Document:

Purchase Agreement

  
 Exhibit 10.2

 GenOn Escrow Corp. 
 $1,225,000,000 
 9.500% Senior Notes due 2018 

9.875% Senior Notes due 2020 
 Purchase Agreement 
 September 20, 2010 

J.P. Morgan Securities LLC 
   As
Representative of the 
   several Initial Purchasers listed 
   in Schedule 1 hereto 
   c/o J.P. Morgan Securities LLC 

  383 Madison Avenue 
   New
York, New York 10179 
 Ladies and Gentlemen: 
 GenOn Escrow Corp., a Delaware corporation (“Escrow Issuer”), a wholly-owned subsidiary of Mirant Corporation, a Delaware corporation (“Mirant”), proposes to issue and
sell to the several initial purchasers listed in Schedule 1 hereto (the “Initial Purchasers”), for whom you are acting as representative (the “Representative”), $675,000,000 principal amount of its 9.500%
Senior Notes due 2018 (the “2018 Securities”) and $550,000,000 principal amount of its 9.875% Senior Notes due 2020 (the “2020 Securities” and, together with the 2018 Securities, the “Securities”).
The Securities will be issued pursuant to an Indenture to be dated as of October 4, 2010 (the “Securities Indenture”) between Escrow Issuer and Wilmington Trust Company, a Delaware banking corporation, as trustee (the
“Trustee”). 
 The Securities are being issued in connection with (A) the proposed merger (the
“Merger”) of RRI Energy Holdings, Inc., a Delaware corporation (“Merger Sub”), a wholly-owned subsidiary of RRI Energy, Inc. (“RRI”), with and into Mirant, pursuant to an Agreement and Plan of
Merger (the “Merger Agreement”) dated April 11, 2010 among RRI, Mirant and Merger Sub and (B) the Refinancing Transactions (as defined herein). 
 The Securities will be initially issued by Escrow Issuer. Concurrently with the completion of the Merger and the Refinancing Transactions (other than the subsequent discharge or redemption of debt),
(i) Escrow Issuer will merge with and into RRI (to be renamed GenOn Energy, Inc.), with RRI continuing as the surviving corporation (such merger, the “Escrow Merger” and, together with the Merger, the
“Mergers”), (ii) RRI will assume all of Escrow Issuer’s obligations under the Securities and the Securities Indenture (such assumption to be effected by RRI’s execution of a supplemental indenture to the Securities
Indenture in connection therewith (the “Supplemental Indenture” and, together with the Securities Indenture, the “Indenture”)) and (iii) the funds held in escrow will be released to GenOn Energy, Inc. As
used herein, the term “GenOn” will mean the combined business of RRI and Mirant after giving effect to the Mergers (including RRI’s assumption of all of the obligations of Escrow Issuer under the Indenture). 

For purposes of this Purchase Agreement (this “Agreement”), (A) the term “Refinancing
Transactions” means (i) GenOn having repaid all borrowings under Mirant North America, LLC’s (“MNA”) senior secured 

 
term loan, (ii) GenOn having redeemed (or having sufficient amounts to redeem) $850 million aggregate principal amount of MNA’s senior unsecured notes and $279 million aggregate
principal amount of RRI senior secured notes and (iii) GenOn having defeased the indebtedness outstanding on the date of the Indenture incurred by RRI or guaranteed by RRI in tax-exempt industrial development bond financings, the proceeds of
which were used to finance the development, construction or acquisition of the 520 MW coal facility and related assets owned by Reliant Energy Wholesale Generation LLC and located in New Florence, Indiana County, Pennsylvania (“PEDFA
Bonds”) and (B) the term “Credit Facility” means the senior secured credit facilities to be entered into in connection with the Merger pursuant to a Credit Agreement (the “Credit Agreement”) entered
into among GenOn Energy, Inc., as a borrower, GenOn Mirant Americas, Inc., as a borrower, the subsidiary guarantors party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other agents party thereto as of the date
hereof. 
 Pursuant to this Agreement, at or prior to the Closing Date (as defined herein), Escrow Issuer will enter into an
escrow and security agreement (the “Escrow Agreement”), and (a) Escrow Issuer will deposit the net proceeds of this offering (the “Proceeds”), together with cash or Government Securities (as defined in the
Offering Memorandum) (the “Additional Escrow Amount” and, together with the Proceeds, the “Escrowed Funds”) in an amount sufficient to fund the redemption of the Securities and accrued and unpaid interest thereon
to, but excluding, December 31, 2010 (or, subject to the deposit with the escrow agent (the “Escrow Agent”) of such additional amounts of cash or Government Securities as are sufficient to fund the Special Mandatory Redemption
Payment (as defined herein), March 31, 2011) (the “Merger Termination Date”), when and if due, into a segregated escrow account (the “Escrow Account”). If (i) the Merger is not completed on or before the
Merger Termination Date, (ii) the Refinancing Transactions are not completed at or before the Merger Termination Date, (iii) the Merger Agreement is terminated before the Merger Termination Date, (iv) an event of default shall have
occurred and be continuing under the Indenture or (v) at any time, RRI and Mirant, in their sole judgment, determine jointly that the Refinancing Transactions will not be completed on or before the Merger Termination Date, Escrow Issuer will be
required to redeem the Securities of each series at 100% of the issue price of the Securities of such series, plus accrued and unpaid interest thereon to, but excluding, the redemption date (such payment amount, the “Special Mandatory
Redemption Payment”) as provided in the Escrow Agreement. The Escrow Agreement shall provide that the Escrowed Funds shall be released only pursuant to the terms of the Escrow Agreement. Unless the Escrowed Funds are released by the Escrow
Agent to effectuate a Special Redemption (as such term is defined in the Indenture), the Escrowed Funds shall be released to Escrow Issuer at one time to be used in the manner described in the Time of Sale Information (as defined herein) under the
caption “Use of proceeds.” 
 The Securities will be offered and sold to the Initial Purchasers pursuant to an
exemption from the registration requirements under the Securities Act of 1933, as amended (the “Securities Act”). Escrow Issuer, RRI and Mirant have prepared a preliminary offering memorandum dated September 13, 2010 (the
“Preliminary Offering Memorandum”) and supplements to the Preliminary Offering Memorandum dated September 16, 2010 and September 20, 2010 (the “Supplements”) and will prepare an offering memorandum dated
the date hereof (the “Offering Memorandum”) setting forth information concerning Escrow Issuer, RRI, Mirant, GenOn and the Securities. Copies of the Preliminary Offering Memorandum have been, and copies of the Offering Memorandum
will be, delivered by Escrow Issuer, RRI and Mirant to the Initial Purchasers pursuant to the terms of this Agreement. Each of Escrow Issuer, RRI and Mirant hereby confirms that it has authorized the use of the Preliminary Offering Memorandum, the
other Time of Sale Information and the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement. Capitalized terms used but not defined herein shall have
the meanings given to such terms in the Preliminary Offering Memorandum. References herein to the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum shall be deemed to refer to and include any document
incorporated by reference therein. 
 At or prior to the time when sales of the Securities are first made (the “Time of
Sale”), the following information shall have been prepared (collectively, the “Time of Sale Information”): the Preliminary Offering Memorandum, as supplemented and amended by the written communications listed on Annex
A hereto. 

  
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 Holders of the
Securities (including the Initial Purchasers and their direct and indirect transferees) will be entitled to the benefits of a Registration Rights Agreement, to be dated the Closing Date (the “Registration Rights Agreement”),
pursuant to which RRI will agree to file one or more registration statements with the Securities and Exchange Commission (the “Commission”) following the consummation of the Mergers providing for the registration under the
Securities Act of the Securities or the Exchange Securities referred to (and as defined) in the Registration Rights Agreement. 

Each of Escrow Issuer, RRI and Mirant, severally and not jointly, hereby confirms its agreement with the several Initial Purchasers
concerning the purchase and resale of the Securities, as follows: 
 1. Purchase and Resale of the Securities.
(a) Escrow Issuer agrees to issue and sell the Securities to the several Initial Purchasers as provided in this Agreement, and each Initial Purchaser, on the basis of the representations, warranties and agreements of Escrow Issuer, RRI and
Mirant set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from Escrow Issuer the respective principal amount of Securities set forth opposite such Initial Purchaser’s name in
Schedule 1 hereto at a price equal to (i) 96.873% of the principal amount thereof plus accrued interest, if any, from October 4, 2010 to the Closing Date in the case of the 2018 Securities (the “2018 Securities Purchase
Price”) and (ii) 95.926% of the principal amount thereof plus accrued interest, if any, from October 4, 2010 to the Closing Date in the case of the 2020 Securities (the “2020 Securities Purchase Price”and,
together with the 2018 Securities Purchase Price, the “Purchase Prices”). Escrow Issuer will not be obligated to deliver any of the Securities except upon payment for all the Securities to be purchased as provided herein.

 (b) Each of Escrow Issuer, RRI and Mirant understands that the Initial Purchasers intend to offer the Securities for resale
on the terms set forth in the Time of Sale Information. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 
 (i) it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”) and an accredited investor within the meaning of Rule 501(a) under the
Securities Act; 
 (ii) neither it nor any person acting on its behalf has solicited offers for, or offered or
sold, or will solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D under the Securities Act (“Regulation D”) or in
any manner involving a public offering within the meaning of Section 4(2) of the Securities Act; and 

(iii) neither it nor any person acting on its behalf has solicited offers for, or offered or sold, or will solicit offers
for, or offer or sell, the Securities as part of their initial offering except: 
 (A) within the United States
to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under the Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable steps to ensure that the
purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A; or 
 (B) in
accordance with the restrictions set forth in Annex C hereto. 
 (c) Each Initial Purchaser acknowledges and agrees that
each of Escrow Issuer, RRI and Mirant, and for purposes of the “no registration” opinions to be delivered to the Initial Purchasers pursuant to Sections 6(g) and 6(h), counsel for Escrow Issuer and counsel for the Initial Purchasers,
respectively, may rely upon the accuracy of the representations and warranties of the Initial Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph (b) above (including Annex C hereto), and
each Initial Purchaser hereby consents to such reliance. 
 (d) Subject to applicable securities laws, each of Escrow Issuer,
RRI and Mirant acknowledges and agrees that the Initial Purchasers may offer and sell Securities to or through any affiliate of an Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial
Purchaser. 

  
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 (e) Each of Escrow
Issuer, RRI and Mirant acknowledges and agrees that the Initial Purchasers are acting solely in the capacity of an arm’s length contractual counterparty to Escrow Issuer, RRI and Mirant with respect to the offering of Securities contemplated
hereby (including in connection with determining the terms of the offering) and not as financial advisors or fiduciaries to, or agents of, Escrow Issuer, RRI, Mirant or any other person. Additionally, neither the Representative nor any other Initial
Purchaser is advising Escrow Issuer, RRI, Mirant or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. Each of Escrow Issuer, RRI and Mirant shall consult with their own advisors concerning such
matters and shall be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and neither the Representative nor any other Initial Purchaser shall have any responsibility or liability to
Escrow Issuer, RRI or Mirant with respect thereto. Any review by the Representative or any Initial Purchaser of Escrow Issuer, RRI or Mirant, and the transactions contemplated hereby or other matters relating to such transactions will be performed
solely for the benefit of the Representative or such Initial Purchaser, as the case may be, and shall not be on behalf of Escrow Issuer, RRI, Mirant or any other person. Each of Escrow Issuer, RRI and Mirant agrees that it will not claim that the
Initial Purchasers, or any of them, has rendered services of any nature, or owes a fiduciary or similar duty to Escrow Issuer, RRI or Mirant, in connection with the purchase and sale of the Securities pursuant to this Agreement or the process
leading thereto. 
 2. Payment and Delivery. (a) Payment for and delivery of the Securities will be made at the
offices of Simpson Thacher & Bartlett LLP at 10:00 A.M., New York City time, on October 4, 2010, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representative and
Escrow Issuer, RRI and Mirant may agree upon in writing. The time and date of such payment and delivery is referred to herein as the “Closing Date”. 
 (b) Payment for the Securities shall be made by wire transfer by the Initial Purchasers in immediately available funds to the Escrow Account against delivery to the nominee of The Depository Trust Company
(“DTC”), for the account of the Initial Purchasers, of one or more global notes representing the Securities (collectively, the “Global Note”) and having an aggregate principal amount corresponding to the aggregate
principal amount of the Securities, with any transfer taxes payable in connection with the sale of the Securities duly paid by Escrow Issuer, RRI and Mirant. The Global Note will be made available for inspection by the Representative not later than
the business day prior to the Closing Date. 
 (c) Delivery of the Securities by Escrow Issuer shall be made to the Initial
Purchasers against payment of the Purchase Prices by the Initial Purchasers pursuant to Section 2(b). 
 3.
Representations and Warranties. (a) RRI represents and warrants to each Initial Purchaser that: 
  

	 	(i)	Preliminary Offering Memorandum, Time of Sale Information and Offering Memorandum. The Preliminary Offering Memorandum, as amended by the Supplements, as of its
date, did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and the Offering Memorandum, as of its date and as of the Closing Date, will not, contain any untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that (A) the representations and warranties set forth in this paragraph
3(a)(i) are limited to statements or omissions based upon information relating to RRI in the Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum and (B) RRI makes no representation or warranty with respect
to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to Escrow Issuer, RRI and Mirant in writing by such Initial Purchaser through the Representative expressly for use in
the Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum. 

  

	 	(ii)	 Additional Written Communications. RRI (including its agents and representatives, other than the Initial Purchasers in their capacity as such)
has not prepared, made, used, authorized, approved or 

  
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referred to and will not prepare, make, use, authorize, approve or refer to any written communication that constitutes an offer to sell or solicitation of an offer to buy the Securities (each
such communication by RRI or its agents and representatives (other than a communication referred to in clauses (i), (ii) and (iii) below) an “RRI Written Communication”) other than (i) the Preliminary Offering
Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Annex B hereto, which constitute part of the Time of Sale Information, and
(iv) any electronic road show or other written communications, in each case used in accordance with Section 4(c). Each such RRI Written Communication, when taken together with the Time of Sale Information, did not, and at the Closing Date
will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that
(A) the representations and warranties set forth in this paragraph 3(a)(ii) are limited to statements or omissions based upon information relating to RRI in each such RRI Written Communication and (B) RRI makes no representation and
warranty with respect to any statements or omissions made in each such RRI Written Communication in reliance upon and in conformity with information relating to any Initial Purchaser furnished to Escrow Issuer, RRI and Mirant in writing by such
Initial Purchaser through the Representative expressly for use in any RRI Written Communication. 

  

	 	(iii)	Incorporated Documents. The documents of RRI incorporated by reference in each of the Time of Sale Information and the Offering Memorandum, when filed with the
Commission, conformed or will conform, as the case may be, in all material respects to the applicable requirements of the Exchange Act and the applicable rules and regulations of the Commission thereunder, and did not and will not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

 

	 	(iv)	Financial Statements. The consolidated historical financial statements and the related notes thereto of RRI and its subsidiaries included or incorporated by
reference in each of the Time of Sale Information and the Offering Memorandum present fairly, in all material respects, the consolidated financial position of RRI and its subsidiaries as of the dates indicated and the results of their respective
operations and the changes in their respective cash flows for the periods specified; such financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) applied on a
consistent basis throughout the periods covered thereby except, with respect to interim financial statements, subject to year-end audit adjustments; and the other financial information of RRI included or incorporated by reference in each of the Time
of Sale Information and the Offering Memorandum has been derived from the accounting records of RRI and its subsidiaries and presents fairly, in all material respects, the information shown thereby. For the avoidance of doubt, financial statements
for interim periods have been prepared in conformity with the GAAP requirements applicable to interim periods rather than the requirements applicable to annual financial statements. 

 

	 	(v)	 No Material Adverse Change. Except as otherwise disclosed in the Time of Sale Information, since the date of the most recent financial
statements of RRI included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum, (i) there has not been any change in the consolidated outstanding capital stock or long-term debt of RRI and its
subsidiaries (except for any vesting or exercise of options, restricted stock units or other equity investments pursuant to equity incentive compensation or benefit plans existing on the date of this Agreement, and for the avoidance of doubt, any
secondary trading of RRI’s capital stock or its and its subsidiaries’ long-term debt), or any dividend or distribution of any kind declared, set aside for payment, paid or made by RRI on any class of capital stock, or any material adverse
change, or to RRI’s knowledge, any development involving a prospective material adverse change, in or affecting the business, properties, management, financial position, or results of operations of RRI and its subsidiaries taken as a whole;
(ii) neither RRI nor any of its subsidiaries has (x) entered into any transaction or agreement not in the ordinary course 

  
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of business (except for the Merger or Refinancing Transactions which are described in the Time of Sale Information) that is material to RRI and its subsidiaries taken as a whole or
(y) incurred any liability or obligation, direct or contingent, that is material to RRI and its subsidiaries taken as a whole; and (iii) neither RRI nor any of its subsidiaries, taken as a whole, has sustained any loss or interference with
its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, that would
have an RRI Material Adverse Effect (as defined herein). 

  

	 	(vi)	Organization and Good Standing. RRI and each of its subsidiaries have been duly organized and are validly existing and in good standing under the laws of their
respective jurisdictions of organization, except, in the case of subsidiaries that are not RRI Significant Subsidiaries (as defined below), where the failure to be so duly organized, validly existing and in good standing would not, individually or
in the aggregate, have a material adverse effect on the business, properties, financial management, financial condition or results of operations of RRI and its subsidiaries, taken as a whole (an “RRI Material Adverse Effect”). RRI
and each of its subsidiaries are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have
all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so duly qualified, in good standing, or have such power or authority would not,
individually or in the aggregate, have an RRI Material Adverse Effect. RRI has no subsidiaries other than the subsidiaries that are listed on Schedule 2A to this Agreement. In this Agreement, “RRI Significant Subsidiaries”
shall mean the “significant subsidiaries” (as defined in Rule 405 under the Act) of RRI for the year ended December 31, 2009, which are listed on Schedule 2B hereto. 

 

	 	(vii)	Capitalization. RRI has an authorized capitalization as set forth in each of the Time of Sale Information and the Offering Memorandum; and all the outstanding
shares of capital stock or other equity interests of each subsidiary of RRI (A) have been duly and validly authorized and issued, are fully paid and non-assessable except, in the case of subsidiaries that are not RRI Significant Subsidiaries,
as would not, individually or in the aggregate, have an RRI Material Adverse Effect and (B) are owned directly or indirectly by RRI, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any
other claim in the nature of a security interest of any third party, except, in each case, as otherwise described in each of the Time of Sale Information and the Offering Memorandum, including, without limitation, the liens, charges, encumbrances,
security interests, restrictions on voting or transfer related to the June 2007 credit facilities, the 6.75% notes and the guarantees under the PEDFA Bonds, each as defined in the Preliminary Offering Memorandum, or related to RRI Energy
Mid-Atlantic Power Holdings, LLC (“REMA”) leases. 

  

	 	(viii)	Due Authorization. RRI has full right, power and authority to execute and deliver this Agreement, the Exchange Securities, the Registration Rights Agreement, the
Supplemental Indenture, the Escrow Agreement and the Agreement and Plan of Merger between Escrow Issuer and RRI (the “Escrow Merger Agreement”) (collectively, the “RRI Transaction Documents”) and to perform its
obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and delivery of each of the RRI Transaction Documents and the consummation of the transactions contemplated thereby has been
duly and validly taken. 

  

	 	(ix)	 Supplemental Indenture. The Supplemental Indenture has been duly authorized by RRI and, at the date the Merger is consummated (the
“Merger Closing Date”), will have been duly executed and delivered by RRI and, when duly executed and delivered in accordance with its terms by each of the parties thereto, the Securities Indenture, as supplemented by the
Supplemental Indenture, will constitute a valid and legally binding agreement of RRI enforceable against RRI in accordance with its terms, 

  
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except as enforceability may be limited by applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by
general principles of equity regardless of whether enforceability is considered in a proceeding in equity or at law (the “Enforceability Exceptions”), and on the Merger Closing Date, the Indenture will conform in all material
respects to the applicable requirements of the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and the applicable rules and regulations of the Commission relating to an indenture that is qualified thereunder.

  

	 	(x)	Securities. Upon consummation of the Mergers (including the assumption by RRI of all of the obligations of Escrow Issuer under the Securities Indenture and the
execution and delivery of the Supplemental Indenture) and, assuming that the Securities have been duly executed, issued and delivered by Escrow Issuer and authenticated by the Trustee as provided in the Securities Indenture and paid for as provided
herein, the Securities will be valid and legally binding obligations of RRI, enforceable against RRI in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.

  

	 	(xi)	Exchange Securities. On the Closing Date, the Exchange Securities will have been duly authorized by RRI and, when duly executed, authenticated, issued and
delivered as contemplated by the Indenture and the Registration Rights Agreement, will constitute valid and legally binding obligations of RRI, as issuer, enforceable against RRI in accordance with their terms, subject to the Enforceability
Exceptions, and will be entitled to the benefits of the Indenture. 

  

	 	(xii)	Purchase and Registration Rights Agreements. This Agreement has been duly authorized, executed and delivered by RRI. The Registration Rights Agreement has been
duly authorized by RRI and, on the Closing Date, will be duly executed and delivered by RRI and, when duly executed and delivered in accordance with its terms by each of the other parties thereto, will constitute a valid and legally binding
agreement of RRI, enforceable against RRI in accordance with its terms, subject to the Enforceability Exceptions, and except as enforceability of indemnity and contribution provisions may be limited by applicable law or public policy.

  

	 	(xiii)	Merger Agreement. The Merger Agreement has been duly authorized, executed and delivered by each of RRI and Merger Sub and the statements in each of the Time of
Sale Information and the Offering Memorandum, insofar as such statements purport to summarize certain provisions of the Merger Agreement, fairly summarize such provisions in all material respects. 

 

	 	(xiv)	Credit Agreement. The Credit Agreement has been duly authorized and has been, or as of the Closing Date will be, executed and delivered by RRI and, when duly
executed and delivered in accordance with its terms by each of the other parties thereto, will constitute a valid and legally binding agreement of RRI, enforceable against RRI in accordance with its terms, subject to the Enforceability Exceptions.

  

	 	(xv)	Other Transaction Documents. Each of the Escrow Agreement and the Escrow Merger Agreement have been duly authorized by RRI and, when duly executed and delivered
in accordance with its terms by each of the other parties thereto and when the action of Mirant, as the sole stockholder of Escrow Issuer, is delivered to Escrow Issuer approving the Escrow Merger, will constitute a valid and legally binding
agreement of RRI, enforceable against RRI in accordance with its terms, subject to the Enforceability Exceptions. 

  

	 	(xvi)	Descriptions of the RRI Transaction Documents. The statements contained in each of the Time of Sale Information and the Offering Memorandum, insofar as such
statements purport to summarize certain provisions of the RRI Transaction Documents (or in the case of the Exchange Securities, the Supplemental Indenture and the Escrow Merger Agreement, the specimen Exchange Securities or forms of agreements
examined by RRI), fairly summarize such provisions in all material respects. 

  
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	 	(xvii)	Description of the Credit Agreement. The statements contained in each of the Time of Sale Information and the Offering Memorandum, insofar as such statements
purport to summarize certain provisions of the Credit Agreement, fairly summarize such provisions in all material respects. 

  

	 	(xviii)	No Violation or Default. Neither RRI nor any of its subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents;
(ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust,
loan agreement or other agreement or instrument to which RRI or any of its subsidiaries is a party or by which RRI or any of its subsidiaries is bound or to which any of the property or assets of RRI or any of its subsidiaries is subject; or
(iii) except as set forth in each of the Time of Sale Information and the Offering Memorandum, in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority,
except, in the case of clause (i) with respect to only those subsidiaries that are not RRI Significant Subsidiaries, and in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in
the aggregate, have an RRI Material Adverse Effect. 

  

	 	(xix)	No Conflicts. The execution, delivery and performance by RRI of the RRI Transaction Documents and compliance by RRI with the terms thereof and the consummation
of the transactions contemplated by the RRI Transaction Documents will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any
lien, charge or encumbrance upon any property or assets of RRI or any of any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which RRI or any of its subsidiaries is a party
or by which RRI or any of its subsidiaries is bound or to which any of the property or assets of RRI or any of its subsidiaries is subject (other than any lien, charge or encumbrance created or imposed pursuant to the Escrow Agreement),
(ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of RRI or any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or
regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (i) and (iii) above or in the case of clause (ii) with respect to only those subsidiaries that are not RRI Significant
Subsidiaries, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, have an RRI Material Adverse Effect. 

 

	 	(xx)	No Consents Required. No consent, approval, authorization, notice, order, registration or qualification of or with any court or arbitrator or governmental or
regulatory authority is required for the execution, delivery and performance by RRI of each of the RRI Transaction Documents and compliance by RRI with the terms thereof and the consummation of the transactions contemplated by the RRI Transaction
Documents, except for such consents, approvals, authorizations, notices, orders, registrations or qualifications (i) relating to the Exchange Securities or relating to the shelf registration statement contemplated by the Registration Rights
Agreement under the Securities Act and the Trust Indenture Act, (ii) as have been obtained or will be obtained prior to the Closing Date and will be in full force and effect or (iii) as may be required under applicable state securities or
“blue sky” laws in connection with the purchase and distribution of the Securities by the Initial Purchasers. 

  

	 	(xxi)	Legal Proceedings. Except as described in each of the Time of Sale Information and the Offering Memorandum, there are no legal, governmental or regulatory
investigations, actions, suits or proceedings pending to which RRI or any of its subsidiaries is a party or to which any property of RRI or any of its subsidiaries is the subject that, individually or in the aggregate, if determined adversely to RRI
or any of its subsidiaries, would reasonably be expected to have an RRI Material Adverse Effect; and no such investigations, actions, suits or proceedings are threatened or, to the knowledge of RRI, contemplated by any governmental or regulatory
authority or by others. 

  
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	 	(xxii)	Independent Accountants. KPMG LLP, who has certified certain financial statements of RRI and its subsidiaries, is an independent registered public accounting
firm with respect to RRI within the meaning of the Securities Act and the applicable rules and regulations adopted thereunder by the Commission and the rules and regulations of Public Company Accounting Oversight Board (United States).

  

	 	(xxiii)	Title to Real and Personal Property. RRI and its subsidiaries have good and defeasible title, or have valid rights to lease or otherwise use, all items of real
and personal property that are material to the respective businesses of RRI and its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title (other than Liens (as defined in the Credit
Agreement) permitted under the Credit Agreement or Liens that will be released as of the Closing Date) except those that (i) do not materially interfere with the use made and proposed to be made of such property by RRI and its subsidiaries,
taken as a whole, or (ii) would not, individually or in the aggregate, have an RRI Material Adverse Effect. 

  

	 	(xxiv)	Title to Intellectual Property. Except as would not have an RRI Material Adverse Effect, (a) RRI and its subsidiaries own or possess adequate rights to use
all United States intellectual property, including, without limitation, all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, domain names, trade dress and other source
indicators (and the goodwill of the business symbolized thereby), copyrights, works of authorship in any media, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems
or procedures) (collectively, “Intellectual Property”) necessary for the conduct of their respective businesses as currently conducted; (b) to the knowledge of RRI, all Intellectual Property owned by RRI and its subsidiaries is
valid, unexpired and enforceable; and (c) the conduct of the respective businesses of RRI and its subsidiaries as currently conducted do not infringe or otherwise violate any Intellectual Property rights of others, nor has RRI and its
subsidiaries received any written notice of any claim of infringement or violation with any such rights of others. 

  

	 	(xxv)	No Undisclosed Relationships. No relationship, direct or indirect, exists between or among RRI or any of its subsidiaries, on the one hand, and the directors,
officers, stockholders or other affiliates of RRI or any of its subsidiaries, on the other, that would be required by the Securities Act to be described in a registration statement to be filed with the Commission and that is not so described in each
of the Time of Sale Information and the Offering Memorandum. 

  

	 	(xxvi)	Investment Company Act. Neither RRI nor any of its subsidiaries is, and after giving effect to the offering and sale of the Securities and the application of the
proceeds thereof as described in each of the Time of Sale Information and the Offering Memorandum none of them will be, an “investment company” or an entity “controlled” by an “investment company” within the meaning of
the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Investment Company Act”). 

 

	 	(xxvii)	Federal Power Act. Neither RRI nor any of its subsidiaries that is not a “public utility” as defined in the Federal Power Act is subject to any
requirement of the Federal Power Act restricting its ability to incur Indebtedness (as such term is defined in the Indenture) or to execute or perform its obligations under the RRI Transaction Documents. Each subsidiary of RRI that is a “public
utility” as defined in the Federal Power Act has received blanket authorization, which authorization is in effect, for the issuance of securities pursuant to Section 204 of the Federal Power Act. 

 

	 	(i)	 Taxes. (i) Except as would not have an RRI Material Adverse Effect, RRI and its subsidiaries have filed all tax returns required to be
filed through the date hereof and have accrued or paid all federal, state, local and foreign taxes shown as due and owing on such returns, and (ii) except as otherwise disclosed in each of the Time of Sale Information and the Offering
Memorandum or as would not have 

  
 9 

	 	 
an RRI Material Adverse Effect, neither RRI, any of its subsidiaries, nor any of their respective properties or assets are, or could reasonably be expected to be, subject to any additional tax
liabilities in excess of amounts shown in such documents. 

  

	 	(xxviii)	Licenses and Permits. RRI and its subsidiaries possess all licenses, certificates, permits and other approvals and authorizations issued by, and have made all
declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as
described in each of the Time of Sale Information and the Offering Memorandum, except where the failure to possess or make the same would not, individually or in the aggregate, have an RRI Material Adverse Effect; and except as described in each of
the Time of Sale Information and the Offering Memorandum or as will not have an RRI Material Adverse Effect, neither RRI nor any of its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or
authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course. 

  

	 	(xxix)	No Labor Disputes. Except as described in each of the Time of Sale Information and the Offering Memorandum, no labor disturbance by or dispute with employees of
RRI or any of its subsidiaries exists or, to the knowledge of RRI, is contemplated or threatened and RRI is not aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of its or any of its subsidiaries’
principal suppliers, contractors or customers, except as would not have an RRI Material Adverse Effect. 

  

	 	(xxx)	Compliance with Environmental Laws. (i) RRI and its subsidiaries (x) are in compliance with any and all applicable federal, state, local and foreign
laws, rules, regulations, requirements, decisions and orders relating to the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively,
“Environmental Laws”), (y) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable Environmental Laws to conduct their respective
businesses, and (z) have not received notice of any actual or potential liability under or relating to any Environmental Laws, including for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes,
pollutants or contaminants, and (ii) there are no costs or liabilities associated with Environmental Laws of or relating to RRI or its subsidiaries, except in the case of each of (i) and (ii) above, for any such failure to comply, or
failure to receive required permits, licenses or approvals, or cost or liability, as would not, individually or in the aggregate, have an RRI Material Adverse Effect; and (iii) except as described in each of the Time of Sale Information and the
Offering Memorandum, (x) there are no proceedings that are pending, or that are known to be contemplated, against RRI or any of its subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such
proceedings regarding which it is reasonably believed no monetary sanctions of $100,000 or more will be imposed and (y) RRI and its subsidiaries are not aware of any issues regarding compliance with Environmental Laws, or liabilities or other
obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants, that could reasonably be expected to have a material effect on the capital expenditures, earnings or competitive position of RRI
and its subsidiaries. 

  

	 	(xxxi)	 Compliance with ERISA. (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), for which RRI or any member of its “Controlled Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Sections 414(b), (c),
(m) or (o) of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each, a “Plan”) has been maintained in material compliance with its terms and the requirements of
any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect
to any Plan 

  
 10 

	 	 
excluding transactions effected pursuant to a statutory or administrative exemption; (iii) for each Plan that is subject to the funding rules of Sections 412 or 430 of the Code or
Section 302 of ERISA, no failure to satisfy the minimum funding standards as defined in Sections 412 or 430 of the Code, whether or not waived, has occurred or is reasonably expected to occur; and (iv) no “reportable event”
(within the meaning of Section 4043(c) of ERISA), other than any reportable event with respect to which the PBGC has waived the 30-day notice requirement of Section 4043(a) of ERISA by regulation, has occurred or is reasonably expected to
occur; except, in the case of each of the foregoing clauses (i) through (iv) above, as would not have an RRI Material Adverse Effect. 

  

	 	(xxxii)	Disclosure Controls. RRI maintains a system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed
to ensure that information required to be disclosed by RRI in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms,
including controls and procedures designed to ensure that such information is accumulated and communicated to RRI’s management as appropriate to allow timely decisions regarding required disclosure. As of June 30, 2010, RRI’s
management carried out an evaluation of the effectiveness of RRI’s disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act and based on this evaluation has concluded that, as of June 30, 2010, RRI’s
disclosure controls and procedures were effective. 

  

	 	(xxxiii)	Accounting Controls. RRI maintains systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that
comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, RRI’s principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. RRI maintains internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets
is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, RRI is not aware of any material
weaknesses in RRI’s internal controls. 

  

	 	(xxxiv)	Insurance. RRI and its subsidiaries on a consolidated basis maintain with financially sound and reputable insurance companies (or through prudent self-insurance
programs or prudent captive insurance arrangements) insurance on all its property in at least such amounts and against at least such risks as are usually insured against in the same general area by companies engaged in the same or a similar business
to the extent available on commercially reasonable terms; and neither RRI nor any of its subsidiaries has any reason to believe that they will not be able to obtain the same or similar coverage at reasonable cost from similar insurers as may be
necessary to continue their business. 

  

	 	(xxxv)	No Unlawful Payments. None of RRI, any of its subsidiaries nor, to the knowledge of RRI, any director, officer, agent, employee or other person associated with
or acting on behalf of it or any of its subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful
payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977 (the “FCPA”); or (iv) made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment. 

  
 11 

  

	 	(xxxvi)	Compliance with Money Laundering Laws. The operations of RRI and its subsidiaries are and have been conducted at all times in material compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving RRI or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of RRI, threatened. 

 

	 	(xxxvii)	Compliance with OFAC. None of RRI, any of its subsidiaries or, to the knowledge of RRI, any director, officer, agent, employee or affiliate of RRI or any of its
subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and RRI will not directly or indirectly use the proceeds of the offering
of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S.
sanctions administered by OFAC. 

  

	 	(xxxviii)	Energy Regulatory Laws. (i) None of RRI nor any of its subsidiaries is subject to regulation under the laws of any state of the United States by any public
service commission (or similar body responsible for the regulation of public utilities) with respect to securities issuances or requiring any notice, consent or approval by such body for the consummation of any transactions contemplated by the RRI
Transaction Documents; and (ii) none of RRI or any of its subsidiaries is subject to regulation under the laws of any state of the United States with respect to rates for utility service. 

 

	 	(xxxix)	No Restrictions on Subsidiaries. Except as described in or contemplated by each of the Time of Sale Information and the Offering Memorandum, no subsidiary of RRI
is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to RRI, from making any other distribution on such subsidiary’s capital stock to RRI, from
repaying to RRI any loans or advances to such subsidiary from RRI. 

  

	 	(xl)	No Broker’s Fees. Except as described in the section entitled “Plan of distribution” in the Time of Sale Information and in the Offering
Memorandum, neither RRI nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any Initial Purchaser for a brokerage
commission, finder’s fee or like payment in connection with the offering and sale of the Securities. 

  

	 	(xli)	Rule 144A Eligibility. On the Merger Closing Date, the Securities will not be of the same class, within the meaning of Rule 144A under the Securities Act, as
securities issued by RRI listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the Preliminary Offering Memorandum and the Offering
Memorandum, as of its respective date, contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the
Securities Act. 

  

	 	(xlii)	No Integration. Neither RRI nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered for sale,
solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the
Securities Act. 

  

	 	(xliii)	 No General Solicitation or Directed Selling Efforts. Neither RRI nor any of its affiliates or any other person acting on its or their behalf
(other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered or sold, the Securities by means of any form of general

  
 12 

	 	 
solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act or
(ii) engaged in any directed selling efforts within the meaning of Regulation S under the Securities Act (“Regulation S”), and all such persons have complied with the offering restrictions requirement of Regulation S.

  

	 	(xliv)	No Stabilization. Neither RRI nor any of its affiliates has taken, directly or indirectly, any action designed to or that could reasonably be expected to cause
or result in any stabilization or manipulation of the price of the Securities. 

  

	 	(xlv)	Statistical and Market Data. Nothing has come to the attention of RRI that has caused RRI to believe that the statistical and market-related data included or
incorporated by reference in each of the Time of Sale Information and the Offering Memorandum, insofar as it relates to RRI, is not based on or derived from sources that are reliable and accurate in all material respects. 

 

	 	(xlvi)	Sarbanes-Oxley Act. There is and has been no failure on the part of RRI or any of its directors or officers, in their capacities as such, to comply in all
material respects with any presently applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans
and Sections 302 and 906 related to certifications. 

  

	 	(xlvii)	Forward-Looking Statements. No facts have come to the attention of RRI that have caused RRI to believe that the forward-looking statements about the combined
company included or incorporated by reference in the Time of Sale Information or the Offering Memorandum that were provided by RRI or jointly by RRI and Mirant have been made without a reasonable basis or based on assumptions RRI did not believe to
be reasonable at the time made, it being understood that such forward-looking statements speak only as of the date on which they were made and are subject to the statements set forth in the Preliminary Offering Memorandum under the caption
“Cautionary statement regarding forward-looking statements”. 

 (b) Mirant represents and warrants to
each Initial Purchaser that: 
  

	 	(i)	Preliminary Offering Memorandum, Time of Sale Information and Offering Memorandum. The Preliminary Offering Memorandum, as amended by the Supplements, as of its
date, did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and the Offering Memorandum, as of its date and as of the Closing Date, will not, contain any untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that (A) the representations and warranties set forth in this paragraph
3(b)(i) are limited to statements or omissions based upon information relating to Mirant in the Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum and (B) Mirant makes no representation or warranty with
respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to Escrow Issuer, RRI and Mirant in writing by such Initial Purchaser through the Representative expressly
for use in the Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum. 

  

	 	(ii)	 Additional Written Communications. Mirant (including its agents and representatives, other than the Initial Purchasers in their capacity as
such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any written communication that constitutes an offer to sell or solicitation of an offer to buy the Securities
(each such communication by Mirant or its agents and representatives (other than a communication referred to in clauses (i), (ii) and (iii) below) a “Mirant Written Communication”) other than (i) the Preliminary
Offering Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, 

  
 13 

	 	 
including a term sheet substantially in the form of Annex B hereto, which constitute part of the Time of Sale Information, and (iv) any electronic road show or other written
communications, in each case used in accordance with Section 4(c). Each such Mirant Written Communication, when taken together with the Time of Sale Information, did not, and at the Closing Date will not, contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that (A) the representations and warranties set
forth in this paragraph 3(b)(ii) are limited to statements or omissions based upon information relating to Mirant in each such Mirant Written Communication and (B) Mirant makes no representation and warranty with respect to any statements or
omissions made in each such Mirant Written Communication in reliance upon and in conformity with information relating to any Initial Purchaser furnished to Escrow Issuer, RRI and Mirant in writing by such Initial Purchaser through the Representative
expressly for use in any Mirant Written Communication. 

  

	 	(iii)	Incorporated Documents. The documents of Mirant incorporated by reference in each of the Time of Sale Information and the Offering Memorandum, when filed with
the Commission, conformed or will conform, as the case may be, in all material respects to the applicable requirements of the Exchange Act and the applicable rules and regulations of the Commission thereunder, and did not and will not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

  

	 	(iv)	Financial Statements. The consolidated historical financial statements and the related notes thereto of Mirant and its subsidiaries included or incorporated by
reference in each of the Time of Sale Information and the Offering Memorandum present fairly, in all material respects, the consolidated financial position of Mirant and its subsidiaries as of the dates indicated and the results of their respective
operations and the changes in their respective cash flows for the periods specified; such financial statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods covered thereby except, with respect to
interim financial statements, subject to year-end audit adjustments; and the other financial information of Mirant included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum has been derived from the
accounting records of Mirant and its subsidiaries and presents fairly, in all material respects the information shown thereby. For the avoidance of doubt, financial statements for interim periods have been prepared in conformity with the GAAP
requirements applicable to interim periods rather than the requirements applicable to annual financial statements. 

  

	 	(v)	 No Material Adverse Change. Except as otherwise disclosed in the Time of Sale Information, since the date of the most recent financial
statements of Mirant included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum (i) there has not been any change in the consolidated outstanding capital stock or long-term debt of Mirant and its
subsidiaries (except for any vesting or exercise of options, restricted stock units or other equity investments pursuant to equity incentive compensation or benefit plans existing on the date of this Agreement, and for the avoidance of doubt, any
secondary trading of Mirant’s capital stock or its and its subsidiaries’ long-term debt), or any dividend or distribution of any kind declared, set aside for payment, paid or made by Mirant on any class of capital stock, or any material
adverse change, or to Mirant’s knowledge, any development involving a prospective material adverse change, in or affecting the business, properties, management, financial position, or results of operations of Mirant and its subsidiaries taken
as a whole; (ii) neither Mirant nor any of its subsidiaries has (x) entered into any transaction or agreement not in the ordinary course of business (except for the Merger or Refinancing Transactions which are described in the Time of Sale
Information) that is material to Mirant and its subsidiaries taken as a whole or (y) incurred any liability or obligation, direct or contingent, that is material to Mirant and its subsidiaries taken as a whole; and (iii) neither Mirant nor
any of its subsidiaries, taken as a whole, has sustained any loss or 

  
 14 

	 	 
interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any
court or arbitrator or governmental or regulatory authority, that would have a Mirant Material Adverse Effect (as defined herein). 

  

	 	(vi)	Organization and Good Standing. Mirant and each of its subsidiaries have been duly organized and are validly existing and in good standing under the laws of
their respective jurisdictions of organization, except in the case of subsidiaries that are not Mirant Significant Subsidiaries (as defined below), where the failure to be so duly organized, validly existing and in good standing would not,
individually or in the aggregate, have a material adverse effect on the business, properties, financial management, financial condition or results of operations of Mirant and its subsidiaries, taken as a whole (a “Mirant Material Adverse
Effect”). Mirant and each of its subsidiaries are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires
such qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so duly qualified, in good standing, or have such power
or authority would not, individually or in the aggregate, have a Mirant Material Adverse Effect. Mirant has no subsidiaries other than the subsidiaries that are listed on Schedule 3A to this Agreement. In this Agreement, “Mirant
Significant Subsidiaries” shall mean the “significant subsidiaries” (as defined in Rule 405 under the Act) of Mirant for the year ended December 31, 2009, which are listed on Schedule 3B hereto.

  

	 	(vii)	Capitalization. All the outstanding shares of capital stock or other equity interests of each subsidiary of Mirant (A) have been duly and validly authorized
and issued, are fully paid and non-assessable except, in the case of subsidiaries that are not Mirant Significant Subsidiaries, as would not, individually or in the aggregate, have a Mirant Adverse Effect and (B) are owned directly or
indirectly by Mirant, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim in the nature of a security interest of any third party, except, in each case, as otherwise described in
each of the Time of Sale Information and the Offering Memorandum, including, without limitation, the liens, charges, encumbrances, security interests, restrictions on voting or transfer of any third party related to the MNA senior secured credit
facilities, as defined in the Preliminary Offering Memorandum, or related to the Mirant Mid-Atlantic, LLC leveraged leases, the MNA senior secured credit facilities and any project financing for the Mirant Marsh Landing LLC generating facility.

  

	 	(viii)	Due Authorization. Mirant has full right, power and authority to execute and deliver this Agreement and the Escrow Agreement (together, the “Mirant
Transaction Documents”) and to perform its obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and delivery of each of the Mirant Transaction Documents and the
consummation of the transactions contemplated thereby has been duly and validly taken. 

  

	 	(ix)	Purchase Agreement. This Agreement has been duly authorized, executed and delivered by Mirant. 

 

	 	(x)	Merger Agreement. The Merger Agreement has been duly authorized, executed and delivered by Mirant and the statements in each of the Time of Sale Information and
the Offering Memorandum, insofar as such statements purport to summarize certain provisions of the Merger Agreement, fairly summarize such provisions in all material respects. 

 

	 	(xi)	Other Transaction Documents. The Escrow Agreement will have been duly authorized by Mirant and, when duly executed and delivered in accordance with its terms by
each of the other parties thereto, will constitute a valid and legally binding agreement of Mirant, enforceable against Mirant in accordance with its terms, subject to the Enforceability Exceptions. 

  
 15 

  

	 	(xii)	Descriptions of the Mirant Transaction Documents. The statements contained in each of the Time of Sale Information and the Offering Memorandum, insofar as such
statements purport to summarize certain provisions of the Mirant Transaction Documents, fairly summarize such provisions in all material respects. 

  

	 	(xiii)	No Violation or Default. Neither Mirant nor any of its subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents;
(ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust,
loan agreement or other agreement or instrument to which Mirant or any of its subsidiaries is a party or by which Mirant or any of its subsidiaries is bound or to which any of the property or assets of Mirant or any of its subsidiaries is subject;
or (iii) except as set forth in each of the Time of Sale Information and the Offering Memorandum, in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority,
except, in the case of clause (i) with respect to only those subsidiaries that are not Mirant Significant Subsidiaries, and in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or
in the aggregate, have a Mirant Material Adverse Effect. 

  

	 	(xiv)	No Conflicts. The execution, delivery and performance by Mirant of each of the Mirant Transaction Documents and compliance by Mirant with the terms thereof and
the consummation of the transactions contemplated by the Mirant Transaction Documents will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any property or assets of Mirant or any of any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Mirant or any of
its subsidiaries is a party or by which Mirant or any of its subsidiaries is bound or to which any of the property or assets of Mirant or any of its subsidiaries is subject (other than any lien, charge or encumbrance created or imposed pursuant to
the Escrow Agreement), (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of Mirant or any of its subsidiaries or (iii) result in the violation of any law or statute or any
judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (i) and (iii) above or in the case of clause (ii) with respect to only those subsidiaries that are
not Mirant Significant Subsidiaries, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, have a Mirant Material Adverse Effect. 

 

	 	(xv)	No Consents Required. No consent, approval, authorization, notice, order, registration or qualification of or with any court or arbitrator or governmental or
regulatory authority is required for the execution, delivery and performance by Mirant of each of the Mirant Transaction Documents and compliance by Mirant with the terms thereof and the consummation of the transactions contemplated by the Mirant
Transaction Documents, except for such consents, approvals, authorizations, notices, orders, registrations or qualifications (i) relating to the Exchange Securities or relating to the shelf registration statement contemplated by the
Registration Rights Agreement under the Securities Act and the Trust Indenture Act, (ii) as have been obtained or will be obtained prior to the Closing Date and will be in full force and effect or (iii) as may be required under applicable
state securities or “blue sky” laws in connection with the purchase and distribution of the Securities by the Initial Purchasers. 

  

	 	(xvi)	Legal Proceedings. Except as described in each of the Time of Sale Information and the Offering Memorandum, there are no legal, governmental or regulatory
investigations, actions, suits or proceedings pending to which Mirant or any of its subsidiaries (other than Escrow Issuer) is a party or to which any property of Mirant or any of its subsidiaries is the subject that, individually or in the
aggregate, if determined adversely to Mirant or any of its subsidiaries, would reasonably be expected to have a Mirant Material Adverse Effect; and no such investigations, actions, suits or proceedings are threatened or, to the knowledge of Mirant,
contemplated by any governmental or regulatory authority or by others. 

  
 16 

  

	 	(xvii)	Independent Accountants. KPMG LLP, who has certified certain financial statements of Mirant and its subsidiaries, is an independent registered public accounting
firm with respect to Mirant within the meaning of the Securities Act and the applicable rules and regulations adopted thereunder by the Commission and the rules and regulations of Public Company Accounting Oversight Board (United States).

  

	 	(xviii)	Title to Real and Personal Property. Mirant and its subsidiaries (other than Escrow Issuer) have good and defeasible title, or have valid rights to lease or
otherwise use, all items of real and personal property that are material to the respective businesses of Mirant and its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title (other than
Liens (as defined in the Credit Agreement) permitted under the Credit Agreement or Liens that will be released as of the Closing Date) except those that (i) do not materially interfere with the use made and proposed to be made of such property
by Mirant and its subsidiaries, taken as a whole, or (ii) would not, individually or in the aggregate, have a Mirant Material Adverse Effect. 

  

	 	(xix)	Title to Intellectual Property. Except as would not have an Mirant Material Adverse Effect, (a) Mirant and its subsidiaries own or possess adequate rights
to use all Intellectual Property necessary for the conduct of their respective businesses as currently conducted; (b) to the knowledge of Mirant, all Intellectual Property owned by Mirant and its subsidiaries is valid, unexpired and
enforceable; and (c) the conduct of the respective businesses of Mirant and its subsidiaries as currently conducted do not infringe or otherwise violate any Intellectual Property rights of others, nor has Mirant and its subsidiaries received
any written notice of any claim of infringement or violation with any such rights of others. 

  

	 	(xx)	No Undisclosed Relationships. No relationship, direct or indirect, exists between or among Mirant or any of its subsidiaries, on the one hand, and the directors,
officers, stockholders or other affiliates of Mirant or any of its subsidiaries, on the other, that would be required by the Securities Act to be described in a registration statement to be filed with the Commission and that is not so described in
each of the Time of Sale Information and the Offering Memorandum. 

  

	 	(xxi)	Federal Power Act. Neither Mirant nor any of its subsidiaries that is not a “public utility” as defined in the Federal Power Act is subject to any
requirement of the Federal Power Act restricting its ability to incur Indebtedness (as such term is defined in the Indenture) or to execute or perform its obligations under the Mirant Transaction Documents. Each subsidiary of Mirant that is a
“public utility” as defined in the Federal Power Act has received blanket authorization, which authorization is in effect, for the issuance of securities pursuant to Section 204 of the Federal Power Act. 

 

	 	(xxii)	Taxes. (i) Except as would not have a Mirant Material Adverse Effect, Mirant and its subsidiaries (other than Escrow Issuer) have filed all tax returns
required to be filed through the date hereof and have accrued or paid all federal, state, local and foreign taxes shown as due and owing on such returns, and (ii) except as otherwise disclosed in each of the Time of Sale Information and the
Offering Memorandum or as would not have a Mirant Material Adverse Effect, neither Mirant, any of its subsidiaries, nor any of their respective properties or assets are, or could reasonably be expected to be, subject to any additional tax
liabilities in excess of amounts shown in such documents. 

  

	 	(xxiii)	 Licenses and Permits. Mirant and its subsidiaries (other than Escrow Issuer) possess all licenses, certificates, permits and other approvals and
authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of its respective properties or the
conduct of their respective businesses as described in each of the Time of Sale Information and the Offering Memorandum, except where the failure to possess or make the same would not, individually or in the aggregate, have a Mirant Material Adverse
Effect; and except as described in each of the Time of Sale Information and the Offering Memorandum or as will not have a Mirant Material Adverse Effect, 

  
 17 

	 	 
neither Mirant nor any of its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any
such license, certificate, permit or authorization will not be renewed in the ordinary course. 

  

	 	(xxiv)	No Labor Disputes. Except as described in each of the Time of Sale Information and the Offering Memorandum, no labor disturbance by or dispute with employees of
Mirant or any of its subsidiaries (other than Escrow Issuer) exists or, to the knowledge of Mirant, is contemplated or threatened and Mirant is not aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of its
or any of its subsidiaries’ principal suppliers, contractors or customers, except as would not have a Mirant Material Adverse Effect. 

