Document:

Trust Indenture, dated as of April 1, 2006

 Exhibit 10.13 
  

 CITY OF OSCEOLA, ARKANSAS 
 to 
 REGIONS BANK 
 Little Rock, Arkansas 
 as Trustee 
  

 TRUST INDENTURE 
  

 Dated as of April 1, 2006

 $100,000,000 City of Osceola, Arkansas Solid Waste Disposal Revenue Bonds (Plum Point Energy Associates, LLC Project), Series 2006 
  

 TRUST INDENTURE 
 TABLE OF CONTENTS 
 (This Table of Contents is not a part of the Trust Indenture and is only for convenience of
reference.) 
  

					
	 Parties
	  		  	1
	 Recitals
	  		  	1
	 Granting Clauses
	  	1
	
	 ARTICLE I
 DEFINITIONS

			
	 Section 1.1
	  	Definitions	  	4
	 Section 1.2
	  	Use of Words	  	16
	
	 ARTICLE II
 CONDITIONS AND TERMS OF BONDS

			
	 Section 2.1
	  	Authorization of Bonds	  	17
	 Section 2.2
	  	Denominations, Medium, Method and Place and Dating of Bonds	  	17
	 Section 2.3
	  	Payment of Principal and Interest of Bonds; Acceptance of Terms and Conditions	  	17
	 Section 2.4
	  	Calculation and Payment of Interest; Change in Mode; Maximum Rate	  	18
	 Section 2.5
	  	Determination of Flexible Rates and Interest Periods During Flexible Mode	  	18
	 Section 2.6
	  	Determination of Interest Rates During the Daily Mode and the Weekly Mode	  	19
	 Section 2.7
	  	Determination of Term Rates and Fixed Rates	  	20
	 Section 2.8
	  	Alternate Rates	  	20
	 Section 2.9
	  	Changes in Mode	  	21
	 Section 2.10
	  	Form	  	26
	 Section 2.11
	  	Payment	  	26
	 Section 2.12
	  	Execution	  	26
	 Section 2.13
	  	Limited Obligation	  	26
	 Section 2.14
	  	Authentication	  	27
	 Section 2.15
	  	Delivery of the Bonds	  	27
	 Section 2.16
	  	Mutilated, Destroyed or Lost Bonds	  	27
	 Section 2.17
	  	Registration and Transfer of Bonds	  	28
	 Section 2.18
	  	Cancellation	  	28
	 Section 2.19
	  	Temporary Bonds	  	29
	 Section 2.20
	  	Book-Entry System	  	29

					
	 ARTICLE III
 REDEMPTION OF BONDS

			
	 Section 3.1
	  	Optional Redemption of Bonds in the Flexible Mode	  	31
	 Section 3.2
	  	Optional Redemption of Bonds in the Daily Mode or the Weekly Mode	  	31
	 Section 3.3
	  	Optional Redemption of Bonds in the Term Rate or the Fixed Rate Mode	  	31
	 Section 3.4
	  	Extraordinary Optional Redemption of Bonds in the Term Rate or the Fixed Rate Mode	  	32
	 Section 3.5
	  	Mandatory Redemption of Bonds Upon a Determination of Taxability	  	32
	 Section 3.6
	  	Mandatory Redemption of Bonds From Balance in Construction Fund	  	33
	 Section 3.7
	  	Notice	  	33
	 Section 3.8
	  	Redemption Payments	  	34
	 Section 3.9
	  	Cancellation	  	34
	 Section 3.10
	  	Partial Redemption of Bonds	  	35
	
	 ARTICLE IV
 PURCHASE OF BONDS

			
	 Section 4.1
	  	Optional Tenders of Bonds in the Daily Mode or the Weekly Mode	  	36
	 Section 4.2
	  	Mandatory Purchase on Mandatory Purchase Date	  	36
	 Section 4.3
	  	Remarketing of Bonds; Notices	  	36
	 Section 4.4
	  	Source of Funds for Purchase of Bonds	  	38
	 Section 4.5
	  	Delivery of Bonds	  	38
	 Section 4.6
	  	Book-Entry Tenders	  	39
	 Section 4.7
	  	No Book-Entry System	  	40
	 Section 4.8
	  	Credit Enhancement and Liquidity Facility	  	41
	 Section 4.9
	  	Purchase Fund	  	42
	
	 ARTICLE V
 GENERAL COVENANTS

			
	 Section 5.1
	  	Payment of Principal and Interest	  	44
	 Section 5.2
	  	Performance of Covenants	  	44
	 Section 5.3
	  	Instruments of Further Assurance	  	44
	 Section 5.4
	  	Recordation and Other Instruments	  	44
	 Section 5.5
	  	Inspection of Project Books	  	45
	 Section 5.6
	  	Rights Under Loan Agreement	  	45
	 Section 5.7
	  	Prohibited Activities	  	45
	 Section 5.8
	  	Transfer, Reduction and Return of Credit Enhancement	  	45

					
	 ARTICLE VI
 REVENUES AND FUNDS

			
	 Section 6.1
	  	Creation of Bond Fund	  	46
	 Section 6.2
	  	Payments Into Bond Fund	  	46
	 Section 6.3
	  	Use of Moneys in Bond Fund	  	46
	 Section 6.4
	  	Withdrawals from Bond Fund	  	47
	 Section 6.5
	  	Non-Presentment of Bonds	  	48
	 Section 6.6
	  	Fees, Expenses and Charges of Issuer and Trustee	  	48
	 Section 6.7
	  	Moneys to be Held in Trust	  	48
	 Section 6.8
	  	Refund to Company of Excess Payments	  	49
	 Section 6.9
	  	Termination of Rights of Bondholders	  	49
	
	 ARTICLE VII
 APPLICATION OF PROCEEDS OF BONDS

			
	 Section 7.1
	  	Creation of Clearing Fund and Construction Fund	  	50
	 Section 7.2
	  	Deposits Into and Disbursements From Clearing Fund and Construction Fund	  	50
	 Section 7.3
	  	Balance in Construction Fund	  	51
	
	 ARTICLE VIII
 INVESTMENTS

	 Section 8.1
	  	Investment of Moneys	  	52
	 Section 8.2
	  	Trustee Not Liable for Losses	  	53
	 Section 8.3
	  	Arbitrage Rebate	  	53
	
	 ARTICLE IX
 THE LOAN AGREEMENT, CREDIT ENHANCEMENT,
 LIQUIDITY FACILITY, AND COMPANY CREDIT FACILITY

			
	 Section 9.1
	  	Rights of Company Under Loan Agreement	  	54
	 Section 9.2
	  	Rights of Issuer under Loan Agreement	  	54
	 Section 9.3
	  	Trustee’s Obligations Under Loan Agreement	  	54
	 Section 9.4
	  	Credit Provider and Liquidity Provider as Third Party Beneficiaries	  	54
	 Section 9.5
	  	Expiration of Credit Enhancement and Liquidity Facility	  	54
	 Section 9.6
	  	Company Credit Facility	  	55
	
	 ARTICLE X
 DISCHARGE OF LIEN

			
	 Section 10.1
	  	Discharge of Lien	  	56
	 Section 10.2
	  	Effect of Discharge on Bonds	  	56

					
	 ARTICLE XI
 DEFAULT PROVISIONS AND REMEDIES
 OF TRUSTEE AND BONDHOLDERS

			
	 Section 11.1
	  	Events of Default	  	57
	 Section 11.2
	  	Acceleration	  	58
	 Section 11.3
	  	Credit Enhancement	  	58
	 Section 11.4
	  	Other Remedies; Rights of Bondholders	  	58
	 Section 11.5
	  	Rights of Bondholders to Direct Proceedings	  	59
	 Section 11.6
	  	Appointment of Receiver	  	59
	 Section 11.7
	  	Waiver	  	59
	 Section 11.8
	  	Application of Moneys	  	60
	 Section 11.9
	  	Remedies Vested in Trustee	  	61
	 Section 11.10
	  	Rights and Remedies of Bondholders	  	61
	 Section 11.11
	  	Termination of Proceedings	  	62
	 Section 11.12
	  	Waivers of Events of Default	  	62
	 Section 11.13
	  	Rights of Credit Provider	  	62
	
	 ARTICLE XII
 TRUSTEE AND PAYING AGENTS

			
	 Section 12.1
	  	Acceptance of Trusts	  	63
	 Section 12.2
	  	Fees, Charges and Expenses of Trustee and Paying Agents; Trustee’s Prior Lien	  	65
	 Section 12.3
	  	Notice to Bondholders of Default	  	66
	 Section 12.4
	  	Intervention by Trustee	  	66
	 Section 12.5
	  	Merger or Consolidation of Trustee	  	66
	 Section 12.6
	  	Resignation by Trustee	  	66
	 Section 12.7
	  	Removal of Trustee	  	67
	 Section 12.8
	  	Appointment of Successor Trustee	  	67
	 Section 12.9
	  	Concerning Any Successor Trustee	  	67
	 Section 12.10
	  	Reliance Upon Instruments	  	68
	 Section 12.11
	  	Appointment of Co-Trustee	  	68
	 Section 12.12
	  	Designation and Succession of Paying Agents	  	69
	 Section 12.13
	  	Designation and Succession of Tender Agents	  	69
	
	 ARTICLE XIII
 REMARKETING AGENT

			
	 Section 13.1
	  	Appointment of Remarketing Agent	  	71
	
	 ARTICLE XIV
 SUPPLEMENTAL INDENTURES

			
	 Section 14.1
	  	Supplemental Indentures Not Requiring Consent of Bondholders	  	72

					
	 Section 14.2
	  	Supplemental Indentures Requiring Consent of Bondholder	  	73
	 Section 14.3
	  	Consent of Company	  	74
	 Section 14.4
	  	Consent of Credit Provider	  	74
	 Section 14.5
	  	Credit Provider Deemed Owner of Bonds	  	75
	
	 ARTICLE XV
 AMENDMENT TO LOAN AGREEMENT

			
	 Section 15.1
	  	Amendments Not Requiring Consent of Bondholders	  	76
	 Section 15.2
	  	Amendments Requiring Consent of Bondholders	  	76
	 Section 15.3
	  	Credit Provider Deemed Owner of Bonds	  	76
	
	 ARTICLE XVI
 MISCELLANEOUS

			
	 Section 16.1
	  	Consents of Bondholders	  	77
	 Section 16.2
	  	Notices	  	77
	 Section 16.3
	  	Notice to Rating Agencies	  	78
	 Section 16.4
	  	Limitation of Rights	  	78
	 Section 16.5
	  	Severability	  	79
	 Section 16.6
	  	Applicable Provisions of Law	  	79
	 Section 16.7
	  	Counterparts	  	79
	 Section 16.8
	  	Successors and Assigns	  	79
	 Section 16.9
	  	Captions	  	79
	 Section 16.10
	  	Bonds Owned by the Issuer or the Company	  	79
	 Section 16.11
	  	Holidays	  	80
		
	 Signatures and Seals
	  	81
	 Exhibit A - Form of Bond
	  	82
	 Exhibit B - Form of Requisition
	  	88

 TRUST INDENTURE 
 This TRUST INDENTURE, dated as of April 1, 2006, by and between the CITY OF OSCEOLA, ARKANSAS, a municipality organized and existing under the laws of the State of Arkansas (the “Issuer”), and REGIONS
BANK, a banking association organized under and existing by virtue of the laws of the State of Alabama, with a corporate trust office in Little Rock, Arkansas (the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the Issuer
is authorized and empowered under the laws of the State of Arkansas, including particularly Title 14, Chapter 267 of the Arkansas Code of 1987 Annotated (the “Act”), to issue revenue bonds and to expend the proceeds thereof to finance the
acquisition, construction, reconstruction, extension, equipment or improvement of pollution control facilities for the disposal or control of sewage, solid waste, water pollution, air pollution, or any combination thereof; and 
 WHEREAS, pursuant to and in accordance with the provisions of the Act, the Issuer proposes to issue its revenue bonds under the Act in the aggregate
principal amount of $100,000,000 (identified in Article I hereof and referred to herein as the “Bonds”), and to loan the proceeds thereof to Plum Point Energy Associates, LLC, a Delaware limited liability company (the “Company”),
for the purpose of financing the cost of acquiring, constructing and equipping an undivided interest in certain sewage and solid waste disposal facilities (the “Project”) at the Plum Point Energy Station (the “Plant”) of the
Company and others to be located within or near the Issuer, such loan to be upon the terms and conditions set forth in a Loan Agreement dated as of April 1, 2006 (the “Loan Agreement”), by and between the Issuer and the Company; and

 WHEREAS, all things necessary to make the Bonds, when authenticated by the Trustee and issued as in this Trust Indenture provided, the
valid, binding and legal obligations of the Issuer according to the import thereof, and to constitute this Trust Indenture a valid assignment and pledge of revenues to the payment of the principal of and interest on the Bonds, in accordance with the
provisions hereof, have or will have been done and performed, and the creation, execution and delivery of this Trust Indenture and the creation, execution and issuance of the Bonds, subject to the terms hereof, have in all respects been duly
authorized; and 
 WHEREAS, the Trustee has agreed to accept the trusts herein created upon the terms set forth herein; 
 NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS, THIS TRUST INDENTURE WITNESSETH: 
 GRANTING CLAUSES 

 That the Issuer in consideration of the premises and the acceptance by the Trustee of the trusts hereby
created and of the purchase and acceptance of the Bonds by the holders and owners thereof, and the sum of One Dollar ($1.00), lawful money of the United States of America, to it duly paid by the Trustee, at or before the execution and delivery of
these presents, and for other good and valuable considerations, the receipt of which is hereby acknowledged, and in order to secure the payment of the principal of and interest on the Bonds according to their tenor and effect and to secure the
performance and observance by the Issuer of all the covenants expressed or implied herein and in the Bonds, subject to all of the provisions hereof, does hereby grant, bargain, sell, convey, mortgage, assign and pledge unto the Trustee, and unto its
successor or successors in trust, and to them and their assigns forever, for the securing of the performance of the obligations of the Issuer hereinafter set forth: 
 1. 
 All the rights and interest of the Issuer in and to the Loan Agreement (except for the rights of the
Issuer under Sections 5.2(c), 6.2, 6.5 and 9.5 thereof and any rights of the Issuer to receive notices, certificates, or other communications thereunder); and all Revenues (as hereinafter defined) and the proceeds of all thereof. 
 2. 
 All the rights and interest of the
Issuer in and to the Construction Fund and the Bond Fund (as hereinafter defined), and all moneys and investments therein, but subject to the provisions of this Trust Indenture pertaining thereto. 
 3. 
 All moneys, securities and obligations
from time to time held by the Trustee under the terms of this Trust Indenture (except for moneys, securities or obligations deposited with or paid to the Trustee for redemption or payment of Bonds which are deemed to have been paid in accordance
with Article X hereof and funds held pursuant to Section 4.4, Section 4.9, or Section 6.5 hereof, which shall be held by the Trustee in accordance with the provisions of said Article X or Sections 4.4, 4.9 and 6.5, as the case may
be), and any and all real and personal property of every name and nature from time to time hereafter by delivery or by writing of any kind conveyed, mortgaged, pledged, assigned or transferred, as and for additional security hereunder by the Issuer
or by anyone in its behalf or with its written consent to the Trustee which is hereby authorized to receive any and all such property at any and all times and to hold and apply the same subject to the terms hereof. 
 TO HAVE AND TO HOLD all the same with all privileges and appurtenances hereby conveyed and assigned, or agreed or intended so to be, to the Trustee and
its successors in said trusts and to them and their assigns forever; 
  

 2 

 IN TRUST NEVERTHELESS, upon the terms and trusts herein set forth for the equal and proportionate
benefit, security and protection of all owners of the said Bonds issued under and secured by this Trust Indenture without privilege, priority or distinction of any of said Bonds over any of the other of said Bonds; provided, however, that if the
Issuer, its successors or assigns, shall well and truly pay, or cause to be paid, the principal of the Bonds and the interest due thereon, at the times and in the manner provided in the Bonds according to the true intent and meaning thereof, and
shall make the payments into the Bond Fund as required hereunder or shall provide, as permitted hereby, for the payment thereof by depositing or causing to be deposited with the Trustee the amount specified herein, and shall well and truly keep,
perform and observe all the covenants and conditions pursuant to the terms of this Trust Indenture to be kept, performed and observed by it, and shall pay to the Trustee all sums of money due or to become due to it in accordance with the terms and
provisions hereof, then upon such final payments this Indenture and the rights hereby granted shall cease, determine and be void; otherwise, this Trust Indenture to be and remain in full force and effect. 
 THIS TRUST INDENTURE FURTHER WITNESSETH that, and it is expressly declared, all Bonds issued and secured hereunder are to be issued, authenticated and
delivered and all said revenues and income hereby pledged are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as hereinafter expressed, and the Issuer
has agreed and covenanted, and does hereby agree and covenant, with the Trustee and with the respective owners, from time to time of the said Bonds, as follows: 
  

 3 

 ARTICLE I 
 DEFINITIONS 
 Section 1.1. Definitions. In addition to the words and terms
elsewhere defined in this Indenture, the following words and terms as used in this Indenture shall have the following meanings: 
 “Act” — Title 14, Chapter 267 of the Arkansas Code of 1987 Annotated, as enacted and amended from time to time. 
 “Alternate Credit Enhancement” or “Alternate Liquidity Facility” — A letter of credit, insurance policy, line of credit, surety bond, standby purchase agreement or other security or liquidity instrument, as the case
may be, issued in accordance with the terms hereof as a replacement or substitute for any Credit Enhancement or Liquidity Facility, as applicable, then in effect. 
 “Alternate Rate” — On any Rate Determination Date, for any Mode, a rate per annum equal to (a) the BMA Municipal Swap Index of Municipal Market Data, formerly the PSA Municipal Swap Index (as such
term is defined in the 1992 ISDA U.S. Municipal Counterparty Definitions) (the “BMA Rate”) most recently available as of the date of determination, or (b) if such index is no longer available, or if the BMA Rate is no longer
published, the Kenny Index (as such term is defined in the 1992 ISDA U.S. Municipal Counterparty Definitions), or if neither the BMA Rate nor the Kenny Index is published, the index determined to equal the prevailing rate determined by the
Remarketing Agent for tax-exempt state and local government bonds meeting criteria determined in good faith by the Remarketing Agent to be comparable under the circumstances to the criteria used by the Bond Market Association to determine the BMA
Rate just prior to when the Bond Market Association stopped publishing the BMA Rate. The Tender Agent shall make the determinations required by this determination, upon notification from the Issuer, if there is no Remarketing Agent, if the
Remarketing Agent fails to make any such determination or if the Remarketing Agent has suspended its remarketing efforts in accordance with the Remarketing Agreement. 
 “Authorized Denominations” — (i) With respect to Bonds in a Daily Mode or Weekly Mode, $100,000 and any integral multiple of $5,000 in excess thereof, (ii) with respect to Bonds in a Flexible
Mode, $100,000 and any integral multiple of $1,000 in excess thereof, and (iii) with respect to Bonds in a Long-Term Mode, $5,000 and any integral multiple thereof. 
 “Available Amount” — The amount available under the Credit Enhancement or Liquidity Facility, as applicable, to pay the principal of and interest on the Bonds or the Purchase Price of the Bonds, as
applicable. 
  

 4 

 “Available Moneys” — (i) Moneys held by the Trustee (other than in the Rebate Fund or
the Purchase Fund) and under this Indenture for a period of at least 123 days and not commingled with any moneys so held for less than said period and during which period no petition in bankruptcy was filed by or against, and no receivership,
insolvency, assignment for the benefit of creditors or other similar proceeding has been commenced by or against, the Issuer or the Company, unless such petition or proceeding was dismissed and all applicable appeal periods have expired without an
appeal having been filed, (ii) investment income derived from the investment of moneys described in clause (i), (iii) payments made under a Credit Enhancement by a Credit Provider, or (iv) any moneys with respect to which an opinion
of nationally recognized bankruptcy counsel has been received by the Trustee to the effect that payments by the Trustee in respect of the Bonds, as provided in this Indenture, derived from such moneys should not constitute transfers avoidable under
11 U.S.C. §547(b) and recoverable from the Owners under 11 U.S.C. §550(a) should the Issuer or the Company be the debtor in a case under Title 11 of the United States Code, as amended. 
 “Beneficial Owner” — So long as the Bonds are negotiated in the Book-Entry System, any Person who acquires a beneficial ownership interest
in a Bond held by the Securities Depository. If at any time the Bonds are not held in the Book-Entry System, Beneficial Owner shall mean Owner for purposes of this Indenture. 
 “Bond Counsel” — Any firm of nationally recognized municipal bond attorneys selected by the Company, acceptable to the Issuer and the
Trustee, and experienced in the issuance of municipal bonds and matters relating to the exclusion of the interest thereon from gross income for Federal income tax purposes. 
 “Bond Fund” — The fund by that name created and established in Section 6.1 of this Indenture. 
 “Bonds” — City of Osceola, Arkansas Solid Waste Disposal Revenue Bonds (Plum Point Energy Associates, LLC Project), Series 2006, in the
aggregate principal amount of $100,000,000, issued under and secured by this Indenture. 
 “Book-Entry System” — The system
maintained by the Securities Depository described in Section 2.20 hereof. 
 “Business Day” — Any business day other than
(i) a Saturday or Sunday, or (ii) a day on which the Trustee, the Paying Agent, or the Remarketing Agent is required or authorized to be closed, or (iii) a day on which the office of the Credit Provider or Liquidity Provider at which
certificates and demands for payment are required to be presented under the Credit Enhancement or Liquidity Facility is required or authorized to be closed, or (iv) a day on which the New York Stock Exchange, Inc. is closed. 
  

 5 

 “Clearing Fund” — The fund by that name created and established in Section 7.1 of
this Indenture. 
 “Clerk” — The person holding the office and performing the duties of City Clerk of the Issuer. 

“Code” — The Internal Revenue Code of 1986, as heretofore or hereafter amended. 
 “Collateral Agent” — (i) Credit Suisse, Cayman Islands Branch, in its capacity as collateral agent for the secured parties under the
Company Credit Facility, or (ii) any other Person so designated in writing by the Company to the Trustee and the Credit Provider, confirmed in writing by the then-existing Collateral Agent known as such to the Trustee and the Credit Provider.

 “Company” — Plum Point Energy Associates, LLC, a limited liability company organized and existing under the laws of the
State of Delaware, and its permitted successors and assigns under the Loan Agreement. 
 “Company Credit Facility” —
(i) The Credit Agreement dated as of March 14, 2006, among the Lenders from time to time party thereto, Credit Suisse, Cayman Islands Branch, as administrative agent, as collateral agent, and as issuing bank, Credit Suisse Securities (USA)
LLC, Goldman Sachs Credit Partners L.P., Merrill Lynch & Co. and Morgan Stanley & Co. Incorporated, as joint lead arrangers and joint lead bookrunners, the party named therein as syndication agent, the party named therein as
documentation agent, and the Company, and any amendments and supplements thereto, or (ii) any other credit agreement, loan agreement, indenture, or similar agreement entered into by the Company for the purpose of borrowing money or securing
indebtedness of the Company which refunds or replaces the initial Company Credit Facility described in clause (i) of this definition. 
 “Company Credit Facility Construction Account” — (i) The account of the Company entitled “Plum Point Construction Account” and numbered 10226008.1 maintained with JPMorgan Chase Bank, N.A., in its capacity as
depositary agent, bank and securities intermediary for the secured parties under the initial Company Credit Facility, or (ii) any other account so designated in writing by the Company to the Trustee and the Credit Provider, confirmed in writing
by the then-existing Collateral Agent known as such to the Trustee and the Credit Provider. 
 “Company Purchase Account” —
The account by that name created in Section 4.9 hereof. 
 “Company Representative” — A person at the time designated to
act on behalf of the Company for purposes of this Indenture by a written instrument furnished to the Trustee containing the specimen signature of such person and signed on behalf of Company by any of its officers. The certificate may designate an
alternate or alternates. 
  

 6 

 “Completion Date” — The date of completion of the acquisition, construction and equipment
of the Project (or any phase of the Project financed with the proceeds of a series of Bonds), as that date shall be determined by the Company and certified as provided in Section 3.4 of the Loan Agreement. 
 “Construction Fund” — The fund by that name created and established in Section 7.1 of this Indenture. 
 “Credit Enhancement” — A letter of credit, insurance policy, surety bond, line of credit or other instrument then in effect which secures
or guarantees the payment of principal of and interest on the Bonds. 
 “Credit Enhancement Account” — The account by that
name created within the Bond Fund in Section 6.1 hereof. 
 “Credit Provider” — Any bank, insurance company, pension fund
or other financial institution which provides a Credit Enhancement or Alternate Credit Enhancement for the Bonds. A Credit Provider also may be the Liquidity Provider. For any period during which the Company Credit Facility is in effect, the term
“Credit Provider” as used herein shall refer to and mean the Issuing Bank. The initial Credit Provider shall be Credit Suisse, New York Branch. 
 “Credit Provider Failure” or “Liquidity Provider Failure” — A failure of the Credit Provider or Liquidity Provider, as applicable, to pay a properly presented and conforming draw or request
for advance under the Credit Enhancement or Liquidity Facility, as applicable, or the filing or commencement of any bankruptcy or insolvency proceedings by or against the Credit Provider or Liquidity Provider, as applicable, or the Credit Provider
or Liquidity Provider, as applicable, shall declare a moratorium on the payment of its unsecured debt obligations or shall repudiate the Credit Enhancement or Liquidity Facility, as applicable. 
 “Current Mode” — The meaning specified in Section 2.9(a)(i) hereof. 
 “Daily Mode” — The Mode during which the Bonds bear interest at the Daily Rate. 
 “Daily Rate” — The per annum interest rate on any Bond in the Daily Mode determined pursuant to Section 2.6(a) hereof. 
 “Daily Rate Period” — The period during which a Bond in the Daily Mode shall bear a Daily Rate, which shall be from the Business Day upon
which a Daily Rate is set to but not including the next succeeding Business Day. 
  

 7 

 “DTC Representation Letter” — The Letter of Representations delivered to the Securities
Depository in connection with the original issuance of the Bonds, and any amendments and supplements thereto. 
 “Electronic Means”
— Telecopy, facsimile transmission, e mail transmission or other similar electronic means of communication providing evidence of transmission, including a telephonic communication confirmed by any other method set forth in this definition.

 “Event of Default” — Any event of default specified in Section 11.1 hereof. 
 “Expiration Date” — The stated expiration date of the Credit Enhancement or the Liquidity Facility, as it may be extended from time to
time as provided in the Credit Enhancement or the Liquidity Facility, or any earlier date on which the Credit Enhancement or the Liquidity Facility shall terminate at the direction of the Company, expire or be cancelled. 
 “Favorable Opinion of Bond Counsel” — With respect to any action the occurrence of which requires such an opinion, an Opinion of Counsel,
which shall be a Bond Counsel, to the effect that such action is permitted under the Act and this Indenture and will not adversely affect the exclusion of interest on the Bonds from gross income for purposes of Federal income taxation (subject to
the inclusion of any exceptions contained in the opinion delivered upon original issuance of the Bonds). 
 “Fitch” — Fitch,
Inc., and its successors and assigns, except that if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “Fitch” shall be deemed to refer to any other
nationally recognized securities rating agency selected by the Company after consultation with the Remarketing Agent. 
 “Fixed
Rate” — The per annum interest rate on any Bond in the Fixed Rate Mode determined pursuant to Sections 2.7(b) hereof. 
 “Fixed Rate Bond” — A Bond in the Fixed Rate Mode. 
 “Fixed Rate Mode” — The Mode during which the
Bonds bear interest at the Fixed Rate. 
 “Fixed Rate Period” — For the Bonds in the Fixed Rate Mode, the period from the Mode
Change Date upon which the Bonds were converted to the Fixed Rate Mode to but not including the Maturity Date for the Bonds. 
 “Flexible Mode” — The Mode during which the Bonds bear interest at the Flexible Rate. 
 “Flexible Rate”
— The per annum interest rate on a Bond in the Flexible Mode determined for such Bond pursuant to Section 2.5 hereof. The Bonds in the Flexible Mode may bear interest at different Flexible Rates. 
  

 8 

 “Flexible Rate Bond” — A Bond in the Flexible Mode. 
 “Flexible Rate Period” — The period of from one to 270 calendar days (which period must end on a day preceding a Business Day) during
which a Flexible Rate Bond shall bear interest at a Flexible Rate, as established by the Remarketing Agent pursuant to Section 2.5 hereof. The Bonds in the Flexible Mode may be in different Flexible Rate Periods. 
 “General Account” — The account by that name created within the Bond Fund in Section 6.1 hereof. 
 “Government Securities” — Direct or fully guaranteed obligations of the United States of America (including any such securities issued or
held in book-entry form on the books of the Department of Treasury of the United States of America). 
 “Indenture” — This
Trust Indenture and any amendments and supplements hereto. 
 “Interest Accrual Period” — The period during which a Bond
accrues interest payable on the next Interest Payment Date applicable thereto. Each Interest Accrual Period shall commence on (and include) the last Interest Payment Date to which interest has been paid (or, if no interest has been paid, from the
date of original authentication and delivery of the Bonds) to, but not including, the Interest Payment Date on which interest is to be paid. If, at the time of authentication of any Bond, interest is in default or overdue on the Bonds, such Bond
shall bear interest from the date to which interest has previously been paid in full or made available for payment in full on Outstanding Bonds. 
 “Interest Payment Date” — Each date on which interest is to be paid and is: (i) with respect to the Bonds in the Flexible Mode, each Mandatory Purchase Date applicable thereto; (ii) with respect to the Bonds in the
Daily Mode or Weekly Mode, the first Business Day of each month; (iii) with respect to the Bonds in a Long-Term Mode, the first day of the sixth calendar month following the month in which such Long-Term Mode takes effect, and the first day of
each sixth calendar month thereafter or, upon the receipt by the Trustee of a Favorable Opinion of Bond Counsel, any other six-month interval chosen by the Company (beginning with the first such day which is at least three months after the Mode
Change Date) and, with respect to a Term Rate Period, the final day of the current Interest Period if other than a regular six-month interval; (iv) (without duplication as to any Interest Payment Date listed above) any Mode Change Date, other
than a change between a Daily Mode and a Weekly Mode, and each Maturity Date; and (v) with respect to any Liquidity Provider Bonds, the day set forth in the Reimbursement Agreement. 
 “Interest Period” — For the Bonds in a particular Mode, the period of time that the Bonds bear interest at the rate (per annum) which
becomes effective at the beginning of such period, and shall include a Flexible Rate Period, a Daily Rate Period, a Weekly Rate Period, a Term Rate Period and a Fixed Rate Period. 
  

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 “Issuer” — City of Osceola, Arkansas, a municipality organized and existing under the laws
of the State of Arkansas, and its successors and assigns. 
 “Issuing Bank” — (i) Credit Suisse, New York Branch, as
issuing bank under the Company Credit Facility, or (ii) any other Person so designated in writing by the Company to the Trustee, confirmed in writing by the then-existing Issuing Bank known as such to the Trustee. 
 “Liquidity Facility” — Any letter of credit, line of credit, standby purchase agreement or other instrument then in effect which provides
for the payment of the Purchase Price of Bonds upon the tender thereof in the event remarketing proceeds are insufficient therefor. 
 “Liquidity Facility Purchase Account” — The account by that name created in Section 4.9 hereof. 
 “Liquidity Provider” — Any bank, insurance company, pension fund or other financial institution which provides a Liquidity Facility or Alternate Liquidity Facility for the Bonds. A Liquidity Provider also may be the Credit
Provider. 
 “Liquidity Provider Bonds” — Any Bonds purchased by the Liquidity Provider with funds drawn on or advanced under
the Liquidity Facility. 
 “Long-Term Mode” — A Term Rate Mode or a Fixed Rate Mode. 
 “Loan Agreement” — The Loan Agreement dated as of April 1, 2006, by and between the Issuer and the Company, and any amendments and
supplements thereto. 
 “Mandatory Purchase Date” — (i) With respect to a Flexible Rate Bond, the first Business Day
following the last day of each Flexible Rate Period with respect to such Bond, (ii) for Bonds in the Term Rate Mode, on the first Business Day following the last day of each Term Rate Period, (iii) any Mode Change Date (except a change in
Mode between the Daily Mode and the Weekly Mode), (iv) any Substitution Date, (v) the fifth Business Day prior to the Expiration Date (other than as a result of an Automatic Termination Event), (vi) for Bonds in the Daily Mode or
Weekly Mode, any Business Day specified by the Company not less than twenty (20) days after the Trustee’s receipt of such notice, and (vii) the date specified by the Trustee following receipt of notice from the Credit Provider, before
the seventh (7th) calendar day after the presentation of demand for a drawing under the Credit Enhancement to pay regularly scheduled interest on the Bonds, that there shall be no reinstatement of the amount so drawn under the terms of the
Credit Enhancement, which date shall be a Business Day not less than five (5) days after the Trustee’s receipt of such notice. 
  

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 “Mayor” — The person holding the office and performing the duties of the Mayor of the
Issuer. 
 “Maturity Date” — April 1, 2036, and, if provided in Section 2.1 hereof or if established pursuant to
Section 2.9(b)(v) hereof upon a change to the Fixed Rate Mode, any Serial Maturity Date. 
 “Maximum Rate” — The lesser of (i) the rate of ten and three-quarters percent (10 3/4%) per annum or such higher rate of interest as the Trustee may accept, based upon an opinion of Bond Counsel, to the effect that such higher rate is not greater than the maximum rate permitted by applicable law, or
(ii) the maximum rate per annum, specified therein, upon which there has been calculated the amount available to be drawn on the Credit Facility to pay interest on the Bonds. 
 “Mode” — As the context may require, the Flexible Mode, the Daily Mode, the Weekly Mode, the Term Rate Mode or the Fixed Rate Mode.

 “Mode Change Date” — With respect to the Bonds in a particular Mode, the day on which another Mode for the Bonds begins.

