the Issuer’s rights in and
under this Loan Agreement to the Trustee under the Indenture, the Issuer shall have no power to waive any default hereunder by the Company without the consent of the Trustee, and the Trustee may exercise any of the rights of the Issuer hereunder
(other than the rights retained by the Issuer as set forth in Section 7.4). 
 Section 9.7. Rights of Credit Provider.
Anything herein to the contrary notwithstanding, the Credit Provider shall, so long as the Credit Enhancement shall be in effect and there shall have been no Credit Provider Failure, have the right to direct the taking of actions and enforcement of
remedies permitted by this Article IX, including, without limitation, the declaration of all unpaid amounts payable under this Loan Agreement to be immediately due and payable and the waiver of Events of Default. 
  

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 ARTICLE X 
 REDEMPTION OF BONDS 
 Section 10.1. Optional Redemption of Bonds. The Company
shall have and is hereby granted the option to prepay installments payable hereunder for the purpose of redeeming prior to maturity the Bonds, in whole or in part, pursuant to Sections 3.1, 3.2 and 3.3 of the Indenture. 
 Section 10.2. Extraordinary Optional Redemption of Bonds. The Company shall have and is hereby granted the option to prepay installments
payable hereunder for the purpose of redeeming prior to maturity the Bonds, in whole or in part, pursuant to Section 3.4 of the Indenture. 
 Section 10.3. Mandatory Redemption of Bonds. The Company shall prepay installments payable hereunder for the purpose of redeeming prior to maturity the Bonds pursuant to Sections 3.5 and 3.6 of the Indenture. 
 Section 10.4. Amounts Payable by Company. (a) In the case of a prepayment for the redemption of the Bonds in whole pursuant to Sections
10.1, 10.2 or 10.3 hereof, the amount to be prepaid by the Company hereunder (which shall fully discharge the obligation of the Company to make Loan Payments hereunder) will be a sum sufficient, together with other funds deposited with Trustee and
available for such purpose, to pay (i) the principal of all Bonds then outstanding, plus interest accrued and to accrue to the date upon which the Bonds will be redeemed, pursuant to the Indenture (or to reimburse the Credit Provider for the
payment of such amounts), (ii) all reasonable and necessary fees and expenses of the Trustee and any paying agent accrued and to accrue through final payment of the Bonds, and (iii) all other liabilities of the Company accrued and to
accrue under this Loan Agreement through final payment of the Bonds (or, in each case, to reimburse the Credit Provider for the payment of such amounts). 
 (b) In case of a prepayment for the redemption of the Bonds in part pursuant to Sections 10.1 or 10.3 hereof, the amount to be prepaid by the Company hereunder will be a sum sufficient, together with other funds
deposited with Trustee and available for such purpose, to pay (i) the principal of all Bonds then being redeemed, plus interest accrued and to accrue to the date upon which the Bonds will be redeemed, pursuant to the Indenture (or to reimburse
the Credit Provider for the payment of such amounts), (ii) all reasonable and necessary fees and expenses of the Trustee and any paying agent accrued and to accrue in connection with said redemption, and (iii) all other liabilities of the
Company accrued and to accrue under this Loan Agreement in connection with said redemption (or, in each case, to reimburse the Credit Provider for the payment of such amounts). 
 (c) The Company agrees to and shall pay to the Trustee any amount required to be paid by it under this Section 10.4, and the Trustee shall be
directed to use the moneys so paid to it to redeem the Bonds pursuant to the provisions of the Indenture (or to reimburse the Credit 

  

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Provider for the payment of such amounts). Any amount required to be paid under this Section 10.4, shall not be deemed to be paid until immediately
available funds are received by the Trustee. 
 Section 10.5. Procedure for Exercise of Option. To exercise the option granted in
this Article X, the Company shall give written notice to the Issuer and the Trustee which shall specify therein the date upon which redemption of the Bonds will be made. Such notice shall be given not less than five (5) Business Days prior to
the date the Trustee shall be required to give notice of the call for any redemption to the registered owners of the Bonds under Section 3.7 of the Indenture. Upon receipt of such notice, the Issuer shall forthwith take all steps (other than
the payment of the money required for such redemption) necessary under the applicable provisions of the Indenture to effect redemption of all or part, as the case may be, of the Bonds on the earliest practicable date thereafter on which such
redemption may be made under the applicable provisions of the Indenture. 
  