  

	 	(xxv)	Compliance with Environmental Laws. (i) Mirant and its subsidiaries (other than Escrow Issuer) (x) are in compliance with Environmental Laws,
(y) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable Environmental Laws to conduct their respective businesses, and (z) have not received
notice of any actual or potential liability under or relating to any Environmental Laws, including for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, and
(ii) there are no costs or liabilities associated with Environmental Laws of or relating to Mirant or its subsidiaries (other than Escrow Issuer), except in the case of each of (i) and (ii) above, for any such failure to comply, or
failure to receive required permits, licenses or approvals, or cost or liability, as would not, individually or in the aggregate, have a Mirant Material Adverse Effect; and (iii) except as described in each of the Time of Sale Information and
the Offering Memorandum, (x) there are no proceedings that are pending, or that are known to be contemplated, against Mirant or any of its subsidiaries (other than Escrow Issuer) under any Environmental Laws in which a governmental entity is
also a party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $100,000 or more will be imposed and (y) Mirant and its subsidiaries (other than Escrow Issuer) are not aware of any issues regarding
compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants, that could reasonably be expected to have a material effect on the
capital expenditures, earnings or competitive position of Mirant and its subsidiaries (other than Escrow Issuer). 

  

	 	(xxvi)	Compliance with ERISA. (i) Each employee benefit plan, within the meaning of Section 3(3) of ERISA, for which Mirant or any member of its
“Controlled Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Sections 414(b), (c), (m) or (o) of the Code) would have any liability (each, a
“Plan”) has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no prohibited transaction,
within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) for each Plan that is subject to
the funding rules of Sections 412 or 430 of the Code or Section 302 of ERISA, no failure to satisfy the minimum funding standards as defined in Sections 412 or 430 of the Code, whether or not waived, has occurred or is reasonably expected to
occur; and (iv) no “reportable event” (within the meaning of Section 4043(c) of ERISA), other than any reportable event with respect to which the PBGC has waived the 30-day notice requirement of Section 4043(a) of ERISA by
regulation, has occurred or is reasonably expected to occur; except, in the case of each of the foregoing clauses (i) through (iv) above, as would not have a Mirant Material Adverse Effect. 

 

	 	(xxvii)	 Disclosure Controls. Mirant maintains a system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange
Act) that is designed to ensure that information required to be disclosed by Mirant in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s
rules and forms, including controls and procedures designed to ensure that such information is accumulated and 

  
 18 

	 	 
communicated to Mirant’s management as appropriate to allow timely decisions regarding required disclosure. As required by Exchange Act Rule 13a-15(b), Mirant’s management, including
Mirant’s Chief Executive Officer and Mirant’s Chief Financial Officer, conducted an assessment of the effectiveness of the design and operation of Mirant’s disclosure controls and procedures (as defined by Rules 13a-15(e) and
15d-15(e) under the Exchange Act), as of June 30, 2010. Based upon this assessment, Mirant’s management concluded that, as of June 30, 2010, the design and operation of these disclosure controls and procedures were effective.

  

	 	(xxviii)	Accounting Controls. Mirant maintains systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that
comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, Mirant’s principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Mirant maintains internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in accordance with
GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, Mirant is not aware of any material weaknesses in Mirant’s
internal controls. 

  

	 	(xxix)	Insurance. Mirant and its subsidiaries (other than Escrow Issuer) on a consolidated basis maintain with financially sound and reputable insurance companies (or
through prudent self-insurance programs or prudent captive insurance arrangements) insurance on all its property in at least such amounts and against at least such risks as are usually insured against in the same general area by companies engaged in
the same or a similar business to the extent available on commercially reasonable terms; and neither Mirant nor any of its subsidiaries has any reason to believe that they will not be able to obtain the same or similar coverage at reasonable cost
from similar insurers as may be necessary to continue their business. 

  

	 	(xxx)	No Unlawful Payments. None of Mirant nor any of its subsidiaries nor, to the knowledge of Mirant, any director, officer, agent, employee or other person
associated with or acting on behalf of it or any of its subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or
indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the FCPA; or (iv) made any bribe, rebate, payoff, influence payment, kickback
or other unlawful payment. 

  

	 	(xxxi)	Compliance with Money Laundering Laws. The operations of Mirant and its subsidiaries are and have been conducted at all times in compliance with Money Laundering
Laws and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving Mirant or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of
Mirant, threatened. 

  

	 	(xxxii)	Compliance with OFAC. None of Mirant, any of its subsidiaries or, to the knowledge of Mirant, any director, officer, agent, employee or affiliate of RRI or any
of its subsidiaries is currently subject to any U.S. sanctions administered by OFAC; and Mirant will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

  
 19 

  

	 	(xxxiii)	Energy Regulatory Laws. (i) None of Mirant or any of its subsidiaries is subject to regulation under the laws of any state of the United States by any
public service commission (or similar body responsible for the regulation of public utilities) (x) with respect to securities issuances (other than such subsidiaries that may be subject to the jurisdiction of the New York State Public Service
Commission) or (y) requiring any notice, consent or approval by such body for the consummation of any transactions contemplated by the Mirant Transaction Documents; and (ii) none of Mirant or any of its subsidiaries is subject to
regulation under the laws of any state of the United States with respect to rates for utility service. 

  

	 	(xxxiv)	No Restrictions on Subsidiaries. Except as described in or contemplated by each of the Time of Sale Information and the Offering Memorandum, no subsidiary of
Mirant is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to Mirant, from making any other distribution on such subsidiary’s capital stock to
Mirant, from repaying to Mirant any loans or advances to such subsidiary from Mirant. 

  

	 	(xxxv)	No Broker’s Fees. Except as described in the section entitled “Plan of distribution” in the Time of Sale Information and in the Offering
Memorandum, neither Mirant nor any of its subsidiaries (other than Escrow Issuer) is a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any
Initial Purchaser for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Securities. 

  

	 	(xxxvi)	No Integration. Neither Mirant nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered for sale,
solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the
Securities Act. 

  

	 	(xxxvii)	No General Solicitation or Directed Selling Efforts. Neither Mirant nor any of its affiliates or any other person acting on its or their behalf (other than the
Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered or sold, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or
in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act or (ii) engaged in any directed selling efforts within the meaning of Regulation S, and all such persons have complied with the offering
restrictions requirement of Regulation S. 

  

	 	(xxxviii)	No Stabilization. Neither Mirant nor any of its affiliates has taken, directly or indirectly, any action designed to or that could reasonably be expected to
cause or result in any stabilization or manipulation of the price of the Securities. 

  

	 	(xxxix)	Statistical and Market Data. Nothing has come to the attention of Mirant that has caused Mirant to believe that the statistical and market-related data included
or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum insofar as it relates to Mirant is not based on or derived from sources that are reliable and accurate in all material respects.

  

	 	(xl)	Sarbanes-Oxley Act. There is and has been no failure on the part of Mirant or any of its directors or officers, in their capacities as such, to comply in all
material respects with any presently applicable provision of the Sarbanes-Oxley Act, including Section 402 related to loans and Sections 302 and 906 related to certifications. 

 

	 	(xli)	 Forward-Looking Statements. No facts have come to the attention of Mirant that have caused Mirant to believe that the forward-looking statements
about the combined company included or incorporated by reference in the Time of Sale Information or the Offering Memorandum that were provided by Mirant 

  
 20 

	 	 
or jointly by RRI and Mirant have been made without a reasonable basis or based on assumptions Mirant did not believe to be reasonable at the time made, it being understood that such
forward-looking statements speak only as of the date on which they were made and are subject to the statements set forth in the Preliminary Offering Memorandum under the caption “Cautionary statement regarding forward-looking statements”.

 (c) Escrow Issuer represents and warrants to each Initial Purchaser that: 

 

	 	(i)	Preliminary Offering Memorandum, Time of Sale Information and Offering Memorandum. The Preliminary Offering Memorandum, as amended by the Supplements, as of its
date, did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and the Offering Memorandum, as of its date and as of the Closing Date, will not, contain any untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that (A) the representations and warranties set forth in this paragraph
3(c)(i) are limited to statements or omissions based upon information relating to Escrow Issuer and GenOn in the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum and (B) Escrow Issuer makes no
representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to Escrow Issuer, RRI and Mirant in writing by such Initial Purchaser through
the Representative expressly for use in the Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum. 

  

	 	(ii)	Additional Written Communications. Escrow Issuer (including its agents and representatives, other than the Initial Purchasers in their capacity as such) has not
prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any written communication that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such
communication by Escrow Issuer or its agents and representatives (other than a communication referred to in clauses (i), (ii) and (iii) below) an “Escrow Written Communication”) other than (i) the Preliminary Offering
Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Annex B hereto, which constitute part of the Time of Sale Information, and
(iv) any electronic road show or other written communications, in each case used in accordance with Section 4(c). Each such Escrow Written Communication, when taken together with the Time of Sale Information, did not, and at the Closing
Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, insofar as they relate to Escrow Issuer or to GenOn, in the light of the circumstances under which
they were made, not misleading; provided that (A) the representations and warranties set forth in this paragraph 3(c)(ii) are limited to statements or omissions based upon information relating to Escrow Issuer and GenOn in each such
Escrow Written Communication and (B) Escrow Issuer makes no representation and warranty with respect to any statements or omissions made in each such Escrow Written Communication in reliance upon and in conformity with information relating to
any Initial Purchaser furnished to Escrow Issuer, RRI and Mirant in writing by such Initial Purchaser through the Representative expressly for use in any Escrow Written Communication. 

 

	 	(iii)	Financial Statements. The pro forma financial statements and the related notes thereto included or incorporated by reference in each of the Time of Sale
Information and the Offering Memorandum have been prepared in accordance with the applicable requirements of Rule 11-02 of Regulation S-X promulgated by the Commission, except that Rule 11-02 of Regulation S-X does not provide for presentation of
periods covering the latest twelve months, the comparable six-month period of the preceding year, or pro forma “EBITDA” or capital expenditures, and the assumptions underlying such pro forma financial information are reasonable and
are set forth in each of the Time of Sale Information and the Offering Memorandum. 

  
 21 

  

	 	(iv)	No Material Adverse Change. Except as otherwise disclosed in the Time of Sale Information, since the date of the most recent financial statements of RRI and
Mirant included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum (i) there has not been any material adverse change, or to Escrow Issuer’s knowledge, any development involving a prospective
material adverse change, in or affecting the business, properties, management, financial position or results of operations of Escrow Issuer or of GenOn and its subsidiaries taken as a whole; (ii) Escrow Issuer has not entered into any
transaction or agreement that is material to Escrow Issuer or to GenOn and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to Escrow Issuer or to GenOn and its subsidiaries taken as a
whole; and (iii) neither Escrow Issuer nor GenOn and its subsidiaries taken as a whole, has sustained any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any
labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, that would have an Escrow Issuer Material Adverse Effect (as defined herein). 

 

	 	(v)	Organization and Good Standing. Escrow Issuer has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of
organization, and is duly qualified to do business and is, and has all power and authority necessary to own or hold its properties and to conduct the business in which it is engaged, except where the failure to be so qualified, in good standing or
have such power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties, management, financial condition or results of operations of Escrow Issuer or on the performance by Escrow Issuer of
its obligations under the Securities (an “Escrow Issuer Material Adverse Effect”). Escrow Issuer is a newly formed wholly-owned subsidiary of Mirant created solely to issue the notes and has not carried on any other business other
than that related to issuing the notes and performing its obligations under each of the Escrow Issuer Transaction Documents (as defined below). Escrow Issuer does not have any subsidiaries. 

 

	 	(vi)	Capitalization. Assuming the consummation of the Refinancing Transactions on the terms described therein, GenOn will have, as of June 30, 2010, the pro
forma capitalization as set forth in each of the Time of Sale Information and the Offering Memorandum under the heading “Capitalization”. 

  

	 	(vii)	Due Authorization. Escrow Issuer has full right, power and authority to execute and deliver this Agreement, the Securities, the Securities Indenture, the
Supplemental Indenture, the Escrow Agreement and the Escrow Merger Agreement (collectively, the “Escrow Issuer Transaction Documents”) and to perform its obligations hereunder and thereunder; and all action required to be taken for
the due and proper authorization, execution and delivery of each of the Escrow Issuer Transaction Documents and the consummation of the transactions contemplated thereby has been duly and validly taken. 

 

	 	(viii)	Securities Indenture. The Securities Indenture has been duly authorized by Escrow Issuer and, when duly executed and delivered in accordance with its terms by
each of the other parties thereto, will constitute a valid and legally binding agreement of Escrow Issuer enforceable against Escrow Issuer in accordance with its terms, subject to the Enforceability Exceptions; and on the Closing Date, the
Securities Indenture will conform in all material respects to the requirements of the Trust Indenture Act, and the rules and regulations of the Commission applicable to an indenture that is qualified thereunder. 

 

	 	(ix)	Supplemental Indenture. The Supplemental Indenture has been duly authorized by Escrow Issuer and, at the Merger Closing Date, will have been duly executed and
delivered by Escrow Issuer and, when duly executed and delivered in accordance with its terms by each of the parties thereto, the Securities Indenture, as supplemented by the Supplemental Indenture, will constitute a valid and legally binding
agreement of Escrow Issuer enforceable against Escrow Issuer in accordance with its terms, except as enforceability may be limited by the Enforceability Exceptions. 

  
 22 

  

	 	(x)	Securities. The Securities have been duly authorized by Escrow Issuer and, when duly executed, authenticated, issued and delivered as provided in the Indenture
and paid for as provided herein, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of Escrow Issuer enforceable against Escrow Issuer in accordance with their terms, subject to the
Enforceability Exceptions, and will be entitled to the benefits of the Indenture. 

  

	 	(xi)	Escrow Agreement. The Escrow Agreement has been duly authorized by Escrow Issuer, and, when duly executed and delivered in accordance with its terms by each of
the other parties thereto, will constitute a valid and legally binding agreement of Escrow Issuer enforceable against Escrow Issuer in accordance with its terms, subject to the Enforceability Exceptions. 

 

	 	(xii)	Purchase Agreement. This Agreement has been duly authorized, executed and delivered by Escrow Issuer. 

 

	 	(xiii)	Other Transaction Documents. The Escrow Merger Agreement has been duly authorized by Escrow Issuer and, when duly executed and delivered in accordance with its
terms by each of the parties thereto and approved by the sole stockholder of Escrow Issuer, will constitute a valid and legally binding agreement of Escrow Issuer, enforceable against Escrow Issuer in accordance with its terms, subject to the
Enforceability Exceptions. 

  

	 	(xiv)	Ownership of Escrow Property; Escrow Agreement. On the Closing Date, Escrow Issuer will own, have rights in, and have the power and authority to collectively
assign rights in, the Escrow Property (as defined in the Escrow Agreement), free and clear of any liens, to the Escrow Agent. (A) It is understood that the parties to the Escrow Agreement intend to create a true escrow, with Escrow Issuer
having no ownership of, or rights in, the Escrow Account and the Escrowed Funds other than the limited contractual right to receive the Special Redemption Price (as defined in the Offering Memorandum) and (B)(1) in the event that the Escrow and
Security Agreement does not, as intended by such parties, create a true escrow, (2) the Escrow Agreement is characterized as an arrangement for security (and not a true escrow), and (3) Escrow Issuer is determined to have any interest in
the Escrow Account or the Escrowed Funds, upon the execution and delivery of the Escrow Agreement by all parties thereto and the filing of a financing statement naming Escrow Issuer as debtor and the Trustee as secured party that describes the
Escrow Property in the Secretary of State of the State of Delaware, the Trustee will have a first-priority (except for any ordinary course liens of bank on customer accounts under account documentation) perfected security interest in Escrow
Issuer’s rights to the Escrow Property prior to any other security interest created by Escrow Issuer under the U.C.C. 

  

	 	(xv)	Descriptions of the Escrow Issuer Transaction Documents. The description of each Escrow Issuer Transaction Document contained in each of the Time of Sale
Information and the Offering Memorandum conforms (or in the case of the Escrow Merger Agreement, will conform upon due execution of the underlying document) to the underlying Escrow Issuer Transaction Document in all material respects.

  

	 	(xvi)	No Violation or Default. Escrow Issuer is not (i) in violation of its charter or by-laws; (ii) in default, and no event has occurred that, with notice
or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Escrow
Issuer is a party or by which Escrow Issuer is bound or to which any of the property or assets of Escrow Issuer is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or
governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, have an Escrow Issuer Material Adverse Effect.

  
 23 

  

	 	(xvii)	No Conflicts. The execution, delivery and performance by Escrow Issuer of each of the Escrow Issuer Transaction Documents, the issuance and sale of the
Securities and compliance by Escrow Issuer with the terms thereof and the consummation of the transactions contemplated by the Escrow Issuer Transaction Documents will not (i) conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of Escrow Issuer, pursuant to, any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which Escrow Issuer is a party or by which Escrow Issuer is bound or to which any of the property or assets of Escrow Issuer are subject (other than any lien, charge or encumbrance created or imposed pursuant to the Escrow
Agreement), (ii) result in any violation of the provisions of the charter or by-laws of Escrow Issuer or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or
governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, have an Escrow
Issuer Material Adverse Effect. 

  

	 	(xviii)	No Consents Required. No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory
authority is required for the execution, delivery and performance by Escrow Issuer of each of the Escrow Issuer Transaction Documents, the issuance and sale of the Securities and compliance by Escrow Issuer with the terms thereof and the
consummation of the transactions contemplated by the Escrow Issuer Transaction Documents, except for such consents, approvals, authorizations, orders and registrations or qualifications (i) relating to the perfection of security interests
purported to be granted in the Escrow Property pursuant to the Escrow Agreement, in the event that the Escrow Agreement does not, as intended by the parties thereto, create a true escrow, (ii) as have been obtained or will be obtained prior to
the Closing Date and will be in full force and effect or (iii) as may be required under applicable state securities laws in connection with the purchase and distribution of the Securities by the Initial Purchasers. 

 

	 	(xix)	GenOn Solvency. On and immediately after the Merger Closing Date, GenOn (after giving effect to the Mergers, including GenOn’s assumption of Escrow
Issuer’s obligations under the Securities, and the other transactions related thereto as described in each of the Time of Sale Information and the Offering Memorandum) will be Solvent. As used in this paragraph, the term
“Solvent” means, with respect to a particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of GenOn and its subsidiaries is not less than the total amount required to
pay the liabilities of GenOn and its subsidiaries on their total existing debts and liabilities (including contingent liabilities) as they become absolute and matured; (ii) GenOn and its subsidiaries are able to realize upon its assets and pay
its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business; (iii) assuming consummation of the issuance of the Securities as contemplated by this Agreement, the Time of
Sale Information and the Offering Memorandum and the borrowings under the Credit Facility, if any, neither GenOn nor any its subsidiaries is incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature;
(iv) neither GenOn nor any of its subsidiaries is engaged in any business or transaction, nor propose to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to
the prevailing practice in the industry in which GenOn and its subsidiaries are engaged; and (v) neither GenOn nor any of its subsidiaries is not a defendant in any civil action that would result in a judgment that either GenOn or any of its
subsidiaries is or would become unable to satisfy. 

  

	 	(xx)	 Legal Proceedings. Except as described in each of the Time of Sale Information and the Offering Memorandum, there are no legal, governmental or
regulatory investigations, actions, suits or proceedings pending to which Escrow Issuer is a party or to which any property of Escrow Issuer is the subject that, individually or in the aggregate, if determined adversely to Escrow Issuer, would
reasonably be expected to have an Escrow Issuer Material Adverse Effect; and no such investigations, 

  
 24 

	 	 
actions, suits or proceedings are threatened or, to the knowledge of Escrow Issuer, contemplated by any governmental or regulatory authority or by others. 

 

	 	(xxi)	Investment Company Act. Escrow Issuer is not, and after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as
described in each of the Time of Sale Information and the Offering Memorandum will not be, an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act.

  

	 	(xxii)	Federal Power Act. Escrow Issuer is not a “public utility” as defined in the Federal Power Act and is not is subject to any requirement of the Federal
Power Act restricting their ability to incur Indebtedness (as such term is defined in the Indenture) or execute or perform their obligations under any of the Escrow Issuer Transaction Documents. 

 

	 	(xxiii)	Compliance with OFAC. None of Escrow Issuer or, to the knowledge of Escrow Issuer, any director, officer, agent, employee or affiliate of Escrow Issuer is
currently subject to any U.S. sanctions administered by OFAC; and Escrow Issuer will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any other
person or entity for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

  

	 	(xxiv)	Energy Regulatory Laws. (i) Escrow Issuer is not subject to regulation under the laws of any state of the United States by any public service
commission (or similar body responsible for the regulation of public utilities) with respect to securities issuances or requiring any notice, consent or approval by such body for the consummation of any transactions contemplated by the Escrow Issuer
Transaction Documents; and (ii) Escrow Issuer is not subject to regulation under the laws of any state of the United States with respect to rates for utility service. 

 

	 	(xxv)	No Broker’s Fees. Except as described in the section entitled “Plan of distribution” in the Time of Sale Information and in the Offering
Memorandum, Escrow Issuer is not a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any Initial Purchaser for a brokerage commission,
finder’s fee or like payment in connection with the offering and sale of the Securities. 

  

	 	(xxvi)	Rule 144A Eligibility. On the Closing Date, the Securities will not be of the same class, within the meaning of Rule 144A under the Securities Act, as securities
of Escrow Issuer listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the Preliminary Offering Memorandum and the Offering Memorandum, as of
the Closing Date, contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act.

  

	 	(xxvii)	No Integration. Neither Escrow Issuer nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered for
sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under
the Securities Act. 

  

	 	(xxviii)	 No General Solicitation or Directed Selling Efforts. Neither Escrow Issuer nor any of its affiliates or any other person acting on its or their
behalf (other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered or sold, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule
502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act 

  
 25 

	 	 
or (ii) engaged in any directed selling efforts within the meaning of Regulation S, and all such persons have complied with the offering restrictions requirement of Regulation S.

  

	 	(xxix)	Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 1(b) (including
Annex C hereto) and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers and the offer, resale and delivery of the Securities by
the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, to register the Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act.

  

	 	(xxx)	No Stabilization. Escrow Issuer has not taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any
stabilization or manipulation of the price of the Securities. 

  

	 	(xxxi)	Margin Rules. Neither the issuance, sale and delivery of the Securities nor the application of the proceeds thereof by Escrow Issuer as described in each of the
Time of Sale Information and the Offering Memorandum will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors. 

 

	 	(xxxii)	Statistical and Market Data. Nothing has come to the attention of Escrow Issuer that has caused Escrow Issuer to believe that the statistical and market-related
data included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum insofar as it relates to Escrow Issuer or GenOn is not based on or derived from sources that are reliable and accurate in all material
respects. 

  

	 	(xxxiii)	Forward-Looking Statements. The forward-looking statements about the combined company included or incorporated by reference in the Time of Sale Information and
the Offering Memorandum have been made in good faith and based on assumptions believed to be reasonable at the time made, it being understood that such forward-looking statements speak only as of the date on which they were made and are subject to
the statements set forth in the Preliminary Offering Memorandum under the caption “Cautionary statement regarding forward-looking statements”. 

 4. Further Agreements of Escrow Issuer, RRI and Mirant. The covenants and agreements set forth in this Section 4 by (i) Escrow Issuer are limited to the covenants and agreements relating
specifically to Escrow Issuer, (ii) RRI are limited to the covenants and agreements relating specifically to RRI and (iii) Mirant are limited to the covenants and agreements relating specifically to Mirant; provided,
however, that Mirant covenants and agrees also to cause its subsidiary, Escrow Issuer, to perform all covenants and agreements of Escrow Issuer in this Section 4. Each of Escrow Issuer, RRI and Mirant, severally and not jointly,
covenants and agrees with each Initial Purchaser that: 
 (a) Delivery of Copies. Each of Escrow Issuer, RRI and Mirant
will deliver, without charge, to the Initial Purchasers as many copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Escrow Written Communication, RRI Written Communication, Mirant Written Communication and the
Offering Memorandum (including all amendments and supplements thereto) as the Representative may reasonably request. 
 (b)
Offering Memorandum, Amendments or Supplements. Before finalizing the Offering Memorandum or making or distributing any amendment or supplement to any of the Time of Sale Information or the Offering Memorandum or with respect to Current
Reports on Form 8-K, if deemed appropriate in the good faith judgment of RRI or Mirant, as the case may be, filing with the Commission any document that will be incorporated by reference therein, Escrow Issuer, RRI and/or Mirant as applicable, will
provide to the Representative and counsel 

  
 26 

 
for the Initial Purchasers will be provided a copy of the proposed Offering Memorandum or such amendment or supplement or document to be incorporated by reference therein for review, and each of
Escrow Issuer, RRI and Mirant will not distribute any such proposed Offering Memorandum, amendment or supplement or file any such document with the Commission to which the Representative reasonably objects. 

(c) Additional Written Communications. Before making, preparing, using, authorizing, approving or referring to any RRI Written
Communication, Mirant Written Communication or Escrow Written Communications, each of Escrow Issuer, RRI and Mirant will furnish to the Representative and counsel for the Initial Purchasers a copy of such written communication for review and will
not make, prepare, use, authorize, approve or refer to any such written communication to which the Representative reasonably objects. 
 (d) Notice to the Representative. Each of Escrow Issuer, RRI and Mirant will advise the Representative promptly, and confirm such advice in writing, (i) of the issuance by any governmental or
regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information, any RRI Written Communication, any Mirant Written Communication, any Escrow Written Communication or the Offering Memorandum or the initiation
or threatening of any proceeding for that purpose; and (ii) of the occurrence of any event at any time prior to the completion of the initial offering of the Securities as a result of which any of the Time of Sale Information, any RRI Written
Communication, any Mirant Written Communication, any Escrow Written Communication or the Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances existing when such Time of Sale Information, RRI Written Communication, Mirant Written Communication, Escrow Written Communication or the Offering Memorandum is delivered to a purchaser,
not misleading; and (iii) of the receipt by Escrow Issuer, RRI or Mirant of any notice with respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; and Escrow Issuer, RRI and Mirant will use their reasonable best efforts to prevent the issuance of any such order preventing or suspending the use of any of the Time of Sale Information, any RRI Written Communication,
Mirant Written Communication, Escrow Written Communication or the Offering Memorandum or suspending any such qualification of the Securities and, if any such order is issued, will obtain as soon as possible the withdrawal thereof. 

(e) Time of Sale Information. If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as
a result of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (ii) it is necessary to amend or supplement any of the Time of Sale Information to comply with applicable law, each of Escrow Issuer, RRI and Mirant will immediately notify the Initial
Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to any of the Time of Sale Information (or any document to be filed with the Commission and
incorporated by reference therein) as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented will not, in the light of the circumstances under which they were made, be misleading or so that any
of the Time of Sale Information will comply with applicable law. 
 (f) Ongoing Compliance of the Offering Memorandum. If
at any time prior to the completion of the initial offering of the Securities (i) any event shall occur or condition shall exist as a result of which the Offering Memorandum as then amended or supplemented would include any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Offering Memorandum is delivered to a purchaser, not misleading or (ii) it is necessary to
amend or supplement the Offering Memorandum to comply with applicable law, each of Escrow Issuer, RRI and Mirant will immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the
Initial Purchasers such amendments or supplements to the Offering Memorandum (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in the Offering Memorandum as so amended
or supplemented (including such document to be 

  
 27 

 
incorporated by reference therein) will not, in the light of the circumstances existing when the Offering Memorandum is delivered to a purchaser, be misleading or so that the Offering Memorandum
will comply with applicable law. 
 (g) Blue Sky Compliance. Escrow Issuer will qualify the Securities for offer and sale
under the securities or Blue Sky laws of such jurisdictions as the Representative shall reasonably request and will continue such qualifications in effect so long as required for the offering and resale of the Securities; provided that Escrow
Issuer shall not be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of
process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject. 
 (h) Clear Market. During the period from the date hereof through and including the date that is 60 days after the date hereof, none of Escrow Issuer, RRI or Mirant will and will not permit their
respective subsidiaries (except for Mirant Marsh Landing, LLC), without the prior written consent of the Representative, to offer, sell, contract to sell or otherwise dispose of in any transaction required to be registered under the Securities Act
or pursuant to Rule 144A any debt securities (for the avoidance of doubt, excluding the Credit Facility) issued or guaranteed by Escrow Issuer, RRI or Mirant or any of their respective subsidiaries and having a term of more than one year provided,
however, that the foregoing restriction shall not apply to the issuance of letters of credit or any other refinancing transaction described in the Preliminary Offering Memorandum. 

(i) Use of Proceeds. Escrow Issuer and RRI, as applicable, will apply the net proceeds from the sale of the Securities released to
Escrow Issuer, from the Escrow Account in the manner described in each of the Time of Sale Information and the Offering Memorandum under the heading “Use of proceeds”. 

(j) Supplying Information. While the Securities remain outstanding and are “restricted securities” within the meaning of
Rule 144(a)(3) under the Securities Act, each of Escrow Issuer and RRI, as applicable, will, during any period in which Escrow Issuer or RRI is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of
the Securities and prospective purchasers of the Securities designated by such holders, upon the request of such holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 (k) DTC. Escrow Issuer will assist the Initial Purchasers in arranging for the Securities to be eligible for clearance
and settlement through DTC. 
 (l) No Resales. None of Escrow Issuer, RRI or Mirant, will, and will not permit any of
their affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by Escrow Issuer, RRI, Mirant or any of their respective affiliates and
resold in a transaction registered under the Securities Act. 
 (m) No Integration. None of Escrow Issuer, RRI, Mirant or
any of their respective affiliates (as defined in Rule 501(b) of Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act),
that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act. 
 (n) No General Solicitation or Directed Selling Efforts. None of Escrow Issuer, RRI, Mirant, or any of their respective affiliates or any other person acting on their behalf (other than the Initial
Purchasers, as to which no covenant is given) will (i) solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner
involving a public offering within the meaning of Section 4(2) of the Securities Act or (ii) engage in any directed selling efforts within the meaning of Regulation S, and all such persons will comply with the offering restrictions
requirement of Regulation S. 

  
 28 

  
 (o) No
Stabilization. None of Escrow Issuer, RRI or Mirant will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities.

 (p) Escrow Security Interest Perfection. The parties to the Escrow Agreement intend to create a true escrow, with
Escrow Issuer having no ownership of, or rights in, the Escrow Account and all the assets therein other than the limited contractual right to receive the Special Redemption Price (as defined in the Escrow Agreement). In the event that the Escrow
Agreement does not, as intended by the parties, create a true escrow, and Escrow Issuer is determined to have any interest in the Escrow Account or the assets therein, each of Escrow Issuer, RRI and Mirant will (i) complete or deliver to the
Escrow Agent on the Closing Date all filings and take all other similar actions required by it in connection with the perfection of the security interests to be granted in the Escrow Property under the Escrow Agreement as and only to the extent
required by the Escrow Agreement and the Indenture and (ii) take all actions to maintain such security interests and to perfect such security interests in any Escrow Property, in each case as and only to the extent required by the Escrow
Agreement and the Indenture. 
 (q) Escrow Merger Agreement. Unless the Special Mandatory Redemption Payment is made,
each of Escrow Issuer and RRI will execute and deliver the Escrow Merger Agreement and Mirant will approve the Escrow Merger Agreement as sole stockholder of Escrow Issuer prior to the Merger Closing Date. 

5. Certain Agreements of the Initial Purchasers. Each Initial Purchaser hereby represents and agrees that it has not and will not
use, authorize use of, refer to, or participate in the planning for use of, any written communication that constitutes an offer to sell or the solicitation of an offer to buy the Securities other than (i) the Preliminary Offering Memorandum and
the Offering Memorandum, (ii) a written communication that contains no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) that was not included (including through incorporation by reference) in the
Preliminary Offering Memorandum or the Offering Memorandum, (iii) any written communication listed on Annex A or prepared pursuant to Section 4(c) above (including any electronic road show), (iv) any written communication
prepared by such Initial Purchaser and approved by each of Escrow Issuer, RRI and Mirant in advance in writing or (v) any written communication relating to or that contains the terms of the Securities and/or other information that was included
(including through incorporation by reference) in the Preliminary Offering Memorandum or the Offering Memorandum. 
 6.
Conditions of Initial Purchasers’ Obligations. The obligation of each Initial Purchaser to purchase Securities on the Closing Date as provided herein is subject to the performance by Escrow Issuer, RRI and Mirant of their respective
covenants and other obligations hereunder and to the following additional conditions: 
 (a) Representations and
Warranties. The representations and warranties of each of Escrow Issuer, RRI and Mirant contained herein shall be true and correct on the date hereof and on the Closing Date; and the statements of Escrow Issuer, RRI, Mirant and their respective
officers made in any certificates delivered pursuant to this Agreement shall be true and correct on the Closing Date. 
 (b)
No Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or
preferred stock issued or guaranteed by Escrow Issuer, RRI, Mirant or any of their respective subsidiaries (except relating to securities that are being discharged or defeased) by any nationally recognized statistical rating organization; and
(ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by
Escrow Issuer, RRI, Mirant or any of their respective subsidiaries (other than an announcement with positive implications of a possible upgrading). 
 (c) No Termination of Merger Agreement. Neither RRI, on the one hand, nor Mirant, on the other hand, shall have terminated the Merger Agreement or delivered a written notice to the other party
stating their intent to terminate the Merger Agreement. 

  
 29 

  
 (d) No Material
Adverse Change. No event or condition of a type described in Sections 3(a)(v), 3(b)(v) or 3(c)(iv) hereof shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Information (excluding any
amendment or supplement thereto) and the Offering Memorandum (excluding any amendment or supplement thereto) the effect of which in the judgment of the Representative makes it impracticable or inadvisable to proceed with the offering, sale or
delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum. 
 (e) Officers’ Certificates. A. The Representative shall have received on the Closing Date a certificate of the Chief Financial Officer and the Treasurer or such other officer of RRI as is
reasonably satisfactory to the Representative (i) confirming that such officers have carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the knowledge of such officers, the representations set forth in Sections
3(a)(i) and 3(a)(ii) hereof are true and correct, (ii) confirming that the other representations and warranties of RRI in this Agreement are true and correct and that RRI has complied with all agreements and satisfied all conditions on its part
to be performed or satisfied hereunder at or prior to the Closing Date and (iii) subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement (x) no downgrading has occurred in the rating
accorded the Securities or any other debt securities or preferred stock issued or guaranteed by RRI or any of its subsidiaries (except relating to securities that are being discharged or defeased) by any nationally recognized statistical rating
organization; and (y) no such organization has publicly announced that it has under surveillance or review, or has changed its outlook with respect to its rating of the Securities or of any other debt securities or preferred stock issued or
guaranteed by RRI or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading). 

B. The Representative shall have received on the Closing Date a management letter of the Chief Financial Officer of RRI with respect to
the numbers on the pages of the Preliminary Offering Memorandum attached thereto to the effect set forth in Annex E hereto. 
 C. The Representative shall have received on the Closing Date a certificate of the Chief Financial Officer and the Treasurer or such other officer of Mirant as is reasonably satisfactory to the
Representative (i) confirming that such officers have carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the knowledge of such officers, the representations set forth in Sections 3(b)(i) and 3(b)(ii) hereof are
true and correct, (ii) confirming that the other representations and warranties of Mirant in this Agreement are true and correct and that Mirant has complied with all agreements and satisfied all conditions on their part to be performed or
satisfied hereunder at or prior to the Closing Date and (iii) subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement (x) no downgrading has occurred in the rating accorded the
Securities or any other debt securities or preferred stock issued or guaranteed by Mirant or any of its subsidiaries (except relating to securities that are being discharged or defeased) by any nationally recognized statistical rating organization;
and (y) no such organization has publicly announced that it has under surveillance or review, or has changed its outlook with respect to its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by
Mirant or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading). 
 D. The
Representative shall have received on the Closing Date a certificate of the Chief Financial Officer, Treasurer or such other officer of Escrow Issuer as is reasonably satisfactory to the Representative (i) confirming that such officer has
carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the knowledge of such officer, the representations set forth in Sections 3(c)(i) and 3(c)(ii) hereof are true and correct, (ii) confirming that the other
representations and warranties of Escrow Issuer and GenOn in this Agreement are true and correct and that Escrow Issuer has complied with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to
the Closing Date and (iii) subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement (x) no downgrading has occurred in the rating accorded the Securities or any other debt securities
or preferred stock issued or guaranteed by Escrow Issuer by any nationally recognized statistical rating organization; and (y) no such organization has publicly announced that it has under surveillance or review, or has changed its outlook

  
 30 

 
with respect to its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by Escrow Issuer (other than an announcement with positive implications of a
possible upgrading). 
 (f) Comfort Letters. A. On the date of this Agreement and on the Closing Date, KPMG LLP shall
have furnished to the Representative, at the request of RRI, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative, containing statements
and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained or incorporated by reference in each of the Time
of Sale Information and the Offering Memorandum; provided that the letter delivered on the Closing Date shall use a “cut-off” date no more than three business days prior to the Closing Date. 

B. On the date of this Agreement and on the Closing Date, KPMG LLP shall have furnished to the Representative, at the request of Mirant,
letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative, containing statements and information of the type customarily included in
accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum;
provided that the letter delivered on the Closing Date shall use a “cut-off” date no more than three business days prior to the Closing Date. 
 (g) Opinions and Letter for Escrow Issuer, RRI and Mirant. Skadden, Arps, Slate, Meagher & Flom LLP, counsel for Escrow Issuer, RRI and Mirant, shall have furnished to the Representative,
at the request of Escrow Issuer, RRI and Mirant, its written opinion, negative assurance letter, tax opinion and UCC opinion dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the
Representative, to the effect set forth in Annex D-1, 2, 3 and 4 hereto. 
 (h) Opinion and Letter for the Initial
Purchasers. The Representative shall have received on and as of the Closing Date an opinion and 10b-5 statement of Simpson Thacher & Bartlett LLP, counsel for the Initial Purchasers, with respect to such matters as the Representative
may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters. 
 (i) No Legal Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign
governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date,
prevent the issuance or sale of the Securities. 
 (j) Good Standing. The Representative shall have received on and as of
the Closing Date satisfactory evidence of the good standing of Escrow Issuer, RRI, each RRI Significant Subsidiary, Mirant and each Mirant Significant Subsidiary in their respective jurisdictions of organization and, in each case in writing or any
standard form of telecommunication, from the appropriate governmental authorities of such jurisdictions. 
 (k) Escrow
Agreement, Escrow Deposit and Perfection of Security Interests. The Initial Purchasers shall have received a counterpart of the Escrow Agreement in form and substance reasonably satisfactory to the Representative, which Escrow Agreement shall
have been duly executed and delivered by a duly authorized officer of Escrow Issuer. The Initial Purchasers shall have received evidence that the Escrow Account has been established and the Additional Escrow Amount shall have been deposited or on
the Closing Date will be concurrently deposited into the Escrow Account. To the extent Escrow Issuer is determined to have any interest in the Escrow Account or the assets therein and only to the extent required by the Escrow Agreement and
the Indenture, the actions to perfect such security interests in any Escrow Property shall have been taken. 
 (l)
Registration Rights Agreement. The Initial Purchasers shall have received a conformed counterpart of the Registration Rights Agreement in form and substance reasonably satisfactory to the Representative, which

  
 31 

 
Registration Rights Agreement shall have been duly executed and delivered by a duly authorized officer of RRI and which shall provide that such Registration Rights Agreement shall become
effective on the Merger Closing Date. 
 (m) The Securities Indenture and Securities. The Securities Indenture shall have
been duly executed and delivered by a duly authorized officer of each of Escrow Issuer and the Trustee, and the Securities shall have been duly executed and delivered by a duly authorized officer of Escrow Issuer and duly authenticated by the
Trustee. 
 (n) DTC. The Securities shall be eligible for clearance and settlement through DTC. 

(o) Additional Documents. At or prior to the Closing Date, Escrow Issuer, RRI and Mirant shall have furnished to the
Representative such further certificates and documents as the Representative may reasonably request. 
 All opinions, letters,
certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 

7. Indemnification and Contribution. 
 (a) Indemnification of the Initial Purchasers. Escrow Issuer agrees (it being understood that, after the Mergers, GenOn will assume all of the obligations of Escrow Issuer) to indemnify and hold
harmless each Initial Purchaser, its affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each, an
“Initial Purchaser Indemnified Person”), from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with any suit, action or
proceeding or any claim asserted, as such fees and expenses are incurred) (collectively, the “Losses”), that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the
Preliminary Offering Memorandum, any of the other Time of Sale Information, any Escrow Written Communication, RRI Written Communication, Mirant Written Communication or the Offering Memorandum (or any amendment or supplement thereto) (collectively,
the “Indemnification Documents”) or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information
relating to any Initial Purchaser furnished to Escrow Issuer, RRI and Mirant in writing by such Initial Purchaser through the Representative expressly for use therein; provided, however, that, if, prior to the closing of the Merger,
(i) any Losses arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission in any information relating solely to RRI (in the good faith determination of the Representative (after consultation with
outside counsel to the Representative) in the absence of any final judgment of a court) contained in or omitted from, or allegedly contained in or omitted from, the Indemnification Documents, then, at the option of the Representative, RRI (in lieu
of Escrow Issuer) agrees to provide the indemnification provided in this Section 7(a) only to the extent of such Losses, (ii) any Losses arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or
omission in any information relating solely to Mirant (in the good faith determination of the Representative (after consultation with outside counsel to the Representative) in the absence of any final judgment of a court) contained in or omitted
from, or allegedly contained in or omitted from, the Indemnification Documents, then, at the option of the Representative, Mirant (in lieu of Escrow Issuer) agrees to provide the indemnification provided in this Section 7(a) only to the extent
of such Losses, or (iii) (x) any Losses arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission in any information relating neither solely to RRI nor solely to Mirant and (y) Escrow
Issuer’s indemnification under this Section 7(a) is insufficient in respect of such Losses, then RRI agrees to provide indemnification of 50% of the remaining balance of such Losses and Mirant agrees to provide indemnification of the other
50% of such balance 

  
 32 

 
(it being understood that the indemnification is this clause (iii) is not joint and several and RRI shall have no liability for Mirant’s failure to fully indemnify under this clause
(iii) and Mirant shall have no liability for RRI’s failure to fully indemnify under this clause (iii)). 
 (b)
Indemnification of Escrow Issuer, RRI and Mirant. Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless Escrow Issuer, RRI, Mirant, each of their respective directors and officers and each person, if any,
who controls Escrow Issuer, RRI or Mirant within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any
Losses that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Initial Purchaser furnished to Escrow Issuer, RRI and
Mirant in writing by such Initial Purchaser through the Representative expressly for use in the Indemnification Documents, it being understood and agreed that the only such information consists of the following: the third paragraph, the fourth and
fifth sentences of the seventh paragraph, and the eighth paragraph, in each case, found under the heading “Plan of distribution” in the Preliminary Offering Memorandum and the Offering Memorandum. 

(c) Notice and Procedures. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or
demand (collectively, a “proceeding”) shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to paragraph (a) or (b) above, such person (the “Indemnified
Person”) shall promptly notify the person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from
any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further,
that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted
against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person,
be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 7 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses
of such proceeding and shall pay the reasonable fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to
retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the
Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees
and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for any Initial Purchaser, its
affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing by J.P. Morgan Securities LLC and any such separate firm for Escrow Issuer, RRI and/or Mirant, as applicable, their respective
directors and officers and any control persons of Escrow Issuer, RRI and/or Mirant, as applicable, shall be designated in writing by Escrow Issuer, RRI and/or Mirant, as applicable, before the closing of the Merger and by GenOn after the closing of
the Merger. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to
indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person
reimburse the Indemnified Person for fees 

  
 33 

 
and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such
settlement is entered into more than 45 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such
settlement and (iii) such Indemnified Party shall have given the Indemnifying Party at least 45 days’ prior notice of its intention to settle. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any
settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an
unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to
or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d)
Contribution. If the indemnification provided for in paragraphs (a) or (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each
Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in
such proportion as is appropriate to reflect the relative benefits received by Escrow Issuer, RRI and Mirant on the one hand and the Initial Purchasers on the other from the offering of the Securities or (ii) if the allocation provided by
clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of Escrow Issuer, RRI and Mirant on the one hand and the
Initial Purchasers on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by Escrow Issuer, RRI
and Mirant on the one hand and the Initial Purchasers on the other shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by Escrow Issuer and/or RRI from the sale of the Securities and the
total discounts and commissions received by the Initial Purchasers in connection therewith, as provided in this Agreement, bear to the aggregate offering price of the Securities. The relative fault of Escrow Issuer, RRI and Mirant on the one hand
and the Initial Purchasers on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by Escrow Issuer, RRI and Mirant or by the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) Limitation on Liability. Escrow Issuer, RRI, Mirant and the Initial Purchasers agree that it would not be just and equitable
if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (e) above shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall an Initial Purchaser be
required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Initial Purchaser with respect to the offering of the Securities exceeds the amount of any damages that such Initial Purchaser
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations to contribute pursuant to this Section 7 are several in proportion to their respective purchase
obligations hereunder and not joint. 
 (f) Non-Exclusive Remedies. The remedies provided for in this Section 7 are
not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 

  
 34 

  
 8. Termination.
This Agreement may be terminated in the absolute discretion of the Representative, by notice to Escrow Issuer, RRI and Mirant if after the execution and delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall
have been suspended or materially limited on the New York Stock Exchange or the over-the-counter market; (ii) trading of any securities issued or guaranteed by any of Escrow Issuer, RRI or Mirant or their respective subsidiaries shall have been
suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities or a material disruption in commercial banking or
securities settlement or clearance services in the United States shall have occurred; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or
outside the United States, that, in the judgment of the Representative, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery, of the Securities on the terms and in the manner contemplated
by this Agreement, the Time of Sale Information and the Offering Memorandum. 
 9. Defaulting Initial Purchaser.
(a) If, on the Closing Date, any Initial Purchaser defaults on its obligation to purchase the Securities that it has agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such
Securities by other persons satisfactory to RRI and Mirant on the terms contained in this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such
Securities, then RRI and Mirant shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such Securities on such terms. If other persons become
obligated or agree to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or RRI and Mirant may postpone the Closing Date for up to five full business days in order to effect any changes that in
the opinion of counsel for RRI and Mirant or counsel for the Initial Purchasers may be necessary in the Time of Sale Information, the Offering Memorandum or in any other document or arrangement, and RRI and Mirant agree to promptly prepare any
amendment or supplement to the Time of Sale Information or the Offering Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless the
context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 9, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase. 

(b) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial
Purchasers by the non-defaulting Initial Purchasers and RRI and Mirant as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased does not exceed one-eleventh of the aggregate principal amount
of all the Securities, then Escrow Issuer, RRI and Mirant shall have the right to require each non-defaulting Initial Purchaser to purchase the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder plus such Initial
Purchaser’s pro rata share (based on the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder) of the Securities of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements
have not been made. 
 (c) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting
Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and RRI and Mirant as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased exceeds one-eleventh of the
aggregate principal amount of all the Securities, or if RRI and Mirant shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers.
Any termination of this Agreement pursuant to this Section 9 shall be without liability on the part of RRI and Mirant, except that RRI and Mirant will continue to be liable for the payment of expenses as set forth in Section 10 hereof and
except that the provisions of Section 7 hereof shall not terminate and shall remain in effect. 
 (d) Nothing contained
herein shall relieve a defaulting Initial Purchaser of any liability it may have to Escrow Issuer, RRI and Mirant or any non-defaulting Initial Purchaser for damages caused by its default. 

10. Payment of Expenses. (a) Whether or not the transactions contemplated by this Agreement are consummated or this
Agreement is terminated, Escrow Issuer, RRI and Mirant jointly and severally agree to pay 

  
 35 

 
or cause to be paid all costs and expenses incident to the performance of their respective obligations hereunder, including without limitation, (i) the costs incident to the authorization,
issuance, sale, preparation and delivery of the Securities and any taxes payable in connection therewith; (ii) the costs incident to the preparation and printing of the Preliminary Offering Memorandum, any other Time of Sale Information, any
RRI Written Communication, any Mirant Written Communication, any Escrow Written Communication and the Offering Memorandum (including any amendment or supplement thereto) and the distribution thereof; (iii) the costs of reproducing and
distributing each of the RRI Transaction Documents, the Mirant Transaction Documents, the Escrow Issuer Transaction Documents and the fees and expenses attributable to creating and perfecting the security interest in the Escrow Agreement;
(iv) the fees and expenses of RRI’s, Mirant’s and Escrow Issuer’s counsel and independent accountants; (v) the fees and expenses incurred in connection with the registration or qualification and determination of eligibility
for investment of the Securities under the laws of such jurisdictions as the Representative may designate and the preparation, printing and distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel for the Initial
Purchasers); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and expenses of the Trustee, any paying agent and the Escrow Agent (including related fees and expenses of any counsel to such parties);
(viii) all expenses and application fees incurred in connection with the approval of the Securities for book-entry transfer by DTC; and (ix) all expenses incurred by the Escrow Issuer, RRI and Mirant in connection with any “road
show” presentation to potential investors; provided that the Initial Purchasers will pay, except as contemplated in clause (v) above, their own counsel fees and their own travel expenses in connection with any “road show”
presentation to potential investors, including 50% of the cost of any chartered aircraft. 
 (b) If (i) this Agreement is
terminated pursuant to Section 8, (ii) Escrow Issuer for any reason fails to tender the Securities for delivery to the Initial Purchasers or (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted
under this Agreement, Escrow Issuer, RRI and Mirant, jointly and severally, agree to reimburse the Initial Purchasers for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Initial
Purchasers in connection with this Agreement and the offering contemplated hereby. 
 11. Persons Entitled to Benefit of
Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and any controlling persons referred to herein, and the affiliates, officers and directors of each Initial Purchaser
referred to in Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No
purchaser of Securities from any Initial Purchaser shall be deemed to be a successor merely by reason of such purchase. 
 12.
Survival. The respective indemnities, rights of contribution, representations, warranties and agreements of Escrow Issuer, RRI and Mirant and the Initial Purchasers contained in this Agreement or made by or on behalf of Escrow Issuer, RRI and
Mirant or the Initial Purchasers pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any termination of this
Agreement or any investigation made by or on behalf of Escrow Issuer, RRI and Mirant or the Initial Purchasers. 
 13.
Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business
day” means any day other than a day on which banks are permitted or required to be closed in New York City; (c) the term “Exchange Act” means the Securities Exchange Act of 1934, as amended; (d) the term
“subsidiary” has the meaning set forth in Rule 405 under the Securities Act; and (e) the term “written communication” has the meaning set forth in Rule 405 under the Securities Act. For the avoidance of doubt, the phrase
“transactions contemplated by”, with respect to each of this Agreement, the RRI Transaction Documents, the Mirant Transaction Documents and the Escrow Issuer Transaction Documents, shall exclude the Merger and the Credit Agreement.

  
 36 

  
 14.
Miscellaneous. (a) Authority of the Representative. Any action by the Initial Purchasers hereunder may be taken by J.P. Morgan Securities LLC on behalf of the Initial Purchasers, and any such action taken by J.P. Morgan Securities
LLC shall be binding upon the Initial Purchasers. 
 (b) Notices. All notices and other
communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Initial Purchasers shall be given to the Representative c/o
J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179 (fax: (212)-270-1063); Attention: Lawrence Landry. Notices to Escrow Issuer, RRI and Mirant shall be given to them at (i) RRI at (A) RRI Energy, Inc., 1000 Main Street,
Houston, TX 77002 (fax: (832) 357-2032), Attention: General Counsel, (B) with a copy for information purposes only to Skadden, Arps, Slate, Meagher & Flom LLP, Four Times Square, New York, NY 10036 (fax: 917-777-4112), Attention:
Richard Aftanas and (ii) Escrow Issuer and Mirant at (A) Mirant Corporation, 1155 Perimeter Center West, Suite 100, Atlanta, GA 30338 (fax: (678) 579-5951), Attention: General Counsel and (B) with a copy for information purposes
only to Wachtell, Lipton, Rosen & Katz, 51 West
52nd Street, New York, NY 10019 (fax:
(212) 403-2364), Attention: Gregory E. Ostling. 
 (c) Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York. 
 (d) Counterparts. This Agreement may be signed in
counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. 