 “Mode Change Notice” — The notice from the Company to the other Notice Parties of the Company’s intention to change
the Mode with respect to the Bonds. 
 “Moody’s” — Moody’s Investors Service, a corporation duly organized and
existing under and by virtue of the laws of the State of Delaware, and its successors and assigns, except that if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term
“Moody’s” shall be deemed to refer to any other nationally recognized securities rating agency selected by the Company after consultation with the Remarketing Agent. 
 “New Mode” — The meaning specified in Section 2.9(a) hereof. 
 “Notice Parties” — The Issuer, the Trustee, the Tender Agent, the Remarketing Agent, the Paying Agent, the Credit Provider, the Liquidity
Provider and the Company. 
 “Opinion of Counsel” — A written legal opinion from a firm of attorneys experienced in the
matters to be covered in the opinion. 
 “Outstanding” — When used with reference to the Bonds, as of any particular date, the
aggregate of all Bonds authenticated and delivered under this Indenture except: 
 (a) Bonds canceled at or prior to such date
or delivered to or acquired by the Trustee at or prior to such date for cancellation; 
  

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 (b) Bonds deemed to be paid in accordance with Article X of this Indenture; 

(c) Bonds in lieu of or in exchange or substitution for which other Bonds shall have been authenticated and delivered pursuant to this
Indenture; and 
 (d) On or after any Purchase Date, Bonds tendered or deemed tendered, provided moneys sufficient to pay the
Purchase Price thereof on such Purchase Date shall be available in the Purchase Fund for such purpose. 
 “Owner” or
“Bondholder” — The registered owner of a Bond, including the Securities Depository, if any, or its nominee. 
 “Paying
Agent” — The commercial bank, trust company or other entity which may from time to time be appointed to serve as Paying Agent as provided in Section 12.11 hereof. Until such time as an alternate Paying Agent is appointed, the Paying
Agent shall be the Trustee. 
 “Person” — An individual, a corporation, a partnership, an association, a joint venture, a
trust, an unincorporated organization or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Plant” — The approximately 665 megawatt coal-fired electric generation plant jointly leased by the Company and others from the Issuer in connection with industrial development revenue bonds issued by
the Issuer to be located on a site adjacent to the Mississippi River within or near the Issuer and known as the Plum Point Energy Station. 
 “Principal Payment Date” — Any date upon which the principal amount of Bonds is due hereunder, including the Maturity Date, any Serial Maturity Date, any Redemption Date, or the date the maturity of any Bond is accelerated
pursuant to the terms hereof or otherwise. 
 “Project” — The Company’s undivided interest (which may be a leasehold
interest) in the land, the buildings, structures and other improvements, and those items of fixtures, machinery, equipment and other tangible personal property acquired, constructed and equipped, in whole or in part, with the proceeds of the Bonds,
more particularly identified in the Loan Agreement. 
 “Purchase Date” — (i) For a Bond in the Daily Mode or the Weekly
Mode, any Business Day selected by the Beneficial Owner of said Bond pursuant to the provisions of Section 4.1 hereof, and (ii) any Mandatory Purchase Date. 
 “Purchase Fund” — The fund by that name created in Section 4.9 hereof. 
 “Purchase
Price” — An amount equal to the principal amount of any Bonds purchased on any Purchase Date, plus accrued interest to the Purchase Date (unless the Purchase Date is an Interest Payment Date, in which case the Purchase Price shall not
include accrued interest, which shall be paid in the normal course). 
  

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 “Rate Determination Date” — Any date on which the interest rate on Bonds shall be
determined, which, (i) in the case of the Flexible Mode, shall be the first day of an Interest Period; (ii) in the case of the Daily Mode, shall be each Business Day commencing with the first day (which must be a Business Day) the Bonds
become subject to the Daily Mode; (iii) in the case of the initial conversion to the Weekly Mode, shall be no later than the Business Day prior to the Mode Change Date, and thereafter, shall be each Wednesday or, if Wednesday is not a Business
Day, then the Business Day next succeeding such Wednesday; (iv) in the case of the Term Rate Mode, shall be a Business Day no earlier than fifteen (15) Business Days and no later than the Business Day next preceding the first day of an
Interest Period, as determined by the Remarketing Agent; and (v) in the case of the Fixed Rate Mode, shall be a date determined by the Remarketing Agent which shall be at least one Business Day prior to the Mode Change Date. 
 “Rating Agencies” — Any of Moody’s, S&P or Fitch, which is then providing a rating on the Bonds. 
 “Rating Confirmation Notice” — A notice from Moody’s, S&P or Fitch, as appropriate, confirming that the rating on the Bonds will
not be lowered or withdrawn (other than a withdrawal of a short-term rating upon a change to a Long-Term Mode) as a result of the action proposed to be taken. 
 “Record Date” — (i) With respect to Bonds in a Short-Term Mode, the last Business Day before an Interest Payment Date; and (ii) with respect to Bonds in a Long-Term Mode, the fifteenth
(15th) day (whether or not a Business Day) of the month next preceding each Interest Payment Date. 
 “Redemption Date” —
The date fixed for redemption of Bonds subject to redemption in any notice of redemption given in accordance with the terms hereof. 
 “Redemption Price” — An amount equal to the principal of and premium, if any, and accrued interest, if any, on the Bonds to be paid on the Redemption Date. 
 “Reimbursement Agreement” — Any reimbursement agreement, credit agreement, line of credit agreement, standby purchase agreement or other
agreement, by and between the Credit Provider or Liquidity Provider, as applicable, and the Company, pursuant to which the Credit Enhancement, Liquidity Facility, Alternate Credit Enhancement, or Alternate Liquidity Facility is issued or provided.
The Company Credit Facility shall be the initial Reimbursement Agreement. 
 “Remarketing Agent” — Goldman, Sachs &
Co., or any other investment banking firm which may be substituted in its place as provided in Section 13.1 hereof. 
  

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 “Remarketing Agreement” — That certain Remarketing Agreement relating to the Bonds, dated
as of April 1, 2006, by and between the Company and the Remarketing Agent or any similar agreement between the Company and the Remarketing Agent, as it may be amended or supplemented from time to time in accordance with its terms. 

“Remarketing Proceeds Account” — The account by that name created in Section 4.9 hereof. 
 “Representation Letter” — The Letter of Representation from the Issuer, the Paying Agent, the Tender Agent and the Remarketing Agent to
the Securities Depository in connection with the issuance of the Bonds in a book-entry system, as supplemented and amended from time to time. 
 “Revenues” — All amounts payable pursuant to Section 5.2(a) of the Loan Agreement. 
 “S&P” —
Standard & Poor’s Ratings Services, a division of McGraw-Hill, duly organized and existing under and by virtue of the laws of the State of New York, and its successors and assigns, except that if such corporation shall be dissolved or
liquidated or shall no longer perform the functions of a securities rating agency, then the term “S&P” shall be deemed to refer to any other nationally recognized securities rating agency selected by the Company after consultation with
the Remarketing Agent. 
 “Securities Depository” — The Depository Trust Company, 711 Stewart Avenue, Garden City, New York
11530, Fax -516/227-4039 or 4190, and such other securities depository as the Company may designate in a certificate of the Company delivered to the Trustee. 
 “Serial Bonds” — The Bonds maturing on the Serial Maturity Dates, as determined pursuant to Section 2.9(b) hereof. 
 “Serial Maturity Dates” — The dates on which the Serial Bonds mature, as determined pursuant to Section 2.9(b) hereof. 
 “Serial Payments” — The payments to be made in payment of the principal of the Serial Bonds on the Serial Maturity Dates. 
 “Short-Term Mode” — The Daily Mode, the Weekly Mode or the Flexible Mode. 
 “Substitution Date” — The date upon which an Alternate Credit Enhancement or Alternate Liquidity Facility is scheduled to be substituted for the Credit Enhancement or Liquidity Facility then in effect. 
 “Tender Agent” — The commercial bank, trust company or other entity which may from time to time be appointed to serve as Tender Agent as
provided in Section 12.13 hereof. Until such time as an alternate Tender Agent is appointed, the Tender Agent shall be the Trustee. 
  

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 “Tender Notice” — A notice delivered by Electronic Means or in writing that states
(i) the principal amount of such Bond to be purchased pursuant to Section 4.1 hereof, (ii) the Purchase Date on which such Bond is to be purchased, (iii) applicable payment instructions with respect to the Bonds being tendered
for purchase and (iv) an irrevocable demand for such purchase. 
 “Tender Notice Deadline” — (i) During the Daily
Mode, 11:00 A.M. on any Business Day and (ii) during the Weekly Mode, 5:00 P.M. on the Business Day seven (7) days prior to the applicable Purchase Date. 
 “Term Rate” — The per annum interest rate for the Bonds in the Term Rate Mode determined pursuant to Section 2.7(a) hereof. 
 “Term Rate Mode” — The Mode during which the Bonds bear interest at the Term Rate. 
 “Term Rate Period” — The period from (and including) the Mode Change Date or the date of initial issuance of the Bonds, as applicable, to
(but excluding) the last day of the first period that the Bonds shall be in the Term Rate Mode as established by the Company for the Bonds pursuant to Section 2.10(a)(i) hereof and, thereafter, the period from (and including) the beginning date
of each successive Interest Rate Period selected for the Bonds by the Company pursuant to Section 2.7(a) while it is in the Term Rate Mode to (but excluding) the commencement date of the next succeeding Interest Period, including another Term
Rate Period. Except as otherwise provided in this Indenture, an Interest Period for the Bonds in the Term Rate Mode must be at least 180 days in length. 
 “Trustee” — The commercial bank, trust company or other entity which may from time to time be appointed to serve as Trustee under the provisions of this Indenture or by operation of law. The initial
Trustee shall be Regions Bank, Little Rock, Arkansas. 
 “Trust Estate” — The property conveyed to the Trustee pursuant to the
Granting Clauses hereof. 
 “Variable Rate Mode” — The Short-Term Mode or the Term Rate Mode. 
 “Weekly Mode” — The Mode during which the Bonds bear interest at the Weekly Rate. 
 “Weekly Rate” — The per annum interest rate on the Bonds in the Weekly Mode determined pursuant to Section 2.6(b) hereof. 

“Weekly Rate Period” — The period during which a Bond in the Weekly Mode shall bear a Weekly Rate, which shall be the period commencing
on Thursday of each week to and including Wednesday of the following week, except the first Weekly Rate Period which shall be from the Mode Change Date or date of initial issuance of the Bonds, as applicable, to and including the Wednesday of the
following week and the last Weekly Rate Period which shall be from and including the Thursday of the week prior to the Mode Change Date to and including the day next preceding the Mode Change Date. 
  

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 Unless otherwise provided herein, all references to a particular time are to New York City time.

 Section 1.2. Use of Words. Words of the masculine gender shall be deemed and construed to include
correlative words of the feminine and neuter genders. Unless the context shall otherwise indicate, the words “Bond”, “Owner”, “Bondholder” and “Person” shall include the plural, as well as the singular,
number. 
  

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 ARTICLE II 
 CONDITIONS AND TERMS OF BONDS 
 Section 2.1. Authorization of
Bonds. The issuance of the Bonds is hereby authorized in the aggregate principal amount of One Hundred Million Dollars ($100,000,000) to be designated as “City of Osceola, Arkansas Solid Waste Disposal Revenue Bonds (Plum Point Energy
Associates, LLC Project), Series 2006.” 
 Section 2.2. Denominations, Medium, Method and
Place of Payment and Dating of Bonds. The Bonds shall be issued in the form of fully registered Bonds in Authorized Denominations. The principal of and premium, if any, and interest on the Bonds shall
be payable in lawful money of the United States of America. The Bonds shall initially issued in the Weekly Mode and may be converted to another Mode as provided herein. The initial interest rate on the Bonds shall be determined on or prior to the
date of issuance of the Bonds as hereinafter provided. 
 Unless otherwise provided in any writing with or from the Securities Depository,
the interest on the Bonds shall be paid by the Paying Agent on the Interest Payment Dates by wire transfer of immediately available funds to an account specified by the Owner in a writing delivered to the Paying Agent. Any such specified account
shall remain in effect until revised by such Owner by an instrument in writing delivered to the Paying Agent. The principal of and premium, if any, on each Bond shall be payable on the Principal Payment Date, upon surrender thereof at the office of
the Paying Agent. 
 Except as may be specifically set forth herein, the Paying Agent, the Trustee, the Remarketing Agent, the Company, and
the Issuer may treat the Owner of a Bond as the absolute owner thereof for all purposes, whether or not such Bond shall be overdue, and the Paying Agent, the Trustee, the Remarketing Agent, the Company, and the Issuer shall not be affected by any
knowledge or notice to the contrary; and payment of the principal of and premium, if any, and interest on such Bond shall be made only to such Owner, which payments shall be valid and effectual to satisfy and discharge the liability of such Bond to
the extent of the sum or sums so paid. All Bonds at maturity or on earlier redemption paid pursuant to the provisions of this Section shall be cancelled by the Paying Agent. 
 The Bonds shall be dated the date of authentication thereof and shall bear interest at the applicable rate or rates during each applicable Interest
Accrual Period until the entire principal amount of the Bonds has been paid. 
 Section 2.3. Payment of
Principal and Interest of Bonds; Acceptance of Terms and Conditions. (a) The interest on the Bonds shall become due and payable on the Interest Payment Dates in each year to
and including the Maturity Date, and on each Redemption Date and on the date of any acceleration prior thereto. The principal of the Bonds shall become due and payable on the applicable Principal Payment Date. 
  

 17 

 (b) By the acceptance of its Bond, the Owner and each Beneficial Owner thereof shall be deemed to have
agreed to all the terms and provisions of such Bond as specified in such Bond and this Indenture including, without limitation, the applicable Interest Periods, interest rates (including any applicable Alternate Rate), Purchase Dates, Mandatory
Purchase Dates, Purchase Prices, mandatory and optional purchase and redemption provisions applicable to such Bond, method and timing of purchase, redemption, payment, etc. Such Owner and each Beneficial Owner further agree that if, on any date upon
which one of its Bonds is to be purchased, redeemed or paid at maturity or earlier due date, funds are on deposit with the Paying Agent or the Trustee to pay the full amount due on such Bond, then such Owner or Beneficial Owner shall have no rights
under this Indenture other than to receive such full amount due with respect to such Bond and that interest on such Bond shall cease to accrue as of such date. 
 (c) While any Bonds are Liquidity Provider Bonds, such Bonds shall bear interest and be payable at the times and in the amounts required under the Liquidity Facility. 
 Section 2.4. Calculation and Payment of Interest; Change in Mode; Maximum
Rate. (a) When a Short-Term Mode is in effect, interest shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed. When a Long-Term Mode is in effect, interest shall be calculated on the basis of a 360
day year comprised of twelve 30-day months. Payment of interest on each Bond shall be made on each Interest Payment Date for such Bond for unpaid interest accrued during the Interest Accrual Period to the Owner of record of such Bond on the
applicable Record Date. 
 (b) The Bonds in any Mode, other than a Fixed Rate Mode, may be changed to any other Mode at the times and in the
manner hereinafter provided. Subsequent to such change in Mode (other than a change to a Fixed Rate Mode), the Bonds may again be changed to a different Mode at the times and in the manner hereinafter provided. A Fixed Rate Mode shall be in effect
until the Maturity Date, or acceleration thereof prior to the Maturity Date, and may not be changed to any other Mode. 
 (c) No Bonds shall
bear interest at an interest rate higher than the Maximum Rate. 
 (d) In the absence of manifest error, the determination of interest rates
(including any determination of rates in connection with a New Mode) and interest periods by the Remarketing Agent and the record of interest rates maintained by the Paying Agent shall be conclusive and binding upon the Remarketing Agent, the Paying
Agent, the Trustee, the Issuer, the Company, the Owners and the Beneficial Owners. 
 Section 2.5. Determination of
Flexible Rates and Interest Periods During Flexible Mode. An Interest Period for the Bonds in the Flexible Mode shall be of such duration of from one to 270 calendar days, ending on a day
preceding a Business Day or the Maturity Date, as the 

  

 18 

 
Remarketing Agent shall determine in accordance with the provisions of this Section. A Flexible Rate Bond can have an Interest Period, and bear interest at a
Flexible Rate, different than another Flexible Rate Bond. In making the determinations with respect to Interest Periods, subject to limitations imposed by the second preceding sentence and in Section 2.4 hereof, on each Rate Determination Date
for a Flexible Rate Bond, the Remarketing Agent shall select for such Bond the Interest Period which would result in the Remarketing Agent being able to remarket such Bond at par in the secondary market at the lowest average interest cost for all
Flexible Rate Bonds; provided, however, that if the Remarketing Agent has received notice from the Company that the Bonds are to be changed from the Flexible Mode to any other Mode, the Remarketing Agent shall select Interest Periods which do not
extend beyond the day preceding the resulting applicable Mandatory Purchase Date of the Bonds. 
 Except while the Bonds are registered in a
Book-Entry System, in order to receive payment of the Purchase Price the Owner of any Bond in the Flexible Mode must present such Bond to the Paying Agent, by 12:00 noon on the Rate Determination Date, in which case, the Paying Agent shall pay the
Purchase Price to such Owner by 3:00 P.M. on the same day. 
 By 1:00 P.M. on each Rate Determination Date, the Remarketing Agent, with
respect to each Bond in the Flexible Mode which is subject to adjustment on such date, shall determine the Flexible Rate(s) for the Interest Periods then selected for such Bond and shall give notice by Electronic Means to the Paying Agent and the
Company, of the Interest Periods, the Purchase Date(s) and the Flexible Rate(s). The Remarketing Agent shall make the Flexible Rate and Interest Period available after 2:00 P.M. on each Rate Determination Date by telephone or Electronic Means to any
Beneficial Owner or Notice Party requesting such information. 
 Section 2.6. Determination of Interest
Rates During the Daily Mode and the Weekly Mode. The interest rate for the Bonds in the Daily Mode or Weekly Mode shall be the rate of interest per annum determined by the Remarketing
Agent on and as of the applicable Rate Determination Date as the minimum rate of interest which, in the opinion of the Remarketing Agent under then-existing market conditions, would result in the sale of the Bonds in the Daily Rate Period or Weekly
Rate Period, as applicable, at a price equal to the principal amount thereof, plus interest, if any, accrued through the Rate Determination Date during the then current Interest Accrual Period. 
 (a) During the Daily Mode, the Remarketing Agent shall establish the Daily Rate by 10:00 A.M. on each Rate Determination Date. The Daily Rate for any day
during the Daily Mode which is not a Business Day shall be the Daily Rate established on the immediately preceding Rate Determination Date. The Remarketing Agent shall make the Daily Rate available no less frequently than once each week by telephone
or Electronic Means to any Beneficial Owner or Notice Party requesting such rate. 
  

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 (b) During the Weekly Mode, the Remarketing Agent shall establish the Weekly Rate by 4:00 P.M. on each
Rate Determination Date. The Weekly Rate shall be in effect during the applicable Weekly Rate Period. The Remarketing Agent shall make the Weekly Rate available no later than 5:00 P.M. on the Business Day following the Rate Determination Date by
telephone or Electronic Means to any Beneficial Owner or Notice Party requesting such rate. 
 Section 2.7. Determination
of Term Rates and Fixed Rates. (a) Term Rates. Except as provided in Section 2.8 hereof, once the Bonds are changed to the Term Rate Mode, the Bonds shall continue in the Term Rate
Mode until changed to another Mode in accordance with Section 2.9 hereof. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 P.M. on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate
available by telephone or by Electronic Means to any Notice Party requesting such rate. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, would result in a sale of the Bonds at a price equal to the
principal amount thereof on the Rate Determination Date for the Interest Period selected by the Company in writing delivered to the Remarketing Agent before such Rate Determination Date. If a new Interest Period is not selected by the Company prior
to a Rate Determination Date, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with the last sentence of this paragraph). The Remarketing Agent shall make the Term
Rate available by telephone or Electronic Means after 5:00 P.M. on the Rate Determination Date to any Notice Party requesting such Term Rate. Upon request of any Notice Party the Paying Agent shall give notice of such rate by Electronic Means. No
Interest Period in the Term Rate Mode may extend beyond the applicable Maturity Date. 
 (b) Fixed Rates. The Remarketing Agent
shall determine the Fixed Rate for the Bonds being converted to the Fixed Rate Mode in the manner and at the times as follows: not later than 4:00 P.M. on the applicable Rate Determination Date, the Remarketing Agent shall determine the Fixed Rate
(or Rates, if the Bonds will have Serial Maturity Dates in accordance with Section 2.9(b)(v) hereof). Except as set forth in Section 2.9(b)(v) hereof, the Fixed Rate shall be the minimum interest rate which, in the sole judgment of the
Remarketing Agent, will result in a sale of the Bonds at a price equal to the principal amount thereof on the Rate Determination Date. The Remarketing Agent shall make the Fixed Rate available by telephone or by Electronic Means after 5:00 P.M. on
the Rate Determination Date to any Notice Party requesting such Fixed Rate. Upon request of any Notice Party the Paying Agent shall give notice of such rate by Electronic Means. Subject to Section 2.9(b)(v), the Fixed Rate so established shall
remain in effect until the Maturity Date of such Bonds. 
 Section 2.8. Alternate Rates. The following provisions
shall apply in the event (i) the Remarketing Agent fails or is unable to determine the interest rate or Interest Period for the Bonds, (ii) the method by which the Remarketing Agent determines the interest rate or Interest Period with
respect to the Bonds (or the selection by the Company of the Interest Periods for Bonds in the Term Rate Mode) shall be held to be unenforceable by a court of law of competent jurisdiction or (iii) if the Remarketing Agent suspends its
remarketing effort in accordance with the Remarketing Agreement. These provisions shall continue to apply until such time as the Remarketing Agent (or the Company if applicable) again makes such determinations. In the 

  

 20 

 
case of clause (ii) above, the Remarketing Agent (or the Company, if applicable) shall again make such determination at such time as there is delivered
to the Remarketing Agent and the Company an opinion of Bond Counsel to the effect that there are no longer any legal prohibitions against such determinations. The following shall be the methods by which the interest rates and, in the case of the
Flexible and Term Rate Modes, the Interest Periods, shall be determined for the Bonds as to which any of the events described in clauses (i), (ii) or (iii) shall be applicable. Such methods shall be applicable from and after the date any
of the events described in clauses (i), (ii) or (iii) first become applicable to the Bonds until such time as the events described in clauses (i), (ii) or (iii) are no longer applicable to the Bonds. These provisions shall not
apply if the Company fails to select an Interest Period for the Bonds in the Term Rate Mode for a reason other than as described in clause (ii) above. 
 (a) For Flexible Rate Bonds, the next Interest Period shall be from, and including, the first day following the last day of the current Interest Period for the Bonds to, but excluding, the next succeeding Business Day
and thereafter shall commence on each Business Day and extend to, but exclude, the next succeeding Business Day. For each such Interest Period, the interest rate for the Bonds shall be the applicable Alternate Rate in effect on the Business Day that
begins an Interest Period. 
 (b) If the Bonds are in the Daily Mode or the Weekly Mode, then the Bonds shall bear interest during each
subsequent Interest Period at the Alternate Rate in effect on the first day of such Interest Period. 
 (c) If the Bonds are then in the Term
Rate Mode, then the Bonds shall automatically convert to Flexible Rate Bonds, with an Interest Period commencing on the first day following the last day of the current Interest Period for the Bonds to, but excluding, the next succeeding Business Day
and thereafter shall commence on each Business Day and extend to, but exclude, the next succeeding Business Day. For each such Interest Period, the interest rate for the Bonds shall be the applicable Alternate Rate in effect at the beginning of each
such Interest Period. 
 Section 2.9. Changes in Mode. Subject to the provisions of this Section, the
Company may effect a change in Mode with respect to all (but not less than all) of the Bonds by following the procedures set forth in this Section. If a change in Mode will make the Bonds subject to Rule 15c2-12 promulgated under the Securities Act
of 1934, as amended, it shall be a condition to the conversion that the Company shall have executed a continuing disclosure undertaking satisfying the requirements of such Rule and shall cooperate with the Remarketing Agent and any Underwriter (as
defined in such Rule) in satisfying the requirements of such Rule. 
  

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 (a) Changes to Modes Other Than to Fixed Rate
Mode. All of the Bonds (other than Bonds in the Fixed Rate Mode) may be changed from one Mode to another Mode (other than the Fixed Rate Mode) as follows: 
 (i) Mode Change Notice; Notice to Owners. No later than a Business Day which is at least thirty (30) days (or such shorter time as may be agreed to by the Issuer, the
Company, the Trustee, the Tender Agent and the Remarketing Agent) preceding the proposed Mode Change Date, the Company shall give written notice to the Notice Parties of its intention to effect a change in the Mode from the Mode then prevailing (for
purposes of this Section, the “Current Mode”) to another Mode (for purposes of this Section, the “New Mode”) specified in such written notice, and, if the change is to a Term Rate Mode, the length of the initial Interest Period
as set by the Company. Such notice to the Notice Parties shall also include the identity of the provider of the Liquidity Facility and/or Credit Enhancement. Notice of the proposed change in Mode shall be given by the Tender Agent to the Owners of
the Bonds not less than the 15th day next preceding the Mode Change Date provided that no notice need be given for a Mode Change Date occurring on the first Business Day following the last day of a Flexible Rate Period or Term Rate Mode or on a
Substitution Date. Such notice shall state: (1) the Mode to which the conversion will be made and the Mode Change Date; (2) except in the case of a change from the Daily Mode to the Weekly Mode or from the Weekly Mode to the Daily Mode,
that the Bonds will be subject to mandatory purchase on the Mode Change Date and the Purchase Price of the Bonds; and (3) if the Book-Entry System is no longer in effect, information with respect to required delivery of Bond certificates and
payment of Purchase Price. 
 (ii) Determination of Interest Rates. The New Mode shall commence on the Mode
Change Date and the interest rate(s) (together, in the case of a change to the Flexible Mode, with the Interest Period(s)) shall be determined by the Remarketing Agent (or the Company in the case of the Interest Period for the Bonds converted to the
Term Rate Mode) in the manner provided in Sections 2.5, 2.6 and 2.7 hereof, as applicable. 
 (iii) Conditions Precedent:

 (A) The Mode Change Date shall be: 
 (1) in the case of a change from the Flexible Mode, the next Mandatory Purchase Date for all of the Flexible Rate Bonds; 
 (2) in the case of a change from the Daily or Weekly Mode, any Business Day; and 
 (3) in the
case of a change from the Term Rate Mode to another Mode, or from a Term Rate Period to a Term Rate Period of a different duration, the Mode Change Date shall be limited to any Interest Payment Date on which the Bonds are subject to optional
redemption or to the last Interest Payment Date of the current Term Rate Period, as the case may be. Such Bonds shall be purchased on such Mode Change Date at a Purchase Price equal to 100% of the principal amount thereof, provided that if such
Bonds are to be purchased on an Interest Payment Date other than the last Interest Payment Date and would otherwise be 

  

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subject to optional redemption on such Mode Change Date at a Redemption Price of more than 100% of the principal amount thereof, such Bonds shall be
purchased at a Purchase Price equal to such Redemption Price. 
 (B) If the Bonds to be converted are in the Flexible Mode, no Interest
Period set after delivery by the Company to the Remarketing Agent of the notice of the intention to effect a change in Mode shall extend beyond the day preceding the proposed Mode Change Date. 
 (C) The following items shall have been delivered to the Trustee, the Paying Agent and the Remarketing Agent on or prior to the Mode Change Date:

 (1) in the case of a change from a Short-Term Mode to a Long-Term Mode or from a Long-Term Mode to a Short-Term Mode, a
Favorable Opinion of Bond Counsel dated the Mode Change Date and addressed to the Notice Parties; 
 (2) if there is to be an
Alternate Liquidity Facility or an Alternate Credit Enhancement delivered in connection with such change, the items required by Section 4.8(d) hereof; and 
 (3) a Rating Confirmation Notice, or if the Mode Change Date is a Mandatory Purchase Date, a notice from the Rating Agencies of the
rating(s), if any, to be assigned the Bonds on such Mode Change Date. 
 (b) Change to Fixed Rate Mode. At
the option of the Company, all of the Bonds bearing interest at a Daily Rate, a Weekly Rate, a Term Rate or a Flexible Rate (in an amount which is an Authorized Denomination for the new Rate Period ) may be changed to the Fixed Rate Mode, as
provided in this Section 2.9(d). On any Business Day which is at least thirty (30) days (or such shorter time as may be agreed to by the Issuer, the Company, the Trustee and the Remarketing Agent, but in any event not less than the 15th
day next preceding the Mode Change Date) before the proposed Mode Change Date, the Company shall give written notice to the Notice Parties stating that the Mode will be changed to the Fixed Rate Mode and setting forth the proposed Mode Change Date.
Such notice shall also state whether or not there shall be Credit Enhancement with respect to the Bonds following such change and, if so, the identity of the Credit Provider. In addition, such notice shall state whether some or all of the Bonds to
be converted shall be converted to Serial Bonds and, if so, the applicable Serial Maturity Dates and Serial Payments, all as determined pursuant to subsection (v) of this subsection (b). Any such change in Mode shall be made as follows:

 (i) Mode Change Date. The Mode Change Date shall be: 
 (A) in the case of a change from the Flexible Mode, the next Mandatory Purchase Date for the Flexible Rate Bonds; 
  

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 (B) in the case of a change from the Daily or Weekly Mode, any Business Day; and 
 (C) in the case of a change from the Term Rate Mode, the Mode Change Date shall be limited to any Interest Payment Date on which the Bonds are subject to
optional redemption or to the next Mandatory Purchase Date for the Term Rate Bonds, as the case may be. Such Bonds shall be purchased on such Mode Change Date at a Purchase Price equal to 100% of the principal amount thereof, provided that if such
Bonds would otherwise be subject to optional redemption on such Mode Change Date at a Redemption Price of more than 100% of the principal amount thereof, such Bonds shall be purchased at a Purchase Price equal to such Redemption Price. 

(ii) Notice to Owners. Not less than the 15th day next preceding the Mode Change Date, the Paying Agent shall mail, in the name
of the Company, a notice of such proposed change to the Owners of the Bonds stating that the Mode will be changed to the Fixed Rate Mode, the proposed Mode Change Date and that such Owner is required to tender such Owner’s Bonds for purchase on
such proposed Mode Change Date regardless of whether all of the conditions to the change to the Fixed Rate Mode are satisfied. 
 (iii)
General Provisions Applying to Change to Fixed Rate Mode. The change to the Fixed Rate Mode shall not occur unless the following items shall have been delivered to the Issuer, the
Company, the Trustee, the Credit Provider, if any, and the Remarketing Agent on or prior to the Mode Change Date: 
 (A) a Favorable Opinion
of Bond Counsel dated the Mode Change Date and addressed to the Issuer, the Company, the Trustee and the Remarketing Agent; 
 (B) if there
is to be Credit Enhancement delivered in connection with such change, the items required by Section 4.8(d) hereof in connection with the delivery of an Alternate Credit Enhancement; and 
 (C) notice from the Rating Agencies of the rating(s), if any, to be assigned the Bonds on such Mode Change Date. 
 (iv) Determination of Interest Rate. The Fixed Rate (or rates in the case of Serial Bonds) for the Bonds to be converted to
the Fixed Rate Mode shall be established by the Remarketing Agent on the Rate Determination Date applicable thereto pursuant to the provisions of Section 2.7(b). Such Rate shall remain in effect until the Maturity Date of the Bonds. 

Such determination shall be conclusive and binding upon the Issuer, the Company, the Trustee, the Credit Provider, if any, and the Owners of the Bonds
to which such rate will be applicable. Not later than 5:00 P.M., New York City time, on the date of determination of the Fixed Rate, the Remarketing Agent shall notify the Trustee, the Credit Provider, the Issuer and the Company of such rate by
telephone. 
  

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 (v) Serialization and Sinking Fund; Price. Upon conversion of the
Bonds to the Fixed Rate Mode, the Bonds shall be remarketed at par, shall mature on the same Maturity Date(s) and be subject to the same mandatory sinking fund redemption, if any, and optional redemption provisions as set forth in this Indenture for
any prior Mode; provided, however, that if the Company shall deliver to the Trustee a Favorable Opinion of Bond Counsel, the Company may elect to (1) have some of the Bonds be Serial Bonds and some subject to sinking fund redemption even if
such Bonds were not Serial Bonds or subject to mandatory sinking fund redemption prior to such change, (2) change the optional redemption dates and/or premiums set forth in Section 3.3(b) hereof, and/or (3) sell some or all of the
Bonds at a premium or a discount to par . 
 (c) Failure to Satisfy Conditions Precedent to
a Mode Change. In the event the conditions described above in subsections (a) or (b), as applicable, of this Section have not been satisfied by the applicable Mode Change Date, then the New Mode shall not take effect
(although any mandatory purchase shall be made on such date if notice has been sent to the Owners stating that such Bonds would be subject to mandatory purchase on such date). If the failed change in Mode was from the Flexible Mode, the Bonds shall
remain in the Flexible Mode with interest rates and Interest Periods to be established by the Remarketing Agent on the failed Mode Change Date in accordance with Section 2.5 hereof. If the failed change in Mode was from the Daily Mode, the
Bonds shall remain in the Daily Mode, and if the failed change in Mode was from the Weekly Mode, the Bonds shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.6
hereof on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode, then the Bonds shall stay in the Term Rate Mode for an Interest Period ending on the following Interest Payment Date for the Bonds in the Term
Rate Mode and the interest rate shall be established by the Remarketing Agent on the failed Mode Change Date in accordance with Section 2.7(a) hereof. 
 (d) Rescission of Election. Notwithstanding anything herein to the contrary, the Company may rescind any election by it to change a Mode as described above prior to the Mode Change Date by giving
written notice thereof to the Notice Parties prior to such Mode Change Date. If the Tender Agent receives notice of such rescission prior to the time the Tender Agent has given notice to the Owners of the Bonds, then such notice of change in Mode
shall be of no force and effect. If the Tender Agent receives notice from the Company of rescission of a Mode change after the Tender Agent has given notice thereof to the Owners of the Bonds, then if the proposed Mode Change Date would have been a
Mandatory Purchase Date, such date shall continue to be a Mandatory Purchase Date. If the proposed change in Mode was from the Flexible Mode, the Bonds shall remain in the Flexible Mode with interest rates and Interest Periods to be established by
the Remarketing Agent on the proposed Mode Change Date in accordance with Section 2.5 hereof. If the proposed change in Mode was from the Daily Mode, the Bonds shall remain in the Daily Mode, and if the proposed change in Mode was from the
Weekly Mode, the Bonds shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.6 hereof on and as of the 

  

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proposed Mode Change Date. If the proposed change in Mode was from the Term Rate Mode, then the Bonds shall stay in the Term Rate Mode for an Interest Period
ending on the following Interest Payment Date for the Bonds in the Term Rate Mode and the interest rate shall be established by the Remarketing Agent on the proposed Mode Change Date in accordance with Section 2.7(a) hereof. If the Remarketing
Agent is unable to determine the interest rate on the proposed Mode Change Date, the provisions of Section 2.8 shall apply. 
 Section 2.10. Form. Bonds authenticated and delivered hereunder shall be in substantially the form set forth in Exhibit A attached hereto, with appropriate variations, omissions and insertions as permitted or required by
this Indenture. 
 Section 2.11. Payment. The principal of the Bonds shall be paid upon the presentation and surrender of
said Bonds at the principal corporate trust office of the Trustee. The interest on the Bonds shall be payable by check or draft drawn upon the Trustee and mailed to or, at the option of the Owners of Bonds in the aggregate principal amount of not
less than $1,000,000, transmitted by wire transfer to the Owners as of the close of business on the Record Date next preceding the Interest Payment Date at their respective addresses as such appear as of the close of business on such Record Date on
the bond registration books kept by the Trustee, or in connection with any wire transfer to the bank account number previously filed by the Owner with the Trustee for such purpose, except that if and to the extent that there shall be a default in
the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the Owners in whose name any such Bonds (or any Bond or Bonds issued upon transfer or exchange thereof) are registered at the close of business
on the fifth Business Day next preceding the date of payment of such defaulted interest. All payments shall be made in lawful money of the United States of America. 
 Section 2.12. Execution. The Bonds shall be executed on behalf of the Issuer by the manual or facsimile signatures of the Mayor and the Clerk and shall have impressed or imprinted thereon the
corporate seal of the Issuer. A facsimile signature shall have the same force and effect as if personally signed. In case any officer whose signature or facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the
delivery of such Bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until delivery. 
 Section 2.13. Limited Obligation. The Bonds, together with interest thereon, shall be payable as hereinafter set forth, and
shall be a valid claim of the Owners thereof only against the Trust Estate, which Trust Estate is hereby pledged and mortgaged for the equal and ratable payment of the Bonds (principal and interest) and shall be used for no other purpose than to pay
the principal of and interest on the Bonds, and the Trustee’s fees, except as may be otherwise expressly authorized in this Indenture. The Bonds and interest thereon shall not constitute an indebtedness of the Issuer within the meaning of any
constitutional or statutory provision and shall never constitute an obligation or charge against the general credit or taxing powers of the Issuer. 
  