 27 

 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.1. Notices. Except as otherwise provided in this Loan
Agreement, all notices, certificates or other communications shall be sufficiently given and shall be deemed given when delivered by hand delivery or when the same has been mailed by registered or certified mail, postage prepaid, to the Issuer, the
Company, the Trustee, the Credit Provider, or the Remarketing Agent. Copies of each notice, certificate or other communication given hereunder by or to the Company shall be mailed by registered or certified mail, postage prepaid, to the Trustee and
the Credit Provider; provided, however, that the effectiveness of any such notice shall not be affected by the failure to send any such copies. Notices, certificates or other communications shall be sent to the following addresses: 
  

			
	 Issuer:
	  	City of Osceola, Arkansas
		  	City Hall
		  	316 West Hale Avenue
		  	Osceola, Arkansas 72370
		  	Attention: Mayor
		
	 Company:
	  	Plum Point Energy Associates, LLC
		  	c/o LS Power Development, LLC
		  	Two Tower Center, 11th Floor
		  	East Brunswick, New Jersey 08816
		  	Attention: Treasurer
		
	 Trustee:
	  	Regions Bank
		  	400 West Capitol Avenue
		  	Little Rock, Arkansas 72201
		  	Attention: Corporate Trust Department
		
	 Credit Provider:
	  	Credit Suisse, New York Branch
		  	1 Madison Avenue
		  	2nd Floor
		  	New York, New York 10010
		  	Attention: Finance Services Department
		
	 Remarketing Agent:
	  	Goldman, Sachs & Co.
		  	85 Broad Street, 24th Floor
		  	New York, New York 10004
		  	Attention: Municipal Money Markets Desk

  

 28 

 Any of the foregoing may, by notice given hereunder, designate any further or different addresses to which subsequent
notices, certificates or other communications shall be sent. 
 Section 11.2. Severability. If any provision of this Loan
Agreement shall be held or deemed to be or shall, in fact, be illegal, inoperative or unenforceable, the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative, or unenforceable to any extent
whatever. 
 Section 11.3. Execution of Counterparts. This Loan Agreement may be simultaneously executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and the same instrument. 
 Section 11.4. Amounts
Remaining in Bond Fund. It is agreed by the parties hereto that after payment in full of (i) the Bonds (or the provision for payment thereof having been made in accordance with the provisions of the Indenture), (ii) the fees, charges
and expenses of the Trustee and Paying Agents (if any) in accordance with the Indenture, and (iii) all other amounts required to be paid under this Loan Agreement and the Indenture, any amounts remaining in the Bond Fund shall belong to and be
paid by the Trustee to the Company or, if the Company Credit Facility is in effect, to the Company Credit Facility Revenue Account. 
 Section 11.5. Amendments, Changes and Modifications. Except as otherwise provided in this Loan Agreement or the Indenture, subsequent to the initial issuance of Bonds and prior to payment in full of the Bonds (or the provision
for payment thereof having been made in accordance with the provisions of the Indenture), this Loan Agreement may not be effectively amended, changed, modified, altered or terminated nor any provision waived, without the written consent of the
Trustee and, if any of the foregoing purports to affect the rights or obligations of the Credit Provider, the Credit Provider. 
 Section 11.6. Governing Law. This Loan Agreement shall be governed exclusively by and construed in accordance with the applicable laws of the State of Arkansas. 
 Section 11.7. Company Representatives. A Company Representative shall act on behalf of the Company whenever the approval of the Company is
required or the Company requests the Issuer to take some action, and the Issuer and the Trustee shall be authorized to act on any such approval or request and neither party hereto shall have any complaint against the other or against the Trustee as
a result of any such action taken. 
 Section 11.8. No Personal Liability. No covenant or agreement contained in this Loan
Agreement shall be deemed to be the covenant or agreement of any official, officer, agent, or employee of the Issuer in his individual capacity, and no such person shall be subject to any personal liability or accountability by reason of the
issuance thereof. 
  