(e) Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 
 (f)
Headings. The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 

(g) Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including Escrow Issuer, which information may include the name and address of their respective clients,
as well as other information that will allow the Initial Purchasers to properly identify their respective clients. 

  
 37 

  
 If the foregoing is in
accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below. 
  

			
	 Very truly yours,

					
	
	GenOn Escrow Corp.
		
	By	 	 
	Name:	 		 	
	Title:	 		 	
	
	RRI Energy, Inc.
		
	By	 	 
	Name:	 		 	
	Title:	 		 	
	
	Mirant Corporation
		
	By	 	 
	Name:	 		 	
	Title:	 		 	

  
 38 

  
 Accepted: September 20, 2010

  

			
	
	 J.P. MORGAN SECURITIES LLC

	
	   For itself and on behalf of the
   several Initial Purchasers listed
   in Schedule 1
hereto.

		
	By	 	 
		 	Authorized Signatory

  
 39 

  
 Schedule 1 

 

									
	 Initial Purchasers
	  	Principal Amount
of 2018 Notes to
Be Purchased	 	  	Principal Amount
of 2020 Notes to
Be Purchased	 
	 J.P. Morgan Securities LLC
	  	US$	 137,700,000	  	  	US$	 112,200,000	  
	 Credit Suisse (USA) Securities LLC
	  	 	109,012,500	  	  	 	88,825,000	  
	 Deutsche Bank Securities Inc.
	  	 	109,012,500	  	  	 	88,825,000	  
	 Goldman, Sachs & Co.
	  	 	109,012,500	  	  	 	88,825,000	  
	 Morgan Stanley & Co. Incorporated
	  	 	109,012,500	  	  	 	88,825,000	  
	 RBC Capital Markets Corporation
	  	 	50,625,000	  	  	 	41,250,000	  
	 RBS Securities Inc.
	  	 	50,625,000	  	  	 	41,250,000	  
		  	 	 	 	  	 	 	 
	 Total
	  	US$	675,000,000	  	  	US$	550,000,000	  

  
 40 

  
 Schedule 2A 

RRI Subsidiaries 
 Orion
Power Holdings, Inc. 
 Orion Power Midwest GP, Inc. 
 Orion Power Midwest LP, LLC 
 Orion Power Midwest, L.P. 

Orion Power New York GP, Inc. 
 Orion Power New
York LP, LLC 
 Orion Power New York, L.P. 
 Orion Power Operating Services MidWest, Inc. 
 RRI Energy Asset Management, LLC 

RRI Energy Broadband, Inc. 
 RRI Energy
California Holdings, LLC 
 RRI Energy Channelview (Delaware) LLC 
 RRI Energy Channelview (Texas) LLC 
 RRI Energy Channelview LP 

RRI Energy Communications, Inc. 
 RRI Energy
Corporate Services, LLC 
 RRI Energy Florida, LLC 
 RRI Energy Foundation, Inc. 
 RRI Energy Key/Con Fuels, LLC 

RRI Energy Mid-Atlantic Power Holdings, LLC 
 RRI
Energy Mid-Atlantic Power Services, Inc. 
 RRI Energy Northeast Generation, Inc. 
 RRI Energy Northeast Holdings, Inc. 
 RRI Energy Northeast Management Company 

RRI Energy Power Generation, Inc. 
 RRI Energy
Sabine (Delaware), Inc. 
 RRI Energy Sabine (Texas), Inc. 
 RRI Energy Services Channelview LLC 
 RRI Energy Services Desert Basin, LLC 

RRI Energy Services, Inc. 
 RRI Energy Solutions
East, LLC 
 RRI Energy Trading Exchange, Inc. 
 RRI Energy Ventures, Inc. 
 RRI Energy West, Inc. 

RRI Energy Wholesale Generation, LLC 
 Sabine
Cogen, LP 
 San Gabriel Power Generation, LLC 
 A subsidiary formed in connection with reserving the name “GenOn Energy, Inc.” 

  
 41 

  
 Schedule 2B 

RRI Significant Subsidiaries 
 Orion Power Holdings, Inc. 
 Orion Power Midwest LP, LLC 

Orion Power Midwest, L.P. 
 RRI Energy Florida,
LLC 
 RRI Energy Mid-Atlantic Power Holdings, LLC 
 RRI Energy Power Generation, Inc. 
 RRI Energy Northeast Holdings, Inc. 

RRI Energy Services, Inc. 
 RRI Energy Wholesale
Generation, LLC 

  
 42 

  
 Schedule 3A 

Mirant Subsidiaries 

CEPA Slipform Power System Limited (Philippines) 

Cheng Power Systems, Inc. 
 Coyote Springs 2, LLC

 Hudson Valley Gas Corporation 
 MC
Asset Recovery, LLC 
 Mirant Americas, Inc. 
 Mirant Americas Generation, LLC 
 Mirant Americas Procurement, Inc. 

Mirant AP Investments Limited 
 Mirant
Asia-Pacific Construction (Hong Kong) Limited 
 Mirant Asia-Pacific Ventures, LLC 
 Mirant (Bermuda), LTD 
 Mirant Bowline, LLC 

Mirant California, LLC 
 Mirant Canal, LLC

 Mirant Capital, Inc. 
 Mirant Chalk
Point, LLC 
 Mirant Corporation Political Action Committee, Inc. 
 Mirant Delta, LLC 
 Mirant Dickerson Development, LLC 

Mirant Energy Trading, LLC 
 Mirant Fund 2001,
LLC 
 Mirant Gibbons Road, LLC 
 Mirant
Intellectual Asset Management and Marketing, LLC 
 Mirant International Investments, Inc. 

Mirant Kendall, LLC 
 Mirant Lovett, LLC

 Mirant Marsh Landing, LLC 
 Mirant MD
Ash Management, LLC 
 Mirant Mid-Atlantic, LLC 
 Mirant Navotas Corporation 
 Mirant (Navotas II) Corporation 

Mirant New York, LLC 
 Mirant New York Services,
LLC 
 Mirant North America, LLC 

Mirant Piney Point, LLC 
 Mirant Potomac River,
LLC 
 Mirant Potrero, LLC 
 Mirant
Power Purchase, LLC 
 Mirant Services, LLC 
 Mirant Special Procurement, Inc. 
 Mirant Tank Farm, LLC. 

Mirant Trust I 
 Mirant Willow Pass, LLC

 Mirant Wrightsville Investments, Inc. 

Mirant Wrightsville Management, Inc. 
 MNA
Finance Corp. 
 Sual Construction Corporation 
 Wrightsville Development and Funding, L.L.C. 
 Wrightsville Power Facility, L.L.C. 

  
 43 

  
 Schedule 3B 

Mirant Significant Subsidiaries 
 Mirant Americas Inc. 
 Mirant Americas Generation, LLC 

Mirant Chalk Point, LLC 
 Mirant Energy Trading,
LLC 
 Mirant Mid-Atlantic, LLC 
 Mirant
North America, LLC 

  
 44 

  
 ANNEX A 

 

	a.	Additional Time of Sale Information 

  

	1.	Supplement to the Preliminary Offering Memorandum, dated September 16, 2010 

 

	2.	Supplement to the Preliminary Offering Memorandum, dated September 20, 2010 

 

	3.	Term sheet containing the terms of the securities, substantially in the form of Annex B. 

  
 45 

  
 ANNEX B 

GenOn Escrow Corp. 
 Pricing Term Sheet 
 $675,000,000 9.500% Senior Notes due 2018 

$550,000,000 9.875% Senior Notes due 2020 
  

	 Issuer: 
	GenOn Escrow Corp. 

  

	 Securities Description: 
	$675,000,000 9.500% Senior Notes due 2018 (the “2018 Notes”) $550,000,000 9.875% Senior Notes due 2020 (the “2020 Notes” and, together with the 2018 Notes, the
“Notes”) 

  

	 Ranking: 
	The Notes will be the Issuer’s senior unsecured obligations and will rank equally in right of payment with all of its existing and future senior debt 

 

	 Distribution: 
	144A and Regulation S with registration rights as set forth in the Preliminary Offering Memorandum. 

 

	 Maturity: 
	The 2018 Notes will mature on October 15, 2018 

 The 2020
Notes will mature on October 15, 2020 
  

	 Coupon: 
	9.500% for the 2018 Notes 

 9.875% for the 2020 Notes

  

	 Prices: 
	98.623% of face amount for the 2018 Notes 

 97.676% of
face amount for the 2020 Notes 
  

	 Yield to Maturity: 
	9.750% for the 2018 Notes 

 10.250% for the 2020 Notes

  

	 Spread to Benchmark Treasury: 
	2018 Notes: T+736 bps 

 2020 Notes: T+752 bps 

 

	 Benchmark Treasury: 
	2018 Notes: UST 3.75% due 11/15/2018 

 2020 Notes: UST
2.625% due 08/15/2020 
  

	 Interest Payment Dates: 
	October 15 and April 15, commencing April 15, 2011 for each of the 2018 Notes and the 2020 Notes 

  

	 Optional Redemption: 
	 Some or all of the 2018 Notes at any time prior to maturity and some or all of the 2020 Notes at any time prior to October 15, 2015 may be redeemed at a redemption price equal to 100%
of the principal amount of the notes redeemed, plus the Applicable Premium (defined below), accrued and unpaid interest and Additional Interest, if any, to, but excluding, the redemption date, subject to the rights of holders of the Notes on the
relevant record date to receive interest due on the relevant interest payment date. Some or all of the 2020 Notes at any time on or after October 15, 2015, may be redeemed at the following

  
 46 

	 	 
redemption prices, plus accrued and unpaid interest and Additional Interest, if any, to, but excluding, the redemption date, if redeemed during the 12-month period commencing on October 15
of the years set forth below: 

  

					
	 Year
	  	Redemption Price	 
	 2015
	  	 	104.938	% 
	 2016
	  	 	103.292	% 
	 2017
	  	 	101.646	% 
	 2018 and thereafter
	  	 	100.000	% 

  

	 Applicable Premium: 
	The greater of (i) 1.0% of the principal amount of the Notes being redeemed and (ii) the excess of a make-whole at T+50 bps over the principal amount of the Notes being redeemed

  

	 Change of Control: 
	Puttable at 101% of principal plus accrued interest for both the 2018 Notes and 2020 Notes 

  

	 Trade Date: 
	September 20, 2010 

  

	 Settlement Date: 
	T+10; October 4, 2010 

  

	 Escrow: 
	The net proceeds of this offering, together with cash or Government Securities in an amount sufficient to fund the special mandatory redemption payment (when and if due), will be deposited into
a segregated escrow account on the closing date and will be held as collateral security for the Issuer’s obligations in respect of the Notes during the escrow period. If (1) the merger is not completed on or before December 31, 2010 (or,
subject to the deposit with the escrow agent of such additional amounts of cash or Government Securities as are sufficient to fund the special mandatory redemption payment thereon, March 31, 2011) (the “Merger Termination Date”), (2)
the refinancing transactions are not completed at or before the Merger Termination Date, (3) the merger agreement is terminated before the Merger Termination Date, (4) an event of default shall have occurred and be continuing under the indenture
governing the Notes, or (5) at any time, RRI and Mirant, in their sole judgment, determine jointly that the refinancing transactions will not be completed on or before the Merger Termination Date, the Issuer will be required to redeem the Notes of
each series at 100% of the issue price of the Notes of such series, plus accrued and unpaid interest to, but excluding, the redemption date. 

  

	 CUSIP: 
	2018 Notes 

	 	144A: 37244D AA7 

	 	RegS: U3720G AA2 

 2020 Notes 

144A: 37244D AD1 
 RegS: U3720G AB0 

  
 47 

  

	 ISIN: 
	2018 Notes 

 144A: US37244DAA72 

RegS: USU3720GAA23 
 2020 Notes 
 144A: US37244DAD12 

RegS: USU3720GAB06 
  

	 Denominations/Multiple: 
	2,000 x 1,000 

  

	 Ratings: 
	B3/B 

  

	 Bookrunners: 
	J.P. Morgan Securities LLC 

	 	Credit Suisse Securities (USA) LLC 

	 	Deutsche Bank Securities Inc. 

	 	Goldman, Sachs & Co. 

 Morgan Stanley & Co.
Incorporated 
  

	 Co-Managers: 
	RBC Capital Markets Corporation 

 RBS Securities Inc.

 Additional Changes to the Preliminary Offering Memorandum: 
 In addition to pricing information set forth above, the Preliminary Offering Memorandum dated as of September 13, 2010, as supplemented by supplements dated September 16, 2010 and
September 20, 2010 will be updated to reflect the following changes (and other information is deemed to have changed to the extent affected thereby): 
  

	 Notes Offered Hereby: 
	The aggregate principal amount of the Notes will be $1.225 billion rather than $1.4 billion. 

  

	 New Term Loan Facility: 
	The new term loan facility is expected to provide for a $700 million seven-year senior secured Tranche B term loan facility, rather than $500 million. The interest rate on the new term loan
facility is expected to be, at our option, either a base rate plus a margin of 3.25% or the Eurodollar rate (not to be less than 1.75% per annum) plus a margin of 4.25% rather than, at our option, either a base rate plus a margin of 3.50% or the
Eurodollar rate (not to be less than 1.75% per annum) plus a margin of 4.50%. 

  

	 New Revolving Facility: 
	The new revolving facility is expected to provide for a $788 million senior secured revolving credit facility, rather than up to $1.0 billion. An incremental $212 million in commitments is
expected to be available until six months after the closing of the Merger. 

  

	 Pro Forma Interest Expense: 
	 The pro forma financial information (including information presented on a pro forma basis giving effect to the Transactions) in the Preliminary Offering Memorandum assumed $1.4 billion
aggregate principal amount of the Notes at a 9% annual interest rate with an 8-year maturity, a $500 million seven-year new term loan facility at a floating interest rate of LIBOR + 3.50% (including a LIBOR floor of 1.50%) and up to a $1.0 billion
five-year senior secured revolving 

  
 48 

 
credit facility. Based on $675 million aggregate principal amount of 2018 Notes with an annual interest rate of 9.500% and $550 million aggregate principal amount of 2020 Notes with an annual
interest rate of 9.875%, a $700 million seven-year new term loan facility at a floating interest rate of LIBOR + 4.25% (including a LIBOR floor of 1.75%) and a $788 million five-year new revolving facility, the combined company’s pro forma
annual interest expense would have increased by approximately $9 million from the comparable figure included in the Preliminary Offering Memorandum. 
 Sources and Uses: 
  

									
	 (Dollars in millions)
	 	Sources of 
funds
Amount	 	 	Uses of 
funds
Amount	 
	 Notes offered hereby(a)
	 	$	1,203	  	 			
	 Redeem RRI senior secured notes(d)
	 				 	$	 289	  
	 New revolving credit facility(b)
	 	 	—	  	 			
	 Purchase PEDFA fixed-rate bonds due 2036(e)
	 				 	 	397	  
	 New term loan facility(c)
	 	 	700	  	 			
	 Redeem Mirant North America senior unsecured notes(f)
	 				 	 	881	  
	 Repay Mirant North America senior secured term loan(g)
	 				 	 	306	  
	 Cash
	 	 	111	  	 			
	 Estimated fees and expenses(h)
	 				 	 	141	  
	 Total sources
	 	$	2,014	  	 			
	 Total uses
	 				 	$	2,014	  

(a) Reflects original issue discount. 

(b) Expected to provide for up to $788 million of borrowings and letters of credit, with the ability to increase
commitments to $1 billion for up to six months following closing. Availability of borrowings under the new revolving credit facility is reduced by any outstanding letters of credit. At June 30, 2010, on a pro forma basis giving effect to the
transactions, outstanding letters of credit were approximately $304 million and availability of borrowings under our new revolving credit facility would be $484 million at closing after giving effect to outstanding letters of credit. In connection
with the closing of the notes, we intend to enter into a new credit agreement governing our new revolving credit facility and term loan facility. Based on expected cash balances and liquidity, we do not expect to draw down on our new revolving
credit facility at closing. 
 (c) Expected to provide for a $700 million seven-year senior secured Tranche B
term loan facility, which will be funded on the closing date. 
 (d) Assumes all $279 million aggregate
principal amount of RRI’s senior secured notes due 2014 will be discharged at or before the closing of the merger and redeemed at the current call price of 103.375% of the principal amount thereof within 30 to 60 days after the closing date of
the merger. The call price for any redemption on or after December 15, 2010 is 102.25%. Does not include accrued and unpaid interest on the notes to, but excluding, the redemption date even though such interest must be paid to the holders of
the notes on the redemption date. 

  
 49 

 (e) Assumes all $371 million aggregate principal amount of PEDFA
fixed-rate bonds due 2036 will be defeased at approximately 107% (including premium of 3% of principal and accrued and unpaid interest to the redemption date in June 2011) at or before the closing of the merger. We expect to redeem the PEDFA bonds
when they become redeemable in June 2011. PEDFA is the Pennsylvania Economic Development Financing Authority. These bonds were issued for RRI’s Seward plant and are guaranteed by RRI and its subsidiaries. 

(f) Assumes all $850 million aggregate principal amount of Mirant North America’s senior unsecured notes due
December 2013 will be discharged at or before the closing of the merger and redeemed by Mirant North America at the current call price of 103.688% of the principal amount thereof within 30 to 60 days after the closing date of the merger. The call
price for any redemption on or after December 31, 2010 is 101.844%. Does not include accrued and unpaid interest on the notes to, but excluding, the redemption date even though such interest must be paid to the holders of the notes on the
redemption date. 
 (g) Represents the repayment of all outstanding borrowings as of June 30, 2010 under
Mirant North America’s senior secured term loan maturing in 2013. Mirant North America’s senior secured term loan maturing in 2013 had an initial principal balance of $700 million, which had amortized to $306 million as of June 30,
2010. In addition to quarterly principal installments, which are currently $0.8 million, Mirant North America is required to make annual principal prepayments under its senior secured term loan equal to a specified percentage of its excess free cash
flow, which is based on adjusted EBITDA less capital expenditures and as further defined in the loan agreement. On March 10, 2010, Mirant North America made a mandatory principal prepayment of approximately $66 million on its senior secured
term loan. At June 30, 2010, the current estimate of the mandatory principal prepayment on Mirant North America’s senior secured term loan in March 2011 was approximately $21 million. If any principal repayments are made before the
repayment date, which is expected to be the closing date of the merger, outstanding borrowings under Mirant North America’s senior secured term loan on the repayment date will be less than the $306 million amortized balance as of June 30,
2010. 
 (h) Includes (i) initial purchasers’ discount in connection with this offering and other
estimated offering expenses, (ii) fees and expenses in connection with our proposed new revolving credit facility and term loan facility, (iii) other fees and expenses in connection with the RRI and Mirant debt redemptions, repayments and
terminations and (iv) $75 million of merger expenses. Does not include accrued and unpaid interest on RRI’s senior secured notes due 2014 and Mirant North America’s senior unsecured notes due December 2013, to, but excluding, their
respective redemption dates even though such interest must be paid to debtholders on their respective redemption dates. 

Certain affiliates of the initial purchasers are lenders under Mirant North America’s senior secured credit facilities and will
receive a portion of the proceeds of this offering in connection with the termination of those facilities. In addition, certain of the initial purchasers and their affiliates may hold portions of the notes being redeemed with the net proceeds of
this offering. Certain affiliates of the initial purchasers will act as administrative agents and/or lenders with respect to the new credit facilities. See “Plan of distribution.” 
 This communication is intended for the sole use of the person to whom it is provided by the sender. 
 These securities have not been registered under the Securities Act of 1933, as amended, and may only be sold to qualified institutional buyers pursuant to Rule 144A or pursuant to another applicable
exemption from registration. 
 The information in this term sheet supplements the Issuer’s preliminary offering memorandum, dated
September 13, 2010, as supplemented by the supplement, dated September 16, 2010 and the supplement, dated 

  
 50 

 
September 20, 2010, (the “Preliminary Memorandum”) and supersedes the information in the Preliminary Memorandum to the extent inconsistent with the information in the Preliminary
Memorandum. This term sheet is qualified in its entirety by reference to the Preliminary Memorandum. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Memorandum. 

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. 

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER
NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. 

  
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 ANNEX C 

Restrictions on Offers and Sales Outside the United States 

In connection with offers and sales of Securities outside the United States: 

(a) Each Initial Purchaser acknowledges that the Securities have not been registered under the Securities Act and may not be offered or
sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act. 

(b) Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 

(i) Such Initial Purchaser has offered and sold the Securities, and will offer and sell the Securities, (A) as part
of their distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date, only in accordance with Regulation S under the Securities Act (“Regulation
S”) or Rule 144A or any other available exemption from registration under the Securities Act. 
 (ii) None
of such Initial Purchaser or any of its affiliates or any other person acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Securities, and all such persons have complied and will comply with
the offering restrictions requirement of Regulation S. 
 (iii) At or prior to the confirmation of sale of any
Securities sold in reliance on Regulation S, such Initial Purchaser will have sent to each distributor, dealer or other person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution
compliance period a confirmation or notice to substantially the following effect: 
 “The Securities covered hereby have
not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their
distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering of the Securities and the date of original issuance of the Securities, except in accordance with Regulation S or Rule 144A or any other
available exemption from registration under the Securities Act. Terms used above have the meanings given to them by Regulation S.” 
 (iv) Such Initial Purchaser has not and will not enter into any contractual arrangement with any distributor with respect to the distribution of the Securities, except with its affiliates or with the
prior written consent of RRI and Mirant. 
 Terms used in paragraph (a) and this paragraph (b) and not otherwise defined in this
Agreement have the meanings given to them by Regulation S. 
 (c) Each Initial Purchaser, severally and not jointly, represents,
warrants and agrees that: 
 (i) it has only communicated or caused to be communicated and will only communicate
or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the United Kingdom Financial Services and Markets Act 2000 (the “FSMA”)) received by it in connection with
the issue or sale of any Securities in circumstances in which Section 21(1) of the FSMA does not apply to RRI or Mirant; and 
 (ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom.

  
 52 

  
 (d) Each Initial
Purchaser acknowledges that no action has been or will be taken by Escrow Issuer, RRI or Mirant that would permit a public offering of the Securities, or possession or distribution of any of the Time of Sale Information, the Offering Memorandum, any
RRI Written Communication any Mirant Written Communication, any Escrow Written Communication or any other offering or publicity material relating to the Securities, in any country or jurisdiction where action for that purpose is required.

  
 53 

  
 ANNEX D-1 

Form of Opinion of Counsel for Escrow Issuer, RRI and Mirant 

October 4, 2010 
 J.P. Morgan Securities LLC 
 383 Madison Avenue 

New York, NY 10179 
 as
Representative of the several Initial Purchasers 
  

			
	Re:	 	 GenOn Escrow Corp.

$675,000,000 9.500% Senior Notes due 2018

$550,000,000 9.875% Senior Notes due 2020 

 Ladies and Gentlemen: 
 We have acted as special counsel to GenOn Escrow Corp., a
Delaware corporation (“Escrow Issuer”), RRI Energy, Inc., a Delaware corporation (“RRI”) and Mirant Corporation, a Delaware corporation (“Mirant”), in connection with the Purchase Agreement, dated
September 20, 2010 (the “Purchase Agreement”), among you, as representative of the several initial purchasers named therein (the “Initial Purchasers”), Escrow Issuer, RRI and Mirant, relating to the sale by
Escrow Issuer to the Initial Purchasers of $675,000,000 aggregate principal amount of Escrow Issuer’s 9.500% Senior Notes due 2018 and $550,000,000 aggregate principal amount of Escrow Issuer’s 9.875% Senior Notes due 2020 (collectively,
the “Securities”) to be issued under the Indenture, dated as of October 4, 2010 (the “Indenture”), between Escrow Issuer and Wilmington Trust Company, as Trustee (the “Trustee”). 

The Purchase Agreement contemplates that (i) Escrow Issuer will merge with and into RRI (to be renamed GenOn Energy, Inc.), with RRI
as the surviving corporation (the “Escrow Merger”), pursuant to a merger agreement to be entered into between RRI and Escrow Issuer (the “Escrow Merger Agreement”), (ii) upon consummation of the Escrow Merger,
RRI will assume all of Escrow Issuer’s obligations under the Securities and the Indenture (such assumption to be effected by 

 
RRI’s execution of a supplemental indenture to the Indenture in connection therewith (the “Supplemental Indenture”)) and (iii) the funds held in escrow will be
released to GenOn Energy, Inc. upon consummation of the Escrow Merger. 
 This opinion is being furnished to you pursuant to
Section 6(g) of the Purchase Agreement. 
 In rendering the opinions set forth herein, we have examined and relied on
originals or copies of the following: 
 (a) the preliminary offering memorandum, dated September 13, 2010, relating to the
offering of the Securities (together with the Incorporated Documents (as defined below), the “Preliminary Offering Memorandum”); the first Supplement, dated September 16, 2010 (“Supplement No. 1”), to the
Preliminary Offering Memorandum, (iii) the second Supplement, dated September 20, 2010 (“Supplement No. 2”), to the Preliminary Offering Memorandum; 

(b) the final offering memorandum, dated September 20, 2010, relating to the offering of the Securities (together with the
Incorporated Documents, the “Offering Memorandum”); 
 (c) the Pricing Term Sheet attached as Annex B to the
Purchase Agreement (the “Final Term Sheet”); 
 (d) the documents identified on Schedule A hereto filed
by RRI and Mirant, with the Commission pursuant to the Securities Exchange Act of 1934 and incorporated by reference into the Offering Memorandum or Preliminary Offering Memorandum, as the case may be, as of the date hereof or the date of the
Purchase Agreement, respectively (collectively, the “Incorporated Documents”); 
 (e) an executed copy of the
Purchase Agreement; 
 (f) an executed copy of the Indenture; 

(g) a form of the Supplemental Indenture; 
 (h) the global certificates evidencing the Securities; 
 (i) an executed copy of
the Escrow and Security Agreement, dated the date hereof, between Escrow Issuer, RRI, Mirant, the Trustee and J.P. Morgan Securities LLC, as representative of the Initial Purchasers (the “Escrow Agreement”); 

  
 (j) an executed copy
of the Registration Rights Agreement, dated the date hereof, between RRI and J.P. Morgan Securities LLC, as representative of the Initial Purchasers (the “Registration Rights Agreement”); 

(k) a form of the Escrow Merger Agreement; 
 (l) the Third Restated Certificate of Incorporation of RRI, as certified by the Secretary of State of the State of Delaware (the “RRI Certificate of Incorporation”); 

(m) the Sixth Amended and Restated Bylaws of RRI, as certified by Michael L. Jines, Executive Vice President, General Counsel, Corporate
Secretary and Chief Compliance Officer of RRI (the “RRI Bylaws”); 
 (n)(i) the Certificate of Incorporation of
Orion Power Holdings, Inc.; (ii) the Certificate of Formation of Orion Power Midwest LP, LLC; (iii) the Certificate of Formation of RRI Energy Florida, LLC; (iv) the Certificate of Formation of RRI Energy Mid-Atlantic Power Holdings,
LLC; (v) the Certificate of Incorporation of RRI Energy Power Generation Inc.; (vi) the Certificate of Incorporation of RRI Northeast Holdings, Inc.; (vii) the Certificate of Incorporation of RRI Energy Services, Inc.; (viii) the
Certificate of Formation of RRI Energy Wholesale Generation, LLC; and (ix) the Certificate of Limited Partnership of Orion Power Midwest, L.P., in each case as certified by the Secretary of State of the State of Delaware (collectively, the
“RRI Significant Subsidiary Charters”); 
 (o) (i) the Bylaws of Orion Power Holdings, Inc.; (ii) the
Limited Liability Company Agreement of Orion Power Midwest LP, LLC; (iii) the Limited Liability Company Agreement of RRI Energy Florida, LLC; (iv) the Limited Liability Company Agreement of RRI Energy Mid-Atlantic Power Holdings, LLC;
(v) the Bylaws of RRI Energy Power Generation Inc; (vi) the Bylaws of RRI Northeast Holdings, Inc.; (vii) the Bylaws of RRI Energy Services, Inc.; (viii) the Limited Liability Company Agreement of RRI Energy Wholesale Generation,
LLC, in each case as certified by Michael L. Jines, Vice President, General Counsel and Corporate Secretary of the applicable RRI Significant Subsidiary (as defined below); and (ix) the Limited Partnership Agreement of Orion Power Midwest L.P.,
as certified by Michael L. Jines, Vice President, General Counsel and Corporate Secretary of Orion Power Midwest L.P.’s general partner, Orion Power Midwest GP, Inc. (collectively, the “RRI Significant Subsidiary Bylaws” and,
together with the RRI Certificate of Incorporation, the RRI Bylaws and the RRI Significant Subsidiary Charters, the “RRI and RRI Significant Subsidiary Organizational Documents”); 

  
 (p) resolutions of the
Board of Directors of RRI, adopted September 10, 2010, as certified by Michael L. Jines, Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer of RRI; 

(q) resolutions of the Board of Directors of RRI, adopted September 22, 2010, as certified by Michael L. Jines, Executive Vice
President, General Counsel, Corporate Secretary and Chief Compliance Officer of RRI; 
 (r) the certificate of Rick J. Dobson,
Executive Vice President and Chief Financial Officer of RRI, dated the date hereof, a copy of which is attached as Exhibit A hereto (the “RRI Certificate”); 

(s) the certificate of Michael L. Jines, Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer of
RRI, dated the date hereof; 
 (t) copies of each of the agreements or instruments identified in Schedule B-1 hereto (the
“RRI Applicable Contracts”); 
 (u) a certificate, dated the date hereof, from the Secretary of State of the
State of Delaware as to RRI’s due incorporation, legal corporate existence and good standing under the laws of the State of Delaware (the “RRI Delaware Certificate”); 

(v) certificates, dated the date hereof, from the Comptroller of Public Accounts of the State of Texas and the Secretary of State of
Texas, as to RRI’s good standing and existence as a foreign for-profit corporation under the laws of the State of Texas (the “RRI Qualification Certificates”); 

(w) a certificate for each of RRI’s subsidiaries listed on Schedule C-1 hereto (the “RRI Significant
Subsidiaries”) from the Secretary of State of the State of Delaware as to the status of each such RRI Significant Subsidiary listed on Schedule C-1 hereto under the laws of the State of Delaware (the “RRI Significant
Subsidiary Delaware Certificates”); 
 (x) the Amended and Restated Certificate of Incorporation of Mirant, as
certified by the Secretary of State of the State of Delaware (the “Mirant Certificate of Incorporation”); 

(y) the Amended and Restated Bylaws of Mirant, as certified by Julia A. Houston, Senior Vice President, General Counsel, Chief Compliance
Officer and Corporate Secretary of Mirant (the “Mirant Bylaws”); 

  
 (z) (i) the
Certificate of Incorporation of Mirant Americas, Inc.; (ii) the Certificate of Formation of Mirant Americas Generation, LLC; (iii) the Certificate of Formation of Mirant Chalk Point, LLC; (iv) the Certificate of Formation of Mirant
Energy Trading, LLC; (v) the Certificate of Formation of Mirant Mid-Atlantic, LLC; and (vi) the Certificate of Formation of Mirant North America, LLC, in each case as certified by the Secretary of State of the State of Delaware
(collectively, the “Mirant Significant Subsidiary Charters”); 
 (aa) (i) the Bylaws of Mirant Americas, Inc.,
(ii) the Limited Liability Company Agreement of Mirant Americas Generation, LLC, (iii) the Limited Liability Company Agreement of Mirant Chalk Point, LLC, (iv) the Limited Liability Company Agreement of Mirant Energy Trading, LLC,
(v) the Limited Liability Company Agreement of Mirant Mid-Atlantic, LLC, and (vi) the Limited Liability Company Agreement of Mirant North America, LLC, in each case as certified by David E. Howard, Secretary of the applicable Mirant
Significant Subsidiary (as defined below) (collectively the “Mirant Significant Subsidiary Bylaws” and, together with the Mirant Certificate of Incorporation, the Mirant Bylaws and Mirant Significant Subsidiary Charters, the
“Mirant and Mirant Significant Subsidiary Organizational Documents”); 
 (bb) resolutions of the Board of
Directors of Mirant, adopted by unanimous written consent, dated September 10, 2010, as certified by Julia A. Houston, Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary of Mirant; 

(cc) the certificate of J. William Holden, III, Senior Vice President and Chief Financial Officer of Mirant, dated the date hereof, a
copy of which is attached as Exhibit B hereto (the “Mirant Certificate”); 
 (dd) the certificate of
Julia A. Houston, Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary of Mirant, dated the date hereof; 
 (ee) copies of each of the agreements or instruments identified in Schedule B-2 hereto (the “Mirant Applicable Contracts”); 

(ff) a certificate, dated the date hereof, from the Secretary of State of the State of Delaware as to Mirant’s due incorporation,
legal corporate existence and good standing under the laws of the State of Delaware (the “Mirant Delaware Certificate”); 

  
 (gg) a certificate
from the Secretary of State of the State of Georgia as to Mirant’s authorization to transact business as a foreign profit corporation under the laws of the State of Georgia (the “Mirant Qualification Certificate”); 

(hh) a certificate for each of Mirant’s subsidiaries listed on Schedule C-2 hereto (the “Mirant Significant
Subsidiaries”) from the Secretary of State of the State of Delaware as to the status of each such Mirant Significant Subsidiary listed on Schedule C-2 hereto under the laws of the State of Delaware (the “Mirant Significant
Subsidiary Delaware Certificates”); 
 (ii) the Certificate of Incorporation of Escrow Issuer, as certified by the
Secretary of State of the State of Delaware (the “Escrow Issuer Certificate of Incorporation”); 
 (jj) the
Bylaws of Escrow Issuer, as certified by Julia A. Houston, Senior Vice President and Secretary of Escrow Issuer (the “Escrow Issuer Bylaws” and, together with the Escrow Issuer Certificate of Incorporation, the “Escrow
Issuer Organizational Documents”); 
 (kk) resolutions of the Board of Directors of Escrow Issuer, adopted
September 10, 2010, as certified by Julia A. Houston, Senior Vice President and Secretary of Escrow Issuer; 
 (ll)
resolutions of the Pricing Committee of the Board of Directors of Escrow Issuer, adopted on September 20, 2010, as certified by Julia A. Houston, Senior Vice President and Secretary of Escrow Issuer; 

(mm) the certificate of J. William Holden, III, Senior Vice President and Chief Financial Officer of Escrow Issuer, dated the date
hereof, a copy of which is attached as Exhibit C hereto (the “Escrow Issuer Certificate”); 
 (nn) the
certificate of Julia A. Houston, Senior Vice President and Secretary of Escrow Issuer, dated the date hereof; and 
 (oo) a
certificate, dated the date hereof, from the Secretary of State of the State of Delaware as to Escrow Issuer’s due incorporation, legal corporate existence and good standing under the laws of the State of Delaware (the “Escrow Issuer
Delaware Certificate”). 
 We have also examined originals or copies, certified or otherwise identified to our
satisfaction, of such records of each of RRI, Mirant and Escrow Issuer and such agreements, certificates and receipts of public officials, certificates 

 
of officers or other representatives of each of RRI, Mirant and Escrow Issuer and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinions set forth
below. 
 In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the
authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photostatic copies, and the authenticity of the originals of such copies. In
making our examination of executed documents, we have assumed that the parties thereto, other than RRI, Mirant and Escrow Issuer, had the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due
authorization by all requisite action, corporate or other, and the execution and delivery by such parties of such documents and the validity and binding effect thereof on such parties. As to any facts material to the opinions expressed herein that
we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of each of RRI, Mirant, Escrow Issuer and others and of public officials, including the facts set forth in each of
the RRI Certificate, Mirant Certificate and Escrow Issuer Certificate. 
 The Purchase Agreement, the Securities, the Indenture,
the Supplemental Indenture, the Escrow Agreement and the Registration Rights Agreement are referred to herein collectively as the “Transaction Documents”. The Purchase Agreement, the Escrow Agreement and the Registration Rights
Agreement are referred to herein collectively as the “RRI Transaction Documents”. The Purchase Agreement and the Escrow Agreement are referred to herein collectively as the “Mirant Transaction Documents”. The
Purchase Agreement, the Securities, the Indenture, the Supplemental Indenture and the Escrow Agreement are referred to herein collectively as the “Escrow Issuer Transaction Documents”. As used herein, (i) “Applicable
Laws” means the General Corporation Law of the State of Delaware (the “DGCL”), the Limited Liability Company Act as in effect in the State of Delaware (“DLLC”) and the Revised Uniform Limited Partnership
Act as in effect in the State of Delaware (the “DRULPA”) and those laws, rules and regulations of the State of New York and those federal laws, rules and regulations of the United States of America, in each case that, in our
experience, are normally applicable to transactions of the type contemplated by the Purchase Agreement and the other Transaction Documents (other than the United States federal securities laws, state securities or blue sky laws, antifraud laws and
the rules and regulations of the Financial Industry Regulatory Authority, Inc. and other than matters within the jurisdiction of the U.S. Federal Energy Regulatory Commission under the Federal Power Act), but without our having made any special
investigation as to the 

 
applicability of any specific law, rule or regulation; (ii) “Governmental Authorities” means any court, regulatory body, administrative agency or governmental body of the
States of Delaware or New York or the United States of America having jurisdiction over RRI, Mirant or Escrow Issuer under Applicable Laws; (iii) “Governmental Approval” means any consent, approval, license, authorization or
validation of, or filing, qualification or registration with, any Governmental Authority required to be made or obtained by RRI, Mirant or Escrow Issuer pursuant to Applicable Laws, other than any consent, approval, license, authorization,
validation, filing, qualification or registration that may have become applicable as a result of the involvement of any party (other than RRI, Mirant and Escrow Issuer) in the transactions contemplated by the Purchase Agreement and the other
Transaction Documents or because of such parties’ legal or regulatory status or because of any other facts specifically pertaining to such parties; (iv) “RRI Applicable Orders” means those judgments, orders, decrees
identified on Schedule D-1 hereto; (v) “Mirant Applicable Orders” means those judgments, orders, decrees identified on Schedule D-2 hereto; (vi) “General Disclosure Package” means the means
the Preliminary Offering Memorandum, Supplement No. 1, Supplement No. 2 and the Final Term Sheet, all considered together; and (vii) “Special Redemption Date”, “Extended Special Redemption Date” and
“Special Redemption Date” shall each have the meaning as defined in the Escrow Agreement. For the avoidance of doubt, the phrase “transactions contemplated by” with respect to the Purchase Agreement, the Transaction
Documents, the RRI Transaction Documents, the Mirant Transaction Documents and the Escrow Issuer Transaction Documents shall exclude (i) the Agreement and Plan of Merger, dated April 11, 2010, among RRI, Mirant and RRI Energy Holdings,
Inc., a Delaware corporation, pursuant to which RRI Energy Holdings, Inc., a wholly-owned subsidiary of RRI, is contemplated to merge with and into Mirant, with Mirant as the surviving corporation and a wholly-owned subsidiary of RRI (the
“Merger”), (ii) the Escrow Merger Agreement and (iii) the Credit Agreement entered into among GenOn Energy, Inc., as a borrower, GenOn Mirant Americas, Inc., as a borrower, the subsidiary guarantors party thereto, JPMorgan
Chase Bank, N.A., as administrative agent, and the lenders and other agents party thereto, dated September 20, 2010. 
 The
opinions set forth below are subject to the following further qualifications, assumptions and limitations: 
 (a) the opinions
set forth in paragraph 1 below are based solely upon the RRI Delaware Certificate, Mirant Delaware Certificate and Escrow Issuer Certificate; 

  
 (b) the opinions set
forth in paragraph 3 below with respect to the status of RRI in the State of Texas and the status of Mirant in the State of Georgia are based solely upon the RRI Qualification Certificates and the Mirant Qualification Certificate; 

(c) the opinion set forth in paragraph 4 below with respect to the status of each of the RRI Significant Subsidiaries in the
jurisdictions set forth opposite the name of such RRI Significant Subsidiary in Schedule C-1 hereto and the opinion set forth in paragraph 4 below with respect to the status of each of the Mirant Significant Subsidiaries in the jurisdictions
set forth opposite the name of such Mirant Significant Subsidiary in Schedule C-2 hereto are based solely upon the RRI Significant Subsidiary Delaware Certificates and the Mirant Significant Subsidiary Delaware Certificates, respectively;

 (d) in rendering the opinion set forth in paragraph 15 below, we have assumed that the Securities, in the forms delivered to
the Trustee for authentication and delivery, will have been manually authenticated and signed by one of the Trustee’s authorized officers; 
 (e) we do not express any opinion as to the effect on the opinion expressed herein of (i) the compliance or noncompliance of any party to any of the Transaction Documents (other than with respect to
RRI, Mirant and Escrow Issuer to the extent necessary to render the opinions set forth herein) with any state, federal or other laws or regulations applicable to it or them or (ii) the legal or regulatory status or the nature of the business of
any such party (other than with respect to RRI, Mirant and Escrow Issuer to the extent necessary to render the opinions set forth herein); 
 (f) the opinion set forth in paragraph 24 below is based solely on our discussions with the officers of each of RRI and Mirant responsible for the matters discussed therein, our review of documents
furnished to us by RRI and Mirant and our reliance on the representations and warranties of RRI and Mirant contained in the Purchase Agreement, the RRI Officer’s Certificate and the Mirant Officer’s Certificate; we have not made any other
inquiries or investigations or any search of the public docket records of any court, governmental agency or body or administrative agency. In addition, we note that we have not been engaged by, nor have we rendered any advice to, either RRI or
Mirant in connection with any legal or governmental proceedings except for representation of RRI in a consolidated shareholder litigation proceeding related to the Merger filed in the Superior Court of Fulton County, Georgia under the caption In re
Mirant Corporation Shareholder Litigation, No 2010CV184223; accordingly, we do not have any special knowledge 

 
with respect to such matters except for the aforementioned shareholder litigation proceeding in Georgia; furthermore, we understand that such matters have been and are being handled by other
counsel; 
 (g) we have assumed that the execution and delivery by RRI of the each of the RRI Transaction Documents and the
performance by RRI of its obligations thereunder did not, do not and will not violate, conflict with or constitute a default under (i) any agreement or instrument to which RRI or any of its properties is subject (except that we do not make the
assumption set forth in this clause (i) with respect to the RRI and RRI Significant Subsidiary Organizational Documents or the RRI Applicable Contracts), (ii) any law, rule, or regulation to which RRI or any of its properties is subject
(except that we do not make the assumption set forth in this clause (ii) with respect to the DGCL, the DLLC, the DRULPA and those laws, rules and regulations of the State of New York and those federal laws, rules and regulations of the United
States of America, in each case that, in our experience, are normally applicable to transactions of the type contemplated by the Purchase Agreement and the other RRI Transaction Documents, but without our having made any special investigation as to
the applicability of any specific law, rule or regulation), (iii) any judicial or regulatory order or decree of any governmental authority (except that we do not make the assumption in this clause (iii) with respect to RRI Applicable
Orders) or (iv) any consent, approval, license, authorization or validation of, or filing, recording or registration with any governmental authority (except that we do not make the assumption set forth in this clause (iv) to the extent set
forth in our opinion in paragraph 14 below); 
 (h) we have assumed that the execution and delivery by Mirant of the each of the
Mirant Transaction Documents and the performance by Mirant of its obligations thereunder did not, do not and will not violate, conflict with or constitute a default under (i) any agreement or instrument to which Mirant or any of its properties
is subject (except that we do not make the assumption set forth in this clause (i) with respect to the Mirant and Mirant Significant Subsidiary Organizational Documents or the Mirant Applicable Contracts), (ii) any law, rule, or regulation
to which Mirant or any of its properties is subject (except that we do not make the assumption set forth in this clause (ii) with respect to the DGCL, the DLLC and those laws, rules and regulations of the State of New York and those federal
laws, rules and regulations of the United States of America, in each case that, in our experience, are normally applicable to transactions of the type contemplated by the Purchase Agreement and the other Mirant Transaction Documents, but without our
having made any special investigation as to the applicability of any specific law, rule or regulation), (iii) any judicial or regulatory order or decree of any governmental authority (except that we do not make the assumption in this clause
(iii) with respect 

 
to Mirant Applicable Orders) or (iv) any consent, approval, license, authorization or validation of, or filing, recording or registration with any governmental authority (except that we do
not make the assumption set forth in this clause (iv) to the extent set forth in our opinion in paragraph 14 below); 
 (i)
we have assumed that the execution and delivery by Escrow Issuer of the each of the Escrow Issuer Transaction Documents and the performance by Escrow Issuer of its obligations thereunder did not, do not and will not violate, conflict with or
constitute a default under (i) any agreement or instrument to which Escrow Issuer or any of its properties is subject (except that we do not make the assumption set forth in this clause (i) with respect to the Escrow Issuer Organizational
Documents), (ii) any law, rule, or regulation to which Escrow Issuer or any of its properties is subject (except that we do not make the assumption set forth in this clause (ii) with respect to the DGCL and those laws, rules and
regulations of the State of New York and those federal laws, rules and regulations of the United States of America, in each case that, in our experience, are normally applicable to transactions of the type contemplated by the Purchase Agreement and
the other Escrow Issuer Transaction Documents, but without our having made any special investigation as to the applicability of any specific law, rule or regulation), (iii) any judicial or regulatory order or decree of any governmental
authority or (iv) any consent, approval, license, authorization or validation of, or filing, recording or registration with any governmental authority (except that we do not make the assumption set forth in this clause (iv) to the extent
set forth in our opinion in paragraph 14 below); 
 (j) we note that certain of the RRI Applicable Contracts and Mirant
Applicable Contracts are governed by laws other than the Applicable Laws; our opinions expressed herein are based solely upon our understanding of the plain language of such agreement or instrument, and we do not express any opinion with respect to
the validity, binding nature or enforceability of any such agreement or instrument, and we do not assume any responsibility with respect to the effect on the opinions or statements set forth herein of any interpretation thereof inconsistent with
such understanding; 
 (k) the validity or enforcement of any agreements or instruments may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law); 

  
 (l) we do not express
any opinion as to the applicability or effect of any fraudulent transfer, preference or similar law on each of the Transaction Documents or any transactions contemplated thereby; 

(m) we do not express any opinion as to the enforceability of any rights to indemnification or contribution that may be violative of the
public policy underlying any law, rule or regulation (including any federal or state securities law, rule or regulation); 
 (n)
the enforceability of provisions imposing a payment obligation pending the ability of RRI to comply timely with its registration obligations under the Registration Rights Agreement and the Indenture may be limited by applicable laws; 

(o) we do not express any opinion herein with respect to the validity, perfection or priority of any security interest; 

(p) we do not express any opinion herein with respect to Section 11(n) of the Escrow Agreement to the extent it establishes a
standard of care for collateral in the possession or control of the Escrow Agent to the extent such standard of care is unenforceable under Sections 1-102 and 9-207 of the Uniform Commercial Code (the “UCC”); 

(q) we do not express any opinion herein as to the enforceability of Section 15 of the Escrow Agreement to the extent that the same
provides that (i) the rights of the Trustee, Deutsche Bank AG or its affiliates, as a “bank” and a “securities intermediary” (as each term is defined in the UCC as in effect from time to time in the State of New York), the
holders of the Securities and the Initial Purchasers (collectively, the “Secured Parties”) and the security interests under the Escrow Agreement and (ii) all obligations of Escrow Issuer under the Escrow Agreement, are absolute
and unconditional irrespective of the validity or enforceability of the obligations of Escrow Issuer under the Indenture, the Securities and the Escrow Agreement to redeem the Securities on the Special Redemption Date or, if applicable, the Extended
Special Redemption Date pursuant to the terms of the Indenture and to pay the Special Redemption Price, or the amendment or termination of the Escrow Agreement or the effect thereof on the opinions herein stated; 

(r) for purposes of paragraphs 8 and 17 below, we have assumed that (i) each of the Supplemental Indenture and the Escrow Merger
Agreement, at the time of execution and delivery, will conform to the forms of such agreements examined by us and (ii) the authority of each of RRI and Escrow Issuer to perform 

 
their respective obligations under each of the Supplemental Indenture and the Escrow Merger Agreement will not have been modified, rescinded or revoked; 

(s) we have assumed that at the time of the execution and delivery of the Supplemental Indenture or the Escrow Merger Agreement, as
applicable, there will not have occurred any change in law affecting the validity, legally binding character or enforceability of the Supplemental Indenture or the Escrow Merger Agreement and that (i) the execution and delivery of the
Supplemental Indenture or the Escrow Merger Agreement, (ii) all the terms therein and (iii) the performance by each of RRI and Escrow Issuer of their respective obligations thereunder will, in each case, comply with applicable laws and
with each requirement or restriction imposed by any court or governmental body having jurisdiction over RRI or Escrow Issuer, and will not result in a default under or a breach of any agreement or instrument then binding upon each of RRI and Escrow
Issuer or their respective properties; 
 (t) we have assumed that the refinancing transactions (as defined in the Offering
Memorandum) will have been effected at the times and in the manner described in the Offering Memorandum; and 
 (u) to the
extent any opinion relates to the enforceability of the choice of New York law and choice of New York forum provisions of the Transaction Documents, our opinion is rendered in reliance upon N.Y. Gen. Oblig. Law §§ 5-1401, 5-1402
(McKinney 2001) and N.Y. C.P.L.R. 327(b) (McKinney 2001) and is subject to the qualification that such enforceability may be limited by public policy considerations. 
 We do not express any opinion as to any laws other than Applicable Laws and the federal laws of the United States of America to the extent referred to specifically herein. Insofar as the opinions
expressed herein relate to matters governed by laws other than those set forth in the preceding sentence, we have assumed, without having made any independent investigation, that such laws do not affect any of the opinions set forth herein. The
opinions expressed herein are based on laws in effect on the date hereof, which laws are subject to change with possible retroactive effect. 
 Based upon the foregoing and subject to the limitations, qualifications, exceptions and assumptions set forth herein, we are of the opinion that: 

  
 1. Each of RRI, Mirant
and Escrow Issuer has been duly incorporated and is validly existing in good standing under the laws of the State of Delaware. 

2. Each of RRI, Mirant and Escrow Issuer has the full corporate power and authority to conduct its business as described in the Offering
Memorandum. 
 3. RRI is in good standing under the laws of State of Texas and is a foreign for-profit corporation in existence
in the State of Texas. Mirant is a foreign profit corporation authorized to transact business in the State of Georgia. 
 4.
Each of the RRI Significant Subsidiaries has the status set forth on Schedule C-1 hereto set forth opposite the States listed thereon. Each of the Mirant Significant Subsidiaries has the status set forth on Schedule C-2 hereto set
forth opposite the States listed thereon. 
 5. RRI has the corporate power and corporate authority to execute and deliver each
of the RRI Transaction Documents and to consummate the transactions contemplated thereby. Mirant has the corporate power and corporate authority to execute and deliver each of the Mirant Transaction Documents and to consummate the transactions
contemplated thereby. Escrow Issuer has the corporate power and corporate authority to execute and deliver each of the Escrow Issuer Transaction Documents and to consummate the transactions contemplated thereby. 

6. The Purchase Agreement has been duly authorized, executed and delivered by each of RRI, Mirant and Escrow Issuer. 

7. The Indenture has been duly authorized, executed and delivered by Escrow Issuer and is a valid and binding agreement of Escrow Issuer,
enforceable against Escrow Issuer in accordance with its terms. 
 8. The Supplemental Indenture has been duly authorized by
each of RRI and Escrow Issuer and, when duly executed and delivered in accordance with its terms by the parties thereto, will be a valid and binding agreement of each of RRI and Escrow Issuer, enforceable against each of RRI and Escrow Issuer in
accordance with its terms. 
 9. The Registration Rights Agreement has been duly authorized, executed and delivered by RRI and
constitutes a valid and binding agreement of RRI, enforceable against RRI in accordance with its terms. 