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 Section 2.14. Authentication. Only such Bonds as shall have endorsed thereon a
certificate of authentication substantially in the forms set forth in Exhibits A and B attached hereto duly executed by the Trustee shall be entitled to any right or benefit under this Indenture. No Bond shall be valid and obligatory for any purpose
unless and until such certificate of authentication shall have been duly executed by the Trustee, and such certificate of the Trustee upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this
Indenture. The Trustee’s certificate of authentication on any Bond shall be deemed to have been executed if signed by an authorized signatory of the Trustee, but it shall not be necessary that the same signatory sign the certificate of
authentication on all of the Bonds issued hereunder. 
 Section 2.15. Delivery of the Bonds. The
Issuer shall execute and deliver to the Trustee and the Trustee shall authenticate the Bonds and deliver said Bonds to the purchaser or purchasers thereof. Prior to the delivery or original issuance by the Trustee of any authenticated Bonds there
shall be or have been delivered to the Trustee: 
 (a) Original executed counterparts of this Indenture and the Loan Agreement. 

(b) A written order to the Trustee by the Issuer to authenticate and deliver the Bonds to the purchaser or purchasers thereof upon payment to the
Trustee, but for the account of the Issuer, of a sum specified in such order plus or less accrued interest thereon, if any, as the case may be, to the date of delivery. 
 (c) A copy, duly certified by the Clerk, of the proceedings of the City Council of the Issuer authorizing the issuance of the Bonds. 
 (d) An opinion of Bond Counsel to the effect that (i) the Bonds have been validly issued and are legally binding and enforceable under this Indenture, and (ii) the interest on the Bonds is excluded from
gross income for federal income tax purposes, except as set forth in such opinion. 
 Section 2.16. Mutilated,
Destroyed or Lost Bonds. In case any Bond issued hereunder shall become mutilated or be destroyed or lost, the Issuer shall, if not then prohibited by law, cause to be executed and the Trustee or the Trustee, as
appropriate, may authenticate and deliver a new Bond of like date, number, maturity and tenor in exchange and substitution for and upon cancellation of such mutilated Bond, or in lieu of and in substitution for such Bond destroyed or lost, upon the
holder’s paying the reasonable expenses and charges of the Issuer and the Trustee or the Trustee in connection therewith, and, in the case of a Bond destroyed or lost, his filing with the Trustee or the Trustee evidence satisfactory to it that
such Bonds were destroyed or lost, and of his ownership thereof, and furnishing the Issuer and Trustee or the Trustee with indemnity satisfactory to them. The Trustee is hereby authorized to authenticate any such new Bond. In the event any such
Bonds shall have matured or shall have been called for redemption prior to maturity, instead of issuing a new Bond, the Issuer may pay the same without the surrender thereof. 
  

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 Section 2.17. Registration and Transfer of Bonds. The
Issuer hereby constitutes and appoints the Trustee as Registrar of the Issuer, and as Registrar the Trustee shall keep books for the registration and for the transfer of the Bonds as provided in this Indenture at the principal corporate trust office
of the Trustee. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes and payment of or on account of the principal of and interest on any such Bond shall be made only to or
upon the order of the registered owner thereof, or his legal representative, and neither the Issuer, the Trustee, nor the Bond Registrar shall be affected by any notice to the contrary but such registration may be changed as herein provided. All
such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. 
 Bonds may be transferred on the books of registration kept by the Registrar by the registered owner in person or by his duly authorized attorney, upon surrender thereof, together with a written instrument of transfer duly executed by the
registered owner or his duly authorized attorney. Upon surrender for transfer of any Bond at the principal corporate trust office of the Trustee, the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee
or transferees a new Bond or Bonds in the same aggregate principal amount, in the same Mode, and of any Authorized Denomination or Denominations. 
 Bonds may be exchanged at the principal corporate trust office of the Trustee for an equal aggregate principal amount of Bonds of any other Authorized Denomination or Denominations and in the same Mode. The Issuer shall execute and the
Trustee shall authenticate and deliver Bonds which the Bondholder making the exchange is entitled to receive, bearing numbers not contemporaneously then outstanding. The execution by the Issuer of any Bond of any denomination shall constitute full
and due authorization of such denomination and the Trustee shall thereby be authorized to authenticate and deliver such bond. 
 The Trustee
shall not be required to transfer or exchange any Bond during the period from and including a Record Date to the next succeeding Interest Payment Date of such Bond nor to transfer or exchange any Bond after the mailing of notice calling such Bond
for redemption has been made and prior to such redemption. 
 Such transfers of registration or exchanges of Bonds shall be without charge to
the Owners of such Bonds, but any taxes or other governmental charges required to be paid with respect to the same shall be paid by the Owner of the Bond requesting such transfer or exchange as a condition precedent to the exercise of such
privilege. 
 Section 2.18. Cancellation. All Bonds surrendered for the purpose of payment or retirement, or for exchange,
or for replacement or payment as provided above shall be canceled upon surrender thereof to the Trustee and, at the option of the Trustee, either cremated, shredded 

  

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or otherwise disposed of. In the case of cremating, shredding or other disposition, the Trustee shall execute and forward to the Issuer an appropriate
certificate describing the Bonds involved and the manner of disposition. 
 Section 2.19. Temporary Bonds. Until
Bonds in definitive form are ready for delivery, the Issuer may execute, and upon the request of the Issuer the Trustee shall authenticate and deliver, subject to the provisions, limitations and conditions set forth herein, one or more Bonds in
temporary form, whether printed, typewritten, lithographed or otherwise produced, substantially in the form of the definitive Bonds, with appropriate omissions, variations and insertions, and in Authorized Denominations. Until exchanged for Bonds in
definitive form, such Bonds in temporary form shall be entitled to the lien and benefit of this Indenture. Upon the presentation and surrender of any Bond or Bonds in temporary form, the Issuer shall, without unreasonable delay, prepare, execute and
deliver to the Trustee and the Trustee shall authenticate and deliver, in exchange therefor, a Bond or Bonds in definitive form. Such exchange shall be made by the Trustee without making any charge therefor to the Owner of such Bond in temporary
form. 
 Section 2.20. Book-Entry System. (a) So long as the Bonds are in book-entry only form, the Trustee
shall comply with the terms of the DTC Representation Letter, the provisions of which are incorporated herein by this reference thereto with the same effect as if they were fully set forth herein. 
 (b) The book-entry system through the Securities Depository may be terminated upon the happening of any of the following: 
 (i) The Securities Depository or the Issuer, based upon advice from the Securities Depository, advise the Trustee that the Securities
Depository is no longer willing or able to properly discharge its responsibilities under the DTC Representation Letter and the Trustee or the Issuer are unable to locate a qualified successor clearing agency satisfactory to the Trustee and the
Issuer; or 
 (ii) The Issuer, in its sole discretion but with the prior written consent of the Trustee and the Company,
elects to terminate the book-entry system by notice to the Securities Depository, the Company, the Trustee, the Credit Provider and the Remarketing Agent; or 
 (iii) After the occurrence of an Event of Default (at which time the Trustee shall promptly notify each Beneficial Owner through the
Securities Depository of such Event of Default) the Beneficial Owners of a majority in aggregate outstanding principal amount of the Bonds, through the Participants and the Securities Depository, elect to discontinue the book-entry system through
the Securities Depository and so advise the Trustee, the Issuer, the Remarketing Agent, the Credit Provider and the Securities Depository in writing. 
  

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 Upon the occurrence of any event hereinabove described, the Trustee shall notify all Beneficial Owners, through the
Securities Depository, and the Credit Provider of the occurrence of such event and of the availability of definitive or temporary certificated Bonds to Beneficial Owners requesting the same, in an aggregate outstanding principal amount representing
the ownership interest of each such Beneficial Owner, making such adjustments and allowances as it may find necessary or appropriate as to accrued interest and previous payments of principal and calls for redemption. Definitive certificated Bonds
shall be issued only upon surrender to the Trustee of the Bond held by the Securities Depository, accompanied by registration instructions for the definitive certificated Bonds. Neither the Issuer, the Remarketing Agent nor the Trustee shall be
liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon issuance of definitive certificated Bonds, all references herein to obligations imposed upon or to be
performed by the Securities Depository shall be deemed to be imposed upon and performed by the Trustee, to the extent applicable with respect to such definitive certificated Bonds. 
 (c) Whenever notice or other communication to the Bondholders is required by the Trustee under this Indenture, unless and until definitive certificated
Bonds shall have been issued and except as otherwise provided in this Indenture, the Trustee shall give all such notices and communications to the Securities Depository. The Trustee acknowledges that the Securities Depository has represented to the
Trustee in the DTC Representation Letter that the Securities Depository keeps and maintains records in its offices of the positions of Participants with respect to the Bonds. Whenever notice or other communication to the Beneficial Owners is
required by the Trustee under this Indenture, the Trustee shall not be required to give such notices and communications to any Beneficial Owner which has not designated an address to the Trustee pursuant to Section 16.2 hereof. 
 (d) Neither the Issuer, the Remarketing Agent, the Trustee nor any Paying Agent will have any responsibility or obligation to Participants, to indirect
Participants or to any Beneficial Owner with respect to (i) the accuracy of any records maintained by the Securities Depository, any Participant, or any indirect Participant; (ii) the payment by the Securities Depository, or any
Participant or indirect Participant of any amount with respect to the principal of, or premium, if any, or interest on the Bonds; (iii) any notice which is permitted or required to be given by Beneficial Owners under this Indenture;
(iv) the selection by the Securities Depository, or any direct or indirect Participant of any person to receive payment in the event of a partial redemption of the Bonds; or (v) any consent given or other action taken by the Securities
Depository as Bondholder. 
  

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 ARTICLE III 
 REDEMPTION OF BONDS 
 Section 3.1. Optional Redemption of
Bonds in the Flexible Mode. Bonds in the Flexible Mode are not subject to optional redemption prior to their respective Purchase Dates. Bonds in the Flexible Mode shall be subject to redemption at the option of the
Company, in whole or in part, on their respective Purchase Dates at a redemption price equal to the principal amount thereof. 
 Section 3.2. Optional Redemption of Bonds in the Daily Mode or the Weekly Mode. Bonds in the Daily Mode or the Weekly Mode are subject to
optional redemption by the Company, in whole or in part, on any Business Day, at a redemption price equal to the principal amount thereof, plus accrued interest, if any, to the Redemption Date. 
 Section 3.3. Optional Redemption of Bonds in the Term Rate or the
Fixed Rate Mode. (a) Bonds in a Term Rate Mode shall be subject to redemption, in whole or in part, on their individual Mandatory Purchase Dates, at the option of the Company at a redemption price equal to the principal
amount thereof. 
 (b) Bonds in the Term Rate Mode or Fixed Rate Mode are subject to redemption in whole on any date or in part on any
Interest Payment Date (and if in part, by lot or by such other method as the Trustee determines to be fair and reasonable) commencing on the Interest Payment Date next following the tenth anniversary of the change to the Term Rate Mode or Fixed Mode
at a redemption price of 100% of the principal amount of Bonds being redeemed, together with accrued interest, if any, to the redemption date. If the length of the Term Rate Period or Fixed Rate Period is less than ten years, then the Bonds shall
not be subject to redemption during such Term Rate Period or Fixed Rate Period. The foregoing provisions of this subsection (b) may be amended by the Issuer and the Trustee at the request of the Company prior to a conversion to a Long-Term Mode
upon delivery of a Favorable Opinion of Bond Counsel. 
 (c) The Company, in connection with a change to a Long-Term Mode, may waive or
otherwise alter its rights to direct the redemption of any such Bonds so changed to a Long-Term Mode at any time without premium; provided that notice describing the waiver or alteration shall be submitted to the Paying Agent, the Trustee and the
Remarketing Agent, together with a Favorable Opinion of Bond Counsel, addressed to them. 
 (d) If a Credit Enhancement is then in effect and
the Redemption Price includes any premium, the right of the Company to direct an optional redemption is subject to the condition that the Trustee has received, prior to the date on which notice of redemption is required to be given to Owners, either
Available Moneys of the Company or written confirmation from the Credit Provider that it can draw under the Credit Enhancement on the proposed redemption date in an aggregate amount sufficient to cover the principal of and premium and interest due
on the Redemption Date (it being understood that the Credit Enhancement provided upon the original issuance of the Bonds does not provide for the payment of such premium). 
  

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 Section 3.4. Extraordinary Optional Redemption of Bonds
in the Term Rate or the Fixed Rate Mode. Bonds in the Term Rate Mode or the Fixed Rate Mode are subject to optional redemption by the Company, in whole but not in part, on any Business
Day, at a redemption price equal to the principal amount thereof, plus accrued interest, if any, to the Redemption Date, upon the occurrence of any of the following events: 
 (a) The Project or the Plant shall have been damaged or destroyed to such extent that the Company is thereby prevented, in the Company’s judgment,
from carrying on its normal operation thereof, or to such extent that it would not be economically feasible, in the Company’s judgment, for the Company to repair the Project or the Plant. 
 (b) All or substantially all of either the Project or the Plant shall have been condemned or taken by eminent domain. 
 (c) The construction or operation of either the Project or the Plant shall have been enjoined or shall have otherwise been prohibited by any order,
decree, rule or regulation of any court or of any federal, state or local regulatory body, administrative agency or other governmental body. 
 (d) The Company shall be required to redeem the Bonds, in whole or in part, pursuant to the provisions of the Reimbursement Agreement. 
 Section 3.5. Mandatory Redemption of Bonds Upon a Determination of Taxability. The Bonds shall be subject to special mandatory redemption in whole (or in part, if
such partial redemption will preserve the excludability from gross income for federal income tax purposes of interest on the Bonds remaining outstanding after such redemption, and if in part, by lot or by such other method as the Trustee determines
to be fair and reasonable) at any time at a Redemption Price equal to 100% of the principal amount thereof, without premium, plus interest accrued to (but excluding) the Redemption Date, if a “final determination” is made (A) that the
interest paid or payable on any Bond to other than a “substantial user” of the Project or a “related person” (within the meaning of Section 147(a) of the Code) (a “Substantial User”) is or was includable in the
gross income of the Owner thereof for federal income tax purposes as a result of the failure by the Company to observe or perform any covenant, condition or warranty on its part to be observed or performed under the Loan Agreement or the inaccuracy
of any representation or warranty by the Company under the Loan Agreement or by the Company in connection with the issuance of the Bonds, or (B) that interest on any Bond would be includable in the gross income of such Owner but for such
redemption. A “final determination” shall be deemed to have been made upon (1) the issuance of a published or private ruling or technical advice by the Internal Revenue Service, a settlement agreement between the Internal Revenue
Service and the Issuer (as approved by the Company) in connection with an audit of the Bonds, or a judicial 

  

 32 

 
decision in a proceeding by any court of competent jurisdiction in the United States (from which ruling, advice, settlement agreement or decision no further
right of appeal exists), in all cases in which the Company, at its expense, has participated or been a party or has been given the opportunity to contest the same or to participate or be a party, or (2) upon delivery of an opinion of Bond
Counsel obtained by the Company and delivered to the Trustee to the effect that interest on any Bond either is includable in gross income of any such Owner of such Bond (other than a Substantial User) or would be so includable but for such
redemption. Any special mandatory redemption shall be made not more than 180 days from the time of such final determination. Any special mandatory redemption of less than all of the Bonds shall be in such amounts and in such manner as the Trustee,
with the advice of Bond Counsel, shall deem proper. 
 If the Trustee receives written notice from any Owner or Beneficial Owner of any Bond
to the effect that (A) the Owner has been notified in writing by the Internal Revenue Service that it proposes to include the interest on any Bond in the gross income of such Owner, which the Trustee determines is for any of the reasons
described in this Section 3.5, or if any other proceeding has been instituted against such Owner which may lead to a final determination as described in this Section 3.5, and (B) such Owner will afford the Company the opportunity to
contest the same, either directly or in the name of the Owner, and until a conclusion of any appellate review, if sought, and the Trustee has received a copy of the notification described in clause (A) above, then the Trustee shall promptly
give notice thereof to the Company, the Issuer, the Credit Provider, and each Bondholder. The Trustee shall thereafter coordinate any similar requests or notices it may have received from other Owners and shall monitor the progress of any
administrative proceedings or litigation. If a final determination thereafter occurs, the Trustee shall make demand for prepayment in the appropriate amount from the Borrower under the Loan Agreement and give notice of the redemption of the
appropriate amount of Bonds, the redemption date to be no later than the date specified in this Section 3.5. In taking any action or making any determination under this subsection, the Trustee may rely on a Favorable Opinion of Bond Counsel.

 Section 3.6. Mandatory Redemption of Bonds From Balance in
Construction Fund. The Bonds shall be redeemed from moneys remaining in the Construction Fund on and after the Completion Date (as defined in the Loan Agreement), in whole or in part (and if in part, by lot or by such other method as
the Trustee determines to be fair and reasonable), at any time, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date. 
 Section 3.7. Notice. Notice of the call for any redemption, identifying the Bonds or portions thereof being called and the date on
which they shall be presented for payment, shall be given by the Trustee by first class mail, postage prepaid (except when DTC is the registered owner of all of the Bonds and except for persons or entities owning or providing evidence of ownership
satisfactory to the Trustee of a legal or beneficial ownership of at least $1,000,000 of principal amount of Bonds who so request, in which cases, by certified mail, return receipt requested), to the registered owners of all Bonds to be redeemed, at
the registered addresses 

  

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appearing in the registration books kept for such purpose, not less than fifteen (15) days prior to the redemption date for Bonds in the Daily Mode,
Weekly Mode, or Flexible Mode, and not less than thirty (30) nor more than sixty (60) days prior to the redemption date for Bonds in the Term Rate Mode or Fixed Rate Mode. Each notice of redemption of the Bonds shall identify the Bonds to
be redeemed and shall state, among other things, the redemption date, the redemption price and whether the notice is conditional as described below. So long as DTC or its nominee is the sole registered owner of the Bonds under the Book Entry Only
System, redemption notices shall be sent by the Trustee to Cede & Co. and not to Beneficial Owners except as described above. 
 In
addition to the foregoing notice, further notice shall be given by the Trustee, by first class mail, to registered securities depositories and to at least two national information services, including Standard & Poor’s Called Bond
Record; provided that any such notice to any securities depository which is a registered owner of the Bonds shall be delivered at least two (2) days prior to the general distribution of notices of redemption as provided in this
Section 3.7; and provided further that such notices to Standard & Poor’s Called Bond Record shall not be a condition to such redemption and failure to so mail shall not affect the validity of any such redemption proceeding.

 Any notice of optional redemption may state that the redemption is conditioned on the Trustee’s receipt of moneys for such redemption
on or prior to the opening of business on the redemption date. If such moneys are not so received, the redemption of the Bonds for which notice was given will not be made. If such redemption is not effectuated, the Trustee will, within five
(5) days thereafter, give notice in the manner in which the notice of redemption was given that such moneys were not so received. 
 Any
notice mailed as provided in this Section 3.7 shall be conclusively presumed to have been duly given, whether or not the registered owner receives the notice. 
 Notwithstanding anything herein to the contrary, no notice of redemption is required to be given for a redemption occurring on a Mandatory Purchase Date. 
 Section 3.8. Redemption Payments. On or prior to the date fixed for redemption, funds shall be deposited (including by making a
draw on the Credit Enhancement or any Alternate Credit Enhancement) with the Trustee to pay, and Trustee is hereby authorized and directed to apply such funds to the payment of, the Bonds or portions thereof called, together with accrued interest
thereon to the redemption date. Upon the giving of notice and the deposit of funds for redemption, interest on the Bonds or portions thereof thus called shall no longer accrue after the date fixed for redemption. 
 Section 3.9. Cancellation. All Bonds which have been redeemed shall not be reissued but shall be canceled and disposed of by the
Trustee in accordance with Section 2.18 hereof. 
  

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 Section 3.10. Partial Redemption of Bonds. If less than all the
Bonds are to be redeemed, such partial redemption shall be in multiples of $5,000 ($1,000, in the case of Bonds in the Flexible Mode), and the portion of any Bond to be redeemed shall be selected by the Trustee so that all Bonds that remain
outstanding shall be in Authorized Denominations. Upon surrender of any Bond for redemption in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to the Owner thereof a new Bond or Bonds in the same form and of
Authorized Denominations in an aggregate principal amount equal to the unredeemed portion of the Bond surrendered. 
  

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 ARTICLE IV 
 PURCHASE OF BONDS 
 Section 4.1. Optional Tenders of
Bonds in the Daily Mode or the Weekly Mode. Subject to Section 4.6 hereof, the Beneficial Owners of Bonds in a Daily Mode or a Weekly Mode may elect to have their Bonds (or portions
of those Bonds in Authorized Denominations so long as the portion of the Bond not so tendered is in a principal amount equal to an Authorized Denomination) purchased on any Business Day at a price equal to the Purchase Price, upon delivery of a
Tender Notice to the Tender Agent by the Tender Notice Deadline. Immediately upon receipt of a Tender Notice, the Tender Agent shall notify the Remarketing Agent and provide the Remarketing Agent with a copy of such Tender Notice. 
 Section 4.2. Mandatory Purchase on Mandatory Purchase Date. The Bonds shall be subject to mandatory
purchase on each Mandatory Purchase Date. The Tender Agent shall give notice of such mandatory purchase by mail to the Owners of the Bonds subject to mandatory purchase no less than fifteen (15) days prior to any Mandatory Purchase Date
described in clauses (i) through (vi) of the definition thereof, and as soon as practicable following receipt by the Trustee of notice from the Credit Provider in the case of the Mandatory Purchase Date described in clause (vii) of
the definition thereof. No notice shall be given of the Mandatory Purchase Date at the end of each Interest Period for Flexible Rate Bonds. Any notice shall state the Mandatory Purchase Date, the Purchase Price, the numbers of the Bonds to be
purchased if less than all of the Bonds owned by such Owner are to be purchased, and that interest on Bonds subject to mandatory purchase shall cease to accrue from and after the Mandatory Purchase Date. The failure to mail such notice with respect
to any Bond shall not affect the validity of the mandatory purchase of any other Bond with respect to which notice was so mailed. Any notice mailed will be conclusively presumed to have been given, whether or not actually received by any Owner or
Beneficial Owner. 
 Upon the receipt by the Trustee of notice from the Credit Provider, within seven (7) calendar days after the
presentation of demand for a drawing under the Credit Enhancement to pay regularly scheduled interest on the Bonds, that there shall be no reinstatement of the amount so drawn under the terms of the Credit Enhancement, the Trustee shall promptly
(and in any event within two (2) Business Days) draw on the Credit Enhancement in accordance with its terms in an amount equal to the Purchase Price of all the Bonds. 
 Section 4.3. Remarketing of Bonds; Notices. 
 (a) Remarketing of Bonds. The Remarketing Agent shall use its best efforts to offer for sale: 
 (i) all Bonds or portions thereof as to which notice of tender pursuant to Section 4.1 hereof has been given; and 
  

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 (ii) all Bonds required to be purchased on a Mandatory Purchase Date described in clauses (i), (ii),
(iii) or (iv) of the definition thereof; and 
 (iii) any Liquidity Provider Bonds (A) purchased on a Purchase Date described
in clause (i) or (ii) above, (B) with respect to which the Liquidity Provider has provided notice to the Trustee and the Remarketing Agent that it is ready to reinstate the Available Amount upon receipt of the proceeds (in immediately
available funds) from the Tender Agent in an amount equal to the principal and accrued interest that the Liquidity Provider had been required to pay on the Liquidity Provider Bonds, (C) with respect to which an Alternate Liquidity Facility and
Alternate Credit Enhancement is in effect (if such funds were secured by a Credit Enhancement prior to becoming Liquidity Provider Bonds which Credit Enhancement is no longer in effect), or (D) which are being marketed as Fixed Rate Bonds. The
Remarketing Agent will not remarket Bonds to the Company or any affiliate thereof. In connection with the remarketing of any Bonds with respect to which notice of redemption or notice of mandatory purchase has been given, the Remarketing Agent will
notify each person to which such Bonds are remarketed of such notice of redemption or notice of mandatory purchase. 
 Anything in this
Indenture to the contrary notwithstanding, if there shall have occurred and be continuing either a Credit Provider Failure or a Liquidity Provider Failure, the Remarketing Agent shall not remarket any Bonds. All other provisions of this Indenture,
including without limitation, those relating to the setting of interest rates and Interest Periods and mandatory and optional purchases, shall remain in full force and effect during the continuance of such Event of Default. 
 (b) Notice of Remarketing; Registration Instructions; New Bonds. On each date on which a Bond is to be
purchased: 
 (i) the Remarketing Agent shall notify by Electronic Means the Tender Agent by 11:30 A.M. of the principal amount of tendered
Bonds it has remarketed; 
 (ii) unless the Remarketing Agent has delivered the notice described in clause (i) above, the Remarketing
Agent shall notify the Tender Agent by Electronic Means not later than 1:00 P.M. of such information as may be necessary to register and deliver Bonds remarketed with respect thereto; 
 (iii) the Remarketing Agent shall cause the proceeds of the remarketing by such Remarketing Agent of tendered Bonds to be paid to the Tender Agent in
immediately available funds not later than 11:45 A.M., New York City time, on the Purchase Date for such Bonds; and 
 (iv) if the Bonds are
no longer in the Book-Entry System, the Tender Agent shall authenticate new Bonds for the respective purchasers thereof which shall be available for pick-up by the Remarketing Agent not later than 2:30 P.M. 
  

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 (c) Draw on Liquidity Facility. On each date on which a Bond is to be
purchased, if the Remarketing Agent shall have given notice to the Tender Agent pursuant to clause (b)(i) above that it has been unable to remarket any of the Bonds, the Tender Agent shall direct the Trustee (if the two are separate entities) to
draw on the Liquidity Facility (or if no Liquidity Facility is in effect, request funds from the Company) by 12:00 noon in an amount equal to the Purchase Price of all such Bonds which have not been successfully remarketed. If a Liquidity Facility
is in effect, the Trustee shall also give the Company notice by 2:30 P.M. on the Purchase Date if it does not have funds in the Remarketing Proceeds Account and the Liquidity Facility Purchase Account sufficient to pay the Purchase Price of Bonds
tendered on such Purchase Date. 
 Section 4.4. Source of Funds for Purchase of
Bonds. By 3:00 P.M. on the date on which a Bond is to be purchased, and except as set forth in Section 4.6(b)(ii) hereof, the Tender Agent shall purchase tendered Bonds from the tendering Owners at the applicable Purchase Price by wire
transfer in immediately available funds. Funds for the payment of such Purchase Price shall be derived solely from the following sources in the order of priority indicated and none of the Tender Agent, the Trustee nor the Remarketing Agent shall be
obligated to provide funds from any other source: 
 (a) immediately available funds on deposit in the Remarketing Proceeds Account;

 (b) immediately available funds on deposit in the Liquidity Facility Purchase Account; and 
 (c) moneys of the Company on deposit in the Company Purchase Account. 
 The Company shall be obligated to deposit amounts into the Company Purchase Account sufficient to pay the Purchase Price to the extent that amounts on deposit in the Remarketing Proceeds Account and the Liquidity
Facility Purchase Account are insufficient therefor. 
 Section 4.5. Delivery of Bonds. On each date on
which a Bond is to be purchased, such Bond shall be delivered as follows: 
 (a) Bonds sold by the Remarketing Agent and described in
Section 4.4(a) hereof shall be delivered by the Remarketing Agent to the purchasers of such Bonds by 3:00 P.M.; and 
 (b) Bonds
purchased by the Tender Agent with moneys described in Section 4.4(b) hereof shall be registered immediately in the name of the Liquidity Provider or its nominee (which may be the Securities Depository) or, if applicable, the name of any
collateral agent or trustee for a secured creditor of the Company, at the direction of the Liquidity Provider, on or before 3:00 P.M. 
  

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 (c) Bonds purchased by the Company with moneys described in Section 4.4(c) hereof shall be
registered immediately in the name of the Company or its nominee or, if applicable, the name of any collateral agent or trustee for a secured creditor of the Company, on or before 3:00 P.M. Bonds so owned by the Company shall continue to be
outstanding under the terms of this Indenture and be subject to all of the terms and conditions of this Indenture and shall be subject to remarketing by the Remarketing Agent. 
 Section 4.6. Book-Entry Tenders. 
 (a) Notwithstanding any other provision of this Article IV to the contrary, all tenders for purchase during any period in which the Bonds are registered in the name of Cede & Co. (or the nominee of any
successor Securities Depository) shall be subject to the terms and conditions set forth in the Representations Letter and to any regulations promulgated by DTC (or any successor Securities Depository). For so long as the Bonds are registered in the
name of Cede & Co., as nominee for DTC, the tender option rights of Holders of Bonds may be exercised only by DTC by giving notice of its election to tender Bonds or portions thereof at the times and in the manner described above.
Beneficial Owners will not have any rights to tender Bonds directly to the Tender Agent. Procedures under which a Beneficial Owner may direct a Direct Participant or DTC, or an Indirect Participant of DTC acting through a Direct Participant of DTC,
to exercise a tender option right in respect of Bonds or portions thereof in an amount equal to all or a portion of such Beneficial Owner’s beneficial ownership interest therein shall be governed by standing instructions and customary practices
determined by such Direct Participant or Indirect Participant. For so long as the Bonds are registered in the name of Cede & Co., as nominee for DTC, delivery of Bonds required to be tendered for purchase shall be effected by the transfer
on the applicable Purchase Date of a book-entry credit to the account of the Tender Agent of a beneficial interest in such Bonds. 
 (b)
Notwithstanding anything expressed or implied herein to the contrary, so long as the Book-Entry System for the Bonds is maintained by the Issuer: 
 (i) there shall be no requirement of physical delivery to or by the Tender Agent, the Remarketing Agent or the Trustee of: 
 (A)
any Bonds subject to mandatory or optional purchase as a condition to the payment of the Purchase Price therefor; 
 (B) any Bonds that have
become Liquidity Provider Bonds; or 
 (C) any remarketing proceeds of such Bonds or Liquidity Provider Bonds; and 
 (ii) except as provided in (iii) below, none of the Trustee, the Tender Agent nor the Paying Agent shall have any responsibility for paying the
Purchase Price of any tendered Bond or for remitting remarketing proceeds to any person; and 
  

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 (iii) the Tender Agent’s sole responsibilities in connection with the purchase and remarketing of a
tendered Bond shall be to: 
 (A) draw upon the Liquidity Facility in the event the Remarketing Agent notifies the Tender Agent as provided
herein that such Bond has not been remarketed on or before the Purchase Date therefor, which draw shall be in an amount equal to the difference between such Purchase Price and any remarketing proceeds received by Remarketing Agent in connection with
a partial remarketing of such Bond, and to remit the amount so drawn to or upon the order of the Securities Depository for the benefit of the tendering Beneficial Owners; and 
 (B) remit any proceeds derived from the remarketing of a Liquidity Provider Bond to the Liquidity Provider. 
 Section 4.7. No Book-Entry System. If at any time the Bonds shall no longer be in the Book-Entry System, the following
procedures shall be followed: 
 (a) Bonds shall be delivered (with all necessary endorsements) at or before 12:00 noon on the Purchase Date
at the office of the Paying Agent in New York, New York; provided, however, that payment of the Purchase Price shall be made pursuant to this Section only if the Bond so delivered to the Paying Agent conforms in all respects to the description
thereof in the notice described in this Section. Payment of the Purchase Price with respect to purchases under this Section shall be made to the Owners of tendered Bonds by wire transfer in immediately available funds by the Paying Agent by 3:00
P.M. on the Purchase Date. 
 (b) If a Bond to be purchased is not delivered by the Owner to the Paying Agent by 12:00 noon on the date in
which such Bond is to be purchased, the Paying Agent shall hold any funds received for the purchase of those Bonds in the Purchase Fund in trust and shall pay such funds to the former Owners of the Bonds upon presentation of the Bonds. Such
undelivered Bonds shall cease to accrue interest as to the former Owners on such purchase date and moneys representing the Purchase Price shall be available against delivery of those Bonds at the Principal Office of the Paying Agent; provided,
however, that any funds which shall be so held by the Paying Agent and which remain unclaimed by the former Owner of a Bond not presented for purchase for a period of two (2) years after delivery of such funds to the Paying Agent, shall, to the
extent permitted by law, upon request in writing by the Company and the furnishing of security or indemnity to the Paying Agent’s satisfaction, be paid to the Company free of any trust or lien and thereafter the former Owner of such Bond shall
look only to the Company and then only to the extent of the amounts so received by the Company without any interest thereon and the Paying Agent shall have no further responsibility with respect to such moneys or payment of the Purchase Price of
such Bonds. The Paying Agent shall authenticate a replacement Bond for any undelivered Bond which may then be remarketed by the Remarketing Agent. 
  