 29 

 Section 11.9. Parties in Interest. This Loan Agreement shall inure to the benefit of and
shall be binding upon the Issuer, the Company and their respective successors and assigns, and no other person, firm or corporation shall have any right, remedy or claim under or by reason of this Loan Agreement; provided, however, that any
obligation of the Issuer created by or arising out of this Loan Agreement shall be payable solely out of the revenues derived from this Loan Agreement or the sale of the Bonds or income earned on invested funds as provided in the Indenture and shall
not constitute, and no breach of this Loan Agreement by the Issuer shall impose, a pecuniary liability upon the Issuer or a charge upon the Issuer’s general credit. This Loan Agreement shall also inure to the benefit of the Credit Provider and
the Liquidity Provider to the extent the Credit Provider and the Liquidity Provider are specifically given rights of approval, notice and consent hereunder and to such extent this Loan Agreement shall be enforceable by the Credit Provider and the
Liquidity Provider so long as the Credit Enhancement and the Liquidity Facility, respectively, shall remain outstanding or the Company shall be indebted to the Credit Provider or the Liquidity Provider under the Reimbursement Agreement; provided,
however, that anything herein to the contrary notwithstanding the Credit Provider’s rights hereunder shall be void upon the occurrence and continuance of a Credit Provider Failure, and the Liquidity Provider’s rights hereunder shall be
void upon the occurrence and continuance of a Liquidity Provider Failure. 
  

 30 

 IN WITNESS WHEREOF, the Issuer and the Company have caused this Loan Agreement to be executed in their
respective names, and the Issuer has caused its seal to be hereunto affixed and attested by its duly authorized officer, all as of the date first above written. 
  

					
		 	CITY OF OSCEOLA, ARKANSAS
			
		 	By:	 	 /s/ Illegible

	 ATTEST:
	 		 	Mayor

					
	
	 /s/ Illegible

	City Clerk
	
	 (SEAL)

  

									
		 		 	 PLUM POINT ENERGY ASSOCIATES, LLC

		 		 		 		 	
		 		 	 By:
	 	 /s/ Illegible

		 		 		 	 President

		 		 		 	Title

  

 31 

 EXHIBIT A 
 Description of Project 
 The Project consists of the Company’s undivided interest in
various solid waste disposal facilities at an approximately 665 megawatt coal-fired electric generation plant to be known as the Plum Point Energy Station and located on a site adjacent to the Mississippi River approximately 2 miles south of
Osceola, Arkansas, near the intersection of State Highway 198 and S. County Road 623 (former State Highway 239), and north of State Highway 198. As presently contemplated by the existing plans and specifications prepared by or on behalf of the
Company, the Project generally will consist of the following facilities: 
 1. Solid Waste Collection and Disposal Facilities 
 (a) Bottom Ash, Economizer Ash, and Pyrites Handling Systems 
 (i) Bottom Ash Handling System 
 (ii) Economizer Ash Handling System 
 (iii) Pyrites Handling System 
 (b) Fly Ash Handling and Disposal System 
 (c) Spent Resin Recycling System 
 (i) Condensate Polisher Spent Resin Recycling System

 (ii) Demineralized Water Spent Resin Recycling System 
 (d) Sludge Treatment System 
 (e) Wastewater Collection System 
 (f) Landfill 
 2. Sanitary Sewage System 
  

 32

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