  
 10. The Escrow
Agreement has been duly authorized, executed and delivered by each of RRI, Mirant and Escrow Issuer and constitutes a valid and binding agreement of each of RRI, Mirant and Escrow Issuer, enforceable against each of RRI, Mirant and Escrow Issuer in
accordance with its terms, except that certain of the remedial provisions with respect to the security contained in the Escrow Agreement may be unenforceable in whole or in part, but the inclusion of such provisions does not affect the validity of
the Escrow Agreement, taken as a whole, and the Escrow Agreement, taken as a whole, together with applicable law, contains adequate provisions for the practical realization of the benefits of the security. 

11. The execution and delivery by RRI of each of the RRI Transaction Documents and the consummation by RRI of the transactions
contemplated thereby, will not (i) conflict with the RRI and RRI Significant Subsidiary Organizational Documents, (ii) constitute a violation of, or a breach or default under, the terms of any RRI Applicable Contract or (iii) violate
or conflict with, or result in any contravention of, any Applicable Law or any RRI Applicable Order. We, however, do not express any opinion as to whether the execution and delivery by RRI of the each of the RRI Transaction Documents or the
consummation by RRI of the transactions contemplated thereby will constitute a violation of, or a default under, any covenant, restriction or provision with respect to financial ratios or tests or any aspect of the financial condition or results of
operations of RRI and its subsidiaries. 
 12. The execution and delivery by Mirant of each of the Mirant Transaction Documents
and the consummation by Mirant of the transactions contemplated thereby, including the issuance and sale by the Escrow Issuer of the Securities, will not (i) conflict with the Mirant and Mirant Significant Subsidiary Organizational Documents,
(ii) constitute a violation of, or a breach or default under, the terms of any Mirant Applicable Contract or (iii) violate or conflict with, or result in any contravention of, any Applicable Law or any Mirant Applicable Order. We, however,
do not express any opinion as to whether the execution and delivery by Mirant of the each of the Mirant Transaction Documents or the consummation by Mirant of the transactions contemplated thereby will constitute a violation of, or a default under,
any covenant, restriction or provision with respect to financial ratios or tests or any aspect of the financial condition or results of operations of Mirant and its subsidiaries. 

13. The execution and delivery by Escrow Issuer of each of the Escrow Issuer Transaction Documents and the consummation by Escrow Issuer
of the transactions contemplated thereby, including the issuance and sale of the 

 
Securities, will not (i) conflict with the Escrow Issuer Organizational Documents or (ii) violate or conflict with, or result in any contravention of, any Applicable Law. 

14. No Governmental Approval, which has not been obtained or taken and is not in full force and effect, is required to authorize, or is
required for, the execution or delivery of each of the (a) RRI Transaction Documents by RRI or the consummation by RRI of the transactions contemplated thereby, (b) Mirant Transaction Documents by Mirant or the consummation by Mirant of
the transactions contemplated thereby and (c) Escrow Issuer Transaction Documents by Escrow Issuer or the consummation by Escrow Issuer of the transactions contemplated thereby, including the issuance and sale of the Securities. 

15. The Securities have been duly authorized and executed by Escrow Issuer and, when duly authenticated by the Trustee and issued and
delivered by Escrow Issuer against payment therefor in accordance with the terms of the Purchase Agreement and the Indenture, the Securities will constitute valid and binding obligations of Escrow Issuer entitled to the benefits of the Indenture and
enforceable against Escrow Issuer in accordance with their terms. 
 16. Assuming (i) the accuracy of the representations
and warranties of Escrow Issuer set forth in Sections 3(c)(xxvi), (xxvii) and (xviii), of RRI set forth in Sections 3(a)(xli), (xlii) and (xliii), of Mirant set forth in Sections 3(b)(xxxvi) and (xxxvii), and of the Initial Purchasers in
Section 1(b), in each case of the Purchase Agreement, (ii) the due performance by Escrow Issuer, RRI and Mirant of the covenants and agreements set forth in Section 4 of the Purchase Agreement and the due performance by the Initial
Purchasers of the covenants and agreements set forth in Sections 1(b) and 5 of the Purchase Agreement, and (iii) the Initial Purchasers’ compliance with the offering and transfer procedures and restrictions described in the Offering
Memorandum, the offer, sale and delivery of the Securities to you in the manner contemplated by the Purchase Agreement and the Offering Memorandum and the initial resale of the Securities by the Initial Purchasers in the manner contemplated in the
Offering Memorandum and the Purchase Agreement, do not require registration under the Securities Act of 1933, as amended, or qualification of the Indenture under the Trust Indenture Act of 1939, it being understood that we do not express any opinion
as to any subsequent reoffer or resale of any Securities. 
 17. The Escrow Merger Agreement has been duly authorized by each of
RRI and Escrow Issuer and, when duly executed and delivered in accordance with its terms by the parties thereto and approved by Mirant, as the sole stockholder of Escrow Issuer, will be a valid and binding agreement of each of RRI and Escrow

 
Issuer, enforceable against each of RRI and Escrow Issuer in accordance with its terms. 
 18. The statements in the Offering Memorandum and the General Disclosure Package under the caption “Plan of distribution”, insofar as such statements purport to summarize certain
provisions of the Purchase Agreement, fairly summarize such provisions in all material respects. 
 19. The statements in
the Offering Memorandum and the General Disclosure Package under the caption “Description of notes” and “Exchange offer; registration rights”, insofar as such statements purport to summarize certain provisions of
the Indenture, the Securities and the Escrow Agreement, fairly summarize such provisions in all material respects. 
 20. The
statements in the Offering Memorandum and the General Disclosure Package under the caption “Exchange offer; registration rights”, insofar as such statements purport to summarize certain provisions of the Registration Rights
Agreement, fairly summarize such provisions in all material respects. 
 21. Each of RRI, Mirant and Escrow Issuer is not and,
solely after giving effect to the offering and sale of the Securities and the application of the proceeds therefor as described in the Offering Memorandum and the General Disclosure Package, will not be an “investment company” as such term
is defined in the Investment Company Act of 1940. 
 22. Assuming the consummation of the Escrow Merger, the due execution and
delivery of the Supplemental Indenture and that the Securities have been duly authenticated by the Trustee and issued and delivered by Escrow Issuer against payment therefor in accordance with the terms of the Purchase Agreement and the Indenture,
the Securities (upon effectiveness of the Supplemental Indenture) will constitute valid and binding obligations of RRI entitled to the benefits of the Indenture, as supplemented by the Supplemental Indenture, and enforceable against RRI in
accordance with their terms. 
 23. The issuance of the securities (the “Exchange Securities”) to be issued
with terms substantially identical to the Securities, except that the Exchange Securities will not be subject to additional interest provisions or the restrictions on ownership or transfer set forth on the Securities, pursuant to the exchange offer
registration statement on Form S-4 contemplated by the Registration Rights Agreement, has been duly authorized by RRI. 

  
 24. To our knowledge,
there are no legal or governmental proceedings pending to which RRI, Mirant or Escrow Issuer is a party that would have been required to be disclosed pursuant to Item 103 of Regulation S-K of the General Rules and Regulations under the
Securities Act in a registration statement filed under the Securities Act relating to an offering of debt securities of the type of the Securities, that are not so disclosed in the Offering Memorandum. 

This opinion is furnished only to you as representative of the Initial Purchasers and is solely for the Initial Purchasers’ benefit
in connection with the closing occurring today and the offering of the Securities, in each case pursuant to the Purchase Agreement. Without our prior written consent, this opinion may not be used, circulated, quoted or otherwise referred to for any
other purpose or relied upon by, or assigned to, any other person for any purpose, including any other person that acquires any Securities or that seeks to assert an Initial Purchaser’s rights in respect of this opinion (other than an Initial
Purchaser’s successor in interest by means of merger, consolidation, transfer of a business or other similar transaction). 
  

	
	Very truly yours,

  
 Schedule A

 Incorporated Documents 
  

	1.	RRI’s Annual Report on Form 10-K for the year ended December 31, 2009 (including the portions of the Proxy Statement on Schedule 14A for the 2010 annual
meeting of stockholders filed with the Securities and Exchange Commission (“SEC”) on April 6, 2010, as amended, that are incorporated by reference therein but excluding the consolidated financial statements of RRI Energy
Mid-Atlantic Power Holdings, LLC and subsidiaries and Orion Power Holdings, Inc. and subsidiaries, in each case as of December 31, 2009 and 2008, and for each of the years in the three-year period ended December 31, 2009, that are included
therein) 

  

	2.	RRI’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010 and June 30, 2010 

 

	3.	RRI’s Current Reports on Form 8-K filed with the SEC on April 12, 2010 (excluding Item 7.01 and Exhibits 99.1 and 99.2), May 21, 2010 and
July 16, 2010 

  

	4.	Mirant’s Annual Report on Form 10-K for the year ended December 31, 2009 (including the portions of the Proxy Statement on Schedule 14A for the 2010 annual
meeting of stockholders filed with the SEC on March 26, 2010, as amended, that are incorporated by reference therein) 

  

	5.	Mirant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 

 

	6.	Mirant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (as amended on August 6, 2010 and September 8, 2010)

  

	7.	Mirant’s Current Reports on Form 8-K filed with the SEC on February 26, 2010 (excluding Item 2.02 and Exhibit 99.1), April 12, 2010 (excluding
Item 7.01 and Exhibits 99.1 and 99.2), April 28, 2010, May 11, 2010 and July 16, 2010 

Documents incorporated by reference into the Offering Memorandum as of the date hereof, but after the Applicable Time 

 

	8.	RRI’s Current Report on Form 8-K filed with the SEC on September 21, 2010 (excluding Item 7.01 and Exhibit 99.1)* 

 

	9.	Mirant’s Current Report on Form 8-K filed with the SEC on September 21, 2010 (excluding Item 7.01 and Exhibit 99.1)* 

 

	*	— Relates to (i) RRI’s entering into the credit agreement governing the proposed new senior secured term loan facility and revolving credit facility
(described in the General Disclosure Package and Offering Memorandum) and (ii) RRI’s and Mirant’s entering into the Purchase Agreement. 

  
 A-1

  
 Schedule B-1

 RRI Applicable Contracts 
 Agreement and Plan of Merger, among RRI Energy, Inc., Mirant Corporation and RRI Energy Holdings, Inc., a wholly-owned subsidiary of RRI Energy, Inc., dated as of April 11, 2010 

Credit Agreement entered into among GenOn Energy, Inc., as a borrower, GenOn Mirant Americas, Inc., as a borrower, the subsidiary guarantors party
thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other agents party thereto, dated September 20, 2010 

Senior Indenture among Reliant Energy, Inc. and Wilmington Trust Company, dated as of December 22, 2004 

First Supplemental Indenture relating to the 6.75% Senior Secured Notes due 2014, among Reliant Energy, Inc., the Guarantors listed therein and
Wilmington Trust Company, dated as of December 22, 2004 
 Second Supplemental Indenture relating to the 6.75% Senior Secured
Notes due 2014, among Reliant Energy, Inc., the Guarantors listed therein and Wilmington Trust Company, dated as of September 21, 2006 
 Third Supplemental Indenture relating to the 6.75% Senior Secured Notes due 2014, among Reliant Energy, Inc., the Guarantors listed therein and Wilmington Trust Company, dated as of
December 1, 2006 
 Sixth Supplemental Indenture relating to the 6.75% Senior Secured Notes due 2014, among RRI Energy, Inc., The
Guarantors listed therein and Wilmington Trust Company, dated as of June 1, 2009 
 Seventh Supplemental Indenture relating to the
6.75% Senior Secured Notes due 2014, among RRI Energy, Inc., the Guarantors listed therein and Wilmington Trust Company, dated as of August 20, 2009 
 Eighth Supplemental Indenture relating to the 6.75% Senior Secured Notes due 2014, among RRI Energy, Inc., the Guarantors listed therein and Wilmington Trust Company, dated as of
December 1, 2009 
 Fourth Supplemental Indenture relating to the 7.625% Senior Notes due 2014, among Reliant Energy, Inc., the
Guarantors listed therein and Wilmington Trust Company, dated as of June 13, 2007 
 Fifth Supplemental Indenture relating to the
7.875% Senior Notes due 2017, among Reliant Energy, Inc., the Guarantors listed therein and Wilmington Trust Company, dated as of June 13, 2007 

  
 B-1-i

  
 Master Separation Agreement between
Reliant Resources, Inc. and Reliant Energy, Incorporated, dated as of December 31, 2000 
 Schedules to Master Separation Agreement between
Reliant Resources, Inc. and Reliant Energy, Incorporated, dated as of December 31, 2000 
 Tax Allocation Agreement between Reliant
Resources, Inc. and Reliant Energy, Incorporated, dated as of December 31, 2000 
 Exhibit to Tax Allocation Agreement between Reliant
Resources, Inc. and Reliant Energy, Incorporated, dated as of December 31, 2000 
 Participating Preferred Stock Purchase Agreement by and
between Reliant Energy, Inc. and FR Reliant Holdings LP dated as of October 10, 2008 
 Guarantee Agreement relating to Pennsylvania
Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2001A, among Reliant Energy, Inc., the Subsidiary Guarantors defined therein and J.P. Morgan Trust Company,
National Association, as trustee, dated as of December 22, 2004 
 Guarantee Agreement relating to Pennsylvania Economic Development
Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2002A, among Reliant Energy, Inc., the Subsidiary Guarantors defined therein and J.P. Morgan Trust Company, National Association,
as trustee, dated as of December 22, 2004 
 Exhibit C to Exhibit B to Guarantee Agreement relating to Pennsylvania Economic
Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2002A, among Reliant Energy, Inc., the Subsidiary Guarantors defined therein and J.P. Morgan Trust Company, National
Association, as trustee, dated as of December 22, 2004 
 Guarantee Agreement relating to Pennsylvania Economic Development Financing
Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2002B, among Reliant Energy, Inc., the Subsidiary Guarantors defined therein and J.P. Morgan Trust Company, National Association, as
trustee, dated as of December 22, 2004 
 Exhibit C to Exhibit B to Guarantee Agreement relating to Pennsylvania Economic
Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2002B, among Reliant Energy, Inc., the Subsidiary Guarantors defined therein and J.P. Morgan Trust Company, National
Association, as trustee, dated as of December 22, 2004 
 Guarantee Agreement relating to Pennsylvania Economic Development Financing
Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2003A, among Reliant Energy, Inc., the Subsidiary Guarantors defined therein and J.P. Morgan Trust Company, National Association, as
trustee, dated as of December 22, 2004 

  
 B-1-ii

  
 Exhibit C to Exhibit B to
Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2003A, among Reliant Energy, Inc., the Subsidiary Guarantors defined
therein and J.P. Morgan Trust Company, National Association, as trustee, dated as of December 22, 2004 
 Guarantee Agreement
relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2004A, among Reliant Energy, Inc., the Subsidiary Guarantors defined therein and
J.P. Morgan Trust Company, National Association, as trustee, dated as of December 22, 2004 
 Exhibit C to Exhibit B to
Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2004A, among Reliant Energy, Inc., the Subsidiary Guarantors defined
therein and J.P. Morgan Trust Company, National Association, as trustee, dated as of December 22, 2004 
 Supplemental Guarantee
Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2001A, among Reliant Energy Power Supply, LLC, Reliant Energy, Inc., the Subsidiary
Guarantors as defined in the Guarantee Agreement and J.P. Morgan Trust Company, National Association, as trustee, dated as of September 21, 2006 
 Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2002A, among
Reliant Energy Power Supply, LLC, Reliant Energy, Inc., the Subsidiary Guarantors as defined in the Guarantee Agreement and J.P. Morgan Trust Company, National Association, as trustee, dated as of September 21, 2006 

Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy
Seward, LLC Project), Series 2002B, among Reliant Energy Power Supply, LLC, Reliant Energy, Inc., the Subsidiary Guarantors as defined in the Guarantee Agreement and J.P. Morgan Trust Company, National Association, as trustee, dated
as of September 21, 2006 
 Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s
Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2003A, among Reliant Energy Power Supply, LLC, Reliant Energy, Inc., the Subsidiary Guarantors as defined in the Guarantee Agreement and J.P. Morgan
Trust Company, National Association, as trustee, dated as of September 21, 2006 
 Supplemental Guarantee Agreement relating to
Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2004A, among Reliant Energy Power Supply, LLC, Reliant Energy, Inc., the Subsidiary Guarantors as defined
in the Guarantee Agreement and J.P. Morgan Trust Company, as trustee, dated as of September 21, 2006 

  
 B-1-iii

  
 Second Supplemental Guarantee
Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2001A, among Reliant Energy, Inc., the Subsidiary Guarantors as defined in the
Guarantee Agreement and The Bank of New York Trust Company, N.A., as trustee, dated as of December 1, 2006 
 Second Supplemental
Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2002A, among Reliant Energy, Inc., the Subsidiary Guarantors as defined in
the Guarantee Agreement and The Bank of New York Trust Company, N.A., as trustee, dated as of December 1, 2006 
 Second Supplemental
Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2002B, among Reliant Energy, Inc., the Subsidiary Guarantors as defined in
the Guarantee Agreement and The Bank of New York Trust Company, N.A., as trustee, dated as of December 1, 2006 
 Second Supplemental
Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2003A, among Reliant Energy, Inc., the Subsidiary Guarantors as defined in
the Guarantee Agreement and The Bank of New York Trust Company, N.A., as trustee, dated as of December 1, 2006 
 Third Supplemental
Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2004A, among Reliant Energy, Inc., the Subsidiary Guarantors as defined in
the Guarantee Agreement and The Bank of New York Trust Company, N.A., as trustee, dated as of December 1, 2006 
 Third Supplemental
Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2001A, among RRI Energy, Inc., the Subsidiary Guarantors as defined in the
Guarantee Agreement and The Bank of New York Trust Company, N.A., as trustee, dated as of June 1, 2009 
 Third Supplemental Guarantee
Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2002A, among RRI Energy, Inc., the Subsidiary Guarantors as defined in the Guarantee
Agreement and The Bank of New York Trust Company, N.A., as trustee, dated as of June 1, 2009 
 Third Supplemental Guarantee Agreement
relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2002B, among RRI Energy, Inc., the Subsidiary Guarantors as defined in the Guarantee

  
 B-1-iv

 
Agreement and The Bank of New York Trust Company, N.A., as trustee, dated as of June 1, 2009 
 Third Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2003A,
among RRI Energy, Inc., the Subsidiary Guarantors as defined in the Guarantee Agreement and The Bank of New York Trust Company, N.A., as trustee, dated as of June 1, 2009 
 Fourth Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC Project), Series 2004A,
among RRI Energy, Inc., the Subsidiary Guarantors as defined in the Guarantee Agreement and The Bank of New York Trust Company, N.A., as trustee, dated as of June 1, 2009 
 Fourth Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s exempt facilities revenues bonds (Reliant Energy Seward, LLC Project), Series 2001A,
among RRI Energy, Inc. the Subsidiary Guarantors as defined in the Guarantee Agreement and the Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of August 20, 2009 
 Fourth Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s exempt facilities revenues bonds (Reliant Energy Seward, LLC Project), Series 2002A,
among RRI Energy, Inc. the Subsidiary Guarantors as defined in the Guarantee Agreement and the Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of August 20, 2009 
 Fourth Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s exempt facilities revenues bonds (Reliant Energy Seward, LLC Project), Series 2002B,
among RRI Energy, Inc. the Subsidiary Guarantors as defined in the Guarantee Agreement and the Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of August 20, 2009 
 Fourth Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s exempt facilities revenues bonds (Reliant Energy Seward, LLC Project), Series 2003A,
among RRI Energy, Inc. the Subsidiary Guarantors as defined in the Guarantee Agreement and the Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of August 20, 2009 
 Fifth Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s exempt facilities revenues bonds (Reliant Energy Seward, LLC Project), Series 2004A,
among RRI Energy, Inc. the Subsidiary Guarantors as defined in the Guarantee Agreement and the Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of August 20, 2009 

  
 B-1-v

  
 Fifth Supplemental Guarantee Agreement
relating to Pennsylvania Economic Development Financing Authority’s exempt facilities revenues bonds (Reliant Energy Seward, LLC Project), Series 2001A, among RRI Energy, Inc. the Subsidiary Guarantors as defined in the Guarantee Agreement
and the Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 1, 2009 
 Fifth Supplemental Guarantee
Agreement relating to Pennsylvania Economic Development Financing Authority’s exempt facilities revenues bonds (Reliant Energy Seward, LLC Project), Series 2002A, among RRI Energy, Inc. the Subsidiary Guarantors as defined in the Guarantee
Agreement and the Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 1, 2009 
 Fifth Supplemental
Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s exempt facilities revenues bonds (Reliant Energy Seward, LLC Project), Series 2002B, among RRI Energy, Inc. the Subsidiary Guarantors as defined in the
Guarantee Agreement and the Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 1, 2009 
 Fifth
Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s exempt facilities revenues bonds (Reliant Energy Seward, LLC Project), Series 2003A, among RRI Energy, Inc. the Subsidiary Guarantors as
defined in the Guarantee Agreement and the Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 1, 2009 

Sixth Supplemental Guarantee Agreement relating to Pennsylvania Economic Development Financing Authority’s exempt facilities revenues bonds (Reliant
Energy Seward, LLC Project), Series 2004A, among RRI Energy, Inc. the Subsidiary Guarantors as defined in the Guarantee Agreement and the Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 1, 2009

 Credit and Guaranty Agreement among Reliant Energy, Inc., as Borrower, the Other Loan Parties referred to therein as guarantors, the lenders
party thereto, Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc., as Joint Lead Arrangers, Deutsche Bank Securities Inc., J.P. Morgan Securities
Inc., Goldman Sachs Credit Partners L.P., Merrill Lynch Capital Corporation and ABN AMRO Bank N.V., as Joint Bookrunners with respect to the Revolving Credit Facility and Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Goldman Sachs
Credit Partners L.P., Merrill Lynch Capital Corporation and Bear, Sterns & Co. Inc., as Joint Bookrunners with respect to the Pre-Funded L/C Facility, dated as of June 12, 2007 
 Exhibits and Schedules to Credit and Guaranty Agreement among Reliant Energy, Inc., as Borrower, the Other Loan Parties referred to therein as guarantors, the lenders party thereto, Deutsche Bank AG New
York Branch, as Administrative Agent and Collateral Agent, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc., as Joint Lead Arrangers, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Goldman Sachs Credit Partners
L.P., Merrill Lynch Capital Corporation and ABN AMRO Bank N.V., as Joint Bookrunners with respect to the 

  
 B-1-vi

 
Revolving Credit Facility and Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Goldman Sachs Credit Partners L.P., Merrill Lynch Capital Corporation and Bear, Sterns &
Co. Inc., as Joint Bookrunners with respect to the Pre-Funded L/C Facility, dated as of June 12, 2007 (Portions of this Exhibit have been omitted pursuant to a request for confidential treatment) 

Pass Through Trust Agreement between Reliant Energy Mid-Atlantic Power Holdings, LLC and Bankers Trust Company, made with respect to the
formation of the Series A Pass Through Trust and the issuance of 8.554% Series A Pass Through Certificates, dated as of August 24, 2000 
 Participation Agreement among (i) Conemaugh Lessor Genco LLC, as Owner Lessor; (ii) Reliant Energy Mid-Atlantic Power Holdings, LLC, as Facility Lessee; (iii) Wilmington Trust Company,
as Lessor Manager; (iv) PSEGR Conemaugh Generation, LLC, as Owner Participant; (v) Bankers Trust Company, as Lease Indenture Trustee; and (vi) Bankers Trust Company, as Pass Through Trustee, dated as of August 24, 2000

 First Amendment to Participation Agreement, dated as of November 15, 2001 
 Exhibit M to First Amendment to Participation Agreement, dated as of November 15, 2001 

Second Amendment to Participation Agreement, dated as of June 18, 2003 
 Lease Indenture of Trust, Mortgage and Security Agreement between Conemaugh Lessor Genco LLC, as Owner Lessor, and Bankers Trust Company, as Lease Indenture Trustee, dated as of August 24, 2000

 Settlement and Release of Claims Agreement among each of the Reliant Parties, OMOI, each of the California Parties, each of the Additional
Claimants, each of the Class Action Parties and each of the Local Governmental Parties (each as defined therein), dated as of October 12, 2005 
 Exhibits to Settlement and Release of Claims Agreement among each of the Reliant Parties, OMOI, each of the California Parties, each of the Additional Claimants, each of the Class Action Parties and
each of the Local Governmental Parties (each as defined therein), dated as of October 12, 2005 
 Guarantee by NRG Energy, Inc., as
Guarantor, in favor of Reliant Energy, Inc. dated as of February 28, 2009 
 Agreement Regarding Prosecution of Litigation by and among
Merrill Lynch Commodities, Inc., Merrill Lynch & Co., Inc., Reliant Energy Power Supply, LLC, RERH Holdings, LLC, Reliant Energy Retail Holdings, LLC, Reliant Energy Retail Services, LLC, RE Retail Receivables, LLC and Reliant Energy
Solutions East, LLC dated as of February 28, 2009 

  
 B-1-vii

  
 Schedule B-2

 Mirant Applicable Contracts 
 Agreement and Plan of Merger, among RRI Energy, Inc., Mirant Corporation and RRI Energy Holdings, Inc., a wholly-owned subsidiary of RRI Energy, Inc., dated as of April 11, 2010 

Credit Agreement entered into among GenOn Energy, Inc., as a borrower, GenOn Mirant Americas, Inc., as a borrower, the subsidiary guarantors party
thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other agents party thereto, dated September 20, 2010 

Form of Warrant Agreement between Mirant Corporation and Mellon Investor Services LLC, as Warrant Agent, including Exhibit A-1 thereto, a Form of
Series A Warrant Agreement, to which J. William Holden III and Anne M. Cleary are parties 
 Rights Agreement, dated as of March 26, 2009,
between Mirant Corporation and Mellon Investor Services LLC 
 First Amendment to the Rights Agreement, dated as of February 25, 2010,
between Mirant Corporation and Mellon Investor Services LLC 
 Indenture between Mirant Americas Generation, Inc. and Bankers Trust Company, as
Trustee, relating to the Notes (the “MAG Indenture”) 
 Second Supplemental Indenture to the MAG Indenture 

Third Supplemental Indenture to the MAG Indenture 
 Fifth Supplemental Indenture to the MAG Indenture 
 Form of Sixth Supplemental Indenture to
the MAG Indenture 
 Form of Seventh Supplemental Indenture to the MAG Indenture 
 Form of Senior Note Indenture between Mirant North America, LLC, Mirant North America Escrow, LLC, MNA Finance Corp. and Law Debenture Trust Company of New York, as Trustee 

Rights Agreement, dated as of March 26, 2009, between Mirant Corporation and Mellon Investor Services LLC 

First Amendment to the Rights Agreement, dated as of February 25, 2010, between Mirant Corporation and Mellon Investor Services LLC. 

Settlement Agreement and Release dated May 30, 2006 by and between Mirant Corporation and PEPCO 

  
 B-2

  
 Mirant North America, LLC—Credit
Agreement with Deutsche Bank Securities Inc., Goldman Sachs Credit Partners L.P., and JPMorgan Chase Bank, N.A 
 Assignment and Assumption
Agreement (Dickerson) between Southern Energy Mid-Atlantic, LLC, Dickerson OL1 LLC, Dickerson OL2 LLC, Dickerson OL3 LLC, and Dickerson OL4 LLC, dated as of December 19, 2000 
 Assignment and Assumption Agreement (Morgantown) between Southern Energy Mid-Atlantic, LLC, Morgantown OL1 LLC, Morgantown OL2 LLC, Morgantown OL3 LLC, Morgantown OL4 LLC, Morgantown OL5 LLC, Morgantown
OL6 LLC, and Morgantown OL7 LLC, dated as of December 19, 2000 
 Ownership and Operation Agreement (Dickerson) between Southern Energy
Mid-Atlantic, LLC, Dickerson OL1 LLC, Dickerson OL2 LLC, Dickerson OL3 LLC, and Dickerson OL4 LLC, dated as of December 18, 2000 

Ownership and Operation Agreement (Morgantown) between Southern Energy Mid-Atlantic, LLC, Morgantown OL1 LLC, Morgantown OL2 LLC, Morgantown OL3 LLC,
Morgantown OL4 LLC, Morgantown OL5 LLC, Morgantown OL6 LLC, and Morgantown OL7 LLC, dated as of December 18, 2000 
 Guaranty Agreement
(Dickerson L1) between Southern Energy, Inc. and Dickerson OL1 LLC dated as of December 19, 2000 
 Guaranty Agreement (Morgantown L1)
between Southern Energy, Inc. and Morgantown OL1 LLC dated as of December 19, 2000 

  
 B-2

  
 Schedule C-1

 RRI Significant Subsidiary Delaware Certificates 

 

									
	 Entity
	  	State	  	Office	  	Date	  	 Status

	Orion Power Holdings, Inc.	  	Delaware	  	Secretary of State	  	9/15/2010	  	Duly incorporated, validly existing and in good standing
	Orion Power Midwest LP, LLC	  	Delaware	  	Secretary of State	  	9/15/2010	  	Duly formed, validly existing and in good standing
	Orion Power Midwest, L.P.	  	Delaware	  	Secretary of State	  	9/15/2010	  	Duly formed, validly existing and in good standing
	RRI Energy Florida, LLC	  	Delaware	  	Secretary of State	  	9/15/2010	  	Duly formed, validly existing and in good standing
	RRI Energy Mid-Atlantic Power Holdings, LLC	  	Delaware	  	Secretary of State	  	10/01/2010	  	Duly formed, validly existing and in good standing
	RRI Energy Power Generation, Inc.	  	Delaware	  	Secretary of State	  	9/15/2010	  	Duly incorporated, validly existing and in good standing
	RRI Energy Northeast Holdings, Inc.	  	Delaware	  	Secretary of State	  	9/15/2010	  	Duly incorporated, validly existing and in good standing
	RRI Energy Services, Inc.	  	Delaware	  	Secretary of State	  	9/15/2010	  	Duly incorporated, validly existing and in good standing
	RRI Energy Wholesale Generation, LLC	  	Delaware	  	Secretary of State	  	9/15/2010	  	Duly formed, validly existing and in good standing

  
 C-1

  
 Schedule C-2

 Mirant Significant Subsidiary Delaware Certificates 

 

									
	 Entity
	  	State	  	Office	  	Date	  	 Status

	Mirant Americas, Inc.	  	Delaware	  	Secretary of State	  	9/16/2010	  	Duly incorporated, validly existing and in good standing
	Mirant Americas Generation, LLC	  	Delaware	  	Secretary of State	  	10/01/2010	  	Duly formed, validly existing and in good standing
	Mirant Chalk Point, LLC	  	Delaware	  	Secretary of State	  	10/01/2010	  	Duly formed, validly existing and in good standing
	Mirant Energy Trading, LLC	  	Delaware	  	Secretary of State	  	10/01/2010	  	Duly formed, validly existing and in good standing
	Mirant Mid-Atlantic, LLC	  	Delaware	  	Secretary of State	  	10/01/2010	  	Duly formed, validly existing and in good standing
	Mirant North America, LLC	  	Delaware	  	Secretary of State	  	9/15/2010	  	Duly formed, validly existing and in good standing

  
 C-2

  
 Schedule D-1

 RRI Applicable Orders 
 None 

  
 D-1

  
 Schedule D-2

 Mirant Applicable Orders 
 None 

  
 D-2

  
 Exhibit A

 RRI Certificate 

  
 Exhibit B

 Mirant Certificate 

  
 Exhibit C

 Escrow Issuer Certificate 

  
 ANNEX D-2 

Form of Negative Assurance Letter of Counsel for Escrow Issuer, RRI and 

Mirant 
 October 4, 2010 
 J.P. Morgan Securities LLC 

383 Madison Avenue 
 New York, NY 10179

 as Representative of the several Initial Purchasers 

 

			
	Re:	 	 GenOn Escrow Corp.

$675,000,000 9.500% Senior Notes due 2018

$550,000,000 9.875% Senior Notes due 2020

 Ladies and Gentlemen: 
 We have acted as special counsel to GenOn Escrow Corp., a
Delaware corporation (“Escrow Issuer”), RRI Energy, Inc., a Delaware corporation (“RRI”), and Mirant Corporation, a Delaware corporation (“Mirant”), in connection with the Purchase Agreement, dated
September 20, 2010 (the “Purchase Agreement”), among you, as representative of the several initial purchasers named therein (the “Initial Purchasers”), Escrow Issuer, RRI and Mirant, relating to the sale by
Escrow Issuer to the Initial Purchasers of $675,000,000 aggregate principal amount of Escrow Issuer’s 9.500% Senior Notes due 2018 and $550,000,000 aggregate principal amount of Escrow Issuer’s 9.875% Senior Notes due 2020 (collectively,
the “Securities”) to be issued under the Indenture, dated as of October 4, 2010 (the “Indenture”), between Escrow Issuer and Wilmington Trust Company, as Trustee. 

This letter is being furnished to you pursuant to Section 6(g) of the Purchase Agreement. 

In the above capacity, we have reviewed (i) the preliminary offering memorandum, dated September 13, 2010, relating to the
offering of the Securities 

 J.P. Morgan Securities LLC 
 as Representative of the several Initial Purchasers 
 October 4, 2010 

Page 2 
  

 
(together with the Incorporated Documents (as defined below), the “Preliminary Offering Memorandum”), (ii) the first Supplement, dated September 16, 2010
(“Supplement No. 1”), to the Preliminary Offering Memorandum, (iii) the second Supplement, dated September 20, 2010, (“Supplement No. 2”), to the Preliminary Offering Memorandum, (iv) the
Pricing Term Sheet attached as Annex B to the Purchase Agreement (the “Final Term Sheet”) and (iv) the final offering memorandum, dated September 20, 2010, relating to the Securities (together with the Incorporated
Documents, the “Offering Memorandum”). We also have reviewed the documents identified on Schedule A hereto filed by RRI and Mirant, pursuant to the Securities Exchange Act of 1934 and incorporated by reference into the
Offering Memorandum or the Preliminary Offering Memorandum, as the case may be, as of the date hereof or as of the Applicable Time (as defined below), as the case may be (collectively, the “Incorporated Documents”), and such other
documents as we deemed appropriate. 
 In addition, we have participated in conferences with officers and other representatives
of Escrow Issuer, RRI and Mirant, special counsel for Mirant, representatives of the independent registered public accountants of RRI and Mirant and representatives of the Initial Purchasers and counsel for the Initial Purchasers at which the
contents of the Offering Memorandum, the General Disclosure Package (as defined below) and related matters were discussed. We did not participate in the preparation of the Incorporated Documents but have, however, reviewed such documents and
discussed the business and affairs of Escrow Issuer, RRI and Mirant with officers and other representatives of Escrow Issuer, RRI and Mirant. We do not pass upon, or assume any responsibility for, the accuracy, completeness or fairness of the
statements contained or incorporated by reference in the Offering Memorandum or the General Disclosure Package and have made no independent check or verification thereof (except to the limited extent referred to in (i) paragraphs 18, 19 and 20
of our opinion to you dated the date hereof and (ii) our tax opinion to you, dated the date hereof). 

On the basis of the foregoing, no facts have come to our attention that have caused us to believe that the Offering
Memorandum, as of its date or as of the date hereof, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading (except that in each case we do not express any view as to the financial statements, schedules and other financial information included or incorporated by reference therein or excluded therefrom, the reports of
management’s assessment of the effectiveness of internal controls over financial reporting or the auditors’ attestation reports thereon, or the statements contained in the exhibits to the Incorporated Documents). In addition, on

 J.P. Morgan Securities LLC 
 as Representative of the several Initial Purchasers 
 October 4, 2010 

Page 3 
  

 
the basis of the foregoing, no facts have come to our attention that have caused us to believe that the General Disclosure Package, as of the Applicable Time, contained an untrue statement of a
material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (except that we do not express any view as to the financial statements,
schedules and other financial information included or incorporated by reference therein or excluded therefrom, the reports of management’s assessment of the effectiveness of internal controls over financial reporting or the auditors’
attestation reports thereon or the statements contained in the exhibits to the Incorporated Documents). 
 As used herein,
“Applicable Time” means 12:55 p.m. (Eastern time) on September 20, 2010, which you advised us is the time of the first contract of sale of the Securities, and “General Disclosure Package” means the Preliminary
Offering Memorandum, Supplement No. 1, Supplement No. 2 and the Final Term Sheet, all considered together. 
 This
letter is furnished only to you as representative of the Initial Purchasers and is solely for the Initial Purchasers’ benefit in connection with the closing occurring today and the offering of the Securities, in each case pursuant to the
Purchase Agreement. Without our prior written consent, this letter may not be used, circulated, quoted or otherwise referred to for any other purpose or relied upon by, or assigned to, any other person for any purpose, including any other person
that acquires any Securities or that seeks to assert an Initial Purchaser’s rights in respect of this letter (other than an Initial Purchaser’s successor in interest by means of merger, consolidation, transfer of a business or other
similar transaction). 
 Very truly yours, 

  
 Schedule A

 Incorporated Documents 
  

	10.	RRI’s Annual Report on Form 10-K for the year ended December 31, 2009 (including the portions of the Proxy Statement on Schedule 14A for the 2010 annual
meeting of stockholders filed with the Securities and Exchange Commission (“SEC”) on April 6, 2010, as amended, that are incorporated by reference therein but excluding the consolidated financial statements of RRI Energy
Mid-Atlantic Power Holdings, LLC and subsidiaries and Orion Power Holdings, Inc. and subsidiaries, in each case as of December 31, 2009 and 2008, and for each of the years in the three-year period ended December 31, 2009, that are included
therein) 

  

	11.	RRI’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010 and June 30, 2010 

 

	12.	RRI’s Current Reports on Form 8-K filed with the SEC on April 12, 2010 (excluding Item 7.01 and Exhibits 99.1 and 99.2), May 21, 2010 and
July 16, 2010 

  

	13.	Mirant’s Annual Report on Form 10-K for the year ended December 31, 2009 (including the portions of the Proxy Statement on Schedule 14A for the 2010 annual
meeting of stockholders filed with the SEC on March 26, 2010, as amended, that are incorporated by reference therein) 

  

	14.	Mirant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 

 

	15.	Mirant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (as amended on August 6, 2010 and September 8, 2010)

  

	16.	Mirant’s Current Reports on Form 8-K filed with the SEC on February 26, 2010 (excluding Item 2.02 and Exhibit 99.1), April 12, 2010 (excluding
Item 7.01 and Exhibits 99.1 and 99.2), April 28, 2010, May 11, 2010 and July 16, 2010 

Documents incorporated by reference into the Offering Memorandum as of the date hereof, but after the Applicable Time 

 

	17.	RRI’s Current Report on Form 8-K filed with the SEC on September 21, 2010 (excluding Item 7.01 and Exhibit 99.1)* 

 

	18.	Mirant’s Current Report on Form 8-K filed with the SEC on September 21, 2010 (excluding Item 7.01 and Exhibit 99.1)* 

 

	*	— Relates to (i) RRI’s entering into the credit agreement governing the proposed new senior secured term loan facility and revolving credit facility
(described in the General Disclosure Package and Offering Memorandum) and (ii) RRI’s and Mirant’s entering into the Purchase Agreement. 

  
 ANNEX D-3 

Form of Tax Opinion of Counsel for Escrow Issuer, RRI and Mirant 

October 4, 2010 
 J.P. Morgan Securities LLC 
 383 Madison Avenue 

New York, NY 10179 
 as
Representative of the several Initial Purchasers 
  

			
	Re:	 	 GenOn Escrow Corp.

$675,000,000
9 1/2% Senior Notes due 2018

$550,000,000 9 7/8% Senior Notes due 2020 

 Ladies and Gentlemen: 
 We have acted as special counsel to
GenOn Escrow Corp., a Delaware corporation (“Escrow Issuer”), RRI Energy, Inc., a Delaware corporation (“RRI”), and Mirant Corporation, a Delaware corporation (“Mirant”), in connection with the
Purchase Agreement, dated September 20, 2010, (the “Purchase Agreement”), among you, as representative of the several initial purchasers named therein (the “Initial Purchasers”), Escrow Issuer, RRI and Mirant,
relating to the sale by Escrow Issuer to the Initial Purchasers of $675,000,000 aggregate principal amount of Escrow Issuer’s
9 1/2% Senior Notes due 2018 and $550,000,000
aggregate principal amount of Escrow Issuer’s 9 7/8% Senior Notes due 2020 (collectively, the “Securities”) to be issued under the Indenture, dated as of October 4, 2010 (the “Indenture”), between Escrow Issuer and
Wilmington Trust Company, as Trustee. 
 This opinion is being furnished to you pursuant to Sections 6(g) of the
Purchase Agreement. 
 In the above capacity, we have reviewed (i) the preliminary offering memorandum, dated
September 13, 2010 (the “Preliminary Offering Memorandum”), relating to the offering of the Securities, (ii) the final offering memorandum, dated September 20, 2010, relating to the Securities (the “Offering
Memorandum”) and (iii) such other documents as we have deemed necessary or appropriate as a basis for the opinion set forth below. Our opinion is conditioned on, among other things, the initial and continuing accuracy of the facts,
information, and analyses set forth in such documents and records. 
 In addition, we have relied upon statements and
representations of the officers and other representatives of Escrow Issuer, RRI, Mirant and others, and we have assumed that such statements and representations are and will continue to be correct without regard to any qualification as to knowledge
or belief. 

 J.P. Morgan Securities LLC 
 as Representative of the several Initial Purchasers 
 October 4, 2010 

Page 6 
  

  
 For purposes of
our opinion, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as
facsimile, electronic, certified, conformed, or photostatic copies, and the authenticity of the originals of such latter documents. In making our examination of documents executed, or to be executed, we have assumed that such parties had, or will
have, the power, corporate or other, to enter into and perform all obligations thereunder, and we have also assumed the due authorization by all requisite action, corporate or other, and execution and delivery by such parties of such documents and
that such documents constitute, or will constitute, valid and binding obligations of such parties. 
 Our opinion is based on
the Internal Revenue Code of 1986, as amended, Treasury Department regulations promulgated thereunder, judicial decisions, published positions of the Internal Revenue Service, and such other authorities as we have considered relevant, all as in
effect as of the date of this opinion and all of which are subject to differing interpretations or change at any time (possibly with retroactive effect). A change in the authorities or the truth, accuracy, or completeness of any of the facts,
information, documents, corporate records, covenants, statements, representations, or assumptions upon which our opinion is based could affect the conclusions expressed herein. There can be no assurance, moreover, that our opinion expressed herein
will be accepted by the Internal Revenue Service or, if challenged, by a court. 
 Based upon the foregoing and subject to the
qualifications, exceptions, assumptions and limitations contained herein and in the Offering Memorandum, we are of the opinion that, under current United States federal income tax law, although the discussion set forth in the Offering Memorandum
under the heading “Certain United States federal income tax consequences” does not purport to discuss all possible United States federal income tax consequences of the purchase, ownership and disposition of the Securities, such discussion
constitutes, in all material respects, a fair and accurate summary of the United States federal income tax consequences of the purchase, ownership and disposition of the Securities. 

Except as set forth above, we express no other opinion. This opinion is furnished to you solely for your benefit in connection with the
transaction referred to herein and is not to be relied upon by anyone else without our prior written consent. This opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal
developments or factual matters arising subsequent to the date hereof or the impact of any information, document, certificate, record, statement, representation, covenant, or assumption relied upon herein that becomes incorrect or untrue.

 Very truly yours, 

 J.P. Morgan Securities LLC 
 as Representative of the several Initial Purchasers 
 October 4, 2010 

Page 7 
  

  
 ANNEX D-4

 Form of UCC Opinion of Counsel for Escrow Issuer 

October 4, 2010 
 J.P. Morgan Securities LLC 
 383 Madison Avenue 

New York, NY 10179 
 as
Representative of the several Initial Purchasers listed in Schedule 1 to the 
 Purchase Agreement referred to below 

 

			
	Re:	 	 GenOn Escrow Corp.

$675,000,000 9.500% Senior Notes due 2018 

$550,000,000 9.875% Senior Notes due 2020

 Ladies and Gentlemen: 
 We have acted as special counsel to GenOn Escrow Corp., a
Delaware corporation (the “Pledgor”), in connection with the preparation, execution and delivery of the Escrow and Security Agreement, dated the date hereof (the “Escrow and Security Agreement”), among the Pledgor,
RRI Energy, Inc. “RRI”), Mirant Corporation (“Mirant”), Deutsche Bank Trust Companies America (“Deutsche Bank), a New York banking corporation and a wholly-owned subsidiary of Deutsche Bank AG, as
“bank” and “securities intermediary” (each term as defined in the UCC (as defined below)) (in such capacity, the “Financial Institution”), Deutsche Bank, as escrow agent, Wilmington Trust Company, as trustee
under the Indenture (as defined below) (in such capacity, the “Trustee”), and J.P. Morgan Securities LLC, as representative (the “Representative”) of the initial purchasers listed in Schedule 1 thereto. This opinion
is being delivered pursuant to Section 6(g) of the Purchase Agreement, dated September 20, 2010 (the “Purchase Agreement”), among the Representative, Escrow Issuer, RRI and Mirant. 

In our examination we have assumed the genuineness of all signatures including endorsements, the legal capacity and competency of natural
persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photostatic copies, and the authenticity of the originals of such
copies. As to any facts relevant to this opinion which we did not independently establish or verify, we have relied upon statements and representations of the Pledgor and its officers and other representatives and of public officials, including the
facts and conclusions set forth therein. 
 In rendering the opinions set forth herein, we have examined and relied on originals
or copies of the following: 
 (a) the Escrow and Security Agreement; and 

 J.P. Morgan Securities LLC 
 as Representative of the several Initial Purchasers 
 October 4, 2010 

Page 8 
  

  
 (b) such other
documents as we have deemed necessary or appropriate as a basis for the opinions set forth below. 
 Capitalized terms used
herein and not otherwise defined herein shall have the same meanings herein as set forth in the Escrow and Security Agreement. As used herein: 
  

	 	(i)	“Account” means account number S60899.1, established and maintained by the Financial Institution in the name of GenOn Escrow Corp. Account.

  

	 	(ii)	“UCC” means the Uniform Commercial Code as in effect on the date hereof in the State of New York (without regard to laws referenced in
Section 9-201 thereof). 

  

	 	(iii)	“Indenture” means the indenture, dated as of the date hereof, between the Pledgor and the Trustee, relating to the issuance of $675,000,000 aggregate
principal amount of Escrow Issuer’s 9.500% Senior Notes due 2018 and $550,000,000 aggregate principal amount of Escrow Issuer’s 9.875% Senior Notes due 2020. 

We express no opinion with respect to any laws other than the UCC. 

We have this date delivered to you our opinion with respect to the enforceability of the Escrow and Security Agreement and certain other
transaction agreements (the “Enforceability Opinion”). We call to your attention that the opinions set forth herein with respect to the security interest of the Trustee are subject to the qualifications contained in such other
opinion. 
 You have asked for our opinion with respect to the security interest granted by the Pledgor under the Escrow and
Security Agreement. We note that the Escrow and Security Agreement purports to serve the dual functions of both a security agreement and an escrow agreement. We express no opinion as to the effect on the opinions expressed herein of purporting to
have the Escrow and Security Agreement function as an escrow agreement. Based upon the foregoing and subject to the other qualifications set forth herein, we are of the opinion that: 

1. Under the UCC, Section 1.4 of the Escrow and Security Agreement is effective to create a security interest in all of the
Pledgor’s rights, title and interest in the Account. 
 2. Under the UCC, Section 1.4 of the Escrow and Security
Agreement is effective to perfect the security interest of the Trustee in the Pledgor’s rights in the Account. 
 Our
opinions are subject to the following qualifications: 
 (a) We have assumed that the Pledgor has rights in the Account, and we
express no opinion as to the nature or extent of the Pledgor’s rights in the Account. 
 (b) We note that pursuant to
Section 8(b) of the Escrow and Security Agreement, the Financial Institution represents that it is a “Securities Intermediary” (as defined in Section 8-102 of the UCC) with respect to the Account. Based on such representation, we
have assumed that the Financial Institution is a “securities intermediary” as defined in Section 8-102(a)(14) of the UCC. 

 J.P. Morgan Securities LLC 
 as Representative of the several Initial Purchasers 
 October 4, 2010 

Page 9 
  

  
 (c) We have
assumed that the Account is a “securities account” as defined in Section 8-501(a) of the UCC. 
 (d) Our opinion
with respect to proceeds is subject to the limitations set forth in Section 9-315 of the UCC and, in addition, we call to your attention that in the case of certain types of proceeds, other parties such as holders in due course, protected
purchasers of securities, persons who obtain control over securities entitlements may acquire a superior interest or may take their interest free of the security interest of a secured party. 

(e) We express no opinion with respect to any property or assets now or hereafter credited to the Account except to the extent that
(i) a “securities entitlement” (as such term is defined in Section 8-102(a)(17) of the UCC) has been created by the Financial Institution and (ii) such asset is a “financial asset” (as such term is defined in
Section 8-102(a)(9) of the UCC). Furthermore, we express no opinion with respect to the nature or extent of the Financial Institution’s rights in, or title to, the securities or other financial assets underlying any “security
entitlement” now or hereafter credited to the Account. We note that to the extent the Financial Institution maintains any financial asset in a “clearing corporation” (as defined in Section 8-102(5) of the UCC), pursuant to
Section 8-111 of the UCC, the rules of such clearing corporation may affect the rights of the Financial Institution. 
 (f)
We have assumed that the Escrow and Security Agreement is the valid, binding and enforceable obligation of each of the parties thereto (other than the Pledgor, as to which we express our opinion in the Enforceability Opinion). 

(g) We express no opinion with respect to the choice of law governing perfection, the effect of perfection and non-perfection or priority
of the security interest. 
 This opinion is being furnished only to you in connection with the Purchase Agreement and is solely
for your benefit and is not to be used, circulated, quoted or otherwise referred to for any other purpose or relied upon by any other person or entity for any purpose without our prior written consent. 

Very truly yours, 

  
 Annex E 

Form of RRI Energy, Inc. 
 Management Letter of the Chief Financial Officer 
 Capitalized terms not
defined in this certificate have the meaning ascribed to them in the Purchase Agreement among RRI Energy, Inc., a Delaware corporation (the “Company”), GenOn Escrow Corp., a Delaware corporation, Mirant Corporation, a Delaware corporation,
and J.P. Morgan Securities LLC, as representative of the initial purchasers named in Schedule 1 thereto (collectively, the “Initial Purchasers”), dated September 20, 2010 (the “Purchase Agreement”). 

In connection with the offering by GenOn Escrow Corp. of $675,000,000 aggregate principal amount of its 9.500% Senior Notes Due 2018 (the
“2018 Securities”) and $550,000,000 aggregate principal amount of its 9.875% Senior Notes Due 2020 (the “2020 Securities” and together, with the 2018 Securities, the “Securities”) pursuant to the Preliminary Offering
Memorandum and the Supplements, I, Rick J. Dobson, Executive Vice President and Chief financial Officer of the Company, have been asked to deliver this certificate to the Initial Purchasers and, based on my examination of the Company’s
financial records and schedules undertaken by me and members of my staff who are responsible for the Company’s financial and accounting matters, I hereby certify that: 
 1. For purposes of this certificate, the undersigned or persons supervised by him have also read the items identified by the Initial Purchasers on the pages of the Preliminary Offering Memorandum attached
hereto as Exhibit A and have compared or recomputed the indicated dollar amounts shown to a schedule prepared by the Company’s management performance reporting personnel and recomputed the dollar amounts based on market data and found them to
be in agreement; and 
 2. Skadden, Arps, Slate, Meagher & Flom LLP and Simpson Thacher & Bartlett LLP are
entitled to rely on this certificate in connection with the opinions that such firms are rendering pursuant to Sections 6(g) and 6(h), respectively, of the Purchase Agreement. 
 This certificate is to assist the Initial Purchasers in conducting and documenting their investigation of the affairs of the Company in connection with the offering of the Securities covered by the
Preliminary Offering Memorandum, the Supplements and the Offering Memorandum. 