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 (c) The Paying Agent shall hold all Bonds properly tendered to it for purchase hereunder as agent and
bailee of, and in escrow for the benefit of, the respective Owners of the Bonds which shall have so tendered such Bonds until moneys representing the Purchase Price of such Bonds shall have been delivered to or for the account of or to the order of
such Owners. 
 Section 4.8. Credit Enhancement and Liquidity Facility. (a) While the
Credit Enhancement is in effect with respect to any Bonds, the Trustee shall, on the Business Day preceding each Interest Payment Date and Principal Payment Date, before 4:00 P.M. on such day, draw on the Credit Enhancement in accordance with the
terms thereof so as to receive thereunder with respect to Bonds covered by the Credit Enhancement by 1:00 P.M. on said Interest Payment Date and Principal Payment Date, an amount, in immediately available funds, equal to the amount of interest and
principal payable on such Bonds on such Interest Payment Date and Principal Payment Date. The proceeds of such draws shall be deposited in the Credit Enhancement Account of the Bond Fund pursuant to Section 6.2(b) hereof. 
 (b) If a Liquidity Facility is in effect, on each date on which a Bond is to be purchased, the Tender Agent (if it is the beneficiary of the Liquidity
Facility) or the Trustee (if it is the beneficiary of the Liquidity Facility) at the direction of the Tender Agent as provided in Section 4.3(c) hereof, by demand given by Electronic Means before 12:00 noon, shall draw on the Liquidity Facility
in accordance with the terms thereof so as to receive thereunder by 2:30 P.M. on such date an amount, in immediately available funds, sufficient, together with the proceeds of the remarketing of Bonds on such date, to enable the Tender Agent to pay
the Purchase Price in connection therewith. The proceeds of such draw shall be paid to the Tender Agent, who shall deposit said proceeds in the Liquidity Facility Purchase Account pursuant to Section 4.9(b) hereof. 
 (c) Notwithstanding the foregoing paragraphs of this Section, if the Credit Provider and the Liquidity Provider are the same entity, the Trustee shall
not draw on the Credit Enhancement with respect to any payments due or made in connection with Liquidity Provider Bonds. In no event shall the Trustee draw on the Credit Enhancement with respect to any payments made or made in connection with Bonds
not covered by the Credit Enhancement or Bonds owned by the Company. 
 (d) The Company may provide an Alternate Credit Enhancement or
Alternate Liquidity Facility on any Business Day not later than the fifth (5th) Business Day prior to the Expiration Date of the Credit Enhancement or Liquidity Facility then in effect. The Company shall give the Notice Parties written notice
of the proposed substitution of an Alternate Credit Enhancement or Alternate Liquidity Facility no less than two (2) Business Days prior to the date on which the Trustee is required to provide notice of the proposed substitution to the
Beneficial Owners of the Bonds. The Trustee shall give notice of such Substitution Date in accordance with Section 4.2. On or before the Substitution Date there shall be delivered to the Trustee or the Tender Agent, as applicable (i) the
Alternate Credit Enhancement or the Alternate Liquidity Facility in substitution for the Credit Enhancement or Liquidity Facility then in effect, (ii) a 

  

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Favorable Opinion of Bond Counsel, (iii) a written Opinion of Counsel for the provider of the Alternate Credit Enhancement or Alternate Liquidity
Facility, as applicable, to the effect that such Alternate Credit Enhancement or Alternate Liquidity Facility is a valid, legal and binding obligation of the provider thereof, and that the Alternate Credit Enhancement or Alternate Liquidity Facility
is not subject to registration under the Securities Act of 1933 (or, if subject to registration, that registration has been effected or is not required in connection with the remarketing or offering of the Bonds), and (iv) unless waived by such
entity, written evidence satisfactory to the Credit Provider and the Liquidity Provider of the provision for purchase from the Liquidity Provider of all Liquidity Provider Bonds, at a price equal to the principal amount thereof plus accrued and
unpaid interest, and payment of all amounts due to the Credit Provider and the Liquidity Provider under the Reimbursement Agreement(s) on or before the effective date of such Alternate Letter of Credit or Alternate Liquidity Facility. Upon the
satisfaction of the conditions described in the preceding sentence and provided a draw has been made on any Liquidity Facility then in effect in accordance with the provisions of Section 4.8(b) hereof, the Trustee shall accept such Alternate
Credit Enhancement or Alternate Liquidity Facility on the close of business on the Substitution Date and shall surrender the Credit Enhancement or Liquidity Facility then in effect to the provider thereof on the Substitution Date, provided that no
such surrender shall occur unless and until the draw on any such Liquidity Facility shall have been honored. If any condition to the substitution is not satisfied, the substitution shall not occur but the Bonds shall remain subject to mandatory
purchase on the proposed Substitution Date. 
 (e) In the event of an extension of the Expiration Date, the Company shall give to the Notice
Parties, a written notice of the new Expiration Date no less than two (2) Business Days prior to the date on which the Trustee otherwise would be required to provide notice to the Beneficial Owners of the Bonds that a Mandatory Purchase Date
would occur as a result of the Expiration Date occurring for such Credit Enhancement or Liquidity Facility. 
 (f) The references to
Liquidity Facility and Liquidity Provider shall be disregarded during any period during which a Liquidity Facility is not required to be in effect. 
 Section 4.9. Purchase Fund. There is hereby established and there shall be maintained with the Tender Agent, as agent for the Trustee, a separate, segregated fund to be known as the “Purchase Fund.” The
Tender Agent shall further establish separate, segregated accounts within the Purchase Fund to be known as the “Liquidity Facility Purchase Account” and the “Remarketing Proceeds Account” and the “Company Purchase
Account.” 
 (a) Remarketing Proceeds Account. Upon receipt of the proceeds of a remarketing of a Bond on the date
such bond is to be purchased, the Tender Agent shall deposit such proceeds in the Remarketing Proceeds Account for application to the Purchase Price of the Bonds. Notwithstanding the foregoing, upon the receipt of the proceeds of a remarketing of
Liquidity Provider Bonds, the Tender Agent shall immediately pay such proceeds to the Liquidity Provider to the extent of any amount owing to the Liquidity Provider. 
  

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 (b) Liquidity Facility Purchase Account. Upon receipt from the Trustee of the
immediately available funds transferred to the Tender Agent pursuant to Section 4.4(b) hereof, the Tender Agent shall deposit such money in the Liquidity Facility Purchase Account for application to the Purchase Price of the Bonds to the extent
that the moneys on deposit in the Remarketing Proceeds Account shall not be sufficient. Any amounts deposited in the Liquidity Facility Purchase Account and not needed with respect to the Purchase Price for any Bonds shall be immediately returned to
the Liquidity Provider. 
 (c) Company Purchase Account. Upon receipt of Funds from the Company pursuant to
Section 4.4(c) hereof, the Tender Agent shall deposit such Funds in the Company Purchase Account for application to the Purchase Price of the Bonds. Any amounts deposited in the Company Purchase Account and not needed with respect to the
Purchase Price for any Bonds shall be immediately refunded to the Company or as the Company may direct pursuant to the Company Credit Facility. 
 (d) Investment. Amounts held in the Liquidity Facility Purchase Account and the Remarketing Proceeds Account by the Paying Agent shall be held uninvested and separate and apart from all other funds and accounts. 
  

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 ARTICLE V 
 GENERAL COVENANTS 
 Section 5.1. Payment of Principal
and Interest. The Issuer covenants that it will promptly pay or cause to be paid the principal of and interest on every Bond issued under this Indenture at the place, on the dates and in the manner provided herein and in the Bond
according to the true intent and meaning thereof. The principal and Purchase Price of and interest (except interest paid from the proceeds from the sale of the Bonds and accrued interest) on the Bonds are payable solely from the Trust Estate
(including, without limitation, Revenues), which is hereby specifically pledged to the payment thereof in the manner and to the extent herein specified, and nothing in the Bonds or this Indenture should be considered as assigning or pledging any
funds or assets of the Issuer other than the Trust Estate in the manner and to the extent herein specified. Anything in this Indenture to the contrary notwithstanding, it is understood that whenever the Issuer makes any covenants involving financial
commitments, including, without limitation, those in the various sections of this Article V, it pledges no funds or assets other than the Trust Estate in the manner and to the extent herein specified, but nothing herein shall be construed as
prohibiting the Issuer from using any other funds or assets. 
 Section 5.2. Performance of Covenants. The
Issuer covenants that it will faithfully perform at all times any and all covenants, undertakings, stipulations and provisions contained in this Indenture, in any and every Bond executed, authenticated and delivered hereunder and in all ordinances
pertaining thereto. The Issuer covenants that it is duly authorized under the Constitution and laws of the State of Arkansas, including particularly and without limitation the Act, to issue Bonds authorized hereby and to execute this Indenture and
to make the pledge and covenants in the manner and to the extent herein set forth; that all action on its part for the issuance of the Bonds and the execution and delivery of this Indenture has been duly and effectively taken; and that the Bonds in
the hands of the Owners thereof are and will be valid and enforceable obligations of the Issuer according to the import thereof. 
 Section 5.3. Instruments of Further Assurance. The Issuer covenants that it will do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered, such indenture or
indentures supplemental hereto and such further acts, instruments and transfers as the Trustee may reasonably require for the better assuring, transferring, mortgaging, pledging, assigning and confirming unto the Trustee the Trust Estate.

 Section 5.4. Recordation and Other Instruments. The Company has covenanted in Section 6.7 of
the Loan Agreement to cause this Indenture, the Loan Agreement, such security agreements, financing statements and all supplements thereto and other instruments as may be required from time to time to be kept, to be recorded and filed in such manner
and in such places as may be required by law and in the opinion of counsel in order to fully preserve and protect the security of the Owners of the Bonds and the rights of Trustee and the Credit Provider hereunder, and to perfect the security
interest created by this Indenture. The Issuer and the Trustee covenant that they will cooperate with the Company in satisfaction of the requirements of Section 6.7 of the Loan Agreement. 
  

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 Section 5.5. Inspection of Project Books. The Issuer and the
Trustee covenant and agree that all books and documents in their possession relating to the Project and the revenues derived from the Project shall at all reasonable times upon reasonable advance notice be open to inspection by such accountants or
other agencies as the other party may from time to time designate and by the Company and the Credit Provider. 
 Section 5.6.
Rights Under Loan Agreement. The Loan Agreement, duly executed counterparts of which have been filed with the Trustee, sets forth the covenants and obligations of the Issuer and the Company, including provisions that
subsequent to the issuance of Bonds and prior to their payment in full or provision for payment thereof in accordance with the provisions hereof the Loan Agreement may not be effectively amended, changed, modified, altered or terminated, or any
provision waived without the written consent of the Trustee and the Credit Provider, and reference is hereby made to the same for a detailed statement of said covenants and obligations of the Company thereunder, and the Issuer agrees that the
Trustee in its name or in the name of the Issuer may enforce all rights of the Issuer and all obligations of the Company under and pursuant to the Loan Agreement, for and on behalf of the Bondholders, whether or not the Issuer is in default
hereunder. 
 Section 5.7. Prohibited Activities. The Issuer covenants that it shall not take any action or suffer or
permit any action to be taken or condition to exist which causes or may cause the interest payable on the Bonds to be subject to federal income taxation. Without limiting the generality of the foregoing, the Issuer covenants that the proceeds of the
sale of the Bonds, the earnings thereon, and any other moneys on deposit in any fund or account maintained in respect of the Bonds (whether such moneys were derived from the proceeds of the sale of the Bonds or from other sources), will not be used
directly or indirectly in such manner as to cause the Bonds to be treated as “arbitrage bonds” within the meaning of Section 148 of the Code. 
 Section 5.8. Transfer, Reduction and Return of Credit Enhancement. The Trustee shall not sell, assign or transfer the Credit Enhancement except to a
successor trustee under this Indenture in accordance with the terms of the Credit Enhancement. The Trustee shall submit to the Credit Provider such certificates or other documents on a timely basis as may be required by the terms of the Credit
Enhancement and the provisions hereof in order to effect a reduction of the aggregate amount available to be drawn thereunder. The Trustee shall return the Credit Enhancement to the Credit Provider at such time and together with such certificates or
other documents as may be required in accordance with its terms and the provisions hereof, and in any case upon expiration of the Credit Enhancement in accordance with its terms and the provisions hereof. 
  

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 ARTICLE VI 
 REVENUES AND FUNDS 
 Section 6.1. Creation of Bond
Fund. There is hereby created and ordered to be established with the Trustee a trust fund of and in the name of the Issuer to be designated “Solid Waste Disposal Revenue Bond Fund - Plum Point Energy Associates, LLC Project” (the
“Bond Fund”). There is also hereby created and ordered to be established in the Bond Fund an account to be designated “Credit Enhancement Account” and an account to be designated “General Account.” 
 Section 6.2. Payments Into Bond Fund. (a) There shall be deposited into the Bond Fund as and when received:

  

	 	(i)	All Revenues; 

  

	 	(ii)	All moneys drawn by the Trustee under the Credit Enhancement for the payment of the principal of and interest on the Bonds; and 

  

	 	(iii)	All moneys received by the Trustee under and pursuant to any of the provisions of the Loan Agreement or this Indenture which are not directed to be paid into a fund other than the
Bond Fund. 

 (b) There shall be paid into the Credit Enhancement Account in the Bond Fund, as and when received, any and all
moneys drawn by the Trustee under the Credit Enhancement except for any amounts required to be placed into the Purchase Fund established pursuant to Section 4.9 hereof. Moneys held in the Credit Enhancement Account shall not be commingled with
other moneys in the Bond Fund or other moneys held by the Trustee under this Indenture. 
 (c) There shall be paid into the General Account
in the Bond Fund, as and when received, any and all moneys which are not directed to be deposited into the Credit Enhancement Account. 
 Section 6.3. Use of Moneys in Bond Fund. Moneys in the Bond Fund shall be used solely for the payment of the principal of and interest on the Bonds as in the Bonds and this Indenture
provided. In addition, moneys in the Bond Fund shall be used by the Trustee in the following priority: 
 (a) Moneys
transferred from the Construction Fund pursuant to Section 7.3 hereof, which shall be applied to the redemption of Bonds under Article III hereof (or to reimburse the Credit Provider for a drawing on the Credit Enhancement to pay for such
redemption of Bonds); 
  

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 (b) Moneys held by the Trustee pursuant to Article X hereof, such moneys to be applied
only to the payment or the redemption of Bonds which are deemed to be paid in accordance with Article X hereof (or to reimburse the Credit Provider for a drawing on the Credit Enhancement to pay for such redemption of Bonds); 
 (c) Proceeds of the sale of refunding obligations, and proceeds from the investment thereof; 
 (d) If the Credit Enhancement is then in effect, the Trustee shall draw on the Credit Enhancement pursuant to Section 4.8 hereof, and
all moneys so realized by the Trustee under the Credit Enhancement shall be used for the payment of principal, premium, if provided, and interest on the Bonds, provided that in no event shall such moneys be used to pay for Bonds owned by the Issuer
or the Company; 
 (e) Revenues and moneys furnished by the Company to the Trustee pursuant to Section 5.2 of the Loan
Agreement, and proceeds from the investment thereof, provided that such amounts constitute Available Moneys; and 
 (f) All
other amounts received by the Trustee under and pursuant to the Loan Agreement or from any other source when required or accompanied by directions from the Company that such amounts are to be paid into the Bond Fund, and amounts derived from the
investment of such amounts. 
 Notwithstanding any provision to the contrary which may be contained in this Indenture, (i) in computing the amount to be
drawn under the Credit Enhancement on account of the payment of the principal or Purchase Price of, or interest on the Bonds, the Trustee shall exclude any such amounts in respect of any Bonds which are Bonds owned by the Issuer or the Company on
the date such payment is due, and (ii) amounts drawn by the Trustee under the Credit Enhancement shall not be applied to the payment of the principal or Purchase Price of, or interest on, any Bonds which are owned by the Issuer or the Company
on the date such payment is due. 
 Section 6.4. Withdrawals from Bond Fund. The Bond Fund shall be
in the name of the Issuer, designated as set forth in Section 6.1, and the Issuer hereby irrevocably authorizes and directs the Trustee to withdraw from the Bond Fund sufficient funds to pay the principal of and interest on the Bonds when due
(including at maturity or redemption prior to maturity) and to use such funds for the purpose of paying principal and interest in accordance with the provisions hereof pertaining to payment, which authorization and direction the Trustee hereby
accepts. To the extent amounts are paid on the Bonds by draws on the Credit Enhancement and there are amounts in the Bond Fund resulting from payments made by the Company pursuant to Section 5.2(a) of the Loan Agreement, the Trustee is directed
to use such amounts in the General Account of the Bond Fund to reimburse the Credit Provider, on behalf of the Company, in respect of such draw. 
  

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 Section 6.5. Non-Presentment of Bonds. In the event any Bonds shall not
be presented for payment when the principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof, if there shall have been deposited with the Trustee for that purpose, or left in trust if previously so
deposited, funds sufficient to pay the principal thereof, together with all interest unpaid and due thereon, to the due date thereof, for the benefit of the Owner thereof, all liability of the Issuer to the Owner thereof for the payment of the
principal thereof and interest thereon shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such fund or funds, without liability for interest thereon, for benefit of the Owner of
such Bond, who shall thereafter be restricted exclusively to such fund or funds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, the Bond. 
 Section 6.6. Fees, Expenses and Charges of Issuer and Trustee. It is understood and
agreed that pursuant to the provisions of Section 5.3(b) of the Loan Agreement, the Company agrees to pay the reasonable fees, expenses and charges of the Trustee, the Remarketing Agent, and any Paying Agent as authorized and provided by this
Indenture and, pursuant to Section 5.3(c) of the Loan Agreement, the reasonable fees, expenses and charges of the Issuer as authorized, required and provided by this Indenture and by the Loan Agreement. All such payments under the Loan
Agreement which are received by the Trustee shall not be paid into the Bond Fund, but shall be segregated by the Trustee and expended solely for the purpose for which such payments are received. 
 Section 6.7. Moneys to be Held in Trust. All moneys required to be deposited with or paid to the
Trustee under any provision of this Indenture shall be held by the Trustee in trust, and except for moneys deposited with or paid to the Trustee for the redemption of Bonds notice of which redemption has been duly given, for moneys deposited with or
paid to the Trustee pursuant to Article X hereof, and for moneys held pursuant to Section 4.4, Section 4.9, or Section 6.5 hereof, shall, while held by the Trustee, constitute part of the Trust Estate and be subject to the lien
hereof. Any moneys received by or paid to the Trustee pursuant to any provisions of the Loan Agreement calling for the Trustee to hold, administer and disburse the same in accordance with the specific provisions of the Loan Agreement shall be held,
administered and disbursed pursuant to such provisions, and where required by the provisions of the Loan Agreement the Trustee shall set the same aside in a separate account. The Issuer agrees that if it shall receive any moneys pursuant to
applicable provisions of the Loan Agreement, it will forthwith upon receipt thereof pay the same over to the Trustee to be held, administered and disbursed by the Trustee in accordance with the provisions of the Loan Agreement pursuant to which the
Issuer may have received the same. Furthermore, if for any reason the Loan Agreement ceases to be in force and effect while any Bonds are outstanding, the Issuer agrees that if it shall receive any moneys derived from the Project in connection with
the Bonds, it will forthwith upon receipt thereof pay the same over to the Trustee to be held, administered and disbursed by the Trustee in 

  

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accordance with provisions of the Loan Agreement that would be applicable if the Loan Agreement were then in force and effect, and if there be no such
provisions which would be so applicable, then the Trustee shall hold, administer and disburse such moneys solely for the discharge of the Issuer’s obligations under this Indenture. 
 Section 6.8. Refund to Company of Excess Payments. Anything herein to the contrary notwithstanding,
the Trustee is authorized and directed to refund to the Company, or as directed by the Company pursuant to the Company Credit Facility, if applicable, all excess amounts as specified in the Loan Agreement, whether such excess amounts be in the Bond
Fund or in special accounts. 
 Section 6.9. Termination of Rights of Bondholders. Anything
herein to the contrary notwithstanding, including, without limitation, the provisions of this Article V and of Article X and Article X hereof, all rights of any Owner of any Bond hereunder to or with respect to any moneys or investments held in any
fund hereunder shall terminate at the expiration of two (2) years from the date of maturity of such Bond, whether by scheduled maturity or by call for redemption prior to maturity in accordance with the terms hereof, with respect to the
principal thereof, or at the expiration of two (2) years from an Interest Payment Date with respect to the interest payable on such date. 
  

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 ARTICLE VII 
 APPLICATION OF PROCEEDS OF BONDS 
 Section 7.1. Creation of
Clearing Fund and Construction Fund. There is hereby created and ordered to be established with the Trustee special accounts in the name of the Issuer to be designated “Solid Waste Disposal Revenue Bond
Clearing Fund - Plum Point Energy Associates, LLC Project” (the “Clearing Fund”) and “Solid Waste Disposal Revenue Bond Construction Fund - Plum Point Energy Associates, LLC Project” (the “Construction Fund”).

 Section 7.2. Deposits Into and Disbursements From the Clearing Fund
and the Construction Fund. (a) An amount designated by the Issuer in written instructions to the Trustee, received by the Trustee from the proceeds of the issuance and sale of the Bonds, shall be deposited into the
Clearing Fund. Moneys in the Clearing Fund shall be immediately disbursed by the Trustee to Goldman, Sachs & Co. in payment of its fee and expenses in connection with the issuance of the Bonds. 
 (b) All remaining moneys received by the Trustee from the proceeds of the issuance and sale of the Bonds shall be deposited into the Construction Fund.
Moneys in the Construction Fund shall be disbursed by the Trustee to the Company (or to its order) for Project Costs (as defined in the Loan Agreement). Such disbursements shall be in accordance with and pursuant to requisitions which shall be
signed by a Company Representative and, unless such disbursement is to be paid to the Company Credit Facility Construction Account, approved by the Credit Provider. Each requisition shall be in substantially the form attached as Exhibit B hereto and
shall specify: 
  

	 	(a)	The name of the person, firm, corporation or bank to whom payment is to be made; 

  

	 	(b)	The amount of the payment; 

  

	 	(c)	The purpose of the expenditure; 

  

	 	(d)	That the disbursement is for a proper item of Project Costs (as defined in the Loan Agreement); 

  

	 	(e)	 That upon making the disbursement, together with all disbursements under previous requisitions and anticipated future disbursements, not less than 95% of the net
proceeds of the Bonds (within the meaning of Section 142(a) of the Code) have been expended or are anticipated to be expended (i) for proper costs of land or property of a character subject to the allowance for depreciation under
Section 167 of the Code, or which will be, for federal income tax purposes, chargeable to capital account or would 

  

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have been so chargeable either with a proper election by the Company or but for a proper election by the Company to deduct such amounts, and (ii) to
provide sewage and solid waste disposal facilities within the meaning of Section 142(a)(5) and (6) of the Code and regulations thereunder; and 

  

	 	(f)	That the disbursement does not render inaccurate in any material respect any of the representations with respect thereto contained in the Loan Agreement. 

The Trustee shall keep records concerning and reflecting all disbursements from the Construction Fund and shall file an accounting of disbursements if
and when requested by the Issuer, the Company, or the Credit Provider. 
 Section 7.3. Balance in
Construction Fund. Upon receipt of the certificate specified in Section 3.4 of the Loan Agreement, the Trustee shall not accept any further requisitions pursuant to Section 7.2 hereof, but shall retain in the Construction
Fund a sum equal to the amounts necessary for payment of the Project Costs not then due and payable as directed by a Company Representative. Any amount not to be retained in the Construction Fund for payment of Project Costs shall be transferred by
the Trustee into the Bond Fund and used by the Trustee for (a) the redemption of Bonds in accordance with the provisions of Section 3.6 hereof, or (b) any other purpose selected by the Company provided that the Trustee is furnished
with a Favorable Opinion of Bond Counsel. The Company and the Issuer agree to cooperate with the Trustee and take all required action necessary to redeem Bonds or to accomplish any other purpose contemplated by this Section 7.3. 
  

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 ARTICLE VIII 
 INVESTMENTS 
 Section 8.1. Investment of Moneys.
(a) Subject to any requirements of the Company Credit Facility that may limit investments by the Company, moneys held for the credit of the Construction Fund shall, upon written direction by a Company Representative, be invested and reinvested
by the Trustee in (i) Government Securities, (ii) interest bearing deposit accounts (which may be represented by certificates of deposit) in national or state banks (which may include the Trustee and any Paying Agent) having a combined
capital and surplus of not less than $10,000,000; (iii) bankers’ acceptances drawn on and accepted by commercial banks (which may include the Trustee and any Paying Agent) having a combined capital and surplus of not less than $10,000,000;
(iv) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, any State of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico, or any political
subdivision of any of the foregoing, which are rated A-/A3 or better by a nationally recognized rating agency; (v) obligations of any agency or instrumentality of the United States of America; (vi) commercial or finance company paper which
is rated A-/A3 or better by a nationally recognized rating agency; (vii) corporate debt securities rated A-/A3 or better by a nationally recognized rating agency; (viii) repurchase agreements with banking or financial institutions having a
combined capital and surplus of not less than $10,000,000 (which may include the Trustee and any Paying Agent) with respect to any of the foregoing obligations or securities; (ix) shares in an investment company registered under the Federal
Investment Company Act of 1940 whose shares are registered under the Federal Securities Act of 1933, or shares of a common trust fund established by a national banking association or a bank or trust company organized under the laws of any state
(which may include the Trustee and any Paying Agent) with combined capital and surplus of at least $10,000,000, under the supervision and regulation of the Comptroller of the Currency pursuant to 12 C.F.R. 9, or any successor regulation, and whose
only investments are qualified investments described hereinabove; (x) money market funds or pooled or mutual investment funds whose assets consist primarily of investments which are qualified investments described in clause
(iv) hereinabove or which are rated A-/A3 or better by a nationally recognized rating agency (including any such fund managed by the Trustee), and whose average maturity of such investment is less than twelve (12) months; and
(xi) investment agreements or guaranteed investment contracts with any financial institution rated A-/A3 or better by a nationally recognized rating agency. Such investment shall have maturity dates, or shall be subject to redemption by the
holder at the option of the holder, on or prior to the dates the moneys invested therein will be needed as reflected by a statement of the Company Representative which statement must be on file with the Trustee prior to any investment. 

(b) Moneys held for the credit of the Bond Fund or any other fund or account shall, upon written direction by a Company Representative, be invested
and reinvested in Government Securities (or in any fund or other pooling arrangement which exclusively purchases and holds Government Securities and which is rated in any of the two highest rating categories by a 

  

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nationally recognized rating agency) which will mature, or which will be subject to redemption by the holder thereof at the option of the holder, not later
than the date or dates on which the money held for credit of the particular fund or account shall be required for the purposes intended, provided that moneys held pursuant to Section 6.5 hereof shall be held uninvested or shall be invested and
reinvested in Government Securities maturing overnight from the date of purchase. 
 (c) Obligations so purchased as an investment of moneys
in any fund or account shall be deemed at all times a part of such fund or account. Any profit and income realized from such investments shall be credited to the fund or account and any loss shall be charged to the fund or account. 
 Section 8.2. Trustee Not Liable for Losses. The Trustee shall not be liable or responsible for any loss
resulting from any investment as authorized pursuant to Section 8.1 hereof. 
 Section 8.3. Arbitrage Rebate.
(a) The Trustee shall establish and maintain within the Bond Fund a separate account into which shall be deposited as and when received any amounts which are subject or could be subject to rebate to the United States under Section 148(f)
of the Code, which amounts shall be held in such separate account until paid to the United States pursuant to said Section or until the Trustee determines that no such payment is required. 
 (b) The Issuer and the Trustee shall not knowingly make or agree to make any payments or participate in any non-arms-length transaction which would have
the effect of reducing the earnings on investments, thereby reducing the amount required to be rebated to the United States under Section 148(f) of the Code and regulations thereunder. 
 (c) The Company has undertaken in Section 6.8 of the Loan Agreement to make the determinations required by subsection (a) of this
Section 8.3 and to provide statements to the Trustee to the effect that all actions with respect to the Bonds required by Section 148(f) of the Code have been taken. The Trustee shall be entitled to rely upon such determinations and
statements as sufficient evidence of the facts therein contained. 
  

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 ARTICLE IX 
 THE LOAN AGREEMENT, CREDIT ENHANCEMENT, 
 LIQUIDITY FACILITY, AND COMPANY CREDIT FACILITY

 Section 9.1. Rights of Company Under Loan Agreement. Nothing herein contained shall
be deemed to impair the rights and privileges of the Company set forth in the Loan Agreement. 
 Section 9.2. Rights
of Issuer Under Loan Agreement. The Issuer agrees that the Trustee in its name or in the name of the Issuer may enforce all rights of the Issuer (except for the rights of the Issuer under Sections 5.3(c), 6.2, 6.5
and 9.5 thereof and any rights of the Issuer to receive notices, certificates, or other communications thereunder) and all obligations of the Company under and pursuant to the Loan Agreement, for and on behalf of the Bondholders, whether or not the
Issuer is in default hereunder. 
 Section 9.3. Trustee’s Obligations Under Loan
Agreement. The Trustee represents that it has familiarized itself with the provisions of the Loan Agreement and covenants and agrees that it will perform any and all of its obligations set forth therein with respect to the rights of the
Issuer and the Company thereunder. 
 Section 9.4. Credit Provider and Liquidity Provider
as Third Party Beneficiaries. The Issuer and the Trustee acknowledge that this Indenture is also for the benefit of the Credit Provider (so long as the Credit Enhancement is outstanding) and the Liquidity Provider (so
long as the Liquidity Facility is outstanding), by virtue of the Credit Provider’s and Liquidity Provider’s obligations under the Credit Enhancement and Liquidity Facility, respectively, and the Company’s obligations under the related
Reimbursement Agreement; provided, however, that anything herein to the contrary notwithstanding the Credit Provider’s rights hereunder shall be void upon the occurrence and continuance of a Credit Provider Failure, and the Liquidity
Provider’s rights hereunder shall be void upon the occurrence and continuance of a Liquidity Provider Failure. 
 Section 9.5. Expiration of Credit Enhancement and Liquidity Facility. (a) Upon the expiration or earlier termination of the Credit Enhancement and reimbursement to the Credit
Provider of all amounts owed under the Reimbursement Agreement, then references in this Indenture to the Credit Provider’s rights to consent and to receive notices shall be ineffective except to the extent that the context requires otherwise.
The Trustee agrees to promptly return the Credit Enhancement to the Credit Provider for cancellation upon termination thereof. 
 (b) Upon
the expiration or earlier termination of the Liquidity Facility and reimbursement to the Liquidity Provider of all amounts owed under the Reimbursement Agreement, then references in this Indenture to the Liquidity Provider’s rights to consent
and to receive notices shall be ineffective except to the extent that the context requires otherwise. The Trustee agrees to promptly return the Liquidity Facility to the Credit Provider for cancellation upon termination thereof. 
  

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 Section 9.6. Company Credit Facility. The Issuer and the Trustee
understand that the Company has entered into the Company Credit Facility and, pursuant to Section 8.2 of the Loan Agreement, has delivered a true and correct copy thereof to the Trustee. As to the existence or non-existence of any fact or as to
the sufficiency or validity of any instrument, paper or proceeding related to the Company Credit Facility and the Company’s rights and obligations thereunder, the Trustee shall be entitled to rely upon a certificate of the Company signed by a
Company Representative as sufficient evidence of the facts therein contained. 
  

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 ARTICLE X 
 DISCHARGE OF LIEN 
 Section 10.1. Discharge of Lien. If the
Issuer shall pay or cause to be paid to the Owners of the Bonds the principal and interest to become due thereon at the times and in the manner stipulated therein, and if the Issuer shall keep, perform and observe all and singular the covenants and
promises in the Bonds and in this Indenture expressed as to be kept, performed and observed by it on its part, then these presents and the estate and rights hereby granted shall cease, determine and be void; provided, however, that if the Trustee
has drawn on the Credit Enhancement pursuant to the provisions of this Indenture, then the rights and obligations created hereby shall remain in full force and effect until the proceeds of such draw have been distributed in accordance with the
provisions hereof. Thereupon the Trustee shall cancel and discharge the lien of this Indenture, and execute and deliver to the Issuer such instruments in writing as shall be requisite to satisfy the lien hereof, and reconvey to the Issuer the estate
hereby conveyed, and assign and deliver to the Issuer any property at the time subject to the lien of this Indenture which may then be in its possession, except moneys or Government Securities held by it for the payment of the principal of and
interest on the Bonds. 
 Any Bond shall be deemed to be paid within the meaning of this Article when payment of the principal of and
interest on such Bond, (whether at maturity or upon redemption as provided in this Indenture, or otherwise), either (i) with respect to any Bond shall have been made or caused to be made in accordance with the terms thereof, or (ii) with
respect to any Bond shall have been provided for by irrevocably depositing with the Trustee, in trust and irrevocably set aside exclusively for such payment, (1) moneys sufficient to make such payment or (2) noncallable Government
Securities, maturing as to principal and interest in such amount and at such times as will provide sufficient moneys to make such payment and to purchase such Bonds, and all necessary and proper fees, compensation and expenses of the Trustee
pertaining to the Bonds with respect to which such deposit is made and all other liabilities of the Company under the Loan Agreement shall have been paid or the payment thereof provided for to the satisfaction of the Trustee. 
 The Issuer or the Company may at any time surrender to the Trustee for cancellation by it any Bonds previously authenticated and delivered hereunder,
which the Issuer or the Company may have acquired in any manner whatsoever, and such Bonds, upon such surrender and cancellation, shall be deemed to be paid and retired. 
 Section 10.2. Effect of Discharge on Bonds. The provisions of this Indenture relating to the determination of the rate of interest to be borne by the Bonds, the options
of the Owners of the Bonds to deliver Bonds to the Trustee for purchase, and the related obligations of the Company, the Trustee, and the Remarketing Agent shall remain in effect with respect to all Variable Rate Mode Bonds until the principal of
and interest on the Bonds shall have been paid in full, notwithstanding that the lien of this Indenture has been discharged pursuant to Section 10.1 hereof. 
  

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 ARTICLE XI 
 DEFAULT PROVISIONS AND REMEDIES 
 OF TRUSTEE AND BONDHOLDERS 
 Section 11.1. Events of Default. Each of the following events shall constitute and is referred to in this Indenture as
an “Event of Default”: 
 (a) Default in the due and punctual payment of any interest on any Bond hereby secured and outstanding;

 (b) Default in the due and punctual payment of the principal of any Bond hereby secured and outstanding, whether at the stated maturity
thereof, or upon proceedings for redemption thereof, or upon the maturity thereof by declaration; 
 (c) Default in the payment of the
Purchase Price for any Bond pursuant to Sections 4.1 or 4.2 hereof; 
 (d) Default in the payment of any other amount required to be paid
under this Indenture or the performance or observance of any other of the covenants, agreements or conditions contained in this Indenture, or in the Bonds issued under this Indenture, and continuance thereof for a period of sixty (60) days
after written notice specifying such failure and requesting that it be remedied, shall have been given to the Issuer and the Company by the Trustee, which may give such notice in its discretion and shall give such notice at the written request of
Bondholders of not less than 10% in aggregate principal amount of the Bonds then outstanding, unless the Trustee, or the Trustee and Bondholders of an aggregate principal amount of Bonds not less than the aggregate principal amount of Bonds the
Bondholders of which requested such notice, as the case may be, shall agree in writing to an extension of such period prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period,
the Issuer and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Issuer, or the Company on behalf of the Issuer, within such period and is being diligently pursued;

 (e) The occurrence and continuance of an “Event of Default” under the Loan Agreement; 
 (f) The occurrence and continuance of a Credit Provider Failure or a Liquidity Provider Failure; and 
 (g) The occurrence and continuance of an Event of Bankruptcy of the Company or the Issuer. 
  

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 Section 11.2. Acceleration. Upon the occurrence and during the continuance of:

 (i) an Event of Default described in clause (f) of Section 11.1 hereof, the Trustee shall, 
 (ii) an Event of Default described in clause (a), (b), (c), (d), (e), or (g) of Section 11.1 hereof, and upon the written
request of the Credit Provider (so long as the Credit Enhancement shall be in effect and there shall not have occurred and be continuing a Credit Provider Failure), the Trustee shall, or 
 (iii) an Event of Default described in clause (a), (b), (c), (d), (e) or (g) of Section 11.1 hereof, provided the Credit
Enhancement is not then in effect or there shall have occurred and be continuing a Credit Provider Failure, the Trustee may, and upon the written request of the Owners of two-thirds (2/3) in aggregate principal amount of Bonds outstanding
hereunder, the Trustee shall, 
 by notice in writing delivered to the Issuer, the Company, and the Credit Provider (so long as the Credit Enhancement is
outstanding) declare the principal of all Bonds hereby secured then outstanding and the interest accrued thereon immediately due and payable, and such principal and interest shall thereupon become and be immediately due and payable and interest
shall cease to accrue on all Bonds issued hereunder. 
 Section 11.3. Credit Enhancement. Except with respect to
any Bond held by the Company or pledged to the Credit Provider, upon an acceleration pursuant to Section 11.2 hereof, the Trustee shall promptly draw moneys under the Credit Enhancement in accordance with the terms thereof to the extent
necessary to make timely payments of principal of and interest on the Bonds. 
 Section 11.4. Other Remedies;
Rights of Bondholders. Upon the occurrence and during the continuance of an Event of Default, the Trustee may, as an alternative, pursue any available remedy by suit at law or in equity to enforce the payment of the principal of
and interest on the Bonds then outstanding hereunder. 
 If an Event of Default shall have occurred, and if it shall have been requested so
to do by the Owners of two-thirds (2/3) in aggregate principal amount of Bonds outstanding hereunder and shall have been indemnified as provided in Section 12.1 hereof, the Trustee shall be obligated to exercise such one or more of the
rights and powers conferred upon it by this Section and by Section 11.2 as the Trustee, being advised by counsel, shall deem most expedient in the interests of the Bondholders. 
 No remedy by the terms of this Indenture conferred upon or reserved to the Trustee (or to the Bondholders or the Credit Provider) is intended to be
exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter existing at law or in equity or by statute. 
  

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 No delay or omission to exercise any right or power accruing upon any default or Event of Default shall
impair any such right or power or shall be construed to be a waiver of any such default or Event of Default or acquiescence therein; and every such right and power may be exercised from time to time and as often as may be deemed expedient.

 No waiver of any default or Event of Default hereunder, whether by the Trustee or by the Bondholders, shall extend to or shall affect any
subsequent default or Event of Default or shall impair any rights or remedies consequent thereon. 
 Nothing in this Section 11.4 shall
be construed to relieve the Trustee of its obligation to cause an acceleration when required or to pay the Bondholders the amounts due them when due. 
 Section 11.5. Rights of Bondholders to Direct Proceedings. Anything in this Indenture to the contrary notwithstanding but subject to Section 11.13 hereof, the
Owners of a majority in aggregate principal amount of Bonds outstanding hereunder shall have the right, at any time, by an instrument or instruments in writing executed and delivered to the Trustee, to direct the method and place of conducting all
proceedings to be taken in connection with the enforcement of the terms and conditions of this Indenture, or for the appointment of a receiver or any other proceeding hereunder; provided that such direction shall not be otherwise than in accordance
with the provisions of law and of this Indenture; provided, further, that if the Credit Enhancement shall be in effect and there shall not have occurred and be continuing a Credit Provider Failure, the Credit Provider shall have the right to direct
the proceedings and all other remedies hereunder. 
 Section 11.6. Appointment of Receiver. Upon the
occurrence of an Event of Default, and upon the filing of a suit or other commencement of judicial proceedings to enforce the rights of the Trustee and of the Bondholders under this Indenture, the Trustee shall be entitled, as a matter of right, to
the appointment of a receiver or receivers of the Trust Estate and of the tolls, rents, revenues, issues, earnings, income, products and profits thereof, pending such proceedings with such powers as the court making such appointment shall confer.

 Section 11.7. Waiver. In case of an Event of Default on its part, as aforesaid, to the extent that such rights may then
lawfully be waived, neither the Issuer nor anyone claiming through it or under it shall or will set up, claim, or seek to take advantage of any appraisement, valuation, stay, extension or redemption laws now or thereafter in force, in order to
prevent or hinder the enforcement of this Indenture, but the Issuer, for itself and all who may claim through or under it, hereby waives, to the extent that it lawfully may do so, the benefit of all such laws and all right of appraisement and
redemption to which it may be entitled under the laws of the State of Arkansas. 
  

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 Section 11.8. Application of Moneys. Provided that all moneys drawn by
the Trustee under the Credit Enhancement shall be applied solely to the payment of the principal of and interest on the Bonds, moneys remaining after discharge of costs, charges and liens prior to this Indenture shall be applied by the Trustee as
follows: 
 (a) Unless the principal of all the Bonds shall have become or shall have been declared due and payable, all such moneys shall be
applied: 
 First: To the payment to the persons entitled thereto of all installments of interest then due, in the order of
the maturity of the installments of such interest, and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably, according to the amounts due on such installment, to the persons entitled
thereto, without any discrimination or privilege; 
 Second: To the payment to the persons entitled thereto of the unpaid
principal of any of the Bonds which shall have become due (other than Bonds called for redemption for the payment of which moneys are held pursuant to the provisions of this Indenture), in the order of their due dates, with interest on such Bonds
from the respective dates upon which they become due, and, if the amount available shall not be sufficient to pay in full Bonds due on any particular date, together with such interest, then to the payment ratably, according to the amount of
principal due on such date, to the persons entitled thereto without any discrimination or privilege of any Bond over any other Bond and without preference or priority of principal over interest or of interest over principal; and 
 Third: To the payment of the interest on and the principal of the Bonds, and to the redemption of Bonds, all in accordance with the
provisions of Article V of this Indenture. 
 (b) If the principal of all the Bonds shall have become due or shall have been declared due and
payable, all such moneys shall be applied to the payment of the principal and interest then due and unpaid upon the Bonds, without preference or priority of principal over interest or of interest over principal, or of any Bond over any other Bond,
ratably, according to the amounts due respectively for principal and interest, to the person entitled thereto without discrimination or privilege. 
 (c) If the principal of all the Bonds shall have been declared due and payable, and if such declaration shall thereafter have been rescinded and annulled under the provisions of this Article then, subject to the provisions of paragraph
(b) of this Section in the event that the principal of all the Bonds shall later become due or be declared due and payable, the moneys shall be applied in accordance with the provisions of paragraph (a) of this Section. 
 Whenever moneys are to be applied by the Trustee pursuant to the provisions of this Section, such moneys shall be applied by it at such times, and from
time to time, as it shall determine, having due regard to the amount of such moneys available for application and the 

  

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likelihood of additional moneys becoming available for such application in the future. Whenever the Trustee shall apply such funds, it shall fix the date
(which shall be an Interest Payment Date unless it shall deem another date more suitable) upon which such application is to be made and upon such date (other than in the case of a declaration under Section 11.2 hereof) interest on the amounts
of principal to be paid on such dates shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the deposit with it of any such moneys and of the fixing of any such date and shall not be required to make payment to the
Owner of any unpaid Bond until such Bond shall be presented to the Trustee for appropriate endorsement or for cancellation if fully paid. 
 Section 11.9. Remedies Vested in Trustee. All rights of action (including the right to file proof of claim) under this Indenture or under any of the Bonds may be enforced by the Trustee without the
possession of any of the Bonds or the production thereof in any trial or other proceeding relating thereto and any such suit or proceeding instituted by the Trustee shall be brought in its name as Trustee, without the necessity of joining as
plaintiffs or defendants any Owners of the Bonds hereby secured, and any recovery of judgment shall be for the equal benefit of the Owners of the outstanding Bonds. 
 Section 11.10. Rights and Remedies of Bondholders. No Owner of any Bond shall have any right to institute any suit, action or proceeding in equity or at law for the
enforcement of this Indenture or for the execution of any trust hereof or for the appointment of a receiver or any other remedy hereunder, unless a default has occurred of which the Trustee has been notified as provided in subsection (g) of
Section 12.1, or of which by said subsection it is deemed to have notice, nor unless such default shall have become an Event of Default and the Owners of two-thirds (2/3) in aggregate principal amount of Bonds outstanding hereunder shall
have made written request to the Trustee and shall have offered it reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name, nor unless also they have
offered to the Trustee indemnity as provided in Section 12.1 nor unless the Trustee shall thereafter fail or refuse to exercise the powers hereinbefore granted, or to institute such action, suit or proceeding in its own name; and such
notification, request and offer of indemnity are hereby declared in every such case at the option of the Trustee to be conditions precedent to the execution of the powers and trusts of this Indenture, and to any action or cause of action for the
enforcement of this Indenture or for the appointment of a receiver or for any other remedy hereunder; it being understood and intended that no one or more Owners of the Bonds shall have any right in any manner whatsoever to affect, disturb or
prejudice the lien of this Indenture by his or their action or to enforce any right hereunder except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, held and maintained in the manner herein provided
for the equal benefit of the Owners of all Bonds outstanding hereunder. Nothing in this Indenture contained shall, however, affect or impair the right of any Bondholder to enforce the payment of the principal of and interest on any Bonds at and
after the maturity thereof, or the obligation of the Issuer to pay the principal of and interest on each of the Bonds issued hereunder to the respective Owners thereof at the time and place in said Bonds, and to institute in its own name any suit,
action or proceeding in equity or at law for the enforcement of this Indenture or for the appointment of a receiver or any other remedy hereunder. 
  

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 Section 11.11. Termination of Proceedings. In case the Trustee shall
have proceeded to enforce any right under this Indenture by the appointment of a receiver or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and
in every such case the Issuer and the Trustee shall be restored to their former positions and rights hereunder with respect to the property herein conveyed, and all rights, remedies and powers of the Trustee shall continue as if no such proceedings
had been taken, except to the extent the Trustee is legally bound by such adverse determination. 
 Section 11.12. Waivers
of Events of Default. The Trustee may in its discretion waive any Event of Default hereunder and its consequences and rescind any declaration of maturity of principal and shall do so upon the written request of the Owners
of two-thirds (2/3) in aggregate principal amount of Bonds outstanding hereunder, provided, however, that there shall not be waived (i) any Event of Default described in clause (a), (b) or (c) of Section 11.1 hereof, unless
prior to such waiver or rescission all arrears of principal (due otherwise than by declaration) and interest and all expenses of the Trustee, shall have been paid or provided for, (ii) any Event of Default described in clause (f) of
Section 11.1 hereof, unless prior to such waiver or rescission the Credit Enhancement has been reinstated in full and the Credit Provider has rescinded any related default under the Reimbursement Agreement, and (iii) any Event of Default
without the prior written consent of the Credit Provider (so long as the Credit Enhancement shall be in effect and there shall not have occurred and be continuing a Credit Provider Failure). In case of any such waiver or rescission the Issuer,
Trustee and the Bondholders shall be restored to their former positions and rights hereunder respectively; but no such waiver or rescission shall extend to any subsequent or other default, or impair any right subsequent thereon. 
 Section 11.13. Rights of Credit Provider. Anything herein to the contrary notwithstanding, the Credit Provider
shall, so long as the Credit Enhancement shall be in effect and there shall not have occurred and be continuing a Credit Provider Failure, have the right to direct the taking of actions and enforcement of remedies permitted by this Article XI,
including, without limitation, the declaration of all unpaid amounts payable under this Indenture to be immediately due and payable and the waiver of Events of Default. 
  

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 ARTICLE XII 
 TRUSTEE AND PAYING AGENTS 
 Section 12.1. Acceptance of
Trusts. The Trustee hereby accepts the trust imposed upon it by this Indenture, and agrees to perform said trust as an ordinarily prudent trustee under a corporate mortgage, but only upon and subject to the following expressed terms and
conditions: 
 (a) The Trustee may execute any of the trusts or powers hereof and perform any duties required of it by or through attorneys,
agents, receivers or employees, and shall be entitled to advice of counsel concerning all matters of trusts hereof and its duties hereunder, and may in all cases pay reasonable compensation to all such attorneys, agents, receivers and employees as
may reasonably be employed in connection with the trusts hereof. The Trustee may act upon the opinion or advice of any attorney, surveyor, engineer or accountant selected by it in the exercise of reasonable care, or, if selected or retained by the
Issuer prior to the occurrence of a default of which the Trustee has been notified as provided in subsection (g) of this Section 12.1, or of which by said subsection the Trustee is deemed to have notice, approved by the Trustee in the
exercise of such care. The Trustee shall not be responsible for any loss or damage resulting from an action or non-action in accordance with any such opinion or advice. 
 (b) The Trustee shall not be responsible for any recital herein, or in the Bonds (except in respect to the certificate of the Trustee endorsed on such Bonds), or for insuring the property herein conveyed or collecting
any insurance moneys, or for the validity of the execution by the Issuer of this Indenture or of any supplemental indentures or instrument of further assurance, or for the sufficiency of the security for the Bonds issued hereunder or intended to be
secured hereby, or for the value of the title of the property herein conveyed or otherwise as to the maintenance of the security hereof; except that in the event the Trustee enters into possession of a part or all of the property herein conveyed
pursuant to any provision of this Indenture, it shall use due diligence in preserving such property; and the Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions and agreements aforesaid
as to the condition of the property herein conveyed. 
 (c) The Trustee may become the owner of Bonds secured hereby with the same rights
which it would have if not Trustee. 
 (d) The Trustee shall be protected in acting upon any notice, request, consent, certificate, order,
affidavit, letter, telegram or other paper or document believed by it, in the exercise of reasonable care, to be genuine and correct and to have been signed or sent by the proper person or persons. Any action taken by the Trustee pursuant to this
Indenture upon the request or authority or consent of the Owner of any Bond secured hereby, shall be conclusive and binding upon all future Owners of the same Bond and upon Bonds issued in exchange therefor or in place thereof. 
  

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 (e) As to the existence or non-existence of any fact or as to the sufficiency or validity of any
instrument, paper or proceeding, the Trustee shall be entitled to rely upon a certificate of the Issuer signed by its Mayor and attested by its Clerk as sufficient evidence of the facts therein contained and prior to the occurrence of a default of
which it has been notified as provided in subsection (g) of this Section 12.1, or of which by that subsection it is deemed to have notice, and shall also be at liberty to accept a similar certificate to the effect that any particular
dealing, transaction or action is necessary or expedient, but may at its discretion, at the reasonable expense of the Issuer, in every case secure such further evidence as it may think necessary or advisable but shall in no case be bound to secure
the same. The Trustee may accept a certificate of the Clerk of the Issuer under its seal to the effect that a resolution or ordinance in the form therein set forth has been adopted by the Issuer as conclusive evidence that such resolution or
ordinance has been duly adopted, and is in full force and effect. 
 (f) The permissive right of the Trustee to do things enumerated in this
Indenture shall not be construed as a duty of the Trustee, and the Trustee shall be answerable only for its own negligence or willful default. 
 (g) The Trustee shall not be required to take notice or be deemed to have notice of any default hereunder (except a default under clause (a), (b) or (c) of Section 11.1 hereof concerning which the Trustee shall be deemed to
have notice) unless the Trustee shall be specifically notified in writing of such default by the Issuer, by the Credit Provider, or by the Owners of at least ten percent (10%) in aggregate principal amount of Bonds outstanding hereunder and all
notices or other instruments required by this Indenture to be delivered to the Trustee must, in order to be effective, be delivered to the office of the Trustee, and in the absence of such notice so delivered, the Trustee may conclusively assume
there is no such default except as aforesaid. 
 (h) The Trustee shall not be personally liable for any debts contracted or for damages to
persons or to personal property injured or damaged, or for salaries or non-fulfillment of contracts during any period in which it may be in the possession of or managing the real and tangible personal property as in this Indenture provided.

 (i) At any and all reasonable times the Trustee, and its duly authorized agents, attorneys, experts, engineers, accountants and
representatives, shall have the right fully to inspect any and all of the property herein conveyed, including all books, papers and records of the Issuer pertaining to the Project and the Bonds, and to take such memoranda from and in regard thereto
as may be desired, provided, however, that nothing contained in this subsection or in any other provision of this Indenture shall be construed to entitle the above named persons to any information or inspection involving the confidential know-how of
the Company. 
 (j) The Trustee shall not be required to give any bond or surety in respect of the execution of the said trusts and powers or
otherwise in respect of the premises. 
  

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 (k) Notwithstanding anything elsewhere in this Indenture contained, the Trustee shall have the right, but
shall not be required, to demand, in respect of the authentication of any Bonds, the withdrawal of any cash, the release of any property, or any action whatsoever within the purview of this Indenture, any showings, certificates, opinions,
appraisals, or other information, or corporate action or evidence thereof, in addition to that by the terms hereof required as a condition of such action by the Trustee, deemed desirable for the purpose of establishing the right of the Issuer to the
authentication of any Bonds, the withdrawal of any cash, the release of any property, or the taking of any other action by the Trustee. 
 (l) Before taking such action hereunder, the Trustee may require that it be furnished an indemnity bond or other security satisfactory to it for the reimbursement to it of all expenses to which it may be put and to protect it against all
liability, except liability which is adjudicated to have resulted from the gross negligence or willful default of the Trustee, by reason of any action so taken by the Trustee; provided, however, the Trustee shall not require that it be furnished an
indemnity bond prior to (i) declaring the maturity of principal of the Bonds pursuant to Section 11.2 hereof, or (ii) holding, administering and disbursing moneys deposited in the Bond Fund. 
 Section 12.2. Fees, Charges and Expenses of Trustee; Trustee’s Prior
Lien. The Trustee shall be entitled to payment and/or reimbursement for its reasonable fees for services rendered hereunder and all advances, counsel fees and other expenses reasonably and necessarily made or incurred by the Trustee in and
about the execution of the trusts created by this Indenture and in and about the exercise and performance by the Trustee of the powers and duties of the Trustee hereunder, and for all reasonable and necessary costs and expenses incurred in defending
any liability in the premises of any character whatsoever (unless such liability is adjudicated to have resulted from the gross negligence or willful default of the Trustee). Any Paying Agent shall be paid the standard and customary fees and charges
for handling the processing of Bonds and payment of the principal of and premium, if any, and interest on the Bonds, and funds sufficient to pay the same shall be deposited with each Paying Agent on or prior to the dates on which payments are
required to be made on the Bonds. The Issuer has made provisions in the Loan Agreement for the payment of such reasonable and necessary advances, fees, costs and expenses and reference is hereby made to the Loan Agreement for the provisions so made.
In this regard, it is understood that the Issuer pledges no funds or revenues other than those derived from and the avails of the Trust Estate to the payment of any obligation of the Issuer set forth in this Indenture, including the obligations set
forth in this Section 12.2, but nothing herein shall be construed as prohibiting the Issuer from using any other funds and revenues for the payment of any of its obligations under this Indenture. Upon default by the Issuer, but only upon
default, pursuant to the provisions of this Indenture pertaining to default, the Trustee shall have a first lien with right of payment prior to payment on account of principal or interest of any Bond issued hereunder upon the Trust Estate (other
than moneys, securities or obligations held for the redemption or payment of Bonds deemed to have been paid in accordance with Article X hereof, funds held pursuant to Section 4.9 or Section 6.5 hereof, or moneys drawn by the Trustee under
the Credit Enhancement for the payment of the principal of and interest on the Bonds) for such reasonable and necessary advances, fees, costs and expenses incurred by the Trustee. 
  

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 Section 12.3. Notice to Bondholders of Default. The
Trustee shall be required to make demand upon and give notice to the Company and each registered owner of Bonds then outstanding as follows: 
 (a) If the Company shall fail to make any installment payment under the Loan Agreement on the day such payment is due and payable, the Trustee shall give notice to and make demand upon the Company on the next succeeding Business Day.

 (b) If a default occurs of which the Trustee is pursuant to the provisions of Section 12.1(g) deemed to have or is given notice, the
Trustee shall promptly give notice to the Company and to Bondholders generally; provided, however, that no notice shall be required to be given to Bondholders generally unless the default is such that the Bondholders could require the Trustee to act
pursuant to Section 11.2 hereof. 
 Section 12.4. Intervention by Trustee. In any judicial proceeding
to which the Issuer is a party and which in the opinion of the Trustee and its counsel has a substantial bearing on the interests of Owners of Bonds issued hereunder, the Trustee may intervene on behalf of Bondholders and shall do so if requested in
writing by the Credit Provider or the Owners of at least ten percent (10%) of the aggregate principal amount of Bonds outstanding hereunder. The rights and obligations of the Trustee under this Section 12.4 are subject to the approval of
the court having jurisdiction in the premises. 
 Section 12.5. Merger or Consolidation of
Trustee. Any bank or trust company to which the Trustee may be merged, or with which it may be consolidated, or to which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any bank or trust
company resulting from any such sale, merger, consolidation or transfer to which it is a party, ipso facto, shall be and become successor trustee hereunder and vested with all of the title to the whole property or Trust Estate and all the trusts,
powers, discretions, immunities, privileges, and all other matters as was its predecessor, without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the
contrary notwithstanding; provided, however, that such successor trustee shall have capital and surplus of at least $50,000,000. 
 Section 12.6. Resignation by Trustee. The Trustee and any successor trustee may at any time resign from the trusts hereby created by giving thirty (30) days written notice to the Issuer, the Company,
and the Credit Provider, and such resignation shall take effect at the end of such thirty (30) days (provided a successor trustee has been duly appointed) or upon the earlier appointment of a successor trustee by the Bondholders or by the
Issuer. Such notice may be served personally or sent by registered mail. Any such resignation shall not take effect until the appointment of a successor trustee and the acceptance of such appointment. 
  

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 Section 12.7. Removal of Trustee. The Trustee may be removed at any time
by an instrument or concurrent instruments in writing delivered to the Trustee and to the Issuer, signed by the Owners of a majority in aggregate principal amount of Bonds outstanding hereunder, and with the prior written consent of the Credit
Provider (if the Credit Enhancement shall be in effect and there shall not have occurred and be continuing a Credit Provider Failure). The Trustee may be removed at any time by the Issuer if directed by the Company, provided there does not exist an
Event of Default at such time resulting from any act or omission by the Company. The Trustee may be removed at any time by the Issuer if directed by the Bank, provided there does not exist an Event of Default at such time resulting from a Credit
Provider Failure or Liquidity Provider Failure. Any such removal shall not take effect until the appointment of a successor trustee and the acceptance of such appointment. 
 Section 12.8. Appointment of Successor Trustee. In case the Trustee hereunder shall resign or be removed, or be
dissolved, or shall be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers, or of a receiver appointed by the court, a successor
may be appointed by the Issuer, as directed by the Company (so long as no Event of Default has occurred and is continuing) with the prior written consent of the Credit Provider (if the Credit Enhancement shall be in effect and there shall not have
occurred and be continuing a Credit Provider Failure), by an instrument executed and signed by its Mayor and attested by its Clerk under its seal, or by the Owners of a majority in aggregate principal amount of Bonds outstanding hereunder (if an
Event of Default has occurred and is continuing), by an instrument or concurrent instruments in writing signed by such Owners, or by their attorneys in fact, duly authorized; provided, nevertheless, that if within thirty (30) days of the
resignation, removal or dissolution of the Trustee hereunder the Issuer or the Owners, as the case may be, fail to so appoint a successor to fill such vacancy, the Trustee may apply to a court of competent jurisdiction which shall have authority to
appoint a temporary trustee until a successor trustee shall be appointed by the Issuer or the Bondholders in the manner above provided. Any such temporary trustee so appointed by a court of competent jurisdiction shall immediately and without
further act be superseded by the trustee so appointed by the Issuer or such Bondholders. Every such temporary trustee and every such successor trustee shall be a bank with trust powers or a trust company in good standing, having capital and surplus
of not less than $50,000,000, and shall be satisfactory to the Company so long as there is no termination of the interest of the Company by virtue of an Event of Default or otherwise. 
 Section 12.9. Concerning Any Successor Trustee. Every successor or temporary trustee appointed hereunder shall
execute, acknowledge and deliver to its predecessor and also to the Issuer an instrument in writing accepting such appointment hereunder, and thereupon such successor or temporary trustee, without any further act or conveyance, shall become fully
vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor; but such predecessor shall, nevertheless, on the written request of the Issuer or of its successor trustee, execute and deliver an instrument
transferring to such successor all the estate, properties, 

  

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rights, powers and trusts of such predecessor hereunder; and every predecessor trustee shall deliver all securities, moneys and any other property held by it
as trustee hereunder to its successor. Should any instrument in writing from the Issuer be required by any successor trustee for more fully and certainly vesting in such successor the estates, rights, powers and duties hereby vested or intended to
be vested in the predecessor trustee, any and all such instruments in writing shall, on request, be executed, acknowledged and delivered by the Issuer. The resignation of any trustee and the instrument or instruments removing any trustee and
appointing a successor hereunder, together with all other instruments provided for in this Article shall, at the expense of the Issuer, be forthwith filed and/or recorded by the successor trustee in each recording office where the Indenture shall
have been filed and/or recorded. 
 Section 12.10. Reliance Upon Instruments. The resolutions, opinions,
certificates and other instruments provided for in this Indenture may be accepted and relied upon by the Trustee as conclusive evidence of the facts and conclusions stated therein and shall be full warrant, protection and authority to the Trustee
for its actions taken hereunder. 
 Section 12.11. Appointment of Co-Trustee. The Issuer and the Trustee
shall have power to appoint and upon the request of the Trustee the Issuer shall for such purpose join with the Trustee in the execution of all instruments necessary or proper to appoint another corporation or one or more persons approved by the
Trustee, and satisfactory to the Company (so long as no Event of Default has occurred and is continuing) and the Credit Provider (if the Credit Enhancement shall be in effect and there shall not have occurred and be continuing a Credit Provider
Failure), either to act as co-trustee or co-trustees jointly with the Trustee of all or any of the property subject to the lien hereof, or to act as separate trustee or trustee of all or any such property, with such powers as may be provided in the
instrument of appointment and to vest in such corporation or person or persons as such separate trustee or co-trustee any property, title, right or power deemed necessary or desirable. In the event that the Issuer shall not have joined in such
appointment within fifteen (15) days after the receipt by it of a request so to do, the Trustee alone shall have the power to make such appointment. Should any deed, conveyance or instrument in writing from the Issuer be required by separate
trustee or co-trustee so appointed for more fully and certainly vesting in and confirming to him or to it such properties, rights, powers, trusts, duties and obligations, any and all such deeds, conveyances and instruments in writing shall, on
request, be executed, acknowledged and delivered by the Issuer. Every such co-trustee and separate trustee shall, to the extent permitted by law, be appointed subject to the following provisions and conditions, namely: 
 (a) The Bonds shall be authenticated and delivered, and all powers, duties, obligations and rights conferred upon the Trustee in respect
of the custody of all money and securities pledged or deposited hereunder, shall be exercised solely by the Trustee; and 
 (b) The Trustee, at any time by an instrument in writing, may remove any such separate Trustee or co-trustee. 
  

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 Every instrument, other than this Indenture, appointing any such co-trustee or separate trustee, shall
refer to this Indenture and the conditions of this Article XII expressed, and upon the acceptance in writing by such separate trustee or co-trustee, he, they or it shall be vested with the estate or property specified in such instrument, jointly
with the Trustee (except insofar as local law makes it necessary for any separate trustee to act alone), subject to all the trusts, conditions and provisions of this Indenture. Any such separate trustee or co-trustee may at any time, by an
instrument in writing, constitute the Trustee as his, their or its agent or attorney-in-fact with full power and authority, to the extent authorized by law, to do all acts and things and exercise all discretion authorized or permitted by him, them
or it, for and on behalf of him, them or it and in his, their or its name. In case any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all the estate, properties, rights, powers, trusts, duties and
obligations of said separate trustee or co-trustee shall vest in and be exercised by the Trustee until the appointment of a new trustee or a successor to such separate trustee or co-trustee. 
 Section 12.12. Designation and Succession of Paying Agents. The Trustee shall be the initial Paying
Agent for the Bonds, and the Trustee and any other commercial banks with trust powers or any trust companies designated as Paying Agent or Paying Agents in any supplemental indenture or in an instrument appointing a successor Trustee, shall be the
Paying Agent or Paying Agents for the Bonds. 
 Any commercial bank with trust powers or any trust company with which or into which any
Paying Agent may be merged or consolidated, or to which the assets and business of such Paying Agent may be sold, shall be deemed the successor of such Paying Agent for the purposes of this Indenture. If the position of Paying Agent shall become
vacant for any reason, the Issuer shall, within thirty (30) days thereafter, appoint such bank or trust company as shall be specified as such Paying Agent by the Company, with the prior written consent of the Credit Provider (if the Credit
Enhancement shall be in effect and there shall not have occurred and be continuing a Credit Provider Failure), to fill such vacancy; provided, however, that, if the Issuer shall fail to appoint such Paying Agent within said period, the Trustee shall
make such appointment. Any resignation or removal of a Paying Agent shall not take effect until the appointment of a successor paying agent and the acceptance of such appointment. 
 The Paying Agents shall enjoy the same protective provisions in the performance of their duties hereunder as are specified in Section 12.1 hereof
with respect to the Trustee insofar as such provisions may be applicable. 
 Section 12.13. Designation and
Succession of Tender Agents. The Trustee shall be the initial Tender Agent for the Bonds, and the Trustee and any other commercial banks with trust powers or any trust companies designated as Tender Agent or Tender Agents
in any supplemental indenture or in an instrument appointing a successor Trustee, shall be the Tender Agent or Tender Agents for the Bonds. 
  

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 Any commercial bank with trust powers or any trust company with which or into which any Tender Agent may
be merged or consolidated, or to which the assets and business of such Tender Agent may be sold, shall be deemed the successor of such Tender Agent for the purposes of this Indenture. If the position of Tender Agent shall become vacant for any
reason, the Issuer shall, within thirty (30) days thereafter, appoint such bank or trust company as shall be specified as such Tender Agent by the Company, with the prior written consent of the Credit Provider (if the Credit Enhancement shall
be in effect and there shall not have occurred and be continuing a Credit Provider Failure), to fill such vacancy; provided, however, that, if the Issuer shall fail to appoint such Tender Agent within said period, the Trustee shall make such
appointment. Any resignation or removal of a Tender Agent shall not take effect until the appointment of a successor tender agent and the acceptance of such appointment. 
 The Tender Agents shall enjoy the same protective provisions in the performance of their duties hereunder as are specified in Section 12.1 hereof with respect to the Trustee insofar as such provisions may be
applicable. 
  

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 ARTICLE XIII 
 REMARKETING AGENT 
 Section 13.1. Appointment of Remarketing
Agent. (a) The Remarketing Agent shall be appointed pursuant to the Remarketing Agreement to remarket Bonds pursuant to this Indenture and perform the other duties of the Remarketing Agent described hereunder, and to keep such books and
records as shall be consistent with prudent industry practice and to make such books and records available for inspection by the Notice Parties at all reasonable times. The Remarketing Agent shall act as such under the Remarketing Agreement.

 (b) The Remarketing Agent may at any time resign and be discharged of the duties and obligations created by this Indenture as set forth in
the Remarketing Agreement. The Remarketing Agent may suspend its remarketing efforts as set forth in the Remarketing Agreement. The Remarketing Agent may be removed at any time, at the direction of the Company as set forth in the Remarketing
Agreement. Any successor Remarketing Agent shall be selected by the Company, and shall be a member of the National Association of Securities Dealers, Inc., shall have a capitalization of at least fifteen million dollars ($15,000,000), shall be
authorized by law to perform all the duties set forth in this Indenture and shall be acceptable to the Credit Provider and Liquidity Provider. The Company’s delivery to the Trustee of a certificate setting forth the effective date of the
appointment of a successor Remarketing Agent and the name of such successor shall be conclusive evidence that (i) if applicable, the predecessor Remarketing Agent has been removed in accordance with the provisions of this Indenture and
(ii) such successor has been appointed and is qualified to act as Remarketing Agent under the terms of this Indenture. 
 (c) If the
Remarketing Agent consolidates with, merges or converts into, or transfers all or substantially all of its assets (or, in the case of a bank, national banking association or trust company, its corporate assets) to, another corporation, the
resulting, surviving or transferee corporation without any further act shall be the successor Remarketing Agent. 
  

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 ARTICLE XIV 
 SUPPLEMENTAL INDENTURES 
 Section 14.1. Supplemental Indentures
Not Requiring Consent of Bondholders. (a) The Issuer and the Trustee may, from time to time and at any time, without the consent of or notice to the Bondholders, enter into supplemental indentures for one or
more of the following purposes: 
 (i) To cure any formal defect, omission, inconsistency or ambiguity in this Indenture;

 (ii) To grant to or confer or impose upon the Trustee for the benefit of the Bondholders any additional rights, remedies,
powers, authority, security, liabilities or duties which may lawfully be granted, conferred or imposed and which are not contrary to or inconsistent with this Indenture as theretofore in effect, provided that no such additional liabilities or duties
shall be imposed upon the Trustee without its consent; 
 (iii) To add to the covenants and agreements of, and limitations and
restrictions upon, the Issuer in this Indenture other covenants, agreements, limitations and restrictions to be observed by the Issuer which are not contrary to or inconsistent with this Indenture as theretofore in effect; 
 (iv) To confirm, as further assurance, any pledge under, and the subjection to any claim, lien or pledge created or to be created by, this
Indenture, of the Revenues of the Issuer from the Loan Agreement or of any other moneys, securities or funds; 
 (v) To comply
with the requirements of the Trust Indenture Act of 1939, as from time to amended; 
 (vi) To modify, alter, amend or
supplement this Indenture in any other respect which is not materially adverse to the Bondholders and which does not involve a change described in clause (a), (b), (c), (d), (e) or (f) of Section 14.2 hereof and which, in the judgment
of the Trustee, is not to the prejudice of the Trustee; 
 (vii) To effect any change required in connection with the rating
of the Bonds; 
  

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 (viii) To make any other change or amendment hereto which the Trustee determines does not
materially adversely affect the interests of any Owner or the Trustee; 
 (ix) To provide for the refunding of any Bonds,
including the right to establish and administer an escrow fund and to take related action in connection therewith; 
 (x) To
make changes or modifications necessary to enter into an Alternate Credit Enhancement or Alternate Liquidity Facility, including, without limitation, adding additional Events of Default relating to the Alternate Credit Enhancement or Alternate
Liquidity Facility and the creation of, or modification of, rights commonly afforded to issurers of bond insurance policies, letters of credit, and similar credit facilities such as the rights to receive notices and information, to control the
exercise of remedies, and to consent to amendments to this Indenture and the Loan Agreement; and 
 (xi) To make any changes
or modifications on any Mandatory Purchase Date. 
 (b) The Issuer and the Trustee may, from time to time and at any time during the Daily
Mode and the Weekly Mode, without the consent of the Bondholders, enter into supplemental indentures for any purpose, provided that (i) notice of such amendment shall be given by first class mail to each Owner of Bonds at least thirty
(30) days prior to the effective date of such amendment, and (ii) such notice shall advise that the Bondholders have the option to tender their Bonds as provided in Section 4.1 hereof. 
 Section 14.2. Supplemental Indentures Requiring Consent of Bondholders. Subject to the terms and
provisions contained in this Section, and not otherwise, the Owners of not less than a majority in aggregate principal amount of the Bonds then outstanding shall have the right, from time to time, anything contained in this Indenture to the contrary
notwithstanding to consent to and approve the execution by the Issuer and the Trustee of such indenture or indentures supplemental hereto as shall be deemed necessary and desirable by the Issuer for the purpose of modifying, altering, amending,
adding to or rescinding, in any particular, any of the terms or provisions contained in this Indenture or in any supplemental indenture; provided, however, that nothing herein contained shall permit, or be construed as permitting, without the
consent and approval of the Owners of all of the Bonds then outstanding which are adversely affected thereby (a) an extension of the maturity (or mandatory redemption date) of the principal of or the interest on any Bond issued hereunder, or
(b) a reduction in the principal amount of or rate of interest on any Bond issued hereunder, or (c) the creation of any lien ranking prior to or on a parity with the lien of this Indenture on the Trust Estate or any part thereof, except as
hereinbefore expressly permitted, or (d) a privilege or priority of any Bond or Bonds over any other Bond or Bonds, or (e) a reduction in the aggregate principal amount of the Bonds required for consent to such 

  

 73 

 
supplemental indenture, or (f) deprive the Owner of any Bond then outstanding of the lien hereby created on the Trust Estate. Nothing herein contained,
however, shall be construed as making necessary the approval of Bondholders of the execution of any supplemental indenture as provided in Section 14.1 of this Article. 
 If, at any time the Issuer shall request the Trustee to enter into any supplemental indenture for any of the purposes of this Section, the Trustee shall,
at the expense of the Issuer, cause notice of the proposed execution of such supplemental indenture to be mailed by first class mail to each registered owner of the Bonds and the Credit Provider. Such notice shall briefly set forth the nature of the
proposed supplemental indenture and shall state that copies thereof are on file at the principal office of the Trustee for inspection by Bondholders. The Trustee shall not, however, be subject to any liability to any Bondholder by reason of its
failure to mail such notice, and any such failure shall not affect the validity of such supplemental indenture when consented to and approved as provided in this Section. If the Owners of not less than two-thirds (2/3) in aggregate principal
amount of the Bonds outstanding at the time of the execution of any such supplemental indenture shall have consented to and approved the execution thereof as herein provided, no Owner of any Bond shall have any right to object to any of the terms
and provisions contained therein, or the operation thereof, or in any manner to question the propriety of the execution thereof, or to enjoin or restrain the Trustee or the Issuer from executing the same or from taking any action pursuant to the
provisions thereof. Upon the execution of any such supplemental indenture, this Indenture shall be deemed to be modified and amended in accordance therewith. 
 Section 14.3. Consent of Company. Anything herein to the contrary notwithstanding and provided the Company shall not be in default under the Loan Agreement, a supplemental indenture
under this Article XIV shall not become effective unless and until the Company shall have consented to the execution and delivery of such supplemental indenture. In this regard, the Trustee shall cause notice of the proposed execution and delivery
of any such supplemental indenture together with a copy of the proposed supplemental indenture to be mailed by certified or registered mail to the Company at least fifteen (15) days prior to the proposed date of execution and delivery of any
such supplemental indenture. The Company shall be deemed to have consented to the execution and delivery of any such supplemental indenture if the Trustee receives a letter or other instrument signed by an authorized officer of the Company
expressing consent. 
 Section 14.4. Consent of Credit Provider. Anything herein to the contrary
notwithstanding and provided the Credit Enhancement shall be in effect and there shall not have occurred and be continuing a Credit Provider Failure, a supplemental indenture under this Article XIV shall not become effective unless and until the
Credit Provider shall have consented to the execution and delivery of such supplemental indenture or shall have advised the Trustee in writing that no such consent is required under the Reimbursement Agreement. 
  