  
 IN WITNESS WHEREOF, I
have hereunto signed my name on this      day of                     , 2010. 

 

			
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Management
Letter of RRI’s CFO]Revolving Credit and Competitive Advance Facility Agreement

  
 Exhibit 10.1

 EXECUTION COPY 
  

 
 $1,000,000,000 

REVOLVING CREDIT AND COMPETITIVE 
 ADVANCE FACILITY AGREEMENT 
 dated as of 

November 2, 2010 
 among 
 AVON PRODUCTS, INC. 

AVON CAPITAL CORPORATION 
 THE ADDITIONAL BORROWERS, BANKS AND OTHER LENDERS 
 FROM TIME TO TIME PARTIES HERETO

 and 

CITIBANK, N.A., 

as Administrative Agent 
  

 
 Bank of America, N.A. 

as Syndication Agent 
 JPMorgan Chase Bank, N.A., 
 as Documentation Agent 

The Bank of Tokyo-Mitsubishi UFJ, Ltd., 
 and 
 Deutsche Bank AG New York Branch 

as 

Co-Documentation Agents 
 Citigroup Global Markets Inc. 
 Banc of America Securities LLC 

and 
 J.P. Morgan
Securities LLC, 
 as 
 Joint Lead Arrangers and Joint Bookrunners 

  
 TABLE OF CONTENTS

  

							
	 	 	 	  	Page	 
	ARTICLE 1	 
	DEFINITIONS	  
			
	 Section 1.01.
	 	 Certain Definitions
	  	 	1	  
	
	ARTICLE 2	  
	THE LOANS	  
			
	 Section 2.01.
	 	 The Revolving Credit Loans; Commitments
	  	 	15	  
	 Section 2.02.
	 	 Procedure for Revolving Credit Loans
	  	 	15	  
	 Section 2.03.
	 	 Evidence for Loans
	  	 	16	  
	 Section 2.04.
	 	 Increase of Commitment
	  	 	17	  
	 Section 2.05.
	 	 Reduction of Commitments
	  	 	18	  
	 Section 2.06.
	 	 Prepayment of Revolving Credit Loans
	  	 	19	  
	 Section 2.07.
	 	 Competitive Advance Loans
	  	 	19	  
	 Section 2.08.
	 	 Purpose of Loans
	  	 	22	  
	 Section 2.09.
	 	 Extension of Termination Date
	  	 	22	  
	 Section 2.10.
	 	 Defaulting Banks
	  	 	24	  
	
	ARTICLE 3	  
	INTEREST, CONVERSION, FEES, ETC.	  
			
	 Section 3.01.
	 	 Procedure for Interest Rate Determination
	  	 	25	  
	 Section 3.02.
	 	 Interest on ABR Loans
	  	 	25	  
	 Section 3.03.
	 	 Interest on Revolving Eurodollar Loans and Competitive Eurodollar Loans
	  	 	25	  
	 Section 3.04.
	 	 Interest on Competitive Absolute Rate Loans
	  	 	26	  
	 Section 3.05.
	 	 Continuation and Conversion of Revolving Credit Loans
	  	 	26	  
	 Section 3.06.
	 	 Post-Maturity Interest
	  	 	26	  
	 Section 3.07.
	 	 Maximum Interest Rate
	  	 	27	  
	 Section 3.08.
	 	 Fees
	  	 	27	  
	
	ARTICLE 4	  
	DISBURSEMENT AND PAYMENT	  
			
	 Section 4.01.
	 	 Disbursement of Loans; Pro Rata Treatment of Banks
	  	 	28	  
	 Section 4.02.
	 	 Method of Payment
	  	 	28	  
	 Section 4.03.
	 	 Compensation for Losses
	  	 	29	  
	 Section 4.04.
	 	 Withholding, Reserves and Additional Costs
	  	 	30	  
	 Section 4.05.
	 	 Unavailability and Impracticability
	  	 	34	  
	 Section 4.06.
	 	 Substitution of Banks
	  	 	34	  
	 Section 4.07.
	 	 Repayment of Loans
	  	 	35	  

  
 i 

  

							
	ARTICLE 5	 
	REPRESENTATIONS AND WARRANTIES	  
			
	 Section 5.01.
	 	 Representations and Warranties of the Borrowers
	  	 	35	  
	
	ARTICLE 6	  
	CONDITIONS PRECEDENT	  
			
	 Section 6.01.
	 	 Conditions to Effectiveness
	  	 	38	  
	 Section 6.02.
	 	 Conditions to Each Loan
	  	 	39	  
	 Section 6.03.
	 	 Satisfaction of Conditions Precedent
	  	 	41	  
	 Section 6.04.
	 	 Additional Borrowers
	  	 	41	  
	
	ARTICLE 7	  
	COVENANTS	  
			
	 Section 7.01.
	 	 Affirmative Covenants
	  	 	42	  
	 Section 7.02.
	 	 Negative Covenants
	  	 	45	  
	
	ARTICLE 8	  
	EVENTS OF DEFAULT	  
			
	 Section 8.01.
	 	 Events of Default
	  	 	47	  
	 Section 8.02.
	 	 Notice of Default
	  	 	49	  
	
	ARTICLE 9	  
	THE ADMINISTRATIVE AGENT AND THE BANKS	  
			
	 Section 9.01.
	 	 Authorization and Action
	  	 	49	  
	 Section 9.02.
	 	 Administrative Agent Individually
	  	 	49	  
	 Section 9.03.
	 	 Duties of Administrative Agent; Exculpatory Provisions
	  	 	50	  
	 Section 9.04.
	 	 Reliance by Administrative Agent
	  	 	51	  
	 Section 9.05.
	 	 Delegation of Duties
	  	 	51	  
	 Section 9.06.
	 	 Resignation of Administrative Agent
	  	 	51	  
	 Section 9.07.
	 	 Non-Reliance on Administrative Agent and Other Banks
	  	 	52	  
	 Section 9.08.
	 	 Indemnification
	  	 	53	  
	 Section 9.09.
	 	 Sharing of Payments and Expenses
	  	 	53	  
	 Section 9.10.
	 	 Other Agents
	  	 	54	  
	
	ARTICLE 10	  
	THE GUARANTY	  
			
	 Section 10.01.
	 	 The Guaranty
	  	 	54	  
	 Section 10.02.
	 	 Absolute Guaranty
	  	 	54	  
	 Section 10.03.
	 	 Consents, Waivers and Renewals
	  	 	55	  
	 Section 10.04.
	 	 Subrogation
	  	 	55	  
	 Section 10.05.
	 	 Continuing Guaranty
	  	 	55	  
	 Section 10.06.
	 	 Waiver of Notice
	  	 	55	  

  
 ii 

							
	ARTICLE 11	  
	MISCELLANEOUS	  
			
	 Section 11.01.
	 	 Applicable Law
	  	 	56	  
	 Section 11.02.
	 	 Set-off
	  	 	56	  
	 Section 11.03.
	 	 Expenses
	  	 	56	  
	 Section 11.04.
	 	 Amendments
	  	 	56	  
	 Section 11.05.
	 	 Cumulative Rights and No Waiver
	  	 	56	  
	 Section 11.06.
	 	 Notices
	  	 	57	  
	 Section 11.07.
	 	 Severability
	  	 	59	  
	 Section 11.08.
	 	 Parties in Interest
	  	 	59	  
	 Section 11.09.
	 	 License Agreement and CDS Data.
	  	 	61	  
	 Section 11.10.
	 	 Indemnity
	  	 	62	  
	 Section 11.11.
	 	 Consent to Jurisdiction
	  	 	63	  
	 Section 11.12.
	 	 Confidentiality
	  	 	63	  
	 Section 11.13.
	 	 Judgment
	  	 	64	  
	 Section 11.14.
	 	 Execution in Counterparts
	  	 	64	  
	 Section 11.15.
	 	 Patriot Act.
	  	 	64	  
	 Section 11.16.
	 	 No Fiduciary Duty.
	  	 	65	  
	 Section 11.17.
	 	 Waiver of Right to Jury
	  	 	66	  

 SCHEDULES 

 

			
	 Schedule 2.01
	 	 –    Banks and Commitments

	 Schedule 5.01(e)
	 	 –    Certain Litigation

	 Schedule 6.04
	 	 –    Certain Additional Borrowers

		
	 EXHIBITS
	 	
		
	 Exhibit A
	 	 –    Form of Revolving Credit Loan Request

	 Exhibit B-1
	 	 –    Form of Revolving Credit Note

	 Exhibit B-2
	 	 –    Form of Competitive Advance Note

	 Exhibit C-1
	 	 –    Competitive Advance Facility Procedures

	 Exhibit C-2
	 	 –    Form of Competitive Advance Loan Request

	 Exhibit C-3
	 	 –    Form of Competitive Advance Notice Letter

	 Exhibit C-4
	 	 –    Form of Competitive Advance Bid

	 Exhibit C-5
	 	 –    Form of Competitive Advance Bid Accept/Reject Letter

	 Exhibit D
	 	 –    Form of Continuation/Conversion Request

	 Exhibit E-1
	 	 –    Form of Additional Borrower Designation

	 Exhibit E-2
	 	 –    Form of Additional Borrower Confirmation

	 Exhibit F
	 	 –    Form of Assignment and Acceptance

	 Exhibit G-1
	 	 –    Form of Opinion of General Counsel of API

	 Exhibit G-1
	 	 –    Form of Opinion of Sidley Austin LLP

  
 iii

  
 REVOLVING CREDIT AND
COMPETITIVE ADVANCE FACILITY AGREEMENT, dated as of November 2, 2010 (as further amended, supplemented, modified or extended from time to time, this “Agreement”), among Avon Products, Inc., a New York corporation
(“API”), Avon Capital Corporation, a Delaware corporation (“ACC”), each of the Additional Borrowers (as defined below) from time to time designated as such, each of the banks and other lenders from time to time
parties hereto (each, a “Bank” and, collectively, the “Banks”) and the Administrative Agent (as defined below). 
 W I T N E S S E T H: 
 WHEREAS, API and ACC have requested that, subject to
certain conditions, the Administrative Agent and the Banks enter into this Agreement; 
 WHEREAS, the Administrative Agent and
the Banks are willing to enter into this Agreement on the terms and subject to the conditions hereof; 
 NOW, THEREFORE, the
parties hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. Certain Definitions. 

(a) Terms Generally. The definitions ascribed to terms in this Section 1.01 and elsewhere in this Agreement shall apply
equally to both the singular and plural forms of the terms defined. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The words
“hereby”, “herein”, “hereof”, “hereunder” and words of similar import refer to this Agreement as a whole (including any exhibits and schedules hereto) and not merely to the specific section, paragraph or
clause in which such word appears. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require.

 (b) Accounting Terms. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP as in effect from time to time; provided, however, that, for purposes of determining compliance with the covenants set forth in Sections 7.02(b) and 7.02(d), such terms shall be construed in
accordance with GAAP as in effect on the date of this Agreement applied on a basis consistent with the construction thereof applied in preparing API’s audited financial statements referred to in Section 5.01(d). In the event there shall
occur a change in GAAP which but for the foregoing proviso would affect the computation used to determine compliance with either such covenant, the Borrowers and the Banks agree to negotiate in good faith in an effort to agree upon an amendment to
this Agreement that will permit compliance with such covenant to be determined by reference to GAAP as so changed while affording the Banks the protection afforded by such covenant prior to such change (it being understood, however, that such
covenant shall remain in full force and effect in accordance with its existing terms pending the execution by the Borrowers and the Banks of any such amendment). 

  
 (c) Certain Other
Terms. The following terms shall have the meanings ascribed to them below or in the Sections of this Agreement indicated below: 
 “ABR Lending Office” shall mean, with respect to each Bank, its office identified in its Administrative Questionnaire as its domestic lending office or such other office as such Bank may
hereafter designate as its domestic lending office or ABR lending office by notice to the Borrowers and the Administrative Agent. 
 “ABR Loans” shall mean, collectively, Revolving Credit Loans, or portions thereof, that bear interest by reference to the Base Rate and in the manner set forth in Section 3.02.

 “ACC” shall have the meaning ascribed to such term in the Preamble to this Agreement. 

“Additional Amounts” shall have the meaning ascribed to such term in Section 4.04(a). 

“Additional Borrower” shall mean, as of any date, a Subsidiary of API that has on or before such date been designated by
API as an Additional Borrower in accordance with the terms of this Agreement. 
 “Additional Costs” shall have
the meaning ascribed to such term in Section 4.04(b). 
 “Administrative Agent” shall mean Citibank, N.A.,
together with its affiliates, as the administrative agent for the Banks under this Agreement and the Credit Documents. 

“Administrative Questionnaire” shall mean, with respect to each Bank, an administrative details reply form in the form
prepared by the Administrative Agent and submitted to the Administrative Agent duly completed by such Bank. 

“Agreement” shall have the meaning ascribed to such term in the Preamble to this Agreement. 

“API” shall have the meaning ascribed to such term in the Preamble to this Agreement. 

“Applicable Lending Office” shall mean, with respect to any Bank, (a) in the case of its ABR Loans, its ABR Lending
Office and (b) in the case of Revolving Eurodollar Loans or Competitive Eurodollar Loans, its Eurodollar Lending Office. 

“Assignee” shall have the meaning ascribed to such term in Section 11.08(c). 

“Assuming Bank” shall have the meaning ascribed to such term in Section 2.09(c). 

  
 2 

  
 “Assignment
and Acceptance” shall have the meaning ascribed to such term in Section 11.08(c). 
 “Augmenting
Bank” shall have the meaning ascribed to such term in Section 2.04. 
 “Available Facility” shall
mean (a) on any date prior to the Final Termination Date, an amount equal to the remainder of (i) the Total Commitment on such date minus (ii) the sum of the aggregate outstanding principal amount of Loans on such date and (b) on
and after the Final Termination Date, $0. 
 “Bank” shall have the meaning ascribed to such term in the
Preamble to this Agreement. In the circumstances described in Section 11.08(c)(iii), an Assignee shall also be deemed a “Bank.” 
 “Base Rate” shall mean, for any day, a fluctuating interest rate per annum in effect from time to time, which rate per annum shall be equal to the highest of: 

(a) the rate of interest publicly announced by the Administrative Agent in New York City from time to time as its
“base rate” in effect on such day; 
 (b) the sum of (i)  1/2 of 1% per annum and (ii) the Federal Funds Rate in effect
on such day; and 
 (c) the sum of (i) 1% per annum and (ii) the rate equal to LIBOR for an
Interest Period of one month for each day that an ABR Loan is outstanding (and in respect of any day that is not a Eurodollar Business Day, LIBOR as in effect on the immediately preceding Eurodollar Business Day). 

“Base Rate Margin” shall mean, at any date, a rate per annum equal to the Credit Default Swap Spread minus 1.00%, but
not less than 0.00% per annum. 
 “Benefit Arrangement” shall mean, at any time, an employee benefit plan
within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 

“Borrower” shall mean, with respect to any Loan, whichever of the Borrowers that has borrowed such Loan in accordance
with the terms hereof. 
 “Borrowers” shall mean, collectively, as of any date, the Initial Borrowers and the
Additional Borrowers as of such date; provided that if ACC shall at any time cease to be a Wholly-Owned Subsidiary, it shall cease to be an Initial Borrower or a Borrower at such time. Without in any way limiting API’s obligations as
guarantor under Article 10, all the obligations of the Borrowers hereunder and in respect of any Loans shall be several and not joint. 
 “Borrowing Date” shall mean, with respect to any Loan, the date set forth in the relevant Borrowing Request as the date upon which such Borrower desires to borrow such Loan. 

  
 3 

  
 “Borrowing
Request” shall mean a Competitive Advance Loan Request or a Revolving Credit Loan Request. 
 “Capital
Lease” shall mean, with respect to any Person, any obligation of such Person to pay rent or other amounts under a lease with respect to any property (whether real, personal or mixed) acquired or leased by such Person that is required to be
accounted for as a liability on a balance sheet of such Person in accordance with GAAP. 
 “Change of Control”
shall mean, with respect to API, (i) any “person” (as defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d) and 14(d) thereof), excluding API, any Subsidiary and any Plan (including any trustee of such plan
acting as trustee), but including a “group” as defined in Section 13(d)(3) of the Exchange Act, becomes the beneficial owner of shares of API having at least 35% of the total number of votes that may be cast for the election of
directors of API, provided that no Event of Default will occur as a result of an acquisition of stock by API which increases, proportionately, the stock representing the voting power of API owned by such person or group above 35% of the voting power
of API and provided further that if such person or group acquires stock representing more than 35% of the voting power of API by reason of share purchases by API, and after such share purchases by API acquires any additional shares representing
voting power of API, then an Event of Default shall occur; or (ii) within any 24-month period beginning on or after the date hereof, the persons who were directors of API immediately before the beginning of such period (the “Incumbent
Directors”) shall cease (for any reason other than death) to constitute at least a majority of the Board of Directors of API or the board of directors of any successor to API, provided that any director who was not a director as of the date
hereof shall be deemed to be an Incumbent Director if such director was elected to the Board of Directors by, or on the recommendation of or with the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors either
actually or by prior operation of this clause (ii) and provided further that any director elected to the Board of Directors of API to avoid or settle a threatened or actual proxy contest shall in no event be deemed to be an Incumbent Director.

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

“Commitment” shall mean, with respect to any Bank, the amount of such Bank’s commitment to make Loans reflected in
the Register. In the case of Banks parties hereto on the date hereof, such amount is set forth opposite such Bank’s name under the heading “Commitment” on Schedule 2.01, as such amount may be reduced from time to time pursuant to
Section 2.05, 4.06 or 11.08 or increased from time to time pursuant to Section 2.04, 2.09 or 11.08. Each Bank’s Commitment shall terminate on the Termination Date applicable to such Bank. 

“Commitment Fee” shall have the meaning ascribed to such term in Section 3.08(a). 

“Competitive Absolute Rate Loans” shall mean, collectively, Competitive Advance Loans that bear interest at a fixed
percentage rate per annum (expressed in the form of a decimal to no more than four decimal places) specified by the Bank making such Loan in its Competitive Advance Bid. 

  
 4 

  
 “Competitive
Advance Accept/Reject Deadline” shall mean, with respect to any Competitive Advance Loan, the time specified as the Competitive Advance Deadline for such Loan in Exhibit C-1. 

“Competitive Advance Accept/Reject Notice” shall have the meaning ascribed to such term in Section 2.07.

 “Competitive Advance Bid” shall mean an offer by a Bank to make a Competitive Advance Loan pursuant to
Section 2.07. 
 “Competitive Advance Bid Deadline” shall mean, with respect to any Competitive Advance
Loan, the time specified as the Competitive Advance Bid Deadline for such Loan in Exhibit C-1. 
 “Competitive Advance
Bid Rate” shall mean, with respect to any Competitive Advance Bid, (a) in the case of a Competitive Eurodollar Loan, the Competitive Advance Margin, and (b) in the case of a Competitive Absolute Rate Loan, the fixed rate of
interest at which the Bank making the Competitive Advance Bid offers thereby to make a Competitive Advance Loan (in either case, for purposes of Section 2.07(d), determined after giving effect to any waiver, pursuant to Section 2.07(c), of
compensation under Section 3.03(c), 4.04(a) or 4.04(b)). 
 “Competitive Advance Loan Request” shall mean
a telephonic request by a Borrower (confirmed in writing countersigned by a Responsible Officer of API by not later than 4:00 P.M., New York time, on the date of such telephonic notice) to borrow Competitive Advance Loans, which shall specify, with
respect to such requested Competitive Advance Loans, (a) the proposed Borrowing Date therefor, (b) the aggregate amount of Competitive Advance Loans which such Borrower desires to borrow on such Borrowing Date, (c) the Maturity Date,
(d) whether such Competitive Advance Loans are to bear interest as Competitive Eurodollar Loans or Competitive Absolute Rate Loans, (e) if such Competitive Advance Loans are Competitive Eurodollar Loans, the Interest Period therefor,
(f) any other terms to be applicable to such proposed Competitive Advance Loans, and (g) confirming that such request has been approved by API. 
 “Competitive Advance Loans” shall mean, collectively, Loans, or portions thereof, made pursuant to Section 2.07, in each case denominated in Dollars. 

“Competitive Advance Margin” shall mean, with respect to any Competitive Eurodollar Loan for any Interest Period, the
margin (expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) to be added to or subtracted from LIBOR, in order to determine the interest rate applicable to such Loan during such Interest Period, as
specified in the Competitive Advance Bid and the Competitive Advance Accept/Reject Notice relating to such Loan. 

“Competitive Advance Notes” shall mean, collectively, any promissory notes of the Borrowers evidencing Competitive
Advance Loans. 
 “Competitive Advance Notice Time” shall mean, with respect to any Competitive Advance Loan,
the time specified as the Competitive Advance Notice Time for such Loan in Exhibit C-1. 

  
 5 

  
 “Competitive
Advance Rate” shall mean, with respect to any Competitive Absolute Rate Loan, the fixed rate of interest (expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) for such Loan, as specified in
the Competitive Advance Bid and Competitive Advance Accept/Reject Notice relating to such Loan. 
 “Competitive
Eurodollar Loans” shall mean, collectively, Competitive Advance Loans that bear interest by reference to LIBOR and a Competitive Advance Margin, in the manner set forth in Section 3.03. 

“Consolidated Subsidiary” shall mean, at any date with respect to any Person, any Subsidiary or other entity the
accounts of which would be consolidated with those of such Person in the consolidated financial statements of such Person if such statements were prepared in accordance with GAAP as of such date. 

“Conversion Date” shall mean the date on which a conversion of interest rates on outstanding Revolving Credit Loans,
pursuant to a Conversion Request, shall take effect. 
 “Conversion Request” shall mean a telephonic request
(confirmed in writing not later than 4:00 P.M., New York time, on the date of such telephonic notice) by a Borrower to convert the interest rate on all or portions of its outstanding Revolving Credit Loans pursuant to the terms hereof, which shall
specify, with respect to such outstanding Revolving Credit Loans, (i) the requested Conversion Date, which shall be not less than three Eurodollar Business Days after the date of such Conversion Request, (ii) the aggregate amount of the
Revolving Credit Loans, from and after the Conversion Date, which are to bear interest as ABR Loans or Revolving Eurodollar Loans, as the case may be, and (iii) the term of the Interest Periods therefor, if any. 

“Credit Default Swap Spread” means, at any time, for any Loan, the 30 day moving average credit default swap mid-rate
spread of API for the three-year period beginning on the date on which the Credit Default Swap Spread has most recently been set for such Loan. The Credit Default Swap Spread will be (a) obtained by the Administrative Agent from Markit,
(b) set for each Revolving Eurodollar Loan two Eurodollar Business Days prior to the first day of each Interest Period and (c) if the Base Rate is determined in accordance with clause (c) of the definition of “Base Rate”,
set for each ABR Loan on the last Domestic Business Day of each calendar month for the next succeeding calendar month. If for any reason the Credit Default Swap Spread is not available from Markit or a successor thereof, the Credit Default Swap
Spread shall be determined by the Administrative Agent by reference to the 30 day moving average credit default swap mid-rate spread of API most recently published by Bloomberg or another similar financial services company selected by the
Administrative Agent and approved by API (which approval shall not be unreasonably withheld or delayed). If for any reason the Credit Default Swap Spread cannot be determined pursuant to the forgoing procedures, API and the Banks shall negotiate in
good faith for a period of up to 30 days after the Credit Default Swap Spread becomes unavailable (such 30-day period, the “Negotiation Period”) to agree on an alternative method for establishing the Credit Default Swap Spread. The
Credit Default Swap Spread during the Negotiation Period shall be the spread most recently provided to the Administrative Agent by Markit. If no such alternative method is agreed upon during the Negotiation Period, the Credit Default Swap Spread at
any date of determination subsequent to the end of the Negotiation Period shall be the Credit Default Swap Cap as set forth below. Notwithstanding the foregoing (x) as of any date, the Credit Default Swap

  
 6 

 
Spread shall in no event be less than the Credit Default Swap Floor or more than the Credit Default Swap Cap and (y) as of any date after the Final Termination Date, the Credit Default Swap
Spread shall in no event be less than the Credit Default Swap Cap, in each case as set forth below based upon the ratings applicable on such date to API’s senior unsecured long-term debt: 

 

											
	 	  	 	  	Credit Default 
Swap
Floor	 	 	Credit Default 
Swap
Cap	 
	Level I	  		  				 			
	 Moody’s:
	  	Aa3 or above	  				 			
	 S&P:
	  	AA- or above	  	 	0.250	% 	 	 	1.000	% 
	Level II	  		  				 			
	 Moody’s:
	  	A1	  				 			
	 S&P:
	  	A+	  	 	0.375	% 	 	 	1.250	% 
	Level III	  		  				 			
	 Moody’s:
	  	A2	  				 			
	 S&P:
	  	A	  	 	0.500	% 	 	 	1.500	% 
	Level IV:	  		  				 			
	 Moody’s:
	  	A3	  				 			
	 S&P:
	  	A-	  	 	0.625	% 	 	 	1.750	% 
	Level V:	  		  				 			
	 Moody’s:
	  	Baa1 or lower	  				 			
	 S&P:
	  	BBB+ or lower	  	 	0.750	% 	 	 	2.250	% 

 For purposes of the
foregoing, (a) if no rating for API’s senior unsecured long-term debt shall be available from either rating agency, such rating agency shall be deemed to have established a Level V rating, (b) if the ratings established or deemed
established by Moody’s and S&P shall fall within different Levels, the Credit Default Swap Floor and the Credit Default Swap Cap shall be based upon the Level corresponding to the more favorable of such ratings except if the lower of such
ratings is more than one Level below the higher of such ratings, the Credit Default Swap Floor and the Credit Default Swap Cap shall be based upon the Level that is one Level below the higher of such ratings and (c) if any rating established or
deemed established by Moody’s or S&P shall be changed (other than as a result of a change in the rating system of either Moody’s or S&P), such change shall be given effect on and as of the opening of business on the date when such
change is first announced by the rating agency making such change. Each such change shall apply to all Revolving Eurodollar Loans and ABR Loan outstanding at any time during the period commencing on the effective date of such change and ending on
the date immediately preceding the effective date of the next such change. If the rating system of either Moody’s or S&P shall change prior to the Final Termination Date, API and the Banks shall negotiate in good faith to amend the
references to specific ratings in this definition to reflect such changed rating system. 
 “Credit Documents”
shall mean, collectively, this Agreement and the Notes. 
 “Debt” shall mean, with respect to any Person at any
date, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the
deferred purchase price of property or services, except trade accounts payable arising in the 

  
 7 

 
ordinary course of business, (d) all obligations of such Person as lessee under Capital Leases, (e) all contingent or non-contingent obligations of such Person to reimburse or prepay
any bank or other Person in respect of amounts paid or payable (currently or in the future, on a contingent or non-contingent basis) under a letter of credit, bankers’ acceptance or similar instrument, other than contingent obligations relating
to letters of credit issued to support trade payables, (f) all Debt of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such Person and (g) all Debt of others Guaranteed by such Person;
provided, however, that Debt shall not include any obligations incurred in connection with the funding of a trust established under Section 501(c)(9) of the Code. 

“Default” shall mean any event or circumstance which, with the giving of notice or the passage of time, or both, would
unless cured or waived become an Event of Default. 
 “Defaulting Bank” means any Bank that (a) has failed
to fund any portion of the Loans required to be funded by it hereunder within three Domestic Business Days of the date required to be funded by it hereunder, (b) has otherwise failed to pay over to the Administrative Agent or any other Bank any
other amount required to be paid by it hereunder within three Domestic Business Days of the date when due, unless the subject of a good faith dispute, (c) has notified API or the Administrative Agent that it does not intend to comply with its
funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or generally under other agreements in which it commits to extend credit, (d) has failed, within three Domestic Business Days
after written request by the Administrative Agent (based on its reasonable belief that such Bank may not fulfill its funding obligations hereunder), to confirm in a manner satisfactory to the Administrative Agent that it will comply with its funding
obligations hereunder, or (e) has become, or the parent company of which has become, the subject of a bankruptcy or insolvency proceeding; provided that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or
acquisition of any equity interest in such Bank or a parent company thereof by a governmental authority or an instrumentality thereof. 
 “Dollars” and the sign “$” shall mean lawful money of the United States of America. 
 “Domestic Business Day” shall mean any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close. 

“Effective Date” shall have the meaning ascribed to such term in Section 6.01. 

“Environmental Laws” shall mean any and all federal, state, local and foreign statutes, laws, regulations, ordinances,
rules, franchises, licenses, agreements or other governmental restrictions relating to the environment or to emissions, discharges or releases of pollutants, contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous
substances or wastes into the environment including, without limitation, ambient air, surface water, ground water, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling
of pollutants, contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or wastes or clean-up or other remediation thereof. 

  
 8 

  

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

“ERISA Group” shall mean API and all members of a controlled group of corporations and all trades or businesses (whether
or not incorporated) under common control which, together with API, are treated as a single employer under Section 414(b), (c), (m) or (o) of the Code. 
 “Eurodollar Business Day” shall mean any Domestic Business Day on which commercial banks are open for international business (including dealings in Dollar deposits) in London. 

“Eurodollar Lending Office” shall mean, with respect to each Bank, its office, branch or affiliate identified in its
Administrative Questionnaire as its Eurodollar lending office or such other office, branch or affiliate of such Bank as it may hereafter designate as its Eurodollar lending office by notice to the Borrowers and the Administrative Agent. 

“Eurodollar Loans” shall mean, collectively, Competitive Eurodollar Loans and Revolving Eurodollar Loans. 

“Eurodollar Reserve Percentage” shall mean, for any day, the percentage in effect on such day, as prescribed by the
Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including any marginal, supplemental or emergency reserve requirements) for a member bank of the Federal Reserve System in New York
City with deposits exceeding one billion dollars in respect of “Eurocurrency Liabilities” (as defined in Regulation D of the Federal Reserve Board (or any successor regulation)). 

“Event of Default” shall mean any of the events described in Section 8.01. 

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

“Excluded Taxes” shall mean (a) all present and future taxes imposed on or measured by the overall net income of
any Bank (or any office, branch or subsidiary of such Bank) or any franchise taxes, taxes on doing business or taxes measured by capital or net worth imposed on any Bank (or any office, branch or subsidiary of such Bank), in each case imposed by the
United Sates of America or any political subdivision or taxing authority thereof or therein, or taxes on or measured by the overall net income of any office, branch or subsidiary of a Bank or any franchise taxes, taxes imposed on doing business or
taxes measured by capital or net worth imposed on any office, branch or subsidiary of such Bank, in each case imposed by any foreign country or subdivision thereof in which such office, branch or subsidiary is doing business, (b) any branch
profits taxes or any similar tax imposed by any jurisdiction referred to in clause (a) above and (c) any withholding tax that is imposed on amounts payable to a Bank as a result of FATCA. 

“Existing Credit Agreement” shall mean the Revolving Credit and Competitive Advance Facility Agreement dated as of
January 13, 2006 among API, ACC, the additional borrowers and the lenders parties thereto and Citibank, N.A., as administrative agent. 

  
 9 

  

“Extending Bank” means each Bank that agrees to an extension of the Termination Date in accordance with
Section 2.09(a). 
 “Extension Date” has the meaning specified in Section 2.09(b). 

“FATCA” means Sections 1471 though 1474 of the Internal Revenue Code and any current or future regulations or official
interpretations thereof. 
 “Federal Funds Rate” shall mean, for any day, the rate per annum (rounded to the
nearest 1/16 of 1% or, if there is no nearest 1/16 of 1%, to the next higher 1/16 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers
on such day, as published by the Federal Reserve Bank of New York on the Domestic Business Day next succeeding such day; provided that (a) if such day is not a Domestic Business Day, the Federal Funds Rate for such day shall be such rate
on such transactions on the next preceding Domestic Business Day as so published on the next succeeding Domestic Business Day, and (b) if no such rate is so published on such next succeeding Domestic Business Day, the Federal Funds Rate for
such day shall be the average rate quoted to the Administrative Agent on such day on such transactions as determined by the Administrative Agent. 
 “Federal Reserve Board” shall mean the Board of Governors of the Federal Reserve System or any successor agency. 
 “Fee Payment Date” shall mean the last day of each calendar quarter, commencing with the first such day after the date hereof, and the earlier of (a) any other date on which the
Total Commitment is cancelled in full and (b) as to any Bank, its Termination Date. 
 “Final Termination
Date” means the latest date to which the Termination Date may have been extended pursuant to Section 2.09. 

“GAAP” shall mean generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entities as may be approved by a
significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Guaranteed Obligations” shall have the meaning ascribed to such term in Section 10.01. 

“Guaranty” by any Person shall mean any obligation, contingent or otherwise, of such Person directly or indirectly
guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Debt or other obligation (whether arising by virtue of partnership arrangements, 

  
 10 

 
by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (b) entered into for the purpose
of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof (in whole or in part); provided that the term Guaranty shall not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Indemnified Tax” shall
have the meaning ascribed to such term in Section 4.04(a). 
 “Initial Borrower” shall mean API or ACC.

 “Initial Loan” shall mean the first Loan which is made pursuant to the terms hereof. 

“Interest Coverage Ratio” shall mean, as of any date of determination, the ratio of (a) the consolidated pre-tax
income of API and its Consolidated Subsidiaries before the cumulative effect of accounting changes and before interest expense (other than (i) hyperinflationary interest expense in any country that is offset by corresponding foreign
exchange-related gains, (ii) interest expense attributable to pension accruals in Germany and Italy and (iii) interest payable to the Internal Revenue Service in respect of taxes), to (b) consolidated interest expense for API and its
Consolidated Subsidiaries (other than the interest expense described in the parenthetical phrase in clause (a) above), in each case for the period of four fiscal quarters ending on such date. 

“Interest Period” shall mean (a) with respect to each Revolving Eurodollar Loan, the period commencing on the
Borrowing Date or on the last day of the preceding Interest Period and ending one, two, three or six months thereafter, as the Borrower may elect in the applicable Borrowing Request or pursuant to Section 3.03(b), and (b) with respect to
each Competitive Eurodollar Loan, the period commencing on the Borrowing Date and ending on the Maturity Date; provided that 
 (i) any Interest Period that would otherwise end on a day that is not a Eurodollar Business Day shall be extended to the next succeeding Eurodollar Business Day unless such Eurodollar Business Day falls
in another calendar month, in which case such Interest Period shall end on the next preceding Eurodollar Business Day, 
 (ii) any Interest Period (other than an Interest Period with respect to a Competitive Eurodollar Loan with an Interest Period that is not an integral number of months) that begins on the last Eurodollar
Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (iii) below, end on the last Eurodollar Business Day of a
calendar month, and 
 (iii) any Interest Period that begins before the Final Termination Date and would
otherwise end after the Final Termination Date shall end on the Final Termination Date. 
 “LIBOR” shall mean,
with respect to any Interest Period for a Eurodollar Loan, the rate per annum determined by the Administrative Agent as the offered rate for Dollar deposits with a term comparable to such Interest Period that appears on the Reuters Screen (as
defined below) at approximately 11:00 A.M., London time, on the second full Eurodollar Business Day preceding the 

  
 11 

 
first day of such Interest Period. However, if such rate does not appear on the Reuters Screen, “LIBOR” shall mean the rate per annum determined by the Administrative Agent to be the
arithmetic mean (rounded to the nearest 1/16 of 1% or, if there is no nearest 1/16 of 1%, to the next higher 1/16 of 1%) of the respective rates of interest communicated by the Reference Banks to the Administrative Agent as the rate at which Dollar
deposits are offered to the Reference Banks by leading banks in the London interbank deposit market at approximately 11:00 A.M., London time, on the second full Eurodollar Business Day preceding the first day of such Interest Period in an amount
substantially equal to the principal amount of such Eurodollar Loan (rounded up to the nearest integral multiple of $1,000,000) for a term equal to such Interest Period. “Reuters Screen” shall mean the display designated as Page LIBOR01 on
the service provided by Reuters (or such other page as may replace such page on such service, or any successor to the substitute for such service for the purpose of displaying the rates at which Dollar deposits are offered by leading banks in the
London interbank deposit market). 
 “Lien” shall mean, with respect to any asset, (a) any mortgage, deed
of trust, lien, pledge, encumbrance, charge or security interest in or on such asset, (b) the interest of a vendor or lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset, and
(c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Loans” shall mean, collectively, Revolving Credit Loans and Competitive Advance Loans. 
 “Markit” means Markit Group, Ltd. or any successor thereto. 

“Material Plan” shall mean a Plan or Plans having aggregate Unfunded Liabilities in excess of $100,000,000. 

“Material Subsidiary” shall mean, as of any date, a Subsidiary having assets (excluding intercompany assets that would
be eliminated after consolidation in accordance with GAAP) of at least $150,000,000, as reflected in the most recent quarterly or annual balance sheet of such Subsidiary dated on or prior to such date. 

“Maturity Date” shall mean, with respect to a Competitive Advance Loan, the date for repayment of such Competitive
Advance Loan, which date shall be at least 10 days and (a) not more than 180 days after the Borrowing Date, in the case of a Competitive Absolute Rate Loan, or (b) not more than six months after the Borrowing Date, in the case of a
Competitive Eurodollar Loan, and in any event shall not be later than the Final Termination Date. 

“Moody’s” shall mean Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized
rating agency. 
 “Multiemployer Plan” shall mean an employee pension benefit plan within the meaning of
Section 4001(a)(3) of ERISA to which any member of the ERISA Group is making or accruing an obligation to make contributions or has within the preceding five plan years made contributions (including for these purposes any Person which ceased to
be a member of the ERISA Group during such five year period) and under which liability may be imposed on any member of the ERISA Group. 

  
 12 

  

“Notes” shall mean, collectively, Revolving Credit Notes and Competitive Advance Notes, if any. 

“Non-Consenting Bank” means any Bank that, in response to any request by API or the Administrative Agent to a departure
from, waiver of or amendment to any provision of any Credit Document that requires the agreement of all Banks, which departure, waiver or amendment receives the consent of the Required Banks, shall not have given its consent to such departure,
waiver or amendment. 
 “Non-Extending Bank” has the meaning specified in Section 2.09(b). 

“Participant” shall have the meaning ascribed to such term in Section 11.08(b). 

“PBGC” shall mean the Pension Benefit Guaranty Corporation or any successor thereto. 

“Person” shall mean any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, entity or government (whether Federal, state, county, city, municipal or otherwise, including any instrumentality, division, agency, body or department thereof). 

“Plan” shall mean an employee pension benefit plan as defined in Section 3(2) of ERISA which is covered by Title IV
of ERISA or subject to the minimum funding standards under Section 412 of the Code and is maintained for employees of API or any other member of the ERISA Group. 
 “Prescribed Forms” shall mean such duly executed form(s) or statement(s), and in such number of copies, which may, from time to time, be prescribed by law and which, pursuant to
applicable provisions of (a) an income tax treaty between the United States and the country of residence of the Bank providing the form(s) or statement(s), (b) the Code or (c) any applicable rule or regulation under the Code, permit
one or more of the Borrowers to make payments hereunder for the account of such Bank free of deduction or withholding for income or similar taxes. 
 “Pro Rata Share” shall mean, in the case of each Bank, the proportion of such Bank’s Commitment to the Total Commitment of all the Banks or, if the Total Commitment shall have been
cancelled or reduced to $0 or expired, the proportion of the aggregate amount of such Bank’s Revolving Credit Loans then outstanding to the aggregate amount of Revolving Credit Loans then outstanding. 

“Reference Bank” shall mean each of Citibank, N.A., Bank of America, N.A. and JPMorgan Chase Bank, N.A. 

“Register” shall have the meaning ascribed to such term in Section 2.03. 

“Related Parties” means, with respect to any Person, such Person’s affiliates and the partners, directors,
officers, employees, agents and advisors of such Person and of such Person’s affiliates. 

  
 13 

  
 “Required
Banks” shall mean, at any date, Banks having at least a majority of the Total Commitment or, if the Total Commitment has been cancelled or terminated, holding at least a majority of the aggregate outstanding principal amount of the Loans.

 “Responsible Officer” shall mean, with respect to a Person, the chief executive officer, president, chief
financial officer, chief accounting officer, treasurer, deputy treasurer or assistant treasurer, secretary or assistant secretary or any vice president of such Person. 
 “Revolving Credit Loan Request” shall mean a telephonic request (confirmed in writing by not later than 4:00 P.M., New York time, on the date of such telephonic request) by a Borrower to
borrow Revolving Credit Loans, which shall specify (a) the requested Borrowing Date, (b) the aggregate amount of Revolving Credit Loans that such Borrower desires to borrow on such date, (c) whether such requested Revolving Credit
Loans are to bear interest as ABR Loans or Revolving Eurodollar Loans and (d) if the requested Revolving Credit Loans are to bear interest as Revolving Eurodollar Loans, the Interest Period therefor. 

“Revolving Credit Loans” shall mean, collectively, ABR Loans and Revolving Eurodollar Loans, in each case denominated in
Dollars. 
 “Revolving Credit Notes” shall mean, collectively, the promissory notes of the Borrowers evidencing
Revolving Credit Loans, if any. 
 “Revolving Eurodollar Loans” shall mean, collectively, Revolving Credit
Loans, or portions thereof, that bear interest at the rate and in the manner set forth in Section 3.03. 

“S&P” shall mean Standard & Poor’s Financial Services LLC and any successor thereto that is a
nationally recognized rating agency. 
 “SEC” shall mean the Securities and Exchange Commission or any
successor agency. 
 “Subsidiary” shall mean any corporation or other entity of which a majority of the
securities or other ownership interests having ordinary voting power to elect directors or other persons performing similar functions are at the time directly or indirectly owned by API. 

“Taxes” shall have the meaning ascribed to such term in Section 4.04(a). 

“Termination Date” shall mean the earlier of (a) the third anniversary of the Effective Date, subject, as to any
Bank, to the extension thereof pursuant to Section 2.09 and (b) the date on which all Loans shall have been fully repaid and all Commitments entirely cancelled; provided, that the Termination Date as to any Bank that is a
Non-Extending Bank shall be the Termination Date in effect immediately prior to the applicable Extension Date for all purposes of this Agreement. 
 “Total Commitment” shall mean the aggregate Commitments of all the Banks, being initially $1,000,000,000 (subject to cancellation, increase or reduction pursuant to Section 2.04 or
2.05). 

  
 14 

  
 “Unfunded
Liabilities” means, with respect to any Plan, any amount by which (a) the present value of all benefit liabilities under such Plan exceeds (b) the fair market value of all Plan assets allocable to such benefits (excluding any
accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or any other Person under
Title IV of ERISA. 
 “Unused Commitment” shall mean, as to each Bank on any day, such Bank’s Commitment
minus the aggregate outstanding principal amount of ABR Loans and Revolving Eurodollar Loans made by such Bank. 

“Wholly-Owned Subsidiary” shall mean any Subsidiary all the shares of stock of all classes of which (other than
directors’ qualifying shares) at the time are owned directly or indirectly by API. 
 ARTICLE 2 

THE LOANS 

Section 2.01. The Revolving Credit Loans; Commitments. (a) Prior to the Final Termination Date and subject to the terms
and conditions of this Agreement, each of the Banks, severally and not jointly with the other Banks, agrees to make one or more Revolving Credit Loans denominated in Dollars to the Borrowers from time to time in an aggregate principal amount at any
one time outstanding not to exceed its Commitment; provided, however, that the amount of Revolving Credit Loans which may be borrowed on any Borrowing Date may not exceed the Available Facility (after giving effect to any Loans being
repaid or prepaid on such Borrowing Date and any other Loans to be made on such Borrowing Date). 
 (b) Each Bank’s
Commitment, as of the date of this Agreement, is set forth opposite its name in Schedule 2.01, and, after such date, each Bank’s Commitment shall be recorded in the Register as provided in Section 2.03. 

Section 2.02. Procedure for Revolving Credit Loans. (a) A Borrower may borrow Revolving Credit Loans by giving a
Revolving Credit Loan Request telephonically, to the Administrative Agent not later than 10:30 A.M., New York time (to be confirmed in writing in substantially the form of Exhibit A not later than 4:00 P.M. on the same day), (i) on the
Borrowing Date therefor with respect to any ABR Loan and (ii) at least three Eurodollar Business Days before the Borrowing Date with respect to any Revolving Eurodollar Loan. Revolving Credit Loans shall be in an amount equal to $10,000,000 or
an integral multiple of $1,000,000 in excess thereof (except that such borrowing of ABR Loans may be in the aggregate amount of the unused portion of the Total Commitment). 
 (b) Upon receipt of any Revolving Credit Loan Request from a Borrower, the Administrative Agent shall forthwith give notice to each Bank of the substance thereof. Not later than 2:00 P.M., New York time,
on the Borrowing Date specified in such Revolving Credit Loan Request, each Bank shall make available to the Administrative Agent in immediately available 

  
 15 

 
funds at the Applicable Lending Office of the Administrative Agent (or, if the Administrative Agent has specified a different address in the notice referred to above, at such address), such
Bank’s Pro Rata Share of the Revolving Credit Loans requested. 
 (c) Upon receipt by the Administrative Agent of all such
funds, the Administrative Agent shall disburse to the relevant Borrower on the requested Borrowing Date the Revolving Credit Loans requested in such Revolving Credit Loan Request. The Administrative Agent may, but shall not be required to, advance
on behalf of any Bank such Bank’s Pro Rata Share of such Revolving Credit Loans on a Borrowing Date unless such Bank shall have notified the Administrative Agent prior to such Borrowing Date that it does not intend to make available its Pro
Rata Share of such Revolving Credit Loans on such date. If the Administrative Agent makes such an advance, the Administrative Agent shall be entitled to recover such amount on demand from the Bank on whose behalf such advance was made, and if such
Bank does not pay the Administrative Agent the amount of such advance upon demand, the relevant Borrower shall promptly repay such amount to the Administrative Agent, acting for the Banks. Until such amount is repaid to the Administrative Agent by
such Bank or the relevant Borrower, such advance shall be deemed for all purposes to be a Revolving Credit Loan made by the Administrative Agent. The Administrative Agent shall be entitled to recover from the Bank or such Borrower, as the case may
be, interest on the amount advanced by it for each day from the Borrowing Date therefor until repaid to the Administrative Agent at a rate per annum equal to (i) in the case of an amount recovered from any Bank, the Federal Funds Rate or
(ii) in the case of an amount recovered from a Borrower, the higher of the Federal Funds Rate and the interest rate applicable thereto pursuant to Section 3.01. The failure of any Bank to make any Loan to be made by it on any Borrowing
Date shall not relieve any other Bank of its obligation, if any, hereunder to make its Loan on such Borrowing Date, and neither the Administrative Agent nor any other Bank shall be responsible for the failure by such Bank to make the Loan to be made
by such Bank on such Borrowing Date. 
 Section 2.03. Evidence for Loans. (a) Each Bank shall maintain, in
accordance with its customary and usual practice, accounts evidencing the indebtedness of each Borrower to such Bank resulting from each Loan made by such Bank from time to time, including an indication of the Applicable Lending Office and the
amounts of principal and interest payable and paid to such Bank in respect of Loans. 
 (b) The Administrative Agent shall
maintain, in accordance with its customary and usual practice, at its address referred to in Section 11.06, a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of
(i) the names of the Borrowers, (ii) the amount of each Loan, whether such Loan is a Revolving Credit Loan or a Competitive Advance Loan, the interest rate options, the Interest Period or Maturity Date (if any) applicable thereto and the
Borrower thereof, (iii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Bank hereunder, (iv) the amount of any payments received by the Administrative Agent hereunder from
each Borrower and each Bank’s share thereof and (v) with respect to each Assignment and Acceptance delivered to the Administrative Agent, the name and address of the Assignee and the principal amount of each Loan owing to such Assignee.
The Register shall be available for inspection during ordinary business hours by the Borrowers or any Bank or Assignee from time to time upon reasonable prior notice to the Administrative Agent. 

  
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 (c) The entries made
in the Register and the foregoing accounts shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the indebtedness of each Borrower therein recorded; provided, however, that the
failure of any Bank or the Administrative Agent to maintain the Register or any such account, as applicable, or any error therein, shall not in any manner affect the validity or enforceability of any obligation of a Borrower to repay any Loan
actually made to such Borrower by such Bank in accordance with the terms of this Agreement. The entries in the Register relating to assignments shall be conclusive, in the absence of clearly demonstrable error, and the Borrowers, the Administrative
Agent and the Banks may treat each Person whose name is recorded in the Register as the owner of the Loan recorded therein for all purposes of this Agreement. 
 (d) A Borrower’s obligation to repay any Revolving Credit Loan or Competitive Advance Loan that shall be assigned to a Federal Reserve Bank by a Bank shall, to the extent requested by such Bank in
order to effect such assignment, be evidenced by one or more Notes, in substantially the form of Exhibit B-1 (a “Revolving Credit Note”) or Exhibit B-2 (a “Competitive Advance Note”), as appropriate. A Revolving
Credit Note shall be (i) in the principal amount of the Loan or Loans so assigned and (ii) stated to mature on the Termination Date applicable to such Bank and bear interest from its date until paid in full on the principal balance (from
time to time outstanding thereunder) payable at the rates and in the manner provided herein. A Competitive Advance Note shall be (i) in the principal amount of the Competitive Advance Loan made by such Bank and so assigned, (ii) stated to
mature on the Maturity Date for such Competitive Advance Loan and bear interest from its date until paid in full on the principal balance (from time to time outstanding thereunder) payable at the rates and in the manner provided herein and
(iii) not prepayable by the Borrower. 
 Section 2.04. Increase of Commitment. API may from time to time, by
notice to the Administrative Agent (which shall promptly deliver a copy to each of the Banks), request that the Total Commitment be increased by $10,000,000 or an integral multiple thereof and will not result in the Total Commitment exceeding
$1,250,000,000. Each such notice shall set forth the requested amount of the increase in the Total Commitment and the date on which such increase is to become effective (which shall be not fewer than twenty days after the date of such notice), and
shall offer each Bank the opportunity to increase its Commitment by its ratable share, based on the amounts of the Banks’ Commitments on the date of such notice, of the requested increase in the Total Commitment. Each Bank shall, by notice to
API and the Administrative Agent given not more than ten Domestic Business Days after the date of API’s notice, either agree to increase its Commitment by all or a portion of the offered amount or decline to increase its Commitment (and any
Bank that does not deliver such a notice within such period of ten Domestic Business Days shall be deemed to have declined to increase its Commitment). In the event that, on the tenth Domestic Business Day after API shall have delivered a notice
pursuant to the first sentence of this paragraph, the Banks shall have agreed pursuant to the preceding sentence to increase their Commitments by an aggregate amount less than the increase in the Total Commitment requested by API, API shall have the
right to arrange for one or more banks or other financial institutions (any such bank or other financial institution being called an “Augmenting Bank”), which may include any Bank, to extend Commitments or increase their existing
Commitments in an aggregate amount equal to the unsubscribed amount, provided that each Augmenting Bank, if not already a Bank hereunder, shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld
or delayed) and shall execute all such documentation as the 

  
 17 

 
Administrative Agent shall specify to evidence its status as a Bank hereunder. If (and only if) Banks (including Augmenting Banks) shall have agreed to increase their Commitments or to extend new
Commitments in an aggregate amount not less than $10,000,000, such increases and such new Commitments shall become effective on the date specified in the notice delivered by API pursuant to the first sentence of this Section. Notwithstanding the
foregoing, no increase in the Total Commitment (or in the Commitment of any Bank) shall become effective under this paragraph unless, on the date of such increase, (i) the conditions set forth in paragraphs (b) and (c) of
Section 6.02 (including the condition set forth in Section 6.02(c) insofar as it relates to representations and warranties contained in Sections 5.01(d)(ii) and 5.01(e) which are otherwise excluded in Section 6.02) shall be satisfied
and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Responsible Officer of API or (ii) the Banks shall have waived the requirements set forth in clause (i) of this sentence.