 74 

 Section 14.5. Credit Provider Deemed Owner of
Bonds. Except as hereinafter set forth, for all purposes of obtaining the consent of Bondholders under this Article XIV, the Credit Provider shall, so long as the Credit Enhancement shall be in effect and there shall not have occurred and be
continuing a Credit Provider Failure, be deemed the Owner of all Bonds. As such, the Credit Provider may take all actions permitted by this Article XIV to be taken by the Owners of the Bonds, to the exclusion of the actual Owners of the Bonds;
provided, however, the provisions of this Section 14.5 shall not apply to any supplemental indenture requiring the consent and approval of the Owners of all of the Bonds then Outstanding which are adversely affected thereby, including, without
limitation, any change described in clause (a), (b), (c), (d), (e) or (f) of Section 14.2 hereof. 
  

 75 

 ARTICLE XV 
 AMENDMENT TO LOAN AGREEMENT 
 Section 15.1. Amendments Not
Requiring Consent of Bondholders. The Trustee may from time to time, and at any time, consent to any amendment, change or modification of this Loan Agreement for (i) any purpose for which a supplemental indenture may
be approved pursuant to Section 14.1 hereof, (ii) the purpose of curing any ambiguity or formal defect or omission, or (iii) making any other change therein which in the reasonable judgment of the Trustee is not to the prejudice of
the Trustee or the Owners of the Bonds. The Trustee shall not consent to any other amendment, change or modification of the Loan Agreement without the approval or consent of the Owners of not less than a majority in aggregate principal amount of the
Bonds at the time outstanding, evidenced in the manner provided in Section 16.1 hereof. 
 Section 15.2. Amendments
Requiring Consent of Bondholders. If at any time the Issuer or the Company shall request the Trustee’s consent to a proposed amendment, change or modification requiring Bondholder approval under Section 15.1,
the Trustee, shall, at the expense of the requesting party, cause notice of such proposed amendment, change or modification to be mailed in the same manner as provided by Section 14.2 hereof with respect to supplemental indentures. Such notice
shall briefly set forth the nature of such proposed amendment, change or modification and shall state that copies of the instrument embodying the same are on file in the principal office of the Trustee for inspection by any interested Bondholder.
The Trustee shall not, however, be subject to any liability to any Bondholder by reason of its failure to publish or mail such notice, and any such failure shall not affect the validity of such amendment, change or modification when consented to by
the Trustee in the manner hereinabove provided. 
 Section 15.3. Credit Provider Deemed Owner
of Bonds. Except as hereinafter set forth, for all purposes of obtaining the consent of Bondholders under this Article XV, the Credit Provider shall, so long as the Credit Enhancement shall be in effect and there shall not have
occurred and be continuing a Credit Provider Failure, be deemed the Owner of all Bonds. As such, the Credit Provider may take all actions permitted by this Article XV to be taken by the Owners of the Bonds, to the exclusion of the actual Owners of
the Bonds; provided, however, the provisions of this Section 15.3 shall not apply to any amendment, change or modification of this Loan Agreement which corresponds to supplemental indentures that contain provisions requiring the consent and
approval of the Owners of all of the Bonds then Outstanding which are adversely affected thereby as described in Section 14.5 hereof. 
  

 76 

 ARTICLE XVI 
 MISCELLANEOUS 
 Section 16.1. Consents of Bondholders. Any
request, direction, objection or other instrument required by this Indenture to be signed and executed by the Bondholders may be in any number of concurrent writings of similar tenor and may be signed or executed by such Bondholders in person or by
agent appointed in writing. Proof of the execution of any such request, direction, objection or other instrument or of the writing appointing any such agent and of the ownership of Bonds, if made in the following manner, shall be sufficient for any
of the purposes of this Indenture, and shall be conclusive in favor of the Trustee with regard to any action taken by it under such request or other instrument, namely: 
 (a) The fact and date of the execution by any person of any such writing may be proved by the certificate of any officer in any jurisdiction who by law has power to take acknowledgments within such jurisdiction that
the person signing such writing acknowledged before him the execution thereof, or by an affidavit of any witness to such execution. 
 (b)
The fact of ownership of Bonds and the amount or amounts, numbers and other identification of such Bonds, and the date of holding the same shall be proved by the registration books of the Issuer maintained by the Trustee as Bond Registrar.

 Section 16.2. Notices. Except as otherwise provided in this Indenture, all notices, certificates or other
communications shall be sufficiently given and shall be deemed given when delivered by hand delivery or when the same has been mailed by registered or certified mail, postage prepaid, to the Issuer, the Company, the Trustee, the Credit Provider, the
Remarketing Agent, or any Paying Agent other than the Trustee. Copies of each notice, certificate or other communication given hereunder by or to the Company shall be mailed by registered or certified mail, postage prepaid, to the Trustee and the
Credit Provider; provided, however, that the effectiveness of any such notice shall not be affected by the failure to send any such copies. Notices, certificates or other communications shall be sent to the following addresses: 
  

			
	Issuer:	  	City of Osceola, Arkansas
		  	City Hall
		  	316 West Hale Avenue
		  	Osceola, Arkansas 72370
		  	Attention: Mayor
		
	Company:	  	Plum Point Energy Associates, LLC
		  	c/o LS Power Development, LLC
		  	Two Tower Center, 11th Floor
		  	East Brunswick, New Jersey 08816
		  	Attention: Treasurer

  

 77 

			
	Trustee:	  	Regions Bank
		  	400 West Capitol Avenue
		  	Little Rock, Arkansas 72201
		  	Attention: Corporate Trust Department
		
	Credit Provider:	  	Credit Suisse, New York Branch
		  	1 Madison Avenue
		  	2nd Floor
		  	New York, New York 10010
		  	Attention: Finance Services Department
		
	Remarketing Agent:	  	Goldman, Sachs & Co.
		  	85 Broad Street, 24th Floor
		  	New York, New York 10004
		  	Attention: Municipal Money Markets Desk
		
	Any Paying Agent other than the	  	
	Trustee:	  	At such address as shall be designated by it pursuant to this Indenture.
		
	Rating Agencies:	  	At such addresses as shall be designated by them pursuant to this Indenture.

 Any of the foregoing may, by notice given hereunder, designate any further or different addresses to which
subsequent notices, certificates or other communications shall be sent. 
 Section 16.3. Notices to Rating
Agencies. In the event the Bonds are rated by one or more Rating Agencies, the Trustee shall notify each Rating Agency then rating the Bonds in writing of the occurrence of any of the following events prior to the occurrence thereof:
(a) any change in the identity of the Trustee, the Remarketing Agent, any Paying Agent, or any Tender Agent; (b) any amendment or modification of or change to this Indenture or the Loan Agreement; (c) the expiration, termination, or
substitution of the Credit Enhancement, or any extension thereof; (d) any change in the interest rate Mode of the Bonds, (e) the redemption or defeasance of the Bonds; (f) any mandatory purchase of the Bonds; (g) the acceleration
of payment of the principal of and interest on the Bonds; and (h) any other information that any Rating Agency may reasonably request in order to maintain the rating on the Bonds. 
 Section 16.4. Limitation of Rights. With the exception of rights herein expressly conferred, nothing expressed or
mentioned in or to be implied from this Indenture, or the Bonds issued hereunder, is intended or shall be construed to give to any person or company other than the parties hereto, the Owners of the Bonds secured by this Indenture, and the Credit
Provider any legal or equitable rights, remedy or claim under or in respect to this Indenture or any covenants, conditions and provisions hereof being intended to be and being for the sole exclusive benefit of the parties hereto and the Owners of
the Bonds hereby secured as herein provided. 
  

 78 

 Section 16.5. Severability. If any provisions of this Indenture shall be held or
deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular case in any jurisdiction or jurisdictions or in all jurisdictions or in all cases because it conflicts with any provisions or any constitution or statute or
rule of public policy, or for any other reason, such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance, or of rendering any other provision or provisions
herein contained invalid, inoperative or unenforceable to any extent whatever. 
 The invalidity of any one or more phrases, sentences,
clauses or paragraphs in this Indenture contained shall not affect the remaining portions of this Indenture or any part thereof. 
 Section 16.6. Applicable Provisions of Law. This Indenture shall be considered to have been executed in the State of Arkansas and it is the intention of the parties that the substantive law of the
State of Arkansas govern as to all questions of interpretation, validity and effect. 
 Section 16.7. Counterparts. This
Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
 Section 16.8. Successors and Assigns. All the covenants, stipulations, provisions, agreements, rights, remedies and claims of the parties hereto in this Indenture contained shall bind
and inure to the benefit of their successors and assigns. 
 Section 16.9. Captions. The captions or headings in this Indenture
are for convenience only and in no way define, limit or describe the scope or intent of any provisions or sections of this Indenture. 
 Section 16.10. Bonds Owned by the Issuer or the Company. In determining whether Bondholders of the requisite aggregate principal amount of the Bonds have concurred in any
direction, consent or waiver under this Indenture, Bonds which are owned by the Issuer or the Company or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company (unless the
Company or any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall own not less than 100% in aggregate principal amount of the Bonds then outstanding) shall be disregarded and
deemed not to be outstanding for the purpose of any such determination, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Bonds which the Trustee knows are so
owned shall be so disregarded. Bonds so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Bonds and that
the pledgee is not the Issuer or the Company or any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company. In case of a dispute as to such right, any decision by the Trustee taken upon
the advice of counsel shall be full protection to the Trustee. 
  

 79 

 Section 16.11. Holidays. When the date on which principal of or interest or premium on
any Bond is due and payable is not a Business Day, payment may be made on Bonds presented at the place of payment on the next ensuing Business Day with effect as though payment were made on the due date, and, if such payment is made, no additional
interest shall accrue from and after such due date. When any other action is provided herein to be done on a day named or within a time period named, and the day or the last day of the period falls on a day other than a Business Day, it may be
performed on the next ensuing Business Day with effect as though performed on the appointed day or within the specified period. 
  

 80 

 IN WITNESS WHEREOF, the Issuer has caused these presents to be signed in its name and behalf by its Mayor
and its corporate seal to be hereunto affixed and attested by its Clerk, and, to evidence its acceptance of the trust hereby created, the Trustee has caused these presents to be signed in its behalf by its duly authorized officer. 
  

			
	CITY OF OSCEOLA, ARKANSAS
		
	By:	 	/s/ Illegible
		 	Mayor

  

	
	ATTEST:
	
	/s/ Illegible
	City Clerk
	
	(SEAL)

  

			
	 REGIONS BANK
 Little Rock,
Arkansas
 Trustee

		
	By:	 	/s/ Illegible
		 	Vice President
		 	Title

  

 81 

 EXHIBIT A 
 Form of Bond 
  

				
	 No. R- ____________
	  	$	____________

 UNITED STATES OF AMERICA 
 STATE OF ARKANSAS 
 CITY OF OSCEOLA, ARKANSAS 
 SOLID WASTE DISPOSAL REVENUE BOND 
 (PLUM POINT
ENERGY ASSOCIATES, LLC PROJECT) 
 SERIES 2006 
  

			
	Dated Date: ________________	  	Maturity Date: April 1, 2036
		
	Interest Mode: ______________	  	CUSIP: ___________
		
	Initial Interest Rate: __________	  	
		
	Registered	  	Owner:
	
	______________________________________________________________________________________________
	
	Principal
Amount:                        _________________________________________________________________________________

 DOLLARS 
 KNOW ALL
MEN BY THESE PRESENTS: 
 That the City of Osceola, Arkansas, a municipality organized and existing under the laws of the State of Arkansas
(the “Issuer”), for value received, promises to pay to the Registered Owner shown above, or registered assigns, but solely from the source and in the manner hereinafter set forth, the Principal Amount shown above on the Maturity Date shown
above, and in like manner to pay interest on said Principal Amount until payment of such Principal Amount has been made or duly provided for, except as the provisions hereinafter set forth with respect to redemption of this Bond prior to maturity
may become applicable hereto. Interest on this Bond shall be payable at the interest rate per annum shown above through                     ,
and thereafter the interest rate will be determined as provided in the Trust Indenture dated as of April 1, 2006 (the “Indenture”), duly executed and delivered by the Issuer to Regions Bank, Little Rock, Arkansas, or its successor or
successors, as Trustee (the “Trustee”). This Bond shall bear interest from its Dated Date shown above or from the most recent Interest Payment Date to which interest has been paid or duly provided for. The principal and Redemption Price
(as defined in the Indenture) on this Bond are payable in lawful money of the United States of America upon the presentation and surrender hereof at the principal corporate trust office of the Trustee, and interest on this Bond is payable in like
money to the Registered Owner hereof by check or draft drawn upon the Trustee and mailed or, in certain circumstances described in the Indenture, by wire transfer to the person in whose name this Bond is registered at the close of business on the
Record Date (as defined in the Indenture) at his address as it appears on the bond registration books of the Issuer kept by the Trustee. 
  

 82 

 This Bond is one of a series of Bonds in the aggregate principal amount of $100,000,000 (the
“Bonds”), issued for the purpose of financing the cost of acquiring, constructing and equipping an undivided interest in certain sewage and solid waste disposal facilities at the Plum Point Energy Station located within or near the Issuer
(the “Project”), for use by Plum Point Energy Associates, LLC, a Delaware limited liability company (the “Company”), and paying a portion of the expenses of issuing the Bonds. The Bonds are all issued under and are all equally
and ratably secured and entitled to the protection given by the Indenture. Reference is hereby made to the Indenture and all indentures supplemental thereto for the provisions, among others, with respect to the nature and extent of the security, the
rights, duties and obligations of the Issuer, the Trustee and the registered owners of the Bonds, and the terms upon which the Bonds are issued and secured. Capitalized terms used herein and not otherwise defined shall have the respective meanings
assigned them in the Indenture. The terms and conditions of the financing of the Project, the use of the proceeds of the Bonds by the Company for such purpose, and the payment of certain amounts thereunder, are contained a Loan Agreement dated as of
April 1, 2006 (the “Loan Agreement”), by and between the Issuer and the Company. 
 The Bonds are issued pursuant to and in
full compliance with the laws of the State of Arkansas, particularly Title 14, Chapter 267 of the Arkansas Code of 1987 Annotated (the “Act”), and pursuant to ordinances of the Issuer, which authorized the execution and delivery of the
Indenture. The Bonds and the interest thereon do not constitute an indebtedness of the Issuer within the meaning of any constitutional or statutory limitation. 
 The Bonds are not general obligations of the Issuer but are special obligations payable solely from revenues derived from the Loan Agreement. The Loan Agreement provides for payments by the Company in amounts
sufficient to provide for the payment of the principal of and interest on the Bonds as due and payable. Provision has been made in the Loan Agreement for such payments to be paid directly to the Trustee and deposited in a special account of the
Issuer designated “Solid Waste Disposal Revenue Bond Fund - Plum Point Energy Associates, LLC Project,” and such payments have been duly assigned to the Trustee for that purpose. All the rights and interest of the Issuer in and to the Loan
Agreement (except for certain rights specified in the Indenture) have been assigned under the Indenture to the Trustee to secure the payment of the principal of and interest on the Bonds. In addition, the Company has caused to be delivered to the
Trustee an irrevocable letter of credit (the “Credit Enhancement”) of Credit Suisse, New York Branch (the “Credit Provider”), in favor of the Trustee for the benefit of the owners of the Bonds to support, to the extent provided
in the Credit Enhancement, the payment of the principal of and interest on the Bonds on or prior to April 26, 2007. The Company may, at its election, cause the Credit Provider to provide one or more extensions of the Credit Enhancement or
provide at any time for the delivery to the Trustee of Alternate Credit Enhancement, in each case in accordance with the provisions of the Indenture. Failure to secure an extension of the Credit Enhancement then in effect shall result in mandatory
purchase of the Bonds as provided in the Indenture. 
  

 83 

 The Bonds shall bear interest in the Daily Mode, the Weekly Mode, the Flexible Mode, the Term Rate Mode,
or the Fixed Rate Mode, as provided in the Indenture and as set forth on the face hereof. This Bond initially shall bear interest at a per annum rate listed above until May 3, 2006 (the “Initial Rate Period”), and thereafter in the
Weekly Mode until converted to a different Mode in accordance with the provisions of the Indenture. Interest accrued on the Bonds shall be payable in arrears on each Interest Payment Date. Interest on the Bonds in the Daily Mode, the Weekly Mode, or
the Flexible Mode shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed (except during the Initial Rate Period, when interest shall accrue on the basis of a 360-day comprised of twelve 30-day months). Interest
on the Bonds in the Term Rate Mode or the Fixed rate Mode shall be calculated on the basis of a 360 day year comprised of twelve 30-day months. This Bond may be converted from the Weekly Mode to a Daily Mode, Flexible Mode, Term Rate Mode, or Fixed
Mode, upon such notice and conditions as described in the Indenture. 
 The Issuer has appointed Goldman, Sachs & Co. as Remarketing
Agent under the Indenture. The Remarketing Agent may from time to time, at the direction of the Company, be removed or replaced. 
 The owner
of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Indenture, or to institute, appear in and
defend any suit or other proceeding with respect thereto, except as provided in the Indenture. In certain events, on the conditions, in the manner and with the effect set forth in the Indenture, the principal of this Bond may be declared and may
become due and payable before the stated maturity thereof, together with accrued interest thereon. 
 Modifications or alterations of the
Indenture, or of any indenture supplemental thereto, may be made only to the extent and in the circumstances permitted by the Indenture. 
 The Bonds are subject to optional and mandatory redemption prior to their stated maturity and to optional tender and mandatory tender for purchase, all as provided in the Indenture. 
 In the event any of the Bonds or portions thereof are called for redemption, notice thereof shall be given by the Trustee in the manner set forth in the
Indenture; provided, however, that failure to give such notice by mailing, or any defect therein, shall not affect the validity of the proceedings for the redemption of any Bond with respect to which no such failure or defect has occurred. Each
notice shall identify the Bonds or portions thereof being called and shall state, among other things, the redemption date, the redemption price, and whether the notice is 

  

 84 

 
conditional as described below. After the date specified in such call, the Bond or Bonds so called will cease to bear interest provided funds sufficient for
their redemption have been deposited with the Trustee, and, except for the purpose of payment, shall no longer be protected by the Indenture and shall not be deemed to be outstanding under the provisions of the Indenture. 
 Any notice of optional redemption may state that the redemption is conditioned on the Trustee’s receipt of moneys for such redemption on or prior to
the opening of business on the redemption date. If such moneys are not so received, the redemption of the Bonds for which notice was given will not be made. If such redemption is not effectuated, the Trustee will, within five (5) days
thereafter, give notice in the manner in which the notice of redemption was given that such moneys were not so received. 
 This Bond may be
transferred on the books of registration kept by the Trustee by the registered owner or by his duly authorized attorney upon surrender hereof, together with a written instrument of transfer duly executed by the registered owner or his duly
authorized attorney. Every transferee shall take this Bond subject to all payments and prepayments of principal and interest (as reflected by the payment record maintained by the Trustee) prior to such transfer. 
 The Bonds are issuable as registered Bonds without coupons in denominations of (i) $100,000 and any integral multiple of $5,000 in excess thereof
with respect to Bonds in a Daily Mode or Weekly Mode, (ii) $100,000 and any integral multiple of $1,000 in excess thereof with respect to Bonds in a Flexible Mode, and (iii) $5,000 and any integral multiple thereof with respect to Bonds in
a Long-Term Mode. Subject to the limitations and upon payment of the charges provided in the Indenture, Bonds may be exchanged for a like aggregate principal amount of Bonds of other Authorized Denominations and in the same Mode. 
 This Bond is issued with the intent that the laws of the State of Arkansas will govern its construction. 
 IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen and be performed precedent to and in the
issuance of the Bonds do exist, have happened and have been performed in due time, form and manner as required by law; that the indebtedness represented by the Bonds, together with all obligations of the Issuer, does not exceed any constitutional or
statutory limitation; and that the above referred to revenues pledged to the payment of the principal of and interest on the Bonds as the same become due and payable will be sufficient in amount for that purpose. 
 This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Indenture until the Certificate of
Authentication hereon shall have been signed by the Trustee. 
  

 85 

 IN WITNESS WHEREOF, the City of Osceola, Arkansas has caused this Bond to be executed by its Mayor and
City Clerk, thereunto duly authorized (by their manual or facsimile signatures), and its corporate seal to be affixed or imprinted, all as of the date of this Bond shown above. 
  

			
	CITY OF OSCEOLA, ARKANSAS
		
	By:	 	  
		 	Mayor

  

	
	ATTEST:
	
	   
	City Clerk
	
	(SEAL)

  

 86 

 (Form of Certificate of Authentication) 
 CERTIFICATE OF AUTHENTICATION 
 This Bond is one of the Bonds of the issue described in
and issued under the provisions of the within mentioned Indenture. 
 Date of registration and authentication:
                     
  

			
	 REGIONS BANK
 Trustee

		
	By	 	  
		 	Authorized Signature

 (Form of Assignment) 
 ASSIGNMENT 
 FOR VALUE RECEIVED,
                    (“Transferor”), hereby sells, assigns and transfers unto
                    , the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
                    (“Transferee”) as attorney to transfer the within Bond on the books kept for registration thereof with full
power of substitution in the premises. 
 DATE:
                    ,              
  

	
	
	   
	Transferor

  

	
	GUARANTEED BY:
	
	   

 NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a
commercial bank or a trust company. 
  

 87 

 EXHIBIT B 
 Form of Requisition 
 REQUISITION NO.
                     
 DATE:
                                        
   
 Regions Bank, as Trustee 
 Little Rock,
Arkansas 
  

	 	Re:	City of Osceola, Arkansas Solid Waste Disposal Revenue Bond Construction Fund - Plum Point Energy Associates, LLC Project 

 You are requested and authorized to make payment from the above account to: 
  

							
	
	 
		
	 for:
	  	  
	
	  
	
	  
	
	
	 in
	  	the	  	amount	  	of
		
	 $
	  	____________________________________________________________________________ .

 I hereby certify on behalf of Plum Point Energy Associates, LLC (the “Company”) that: 
 1. The disbursement is for a proper item of Project Costs. 
 2. Upon making the disbursement, together with all disbursements under previous requisitions and anticipated future disbursements, not less than 95% of the net proceeds of the Bonds (within the meaning of
Section 142(a) of the Code) have been expended or are anticipated to be expended (i) for proper costs of land or property of a character subject to the allowance for depreciation under Section 167 of the Code, or which will be, for
federal income tax purposes, chargeable to capital account or would have been so chargeable either with a proper election by the Company or but for a proper election by the Company to deduct such amounts, and (ii) to provide sewage and solid
waste disposal facilities within the meaning of Section 142(a)(5) and (6) of the Code and regulations thereunder. 
  

 88 

 3. The disbursement does not render inaccurate in any material respect any of the representations with
respect thereto contained in Section 2.2 of the Loan Agreement dated as of April 1, 2006 (the “Loan Agreement”), between the City of Osceola, Arkansas and the Company. 
 CERTIFIED this                     day of
                    ,             . 
  

			
	PLUM POINT ENERGY ASSOCIATES, LLC
		
	By	 	  
		 	Company Representative

  

			
	APPROVED:
	
	[CREDIT PROVIDER]
		
	By	 	  
		 	Authorized Representative

  

 89Amended and Restated Limited Liability Company Agreement

 Exhibit 10.14 
 AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 DLS POWER HOLDINGS, LLC 
 (A
DELAWARE LIMITED LIABILITY COMPANY) 
 DATED AS OF APRIL 2, 2007 
 * * * * * * * * * * 
 THE MEMBERSHIP INTERESTS REPRESENTED BY THIS LIMITED
LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES ACTS OR OTHER SIMILAR STATUTES IN RELIANCE UPON EXEMPTIONS UNDER THOSE ACTS. THE SALE OR OTHER DISPOSITION OF THE
MEMBERSHIP INTERESTS IS PROHIBITED UNLESS SUCH SALE OR DISPOSITION IS MADE IN COMPLIANCE WITH ALL SUCH APPLICABLE ACTS, OR UNLESS AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND UNDER ANY APPLICABLE STATE SECURITIES LAWS IS AVAILABLE IN
CONNECTION WITH SUCH TRANSFER. ADDITIONAL RESTRICTIONS ON TRANSFER OF THE MEMBERSHIP INTERESTS ARE SET FORTH IN THIS AGREEMENT. BY ACQUIRING ITS MEMBERSHIP INTEREST IN THE COMPANY, EACH MEMBER REPRESENTS THAT IT HAS ACQUIRED ITS MEMBERSHIP INTEREST
FOR INVESTMENT AND THAT IT WILL NOT SELL OR OTHERWISE DISPOSE OF THE MEMBERSHIP INTEREST WITHOUT REGISTRATION OR OTHER COMPLIANCE WITH THE AFORESAID ACTS AND THE RULES AND REGULATIONS THEREUNDER, UNLESS AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT AND UNDER ANY APPLICABLE STATE SECURITIES LAWS IS AVAILABLE IN CONNECTION WITH THE TRANSFER, AND THE REQUIREMENTS OF THIS AGREEMENT. 

 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 DLS Power Holdings, LLC 
 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	 ARTICLE 1 DEFINITIONS; CONSTRUCTION
	  	2
	 Section 1.1
	  	Construction	  	2
	 Section 1.2
	  	Definitions	  	2
		
	 ARTICLE 2 FORMATION
	  	10
	 Section 2.1
	  	Formation	  	10
	 Section 2.2
	  	Term	  	10
	 Section 2.3
	  	Merger	  	10
	 Section 2.4
	  	No State Law Partnership	  	10
		
	 ARTICLE 3 NAME; PLACE OF BUSINESS; REGISTERED OFFICE AND AGENT
	  	10
	 Section 3.1
	  	Name	  	10
	 Section 3.2
	  	Assumed Names	  	10
	 Section 3.3
	  	Registered Office; Registered Agent	  	10
		
	 ARTICLE 4 PURPOSES
	  	11
		
	 ARTICLE 5 MEMBERS
	  	11
	 Section 5.1
	  	Members	  	11
	 Section 5.2
	  	Capital Contributions	  	11
	 Section 5.3
	  	Admission of Additional Members	  	15
	 Section 5.4
	  	Return of Capital Contributions	  	15
	 Section 5.5
	  	Interest	  	15
	 Section 5.6
	  	Loans From Members	  	15
		
	 ARTICLE 6 REPRESENTATIONS AND WARRANTIES
	  	15
	 Section 6.1
	  	Representations and Warranties	  	15
		
	 ARTICLE 7 CAPITAL ACCOUNTS, ALLOCATIONS AND DISTRIBUTIONS
	  	16
	 Section 7.1
	  	Capital Accounts	  	16
	 Section 7.2
	  	Distributions	  	18
	 Section 7.3
	  	Allocations of Profit and Loss	  	18
	 Section 7.4
	  	Tax Allocations	  	19
	 Section 7.5
	  	Limitations on Loss Allocation	  	19
	 Section 7.6
	  	Nonrecourse Deductions	  	19
	 Section 7.7
	  	Minimum Gain Chargeback	  	19
	 Section 7.8
	  	Partner Nonrecourse Deductions	  	20
	 Section 7.9
	  	Partner Nonrecourse Debt Minimum Gain Chargeback	  	20
	 Section 7.10
	  	Qualified Income Offset	  	20
	 Section 7.11
	  	Curative Allocations	  	20

  

 i 

					
	 Section 7.12
	  	Interest in Company Profits	  	21
	 Section 7.13
	  	Adjustments of Book Value	  	21
	 Section 7.14
	  	Section 754 Adjustment	  	21
	 Section 7.15
	  	Varying Interests	  	21
		
	 ARTICLE 8 OWNERSHIP OF COMPANY PROPERTY
	  	22
		
	 ARTICLE 9 FISCAL MATTERS, BOOKS AND RECORDS
	  	22
	 Section 9.1
	  	Bank Accounts; Investments; Borrowing	  	22
	 Section 9.2
	  	Books and Records of Account	  	22
	 Section 9.3
	  	Tax Returns and Information	  	22
	 Section 9.4
	  	Delivery of Financial Statements to Members	  	22
	 Section 9.5
	  	Audits	  	23
	 Section 9.6
	  	Fiscal Year	  	23
	 Section 9.7
	  	Tax Elections	  	23
	 Section 9.8
	  	Tax Matters Partner	  	23
	 Section 9.9
	  	Classification	  	23
		
	 ARTICLE 10 MANAGEMENT OF THE COMPANY
	  	23
	 Section 10.1
	  	Managers	  	23
	 Section 10.2
	  	Number and Election	  	24
	 Section 10.3
	  	Resignation and Removal	  	24
	 Section 10.4
	  	Vacancies	  	24
	 Section 10.5
	  	Compensation	  	24
	 Section 10.6
	  	Powers of the Board	  	24
	 Section 10.7
	  	Project Sub Agreement	  	25
	 Section 10.8
	  	Officers	  	25
	 Section 10.9
	  	Other Matters Regarding the Managers	  	25
	 Section 10.10
	  	Development Principles	  	26
		
	 ARTICLE 11 RIGHTS, POWERS AND OBLIGATIONS OF MEMBERS
	  	26
	 Section 11.1
	  	Action by Members	  	26
	 Section 11.2
	  	Liability to Third Parties	  	27
	 Section 11.3
	  	Outside Activities	  	27
		
	 ARTICLE 12 TRANSFER OF INTERESTS; CHANGE IN CONTROL
	  	27
	 Section 12.1
	  	General Rule	  	27
	 Section 12.2
	  	Transferees	  	27
	 Section 12.3
	  	No Preemptive Rights	  	28
	 Section 12.4
	  	Change in Parent Control	  	28
		
	 ARTICLE 13 MATTERS REGARDING THE PROJECT SUBS
	  	31
	 Section 13.1
	  	Project Subs	  	31
	 Section 13.2
	  	Governance Dispute Buy-Sell Option for Project Subs	  	31
	 Section 13.3
	  	Right of First Offer Option for Project Subs	  	33
	 Section 13.4
	  	Dynegy Purchase Option for Dynegy Expansion Projects	  	34

  

 ii 

					
	 Section 13.5
	  	LSP Member Governance Dispute Option Concerning Dynegy Expansion Projects	  	36
	 Section 13.6
	  	Discontinuing Member	  	37
	 Section 13.7
	  	Project Sub Transfers Contemplated by Financing Plan	  	38
		
	 ARTICLE 14 DISSOLUTION AND WINDING UP
	  	38
	 Section 14.1
	  	Dissolution	  	38
	 Section 14.2
	  	Liquidation	  	39
	 Section 14.3
	  	Deficit Capital Accounts	  	39
		
	 ARTICLE 15 INDEMNIFICATION AND INSURANCE
	  	40
	 Section 15.1
	  	Indemnification and Advance of Expenses	  	40
	 Section 15.2
	  	Insurance	  	41
	 Section 15.3
	  	Limit on Liability of Members	  	41
		
	 ARTICLE 16 DISPUTE RESOLUTION
	  	41
	 Section 16.1
	  	Direct Negotiation	  	41
	 Section 16.2
	  	Annual Plan/Capital Contribution/Financing Plan Dispute	  	41
	 Section 16.3
	  	Other Rights and Remedies	  	42
	 Section 16.4.
	  	Mandatory Binding Arbitration for Arbitrable Disputes	  	42
		
	 ARTICLE 17 MISCELLANEOUS PROVISIONS
	  	44
	 Section 17.1
	  	Notices	  	44
	 Section 17.2
	  	Governing Law; Venue; Submission to Jurisdiction	  	44
	 Section 17.3
	  	Successors and Assigns	  	45
	 Section 17.4
	  	Amendments	  	45
	 Section 17.5
	  	Counterparts	  	45
	 Section 17.6
	  	Execution in Writing	  	45
	 Section 17.7
	  	Offset	  	45
	 Section 17.8
	  	Effect of Waiver or Consent	  	45
	 Section 17.9
	  	Further Assurances	  	45
	 Section 17.10
	  	Waiver of Certain Rights	  	45
	 Section 17.11
	  	Notice to Members of Provisions of this Agreement	  	45
	 Section 17.12
	  	Entire Agreement	  	45

  

					
			
	 Exhibit A:
	  	Members and Capital Contributions	  	
	 Exhibit B:
	  	Existing Developments	  	
	 Exhibit C:
	  	Project Subs and Development Projects	  	
	 Exhibit D:
	  	Development Principles	  	
	 Exhibit E:
	  	Term Sheet	  	

  

 iii 

 AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 DLS Power Holdings, LLC

 This Amended and Restated Limited Liability Company Agreement of DLS Power Holdings, LLC, a Delaware limited liability company (the
“Company”), dated effective as of April 2, 2007 (the “Effective Date”), is entered into by the undersigned Members of the Company whose names are listed on Exhibit A to this Agreement.

 RECITALS 
 WHEREAS,
pursuant to a limited liability company agreement dated as of March 26, 2007 (the “Existing LLC Agreement”), LS Power Associates, L.P., a Delaware limited partnership (together with its successors and permitted assigns,
“LSP Member”), previously formed the Company and contributed to the Company 100% of the membership interests it owned (the “Existing Membership Interests”) in the entities listed on Exhibit C
(the “Existing SPVs”), in exchange for 100% of the Interests of the Company; 
 WHEREAS, in connection with the
transactions contemplated by the Plan of Merger, Contribution and Sale Agreement dated as of September 14, 2006 (the “Merger Agreement”), by and among Dynegy Inc. (formerly named Dynegy Acquisition, Inc.), a Delaware
corporation (“Dynegy”), Falcon Merger Sub Co., an Illinois corporation and a wholly owned subsidiary of Dynegy, LSP Member, LSP Gen Investors, LP, a Delaware limited partnership, LS Power Equity Partners PIE I, LP, a Delaware
limited partnership, LS Power Equity Partners, L.P., and Dynegy Inc., an Illinois corporation, LSP Member has contributed 50% of the Interests of the Company to Dynegy; 
 WHEREAS, as a result of such transactions, as of the Effective Time (as defined in the Merger Agreement, Dynegy and LSP Member each owns 50% of the Interests of the Company, and the Company owns 100% of the Interests
of the Existing SPVs; 
 WHEREAS, immediately after the Effective Time, Dynegy owns certain rights and interests in or in respect of the
Existing Developments described in Part II and Part III of Exhibit B (the “Existing Dynegy Non-SPV Developments”); 
 WHEREAS, immediately after the Effective Time, LSP Member owns certain rights and interests in or in respect of the Existing Developments described in Part I-B of Exhibit B (the “Existing LSP Non-SPV
Developments”); 
 WHEREAS, the Members desire to develop projects through subsidiaries of the Company during the term of the
Company and pursuant to the terms of this Agreement; and 
 WHEREAS, the Members desire to set forth, inter alia, the terms and
conditions of their agreements and understandings concerning their respective undertakings as well as to regulate the operation and management of the Company and their investment therein by amending and restating the Existing LLC Agreement.

  

 1 

 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Members hereby agree that the Existing LLC Agreement is hereby amended and restated in its entirety to read as follows: 
 ARTICLE 1 
 DEFINITIONS; CONSTRUCTION 
 Section 1.1 Construction. Any reference to any federal, state, provincial, local or foreign law will be deemed also to refer to such
law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. Any reference to any contract or agreement (including schedules, exhibits and other attachments thereto), including this Agreement, will be
deemed also to refer to such agreement as amended, restated or otherwise modified, unless the context requires otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without
limitation.” Pronouns in masculine, feminine and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context requires otherwise. The
words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited.
Where this Agreement states that a Party “will” or “shall” perform in some manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement. The captions, titles and
headings included in this Agreement are for convenience only and do not affect this Agreement’s construction or interpretation. Any reference to an Article, Section or Schedule in this Agreement shall refer to an Article or Section of, or
Schedule to, this Agreement, unless the context otherwise requires. 
 Section 1.2 Definitions. The capitalized terms used
in this Agreement shall, unless the context otherwise requires, have the meanings specified in this Section 1.2. 
 “Acceptance Period” is defined in Section 13.3(a). 
 “Accepted Future
Development” means any power project development that is an “Accepted Future Development” under the Devco LLC Agreement. 
 “Adjusted Capital Account” means a Capital Account determined and maintained for each Member throughout the term of the Company, the balance of which shall be equal to such Member’s Capital Account balance,
modified as follows: 
 (a) increased by the amount, if any, of such Member’s share of the Minimum Gain of the Company as
determined under Treas. Reg. §1.704-2(g)(1); 
 (b) increased by the amount, if any, of such Member’s share of the
Minimum Gain attributable to Partner Nonrecourse Debt of the Company pursuant to Treas. Reg. §1.704-2(i)(5); 
 (c)
decreased by the amount, if any, of cash that is reasonably expected to be distributed to such Member, but only to the extent that the amount thereof exceeds any offsetting increase to such Member’s Capital Account that is reasonably expected
to occur during (or prior to) the tax year during which such distributions are reasonably expected to be made (as determined under Treas. Reg. §1.704-1(b)(2)(ii)(d)(6)); 
  

 2 

 (d) decreased by the amount, if any, of loss and deduction that is reasonably expected to
be allocated to such Member pursuant to section 704(e)(2) or section 706(d) of the Code, Treas. Reg. §1.751-1(b)(2)(ii) or Treas. Reg. §1.704-1(b)(2)(iv)(k); and 
 (e) increased by the amount, if any, that the Member is required to contribute to the Company under this Agreement. 
 “Affiliate” means, with respect to any relevant Person, any other Person that directly or indirectly, through one
or more intermediaries, Controls, is Controlled by, or is under common Control with, the relevant Person; provided, however, that for purposes of this Agreement (a) none of Dynegy or any of its subsidiaries shall be deemed an
Affiliate of any Shareholder (as defined in the Shareholder Agreement) and (b) none of the Class B Directors (as defined in the Shareholder Agreement) shall be deemed an Affiliate of Dynegy or any of its subsidiaries. 
 “Agreement” means this Limited Liability Company Agreement. 
 “Annual Plan” means, with respect to any Development Project owned by a Project Sub, the annual project development
plan relating to such Development Project, including a development spending plan and schedule, and an operations budget (including planned development spending and revenues from project maturation), which plan shall be determined (i) by Devco
in accordance with the Devco LLC Agreement during the term of the Project Sub Agreement and (ii) thereafter by the Board. 
 “Answer” is defined in Section 16.4(b). 
 “Arbitrable Dispute” means
any Dispute that involves solely the determination of value or money damages (other than a determination of Fair Market Value) and does not involve the application or interpretation of the law or the interpretation of provisions of this Agreement.

 “Bankruptcy” of a Person means the occurrence of any of the events described in section 18-304(1) or
(2) of the Delaware Act with respect to such Person. 
 “Board” means the Managers collectively. 
 “Book Depreciation” means, for each fiscal year (or other period for which Book Depreciation must be computed), the
depreciation, amortization or other cost recovery deduction allowable for federal income tax purposes with respect to an asset, except that, if the Book Value of an asset differs from its adjusted tax basis at the beginning of the year, Book
Depreciation will be an amount which bears the same ratio to Book Value at the beginning of the year as the federal income tax depreciation, amortization or other cost recovery deduction for the year bears to the beginning adjusted tax basis;
provided, however, that if the adjusted tax basis of the asset at the beginning of the year is zero, Book Depreciation will be determined by the Members using any reasonable method. 
  

 3 

 “Book Value” means with respect to any asset, the adjusted basis of the asset for
federal income tax purposes, adjusted as provided in Section 7.13. 
 “Business Day” means Monday through
Friday of each week, except that a legal holiday recognized as such by the government of the United States of America or the States of Texas or New York shall not be regarded as a Business Day. 
 “Capital Account” means an account maintained for each Member pursuant to Section 7.1. 
 “Capital Contributions” means the total amount of cash and other property contributed to the Company by a Member. 
 “Certificate” means the Certificate of Formation of the Company, initially filed with the Secretary of State of Delaware on
March 26, 2006, as amended, restated, supplemented and otherwise modified from time to time. 
 “Change in
Control” means, with respect to any Member, the transfer of equity interests issued by such Member, or the transfer (whether by a direct assignment, a sale of all or substantially all of the assets of any Person that Controls such
Member or any merger, consolidation, conversion, share exchange, or similar statutory reorganization of any such Person) of equity interests of any Person that Controls such Member, resulting in a change in the Person that ultimately Controls such
Member; provided, however, that a Change in Parent Control shall not be a Change in Control. 
 “Change in Parent
Control” means: (a) with respect to Dynegy, any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 of the Securities and Exchange Commission under the Securities Exchange Act of 1934), other than (i) a
trustee or other fiduciary holding securities under an employee benefit plan of Dynegy or of any subsidiary of Dynegy, (ii) ChevronTexaco and its Affiliates, or (iii) LSP Member and its Affiliates, shall have acquired beneficial ownership
(within the meaning of Rules 13d-3 and 13d-5 of the Securities and Exchange Commission under the Securities Exchange Act of 1934), directly or indirectly, of securities of Dynegy (or other securities convertible into such securities) representing
40% or more of the combined voting power of all securities of Dynegy entitled to vote in the election of directors, other than securities having such power only by reason of the happening of a contingency; and (b) with respect to LSP Member,
the transfer (whether by a direct assignment, a sale of all or substantially all of the assets of any Person that Controls LSP Member or any merger, consolidation, conversion, share exchange, or similar statutory reorganization of any such Person)
of equity interests of any Person that Controls LSP Member, resulting in a change in the Person that ultimately Controls LSP Member. 
 “Change in Parent Control Member” is defined in Section 12.4(a). 
 “Change in Parent
Control Notice” is defined in Section 12.4(a). 
 “Claimant” is defined in
Section 16.4(b). 
 “Code” means the Internal Revenue Code of 1986. 
  

 4 

 “Company” is defined in the introductory paragraph. 
 “Continuing Member” is defined in Section 13.6. 
 “Control” (or variations thereof) means, when used with respect to a Person or Persons, (a) in the case of a corporation,
general partnership or limited liability company, possession, directly or indirectly, of more than 50% of the outstanding voting power of such entity, (b) in the case of a limited partnership, the ownership by such Person or Persons, directly
or indirectly, of more than 50% of the general partner interest in such limited partnership, (c) in the case of a trust (i) such Person serving as the sole trustee of such trust or, in the case of multiple trustees, the possession by such
Person or Persons, directly or indirectly, of more than 50% of the voting power of all trustees of such trust, or (ii) such Person or Persons constituting 50% of more in interest of the primary beneficiaries of such trust. 
 “Curative Allocations” means allocations pursuant to Section 7.11 of items of income and loss as determined for
purposes of maintaining the Capital Accounts. 
 “Damages” means all damages, liabilities, payments, amounts paid in
settlement, obligations, fines, penalties, costs, expenses (including reasonable fees and expenses of outside attorneys, accountants and other professional advisors and of expert witnesses and other costs (including the allocable portion of the
indemnitee’s internal costs) of investigation, preparation and litigation in connection with any dispute) of any kind or nature whatsoever. 
 “Default Interest Rate” means the lower of (a) the highest rate permitted by applicable law or (b) (i) on the date of determination (or, if such date is not a business day in London, the next business
day in London), the offered rate (“LIBOR”) for deposits in United States Dollars for the three-month period beginning on such date that appears on Telerate Page 3750 as of 11:00 a.m. London time (provided, that if such interest rates shall
cease to be available from Telerate News Service, such rate shall be determined from such financial reporting service or other information as shall be mutually acceptable to the Members) plus (ii) 8.00%. 
 “Defaulting Member” has the meaning set forth in Section 5.2(e). 
 “Delaware Act” means the Delaware Limited Liability Company Act. 
 “Delaware Courts” is defined in Section 17.2(b). 
 “Delinquent Member” is defined in Section 5.2(f). 
 “Determined Fair Market Value” means, with respect to any Project Sub, the greater of such Project Sub’s (i) net book
value (determined in accordance with GAAP) or (ii) Fair Market Value. 
 “Devco” means DLS Power Development
Company, LLC, a Delaware limited liability company. 
 “Devco LLC Agreement” means the limited liability company
agreement of Devco. 
  

 5 

 “Development Projects” means Existing Developments and Accepted Future
Developments. 
 “Discontinuing Member” is defined in Section 13.6. 
 “Dispute” is defined in Section 16.1. 
 “Dynegy” means Dynegy Inc. (formerly named Dynegy Acquisition, Inc.), a Delaware corporation. 
 “Dynegy Expansion Projects” means the Dynegy Projects and the Development Projects identified in Parts II and III of Exhibit B, other than any Development Projects that will, when completed,
replace existing power generating facilities owned or controlled by Dynegy or any Affiliate thereof on the Effective Date, including the South Bay Replacement Project. 
 “Dynegy Projects” means the Development Projects identified as Dynegy Projects in Exhibit C. 
 “Dynegy Project Sub” means any Project Sub that owns a Dynegy Project or any other Development Project identified in Part II of Exhibit B. 
 “Dynegy Purchase Notice” is defined in Section 13.4(a). 
 “Effective Date” is defined in the introductory paragraph. 
 “Existing Developments” means the development projects described on Part I of Exhibit B. 
 “Existing Dynegy Non-SPV Developments” is defined in the recitals. 
 “Existing LSP Non-SPV Developments” is defined in the recitals. 
 “Existing Membership Interests” is defined in the recitals. 
 “Existing SPVs” is defined in the recitals. 
 “Fair Market Value” means, with respect to any property, the cash price at which a willing seller would sell and a willing buyer would buy such property in an arm’s length transaction with
a reasonable time period within which to conduct negotiations. Fair Market Value shall be determined based on all relevant information, including available financial and operational information regarding such property, the phase of such
property’s development, the status or existence of any relevant contracts or permits relating to such property and any environmental or other conditions relevant to such property. 
 “Final Appraiser” means an independent institution of national reputation, qualified to determine the fair market value of
property in question. 
 “Financing Plan” is defined in the Devco LLC Agreement. 
  

 6 

 “Governance Dispute” is defined in Section 13.2(a). 
 “Governance Dispute Project Sub” is defined in Section 13.2(a). 
 “Governance Dispute Offer” is defined in Section 13.2(a). 
 “Governance Dispute Offeror” is defined in Section 13.2(a). 
 “Governance Dispute Offeree” is defined in Section 13.2(a). 
 “Indemnified Person” is defined in Section 15.1(a). 
 “Initial Appraiser” means an independent institution of national reputation, qualified to determine the fair market value of
property in question. 
 “Initial Non-Cash Contributions” is defined in Section 5.2(a). 
 “Initial Cash Contributions” is defined in Section 5.2(b). 
 “Intent to Transfer Notice” is defined in Section 13.3(a). 
 “Interest” means all rights and interests of a Member or other Person in the Company under this Agreement, the Delaware Act or
applicable law, including (a) the right of a Member or other Person to receive allocations of income and loss and distributions of cash, property or liquidation proceeds under this Agreement and (b) all management rights, voting rights or
rights to consent related thereto. 
 “Lending Member” is defined in Section 5.2(f)(ii). 
 “LSP Member” is defined in the recitals. 
 “Managers” means the individuals appointed to manage the business of the Company pursuant to Article 10. 
 “Members” means the Persons designated as Members on Exhibit A and any other Persons hereafter admitted as a Member of the Company. 
 “Merger Agreement” is defined in the recitals. 
 “Minimum Gain” has the meaning assigned to that term in Treas. Reg. §1.704-2(d). 
 “Modified 752 Share of Recourse Debt” means, as of any date, the amount (if any) of the economic risk that a Member is treated, as of such date, as bearing under Treas. Reg. §1.752-2 with respect to recourse
debt (i.e., debt of the Company which is not Partner Nonrecourse Debt or a Nonrecourse Liability). 
 “Negotiation
Period” is defined in Section 16.1. 
  

 7 

 “Nonrecourse Deductions” has the meaning assigned to that term in Treas. Reg.
§1.704-2(b)(1). 
 “Nonrecourse Liability” has the meaning assigned to that term in Treas. Reg.
§1.704-2(b)(3). 
 “Non-Transferring Member” is defined in Section 13.3(a). 
 “Obligation” is defined in Section 5.2(f)(ii)(B). 
 “Other Assets” is defined in Section 13.3(c). 
 “Partner Nonrecourse Debt” has the meaning assigned to that term in Treas. Reg. §1.704-2(b)(4). 
 “Partner Nonrecourse Deductions” has the meaning assigned to that term in Treas. Reg. §1.704-2(i)(2). 
 “Partner Nonrecourse Debt Minimum Gain” has the meaning assigned to that term in Treas. Reg. §1.704-2(i)(3). 
 “Person” means an individual, corporation, partnership, limited partnership, limited liability company, trust or other entity.

 “Profit and Loss” mean, for each fiscal year of the Company (or other period for which Profit or Loss must be
computed), the Company’s taxable income or loss determined in accordance with section 703(a) of the Code, with the following adjustments: (i) the adjustments provided by Section 7.1(b) shall be made; (ii) Regulatory
Allocations shall be excluded; and (iii) the Curative Allocations shall be excluded. 
 “Project Sub” means a
subsidiary of the Company. 
 “Project Sub Agreement” means the agreement between the Company and Devco pursuant to
which Devco provides development and/or management services to the Project Subs. 
 “Project Sub LLC Agreement Term
Sheet” means the form of Project Sub LLC Agreement Term Sheet attached hereto as Exhibit E. 
 “Proposed
Change in Parent Control Notice” is defined in Section 12.4. 
 “Proposed Resolution” is
defined in Section 16.4(d). 
 “Purchase Offer” is defined in Section 13.3(a). 
 “Regulatory Allocations” means the allocations pursuant to Sections 7.6, 7.7, 7.8, 7.9, 7.10,
7.11 or 7.14 of items of income, gain, loss or deduction as determined for purposes of maintaining the Capital Accounts. 
 “Reply” is defined in Section 16.4(b). 
  

 8 

 “Respondent” is defined in Section 16.4(b). 
 “Section 705(a)(2)(B) Expenditure” means any expenditure of the Company described in section 705(a)(2)(B) of the Code and any
expenditure considered to be an expenditure described in section 705(a)(2)(B) of the Code pursuant to section 704(b) of the Code and the Treasury Regulations thereunder. 
 “Securities Act” means the Securities Act of 1933. 
 “Shared Facilities
Provisions” means provisions that will (a) enable Dynegy and its Affiliates, as contemplated by Section 5.2(a), to convey or otherwise provide to owners of the relevant Development Projects appropriate interests in or
rights in respect of property, assets or facilities associated with existing operating generating facilities that will be shared with or otherwise utilized by such Development Projects, without payment by such owner of any consideration (except as
contemplated by Section 5.2(a)) and without the need for any lender or other third-party consent, and (b) enable the relevant Development Projects, through appropriate intercreditor arrangements or otherwise, to be financed by way
of traditional non-recourse financing structures, taking into account the risk that, without such provisions, following a financing default, the relevant Dynegy entities’ secured lenders (or, following a bankruptcy or similar occurrence, the
Dynegy entities themselves) could desire to own, and could attempt to exercise rights and remedies with a view toward owning, any shared property and/or facilities free and clear of the interests or rights in or in respect of such property or
facilities held by the owners of the relevant Development Projects. 
 “Shareholder Agreement” means the Shareholder
Agreement dated as of September 14, 2006, among Dynegy and the shareholders party thereto. 
 “Specified Price”
is defined in Section 13.3(a). 
 “Subject Interest” is defined in Section 13.3(a).

 “Tax Distribution” is defined in Section 7.2(a). 
 “Transfer” means a voluntary or involuntary sale, assignment, transfer, conveyance, exchange, foreclosure, bequest, devise, gift,
mortgage, pledge, grant of a security interest, encumbrance, or any other alienation (in each case, with or without consideration) of any right, interest, or obligation with respect to all or any portion of an Interest, including a Foreclosure
Transfer. 
 “Transfer Offer Notice” is defined in Section 13.3(a). 
 “Transfer Option Period” is defined in Section 13.3(a). 
 “Transferring Member” is defined in Section 13.3(a). 
 “Treasury Regulations” or “Treas. Reg.” means the regulations promulgated by the U.S. Treasury Department
pursuant to the Code. 
  

 9 

 “Unanimous Board Approval” is defined in Section 10.6. 
 “Unanimous Member Approval” means the approval of all Members other than Delinquent Members. 
 ARTICLE 2 
 FORMATION 

Section 2.1 Formation. The Company has been formed as a limited liability company under and pursuant to the provisions of the
Delaware Act. Except as expressly provided herein to the contrary, the Delaware Act shall govern the rights and obligations of the Members and the administration and termination of the Company. The Company shall cause to be filed such other
certificates or documents as may be required for the formation and operation of a limited liability company in Delaware or any other state in which the Company may elect to do business. The Company shall file any necessary amendments to the
Certificate and do all things requisite to the maintenance of the Company as a limited liability company under the laws of the State of Delaware and any other state in which the Company may elect to do business. 
 Section 2.2 Term. Subject to earlier termination pursuant to the terms of this Agreement, the Company’s existence shall be
perpetual. 
 Section 2.3 Merger. The Company may merge with or into another limited liability company or other entity, or
enter into an agreement to do so, subject to the requirements of the Delaware Act. 
 Section 2.4 No State Law
Partnership. No provision of this Agreement shall be deemed or construed to constitute the Company a partnership or any Member a partner of any other Member for any purposes other than for federal and state tax purposes. Without limiting the
generality of the foregoing, each Member acknowledges and agrees that it has no rights, claims or remedies against any other Member in respect of any fiduciary or similar duties, whether in equity or at law. 
 ARTICLE 3 
 NAME; PLACE OF BUSINESS;
REGISTERED OFFICE AND AGENT 
 Section 3.1 Name. The name of the Company is “DLS Power Holdings, LLC” or
such other name as is set forth on the Certificate from time to time. 
 Section 3.2 Assumed Names. The Company may do
business under one or more assumed names as approved by the Members. In connection with the use of any such assumed names, the Company shall comply with all applicable assumed name statutes. 
 Section 3.3 Registered Office; Registered Agent. The registered office of the Company required by the Delaware Act to be maintained in
the State of Delaware shall be the initial registered office named in the Certificate or such other office (which need not be a place of business of the Company) as the Members may designate from time to time in the manner provided by law. The
registered agent of the Company in the State of Delaware shall be the initial registered agent named in the Certificate of Formation of the Company or such other 

  

 10 

 
Person as the Members may designate from time to time in the manner provided by law. The principal office of the Company shall be located at Two Tower
Center, 11th Floor, East Brunswick, NJ 08816 or such other location as the Members may designate from time to time.
The Company may have such other offices as the Members may designate from time to time. 
 ARTICLE 4 
 PURPOSES 
 The purposes of the Company
are (a) to own, indirectly through the Project Subs, and pursue development of, the Development Projects, and (b) carrying on any activities reasonably relating thereto or arising therefrom and doing anything reasonably incidental or
necessary with respect to the foregoing, including, without limitation, activities related to the construction, financing and operation of the Development Projects. The Members intend that the Company will not own any material assets other than
(i) the Development Projects or membership interests in Project Subs that own Development Projects, (ii) other assets incidental to the Project Subs and the Development Projects, (iii) cash and cash equivalents, and (iv) its
rights under the Project Sub Agreement. 
 ARTICLE 5 
 MEMBERS 
 Section 5.1 Members. The Members of the Company and their respective
Capital Contributions and Interests are shown on Exhibit A, which Exhibit shall be amended from time to time (with no Member approval required) to reflect admission of Member(s), transfers of Interest(s) or Capital Contributions made, in each
case in accordance with this Agreement. 
 Section 5.2 Capital Contributions. 
 (a) Immediately following the Effective Time: (i) Dynegy shall contribute all of its right, title and interest in the Existing Dynegy
Non-SPV Developments and (ii) LSP Member shall contribute all of its right, title and interest in the Existing LSP Non-SPV Developments (collectively, the “Initial Non-Cash Contributions”). Concurrently with the
contribution by either Member of its ownership interest in any Project Sub, if the name of such Project Sub contains a reference to “LS Power”, “LSP” or “Dynegy”, the name of such Project Sub shall be changed to a new
name that does not contain such reference. The capital contributions contemplated by clauses (i) and (ii) of this Section 5.2(a) shall be effectuated by way of execution by the Member making the contribution of a quitclaim deed
and/or one or more comparable instruments pursuant to which the Member making the contribution will convey to the Company all right, title and interest of such Member in and to: (x) the development opportunities related to the Existing Dynegy
Non-SPV Developments or the Existing LSP Non-SPV Developments, as the case may be, (y) any and all rights or interests of such Member (and its Affiliates) associated with such development opportunities and (z) in the case of a development
opportunity that may utilize the project site and/or facilities of an existing operating generating facility (or, in the case of a development opportunity that, when completed, will replace an existing operating generating facility, that may utilize
emissions reduction credits or other assets associated with such existing operating generating facility, once 

  

 11 

 
such credits or other assets are no longer used or usable by such existing operating generating facility) the right to acquire or utilize a portion of such
project site, share such facilities and/or utilize such credits or other assets (but only once such credits or other assets are no longer used or usable by the existing operating generating facility being replaced) without any requirement to pay any
additional consideration to the Person that owns or controls such project site, facilities and/or credits or other assets (other than a requirement to pay such Person an amount equal to the direct out-of-pocket costs incurred by such Person in
connection with the Company’s or the applicable Project Sub’s utilization of such portion of the project site, credits or other assets or sharing of such facilities); provided, however, that if and to the extent required at
any time pursuant to loan or credit agreement (or comparable financing document) or participation agreement (or comparable co-ownership document) covenants applicable to the Person that owns or controls such project site, facilities, credits and/or
other assets, such Person may charge the Company (or the relevant Project Sub) consideration in an amount not to exceed the consideration that would be paid in an “arm’s-length” transaction; and provided, further, that
each of the Members agrees, and agrees to cause its Affiliates, in connection with any financing transaction that closes on or after the Effective Date that includes covenants applicable to the Persons that own or control the project sites,
facilities, credits and/or other assets in question: (1) to use commercially reasonable efforts to exclude from the documentation for such financing transaction any covenants that would require payment of any consideration to any such Person in
connection with such utilization of a project site, credits or other assets or such sharing of facilities (other than a requirement to pay such Person an amount equal to the direct out-of-pocket costs incurred by such Person in connection with the
Company’s or the applicable Project Sub’s utilization of such portion of the project site, credits and/or other assets or sharing of such facilities) and (2) to use commercially reasonable efforts to have the documentation for such
financing transaction include Shared Facilities Provisions. 
 (b) The cash Capital Contribution made by each Member for its
Interest as of the Effective Date are shown under the column heading “Capital Contribution” on Exhibit A. Immediately after the contributions described in Section 5.2(a) and this Section 5.2(b)
are made, the Capital Accounts of the Members shall be identical. 
 (c) So long as the Project Sub Agreement remains in
effect, the Members shall make such additional cash Capital Contributions as are requested by Devco from time to time for further contribution to any Project Sub to fund the development of such Project Sub’s Development Project in accordance
with the Project Sub Agreement and the Devco LLC Agreement. Any such Capital Contribution shall immediately be contributed to the applicable Project Sub. 
 (d) Each Member shall make such additional Capital Contributions that are approved by Unanimous Board Approval. 
 (e) No Member shall be required to make any Capital Contribution other than (i) the Initial Non-Cash Contributions, (ii) the Initial Cash Contributions and (iii) Capital Contributions made pursuant to
Section 5.2(c) or Section 5.2(d). 
  

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 (f) If a Member does not contribute by the time required all or any portion of a Capital
Contribution such Member is required to make as provided in this Agreement, the Company (or the other Member on its behalf) may exercise, on written notice to such Member (the “Delinquent Member”), one or more of the
following remedies (at the option of the Company or such other Member): 
 (i) taking such action (including court
proceedings) as the Company (or such Member) may deem appropriate to obtain payment by the Delinquent Member of the portion of the Delinquent Member’s Capital Contribution that is in default, along with the costs and expenses associated with
the collection of such Delinquent Member’s Capital Contribution; 
 (ii) permitting the other Member (the
“Lending Member”) to advance the portion of the Delinquent Member’s Capital Contribution that is in default, with the following results: 
 (A) the sum advanced constitutes a loan from the Lending Member to the Delinquent Member and a Capital Contribution of that sum to the
Company by the Delinquent Member pursuant to the applicable provisions of this Agreement, 
 (B) the principal balance of the
loan and all accrued unpaid interest thereon (collectively, the “Obligation”) is due and payable in whole on the tenth Business Day after the day written demand requesting payment of the Obligation is made by the Lending
Member to the Delinquent Member, 
 (C) the amount lent bears interest at the Default Interest Rate from the date on which
the advance is deemed made until the date that the loan, together with all interest accrued thereon, is repaid to the Lending Member, 
 (D) all distributions from the Company that otherwise would be made to the Delinquent Member (whether before or after dissolution of the Company) instead will be paid to the Lending Member until the Obligation has
been paid in full to the Lending Member (with payments being applied first to accrued and unpaid interest and second to principal), 
 (E) the payment of the Obligation is secured by a security interest in the Delinquent Member’s Interest, as more fully set forth in Section 5.2(g), and 
 (F) the Lending Member has the right, in addition to the other rights and remedies granted to it pursuant to this Agreement or available
to it at law or in equity, to take any action (including court proceedings) that the Lending Member may deem appropriate to obtain payment from the Delinquent Member of the Obligation; 
  

 13 

 (iii) exercising the rights of a secured Member under the Uniform Commercial Code of the
State of Delaware, as more fully set forth in Section 5.2(g); or 
 (iv) exercising any other rights and remedies
available at law or in equity. 
 (g) Each Member grants to the Company, and to the Lending Member with respect to any
Obligation owed to the Lending Member by that Member as a Delinquent Member, as security, equally and ratably, a security interest in its Interest and the proceeds thereof, all under the Uniform Commercial Code of the State of Delaware. Such
security interest secures the payment of all Capital Contributions such Member is required to make and the payment of any Obligation owed to a Lending Member by such Member as a Delinquent Member. On any default in the payment of a Capital
Contribution or in the payment of any Obligation, the Company or the Lending Member, as applicable, is entitled to all the rights and remedies of a secured Member under the Uniform Commercial Code of the State of Delaware with respect to the
security interest granted in this Section 5.2(g). Each Member will execute and deliver to the Company or the Lending Member all financing statements and other instruments that the Company or the Lending Member, as applicable, may request
to effectuate and carry out the preceding provisions of this Section 5.2(g). In addition, the Company or any Lending Member may file a financing statement to evidence the security interest granted pursuant to this
Section 5.2(g). 
 (h) Initially, a loan by a Lending Member to another Member as contemplated by
Section 5.2(f) will not be considered a Capital Contribution by the Lending Member and will not increase the Capital Account balance of the Lending Member. Notwithstanding the foregoing, in the event the principal and interest of any
such loan have not been repaid within six months from the date of such loan, the Lending Member, at any time thereafter by giving written notice to the Company, may elect to have the unpaid principal and interest balance of such loan transferred to
and increase such Lending Member’s Capital Account with a corresponding decrease in the Capital Account of the Delinquent Member on whose behalf such loan was made. Upon such transfer, the loan will be treated as a Capital Contribution and the
Interest for each Member will be automatically adjusted to equal the percentage obtained by dividing (A) the Capital Account of such Member (including any Capital Contribution made on behalf of another Member) by (B) the aggregate Capital
Accounts of all Members (including all Capital Contributions made on behalf of other Members). 
 (i) If the non-Delinquent
Members do not exercise the rights granted by Section 5.2(f)(ii) within 14 days after the Delinquent Member fails to make its Capital Contribution when due, then the Company, by a vote of a majority in interest of the non-Delinquent
Members, will have the right to exercise the following remedies: 
 (i) Company may at any time take such action (including
court proceedings) as the Company may deem appropriate to obtain payment by the Delinquent Member of the portion of the Delinquent Member’s Capital Contribution that is in default; and 
  

 14 

 (ii) the Company may at any time exercise any other rights and remedies available at law
or in equity. 
 Section 5.3 Admission of Additional Members. Additional Members of the Company may be admitted only as
follows: 
 (a) If the proposed additional Member desires to purchase an Interest from the Company, such issuance and purchase
may be made, and the admission of the additional Member shall become effective, only with Unanimous Member Approval. An issuance of an Interest hereunder shall dilute all Members in proportion to their respective Interests. 
 (b) If the proposed additional Member desires to acquire an Interest from an existing Member, such transfer may be made, and the admission
of the additional Member shall become effective, only in accordance with Article 12. 
 Section 5.4 Return of Capital
Contributions. Except as otherwise provided herein or required by the Delaware Act, no Member shall have any right to withdraw, or receive any return of, its Capital Contribution. 
 Section 5.5 Interest. No interest shall be paid by the Company on Capital Contributions or on balances in Members’ Capital
Accounts. 
 Section 5.6 Loans From Members. Loans by a Member to the Company shall not be considered Capital
Contributions. 
 ARTICLE 6 
 REPRESENTATIONS AND WARRANTIES 
 Section 6.1 Representations and Warranties. Each Member hereby
represents and warrants to the Company and each other Member that the statements in this Section 6.1 are correct and complete as of the date such Member becomes party to this Agreement. 
 (a) Such Member is an entity duly created, formed or organized, validly existing, and in good standing under the laws of the jurisdiction
of its creation, formation, or organization. There is no pending or, to such Member’s knowledge, threatened, action for the dissolution, liquidation, insolvency, or rehabilitation of such Member. 
 (b) Such Member has the entity power and authority to execute and deliver this Agreement, and to perform and consummate the transactions
contemplated herein. Such Member has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of such Member’s obligations hereunder and thereunder, and the consummation of the transactions
contemplated herein and therein. This Agreement has been duly authorized, executed, and delivered by, and is enforceable against, such Member. 
  

 15 

 (c) The execution and the delivery of this Agreement by such Member and the performance
and consummation of the transactions contemplated herein and therein by such Member will not (i) violate any law or order to which such Member is subject or any provision of its organizational documents, (ii) violate any contract, order,
or permit to which such Member is a party or by which such Member is bound or to which any of such Member’s assets is subject, or (iii) require any consent from any Person. 
 (d) Such Member: (i) is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act;
(ii) has sufficient knowledge and experience in investing in companies similar to the Company in terms of the Company’s stage of development so as to be able to evaluate the risks and merits of its investment in the Company and it is able
financially to bear the risks thereof; (iii) has received or has had full access to all the information it has requested and considers necessary or appropriate to make an informed investment decision with respect to the Interest to be acquired
by such Member; (iv) is acquiring such Interest for its own account for the purpose of investment and not with a view to, or for resale in connection with, any distribution thereof within the meaning of the Securities Act; (v) has made its
own independent inquiry into and an independent judgment concerning, the Company and such Interest; (vi) understands that such Interest has not been registered under the Securities Act; and (vii) understands and agrees that such Interest
may not be sold, pledged, hypothecated or otherwise transferred except in accordance with the terms of this Agreement and pursuant to an applicable exemption from registration under the Securities Act and other applicable securities laws.

 ARTICLE 7 
 CAPITAL
ACCOUNTS, ALLOCATIONS AND DISTRIBUTIONS 
 Section 7.1 Capital Accounts. A Capital Account shall be maintained for
each Member in accordance with the capital accounting rules of Treas. Reg. §1.704-1(b)(2)(iv) and, to the extent not inconsistent therewith, the following provisions: 
 (a) A Member’s Capital Account shall be (i) increased by (A) any cash contributions (but not loans) made by such Member to
the Company, (B) the fair market value of any property contributed by such Member to the Company (net of liabilities secured by such property that the Company is considered to assume or take subject to under section 752 of the Code), and
(C) the amount of any income or gain (or items thereof), including income and gain exempt from taxation, allocated to such Member for federal income tax purposes, including any items in the nature of income or gain which are specially allocated
pursuant to this Article 7; and (ii) reduced by (A) the amount of any distributions of cash (but not any payment of interest or principal on loans made to the Company) made to such Member by the Company, (B) the fair market
value of any property distributed to such Member by the Company (net of liabilities secured by such distributed property that such Member is considered to assume or take subject to under section 752 of the Code), (C) the amount of any
Section 705(a)(2)(B) Expenditure allocated to such Member for federal income tax purposes and (D) the amount of any loss or deduction (or item thereof) allocated to such Member for federal income tax purposes, including any items in the
nature of expenses, deductions or losses which are specially allocated pursuant to this Article 7. 
  

 16 

 (b) For purposes of maintaining Capital Accounts, items of income, gain, loss and
deduction of the Company shall be determined in accordance with the determination of taxable income of the Company with the following adjustments: 
 (i) all items of income, gain, loss and deduction required to be stated separately pursuant to section 703(a)(1) of the Code shall be taken into account; 
 (ii) The computation of all items of income, gain, loss and deduction shall be made without regard to any adjustment in the basis of
assets of the Company as a result of an election under Section 754 of the Code which may be made by the Company (except to the extent required by Treas. Reg. §1.704-1(b)(2)(iv)(m)) and, as to those items described in
Section 705(a)(2)(B) of the Code, without regard to the fact that such items are neither currently deductible nor capitalizable for federal income tax purposes 
 (iii) any tax-exempt income of the Company, not otherwise taken into account in computing Profit or Loss, shall be included in computing
taxable income or loss; 
 (iv) any expenditures of the Company described in section 705(a)(2)(B) of the Code (or treated as
such pursuant to Treasury Regulations issued under Section 704(b) of the Code), shall be excluded; 
 (v) gain or loss
resulting from any disposition of Company property shall be computed by reference to the Book Value of the property; 
 (vi)
in lieu of the depreciation, amortization or cost recovery deductions allowable in computing taxable income or loss, there shall be taken into account Book Depreciation; and 
 (vii) if the Book Value of an asset of the Company is adjusted pursuant to the first sentence of Section 7.13(b), any increase
or decrease in the Book Value of the asset as a result of the adjustment shall be treated as gain or loss, respectively, from the disposition of the asset and shall be taken into account in computing Profit or Loss. 
 (c) If any Interest is transferred pursuant to the terms of this Agreement, the transferee shall succeed to the Capital Account of the
transferor to the extent the Capital Account is attributable to the transferred Interest; provided, however, that if the transfer causes a termination of the Company under section 708(b)(1)(B) of the Code, the Capital Accounts of the
Members shall be adjusted in conformance with Treas. Reg. §1.704-1(b)(2)(iv)(l). A Member that has more than one Interest shall have a single Capital Account that reflects all of its Interests, regardless of the class of Interest owned
by that Member and regardless of the time or manner in which it was acquired. 
  