 Section 2.05. Reduction of Commitments. (a) Ratable Reduction. API shall have the right, upon not
less than three Domestic Business Days’ (or such shorter notice as may be agreed by the Administrative Agent) telephonic notice (promptly confirmed in writing) from API to the Administrative Agent and, if the Total Commitment is thereby to be
reduced to zero, upon payment of the Commitment Fee accrued to (but excluding) the date of such reduction, to reduce the Total Commitment in full or in part; provided, however, that the amount of any reduction in the Total Commitment
may not exceed the Available Facility (after giving effect to any Loans being repaid or prepaid on the day of such reduction and any Loans to be made on such day). Partial reductions of the Total Commitment shall be in the amount of $10,000,000 or
in integral multiples of $1,000,000 in excess thereof (or, if the Available Facility is less than $10,000,000, then all of such lesser amount). Subject to Section 2.04, all reductions of the Total Commitment shall be permanent. 

(a) Non-Ratable Reduction. API shall have the right, upon at least ten Domestic Business Days’ written notice to a Defaulting
Bank (with a copy to the Administrative Agent), to terminate in whole such Bank’s Commitment; provided that if any Loans have been made by such Defaulting Bank and remain outstanding, no Default or Event of Default has occurred and is
continuing. Such termination shall be effective, (x) with respect to such Bank’s Unused Commitment, on the date set forth in such notice, provided, however, that such date shall be no earlier than ten Domestic Business Days
after receipt of such notice and (y) with respect to each Loan outstanding to such Bank, in the case of an ABR Loan, on the date set forth in such notice, in the case of a Revolving Eurodollar Loan, on the last day of the then current Interest
Period relating to such Loan and, in the case of a Competitive Advance Loan, on the Maturity Date of such Loan. Upon termination of a Bank’s Commitment under this Section 2.05(b), the Borrowers will pay or cause to be paid in full in cash
all principal of, and interest accrued to the date of such payment on, Loans owing to such Bank and pay any accrued Commitment Fees payable to such Bank pursuant to the provisions of Section 3.08 (subject to Section 2.10), and all other
amounts payable to such Bank hereunder (including, but not limited to, any increased costs or other amounts owing under Section 4.04; and upon such payments, the obligations of such Bank shall, by the provisions hereof, be released and
discharged; provided, however, that such Bank’s rights under Sections 4.03, 4.04 and 11.10, and its obligations under Section 9.08 shall survive such release and discharge as to matters occurring prior to such date;
provided further, however, that if pursuant to this Section 2.05(b), the Borrowers shall pay to a Defaulting Bank any principal of, or interest accrued on, the Loans owing to such Defaulting Bank, then the Borrowers shall
either (x) confirm to the 

  
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Administrative Agent that the conditions set forth in Section 6.02(b) and (c) are met on and as of such date of payment or (y) pay or cause to be paid a ratable payment of
principal and interest to all Banks who are not Defaulting Banks. Subject to Section 2.04, once so reduced or terminated pursuant to this Section 2.05, the Commitments of the Banks shall not be reinstated. 

Section 2.06. Prepayment of Revolving Credit Loans. A Borrower shall have the right, by giving telephonic notice (promptly
confirmed in writing) to the Administrative Agent by not later than 10:30 A.M., New York time, (i) on the day of prepayment in the case of ABR Loans and (ii) on the third Eurodollar Business Day prior to the day of prepayment in the case
of Revolving Eurodollar Loans, to prepay Revolving Credit Loans of such Borrower bearing interest on the same basis and having the same Interest Period, if any, in whole or in part, without premium or penalty, in the aggregate principal amount of
$10,000,000 or integral multiples of $1,000,000 in excess thereof (or, if the outstanding aggregate principal amount of such Revolving Credit Loan is less than $10,000,000, then all of such lesser amount), together with accrued interest (except for
ABR Loans, as to which such interest shall be paid on the next date when it otherwise would be payable under 3.02) on the principal being prepaid to (but excluding) the date of prepayment and, in the case of Revolving Eurodollar Loans, the amounts
required by Section 4.03. Subject to the terms and conditions hereof, Revolving Credit Loans so prepaid may be reborrowed by any Borrower. 
 Section 2.07. Competitive Advance Loans. (a) Prior to the Final Termination Date, a Borrower may request that the Banks make offers to make Competitive Advance Loans on the terms and
conditions hereinafter set forth; provided, however, that (i) the amount of Competitive Advance Loans that may be borrowed on any Borrowing Date may not exceed the Available Facility (after giving effect to any Loans to be repaid
or prepaid on such Borrowing Date and any other Loans to be made on such Borrowing Date), (ii) the aggregate amount of Competitive Advance Loans which may be outstanding on any day may not exceed the Total Commitment (after giving effect, with
respect to any day, to any Loans being repaid or prepaid on such day and any other Loans to be made on such day), and (iii) such Borrower may not request Competitive Advance Loans before the fifth Domestic Business Day after the Effective Date.
Each Bank may, but shall have no obligation to, make such offers and a Borrower may, but shall have no obligation to, accept any such offers, in the manner set forth in this Section 2.07. 

(b) A Borrower may request Competitive Advance Loans under this Section 2.07 by a Competitive Advance Loan Request, in substantially
the form of Exhibit C-2, given to the Administrative Agent not later than the Competitive Advance Notice Time therefor. The Competitive Advance Loan Request shall indicate whether the solicitation of Competitive Advance Bids shall be conducted by
the Administrative Agent in New York or in London. The Administrative Agent shall promptly notify each Bank, by a letter in substantially the form of Exhibit C-3, of each Competitive Advance Loan Request received by it from a Borrower and of the
terms contained therein. 
 (c) Each Bank may, if it elects so to do, irrevocably offer to make a Competitive Advance Loan of
the requested type to the requesting Borrower at a Competitive Advance Bid Rate or Rates, as specified by such Bank in accordance with the related Competitive Advance Loan Request, by submitting to the Administrative Agent (which shall give prompt
notice thereof to such Borrower) a Competitive Advance Bid, in substantially the form of Exhibit C-4, before the 

  
 19 

 
Competitive Advance Bid Deadline, of the maximum and minimum principal amounts of the Competitive Advance Loan which such Bank would be willing to make (which amount may, subject to the proviso
to the first sentence of Section 2.07(a), exceed such Bank’s Commitment, but shall be in a principal amount equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof), the rate or rates of interest therefor or the
applicable margin over LIBOR for the relevant Interest Period, as the case may be, and any other terms and conditions required by such Bank. If any Bank shall fail to submit a Competitive Advance Bid to the Administrative Agent before the
Competitive Advance Bid Deadline, then such Bank shall be deemed to have elected not to make an offer to make a Competitive Advance Loan. If a Bank submits a Competitive Advance Bid pursuant to this Section 2.07 specifying that such Bank is
waiving the right to claim compensation under Section 3.03(c), 4.04(a) or 4.04(b), such Bank shall be deemed to have waived the right to claim such compensation under such Section 3.03(c), 4.04(a) or 4.04(b) in connection with any
Competitive Advance Loan or Loans thereafter made by such Bank pursuant to such Competitive Advance Bid; and the Borrower shall be entitled to make a reasonable determination that a Competitive Advance Bid in which a Bank has waived the right to any
such compensation is made at a Competitive Advance Bid Rate lower than an otherwise identical or lower Competitive Advance Bid including no such waiver. The Administrative Agent shall (i) disclose the Competitive Advance Bids received to the
relevant Borrower as promptly as reasonably practicable after the Bid Deadline, (ii) maintain all Competitive Advance Bids in confidence until each of them has been disclosed to such Borrower and (iii) provide copies of all Competitive
Advance Bids to the relevant Borrower as soon as practicable after completion of the bidding process set forth in this Section 2.07. 
 (d) A Borrower that made a Competitive Advance Loan Request shall, before the Competitive Advance Accept/ Reject Deadline, either 

(i) cancel the Competitive Advance Loan Request by giving the Administrative Agent notice to that effect, or 

(ii) accept one or more Competitive Advance Bids, in its sole discretion, by giving notice in substantially the form of
Exhibit C-5 (a “Competitive Advance Accept/Reject Notice”) to the Administrative Agent of the principal amount of each Competitive Advance Loan (which principal amount shall be equal to or greater than the minimum amount offered by
such Bank and equal to or less than the maximum amount offered by such Bank for such Competitive Advance Loan pursuant to Section 2.07(c)) to be made by the Bank or Banks that made such Competitive Advance Bid or Bids, and reject any remaining
Competitive Advance Bids, by giving the Administrative Agent notice to that effect; provided that the aggregate principal amount of such Competitive Advance Bids accepted by such Borrower shall be in a principal amount equal to $5,000,000 or
an integral multiple of $1,000,000 in excess thereof; and provided further that (A) the failure by such Borrower to give such notice in a timely fashion shall be deemed to be a rejection of all Competitive Advance Bids, (B) such Borrower
shall not accept a Competitive Advance Bid made at a Competitive Advance Bid Rate if such Borrower has rejected a Competitive Advance Bid made at a lower Competitive Advance Bid Rate, (C) the aggregate principal amount of the Competitive
Advance Bids accepted by such Borrower shall not exceed the principal amount specified in the related Competitive Advance Loan Request, (D) if such Borrower shall accept a Competitive Advance Bid made at a particular Competitive

  
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Advance Bid Rate but the amount of such Competitive Advance Bid shall cause the total amount of Competitive Advance Bids accepted by the Borrower to exceed the amount specified in the Competitive
Advance Loan Request, then such Borrower shall (notwithstanding the minimum bid acceptance amount required by clause (F) below) accept a portion of such Competitive Advance Bid in an amount equal to the amount specified in the Competitive
Advance Loan Request less the amount of all other Competitive Advance Bids accepted with respect to such Competitive Advance Loan Request, (E) if such Borrower shall accept Competitive Advance Bids made at a particular Competitive Advance Bid
Rate but shall be restricted by other conditions hereof from borrowing the principal amount of Competitive Advance Loans specified in such Competitive Advance Loan Request in respect of which Competitive Advance Bids at such Competitive Advance Bid
Rate have been made or if such Borrower shall accept Competitive Advance Bids made at a particular Competitive Advance Bid Rate but the aggregate amount of Competitive Advance Bids made at such Competitive Advance Bid Rate shall exceed the amount
specified in the Competitive Advance Loan Request, then such Borrower shall accept a pro rata portion of each Competitive Advance Bid made at such Competitive Advance Bid Rate aggregating the portion of Competitive Advance Loans with respect to
which Competitive Advance Bids at such Competitive Advance Bid Rate have been received (provided further that if the principal amount of Competitive Advance Loans to be so allocated is not sufficient to enable Competitive Advance Loans to be so
allocated to each such Bank in a principal amount equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof such Borrower shall select the Banks to be allocated such Competitive Advance Loans in a principal amount equal to not less
than $5,000,000 but may round up allocations to the next higher integral multiple of $1,000,000 if necessary) and (F) except as provided in clauses (D) and (E) above, no Competitive Advance Bid shall be accepted for a Competitive
Advance Loan unless such Competitive Advance Loan is in a principal amount equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof. 
 (e) If the Borrower that made a Competitive Advance Loan Request notifies the Administrative Agent that such Competitive Advance Loan Request is cancelled in accordance with Section 2.07(d)(i), the
Administrative Agent shall give prompt notice thereof to the Banks. 
 (f) If the Borrower that made a Competitive Advance Loan
Request accepts one or more Competitive Advance Bids, the Administrative Agent shall promptly give notice (i) to each Bank that submitted a Competitive Advance Bid of the date and aggregate amount of such Competitive Advance Loan(s) and whether
or not any Competitive Advance Bid made by such Bank has been accepted by the Borrower, (ii) to each Bank whose Competitive Advance Bid, or any portion thereof, has been accepted by the Borrower, of the amount of the Competitive Advance Loan to
be made by such Bank and the date for repayment thereof, together with the Competitive Advance Rate or Competitive Advance Margin, as applicable, and any other terms applicable to such Competitive Advance Loan and (iii) to each Bank of the
principal amounts and Competitive Advance Bid Rates specified in each of the Competitive Advance Bids submitted in response to the related Competitive Advance Loan Request. 
 (g) Following any acceptance by the Borrower and notification by the Administrative Agent pursuant to clause (f) above, and upon satisfaction or waiver of the conditions precedent contained in
Article 6 applicable thereto, each such Bank shall disburse to 

  
 21 

 
such Borrower on the specified Borrowing Date Competitive Advance Loans in the aggregate amount accepted by such Borrower, in the manner and subject to the same terms and conditions set forth in
Section 2.02(c) with respect to ABR Loans, mutatis mutandis. 
 (h) Nothing in this Section 2.07 shall
be construed as a right of first offer in favor of the Banks or to otherwise limit the ability of a Borrower to request and accept credit facilities from any Person (including any Bank). 

Section 2.08. Purpose of Loans. The proceeds of the Loans will be used for general corporate purposes, which shall include
the use thereof, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of funding or making payments on account of the purchase or redemption by API of any shares of capital stock of API or any related option, warrant
or similar right, commercial paper backstop and intercompany loans from API to any of its Subsidiaries. 
 Section 2.09.
Extension of Termination Date. (a) At least 45 days but not more than 60 days prior to the first and/or second anniversary of the Effective Date, API, by written notice to the Administrative Agent, may request an extension of the
Termination Date in effect at such time by one year from its then scheduled expiration. The Administrative Agent shall promptly notify each Bank of such request, and each Bank shall in turn, in its sole discretion, not later than 20 days prior to
the applicable anniversary date, notify API and the Administrative Agent in writing as to whether such Bank will consent to such extension. If any Bank shall fail to notify the Administrative Agent and API in writing of its consent to any such
request for extension of the Termination Date at least 20 days prior to the applicable anniversary date, such Bank shall be deemed to be a Non-Extending Bank with respect to such request for an extension of the Termination Date. 

(b) If all the Banks consent in writing to any such request in accordance with subsection (a) of this Section 2.09, the
Termination Date in effect at such time shall, effective as at the applicable anniversary of the Effective Date (an “Extension Date”), be extended for one year, subject to subsection (e) of this Section 2.09. If less than
all of the Banks consent in writing to any such request in accordance with subsection (a) of this Section 2.09, the Termination Date in effect at such time shall not be extended as to any Bank that has not so consented (each a
“Non-Extending Bank”). To the extent that the Termination Date is not extended as to any Bank pursuant to this Section 2.09 and the Commitment of such Bank is not assumed in accordance with subsection (c) of this
Section 2.09 on or prior to the applicable Extension Date, the Commitment of such Non-Extending Bank shall automatically terminate in whole on such unextended Termination Date without any further notice or other action by API, such Bank or any
other Person. It is understood and agreed that no Bank shall have any obligation whatsoever to agree to any request made by API for any extension of the Termination Date. 
 (c) If less than all of the Banks consent to any such request pursuant to subsection (a) of this Section 2.09, the Administrative Agent shall promptly so notify the Extending Banks, and each
Extending Bank may, in its sole discretion, give written notice to the Administrative Agent not later than 10 days prior to the applicable Extension Date of the amount of the Non-Extending Banks’ Commitments for which it is willing to accept an
assignment. If the Extending Banks notify the Administrative Agent that they are willing to accept assignments of 

  
 22 

 
Commitments in an aggregate amount that exceeds the amount of the Commitments of the Non-Extending Banks, such Commitments shall be allocated among the Extending Banks willing to accept such
assignments in such amounts as are agreed between API and the Administrative Agent. If after giving effect to the assignments of Commitments described above there remains any Commitments of Non-Extending Banks, API may arrange for one or more
Extending Banks or other banks or financial institutions (each, an “Assuming Bank”) to assume, effective as of the Extension Date, any Non-Extending Bank’s Commitment and all of the obligations of such Non-Extending Bank under
this Agreement thereafter arising, without recourse to or warranty by, or expense to, such Non-Extending Bank; provided, however, that the amount of the Commitment of any such Assuming Bank as a result of such substitution shall in no
event be less than $10,000,000 unless the amount of the Commitment of such Non-Extending Bank is less than $10,000,000, in which case such Assuming Bank shall assume all of such lesser amount; and provided further that: 

(i) any such Assuming Bank shall have paid to such Non-Extending Bank (A) the aggregate principal amount of, and any
interest accrued and unpaid to the effective date of the assignment on, the outstanding Loans, if any, of such Non-Extending Bank plus (B) any accrued but unpaid Commitment Fees owing to such Non-Extending Bank as of the effective date
of such assignment; 
 (ii) all additional costs reimbursements, expense reimbursements and indemnities payable
to such Non-Extending Bank, and all other accrued and unpaid amounts owing to such Non-Extending Bank hereunder, as of the effective date of such assignment shall have been paid to such Non-Extending Bank; and 

(iii) with respect to any such Assuming Bank, the applicable processing and recordation fee required under
Section 11.08(c) for such assignment shall have been paid. 
 At least three Domestic Business Days prior to the effective date of any such
assignment, (A) each such Assuming Bank shall have delivered confirmation in writing satisfactory to API and the Administrative Agent as to the amount of its Commitment and (B) each Non-Extending Bank being replaced pursuant to this
Section 2.09 shall have delivered to the Administrative Agent any Note or Notes held by such Non-Extending Bank. Upon the payment or prepayment of all amounts referred to in clauses (i), (ii) and (iii) of the immediately preceding
sentence, each such Assuming Bank, as of the Extension Date, will be substituted for such Non-Extending Bank under this Agreement and shall be a Bank for all purposes of this Agreement, without any further acknowledgment by or the consent of the
other Banks, and the obligations of each such Non-Extending Bank hereunder shall, by the provisions hereof, be released and discharged. 
 (d) If (after giving effect to any assignments or assumptions pursuant to subsection (c) of this Section 2.09) Banks having Commitments equal to at least 50% of the Commitments in effect
immediately prior to the applicable Extension Date consent in writing to a requested extension not later than one Domestic Business Day prior to such Extension Date, the Administrative Agent shall so notify API, and, subject to subsection
(e) of this Section 2.09, the Termination Date then in effect shall be extended for the additional one-year period in respect of all Extending Banks and Assuming Banks that become parties hereto pursuant to an assignment from a
Non-Extending Bank as described in subsection (c) of this Section 2.09, and all references in this Agreement, and in the Notes, if any, to the “Termination Date” shall, with respect to each

  
 23 

 
Extending Bank and each such Assuming Bank, refer to the Termination Date as so extended. Promptly following each Extension Date, the Administrative Agent shall notify the Banks (including,
without limitation, each Assuming Bank) of the extension of the scheduled Termination Date in effect immediately prior thereto and shall thereupon record in the Register the relevant information with respect to each such Extending Bank and each such
Assuming Bank. If the Termination Date is extended as provided in this paragraph (d), any Non-Extending Bank, and any assignee of a Non-Extending Bank, may become an Extending Bank by giving notice to that effect to the Administrative Agent
indicating its intention to extend its Commitment to the Termination Date as so extended. 
 (e) Notwithstanding the foregoing,
no extension of the Termination Date shall become effective under this Section 2.09 unless, on the applicable Extension Date, (i) the conditions set forth in paragraphs (b) and (c) of Section 6.02 (including the condition
set forth in Section 6.02(c) insofar as it relates to representations and warranties contained in Sections 5.01(d)(ii) and 5.01(e) which are otherwise excluded in Section 6.02) shall be satisfied and the Administrative Agent shall have
received a certificate to that effect dated such date and executed by a Responsible Officer of API or (ii) the Banks shall have waived the requirements set forth in clause (i) of this sentence. 

Section 2.10. Defaulting Banks. (a) Notwithstanding any provision of this Agreement to the contrary, if any Bank becomes
a Defaulting Bank, then the following provisions shall apply for so long as such Bank is a Defaulting Bank: 

(i) fees shall cease to accrue on the Commitment of such Defaulting Bank (other than a Defaulting Bank only under clause
(e) of the definition thereof) pursuant to Section 3.08(a); 
 (ii) the Unused Commitment of such
Defaulting Bank (other than a Defaulting Bank only under clause (e) of the definition thereof) shall not be included in determining whether the Required Banks have taken or may take any action hereunder; and 

(iii) any amount payable to such Defaulting Bank hereunder (whether on account of principal, interest, fees or otherwise
and including any amount that would otherwise be payable to such Defaulting Bank) shall, in lieu of being distributed to such Defaulting Bank, subject to any applicable requirements of law, be applied by the Administrative Agent, in the following
order of priority: (x) first, to the payment of any amounts owing by such Defaulting Bank to the Administrative Agent hereunder, (y) second, to the funding of any Loan in respect of which such Defaulting Bank has failed to fund its portion
thereof as required by this Agreement and (z) the balance to such Defaulting Bank. 
 (b) The rights and remedies against a
Defaulting Bank under this Section 2.10 are in addition to other rights and remedies that any Borrower, the Administrative Agent or any Bank may have against such Defaulting Bank. 

(c) In the event that the Administrative Agent and API agree that a Defaulting Bank has adequately remedied all matters that caused such
Bank to be a Defaulting Bank, then such Bank shall purchase at par such of the Loans of the other Banks as the Administrative Agent shall 

  
 24 

 
determine may be necessary in order for such Bank to hold such Loans ratably in accordance with its Commitment (or, if the Total Commitments have terminated, as last in effect) and such Bank
shall no longer be a Defaulting Bank. 
 ARTICLE 3 
 INTEREST, CONVERSION, FEES, ETC. 
 Section 3.01. Procedure for Interest
Rate Determination. (a) Unless a Borrower shall request in a Revolving Credit Loan Request or in a Conversion Request that its Revolving Credit Loans, or portions thereof, bear interest as Revolving Eurodollar Loans, such Borrower’s
Revolving Credit Loans shall bear interest as ABR Loans. 
 (b) Each Competitive Advance Loan shall bear interest on the basis,
or at the rate per annum, determined pursuant to Section 2.07 and Section 3.03 or 3.04, as appropriate. 

Section 3.02. Interest on ABR Loans. Each ABR Loan shall bear interest from the date of such ABR Loan until paid in full, or
(if converted into a Revolving Eurodollar Loan) to (but excluding) the first day of the relevant Interest Period, payable in arrears on the last day of each calendar quarter, commencing with the first such date after the date hereof, and on the date
such Loan is repaid, at a rate per annum (on the basis of (i) a 365-day year (366 days in the case of a leap year) if the Base Rate is calculated based on the “base rate” and (ii) a 360-day year if the Base Rate is calculated
based on the Federal Funds Rate or LIBOR, for the actual number of days involved) equal to the sum of (i) the Base Rate Margin and (ii) the Base Rate in effect from time to time, which rate shall change as and when said Base Rate shall
change. 
 Section 3.03. Interest on Revolving Eurodollar Loans and Competitive Eurodollar Loans. (a) Each
Revolving Eurodollar Loan and each Competitive Eurodollar Loan shall bear interest from the date of such Loan to (but excluding) the last day of the relevant Interest Period, or (if earlier) to (but excluding) the Final Termination Date (in the case
of a Revolving Eurodollar Loan) or the Maturity Date (in the case of a Competitive Eurodollar Loan), payable in arrears (A) with respect to Interest Periods of three months or less, on the last day of such Interest Period, and (B) with
respect to Interest Periods longer than three months, on the date which occurs three months after the first day of such Interest Period and on the last day of such Interest Period, at a rate per annum (on the basis of a 360-day year for the actual
number of days involved, with respect to each Interest Period, equal to the sum of (i) the Credit Default Swap Rate, in the case of a Revolving Eurodollar Loan, or the Competitive Advance Margin, in the case of a Competitive Eurodollar Loan,
and (ii) LIBOR. 
 (b) The Interest Period for each Revolving Eurodollar Loan shall be selected by the relevant Borrower at
least three Eurodollar Business Days prior to the beginning of such Interest Period. If such Borrower fails to notify the Administrative Agent of the Interest Period for a subsequent Revolving Eurodollar Loan at least three Eurodollar Business Days
prior to the last day of the then current Interest Period of an outstanding Revolving Eurodollar Loan, then such outstanding Revolving Eurodollar Loan shall become an ABR Loan at the end of such current Interest Period. 

  
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 (c) For so long as any
Bank maintains reserves against “Eurocurrency Liabilities” pursuant to Regulation D of the Federal Reserve Board (or any successor regulation), each Borrower shall, subject to the two next succeeding sentences, contemporaneously with the
related interest payments, pay additional interest on each Eurodollar Loan of such Bank at a rate per annum up to but not exceeding the excess of (i) (A) LIBOR divided by (B) one minus the Eurodollar Reserve Percentage over
(ii) LIBOR. Each Bank shall promptly notify API, with a copy to the Administrative Agent, upon becoming aware that any Borrower may be required to make a payment pursuant to this Section 3.03(c). When requesting payment pursuant to this
Section 3.03(c), each Bank shall provide to API, with a copy to the Administrative Agent, a certificate, signed by an officer of such Bank, setting forth, in reasonable detail, the basis of such claim, the amount required to be paid by the
Borrower to such Bank and the computations made by such Bank to determine such amount. Absent demonstrable error, such certificate shall be binding as to the amounts of additional interest owing in respect of such Bank’s Eurodollar Loans.

 Section 3.04. Interest on Competitive Absolute Rate Loans. Each Competitive Absolute Rate Loan shall bear
interest from the date of such Competitive Absolute Rate Loan to (but excluding) its Maturity Date, payable in arrears on the date such Loan is repaid, at a rate per annum (on the basis of a 360-day year for the actual number of days involved) equal
to the Competitive Advance Rate applicable to such Competitive Absolute Rate Loan. 
 Section 3.05. Continuation and
Conversion of Revolving Credit Loans. (a) A Borrower may request, by telephonic notice to the Administrative Agent of a Conversion Request, confirmed in writing in substantially the form of Exhibit D by no later than 4:00 P.M., New York
time, on the same day, in advance of the requested Conversion Date as provided in the definition of “Conversion Request”, that: 
 (i) all the outstanding ABR Loans of such Borrower, or a portion thereof in an aggregate amount equal to $10,000,000 or an integral multiple of $1,000,000 in excess thereof, be converted into a Revolving
Eurodollar Loan on the requested Conversion Date; or 
 (ii) all the Revolving Eurodollar Loans of such Borrower
having the same Interest Period, or a portion thereof in an aggregate amount equal to $10,000,000 or an integral multiple of $1,000,000 in excess thereof, be converted into ABR Loans on the requested Conversion Date. 

(b) Upon receipt of any such Conversion Request from a Borrower, the Administrative Agent shall forthwith give notice to each Bank of the
substance thereof. Effective on such Conversion Date and upon payment by such Borrower of the amounts, if any, required by Section 4.03, the Revolving Credit Loans or portions thereof as to which the Conversion Request was made shall commence
to accrue interest as set forth in this Article 3 for the type of interest rate and, in the case of a conversion of ABR Loans into Revolving Eurodollar Loans, Interest Period selected by such Borrower. 

Section 3.06. Post-Maturity Interest. After maturity (whether by acceleration or otherwise) of any Loan, such Loan shall bear
interest, payable on demand, at a rate per annum equal to the sum of (i) 2% plus (ii) the Base Rate in effect from time to time plus (iii) the Base Rate Margin. 

  
 26 

  
 Section 3.07.
Maximum Interest Rate. (a) Nothing in this Agreement or any other Credit Document shall require a Borrower to pay interest at a rate exceeding the maximum rate permitted by applicable law. Neither this Section nor Section 11.01 is
intended to limit the rate of interest payable for the account of any Bank to the maximum rate permitted by the laws of the State of New York (or any other applicable law) if a higher rate is permitted with respect to such Bank by supervening
provisions of U.S. federal law. 
 (b) If the amount of interest payable by a Borrower for the account of any Bank on any
interest payment date in respect of the immediately preceding interest computation period, computed pursuant to this Article 3, would exceed the maximum amount permitted by applicable law to be charged by such Bank, the amount of interest payable
for its account on such interest payment date shall automatically be reduced to such maximum permissible amount. 

Section 3.08. Fees. (a) The Borrowers, jointly and severally, agree to pay, in arrears on each Fee Payment Date, to the
Administrative Agent for the account of each Bank, a fee (the “Commitment Fee”) for each day during the quarterly period (or shorter period commencing on the Effective Date or ending on the Final Termination Date) ending on the
Domestic Business Day immediately preceding such Fee Payment Date computed by applying the applicable percentages per annum set forth below based on the ratings on such day of API’s senior unsecured long-term debt (each range of ratings listed
under any Level being inclusive of the ratings so listed) to the amount of the aggregate Unused Commitment on such day: Commitment Fee Percentage Per Annum 
  

									
	 	  	 	 	  	Commitment Fee Percentage 
Per
Annum	 
	 Level I
	  				  			
	 Moody’s:
	  	 	Aa3 or above	  	  			
	 S&P:
	  	 	AA- or above	  	  	 	0.100	% 
	 Level II
	  				  			
	 Moody’s:
	  	 	A1	  	  			
	 S&P:
	  	 	A+	  	  	 	0.125	% 
	 Level III
	  				  			
	 Moody’s:
	  	 	A2	  	  			
	 S&P:
	  	 	A	  	  	 	0.150	% 
	 Level IV:
	  				  			
	 Moody’s:
	  	 	A3	  	  			
	 S&P:
	  	 	A-	  	  	 	0.175	% 
	 Level V:
	  				  			
	 Moody’s:
	  	 	Baa1 or lower	  	  			
	 S&P:
	  	 	BBB+ or lower	  	  	 	0.200	% 

 (b) For purposes of
Section 3.08(a), (i) if no rating for API’s senior unsecured long-term debt shall be available from either rating agency, such rating agency shall be deemed to have established a Level V rating, (ii) if the ratings established or
deemed established by Moody’s and S&P shall fall within different Levels, the Commitment Fee shall be based upon the Level corresponding to the more favorable of such ratings except if the lower of such ratings is more than

  
 27 

 
one Level below the higher of such ratings, the Commitment Fee shall be based upon the Level that is one Level below the higher of such ratings and (iii) if any rating established or deemed
established by Moody’s or S&P shall be changed (other than as a result of a change in the rating system of either Moody’s or S&P), such change shall be given effect on and as of the opening of business on the date when such change
is first announced by the rating agency making such change. If the rating system of either Moody’s or S&P shall change prior to the Final Termination Date, API and the Banks shall negotiate in good faith to amend the references to specific
ratings in this Section 3.08 to reflect such changed rating system. 
 (c) The Commitment Fee shall be computed based on a
365-day year (366 days in the case of a leap year), for the actual number of days involved. 
 ARTICLE 4 

DISBURSEMENT AND PAYMENT 
 Section 4.01. Disbursement of Loans; Pro Rata Treatment of Banks. (a) ABR Loans shall be made by each Bank from its ABR Lending Office. 

(b) Eurodollar Loans shall be made by each Bank from its Eurodollar Lending Office. 

(c) Each payment of a Commitment Fee, each reduction of the Total Commitment and, except as expressly provided otherwise in this
Agreement, each payment of principal of or interest on Revolving Credit Loans shall be apportioned among the Banks in proportion to each Bank’s Pro Rata Share. 
 (d) If API shall designate as an Additional Borrower hereunder any Subsidiary not organized under the laws of the United States or any State thereof, any Bank may, with notice to the Administrative Agent
and API, fulfill its Commitment by causing an affiliate of such Bank to act as the Bank in respect of such Additional Borrower (and such Bank shall, to the extent of Loans made to such Additional Borrower, be deemed for all purposes hereof to have
pro tanto assigned such Loans to such affiliate in compliance with the provisions of Section 11.08). 

Section 4.02. Method of Payment. (a) All payments of principal of and interest on the Loans and of fees hereunder shall
be payable in Dollars. 
 (b) All payments to be made by the Borrowers hereunder shall be made not later than 2:00 P.M., New
York time, on the date when due, in Federal or other funds immediately available in New York City, to the Administrative Agent at its office referred to in Section 11.06 hereof. 

(c) Whenever any payment of principal of, or interest on, ABR Loans or Competitive Absolute Rate Loans, or fees shall be due on a day
which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic Business Day. Whenever any payment of principal of, or interest on, Eurodollar Loans shall be due on a day which is not a Eurodollar
Business Day, the date for payment thereof shall be extended to the next 

  
 28 

 
succeeding Eurodollar Business Day unless such Eurodollar Business Day falls in another calendar month, in which case the date for payment thereof shall be the next preceding Eurodollar Business
Day. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time. 
 (d) Unless the Administrative Agent shall have received notice from the relevant Borrower prior to the date on which any payment is due to the Banks hereunder that such Borrower will not make such payment
in full, the Administrative Agent may assume that such Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, but shall not be obligated to, cause to be
distributed to each Bank on such due date an amount equal to the amount then due such Bank. If and to the extent that such Borrower shall not have so made such payment, each Bank shall repay to the Administrative Agent forthwith on demand such
amount distributed to such Bank together with interest thereon, for each day from the date such amount is distributed to such Bank until the date such Bank repays such amount to the Administrative Agent, at the Federal Funds Rate. 

(e) Any and all payments made by a Borrower to the Administrative Agent or the Banks hereunder shall be made without right of set-off,
counterclaim or other defenses. 
 (f) The Administrative Agent will promptly cause any payments received by it to be
distributed to each Bank for whose account payment has been made in like funds. 
 Section 4.03. Compensation for
Losses. (a) Compensation. If (i) a Borrower makes a prepayment of a Revolving Eurodollar Loan under Section 2.06 (other than a prepayment to a Bank to which Additional Costs or Additional Amounts may be due that has not
complied with its obligations under Section 4.04(c)), or a Conversion Date selected by a Borrower pursuant to Section 3.05 for the conversion of Eurodollar Loans, or portions thereof, falls on a day other than the last day of the Interest
Period for the amount so converted, (ii) a Borrower revokes any Borrowing Request for a Eurodollar Loan or any Eurodollar Loan or Competitive Advance Loan requested is not made because of the failure of the applicable conditions precedent
specified in Section 6.02 to be satisfied, (iii) an outstanding Eurodollar Loan, or any portion thereof, is converted into an ABR Loan pursuant to Section 4.05 on any day other than the last day of the Interest Period applicable
thereto or (iv) a Eurodollar Loan or Competitive Advance Loan (or portion thereof) shall be due and payable pursuant to Section 4.07, or declared to be due and payable prior to the scheduled maturity thereof pursuant to Section 8.01,
on any day other than the last day of the Interest Period applicable thereto, then, subject to Section 4.03(b) and without duplication of any amounts described in Section 3.03(c) or 4.04, the relevant Borrower shall be obligated to pay to
the relevant Bank an amount that will compensate such Bank for any loss or premium, penalty or expense incurred by such Bank as a result of such prepayment, conversion, failure to borrow, declaration or revocation of notice in respect of funds
obtained for the purpose of making or maintaining such Eurodollar Loan or Competitive Advance Loan, or any portion thereof (other than loss of margin after the date of such prepayment, conversion, failure to borrow, declaration or revocation of
notice). Such compensation may include an amount equal to the excess, if any, of (i) the amount of interest which would have accrued on the amount so paid or prepaid, or not borrowed or converted, for the period from the date of such payment or
prepayment or conversion or failure to borrow to the last day of such Interest Period (or, in the case of a failure to borrow, the Interest Period that would have commenced on the date of such failure to borrow) in 

  
 29 

 
each case at the applicable rate of interest for such Loan provided for herein (excluding, however, any margin included therein) over (ii) the amount of interest (as determined in good faith
by such Bank) that would have accrued to such Bank on such amount by placing such amount on deposit for a comparable period with leading banks in the relevant interbank market. 

(b) Certificate, Etc. Each Bank shall promptly notify API, with a copy to the Administrative Agent, upon becoming aware that any
Borrower may be required to make any payment pursuant to this Section 4.03. When requesting payment pursuant to this Section 4.03, such Bank shall provide to API, with a copy to the Administrative Agent, a certificate, signed by an officer
of such Bank, setting forth in reasonable detail the amount required to be paid by the Borrowers to such Bank and the computations made by such Bank to determine such amount. The applicable Borrower shall have a 30-day period following the receipt
of such certificate (if such Borrower in good faith disagrees with the assertion that any payment under this Section 4.03 is due or with the amount shown as due on such certificate and so notifies such Bank of such disagreement within five
Domestic Business Days following receipt of such certificate) to negotiate with such Bank, which negotiations shall be conducted by the respective parties in good faith, and to agree upon another amount that will adequately compensate such Bank, it
being expressly understood that if such Borrower does not provide the required notice of its disagreement as provided above, then such Borrower shall pay the amount shown as due on the certificate on the tenth Domestic Business Day following receipt
thereof and further if such Borrower does provide such required notice, and negotiations are entered into in good faith but do not result in agreement by such Borrower and such Bank within the 30-day period, then such Borrower shall pay the amount
shown as due on the certificate on the last day of such period. 
 Section 4.04. Withholding, Reserves and Additional
Costs. (a) Withholding. (i) All payments payable under this Agreement to a Bank (including payments of principal of and interest on Loans) shall be made to such Bank free and clear of any and all present and future taxes,
levies, imposts, duties, deductions, withholdings, fees, liabilities and similar charges other than Excluded Taxes (“Taxes”). If any Taxes are required to be withheld or deducted from any amount payable by a Borrower under this
Agreement, then the amount so payable under this Agreement shall be increased to the amount which, after deduction from such increased amount of all Taxes required to be withheld or deducted therefrom (the amount of such increase, an
“Additional Amount”), will yield to such Bank the amount stated to be payable under this Agreement. The relevant Borrower shall execute and deliver to any Bank upon its request such further instruments as may be necessary or
desirable to give full force and effect to any such increase. The relevant Borrower shall also hold each Bank harmless and indemnify it for any stamp or other taxes with respect to the preparation, execution, delivery, recording, performance or
enforcement of the Credit Documents (all of which shall be included within “Taxes”). If any of the Taxes specified in this Section 4.04(a) are paid by a Bank, the relevant Borrower shall, within 10 days after demand of such Bank,
reimburse such Bank for such payments, together with any interest, penalties and expenses incurred in connection herewith. Each Borrower shall deliver to the Administrative Agent certificates or other valid vouchers or other evidence of payment
reasonably satisfactory to the Administrative Agent for all Taxes or other charges deducted from or paid with respect to payments made by such Borrower hereunder. Notwithstanding the foregoing, the Borrowers shall be entitled, to the extent required
to do so by law, to deduct or withhold (and shall not be required to make payments of any Additional Amounts or indemnification payments as otherwise required by this Section 4.04 on account of such deductions or withholdings) income or other
similar taxes 

  
 30 

 
imposed by the United States of America from interest, fees or other amounts payable hereunder for the account of any Bank other than a Bank (i) that is a U.S. Person for U.S. federal income
tax purposes or (ii) that has the Prescribed Forms on file with the Borrowers for the applicable year, unless the failure to leave such forms on file results from a change in law or regulation or in the interpretation thereof by any court or
administrative or Governmental Authority charged with the administration thereof subsequent to the date the Bank becomes a party to this Agreement (or designates a new lending office), except to the extent that such Bank (or its assignor, if any)
was entitled, at the time of designation of a new lending office (or assignment) to receive additional amounts from the applicable Borrower pursuant to Section 4.04(a); provided that if a Borrower shall so deduct or withhold any such
taxes, such Borrower shall provide a statement to the Administrative Agent and such Bank, setting forth the amount of such taxes so deducted or withheld, the applicable rate and any other information or documentation which such Bank may reasonably
request for assisting such Bank to obtain any allowable credits or deductions for the taxes so deducted or withheld in the jurisdiction or jurisdictions in which such Bank is subject to tax. 

(ii) If any Bank has received or been granted a refund or repayment of, any Tax paid or payable by it in respect of or which takes
account of any Tax with respect to which an Additional Amount was paid by a Borrower (an “Indemnified Tax”) or other matter giving rise to such payment, such Bank shall, to the extent it determines in good faith that it can do so
without prejudice to the retention of the amount of such refund or repayment, pay to such Borrower such amount as such Bank shall determine in good faith to be attributable to such Indemnified Tax or other matter and which will leave such Bank
(after such payment to the Borrower) in a position no better or worse than it would have been in had such Borrower not been required to deduct or withhold such Indemnified Tax or such other matter had not arisen; provided that such Borrower
upon the written request of such Bank, shall return to such Bank the amount of any such refund, repayment in the event that such Bank is required to repay such amount to the relevant Governmental Authority. 

(b) Additional Costs. (i) Without duplication of any amounts payable described in Section 3.03(c), 4.04(a) or
4.04(b)(ii), if after the date hereof there shall have occurred any change in any law or regulation or in the interpretation thereof by any court or Governmental Authority charged with the administration thereof or the enactment of any law or
regulation shall either (A) impose, modify or deem applicable any reserve, special deposit or similar requirement with respect to any Bank’s Commitment or its Revolving Eurodollar Loans or (subject to Section 2.07(c)) Competitive
Eurodollar Loans, (B) subject such Bank to any duty or other charge with respect to any of its Revolving Eurodollar Loans or (subject to Section 2.07(c)) Competitive Eurodollar Loans or its obligations to make Revolving Eurodollar Loans or
(C) impose on such Bank any other condition regarding this Agreement, its Commitment to make Revolving Eurodollar Loans or its Revolving Eurodollar Loans or (subject to Section 2.07(c)) Competitive Eurodollar Loans and the result of any
event referred to in clause (A), (B) or (C) shall be to increase the cost (“Additional Costs”) to such Bank of maintaining its Commitment to make Revolving Eurodollar Loans or making or maintaining its Revolving Eurodollar
Loans or (subject to Section 2.07(c)) Competitive Eurodollar Loans or shall reduce the amounts received or receivable hereunder (which Additional Costs shall be calculated by such Bank in good faith in accordance with each Bank’s internal
policies, including any reasonable averaging and attribution methods) by an amount which such Bank in good faith shall determine to be material, then, subject to Sections 4.04(c) and (d), the relevant Borrower shall pay to such Bank an amount equal
to such Additional Costs. 

  
 31 

  
 (ii) Without
duplication of any amounts described in Section 3.03(c), 4.04(a) or 4.04(b)(i), if after the date hereof the adoption of any applicable law, rule, regulation or guideline regarding capital adequacy, or any change therein, or any change in the
interpretation or administration thereof by any Governmental Authority, central bank or comparable agency or instrumentality charged with the interpretation or administration thereof, or compliance by such Bank with any request or directive
regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency or instrumentality, has or would have the effect of reducing the rate of return on capital for such Bank or any
corporation controlling such Bank as a consequence of its obligations under this Agreement to a level below that which such Bank shall determine in good faith that reasonably could have been achieved but for such adoption, change or compliance
(taking into consideration such Bank’s or such corporation’s policies with respect to capital adequacy), then from time to time, subject to Sections 4.04(c) and (d), the relevant Borrower shall pay to such Bank such additional amount or
amounts as will compensate such Bank for such reduction. 
 Notwithstanding anything herein to the contrary, this Section 4.04(b) shall not
apply to (i) increased costs or reduction in amounts received or receivable hereunder resulting from any Tax or Excluded Tax, as to which Section 4.04(a) shall govern or (ii) changes in the basis of taxation of net income by the
United States or any other jurisdiction which are applicable to any Bank or its lending office. 
 (c) Mitigation. If,
with respect to a Bank, a condition arises or an event occurs after the date hereof that would, or would upon the giving of notice, result in the payment of any Additional Costs or Additional Amounts pursuant to this Section 4.04 or the
delivery by such Bank of any notice described in the first sentence of Section 4.05, then such Bank, promptly upon becoming aware of the same, shall notify API (with a copy to the Administrative Agent) thereof and at API’s request shall
take such steps as may be available to it and acceptable to the Borrowers to mitigate the effects of such condition or event (which shall include efforts consistent with legal and regulatory restrictions applicable to it to book the Loans held by
such Bank hereunder at another lending office of such Bank if such other lending office is not, in the reasonable judgment of such Bank, otherwise disadvantageous to such Bank); provided that such Bank shall be under no obligation to take any
step that, in its good faith judgment, would result in its incurring any unreimbursed Additional Costs, additional Taxes or other additional costs in performing its obligations hereunder (unless the Borrower has agreed to reimburse it for the same)
or would, in the good faith judgment of such Bank, be materially disadvantageous to such Bank. 
 (d) Certificate, Etc.
Each Bank shall promptly notify API, with a copy to the Administrative Agent, upon becoming aware that the Borrowers may be required to make any payment pursuant to this Section 4.04. When requesting payment pursuant to this Section 4.04,
a Bank shall provide to API, with a copy to the Administrative Agent, a certificate, signed by an officer of such Bank specifying the event giving rise to such claim and setting forth, in reasonable detail, the basis of such claim, the amount
required to be paid by each Borrower to such Bank and the computations made by such Bank to determine such amount. Anything herein notwithstanding, no Bank shall have the right to demand payment of Additional Amounts or compensation for

  
 32 

 
Additional Costs or a reduced rate of return under this Section 4.04 (i) with respect to any period more than 180 days prior to the date it has made a demand pursuant to this
Section 4.04, provided if any Additional Amounts or Additional Costs arise from a change of law that is retroactive, then the 180 day period shall be extended to include the period of retroactive effect thereof, (ii) to the extent that
such Bank determines in good faith that the interest rate or margin on the relevant Loans appropriately accounts for any Additional Costs, (iii) unless demand thereunder is made in accordance with a policy of the Bank being applied in good
faith to all borrowers similarly situated and (iv) with respect to any Competitive Eurodollar Loan if it shall have obtained actual knowledge of the change giving rise to such request at the time of submission of such Bank’s Competitive
Advance Bid pursuant to which such Competitive Eurodollar Loan shall have been made, unless notice of such Bank’s entitlement to such compensation shall have been furnished to the relevant Borrower at or prior to such time. 

(e) Prescribed Forms. (i) Each Bank that is not incorporated under the laws of the United States of America or a state
thereof agrees that it will, to the extent it has not previously done so, deliver to API or the Administrative Agent (and if to the latter, the Administrative Agent agrees that it will deliver to API) two duly completed copies of United States
Internal Revenue Service Form W-8BEN or W-8ECI, or successor applicable form, as the case may be, certifying that such Bank or Administrative Agent is entitled to receive payments under this Agreement and under the Notes without deduction or
withholding of any United States federal income taxes. Each Bank further undertakes to deliver to API or the Administrative Agent (and if to the latter, the Administrative Agent agrees that it will deliver to API) (i) two further duly completed
copies of the said Form W-8BEN or W-8ECI, or successor applicable forms, as the case may be, on or before the date that any such form expires or becomes obsolete or after the occurrence of any event requiring a change in the most recent form
previously delivered by it, and such extensions or renewals thereof as may reasonably be requested by a Borrower, certifying that such Bank or Administrative Agent is entitled to receive payments under this Agreement and under any Notes without
deduction or withholding of any United States federal income taxes, unless in any such cases an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be
required which renders all such forms inapplicable or which would prevent a Bank from duly completing and delivering any such form with respect to it and such Bank advises API or the Administrative Agent (and the Administrative Agent agrees that it
will advise API) that it is not capable of receiving payments without any deduction or withholding of United States federal income tax and (ii) two duly completed copies of any other form or certification that may become applicable to such Bank
certifying that such Bank or Administrative Agent is entitled to receive payments under this Agreement and under any Notes without deduction or withholding of any United States federal income taxes. 

(ii) If a payment made to a Bank hereunder would be subject to U.S. federal withholding tax imposed by FATCA if such Bank
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Bank shall deliver to API and the Administrative Agent, at the time or times
prescribed by law and at such time or times reasonably requested by API or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by API or the Administrative Agent as may be necessary for API or the Administrative Agent to comply with its obligations under FATCA, to determine that such Bank has complied with such Bank’s obligations
under FATCA or to determine the amount to deduct or withhold from such payment. 

  
 33 

  
 Section 4.05.
Unavailability and Impracticability. If, after the date hereof, a Bank shall have determined in good faith that the making or maintenance of all or any part of such Bank’s Eurodollar Loans has been made (i) unlawful because of
compliance by such Bank with any law or guideline or interpretation or administration thereof by any official body charged with the interpretation or administration thereof, in each case issued after the date hereof, or with any request or directive
made after the date hereof of such body (whether or not having the effect of law) or (ii) impracticable because deposits in Dollars in the amounts and requested maturities of such Loans are not available to the Bank in the applicable interbank
market or that the rate applicable to such Loans will not adequately reflect the cost to such Bank of making, funding or maintaining such Loans for the applicable Interest Period, then the Administrative Agent, upon receipt of written notice of such
determination by such Bank, shall forthwith advise the other Banks and API thereof. After the date specified in such notice and until such time as the Administrative Agent, upon receipt of written notice to it by such Bank, shall notify API and the
other Banks that the circumstances specified by it in such notice no longer apply, then notwithstanding any other provision of this Agreement: 
 (i) the Eurodollar Loans of such Bank shall automatically be converted to ABR Loans, without any requirement of compliance by the Borrowers with Section 3.05, 4.03 or 4.04, on (x) the last day
of the outstanding Interest Period or Periods applicable thereto, unless awaiting such date is unlawful or (y) if awaiting such date is unlawful, immediately upon the receipt by the applicable Borrower of such notice; 

(ii) the obligation of such Bank to make, convert ABR Loans into, or continue for an additional Interest Period, Revolving
Eurodollar Loans shall be suspended, and, if the Borrower shall request in a Revolving Credit Loan Request or Conversion Request that such Bank make a Revolving Eurodollar Loan, the Loan requested to be made by such Bank shall instead be made as an
ABR Loan; and 
 (iii) such Bank shall not submit any Competitive Advance Bid with respect to Competitive
Eurodollar Loans. 
 Such Bank shall promptly notify the Administrative Agent, which thereupon shall promptly notify API, when such specified
circumstances no longer apply. 
 Section 4.06. Substitution of Banks. If any Bank (a) shall request any
compensation or indemnity under Section 4.03 or 4.04, (b) shall give any notice described in the first sentence of Section 4.05, (c) shall become a Non-Consenting Bank or (d) is a Defaulting Bank, the Borrowers shall have
the right to require such Bank to assign all its interests, rights and obligations under this Agreement to another Bank or financial institution identified by the Borrowers with the assistance of the Administrative Agent (and the Administrative
Agent agrees to use its reasonable efforts so to assist the Borrowers); provided, however, that (i) such assignment shall not conflict with any applicable statute, law, rule, regulation, order or decree of any Governmental
Authority and (ii) the assigning Bank shall have received from the Borrowers and/or such assignee full payment of the principal of all then-outstanding Loans made by such Bank hereunder, together with accrued and unpaid interest thereon, and
(provided that such Bank has complied with its obligations under Section 4.04(c)) all other amounts owed to it hereunder. 

  
 34 

  
 Section 4.07.
Repayment of Loans. (a) Revolving Credit Loans. Each Borrower shall repay to the Administrative Agent for the ratable benefit of each Bank on the Termination Date applicable to such Bank the aggregate principal amount of the Revolving
Credit Loans made by such Bank to such Borrower and then outstanding. 
 (b) Competitive Advance Loans. Each Borrower
shall repay to the Administrative Agent for the ratable benefit of each Bank that has participated in a Competitive Advance Loan made to such Borrower on the Maturity Date of such Competitive Advance Loan the aggregate principal amount of such
Competitive Advance Loan. 
 ARTICLE 5 
 REPRESENTATIONS AND WARRANTIES 
 Section 5.01. Representations and
Warranties of the Borrowers. The Borrowers severally represent and warrant that: 
 (a) Corporate
Existence and Power. Each Borrower has been duly organized and is validly existing and, to the extent applicable, in good standing under the laws of its jurisdiction of organization, and has all corporate powers and all material governmental
licenses, authorizations, consents and approvals required to carry on its business as presently conducted. 
 (b)
Corporate and Governmental Authorization; No Contravention. The execution, delivery and performance by each Borrower of each of the Credit Documents to which such Borrower is a party are within the corporate powers of such Borrower and have
been duly authorized by all necessary corporate action of such Borrower, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene in any material respect, or constitute a material default
under, any provision of applicable law or regulation or of the certificate of incorporation or by-laws (or similar constitutive instruments) of such Borrower or of any agreement, judgment, injunction, order, decree or other instrument binding upon
such Borrower or result in the creation or imposition of any material Lien on any asset of any Borrower or any Material Subsidiary. 
 (c) Binding Effect. This Agreement constitutes a valid and binding agreement of each Borrower, and each Note will constitute a valid and binding obligation of the Borrower party to such Note when
executed and delivered by such Borrower in accordance with this Agreement, in each case enforceable in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws
relating to or affecting creditors’ rights generally, and to general equity principles, regardless of whether considered in a proceeding in equity or at law. 

(d) Financial Information. (i) The consolidated balance sheet of API and its Consolidated Subsidiaries as of
December 31, 2009 and the related consolidated statements 

  
 35 

 
of income, cash flows and changes in shareholders’ equity for the fiscal year then ended, reported on by PricewaterhouseCoopers LLP and filed with the SEC in API’s Annual Report on Form
10-K for the fiscal year ended December 31, 2009, and the unaudited consolidated balance sheet of API and its Consolidated Subsidiaries as of September 30, 2010 and the related consolidated statements of income and cash flows of API and
its Consolidated Subsidiaries for the nine-month period ended on such date filed with the SEC in API’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, copies of which have been made available to each of the
Banks, fairly present, in conformity with GAAP, the consolidated financial position of API and its Consolidated Subsidiaries as of such dates and its consolidated income and cash flows and, in the case of the Company’s Form 10-K, changes in
shareholders’ equity for such periods. 
 (ii) Except as publicly disclosed by API prior to the Effective
Date, as of the Effective Date, there has been no material adverse change since December 31, 2009 in the business, consolidated financial position or consolidated results of operations of API and its Consolidated Subsidiaries, considered as a
whole. 
 (e) Litigation. (i) There is no action, suit or proceeding before any court, arbitrator or
governmental body, agency or official pending, or to the knowledge of API or ACC, threatened, against API or any Subsidiary which in any manner seeks to avoid the obligations of any Borrower to repay Loans or of API under the guaranty set forth in
Article 10. (ii) As of the Effective Date, there is no action, suit or proceeding before any court, arbitrator or governmental body, agency or official pending, or to the knowledge of API or ACC, threatened, against API or any Subsidiary in
which there is a reasonable possibility of an adverse decision which would be reasonably likely to materially and adversely affect the business, consolidated financial position or consolidated results of operations of API and its Consolidated
Subsidiaries, considered as a whole, except as disclosed (x) in the reports or financial statements referred to in Section 5.01(d) or (y) in Schedule 5.01(e). 

(f) Compliance with ERISA. Each member of the ERISA Group has fulfilled its obligations under the minimum funding
standards of ERISA and the Code with respect to each Plan and is in compliance with the presently applicable provisions of ERISA and the Code with respect to each Plan, except to the extent that any failure so to be in compliance would not,
individually or in the aggregate, materially and adversely affect the business, consolidated financial position or consolidated results of operations of API and its Consolidated Subsidiaries, considered as a whole. As of the Effective Date, no
member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Code in respect of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of
any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code or (iii) incurred any liability
under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA, except to the extent that any such waivers, failures and liabilities would not, individually or in the aggregate, materially and adversely
affect the business, consolidated financial position or consolidated results of operations of API and its Consolidated Subsidiaries, considered as a whole. 

  
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 (g)
Taxes. United States federal income tax returns of API and its domestic Subsidiaries have been examined and closed through the fiscal year ended December 31, 2007. API and its Subsidiaries have filed all United States Federal income tax
returns and all other material tax returns which are required to be filed by them and have paid all material taxes due pursuant to such returns or pursuant to any assessment received by API or any Subsidiary, except for assessments being contested
in good faith by appropriate proceedings and as to which API or such Subsidiary has set aside adequate reserves on its books. The charges, accruals and reserves on the books of API and its Consolidated Subsidiaries in respect of taxes or other
governmental charges are, in the opinion of API, adequate in all material respects. 
 (h) Material
Subsidiaries. Each Material Subsidiary has been duly organized and is validly existing and, to the extent applicable, in good standing under the laws of its jurisdiction of organization, and has all corporate powers and all governmental
licenses, authorizations, consents and approvals required to carry on its business as now conducted, except to the extent that the failure of any of the foregoing would not, individually or in the aggregate, materially and adversely affect the
business, consolidated financial position or consolidated results of operations of API and its Consolidated Subsidiaries, considered as a whole. 
 (i) Investment Company Act. No Borrower is an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

(j) Disclosure. All information heretofore furnished by the Borrowers to the Administrative Agent or any Bank in
writing for purposes of or in connection with this Agreement or any transaction contemplated hereby, taken as a whole, was true and accurate in all material respects or based on reasonable estimates on the date as of which such information is stated
or certified and API has disclosed to the Banks in writing (including in any materials publicly filed by API with the SEC) any and all facts known to API which it reasonably believes materially and adversely affect or may materially and adversely
affect (to the extent API can now reasonably foresee) the business, consolidated financial position or consolidated results of operations of API and its Consolidated Subsidiaries, considered as a whole. 

(k) Environmental Matters. In the ordinary course of its business, API conducts an ongoing review of the effect of
Environmental Laws on the business, operations and properties of API and its Subsidiaries, in the course of which it identifies and evaluates associated liabilities and costs (including, without limitation, any capital or operating expenditures
required for clean-up or closure of properties presently or previously owned, any capital or operating expenditures required to achieve or maintain compliance with environmental protection standards imposed by law or as a condition of any license,
permit or contract, any related constraints on operating activities, including any periodic or permanent shutdown of any facility or reduction in the level of or change in the nature of operations conducted thereat and any actual or potential
liabilities to third parties, including employees, and any related costs and expenses). On the basis of this review, API has reasonably concluded that, as of the Effective Date, Environmental Laws are unlikely to have a material adverse effect on
the business, consolidated financial condition, or consolidated results of operations of API and its Consolidated Subsidiaries, considered as a whole. 

  
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 (l)
Federal Reserve Regulations. After giving effect to the application of the proceeds of each Loan, not more than 25% of the value of the consolidated assets of API (based on book value or another reasonable measure) will consist of or be
represented by “margin stock” within the meaning of Regulation U of the Federal Reserve Board. 
 ARTICLE 6 

CONDITIONS PRECEDENT 
 Section 6.01. Conditions to Effectiveness. This Agreement shall not become effective until the earliest date (the “Effective Date”) on which each of the following conditions
precedent shall have been satisfied, or waived in writing by the Banks: 
 (a) Agreements. The
Administrative Agent shall have received counterparts of this Agreement, duly executed and delivered by each of the Banks, the Initial Borrowers and the Administrative Agent (or in the case of any such party as to which an executed counterpart shall
not have been received, the Administrative Agent shall have received, in form satisfactory to it, telecopy or other written confirmation from such party of its execution of a counterpart of this Agreement). 

(b) Evidence of Corporate Action. The Administrative Agent shall have received the following: 

(i) API. (A) a copy of the Restated Certificate of Incorporation, as amended, of API, certified as of a recent
date not later than the Effective Date by the Secretary of State of the State of New York, and a certificate as to the good standing of API as of a date not earlier than ten Domestic Business Days prior to the Effective Date, from such Secretary of
State; 
 (B) a certificate of the Secretary or Assistant Secretary of API, dated the Effective Date, and
certifying (1) that attached thereto is a true and complete copy of the by-laws of API as in effect on such date and at all times since the date of the resolutions described in clause (2) below, (2) that attached thereto is a true and
complete copy of resolutions duly adopted by the Board of Directors of API authorizing the execution, delivery and performance of this Agreement, and that such resolutions have not been modified, rescinded or amended and are in full force and
effect, (3) that the certificate of incorporation of API has not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (i)(A) above, and (4) as to the incumbency
and signature of each officer executing this Agreement or any document delivered in connection herewith on behalf of the API; 
 (C) a certificate of a Responsible Officer of API as to the incumbency and signature of the Secretary or Assistant Secretary of API executing the certificate described in clause (i)(B) above; and

  
 38 

  
 (D) a
certificate of a Responsible Officer of API, dated the Effective Date, stating that (1) the representations and warranties set forth in Section 5.01 are correct on and as of the Effective Date and (2) no Default or Event of Default
has occurred and is continuing. 
 (ii) ACC. (A) a copy of the Certificate of Incorporation, as
amended, of ACC, certified as of a recent date not later than the Effective Date by the Secretary of State of the State of Delaware, and a certificate as to the good standing of ACC as of a date not earlier than ten Domestic Business Days prior to
the Effective Date, from such Secretary of State; 
 (B) a certificate of the Secretary or Assistant Secretary of
ACC, dated the Effective Date, and certifying (1) that attached thereto is a true and complete copy of the by-laws of ACC as in effect on such date and at all times since the date of the resolutions described in clause (2) below,
(2) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of ACC authorizing the execution, delivery and performance of this Agreement, and that such resolutions have not been modified,
rescinded or amended and are in full force and effect, (3) that the certificate of incorporation of ACC has not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause
(ii)(A) above, and (4) as to the incumbency and signature of each officer executing this Agreement or any document delivered in connection herewith on behalf of ACC; and 

(C) a certificate of a Responsible Officer of ACC as to the incumbency and signature of the Secretary or Assistant
Secretary of ACC executing the certificate described in clause (ii)(B) above. 
 (c) Legal Opinions. The
Administrative Agent shall have received an opinion of the General Counsel of API, substantially in the form of Exhibit G-1 hereto, an opinion of Sidley Austin LLP, substantially in the form of Exhibit G-2 hereto, and an opinion of
Shearman & Sterling LLP, counsel to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent. 
 (d) Repayment of Outstanding Loans. The Administrative Agent shall have received evidence, in form and substance satisfactory to it, that (i) all Loans outstanding under the Existing Credit
Agreement, and all interest and fees that are payable thereunder, shall have been paid in full and (ii) the commitments thereunder have been terminated. 
 (e) Other Documents. Such other documents as the Administrative Agent or any Bank may reasonably request in order to satisfy its “know your customer” or related requirements.

 Section 6.02. Conditions to Each Loan. The obligations of each Bank to make any Loan (including the initial
Loans) are subject to the conditions that the Effective Date shall have occurred and that, on the Borrowing Date of each such Loan and after giving effect thereto, each of the following conditions precedent shall have been satisfied, or waived in
writing by the Required 

  
 39 

 
Banks, and upon such satisfaction or waiver each such Bank will give a written confirmation of the same to the relevant Borrower upon request: 

(a) Borrowing Request. The Administrative Agent shall have received from such Borrower a Borrowing Request, in the
appropriate form and in the manner contemplated hereby. 
 (b) Absence of Defaults. No Default or Event of
Default shall have occurred and be continuing. 
 (c) Representations and Warranties. The representations
and warranties contained in Section 5.01 (other than the representations and warranties contained in Sections 5.01(d)(ii) and 5.01(e)(ii) or any other representations or warranties that expressly relate to a date certain) shall be true and
correct with the same effect as though such representations and warranties had been made at the time of such Loan. 
 (d) Additional Conditions for Loans to Additional Borrowers. In the case of a Loan to an Additional Borrower, none of the following shall have occurred and be continuing: 

(i) Such Additional Borrower shall fail to make any payment in respect of Debt, other than Debt under this Agreement or
any Notes, having an aggregate principal or face amount of $100,000,000 or more when due or within any applicable grace period; 
 (ii) Any event or condition (other than those covered by clause (i) above) shall occur which (i) results in the acceleration of the maturity of Debt (other than Debt under any Credit Document)
of such Additional Borrower having an aggregate principal amount of $100,000,000 or more or (ii) would presently cause or allow the maturity of any Debt (other than Debt under any Credit Document) of such Additional Borrower having an aggregate
principal amount of $100,000,000 or more to be accelerated; 
 (iii) Such Additional Borrower shall commence a
voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other
proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due (or admit such failure in writing), or shall take any corporate action to authorize any of
the foregoing; 
 (iv) An involuntary case or other proceeding shall be commenced against such Additional
Borrower seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,

  
 40 

 
custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or
an order for relief shall be entered against such Additional Borrower under the Federal bankruptcy laws as now or hereafter in effect; or 
 (v) Judgments or orders for the payment of money in excess of $100,000,000 in the aggregate shall be rendered against such Additional Borrower and such judgments or orders shall continue unsatisfied and
unstayed for a period of more than 30 days. 
 Section 6.03. Satisfaction of Conditions Precedent. Acceptance by a
Borrower of the proceeds of any Loan shall be deemed to constitute a certification of such Borrower that, as of the relevant Borrowing Date, each of the applicable conditions precedent in Section 6.02 has been satisfied or waived in writing.

 Section 6.04. Additional Borrowers. In the case of the first Loans to be made to an Additional Borrower, in
addition to the conditions set forth in Section 6.02, the obligations of each Bank to make such Loans are subject to the condition that, on the Borrowing Date of each such Loan, each of the following conditions precedent shall have been
satisfied, or waived in writing by the Required Banks, and upon such satisfaction or waiver each Bank will give written confirmation of the same to the relevant Additional Borrower: 

(a) Designation and Confirmation. The Administrative Agent shall have received an Additional Borrower Designation
and an Additional Borrower Confirmation, in substantially the forms of Exhibits E-2 and E-3, respectively, duly executed and delivered by API and such Additional Borrower, respectively; 

(b) Bank Consent. In the case of an Additional Borrower not listed on Schedule 6.04, all the Banks shall have
consented to the designation of that Additional Borrower as such; and 
 (c) Evidence of Corporate Action.
The Administrative Agent shall have received: 
 (i) a certificate of the Secretary or Assistant Secretary (or
similar official) of such Additional Borrower, dated the Borrowing Date, and certifying (A) that attached thereto is a true and complete copy of the constitutive instruments of such Additional Borrower as in effect on such date and at all times
since the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of such Additional Borrower authorizing the execution, delivery
and performance of this Agreement, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, and (C) as to the incumbency and signature of each officer executing this Agreement or any document
delivered in connection herewith on behalf of such Additional Borrower; and 

  
 41 

  
 (ii) a
certificate or certificates of a Responsible Officer of such Additional Borrower as to the incumbency and signature of the Secretary of Assistant Secretary (or similar official) of such Additional Borrower executing the certificate described in
clause (i) above. 
 ARTICLE 7 
 COVENANTS 
 Section 7.01. Affirmative Covenants. API (and, in the case
of Section 7.01(f), each Borrower (on and after the date on which it shall become a Borrower)) agrees that, so long as any Bank has in effect any Commitment hereunder or any amount payable on any Loan remains unpaid: 

(a) Financial Information. API will deliver to the Administrative Agent: 

(i) subject to Section 11.06(d), as soon as available and in any event within 75 days after the end of each fiscal
year of API, a consolidated balance sheet of API and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated statements of income, cash flows and changes in shareholders’ equity for such fiscal year, setting
forth in each case in comparative form the figures for the previous fiscal year, all reported on in a manner acceptable to the SEC by PricewaterhouseCoopers LLP or other independent public accountants of nationally recognized standing; 

(ii) subject to Section 11.06(d), as soon as available and in any event within 45 days after the end of each of the
first three quarters of each fiscal year of API, a consolidated balance sheet of API and its Consolidated Subsidiaries as of the end of such quarter and the related consolidated statement of income for such quarter and the portion of the fiscal year
ended at the end of such quarter and the related consolidated statement of cash flows for the portion of the fiscal year ended at the end of such quarter, all reported in a manner acceptable to the SEC and certified as to fairness of presentation,
GAAP and consistency by a Responsible Officer of API; 
 (iii) simultaneously with the delivery of each set of
financial statements referred to in clauses (i) and (ii) above, a certificate of a Responsible Officer of API (A) setting forth in reasonable detail the calculations required to establish whether API was in compliance with the
requirements of Section 7.02(d) on the date of such financial statements and (B) stating whether any Default or Event of Default exists on the date of such certificate and, if any Default or Event of Default then exists, setting forth the
details thereof and the action which API is taking or proposes to take with respect thereto; 
 (iv)
simultaneously with the delivery of each set of financial statements referred to in clause (i) above, a statement of the firm of independent public 

  
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accountants which reported on such statements (A) whether anything has come to their attention to cause them to believe that any Default or Event of Default existed on the date of such
statements and (B) confirming the calculations set forth in the officer’s certificate delivered simultaneously therewith pursuant to clause (iii) above; 

(v) within five days of any Responsible Officer of the Borrower or API obtaining knowledge of any Default or Event of
Default, if such Default or Event of Default is then continuing, a certificate of a Responsible Officer of API stating that such certificate is a “Notice of Default” and setting forth the details thereof and the action which API is taking
or proposes to take with respect thereto; 
 (vi) subject to Section 11.06(d), promptly upon the mailing
thereof to the shareholders of API generally, copies of all financial statements, reports and proxy statements so mailed; 
 (vii) subject to Section 11.06(d), promptly upon the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration statements on Form S-8 or its
equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which API or the Borrower shall have filed with the SEC; 
 (viii) if and when any member of the ERISA Group (A) gives or is required to give notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any
Plan which could reasonably be expected to constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give notice of any such reportable event, a copy of
the notice of such reportable event given or required to be given to the PBGC, (B) receives notice of complete or partial withdrawal liability under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or
has been terminated, a copy of such notice, (C) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to
administer any Plan, a copy of such notice, (D) applies for a waiver of the minimum funding standard under Section 412 of the Code, a copy of such application, (E) gives notice of intent to terminate any Plan under
Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC, (F) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such notice, or (G) fails to make any payment or
contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a bond or other
security under ERISA or the Code, a certificate of the Treasurer or chief financial officer of API setting forth details as to such occurrence and action, if any, which API or the applicable member of the ERISA Group is required or proposes to take;
and 
 (ix) from time to time, such additional information regarding the financial position or business of the
Borrowers (including notification of any change in the ratings assigned to API by S&P or Moody’s) as the Administrative Agent, at the request of any Bank, may reasonably request. 

  
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 (b)
Maintenance of Property; Insurance. (i) API will keep, and will cause each Material Subsidiary to keep, all material property useful and necessary in its business in substantial good working order and condition, ordinary wear and tear
excepted. 
 (ii) API will, and will cause each Material Subsidiary to, maintain (either in the name of API or in
such Material Subsidiary’s own name) with financially sound and responsible insurance companies, insurance on all their respective properties in at least such amounts and against at least such risks (and with such risk retention) as are usually
insured against in the same general area by companies of established repute engaged in the same or a similar business; and will furnish to the Banks, upon request from the Administrative Agent, information presented in reasonable detail as to the
insurance so carried. 
 (c) Continuation of Business. API and its Subsidiaries will continue to engage in
business of the same general type as conducted by API and its Subsidiaries on the date hereof, considered as a whole. API will preserve, renew and keep in full force and effect, and will cause each Material Subsidiary to preserve, renew and keep in
full force and effect their respective corporate existence and their respective rights, privileges and franchises necessary or desirable in the normal conduct of business; provided that nothing contained in this sentence shall be deemed to
prevent API or any Subsidiary from consummating any transaction not prohibited by Section 7.02(a). 
 (d)
Compliance with Law. API will comply, and cause each Subsidiary to comply, with all applicable laws, ordinances, rules, regulations, and requirements of governmental authorities (including, without limitation and to the extent applicable,
anti-terrorism and money laundering laws, Environmental Laws, ERISA and the rules and regulations thereunder) except (i) where the necessity of compliance therewith is contested in good faith by appropriate proceedings or (ii) where
failure so to comply would not have a material adverse effect on the business, consolidated financial position or consolidated results of operations of API and its Consolidated Subsidiaries, considered as a whole. 

(e) Books, Records and Inspection. API will keep, and will cause each Subsidiary to keep, proper books of record
and account in which full, true and correct entries shall be made of all financial transactions and the assets and business of API and its Subsidiaries so as to permit the preparation of financial statements of API and its Subsidiaries in accordance
with GAAP; and will permit, and will cause each Subsidiary to permit, representatives of any Bank at such Bank’s expense to visit and inspect any of its properties, to examine and make abstracts from any of its books and records and to discuss
its affairs, finances and accounts with its officers, employees and independent public accountants, all at such reasonable times and as often as may reasonably be desired. 

(f) Use of Proceeds. The proceeds of each Loan (i) will be used by the relevant Borrower for the purposes
described in Section 2.08 and (ii) will not be used by such Borrower in violation of any applicable law or regulation, including Regulation U and Regulation X of the Federal Reserve Board. 

  
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 Section 7.02.
Negative Covenants. API agrees that, so long as any Bank has any Commitment hereunder or any Loan remains unpaid: 
 (a) Mergers, Consolidations and Sales of Assets. API will not, and, so long as any Loans made to ACC are outstanding hereunder, will not permit ACC to, consolidate with or merge with or into any
other person or sell, convey or otherwise transfer its properties or assets substantially as an entirety to any Person or Persons, except that (i) API may merge with a person that is a U.S. corporation, so long as API is the corporation
surviving such merger and no Default or Event of Default shall have occurred or be continuing immediately after such merger and (ii) ACC may consolidate with or merge with or into API or any Wholly-Owned Subsidiary. 

(b) Negative Pledge. API will not, and will not permit any Subsidiary to, create, assume or suffer to exist any
Lien on any asset (including, without limitation, any stock of any Material Subsidiary) now owned or hereafter acquired by it, except: 
 (i) Liens arising in the ordinary course of its business which (A) do not secure Debt and (B) do not in the aggregate materially detract from the value of its assets or materially impair the use
thereof in the operation of its business; 
 (ii) any Lien on any assets securing Debt (including Capital Leases)
incurred or assumed for the purpose of financing all or any part of the cost of acquiring such asset, provided that such Lien attaches to such asset concurrently with or within 90 days after the acquisition thereof; 

(iii) any Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any Lien permitted
by any of the foregoing clauses of this Section 7.02(b), provided that such Debt is not increased and is not secured by any additional assets; 
 (iv) any Lien existing on any asset prior to the acquisition thereof by API or a Consolidated Subsidiary and not created in contemplation of such acquisition; 

(v) Liens for taxes or assessments and similar charges either (A) not delinquent or (B) being contested in good
faith by appropriate proceedings and as to which adequate reserves have been set aside on the books of API and its Subsidiaries; 
 (vi) Liens arising out of judgments or orders against API or any Consolidated Subsidiary with respect to which API or such Consolidated Subsidiary shall in good faith be prosecuting an appeal or
proceedings for review, provided that (A) API or such Consolidated Subsidiary, as the case may be, shall have secured, within 60 days after the creation thereof, an effective stay of execution pending such appeal or review, and (B) except
with respect to (x) judgments and orders with respect to non-United States taxes against Consolidated Subsidiaries organized or conducting a substantial portion of their business outside the United States, and (y) judgments and orders for
so long as (i) the amount of such judgment or order is covered by a valid and binding policy of insurance between the defendant and the 

  
 45 

 
insurer covering payment thereof and (ii) such insurer, which shall be rated at least “A” by A.M. Best Company, has been notified of, and has not disputed the claim made for
payment of, the amount of such judgment or order, the aggregate amount of such judgments and orders shall not exceed $200,000,000; 
 (vii) Liens for minor survey exceptions, or minor encumbrances, easements or reservations of, or rights of others for, rights of way, sewers, electric lines, telephone lines and other similar purposes, or
zoning or other restrictions as to the use of real properties, which encumbrances, easements, reservations, rights and restrictions do not in the aggregate materially detract from the value of the real properties of API and the Consolidated
Subsidiaries, considered as a whole, or materially impair their use in the operation of the business of API or the Consolidated Subsidiary owning the same; 
 (viii) Liens of Consolidated Subsidiaries securing Debt of such Consolidated Subsidiaries to API; 
 (ix) Liens in favor of the Administrative Agent or the Banks securing obligations and liabilities of the Borrowers hereunder; 

(x) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 90 days or are being contested in good faith by appropriate proceedings; 

(xi) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation,
unemployment insurance and pension or other social security laws or regulations; 
 (xii) deposits to secure the
performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; and 

(xiii) to the extent not covered by the foregoing, any other Liens incurred in the ordinary course of business, provided
that the aggregate amount of all such other Liens shall not exceed $100,000,000 at any time outstanding. 
 (c) Ownership of
Other Borrowers. API will at no time at which any Loans made to (i) ACC are outstanding hereunder own less than 100% of each outstanding class of capital stock of ACC or (ii) any Additional Borrower are outstanding hereunder, permit
such Additional Borrower to cease to be a Subsidiary. 
 (d) Interest Coverage Ratio. As of the last day of each fiscal
quarter of API, the Interest Coverage Ratio will not be less than 4:1. 

  
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 ARTICLE 8 

EVENTS OF DEFAULT 
 Section 8.01. Events of Default. If one or more of the following events (each, an “Event of Default”) shall have occurred and be continuing: 

(a) A Borrower shall fail to pay when due any principal of any Loan or shall fail to pay within five Domestic Business
Days after the date when due any interest, fee or other amount payable hereunder; 
 (b) API shall fail to
observe or perform any of its covenants contained in Section 7.01(a)(v), 7.01(c) (as to the preservation of a Borrower’s corporate existence) or Section 7.02; 

(c) A Borrower shall fail to observe or perform any of its covenants or agreements contained in this Agreement (other than
those covered by clause (a) or (b) above) for 30 days after written notice thereof has been given to API by the Administrative Agent at the request of any Bank; 

(d) Any representation, warranty, certification or statement made by a Borrower in this Agreement or in any certificate,
financial statement or other document delivered pursuant hereto shall prove to have been incorrect in any material respect when made or deemed made (it being understood that good faith projections that are reasonable when made shall not be
considered representations, warranties, certifications or statements for purposes of this Section 8.01(d)); 

(e) API, ACC, or any Material Subsidiary shall fail to make any payment in respect of Debt, other than Debt under this
Agreement or any Notes, having an aggregate principal or face amount of $100,000,000 or more when due or within any applicable grace period; 
 (f) Any event or condition (other than those covered by clause (e) above) shall occur which (i) results in the acceleration of the maturity of Debt (other than Debt under any Credit Document) of
API or any Material Subsidiary having an aggregate principal amount of $100,000,000 or more or (ii) would presently cause or allow the maturity of any Debt (other than Debt under any Credit Document) of API or any Material Subsidiary having an
aggregate principal amount of $100,000,000 or more to be accelerated; 
 (g) API, ACC, or any Material Subsidiary
shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or
other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due (or admit such failure in writing), or shall take any corporate action to authorize
any of the foregoing; 

  
 47 

  
 (h) An
involuntary case or other proceeding shall be commenced against API or any Material Subsidiary seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a
period of 60 days; or an order for relief shall be entered against API or any Material Subsidiary under the Federal bankruptcy laws as now or hereafter in effect; 

(i) Any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of $100,000,000
which it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator or any combination of the foregoing;
or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer any Material Plan; or a
condition specified in Section 4042(a)(1) of ERISA, shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal from,
or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of $100,000,000;

 (j) Judgments or orders for the payment of money in excess of $100,000,000 in the aggregate shall be rendered
against API or any Material Subsidiary and such judgments or orders shall continue unsatisfied and unstayed for a period of more than 30 days; provided, however, that any such judgment or order shall not be an Event of Default under
this Section 8.01(j) if and for so long as (i) the amount of such judgment or order is covered by a valid and binding policy of insurance between the defendant and the insurer covering payment thereof and (ii) such insurer, which
shall be rated at least “A” by A.M. Best Company, has been notified of, and has not disputed the claim made for payment of, the amount of such judgment or order; or 

(k) A Change of Control of API; 
 then, and in every such event, the Administrative Agent shall (i) if requested by the Required Banks, by notice to the Borrowers, terminate the Commitments and they shall thereupon terminate, and
(ii) if requested by the Required Banks, by notice to the Borrowers, declare the Loans and any Notes (together with accrued interest thereon) to be, and such Notes shall thereupon become, immediately due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrowers; provided that in the case of any of the Events of Default specified in clause (g) or (h) above with respect to a Borrower, without any notice to
the Borrowers or any other act by the Administrative Agent or the Banks, the Commitments shall thereupon terminate and the Loans and any Notes (together with accrued interest thereon) shall become immediately due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. 

  
 48 

  
 Section 8.02.
Notice of Default. The Administrative Agent shall give written notice to the Borrowers of the occurrence of any Event of Default under Section 8.01(c) promptly upon being requested to do so by any Bank and shall thereupon notify all the
Banks thereof. 
 ARTICLE 9 
 THE ADMINISTRATIVE AGENT AND THE BANKS 
 Section 9.01. Authorization and
Action. Each Bank hereby irrevocably appoints Citibank, N.A. to act on its behalf as the Administrative Agent hereunder and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to
the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article 9 are solely for the benefit of the Administrative Agent and the Banks and, except with respect
to Section 9.06, the Borrowers shall not have rights as a third party beneficiary of any of such provisions. 

Section 9.02. Administrative Agent Individually. (a) The Person serving as the Administrative Agent hereunder shall have
the same rights and powers in its capacity as a Bank as any other Bank and may exercise the same as though it were not the Administrative Agent and the term “Bank” or “Banks” shall, unless otherwise expressly indicated or unless
the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity as a Bank. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any
other advisory capacity for and generally engage in any kind of business with any Borrower or any Subsidiary or other affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the
Banks. 
 (b) Each Bank understands that the Person serving as Administrative Agent, acting in its individual capacity, and its
affiliates (collectively, the “Agent’s Group”) are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research)
(such services and businesses are collectively referred to in this Section 9.02 as “Activities”) and may engage in the Activities with or on behalf of the Borrowers or their affiliates. Furthermore, the Agent’s Group may,
in undertaking the Activities, engage in trading in financial products or undertake other investment businesses for its own account or on behalf of others (including the Borrowers and their affiliates and including holding, for its own account or on
behalf of others, equity, debt and similar positions in any Borrower or its affiliates), including trading in or holding long, short or derivative positions in securities, loans or other financial products of any Borrower or its affiliates. Each
Bank understands and agrees that in engaging in the Activities, the Agent’s Group may receive or otherwise obtain information concerning a Borrower or its affiliates (including information concerning the ability of a Borrower to perform its
obligations hereunder) which information may not be available to any of the Banks that are not members of the Agent’s Group. None of the Administrative Agent nor any member of the Agent’s Group shall have any duty to disclose to any Bank
or use on behalf of the Banks, and shall not be liable for the failure to so disclose or use, any 

  
 49 

 
information whatsoever about or derived from the Activities or otherwise (including any information concerning the business, prospects, operations, property, financial and other condition or
creditworthiness of any Borrower or any affiliate thereof) or to account for any revenue or profits obtained in connection with the Activities, except that the Administrative Agent shall deliver or otherwise make available to each Bank such
documents as are expressly required by this Agreement to be transmitted by the Administrative Agent to the Banks. 
 (c) Each
Bank further understands that there may be situations where members of the Agent’s Group or their respective customers (including a Borrower and its affiliates) either now have or may in the future have interests or take actions that may
conflict with the interests of any one or more of the Banks (including the interests of the Banks hereunder). Each Bank agrees that no member of the Agent’s Group is or shall be required to restrict its activities as a result of the Person
serving as Administrative Agent being a member of the Agent’s Group, and that each member of the Agent’s Group may undertake any Activities without further consultation with or notification to any Bank. None of (i) this Agreement,
(ii) the receipt by the Agent’s Group of information concerning a Borrower or its affiliates (including information concerning the ability of such Borrower to perform its obligations hereunder) nor (iii) any other matter shall give
rise to any fiduciary, equitable or contractual duties (including without limitation any duty of trust or confidence) owing by the Administrative Agent or any member of the Agent’s Group to any Bank including any such duty that would prevent or
restrict the Agent’s Group from acting on behalf of customers (including the Borrowers or their Affiliates) or for its own account 
 Section 9.03. Duties of Administrative Agent; Exculpatory Provisions. 

(a) The Administrative Agent’s duties hereunder are solely ministerial and administrative in nature and the Administrative Agent
shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers, but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written direction of the Required Banks (or such other number or percentage of the Banks as shall be expressly
provided for herein), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent or any of its affiliates to liability or that is
contrary to this Agreement or applicable law. 
 (b) The Administrative Agent shall not be liable for any action taken or
not taken by it (i) with the consent or at the request of the Required Banks (or such other number or percentage of the Banks as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 11.04 or 8.01) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default or the event
or events that give or may give rise to any Default or Event of Default unless and until a Borrower or any Bank shall have given notice to the Administrative Agent describing such Default or Event of Default and such event or events. 

(c) Neither the Administrative Agent nor any member of the Agent’s Group shall be responsible for or have any duty to ascertain
or inquire into (i) any statement, warranty, 

  
 50 

 
representation or other information made or supplied in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in
connection herewith or the adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document or the perfection or priority of any Lien or security interest
created or purported to be created hereby or (v) the satisfaction of any condition set forth in Article 6 or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be delivered
to the Administrative Agent. 
 (d) Nothing in this Agreement shall require the Administrative Agent or any of its Related
Parties to carry out any “know your customer” or other checks in relation to any person on behalf of any Bank and each Bank confirms to the Administrative Agent that it is solely responsible for any such checks it is required to carry out
and that it may not rely on any statement in relation to such checks made by the Administrative Agent or any of its Related Parties. 
 Section 9.04. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the
proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of any Loan that by its terms must be fulfilled to the satisfaction of a Bank, the Administrative Agent may presume that such condition is satisfactory to such Bank unless an officer of the Administrative
Agent responsible for the transactions contemplated hereby shall have received notice to the contrary from such Bank prior to the making of such Loan, and such Bank shall not have made available to the Administrative Agent such Bank’s ratable
portion of such Borrowing. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts. 
 Section 9.05. Delegation of Duties. The
Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any
and all of its duties and exercise its rights and powers by or through their respective Related Parties. Each such sub-agent and the Related Parties of the Administrative Agent and each such sub-agent shall be entitled to the benefits of all
provisions of this Article 9 and Section 11.10 (as though such sub-agents were the “Administrative Agent” under this Agreement) as if set forth in full herein with respect thereto. 

Section 9.06. Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to
the Banks and the Borrowers. Upon receipt of any such notice of resignation, the Required Banks, with the prior written consent of API (which consent shall not be unreasonably withheld or delayed) shall have the right to appoint a successor,

  
 51 

 
which shall be a commercial bank or an affiliate of a Bank with an office in New York, New York, or an affiliate of any such bank with an office in New York, New York. If no such successor shall
have been so appointed by the Required Banks and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (such 30-day period, the “Bank Appointment Period”),
then the retiring Administrative Agent may with the prior written consent of API (which consent shall not be unreasonably withheld or delayed) on behalf of the Banks appoint a successor Administrative Agent meeting the qualifications set forth
above. In addition and without any obligation on the part of the retiring Administrative Agent to appoint, on behalf of the Banks, a successor Administrative Agent, the retiring Administrative Agent may at any time upon or after the end of the Bank
Appointment Period notify the Borrower and the Banks that no qualifying Person has accepted appointment as successor Administrative Agent and the effective date of such retiring Administrative Agent’s resignation. Upon the resignation effective
date established in such notice and regardless of whether a successor Administrative Agent has been appointed and accepted such appointment, the retiring Administrative Agent’s resignation shall nonetheless become effective and (i) the
retiring Administrative Agent shall be discharged from its duties and obligations as Administrative Agent hereunder and (ii) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall
instead be made by or to each Bank directly, until such time as the Required Banks appoint a successor Administrative Agent as provided for above in this paragraph. Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties as Administrative Agent of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged
from all of its duties and obligations as Administrative Agent hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article 9 and
Section 11.10 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring
Administrative Agent was acting as Administrative Agent. 
 Section 9.07. Non-Reliance on Administrative Agent and Other
Banks. 
 (a) Each Bank confirms to the Administrative Agent, each other Bank and each of their respective Related Parties
that it (i) possesses (individually or through its Related Parties) such knowledge and experience in financial and business matters that it is capable, without reliance on the Administrative Agent, any other Bank or any of their respective
Related Parties, of evaluating the merits and risks (including tax, legal, regulatory, credit, accounting and other financial matters) of (x) entering into this Agreement, (y) making Loans and other extensions of credit hereunder and
(z) in taking or not taking actions hereunder, (ii) is financially able to bear such risks and (iii) has determined that entering into this Agreement and making Loans and other extensions of credit hereunder is suitable and
appropriate for it. 
 (b) Each Bank acknowledges that (i) it is solely responsible for making its own independent
appraisal and investigation of all risks arising under or in connection with this Agreement, (ii) that it has, independently and without reliance upon the Administrative Agent, any 

  
 52 

 
other Bank or any of their respective Related Parties, made its own appraisal and investigation of all risks associated with, and its own credit analysis and decision to enter into, this
Agreement based on such documents and information, as it has deemed appropriate and (iii) it will, independently and without reliance upon the Administrative Agent, any other Bank or any of their respective Related Parties, continue to be
solely responsible for making its own appraisal and investigation of all risks arising under or in connection with, and its own credit analysis and decision to take or not take action under, this Agreement based on such documents and information as
it shall from time to time deem appropriate, which may include, in each case: 
 (i) the financial condition,
status and capitalization of the Borrowers; 
 (ii) the legality, validity, effectiveness, adequacy or
enforceability of this Agreement and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreement; 

(iii) determining compliance or non-compliance with any condition hereunder to the making of a Loan, and the form and
substance of all evidence delivered in connection with establishing the satisfaction of each such condition; and 

(iv) the adequacy, accuracy and/or completeness of the information delivered by the Administrative Agent, any other Bank
or by any of their respective Related Parties under or in connection with this Agreement, the transactions contemplated hereby and thereby or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with this Agreement. 
 Section 9.08. Indemnification. Each Bank agrees (which agreement shall survive
repayment of the Loans) to indemnify the Administrative Agent, to the extent not reimbursed by the Borrowers, ratably in accordance with its respective Commitment in effect on the date on which indemnification is sought (or, if indemnification is
sought after the date upon which the Commitment shall have terminated and the Loans shall have been paid in full, ratably in accordance with its respective Commitment immediately prior to such date), from and against any and all liabilities,
obligations, losses, claims, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to
or arising out of any Credit Document, or any action taken or omitted to be taken by the Administrative Agent under any Credit Document; provided that no Bank shall be liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the gross negligence or willful misconduct of the Administrative Agent or any of its officers or employees. Without limiting the foregoing, each Bank agrees to
reimburse the Administrative Agent promptly upon demand for its Pro Rata Share of any out-of-pocket expenses (including counsel fees) incurred by the Administrative Agent in such capacity in connection with the enforcement of, or legal advice in
respect of rights or responsibilities under, any Credit Document or any amendments or supplements hereto or thereto, to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrowers. 

Section 9.09. Sharing of Payments and Expenses. All funds for the account of the Banks received by the Administrative Agent
in respect of payments made by a Borrower pursuant 

  
 53 

 
to, or from any Person on account of, any Credit Document shall be distributed forthwith by the Administrative Agent among the Banks, ratably in proportion to their respective interests therein.
In the event that any Bank shall receive from a Borrower or any other source any payment of, on account of, or for or under any Credit Document (whether received pursuant to the exercise of any right of set-off, banker’s lien, realization upon
any security held for or appropriated to such obligation or otherwise as permitted by law) other than in proportion to its Pro Rata Share, except for amounts payable to such Bank under Section 4.03, 4.04, 4.06 or 4.07 hereof, then such Bank
shall purchase at par from each other Bank so much of its interest in obligations of the Borrowers as shall be necessary in order that each Bank shall share such payment with each of the other Banks in proportion to each Bank’s Pro Rata Share.
In the event that any purchasing Bank shall be required to return any excess payment received by it, the purchase shall be rescinded and the purchase price restored to the extent of such return, but without interest. 

Section 9.10. Other Agents. None of the Banks identified on the facing page or signature pages of this Agreement as a
“joint lead arranger”, “joint book runner”, “syndication agent”, “documentation agent” or “co-documentation agent”, or any Affiliate of such Banks, shall have any right, power, obligation, liability,
responsibility or duty under this Agreement other than, in the case of any Bank, those applicable to all Banks as such. Without limiting the foregoing, none of the Banks so identified (or such Affiliates) shall have or be deemed to have any
fiduciary relationship with any Bank. Each Bank acknowledges that it has not relied, and will not rely, on any of the Banks so identified (or such Affiliates) in deciding to enter into this Agreement or in taking or not taking action hereunder.

 ARTICLE 10 
 THE GUARANTY 
 Section 10.01. The Guaranty. API unconditionally and
irrevocably guarantees the prompt payment when due of all present and future obligations and liabilities of all kinds (including post-petition interest, whether or not such interest constitutes an allowed claim in the related bankruptcy or
insolvency proceeding) of each other Borrower to the Banks under any Credit Document, whether incurred by such Borrower as maker, endorser, drawer, acceptor, guarantor, accommodation party or otherwise, and whether due or to become due, secured or
unsecured, absolute or contingent, joint or several, and howsoever or whenever incurred by such Borrower (the “Guaranteed Obligations”). 
 Section 10.02. Absolute Guaranty. API’s obligations hereunder shall not be affected by (a) the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or
any instrument evidencing the Guaranteed Obligations (b) the existence, legality, validity, enforceability (including as a result of a bankruptcy, reorganization or similar proceeding), perfection, or extent of any collateral therefor,
(c) any change in the corporate existence or structure of any other Borrower, (d) any claims or set-offs that API may have, (e) any law, regulation, decree or order of any jurisdiction or any event affecting any term of the Guaranteed
Obligations or the rights of any Bank with respect thereto or (f) any other circumstance relating to the Guaranteed 

  
 54 

 
Obligations or the Borrowers (other than API) which might otherwise constitute a defense available to any surety or guarantor or to this Guaranty. The Banks make no representation or warranty in
respect of any such circumstance and have no duty or responsibility whatsoever to API with respect to the management or maintenance of the Guaranteed Obligations or any collateral therefor. The Banks shall not be obligated to file any claim relating
to the Guaranteed Obligations in the event that a Borrower becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Banks so to file shall not affect API’s obligations hereunder. In the event that any
payment to the Banks in respect of any Guaranteed Obligation is rescinded or must otherwise be returned for any reason whatsoever, API shall remain liable hereunder in respect of such Guaranteed Obligation as if such payment had not been made.

 Section 10.03. Consents, Waivers and Renewals. API agrees that the Banks may at any time and from time to time,
either before or after the maturity thereof, without notice to or further consent of API, extend the time of payment of, exchange or surrender any collateral for, or renew any Guaranteed Obligations, and may also make any agreement with ACC, an
Additional Borrower or with any other party to or person liable on any Guaranteed Obligations, or interested therein, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the
terms thereof or of any agreement between the Banks, ACC, an Additional Borrower or any such other party or person, without in any way impairing or affecting this Guaranty. API agrees that the Banks may resort to API for payment of any Guaranteed
Obligations, whether or not the Banks shall have resorted to any collateral security, or shall have proceeded against any Borrower or other obligor principally or secondarily obligated with respect to any of the Guaranteed Obligations. 

Section 10.04. Subrogation. API will not exercise any rights which it may acquire by way of subrogation or by any indemnity,
reimbursement or other agreement, and shall not exercise any right of recourse to any assets or property of any other Borrower held for the payment and performance of the Guaranteed Obligations, unless and until all of the Guaranteed Obligations
have been paid in full and all Commitments have been terminated. If any amount shall be paid to API in violation of the preceding sentence, such amount shall be held in trust for the benefit of the Banks and shall forthwith be paid to the
Administrative Agent to be credited and applied to the Guaranteed Obligations, whether matured or unmatured. 

Section 10.05. Continuing Guaranty. API’s obligations hereunder shall remain in full force and effect until the
principal of and interest on the Loans and all other amounts payable by any other Borrower under this Agreement shall have been paid in full. If at any time any payment of the principal of or interest on the Loans or any other amount payable by any
such Borrower under this Agreement is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of such Borrower or otherwise, API’s obligations hereunder with respect to such payment shall be
reinstated as though such payment had been due but not made at such time. 
 Section 10.06. Waiver of Notice. API
waives notice of the acceptance of this Guaranty and of the making of any loans or extensions of credit to any other Borrower, presentment to or demand or payment from anyone whomsoever liable upon any of the Guaranteed Obligations, presentment,
demand, notice of dishonor, protest, notice of any sale of collateral security and all other notices whatsoever. 

  
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 ARTICLE 11 

MISCELLANEOUS 

Section 11.01. Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. 
 Section 11.02. Set-off. Each Bank is hereby authorized at any time and from time to time upon the
occurrence of an Event of Default that is continuing, to the fullest extent permitted by law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Debt at any time owing by
such Bank to or for the credit or the account of a Borrower against any and all payment obligations of such Borrower under this Agreement then due to such Bank, irrespective of whether such Bank shall have made any demand under this Agreement. The
rights of each Bank under this Section 11.02 are in addition to any other rights and remedies (including other rights of set-off) which such Bank may have. Any Bank exercising its rights under this Section 11.02 shall give notice thereof
to API, the relevant Borrower and the Administrative Agent concurrently with or prior to the exercise of such rights, provided that the failure to give such notice shall not affect the validity of such set-off and application. 

Section 11.03. Expenses. API agrees to pay all reasonable out-of-pocket expenses incurred by the Administrative Agent and any
Banks, including the reasonable fees and disbursements of one firm of counsel chosen from time to time to represent the Banks as a group in connection with the negotiation, execution and administration of the Credit Documents, and including the
reasonable fees and disbursements of counsel, if necessary, in connection with the enforcement of any provisions of the Credit Documents. 
 Section 11.04. Amendments. Any provision of this Agreement may be amended, modified, supplemented or waived if, but only if, such amendment, modification, supplement or waiver is in writing
and is signed by each of the Borrowers and the Required Banks (and, if the rights or duties of the Administrative Agent are affected thereby, by the Administrative Agent); provided that no such amendment, modification, supplement or waiver
shall, unless signed by each Bank directly affected thereby, (i) subject to Sections 2.04, 2.05 and 2.09, increase or decrease the Commitment of any Bank or subject any Bank to any additional obligation, (ii) reduce the principal of or
rate of interest on any Loan or any fees hereunder or (iii) subject to Section 2.09, postpone the date fixed for any payment of principal of or interest on any Loan or any fees hereunder or for any reduction or termination of any
Commitment; and provided further that no such amendment, modification, supplement or waiver shall, unless signed by all the Banks (A) release API from any obligations under Article 10 or (B) amend or waive the provisions of
this Section 11.04, the definition of “Required Banks” or any provision that explicitly requires the consent of all the Banks. 
 Section 11.05. Cumulative Rights and No Waiver. Each and every right granted to the Administrative Agent and the Banks under any Credit Document, or allowed them by law or equity, shall be
cumulative and may be exercised from time to time. No failure on the part of the Administrative Agent or any Bank to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by the
Administrative Agent or any Bank of any right preclude any other or future exercise thereof or the exercise of any other right. 

  
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 Section 11.06.
Notices. (a) Except as specified in Articles 1, 2 or 3 or subsection (b) below, any communication, demand or notice to be given hereunder will be duly given when delivered in writing or by telecopy to a party at its address as
indicated below. 
 A communication, demand or notice given pursuant to this Section 11.06 shall be addressed: 

If to any Borrower, to such Borrower at (or in care of): 

Avon Products, Inc. 
 601 Midland Avenue 
 Rye, New York 10580 

Telephone: [number] 
 Attention: Mr. Richard J. Valone 
 Vice President and
Treasurer 
 with a copy to: 
 Avon Products, Inc. 
 1345 Avenue of the Americas 

New York, New York 10105 
 Telephone: 212-282-5000 
 Attention: General Counsel 

If to the Administrative Agent, to it at: 
 Citibank, N.A. 
 Building #3 

1615 Brett Road 
 New Castle, Delaware 19720 
 Telephone: 302-894-6011 

Attention: Bank Loan Syndications 
 provided, that notices to be given pursuant to Articles 2, 3 or 4 (other than notices pursuant to Section 2.07, which shall be directed as set forth in Exhibit C-1) hereunder shall be given to the
Administrative Agent at; 
 Citibank, N.A. 

Building #3 
 1615 Brett Road 
 New Castle, Delaware 19720 

Telephone: 302-894-6011 
 Attention: Bank Loan Syndications 

  
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 If to any Bank, to it
at the address designated as its address for notices on Schedule 2.01. 
 Unless otherwise provided herein, any notice which is
required to be given in writing or by telephone pursuant to the terms of this Agreement may be given by telecopy or facsimile transmission. Any party from time to time may change its address for notices by notice to the other Banks, the
Administrative Agent and API in the manner provided in this subsection. 
 Each notice delivered in writing to API hereunder
shall be deemed delivered to all the Borrowers. 
 (b) Subject to subsection (d) below, so long as Citibank or any of its
affiliates is the Administrative Agent, materials required to be delivered pursuant to Section 7.01(a)(i), (ii), (vi) and (vii) shall be delivered to the Administrative Agent in an electronic medium in a format reasonably acceptable
to the Administrative Agent and the Banks by e-mail at oploanswebadmin@citigroup.com. API agrees that the Administrative Agent may make such materials, as well as any other written information, documents, instruments and other material relating to
this Agreement, the Notes or any of the transactions contemplated hereby (collectively, the “Communications”) available to the Banks by posting such notices on Intralinks or a substantially similar electronic system (the
“Platform”). API acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the
Platform is provided “as is” and “as available” and (iii) neither the Administrative Agent nor any of its Affiliates warrants the accuracy, adequacy or completeness of the Communications or the Platform and each expressly
disclaims liability for errors or omissions in the Communications or the Platform. To the fullest extent permitted under applicable law, API agrees that no warranty of any kind, express, implied or statutory, including, without limitation, any
warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by the Administrative Agent or any of its Affiliates in connection with the Platform.

 (c) Each Bank agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any
Communications have been posted to the Platform shall constitute effective delivery of such information, documents or other materials to such Bank for purposes of this Agreement; provided that if requested by any Bank the Administrative Agent
shall deliver a copy of the Communications to such Bank by email. Each Bank agrees (i) to notify the Administrative Agent in writing of such Bank’s e-mail address to which a Notice may be sent by electronic transmission (including by
electronic communication) on or before the date such Bank becomes a party to this Agreement (and from time to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such Bank) and (ii) that any
Notice may be sent to such e-mail address. 
 (d) For purposes of Sections 7.01(a)(i), (ii), (vi) and (vii), API shall be
deemed to have effectively delivered any financial statement required to be delivered under Section 7.01(a)(i) or (ii), registration statement or report on Form 8-K, 10-K or 10-Q to the Administrative Agent and the Banks when such financial
statement, registration statement or report is posted on the Internet at the SEC’s website at www.sec.gov. 

  
 58 

  
 Section 11.07.
Severability. If any one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions contained herein
shall not in any way be affected or impaired thereby. 
 Section 11.08. Parties in Interest. (a) Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of each of the Borrowers and the Banks and their respective successors. Except as permitted in Section 11.08(c), no interest in the Commitment of any Bank or any
Loan, nor any right of a Bank under the Credit Documents, may be assigned to any Person that was not, prior to such assignment, a Bank hereunder. No Borrower shall assign or delegate any of its respective rights or obligations hereunder, without the
prior written consent of all the Banks. Any purported assignment in contravention of this Section 11.08 shall be null and void. 
 (b) Participations. Any Bank, in the ordinary course of its business and in accordance with applicable law, may at any time grant to one or more banks or other financial institutions (each, a
“Participant”) participating interests in its Commitment or any or all of its Revolving Credit Loans. In the event of any such grant by a Bank of a participating interest to a Participant, whether or not upon notice to either
Borrower and the Administrative Agent, such Bank shall remain responsible for the performance of its obligations hereunder and the Borrowers and the Administrative Agent shall continue to deal solely and directly with such Bank in connection with
such Bank’s rights and obligations under this Agreement. Any agreement pursuant to which any Bank may grant such a participating interest shall provide that such Bank shall retain the sole right and responsibility to enforce the obligations of
the Borrowers under the Credit Documents, including the right to approve any amendment, modification, supplement or waiver of any provision of this Agreement; provided that such participation agreement may provide that such Bank will not
agree to any modification, amendment or waiver of this Agreement described in the provisos to Section 11.04 without the consent of the Participant. Each Borrower agrees that each Participant shall be entitled to the benefits of Sections 4.03
and 4.04 with respect to its participating interest; provided that (i) subject to clause (ii) of this sentence, all amounts payable to a Bank for the account of a Participant under Sections 4.03 and 4.04 shall be determined as if
such Bank had not granted such participation to the Participant and (ii) no Participant shall be entitled to receive any greater payment under Section 4.03 or 4.04 than such Bank would have been entitled to receive with respect to the
rights participated, unless (x) such transfer is made with API’s prior written consent or by reason of the provisions of Section 4.04 requiring such Bank to designate a different lending office under certain circumstances or at a time
when the circumstances giving rise to such payment did not exist and (y) such Participant agrees, for the benefit of the Borrowers, to comply with Section 4.04(e) as though it were a Bank. Each Bank that sells a participation shall, acting
solely for this purpose as an agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other
obligations under this Agreement (the “Participant Register”); provided that no Bank shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any
information relating to a Participant’s interest in any Loans or other obligations under this Agreement) except to the extent such disclosure is necessary to establish that such Loan or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Bank shall treat each person whose name is recorded in the Participant Register as the
owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

  
 59 

  
 (c)
Assignments. (i) Any Bank, in accordance with applicable law, may assign all or a portion of its interests, rights and obligations under this Agreement (including a portion or all of its Commitment or of the Loans at the time owing to
it) to one or more banks or other financial institutions (each, an “Assignee”); provided, however, that (A) each of API (other than during the existence of an Event of Default under Section 8.01(a),
(g) or (h)) and the Administrative Agent must give its prior written consent (which consent shall not be unreasonably withheld) to any such assignment (other than an assignment by a Bank to an affiliate of such Bank or to a Federal Reserve
Bank), (B) the amount of the Commitment of the assigning Bank (determined as of the date of such assignment) subject to such assignment (other than in the case of an assignment to an affiliate of the Bank or a Federal Reserve Bank) shall not be
less than $10,000,000, unless API otherwise consents (which consent shall not be unreasonably withheld), (C) the parties to each such assignment (other than an assignment to a Federal Reserve Bank) shall execute and deliver to the
Administrative Agent for recording in the Register an instrument evidencing such assignment, in substantially the form of Exhibit F (an “Assignment and Acceptance”), and the assigning Bank or the Assignee shall pay to the
Administrative Agent an assignment fee in cash equal to $1,000 (if the Assignee is already a Bank) or $3,500 (otherwise), and (D) as of the date of such assignment, except with the prior written consent of API and the Administrative Agent,
(1) the Assignee shall not have any right, and shall have no knowledge that such assignment would result in its having the right, to request compensation pursuant to Section 4.04 after giving effect to such assignment (other than
Indemnified Taxes but only to the extent that the assignor Bank was so entitled) and (2) the parties to such assignment shall have no knowledge that such assignment (a) would cause it to be unlawful for any party thereto to make or
maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan or (b) would cause any Borrower to incur any liability under Section 4.03 or 4.04 (other than Indemnified Taxes
but only to the extent that the assignor Bank was so entitled). Upon acceptance and recording in the Register, from and after the effective date specified in each Assignment and Acceptance, which effective date shall be at least two Domestic
Business Days after the execution thereof, (A) the Assignee thereunder shall be a party hereto and, to the extent of the Commitment assigned by such Assignment and Acceptance, shall have the rights and obligations of, and shall for all purposes
be, a Bank under this Agreement and (B) the assigning Bank thereunder shall, to the extent of the Commitment assigned by such Assignment and Acceptance, be released from such Commitment (and, in the case of an Assignment and Acceptance covering
all or the remaining portion of an assigning Bank’s Commitment under this Agreement and in the case of an assignment pursuant to Section 4.06, such Bank shall cease to be a party hereto). Notwithstanding the foregoing, (A) any Bank
assigning any portion of its rights and obligations under this Agreement may retain any Competitive Advance Loans made by it outstanding at such time and, in such case, shall retain its rights hereunder in respect of any Competitive Advance Loans so
retained until such Loans have been repaid and (B) any Bank may at any time assign or grant a security interest in its Loans and its rights (but not its obligations) under this Agreement, including to a Federal Reserve Bank; provided
that no such assignment or grant pursuant to this clause (B) shall release a Bank from any of its obligations hereunder. 

(ii) By executing and delivering an Assignment and Acceptance, the Assignee thereunder shall be deemed to confirm to and agree with the
other parties hereto as follows: (A)

  
 60 

 
such Assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements delivered pursuant to Section 7.01 and such other documents
and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (B) such Assignee will independently and without reliance upon the Administrative Agent, the assigning Bank
or any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (C) such Assignee appoints and authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof; and (D) such Assignee agrees that it will perform in accordance
with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Bank with the Loans and Commitment assigned to it. 
 (iii) Notwithstanding the foregoing, an Assignee shall not, by virtue of an Assignment and Acceptance, become a party to this Agreement or a “Bank”, or have any rights to consent to or refrain
from consenting to any amendment, waiver or other modification of any provision of any Credit Document unless such Assignee shall thereby have accepted a Commitment hereunder; provided that no such amendment, waiver or modification may reduce
or postpone any payment of principal or interest in respect of any Loan assigned to such Assignee thereby without the written consent of such Assignee. 
 (d) Federal Reserve Regulations. Notwithstanding any other provision of any Credit Document, no Bank may sell, assign or participate all or any portion of its Commitment or Loans hereunder to any
“broker” or “dealer” (as defined in Sections 3(a)(4) and 3(a)(5) of the Securities Exchange Act of 1934) or any other Person that is a “creditor” (as defined in Regulation T of the Federal Reserve Board). By executing
and delivering this Agreement, each Bank hereby confirms that it is not such a “broker”, “dealer” or “creditor”. 
 Section 11.09. License Agreement and CDS Data. 
 (a) The Administrative
Agent hereby notifies API and the Banks that it has entered into a licensing agreement (the “Licensing Agreement”) with Markit, pursuant to which Markit will provide to the Administrative Agent for each Business Day a composite end
of day credit default swap spread for the three (3) year credit default swap spread of API (the “CDS Data”) that the Administrative Agent will use to determine the Credit Default Swap Spread. The Administrative Agent hereby
further notifies API and the Banks that, pursuant to the Licensing Agreement, (i) the CDS Data will be provided by Markit on an “as is” basis, without express or implied warranty as to accuracy, completeness, title, merchantability or
fitness for a particular purpose, (ii) Markit has no liability to the Administrative Agent for any inaccuracies, errors or omissions in the CDS Data, except in the event of its gross negligence, fraud or willful misconduct, (iii) the CDS
Data, as provided by Markit, constitutes confidential information (and each Bank agrees to treat such information in confidence to the same extent and in the same manner as such Bank is required to hold Information pursuant to Section 11.12
hereof), (iv) the CDS Data, as provided by Markit, may be used by the Administrative Agent, API and the Banks solely for the purposes of this Agreement and (v) Markit and the Administrative Agent, except in each case in the event of its
gross negligence, fraud or willful misconduct, shall have no liability whatsoever to either API or any Bank or any client of a Bank, whether in contract, in tort, under a warranty, under 

  
 61 

 
statute or otherwise, in respect of any loss or damage suffered by API, such Bank or client as a result of or in connection with any opinions, recommendations, forecasts, judgments or any other
conclusions, or any course of action determined, by such Bank or any client of such Bank based on the CDS Data. Each of API and the Banks (other than Citibank, N.A., in its capacity as the Administrative Agent, which is a party thereto) agrees that
it shall not be a third party beneficiary of the Licensing Agreement and shall have no rights or obligations thereunder. 
 (b)
The CDS Data shall be made available to API pursuant to procedures agreed upon by API and the Administrative Agent. API agrees that it will use reasonable efforts (e.g., procedures substantially comparable to those applied by API in respect of
non-public information as to the business of API) to keep confidential the CDS Data and the related materials provided by Markit pursuant to the Licensing Agreement to the extent that the same is not and does not become publicly available.

 (c)(c) It is understood and agreed that in the event of a breach of confidentiality, damages may not be an adequate remedy
and that the Licensing Agreement provides that Markit shall be entitled to injunctive relief to restrain any such breach, threatened or actual. 
 (d) API acknowledges that each of the Administrative Agent and the Banks from time to time may conduct business with and may be a shareholder of Markit and that each of the Administrative Agent and the
Banks may have from time to time the right to appoint one or more directors to the board of directors of Markit. 
 (e)
Notwithstanding the foregoing, the Administrative Agent hereby represents and warrants to API that the Administrative Agent has the express authority under the Licensing Agreement to provide the CDS Data and the related materials provided from time
to time by Markit to API. 
 Section 11.10. Indemnity. The Borrowers, jointly and severally, agree to indemnify the
Administrative Agent and each of the Banks and their respective directors, officers, employees, agents, advisors and controlling persons (each such Person, an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and
all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees and expenses, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or
delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties thereto of their respective obligations hereunder or the consummation of the transactions contemplated hereby, (ii) the use of the
proceeds of the Loans or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. In the case of an investigation,
litigation or other proceeding to which the indemnity in this Section 11.10 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by a Borrower, any of its directors, security holders
or creditors (other than in the case where such litigation or proceeding is brought by a Borrower and such Borrower prevails), an Indemnitee or any other person or an Indemnitee is 

  
 62 

 
otherwise a party thereto. In no event, however, shall any Indemnitee be liable on any theory of liability for any special, indirect, consequential or punitive damages (including, without
limitation, any loss of profits, business or anticipated savings). This Section 11.10 shall not apply with respect to Taxes or Excluded Taxes other than any Taxes or Excluded Taxes that represent losses or damages arising from any non-Tax
claim. 
 The provisions of this Section 11.10 shall remain operative and in full force and effect regardless of the
expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Revolving Credit Loans or the Competitive Advance Loans, the reduction or cancellation of the Total Commitment, the
invalidity or unenforceability of any term or provision of this Agreement or any Note, or any investigation made by or on behalf of the Banks. All amounts due under this Section 11.10 shall be payable in immediately available funds upon written
demand therefor. 
 Section 11.11. Consent to Jurisdiction. Subject to the last sentence of this Section 11.11,
any judicial proceeding brought against any party to this Agreement arising out of or relating to any Credit Document shall be brought in any court of competent jurisdiction in the City and County of New York, and, by its execution and delivery of
this Agreement or an Additional Borrower Confirmation pursuant to Section 6.04, each Borrower shall be deemed, to the fullest extent permitted by law, to (a) accept, generally and unconditionally, the exclusive jurisdiction of such courts,
(b) irrevocably waive any objection they may now or hereafter have as to the venue of any suit, action or proceeding brought in such a court or that such court is an inconvenient forum and (c) consent that service of process upon any of
them may be made by certified or registered mail, return receipt requested, at their address specified or determined in accordance with the provisions of Section 11.06 and service so made shall be deemed completed when received. Nothing herein
shall affect the right to serve process in any other manner permitted by law or shall limit the right of the Administrative Agent, any Bank or any Borrower to bring proceedings against any other party in the courts of any other applicable
jurisdiction. 
 Section 11.12. Confidentiality. Each of the Administrative Agent and the Banks agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its affiliates and to its and its affiliates’ respective managers, administrators, trustees, partners, directors, officers,
employees, agents, advisors and other representatives, in all cases to the extent such affiliates and such managers, administrators, trustees, partners, directors, officers, employees, agents, advisors, and other representatives are involved in the
administration of this Agreement (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent
requested by any regulatory authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable
laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any Note or any action or proceeding relating to this Agreement or any
Note or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 11.12 and as to which the Borrowers are third party beneficiaries, to (i) any
Assignee of or Participant in, or any prospective Assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective party (or its managers, administrators,

  
 63 

 
trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap, derivative or other transaction under which payments are to be made by reference to
API and its obligations under this Agreement or payments hereunder, (g) with the consent of API or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 11.12 or
(y) becomes available to the Administrative Agent, any Bank or any of their respective affiliates on a nonconfidential basis from a source other than API, unless such Information is being made available by a Person not known after reasonable
inquiry by the Administrative Agent, any Bank or any of their respective affiliates to be required to maintain the confidentiality of such Information. 
 For purposes of this Section, “Information” means all information received from API or any of its Subsidiaries relating to API or any of its Subsidiaries or any of their respective
businesses, provided that, in the case of information received from API or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. 

Section 11.13. Judgment. To the fullest extent permitted under applicable law, the obligation of any Borrower in respect of
any sum due from it in Dollars to any Bank or the Administrative Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only to the extent that on the Domestic Business Day following receipt by such Bank or the
Administrative Agent (as the case may be), of any sum adjudged to be so due in such other currency, such Bank or the Administrative Agent (as the case may be) may in accordance with normal banking procedures purchase Dollars with such other
currency; if the amount of Dollars so purchased is less than such sum due to such Bank or the Administrative Agent (as the case may be) in Dollars, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify
such Bank or the Administrative Agent (as the case may be) against such loss, and if the amount of Dollars so purchased exceeds such sum due to any Bank or the Administrative Agent (as the case may be) in Dollars, such Bank or the Administrative
Agent (as the case may be) agrees to remit to such Borrower such excess. 
 Section 11.14. Execution in
Counterparts. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all the counterparts shall together
constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 11.15. Patriot Act. 
 Each Bank hereby notifies each Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required
to obtain, verify and record information that identifies each borrower, guarantor or grantor (the “Loan Parties”), which information includes the name and address of each Loan Party and other information that will allow such Bank to
identify such Loan Party in accordance with the Act. 

  
 64 

  
 Section 11.16.
No Fiduciary Duty. 
 The Administrative Agent, each Bank and their respective Affiliates (collectively, solely for
purposes of this paragraph, the “Banks”), may have economic interests that conflict with those of the Borrowers. Each Borrower agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or
agency relationship or fiduciary or other implied duty between the Banks and the Borrowers, their stockholders or their affiliates. Each Borrower acknowledges and agrees that (i) the transactions contemplated by the Credit Documents are
arm’s-length commercial transactions between the Banks, on the one hand, and the Borrowers, on the other, (ii) in connection therewith and with the process leading to such transaction each of the Banks is acting solely as a principal and
not the agent or fiduciary of any Borrower, its management, stockholders, creditors or any other person, (iii) no Bank has assumed an advisory or fiduciary responsibility in favor of the Borrowers with respect to the transactions contemplated
hereby or the process leading thereto (irrespective of whether any Bank or any of its affiliates has advised or is currently advising any Borrower on other matters) or any other obligation to the Borrowers except the obligations expressly set forth
in the Credit Documents and (iv) each of the Borrowers has consulted its own legal and financial advisors to the extent it deemed appropriate. Each Borrower further acknowledges and agrees that it is responsible for making its own
independent judgment with respect to such transactions and the process leading thereto. Each Borrower agrees that it will not claim that any Bank has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the
Borrowers, in connection with such transaction or the process leading thereto. 

  
 65 

  
 Section 11.17.
Waiver of Right to Jury. EACH OF THE BORROWERS, THE ADMINISTRATIVE AGENT AND EACH OF THE BANKS WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN
ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THE CREDIT DOCUMENTS OR THE RELATIONSHIPS ESTABLISHED UNDER THE CREDIT DOCUMENTS. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written. 

 

			
	AVON PRODUCTS, INC.
		
	By:	 	 /s/ Richard J. Valone

		 	Name:  Richard J. Valone
		 	Title:  Vice President and Treasurer
	
	AVON CAPITAL CORPORATION
		
	By:	 	 /s/ Richard J. Valone

		 	Name:  Richard J. Valone
		 	Title:  President
	
	CITIBANK, N.A., as Administrative Agent
		
	By:	 	 /s/ Carolyn Kee

		 	Name:  Carolyn Kee
		 	Title:  Vice President
	
	CITIBANK, N.A.
		
	By:	 	 /s/ Carolyn Kee

		 	Name:  Carolyn Kee
		 	Title:  Vice President
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ J. Casey Cosgrove

		 	Name:  J. Casey Cosgrove
		 	Title:  Senior Vice President
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Barry K. Bergman

		 	Name:  Barry K. Bergman
		 	Title:  Managing Director

  
 66 

  
 
			
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
NEW YORK BRANCH

		
	 By:
	 	 /s/ Joanne Nasuti

		 	 Name:  Joanne Nasuti

		 	 Title:  Authorized Signatory

	
	DEUTSCHE BANK AG NEW YORK BRANCH
		
	 By:
	 	 /s/ Frederick W. Laird

		 	 Name:  Frederick W. Laird

		 	 Title:  Managing Director

		
	 By:
	 	 /s/ Heidi Sandquist

		 	 Name:  Heidi Sandquist

		 	 Title:  Director

	
	 HSBC BANK USA, NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Alan Vitulich

		 	 Name:  Alan Vitulich

		 	 Title:  Vice President

	
	 GOLDMAN SACHS BANK USA

		
	 By:
	 	 /s/ Mark Walton

		 	 Name:  Mark Walton

		 	 Title:  Authorized Signatory

	
	 MORGAN STANLEY BANK, N.A.

		
	 By:
	 	 /s/ Ryan Vetsch

		 	 Name:  Ryan Vetsch

		 	 Title:  Authorized Signatory

	
	 BANCO SANTANDER, S.A., NEW YORK BRANCH

		
	 By:
	 	 /s/ Jorge Saavedra

		 	 Name:  Jorge Saavedra

		 	 Title:  Executive Director

		
	 By:
	 	 /s/ Jesus Lopez

		 	 Name:  Jesus Lopez

		 	 Title:  Senior Vice President

  
 67 

  
 
			
	BNP PARIBAS
		
	 By:
	 	 /s/ Simone Vinocour

		 	 Name:  Simone Vinocour

		 	 Title:  Director

		
	 By:
	 	 /s/ Melissa Balley

		 	 Name:  Melissa Balley

		 	 Title:  Vice President

	
	 BANCO BILBAO VIZCAYA ARGENTARIA S.A.,
NEW YORK BRANCH

		
	 By:
	 	 /s/ Alex Mayral

		 	 Name:  Alex Mayral

		 	 Title:  Vice President

		
	 By:
	 	 /s/ Peter Tommaney

		 	 Name:  Peter Tommaney

		 	 Title:  Senior Vice President

	
	THE NORTHERN TRUST COMPANY
		
	 By:
	 	 /s/ Peter J. Hallan

		 	 Name:  Peter J. Hallan

		 	 Title:  Vice President

	
	U.S. BANK NATIONAL ASSOCIATION
		
	 By:
	 	 /s/ Conan Schleicher

		 	 Name:  Conan Schleicher

		 	 Title:  Vice President

  
 68 

  
 Schedule 2.01

 BANKS AND COMMITMENTS 
  

							
	 Name of Bank
	  	 Address for Notices
	  	Commitment as of 
the
Closing Date	 
	 Citibank, N.A.
 (The
Administrative Agent)
	  	 Building #3
 1615 Brett
Road
 New Castle, DE 19720
 Attn: Bank
Loan Syndications
	  	$	100,000,000	  
			
	 Bank of America, N.A.

(Syndication Agent)
	  	 540 West Madison, 23rd Floor,

Chicago, IL 60661
 Attn: Casey
Cosgrove
	  	$	100,000,000	  
			
	 JPMorgan Chase Bank, N.A.

(Syndication Agent)
	  	 500 Stanton Christiana Road,

Ops 2, Floor 3
 Newark, DE 19713

Attn: Robert Diaz
	  	$	100,000,000	  
			
	 The Bank of Tokyo-Mitsubishi

UFJ, Ltd., New York Branch
 (Documentation
Agent)
	  	 1251 Avenue of the Americas

New York, NY 10020-1104
 Attn: Rolando
Uy
	  	$	75,000,000	  
			
	 Deutsche Bank AG New York Branch

(Documentation Agent)
	  	 60 Wall Street
 New York, NY
10005
 Attn: Linda Hill
	  	$	75,000,000	  
			
	 HSBC Bank USA, National Association
 (Documentation Agent)
	  	 452 Fifth Avenue
 5th Floor
 New York, NY 10018
 Attn: Donna Riley
	  	$	75,000,000	  
			
	Goldman Sachs Bank USA	  	 30 Hudson Street
 17th Floor
 Jersey City, NJ 07302
 Attn: Philip Green
	  	$	75,000,000	  
			
	Morgan Stanley Bank, N.A.	  	 1300 Thames Water, 4th Floor

Baltimore, MD 21231
 Attn: Morgan Stanley Loan
Servicing
	  	$	75,000,000	  
			
	 Banco Santander, S.A.,
 New
York Branch
	  	 45 East 53rd Street
 New York,
NY 10022
 Attn: Ligia Castro
	  	$	75,000,000	  

  
 Schedule
2.01-1 

  

							
	 Name of Bank
	  	 Address for Notices
	  	Commitment as of 
the
Closing Date	 
	 BNP Paribas
	  	 787 Seventh Avenue
 New
York, NY 10019
 Attn: Gabriel Candamo
	  	$	75,000,000	  
			
	 Banco Bilbao Vizcaya

Argentaria S.A., New York

Branch
	  	 1345 Avenue of the Americas

45th Floor
 New York, NY 10105

Attn: Patricia Kunert
	  	$	75,000,000	  
			
	 The Northern Trust Company
	  	 50 S. LaSalle Street

Chicago, IL 60675
 Attn: Joy
Johnson
	  	$	50,000,000	  
	 U.S. Bank National Association
	  		  	$	50,000,000	  
			
		  	Total	  	$	1,000,000,000	  

  
 Schedule
2.01-2 

  
 Schedule 5.01(e)

 CERTAIN LITIGATION 
 The litigations, lawsuits, claims, investigation, compliance reviews and tax contingencies referenced in the following: (i) API’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2009 and (ii) API’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2010, June 30, 2010 and September 30, 2010. 

  
 Schedule
5.01(e)-1 

  
 Schedule 6.04

 CERTAIN ADDITIONAL BORROWERS 
 None 

  
 Schedule
6.04-1 

  
 Exhibit A 

Form of Revolving Credit Loan Request 
 [Date] 
 Citibank, N.A. 
 Building #3 
 1615 Brett Road 
 New Castle, Delaware 19720 
 Attention: Bank Loan Syndications 

Re: Revolving Credit Loan Request 
 Dear Sirs: 
 Reference is made to the Revolving Credit and Competitive Advance
Facility Agreement, dated as of November 2, 2010 (as amended, modified, supplemented or extended from time to time, the “Credit Agreement”), among Avon Products, Inc., Avon Capital Corporation, the Additional Borrowers, banks and
other lenders from time to time parties thereto and Citibank, N.A., as Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 

[NAME OF BORROWER] hereby gives you notice pursuant to Section 2.02(a) of the Credit Agreement that it requests a Revolving Credit
Loan, and in that connection sets forth below the terms on which such Revolving Credit Loan is requested to be made: 
  

			
	 (A)    BorrowingDate1
	  	            
		
	 (B)    PrincipalAmount2
	  	$            
		
	 (C)    InterestRate Basis
	  	[ABR Loan] [Eurodollar Loan]
		
	 (D)    InterestPeriod and the last day thereof3
	  	            

 

			
	Very truly yours,
	
	[NAME OF BORROWER]
		
	 By:
	 	  

		 	Title:

  

 

	1	 Must be a Business Day. 

	2	 Must be equal to $10,000,000 or an integral multiple of $1,000,000 in excess thereof. 

	3	 1, 2, 3 or 6 months in the case of Eurodollar Loans. Not applicable to ABR Loans. 

  
 Exhibit A-1

  
 Exhibit B-1 

Form of Revolving Credit Note 
  

			
	[Principal Amount]	  	             ,
        

 [NAME OF BORROWER], a [[New York] [Delaware]
[jurisdiction of organization] corporation] (the “Borrower”), for value received, promises to pay to the order of [BANK] (the “Bank”), on the Termination Date applicable to the Bank, the principal sum of [PRINCIPAL AMOUNT IN
DOLLARS] or, if less, the aggregate principal amount of the Revolving Credit Loans made by the Bank to the Borrower pursuant to that certain Revolving Credit and Competitive Advance Facility Agreement, dated as of November 2, 2010 (as amended,
modified, supplemented or extended from time to time, the “Credit Agreement”), among Avon Products, Inc., Avon Capital Corporation, the Additional Borrowers, banks and other lenders from time to time parties thereto and Citibank, N.A., as
Administrative Agent. 
 The Borrower also promises to pay interest on the unpaid principal amount of Revolving Credit Loans
from time to time outstanding from the date hereof until maturity (whether by acceleration or otherwise) and, after maturity, until paid, at the rate or rates per annum and on the date or dates specified in the Credit Agreement. 

Payments of both principal and interest are to be made in lawful money of the United States of America in same day or immediately
available funds to the Administrative Agent at such office or offices of the Administrative Agent as may be designated by the Administrative Agent pursuant to the Credit Agreement. 

All parties hereto, whether as makers, endorsers, or otherwise, severally waive diligence, presentment, demand, protest and notice of any
kind whatsoever. The failure or forbearance by the holder to exercise any of its rights hereunder in any particular instance shall in no event constitute a waiver thereof. 
 All borrowings evidenced by this Note and all payments and prepayments of the principal hereof and interest hereon and the respective dates thereof shall be endorsed by the holder of this Note on the
schedule attached hereto and made a part hereof, or on a continuation thereof which shall be attached hereto and made a part hereof, or shall be recorded by the holder of this Note in its internal records; provided, however, that any
failure of the holder of this Note to make such a notation or any error in such notation shall in no manner affect the validity or enforceability of the obligation of the Borrower to make payments of principal and interest in accordance with the
terms of this Note and the Credit Agreement. 
 This Note is one of the Revolving Credit Notes referred to in the Credit
Agreement, which among other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional prepayment of the principal hereof prior to the maturity thereof and for the amendment or waiver
of certain provisions of the Credit Agreement, all upon the terms and conditions therein specified. Terms used and not otherwise defined herein have the meanings ascribed thereto in the Credit Agreement. 

  
 Exhibit B-1-1

  
 THIS NOTE HAS BEEN
DELIVERED IN NEW YORK, NEW YORK AND SHALL BE DEEMED TO BE A CONTRACT MADE UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

[Pursuant to the Credit Agreement, payment in full of principal and interest on this Note is unconditionally
guaranteed by Avon Products, Inc., a New York
corporation.]1 

 

			
	[NAME OF BORROWER]
		
	By:	 	  

		 	Title:

  

 

	1	 The text in brackets is to be included only in Notes of ACC or an Additional Borrower. 

  
 Exhibit B-1-2

  
 REVOLVING CREDIT
LOANS AND PRINCIPAL PAYMENTS 
  

					
	 Amount of Revolving

Credit Loans Made
	 	 Amount of Principal Repaid
	 	 Amount of Unpaid Principal

Balance

		 	    	 	
		 	    	 	

  

													
	 Euro dollar

Data Loan
	  	 ABR Loan

Total
	  	 Euro dollar

Notation

Loan Made

By
	  	 Interest

Paid (if

applicable)
	  	 ABR Loan
	  	 Euro dollar

Loan
	  	 ABR Loan

		  		  		  		  		  		  	
		  		  		  		  		  		  	

  
 Exhibit B-1-3

  
 Exhibit B-2 

Form of Competitive Advance Note 
  

			
	[Principal Amount]	  	[Date]

 [NAME OF BORROWER],
a [[New York] [Delaware] [jurisdiction of organization] [corporation]] (the “Borrower”), for value received, promises to pay to the order of [BANK] (the “Bank”), on [MATURITY DATE], the principal sum of [PRINCIPAL AMOUNT]
pursuant to that certain Revolving Credit and Competitive Advance Facility Agreement, dated as of November 2, 2010 (as amended, modified, supplemented or extended from time to time, the “Credit Agreement”), among Avon Products, Inc.,
Avon Capital Corporation, the Additional Borrowers, banks and other lenders from time to time parties thereto and Citibank, N.A., as Administrative Agent. 
 The Borrower also promises to pay interest on the unpaid principal amount hereof from time to time outstanding from the date hereof until maturity (whether by acceleration or otherwise) and, after
maturity, until paid, at the rate or rates per annum and on the date or dates specified in or determined pursuant to the Credit Agreement. 
 Payments of both principal and interest are to be made in lawful money of the United States of America in same day or immediately available funds to the Administrative Agent at its office or offices as
may be designated by the Administrative Agent pursuant to the Credit Agreement. 
 All parties hereto, whether as makers,
endorsers, or otherwise, severally waive diligence, presentment, demand, protest and notice of any kind whatsoever. The failure or forbearance by the holder to exercise any of its rights hereunder in any particular instance shall in no event
constitute a waiver thereof. 
 This Note is one of the Competitive Advance Notes referred to in the Credit Agreement which,
among other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions therein
specified. Terms used and not otherwise defined herein have the meanings ascribed thereto in the Credit Agreement. 
 THIS NOTE
HAS BEEN DELIVERED IN NEW YORK, NEW YORK AND SHALL BE DEEMED TO BE A CONTRACT MADE UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 Exhibit B-2-1

  

[Pursuant to the Credit Agreement, payment in full of principal and interest on this Note is unconditionally
guaranteed by Avon Products, Inc.]1 

 

			
	[NAME OF BORROWER]
		
	By:	 	  

		 	Title:

  

 

	1	 The text in brackets is to be included only in Notes of ACC or an Additional Borrower. 

  
 Exhibit B-2-2

  
 Exhibit C-1 

Competitive Advance Facility Procedures 
 1.01 Competitive Advance Loan Requests shall be given to the Administrative Agent at: 
 Citibank, N.A. 
 Building #3 

1615 Brett Road 
 New Castle, Delaware 19720 
 Telephone: 302-894-6011 

Telecopy: 212-994-0961 
 Attention: Bank Loan Syndications 
 1.02 With respect to any Competitive Advance
Loan requested by a Borrower to be made on a Borrowing Date, the Competitive Advance Notice Time, Competitive Advance Bid Deadline and Competitive Advance Accept/Reject Deadline shall be determined in the manner set forth below: 

Competitive Advance Notice Time: 10:30 A.M., New York time, one Domestic Business Day (or four Eurodollar Business Days in the case of a
Competitive Eurodollar Loan) prior to the Borrowing Date. 
 Competitive Advance Bid Deadline: 9:30 A.M., New York time, on the
Borrowing Date (or three Eurodollar Business Days prior to the Borrowing Date in the case of a Competitive Eurodollar Loan); provided that in the case of a Competitive Advance Bid submitted by the Administrative Agent, in its capacity as a
Bank, the Competitive Advance Bid Deadline shall be 15 minutes prior to the foregoing time. 
 Competitive Advance Accept/Reject
Deadline: 10:30 A.M., New York time, on the Borrowing Date (or three Eurodollar Business Days prior to the Borrowing Date for Competitive Eurodollar Loans). 

  
 Exhibit C-1-1

  
 Exhibit C-2 

Form Of Competitive Advance Loan Request 
 [Date] 
 Citibank, N.A. 
 Building #3 
 1615 Brett Road 
 New Castle, Delaware 19720 
 Attention: Bank Loan Syndications 

Re: Competitive Advance Loan Request 
 Dear Sirs: 
 Reference is made to the Revolving Credit and Competitive Advance
Facility Agreement, dated as of November 2, 2010 (as amended, modified, supplemented or extended from time to time, the “Credit Agreement”), among Avon Products, Inc., Avon Capital Corporation, the Additional Borrowers, banks and
other lenders from time to time parties thereto and Citibank, N.A., as Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 

[NAME OF BORROWER] hereby gives you notice pursuant to Section 2.07 of the Credit Agreement that it requests offers to make
Competitive Advance Loans under the Credit Agreement, and in that connection sets forth below the terms on which such Competitive Advance Loans are requested to be made: 

 

																					
		 		 		 		 		 		 		 		 	(A)	    	Borrowing Date1	 	______________________
											
		 		 		 		 		 		 		 		 	(B)	    	Aggregate Principal Amount2	 	______________________
											
		 		 		 		 		 		 		 		 	(C)	    	Maturity Date3	 	______________________
											
		 		 		 		 		 		 		 		 	(D)	    	Interest Rate Basis	 	[Fixed Rate] [Eurodollar Rate]

  

	1	 Must be a Eurodollar Business Day. 

	2	 Must be an amount not less than $10,000,000. 

	3	 At least 10 days and not more than 180 after the Borrowing Date, in the case of a Competitive Absolute Rate Loan, and not more than 6 months after the
Borrowing Date, in the case of a Competitive Eurodollar Loan. 

  
 Exhibit C-2-1

  

																					
		 		 		 		 		 		 		 		 	(E)	    	Interest Period, if any4	 	______________________

  

			
	Very truly yours,
	
	 [NAME OF BORROWER]

		
	 By:
	 	  

		 	Title:
	
	 Countersigned:

		
	 By:
	 	  

		 	A Responsible Officer of API

  

	4	 1, 2, 3 or 6 months with respect to Competitive Eurodollar Loans. Not applicable with respect to Competitive Absolute Rate Loans.

  
 Exhibit C-2-2

  
 Exhibit C-3 

Form of Competitive Advance Notice Letter 
 [Date] 
 [Name of Bank] 
 [Address] 
 Attention:
                     

Re: Notice of a Competitive Advance Loan Request 
 Dear Sirs: 
 Reference is made to the Revolving Credit and Competitive Advance
Facility Agreement, dated as of November 2, 2010 (as amended, modified, supplemented or extended from time to time, the “Credit Agreement”), among Avon Products, Inc., Avon Capital Corporation, the Additional Borrowers, banks and
other lenders from time to time parties thereto and Citibank, N.A., as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

[NAME OF BORROWER] delivered to the Administrative Agent a Competitive Advance Loan Request on
            ,     , pursuant to Section 2.07 of the Credit Agreement, and in that connection you are invited to submit a Bid to make a Competitive
Advance Loan to such Borrower by [TIME], on                     ,         .1 Your Bid must comply with Section 2.07 of the Credit Agreement
and the terms set forth below on which the Bid Request was made: 
  

	 	(A)	Proposed Borrowing Date              

 

	 	(B)	Principal amount of Competitive Advance Loan              

 

	 	(C)	Interest rate basis [Fixed Rate] [Eurodollar Rate] 

  

	 	(D)	Interest Period and the last day thereof              

 

			
	Very truly yours,
	
	 Citibank, N.A., as
 Administrative Agent

		
	By:	 	  

		 	Title:

  

	1	 The Bid must be received by the Administrative Agent not later than the Bid Deadline specified in Exhibit C-1. 

  
 Exhibit C-3-1

  
 Exhibit C-4 

Form of Competitive Advance Bid 
 [Date] 
 Citibank, N.A. 
 Building #3 
 1615 Brett Road 
 New Castle, Delaware 19720 
 Attention: Bank Loan Syndications 

Re: Competitive Advance Bid 

Dear Sirs: 
 Reference is made
to the Revolving Credit and Competitive Advance Facility Agreement, dated as of November 2, 2010 (as amended, modified, supplemented or extended from time to time, the “Credit Agreement”), among Avon Products, Inc., Avon Capital
Corporation, the Additional Borrowers, banks and other lenders from time to time parties thereto and Citibank, N.A., as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit
Agreement. 
 [NAME OF BANK] hereby submits a Competitive Advance Bid pursuant to Section 2.07 of the Credit Agreement, in
response to the Competitive Advance Loan Request made by [NAME OF BORROWER] on             ,         , and in that connection sets
forth below the terms on which such Competitive Advance Bid is made: 
  

	 	(A)	 Principal
Amount1        
                                     

  

	 	(B)	 Competitive Advance Bid [Rate] [Margin]2                

 The undersigned hereby acknowledges that, pursuant to Section 2.07(c) of the Credit Agreement, by
marking the indicated box below, it will be deemed to have waived the right to claim compensation under Sections 3.03(d), 4.04(a) or 4.04(b) of the Credit Agreement with respect to any Competitive Advance Loan made pursuant to this Competitive
Advance Bid. 
  

													
	 Section 3.03(c)
	  	|_|	  		  		  		  		  	
							
	 Section 4.04(a)
	  	|_|	  		  		  		  		  	
							
	 Section 4.04(b)
	  	|_|	  		  		  		  		  	

  

	1	 Principal amount must be at least $10,000,000 and not greater than the requested Competitive Advance Loan. Multiple bids may be accepted by the
Administrative Agent. 

	2	 In the case of a Competitive Absolute Rate Loan,     %; in the case of a Competitive Eurodollar Loan, a margin (+/-
    %) over LIBOR. 

  
 Exhibit C-4-1

  
 The undersigned hereby
confirms that it will, subject only to the conditions set forth in the Credit Agreement, extend credit to the relevant Borrower upon acceptance by the relevant Borrower of this Competitive Advance Bid in accordance with Section 2.07 of the
Credit Agreement. 
  

			
	Very truly yours,
	
	[NAME OF BANK]
		
	By:	 	  

		 	Title:

  
 Exhibit C-4-2

  
 Exhibit C-5 

Form of Competitive Advance Bid Accept/Reject Letter 
 [Date] 
 Citibank, N.A. 
 Building #3 
 1615 Brett Road 
 New Castle, Delaware 19720 
 Attention: Bank Loan Syndications 

Re:  Competitive Advance Bid Acceptance/Reject Letter 
 Dear Sirs: 
 [NAME OF BORROWER] refers to the Revolving Credit and Competitive
Advance Facility Agreement, dated as of November 2, 2010 (as amended, modified, supplemented or extended from time to time, the “Credit Agreement”), among Avon Products, Inc., Avon Capital Corporation, the Additional Borrowers, banks
and other lenders from time to time parties thereto and Citibank, N.A., as Administrative Agent. 
 In accordance with
Section 2.07 of the Credit Agreement, we have received a summary of bids in connection with our Competitive Advance Loan Request dated             ,
    , and in accordance with Section 2.07(d)(ii) of the Credit Agreement, we hereby accept the following Competitive Advance Bids for Competitive Advance Loans to be made on
            ,     , with a Maturity Date of             ,
    : 
  

					
	 Principal Amount
	  	 Competitive Advance

Rate/Margin
	  	 Bank

			
		  	%/+/-.            %	  	

 We hereby reject the following bids: 

 

					
	 Principal Amount
	  	 Competitive Advance

Rate/Margin
	  	 Bank

			
		  	%/+/-.            %	  	

  

			
	Very truly yours,
	
	[NAME OF BORROWER]
		
	By:	 	  

		 	Title:

  
 Exhibit C-5-1

  
 Exhibit D 

Form of Continuation/Conversion Request 
 [Date] 
 Citibank, N.A. 
 Building #3 
 1615 Brett Road 
 New Castle, Delaware 19720 
 Attention: Bank Loan Syndications 

Re:  Continuation/Conversion Request 
 Dear Sirs: 
 Reference is made to the Revolving Credit and Competitive Advance
Facility Agreement, dated as of November 2, 2010 (as amended, modified, supplemented or extended from time to time, the “Credit Agreement”), among Avon Products, Inc., Avon Capital Corporation, the Additional Borrowers, banks and
other lenders from time to time parties thereto and Citibank, N.A., as Administrative Agent. Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 

[NAME OF BORROWER] hereby requests pursuant to Section 3.05(a) of the Credit Agreement that on
            ,     : 
 (1)
$        ,000,000 of the presently outstanding principal amount of Revolving Credit Loans presently being maintained as [ABR] [Revolving Eurodollar] Loans [with an Interest Period ending on
                    ,     ], 
 (2) be [converted into] [continued as], 
 (3) [Revolving Eurodollar Loans having
an Interest Period of [one][two][three][six] months] [ABR Loans]. 
  

			
	Very truly yours,
	
	[NAME OF BORROWER]
		
	By:	 	  

		 	Title:

  
 Exhibit D-1

  
 Exhibit E-1 

Form of Additional Borrower [Designation] [Termination] 
 [Date] 
 Citibank, N.A. 
 Building #3 
 1615 Brett Road 
 New Castle, Delaware 19720 
 Attention: Bank Loan Syndications 

 

			
		  	Re:  Additional Borrower Designation

 Dear Sirs:

 Reference is made to the Revolving Credit and Competitive Advance Facility Agreement, dated as of November 2, 2010 (as
the same may be amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Avon Products, Inc., Avon Capital Corporation, the Additional Borrowers, banks and other lenders from time to time parties
thereto and Citibank, N.A., as Administrative Agent. Terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 1. [Please be advised that the following Subsidiary is hereby designated as an Additional Borrower and, subject to Section 6.04 of the Credit Agreement, such Subsidiary will be authorized to use the
credit facilities provided for under the Credit Agreement:] [Please be advised that the designation of the following Subsidiary as an Additional Borrower is terminated effective on the date referred to in paragraph 2 below:] 

[Insert Name and 

Address of Additional 
 Borrower] 
 2. The effective date of this Additional Borrower [Designation]
[Termination] will be                     ,         . 

  
 Exhibit E-1

  
 
			
	Very truly yours,
	
	AVON PRODUCTS, INC.
		
	By:	 	  

		 	Title:
	
	[NAME OF ADDITIONAL
BORROWER]1
		
	By:	 	  

		 	Title:

 Accepted and Acknowledged: 

 

			
	 CITIBANK, N.A., as

Administrative Agent

		
	By:	 	  

		 	Title:

  

 

	1	 Additional Borrower signature necessary only in the case of termination of designation. 

  
 Exhibit E-1-2

  
 Exhibit E-2 

Form of Additional Borrower Confirmation 
 [Date] 
 Citibank, N.A. 
 Building #3 
 1615 Brett Road 
 New Castle, Delaware 19720 
 Attention: Bank Loan Syndications 

Re: Additional Borrower Confirmation 
 Dear Sirs: 
 Reference is made to the Revolving Credit and Competitive Advance
Facility Agreement, dated as of November 2, 2010 (as the same may be amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Avon Products, Inc., Avon Capital Corporation, the Additional
Borrowers, banks and other lenders from time to time parties thereto and Citibank, N.A., as Administrative Agent. Terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

The undersigned (the “New Borrower”) (1) also refers to the Additional Borrower Designation, effective
            ,          (the “Designation Effective Date”), in which the undersigned has been designated an Additional
Borrower and (2) hereby confirms that, by its execution hereof, the undersigned acknowledges that it has received a copy of the Credit Agreement, confirms that the representations and warranties contained in Section 5.01 of the Credit
Agreement (except the representations and warranties contained in Section 5.01(d)(ii) or 5.01(e) and any other representation or warranty that expressly relates to a date certain) are true and correct insofar as they relate to the undersigned
as of the Designation Effective Date hereof, the conditions specified in Section 6.02 have been satisfied insofar as relate to the undersigned, and agrees that, from and after the Designation Effective Date, subject to Section 6.04 of the
Credit Agreement, it shall be a party to the Credit Agreement and shall be bound, as a “Borrower” and an “Additional Borrower”, by all of the provisions thereof. 

The New Borrower hereby agrees that service of process in any action or proceeding brought in any New York State court or in federal
court may be made upon API at its offices at             , Attention:              (the “Process
Agent”) and the New Borrower hereby irrevocably appoints the Process Agent to give any notice of any such service of process, and agrees that the failure of the Process Agent to give any notice of any such service shall not impair or affect
the validity of such service or of any judgment rendered in any action or proceeding based thereon. 
 API hereby accepts such
appointment as Process Agent and agrees with you that (i) API will maintain an office in [New York, New York] through the Final Termination Date and will give the Administrative Agent prompt notice of any change of address of API, (ii) API
will perform its duties as Process Agent to receive on behalf of the New Borrower and its 

  
 Exhibit E-2-1

 
property service of copies of the summons and complaint and any other process which may be served in any action or proceeding in any New York State or federal court sitting in New York City
arising out of or relating to the Credit Agreement and (iii) API will forward forthwith to the New Borrower at its address at
                     or, if different, its then current address, copies of any summons, complaint and other process which API received in
connection with its appointment as Process Agent. 
 This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York. 
  

			
	Very truly yours,
	
	[NAME OF ADDITIONAL BORROWER]
		
	By:	 	  

		 	Title:
	
	AVON PRODUCTS, INC.
		
	By:	 	  

		 	Title:

  
 Exhibit E-2

  
 Exhibit F 

Assignment and Acceptance 
 Reference is made to the Revolving Credit and Competitive Advance Facility Agreement, dated as of November 2, 2010 (as amended, modified, extended or superseded from time to time, the “Credit
Agreement”), among Avon Products, Inc., Avon Capital Corporation, the Additional Borrowers, banks and other lenders from time to time parties thereto and Citibank, N.A., as Administrative Agent. Capitalized terms defined in the Credit Agreement
are used herein with the same meanings. 
 Section 1.01. Assignment and Acceptance. The Assignor identified in Annex
1 hereto hereby sells and assigns, without recourse, to the Assignee identified in Annex 1 hereto, and the Assignee hereby purchases and assumes, without recourse, from the Assignor, effective as of the Assignment Effective Date set forth in Annex 1
hereto, the interests set forth on Annex 1 hereto (the “Assigned Interest”) in the Assignor’s rights and obligations under the Credit Agreement, including, without limitation, the interests set forth on Annex 1 in the Commitment of
the Assignor on the Assignment Effective Date and the [Competitive Advance Loans and] Revolving Credit Loans owing to the Assignor which are outstanding on the Assignment Effective Date. Each of the Assignor and the Assignee hereby makes and agrees
to be bound by all the representations, warranties and agreements set forth in Section 11.08(c) of the Credit Agreement, a copy of which has been received by each such party. From and after the Assignment Effective Date (i) the Assignee
shall be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the interests assigned by this Assignment and Acceptance, have the rights and obligations of a Bank thereunder and (ii) the Assignor shall, to the
extent of the interests assigned by this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement. 
 Section 1.02. Other Documentation. This Assignment and Acceptance is being delivered to the Administrative Agent together with a properly completed Annex 2 hereto if the Assignee is not
already a Bank under the Credit Agreement. 
 Section 1.03. Representations and Warranties of the Assignor. The
Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim; (ii) makes no representation or warranty and
assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit
Agreement, or any other instrument or document executed furnished pursuant thereto; and (iii) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrowers or the performance or
observance by the Borrowers of any of their obligations under the Credit Agreement or any other instrument or document furnished pursuant thereto. 
 Section 1.04. Representations and Warranties of the Assignee. The Assignee hereby agrees with, and represents and warrants to, the Assignor, the other Banks, the Borrowers and the
Administrative Agent as specified in Section 11.08(c) of the Credit Agreement. 

  
 Exhibit F-1

  
 Section 1.05.
Governing Law. This Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York. 
 IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be executed by their respective officers thereunto duly authorized, as of the date first above written, such execution
being made on Annex 1 hereto. 

  
 Exhibit F-2

  
 Annex 1 to Assignment
and Acceptance 
 Date of Assignment: 

Legal Name of Assignor: 
 Legal Name of Assignee:

 Assignee’s Address for Notices: 

Effective Date of Assignment 
 (may not be fewer
than two Domestic Business 
 Days after the Date of Assignment): 

 

									
	 	  	Principal Amount Assigned 
(and
identifying information as to
individual Competitive
Advance Loans)	 	  	Percentage Assigned 
of
Commitment (set forth,
to at least 8 decimals, as
a percentage of the Total
Commitment)	 
			
	 Commitment Assigned:
	  	%	 	  	  			
			
	 Revolving Credit Loans:
	  	$	 	  	  			
			
	 Competitive Advance Loans:
	  	$	 	  	  			
			
	If the Assignor is a Non-Extending Bank, indicate the Termination Date applicable to the Assignee in respect of the Commitment Assigned and the Revolving Credit Loans:	  				  			

 The terms set forth above are hereby agreed to: 
                     , as Assignor 

			
		
	 By:
	 	  

		 	Name:
		 	Title:

                    , as Assignee

			
		
	 By:
	 	  

		 	Name:
		 	Title:
	
	Consent given:
	
	AVON PRODUCTS, INC.
		
	 By:
	 	  

		 	Name:
		 	Title:

  
 Annex 1-1

  
 Annex 2 to Assignment
and Acceptance 
 LEGAL NAME OF ASSIGNEE TO APPEAR IN DOCUMENTATION: 

 
  
 GENERAL INFORMATION – ABR LENDING OFFICE: 
  

			
	 Institution Name:
	  	 

  

			
	 Street Address:
	  	 

  

			
	 City, State, Country, Zip Code:
	  	 

 GENERAL INFORMATION – EURODOLLAR LENDING
OFFICE: 
  

			
	 Institution Name:
	  	 

  

			
	 Street Address:
	  	 

  

			
	 City, State, Country, Zip Code:
	  	 

 GENERAL INFORMATION – COMPETITIVE ADVANCE
LENDING OFFICE: 
  

			
	 Institution Name:
	  	 

  

			
	 Street Address:
	  	 

  

			
	 City, State, Country, Zip Code:
	  	 

 CONTACTS/NOTIFICATION METHODS: 

CREDIT CONTACTS: 
  

			
	 Primary Contact:
	  	 

  

			
	 Street Address:
	  	 

  

			
	 City, State, Country, Zip Code:
	  	 

  

			
	 Phone Number:
	  	 

  

			
	 FAX Number:
	  	 

  

			
	 Backup Contact:
	  	 

  

			
	 Street Address:
	  	 

  

			
	 City, State, Country, Zip Code:
	  	 

  

			
	 Phone Number:
	  	 

  

			
	 FAX Number:
	  	 

  
 Annex 2-1

  
 TAX WITHHOLDING: 

Non Resident Alien              Y*
             N 
 * Form W-8BEN Enclosed

 Tax ID Number
                     

CONTACTS/NOTIFICATION METHODS: 
 ADMINISTRATIVE
CONTACTS – BORROWINGS, PAYDOWNS, INTEREST, FEES, ETC. 
  

			
	Contact:	 	 

  

			
	Street Address:	  	 

  

			
	City, State, Country, Zip Code:	  	 

  

			
	Phone Number:	  	 

  

			
	FAX Number:	  	 

  

			
	COMPETITIVE ADVANCE LOAN NOTIFICATION:	  	

  

			
	Contact:	  	 

  

			
	Street Address:	  	 

  

			
	City, State, Country, Zip Code:	  	 

  

			
	Phone Number:	  	 

  

			
	FAX Number:	  	 

  

			
	PAYMENT INSTRUCTIONS:	  	

  

			
	 Name of Bank where funds are to be transferred:

 

		
	 	  	 
	  
 Routing Transit/ABA number of Bank where funds are to
be transferred:
  

	 	  	 

  

			
	 Name of Account, if applicable:

 
	  	
	 	  	 

  

			
	Account Number:	  	 

  

			
	Additional Information:	  	 

  
 Annex 2-2

  
 MAILINGS: 

Please specify who should receive financial information: 
  

			
	Name:	  	 

  

			
	Street Address:	  	 

  

			
	City, State, Country, Zip Code:	  	 

 It is very important that all of the above
information is accurately filled in and returned promptly. If there is someone other than yourself who should receive this questionnaire, please notify us of their name and FAX number and we will FAX them a copy of the questionnaire. If you have any
questions, please call                      on (212)             .

  
 Annex 2-3

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