 17 

 Section 7.2 Distributions. 
 (a) The Company will distribute, to the extent funds are available, to each Member within 120 days following the end of each fiscal year
of the Company, an amount of cash (a “Tax Distribution”) equal to (i) the excess, if any, of (A) the aggregate net federal taxable income allocated to such Member for the current and all preceding fiscal years over
(B) the aggregate net federal taxable losses allocated to such Member in all preceding fiscal years multiplied by (ii) the highest combined federal, state and local marginal income tax rate prescribed for an individual resident of New York
City. A Tax Distribution shall be reduced by the amount of any prior Tax Distributions actually paid, and all distributions made pursuant to this Section 7.2 (excluding any Tax Distributions made pursuant to this
Section 7.2(a)) in any fiscal year shall reduce the amount otherwise payable as a Tax Distribution for such fiscal year. If funds are not available to distribute to the Members the full amount of a Tax Distribution, the Company will
distribute partial Tax Distributions to the Members, in proportion to their Interests, to the extent funds are available. 
 (b) If permitted by applicable law and not in contravention of any contract to which the Company is party, then, to the extent that the Company has, as of each June 30 and December 31, cash (excluding cash that will be used to pay
amounts payable by the Company within the succeeding six months) in excess of $10,500,000, the Company shall distribute such excess cash and to the Members; provided that the Board shall have the right to establish a reserve of such excess
cash in lieu of a distribution of such excess cash. 
 (c) Except as required by Section 7.2(a),
Section 7.2(b) or Section 14.2(b), or as otherwise permitted by Sections 13.3, 13.4, 13.5 and 13.6, the Company will not make any distribution other than distributions approved by Unanimous Board
Approval. 
 (d) All distributions (other than those required by Section 7.2(a) and Section 14.2(b))
shall be made to the Members in proportion to their Interests. 
 (e) If pursuant to this Agreement a Member is permitted to
require the Company to distribute the Company’s Interest in a Project Sub to the Members, then, at the request of the relevant Member, and subject to the satisfaction of and compliance with all conditions precedent to such distribution and any
other applicable requirements set forth in such limited liability company agreement (the satisfaction of and compliance with which shall be certified in writing by the requesting Member to the other Member), the Company shall distribute all of the
Interests of such Project Sub to the Members in accordance with Section 7.2(d). 
 Section 7.3 Allocations of Profit
and Loss. Except as otherwise required by this Article 7, all Profit and Loss shall be allocated among the Members in proportion to their Interests. 
  

 18 

 Section 7.4 Tax Allocations. 
 (a) Except as otherwise provided in this Section 7.4, each item of income, gain, loss, deduction and credit determined for federal
income tax purposes shall be allocated among the Members in the same manner as each correlative item of income, gain, loss, deduction and credit is allocated to the Members for purposes of maintaining their respective Capital Accounts. 

(b) All items of income, gain, loss, deduction, credit and basis allocation recognized by the Company for federal income tax purposes
and allocated to the Members in accordance with the provisions hereof shall be determined without regard to any election under section 754 of the Code which may be made by the Company; provided, however, such allocations, once made,
shall be adjusted as necessary or appropriate to take into account those adjustments permitted by sections 734 and 743 of the Code and, where appropriate, to provide only Members recognizing gain on Company distributions covered by section 734 of
the Code with the federal income tax benefits attributable to the increased basis in Company property resulting from any election under section 754 of the Code. 
 (c) Under Section 704(c) of the Code and Treas. Reg. §1.704-3, income, gain, loss, deduction and amount realized with respect to
any asset contributed to the capital of the Company, solely for federal income tax purposes, shall be allocated among the Members so as to take into account any variation between the Book Value of such property and its adjusted tax basis at the time
of contribution. If the Book Value of any asset is adjusted under Section 7.13, subsequent allocations of income, gain, loss, deduction and amount realized, solely for federal income tax purposes, shall be allocated among the Members so
as to take into account any variation between the Book Value of such property and its adjusted tax basis at the time of revaluation as adjusted in the manner required under Treas. Reg. §1.704-3(a)(6). The allocations required by this
Section 7.4(c) shall be made using the traditional method (within the meaning of Treas. Reg. §1.704-3(b))as reasonably determined by the Members. 
 Section 7.5 Limitations on Loss Allocation. Notwithstanding any other provision of this Agreement to the contrary, no item of loss or deduction of the Company shall be allocated to a Member to the
extent that such allocation would result in a negative balance in such Member’s Adjusted Capital Account. Any such loss or deduction shall be allocated among the Members in accordance with their Interests as determined under Treas. Reg.
§1.704-1(b)(3). 
 Section 7.6 Nonrecourse Deductions. All Nonrecourse Deductions shall be allocated among the
Members in proportion to their Interests. 
 Section 7.7 Minimum Gain Chargeback. Notwithstanding any other provision in
this Agreement, if in any fiscal year there is a net decrease in the amount of the Company’s Minimum Gain (or if there was a net decrease in Minimum Gain for a prior fiscal year and the Company did not have sufficient amounts of income and gain
during prior years to allocate among the Members under this Section 7.7), then, prior to any other allocation pursuant to this Article 7, each Member shall be allocated items of income and gain (including gross income) for 

  

 19 

 
such fiscal year (and, if necessary, for subsequent years) to the extent and in the manner provided in Treas. Reg. §1.704-2(f). This
Section 7.7 is intended to satisfy the provisions of Treas. Reg. §1.704-2(f) and shall be interpreted consistently therewith. 
 Section 7.8 Partner Nonrecourse Deductions. All Partner Nonrecourse Deductions attributable to Partner Nonrecourse Debt shall be allocated to the Member that is treated (under Treas. Reg. §§1.704-2 and 1.752-2)
as bearing the economic risk of loss for such debt. 
 Section 7.9 Partner Nonrecourse Debt Minimum Gain Chargeback.
Notwithstanding any other provision in this Agreement (except for Section 7.7 regarding minimum gain chargeback), if in any fiscal year there is a net decrease in the amount of Partner Nonrecourse Debt Minimum Gain (or if there was a net
decrease in Partner Nonrecourse Debt Minimum Gain for a prior fiscal year and the Company did not have sufficient amounts of income and gain during prior years to allocate among the Members under this Section 7.9), then, prior to any
other allocation pursuant to this Article 7, items of income and gain (including gross income) shall be allocated to each Member for such fiscal year (and, if necessary, for subsequent years) in an amount equal to such Member’s share of
the net decrease in such Partner Nonrecourse Debt Minimum Gain (as determined pursuant to Treas. Reg. §1.704-2(i)(4)). It is the intent of the Members that any allocation pursuant to this Section 7.9 shall constitute a “minimum
gain chargeback” under Treas. Reg. §1.704-2(i)(4) and shall be interpreted consistently therewith. 
 Section 7.10
Qualified Income Offset. Pursuant to Treas. Reg. §1.704-1(b)(2)(ii)(d), income of the Company shall be allocated (after the allocations required by Section 7.7 regarding minimum gain chargeback and
Section 7.9 regarding minimum gain chargeback for Partner Nonrecourse Debt but before any other allocation required by this Article 7) to the Members with deficit balances in their Adjusted Capital Accounts in an amount and in a
manner sufficient to eliminate such deficit balances as quickly as possible; provided, however, that an allocation shall be made pursuant to this Section 7.10 only if and to the extent that such Member would have a deficit
balance in its Adjusted Capital Account after all allocations in this Article 7 have been tentatively made as if Section 7.10 were not in the Agreement. This Section 7.10 is intended to satisfy the provisions of Treas.
Reg. §1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 Section 7.11 Curative Allocations. If
any items of income and gain (including gross income) or loss, deduction and Section 705(a)(2)(B) Expenditures are allocated to a Member pursuant to the Regulatory Allocations, then, prior to any allocation pursuant to Section 7.3
and subject to the Regulatory Allocations, items of income and gain (including gross income) and items of loss, deduction and Section 705(a)(2)(B) Expenditures for subsequent periods shall be allocated to the Members in a manner designed to
result in each Member’s Adjusted Capital Account having a balance equal to what it would have been had such allocation of items of income and gain (including gross income) or loss, deduction and Section 705(a)(2)(B) Expenditures not
occurred under the Regulatory Allocations; provided that allocations under this Section 7.11 shall be made only to the extent necessary to avoid a potential distortion in the economic agreement of the Members that would result
from prior allocations under the Regulatory Allocations. 
  

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 Section 7.12 Interest in Company Profits. Pursuant to Treas. Reg. §1.752-3(a)(3),
the Members’ interests in Company profits for purposes of determining the Members’ proportionate shares of the excess nonrecourse liabilities (as defined in Treas. Reg. §1.752-3(a)(3)) of the Company shall be determined in accordance
with their respective Interests. 
 Section 7.13 Adjustments of Book Value. Book Value with respect to any asset of the
Company is the asset’s adjusted tax basis for federal income tax purposes, except as follows: 
 (a) The initial Book
Value of any asset contributed to the Company by a Member shall be the fair market value of the asset as of the date of contribution. 
 (b) At the discretion of the Members, the Book Value of the assets of the Company shall be revalued at the respective fair market values of such assets upon the occurrence of an event described in Treas. Reg.
§1.704-1(b)(2)(iv)(f)(5). The Book Value of each asset shall be its fair market value, as of the liquidation of the Company within the meaning of Treas. Reg. §1.704-1(b)(2)(ii)(g). 
 (c) The Book Value of each asset distributed to any Member will be the fair market value of the asset as of the date of distribution.

 (d) The Book Value of each asset will be increased or decreased to reflect any adjustment to the adjusted basis of the
asset under sections 734(b) or 743(b) of the Code, but only to the extent that the adjustment is taken into account in determining Capital Accounts under Treas. Reg. §1.704-1(b)(2)(iv)(m); provided that the Book Value will not be
adjusted under this Section 7.13(d) to the extent that an adjustment under Section 7.13(b) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment under this
Section 7.13(d). 
 (e) Book Value will be adjusted by Book Depreciation. Gain or loss on a disposition of any
asset shall be determined by reference to such asset’s Book Value as adjusted herein. 
 The determination of the fair market value of property as
required under this Section 7.13 shall be determined by the Members using any reasonable method of valuation. 
 Section 7.14 Section 754 Adjustment. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to sections 734(b) or 743(b) of the Code is required to be-taken into account in determining
Capital Accounts pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(m), the Book Value of the Company’s assets shall be adjusted as set forth in Section 7.13, and any such adjustment in Book Value shall be treated as gain or loss (as
the case may be) in computing Profit or Loss. 
 Section 7.15 Varying Interests. All Profit and Loss (and any item of
income, gain, loss, deduction or credit specially allocated under this Article 7) shall be allocated, and all distributions shall be made, to the Persons shown on the records of the Company to have been Members as of the last calendar day of
the period for which the allocation or distribution is to be made. Notwithstanding the foregoing, if during any taxable year there is a change in any Member’s Interest, the Members agree that their allocable shares of the Profit and Loss (or
items 
  

 21 

 
thereof) and any item of income, gain, loss, deduction or credit specially allocated under this Article 7 for the taxable year shall be determined on
any method determined by Unanimous Member Approval to be permissible by section 706 of the Code and the related Treasury Regulations to take account of the Member’s varying interests; provided that, on a transfer of an interest in the
Company (or an event treated as a transfer for purposes of the Code) in accordance with the provisions of this Agreement, such items with respect to the interest that is transferred (or treated as transferred) shall be allocated between the
transferor and the transferee under any method determined by the transferor that is permitted under Code Section 706. 
 ARTICLE 8

 OWNERSHIP OF COMPANY PROPERTY 
 Company assets shall be deemed to be owned by the Company as an entity, and no Member shall have any ownership interest in Company assets or any portion thereof. Title to any or all Company assets may be held in the
name of the Company or one or more nominees. All Company assets shall be recorded as the property of the Company on its books and records, regardless of the name in which legal title to such Company assets is held. 
 ARTICLE 9 
 FISCAL MATTERS, BOOKS AND
RECORDS 
 Section 9.1 Bank Accounts; Investments; Borrowing. Capital Contributions, revenues and any other Company
funds shall be deposited by the Company in one or more bank accounts established in the name of the Company, or shall be invested in furtherance of the purposes of the Company. No other funds shall be deposited into Company bank accounts or
commingled with Company investments. Funds deposited in the Company’s bank accounts may be withdrawn only to be expended or invested in furtherance of the Company’s purposes, to pay Company debts or obligations or to be distributed to the
Members pursuant to this Agreement. 
 Section 9.2 Books and Records of Account. The Company shall maintain adequate books
and records of account. 
 Section 9.3 Tax Returns and Information. The Members intend for the Company to be treated as a
partnership for tax purposes only. The Company shall timely prepare or cause to be prepared and timely filed all federal, state and local income and other tax returns that the Company is required to file; provided, that each Member must be
provided with a reasonable opportunity to review and provide comments on all tax returns before filing. As soon as is practicably possible after the end of each year, the Company shall send or deliver to each Person who was a Member at any time
during such year such tax information as shall be reasonably necessary for the preparation by such Person of his federal income tax return and state income and other tax returns. The Members shall file their tax returns consistent with the positions
taken by the Company with respect to taxes. At the request of any Member, the Company shall make an election under section 754 of the Code. 
 Section 9.4 Delivery of Financial Statements to Members. As soon as is reasonably practicable after the end of each fiscal quarter of the Company (except the last quarter of the fiscal year), the Company shall send to
each Member an unaudited copy of (a) a balance sheet of 

  

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the Company as of the end of such quarter, (b) an income statement of the Company for such quarter and the fiscal year to date and (c) a statement
showing distributions to Members during such quarter. As soon as is reasonably practicable after the end of the fiscal year of the Company, the Company shall send to each Member a copy of (x) a balance sheet of the Company as of the end of such
year, (y) an income statement of the Company for such year and (z) a statement showing distributions to Members during such year. 
 Section 9.5 Audits. The books of account and records of the Company shall be audited as of the end of each Company fiscal year by such firm of certified public accountants as is reasonably acceptable to the Board.

 Section 9.6 Fiscal Year. The Company’s fiscal year shall be the calendar year. 
 Section 9.7 Tax Elections. The Company shall make such tax elections as shall be determined by the Members; provided that
neither the Company nor any Member shall make an election for the Company to be excluded from the application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law. 
 Section 9.8 Tax Matters Partner. The Members designate LSP Member to be the “tax matters partner” of the Company pursuant to
section 6231(a)(7) of the Code. The Board may change the Member who is designated the “tax matters partner” at any time. The Member who is the “tax matters partner” shall take such action as may be necessary to cause each other
Member to become a “notice partner” within the meaning of section 6223 of the Code. Such Member shall inform each other Member of all significant matters that may come to its attention in its capacity as “tax matters partner” by
giving notice thereof on or before the fifth business day after becoming aware thereof and, within that time, shall forward to each other Member copies of all significant written communications it may receive in that capacity. Any Member who is
designated as “tax matters partner” may not take any action contemplated by sections 6222 through 6232 of the Code without Unanimous Member Approval, and may not in any case take any action left to the determination of an individual Member
under sections 6222 through 6232 of the Code. 
 Section 9.9 Classification. The Company intends to be classified as a
partnership for federal income tax purposes under Treas. Reg. §1.7704-3. Neither the Company nor any Member may make an election under Treas. Reg. §1.7704-3(c) to treat the Company as an association taxable as a corporation. 
 ARTICLE 10 
 MANAGEMENT OF THE
COMPANY 
 Section 10.1 Managers. The powers of the Company shall be exercised by or under the authority of, and the
business and affairs of the Company shall be managed under the direction of, the Board. Managers need not be residents of the State of Delaware or Members of the Company. No Member, Manager or any other Person will have individual authority to bind
the Company or any Project Sub unless such is expressly conferred upon them pursuant to this Agreement or by action of the Members, the Board or a duly authorized committee, officer or other representative. 
  

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 Section 10.2 Number and Election. The Board shall consist of four Managers. Each
Member shall have the right to appoint two Managers (and one alternate in the event that Member’s appointed Manager is unavailable). Each Manager shall hold office for the term for which appointed, if any term is specified, and until that
Manager’s successor has been appointed, or until that Manager’s earlier death, resignation or removal. The initial Managers appointed are: 
 Managers appointed by Dynegy: 
 Lynn A. Lednicky 
 Ben C. Trammell, Jr. 
 Kevin M. Hole
(alternate) 
 Managers appointed by LSP Member: 
 Bob Brooks 
 Jim Pagano 
 John King (alternate) 
 During the time that a Member is a Delinquent Member, the Manager appointed by such Delinquent
Member shall not have the right to vote and will not be counted for purposes of taking any Board action. 
 Section 10.3
Resignation and Removal. Any Manager may resign at any time. Any Manager may be removed any time, with or without cause, by the Member that appointed such Manager. 
 Section 10.4 Vacancies. In the event of the death, resignation or removal of a Manager, the resulting vacancy may be filled at any
time by the current Member that appointed such former Manager. 
 Section 10.5 Compensation. The Managers will not be paid
any salaries or other compensation for serving in such capacity. 
 Section 10.6 Powers of the Board. 
 (a) The Board shall have no power to cause the Company to do (directly or through any Project Sub) any act outside the purposes of the
Company set forth in Article 4. Subject to the foregoing limitation and all other limitations in this Agreement, the Board shall have full, complete and exclusive power and authority to take any action the Board deems to be necessary,
convenient or advisable in connection with the management of the Company. Except for situations in which the approval of the Members is required by this Agreement or by nonwaivable provisions of applicable law, the Board will have broad discretion
to authorize any officer or other representative or agent to act on behalf of the Company. The exercise of Board authority will occur only by the affirmative vote of all of the Managers entitled to vote on the applicable matter
(“Unanimous Board Approval”). 
  

 24 

 (b) The Board may make any decision or take any action at a meeting, by conference
telephone call, by written consent or any other method they elect; provided that, at the request of any Manager with respect to a decision or action of the Board, such decision or action must be made or taken by written consent signed by at
least the number of Managers required to approve such decision or action. 
 (c) The Members acknowledge that, pursuant to the
Project Sub Agreement, the Company has delegated certain authority to Devco with regard to (i) the development and management of Development Projects for the Project Subs and (ii) the authorization of Capital Contributions to be made for
further contribution to the Project Subs pursuant to the “Annual Plan” determined by Devco under the Devco LLC Agreement. Accordingly, no Member and no Manager shall take any action in their capacity as Member or Manager to hinder Devco in
the performance of its duties to the extent that such performance is authorized under the Project Sub Agreement. 
 Section 10.7
Project Sub Agreement. On the Effective Date the Company has entered into the Project Sub Agreement, which agreement is expressly approved by the Members and pursuant to which Devco will provide services to the Company and the Project
Subs, which services may be ultimately supplied by the Members or their Affiliates. Except as provided in an agreement between Devco and such Member or its Affiliate (which agreement shall not bind the Company unless the Company is also party
thereto), each Member shall be responsible for all costs associated with its personnel providing services to the Company, including the costs of all applicable taxes and associated administrative activities related to its employees. 
 Section 10.8 Officers. The Board may designate one or more persons to serve as officers of the Company. No officer need be a resident
of Delaware. Each officer will hold office until his successor will be duly appointed by the Board or until he resigns or has been removed by the Board. The compensation, if any, of any officer or agent of the Company shall be determined by the
Board. The officers of the Company will report to the Board and need not be Members or Managers. 
 Section 10.9 Other Matters
Regarding the Managers. 
 (a) The Managers may rely and shall be protected in acting or refraining from acting upon
any resolution, certificate, statement, instrument, opinion, report, notice, request consent, order, bond, debenture, or other paper or document believed by it to be genuine and to have been signed or presented by the Managers. 
 (b) The Managers may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants
and advisers selected by it and any act taken or omitted in reliance upon the opinion of such Persons as to matters that the Managers reasonably believes to be within such Person’s professional or expert competence shall be conclusively
presumed to have been done or omitted in good faith and in accordance with such opinion. 
 (c) Each Member agrees and
acknowledges that the Manager it appoints represents the interests of such Member. Accordingly, no Manager owes any fiduciary or 

  

 25 

 
similar duties to the Company or any other Member. Without limiting the foregoing, any standard of care and duty imposed by this Agreement or under the
Delaware Act or any applicable law, rule or regulation shall be modified, waived or limited as required to permit the Managers to act in a manner consistent with the preceding sentence. 
 Section 10.10 Development Principles. It is the Members’ intent and expectation, as of the Effective Date, that all Development
Projects will be developed, constructed and operated in accordance with the development principles described on Exhibit D. The Members acknowledge, however, that such development principles are intended only as a non-binding guide and, with
Unanimous Board Approval, any Development Project may be developed, constructed or operated in a manner that is inconsistent with such development principles. 
 ARTICLE 11 
 RIGHTS, POWERS AND OBLIGATIONS OF MEMBERS 
 Section 11.1 Action by Members. 
 (a) Except as expressly otherwise provided in this Agreement, all actions and decisions of the Members shall require Unanimous Member Approval; provided, that during the time that a Member is a Delinquent
Member, such Delinquent Member shall not have the right to vote and will not be counted for purposes of taking any Member action. 
 (b) The Members may make any decision or take any action at a meeting, by conference telephone call, by written consent, by oral agreement or by any other method they elect; provided that, at the request of any Member with respect to
a decision or action of the Members in such capacity, such decision or action must be made or taken by written consent signed by Members holding the Percentage Interests required to approve such decision or action. 
 (c) Notwithstanding anything to the contrary in this Agreement, the following actions on behalf of the Company require Member approval
(only taking into account the disinterested Members with respect to (ii) below): 
 (i) the liquidation of the Company;

 (ii) except as contemplated by a Services Agreement or a Project Sub Agreement, any transaction between the Company on one
hand, and any Member or any Affiliate thereof on the other hand; 
 (iii) the amendment of this Agreement or the Certificate;

 (iv) the admission of any additional Members or the issuance of any additional Interests; and 
 (v) changing any tax election of the Company. 
  

 26 

 Section 11.2 Liability to Third Parties. No Member shall be liable for the debts,
obligations or liabilities of the Company, including under a judgment decree or order of a court. 
 Section 11.3 Outside
Activities. Each Member and its respective Affiliates and Managers may engage, directly or indirectly, without the consent of the other Member or the Company, in other business opportunities, transactions, ventures or other arrangements of
any nature or description, independently or with others, including business of a nature which may be competitive with or the same as or similar to the business of the Company, regardless of the geographic location of such business, and without any
duty or obligation to offer or account to the other Member or the Company in connection therewith. Nothing herein is intended to create a partnership, joint venture, agency, or other relationship creating fiduciary or quasi-fiduciary duties or
similar duties and obligations or to subject the Members or Managers to joint and several or vicarious liability or to impose any duty, obligation, or liability that would arise therefrom with respect to any or all of the Members, Managers or their
Affiliates. LSP Member acknowledges that Dynegy is a producer and seller of electric energy, capacity and ancillary services in many U.S. markets, with a power generation portfolio consisting (as of June 30, 2006) of more than 12,800 megawatts
of baseload, intermediate and peaking power plants fueled by a mix of coal, fuel oil and natural gas, and that, accordingly, Dynegy owns assets that may be competitive with assets developed or managed by the Company. Dynegy acknowledges that one or
more Affiliates of LSP Member may in the future own assets that may be competitive with assets developed or managed by the Company. 
 ARTICLE 12 
 TRANSFER OF INTERESTS; CHANGE IN CONTROL 
 Section 12.1 General Rule. No Member may sell, give, transfer, assign, pledge, encumber or otherwise dispose of all or any portion of
its Interest (other than to an Affiliate that remains an Affiliate of (a) such Member or (b) the Person that, at the time of the transfer or assignment, ultimately controls such Member) without the consent of the other Member. For purposes
hereof, the Members agree that a “transfer” by a Member of its Interest shall include any transaction that would constitute a Change in Control of such Member. 
 Section 12.2 Transferees. A permitted transferee of a Member shall be entitled to receive the share of Company income, gains, losses, deductions, credits and distributions to which its transferor
would have been entitled. However, the transferee of any Interest shall not become a Member of the Company unless: (a) the instrument of assignment so provides; (b) such transferee agrees in writing to be bound as a Member by this
Agreement; (c) all of the Members, in their sole discretion, consent to the admission of such transferee as a Member (which consent shall automatically be deemed given in the case of an Affiliate transfer permitted under
Section 12.1); and (d) the underlying transfer could not reasonably be expected to result in the Company being treated as a corporation or otherwise being taxed as an entity for federal income tax purposes; provided,
however, that such consent shall not be required with respect to a transfer that is approved by the Members or is otherwise permitted pursuant to the terms of this Agreement. Upon becoming a Member, such transferee shall have all of the
rights and powers of, shall be subject to all of the restrictions applicable to, shall assume all of the obligations of, and shall succeed to the status of, its predecessor, and shall in all respects be a Member under this Agreement. Any transferee
of an Interest who is admitted to the Company as a Member 

  

 27 

 
shall be considered for all purposes to be a Member of the same class as his transferor. The use of the term “Member” in this Agreement shall be
deemed to include any such additional Members. Until such transferee is admitted as a Member pursuant to this Section 12.2, (a) such transferee shall not be entitled to participate in the management of the Company or to exercise any
voting or other rights or powers of a Member, except for the rights described in the first sentence of this Section 12.2, and (b) the transferor Member shall continue to be a Member and to be entitled to exercise any rights or
powers of a Member with respect to the Interest transferred. 
 Section 12.3 No Preemptive Rights. Except as expressly
provided in this Agreement, no Member shall have any preemptive, preferential or other right to acquire any Interests or any other securities of or other interests in the Company. 
 Section 12.4 Change in Parent Control. 
 (a) Upon the occurrence of a Change in Parent Control with respect to a Member (the “Change in Parent Control Member”), the Change in Parent Control Member shall give written notice thereof to
the other Member (a “Change in Parent Control Notice”). At any time within 60 days following the receipt by the other Member of a Change in Parent Control Notice from the Change in Parent Control Member, such other Member may
deliver a notice to the Change in Parent Control Member, stating that such other Member offers unconditionally, at the option of the Change in Parent Control Member, either (i) to purchase the Change in Parent Control Member’s entire
Interest or (ii) to sell such other Member’s entire Interest, in each case with the same purchase price specified for each percentage point of Interest of the selling Member (and in each case subject to Section 12.4(d)). Such
offer will be irrevocable until the earlier of (1) 60 days after the delivery of such offer or (2) the date on which the Change in Parent Control Member elects to purchase or sell the applicable Interest pursuant to (i) or
(ii) above. Such offer will not have any other terms, except that the purchase may be made by an Affiliate of the purchasing Member (and any reference to the purchasing Member will also be a reference to any such Affiliate) and may specify that
the obligation of both the purchaser and the seller to complete the purchase is subject to satisfaction of a reasonable and customary condition precedent to the effect that no material adverse change has occurred in connection with the relevant
Development Project (other than any material adverse change within the reasonable control of any Person claiming that such condition has not been satisfied). 
 (b) At any time during the 60 days following delivery of the offer in Section 12.4(a), the Change in Parent Control Member may
give the other Member a written notice electing either to (i) sell its entire Interest or (ii) buy the other Member’s entire Interest, in either case upon the terms in this Section 12.4 and otherwise as set out in such
offer. If the Change in Parent Control Member fails to give the notice within the 60 day period, then it will be conclusively deemed to have accepted the offer of the other Member to purchase the Change in Parent Control Member’s entire
Interest in accordance with the terms of the offer. 
  

 28 

 (c) The closing of the purchase and sale will take place, at the offices of the Company
or at such other time or place as may be mutually agreed in writing, on the 30th day (subject to Section 12.4(d)) following the earlier of (1) 60 days after the delivery of the offer in Section 12.4(a) or (2) the
date on which the Change in Parent Control Member elects (or is deemed to elect) to purchase or sell, as applicable, the applicable Interest, or, if that day is not a Business Day, on the next following Business Day (the applicable of (1) or
(2), the “Decision Date”). Such closing date will be extended to the extent necessary for either Member to secure any required governmental approval or consent so long as that Member is using reasonable efforts to pursue the
approval or consent. Each Member will cooperate with, and take such actions as are necessary or appropriate to cause the consummation of, such purchase (including, and by causing its appointed Manager to, voting in favor of, or consenting to, any
resolutions necessary or appropriate to cause the Company to take such actions as are necessary to consummate such purchase). At such closing, (i) the selling Member shall then deliver a written assignment of its entire Interest to the
purchasing Member in a form reasonably acceptable to the purchasing Member, but containing no representations or warranties other than as may be agreed by Unanimous Board Approval, and (iii) the purchasing Member shall tender cash in the amount
of the purchase price to the selling Member. 
 (d) If, pursuant to this Section 12.4, the entire Interest of
Dynegy is to be purchased, then: 
 (i) Dynegy shall have the option, exercisable within 10 Business Days after the Decision
Date, to purchase one or more of the Project Subs that own Dynegy Expansion Projects from the Company, exercisable by the delivery to LSP Member of a notice that contains (A) notice of its election to purchase the applicable Dynegy Project
Sub(s) for cash in the amount equal to its Determined Fair Market Value, (B) Dynegy’s calculation of the Determined Fair Market Value for such Dynegy Project Sub and (C) Dynegy’s proposed method of acquiring such Dynegy Project
Sub by (A) purchasing such Dynegy Project Sub from the Company directly or (B) first causing the Company to distribute such Dynegy Project Sub to the Members and then purchasing LSP Member’s interest in such Dynegy Project Sub;
provided, however, that Dynegy shall not acquire such Dynegy Project Sub pursuant to the method described in Section 12.4(d)(i)(B) without the prior written consent of LSP Member (which consent shall not be unreasonably
withheld). 
 (ii) If LSP Member does not give notice, within 30 days following the delivery of the notice in
Section 12.4(d)(i), to Dynegy that it disagrees with the calculation of the Determined Fair Market Value set forth in such notice, then LSP Member shall be deemed to have agreed to such calculation. If LSP Member gives such notice within
such 30 day period and such dispute is not resolved within 10 Business Days after the delivery of such notice of disagreement, then the Members will determine the Determined Fair Market Value of the applicable Dynegy Project Sub(s) by determining
the Fair Market Value of the Dynegy Project Sub(s). The Fair Market Value shall be determined by the Members, each of which shall retain an Initial Appraiser (with the cost of such Initial Appraiser 

  

 29 

 
being borne by the Member retaining such Initial Appraiser) to make a determination of the Fair Market Value within 60 days of receipt by LSP Member of the
notice in Section 12.4(d). If the Members’ determinations are within 10% of each other (such percentage being calculated by using the higher of such determinations as the base number), then the average of such determinations shall
result in a final, binding determination on the Members. If the determinations are not within 10% of each other, the Members shall enter into good faith negotiations for a 30-day period to determine the Fair Market Value. If the Members still cannot
agree after such 30-day period, the Members mutually shall agree on a Final Appraiser to determine the Fair Market Value (with the cost of such Final Appraiser being borne equally by the Members). If the Members cannot agree on a Final Appraiser
within three Business Days, the two Initial Appraisers shall select the Final Appraiser within three Business Days thereafter. Each Member shall then have the opportunity to provide supplemental information to the Final Appraiser, including any
information used to determine its Initial Appraiser’s determination. The Final Appraiser shall then make a final, binding determination of the Fair Market Value by choosing one of the Initial Appraiser’s determinations in its entirety.
Such determination shall be made as soon as reasonably practicable but no later than 30 days after selection of the Final Appraiser. Such determination of the Fair Market Value shall then be used to determine the Determined Fair Market Value for
purposes of this Section 12.4. 
 (iii) The closing of the purchase of any Dynegy Project Sub(s) pursuant to this
Section 12.4(d) shall take place on the same day and at the same location as the closing of the purchase and sale pursuant to Section 12.4(c) (the closing date of which shall be postponed to the extent necessary to determine
the Determined Fair Market Value under Section 12.4(d)). Such closing date will be extended to the extent necessary for either Member to secure any required governmental approval or consent so long as that Member is using reasonable
efforts to pursue the approval or consent. Each Member will cooperate with, and take such actions as are necessary or appropriate to cause the consummation of, such purchase (including, and by causing its appointed Manager to, voting in favor of, or
consenting to, any resolutions necessary or appropriate to cause the Company to take such actions as are necessary to consummate such purchase). At such closing, the Company (or, as applicable, the Member) shall deliver written assignments of all of
its right, title and interest in the Dynegy Project Sub in a form reasonably acceptable to the purchaser(s), but containing no representations or warranties other than as may be agreed by Unanimous Board Approval, and Dynegy shall tender cash in an
amount equal to (i) if purchased from the Company, the Determined Fair Market Value of the Dynegy Project Sub or (ii) if purchased from LSP Member, the Determined Fair Market Value of the Dynegy Project Sub multiplied by LSP Member’s
percentage Interest immediately prior to the closing of the purchase and sale pursuant to Section 12.4(c). 
  

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 ARTICLE 13 
 MATTERS REGARDING THE PROJECT SUBS 
 Section 13.1 Project Subs. 
 (a) As of the Effective Date, the Company owns the percentage interest of each of the Existing SPVs as listed on Exhibit C, each of
which owns the Project(s) set forth next to its name on Exhibit C. 
 (b) If at any time Devco and/or any of its
members is to transfer a Development Project to the Company or a Project Sub in accordance with the Devco LLC Agreement, (i) the Company or a Project Sub designated by the Company shall receive such Development Project or (if approved by Devco)
the entity holding such Development Project pursuant to quitclaim-style documents (which will not contain any representations or warranties except as otherwise required by Devco) and (ii) the Company will reimburse Devco and/or its member(s),
as applicable, an amount determined by Devco under the Devco LLC Agreement. 
 (c) So long as the Project Sub Agreement is in
effect, Devco will be providing development and management services for each Project Sub and, accordingly, the Annual Plan for each Project Sub will be determined by Devco in accordance with the Project Sub Agreement and the Devco LLC Agreement.

 Section 13.2 Governance Dispute Buy-Sell Option for Project Subs. 
 (a) If (w) at any time during the term of the Project Sub Agreement, the managers and members of Devco are unable to agree on a
Financing Plan for a Project Sub required to be covered thereby, in each case after having complied or attempted to comply with Section 10.7(f) of the Devco LLC Agreement, (x) after the term of the Project Sub Agreement, the Members
are unable to agree on a material portion of the Financing Plan for a Project Sub required to be covered thereby, after having complied or attempted to comply with Section 16.2, (y) at any time during the term of the Project Sub
Agreement, the managers and members of Devco are unable to agree on a material portion of the Annual Plan for a Project Sub or on the material terms of a Capital Contribution for a Project Sub, in each case after having complied or attempted to
comply with Section 10.7(d) of the Devco LLC Agreement, or (z) after the term of the Project Sub Agreement, the Members are unable to agree on a material portion of the Annual Plan for a Project Sub or on the material terms of a
Capital Contribution for a Project Sub, in each case after having complied or attempted to comply with Section 16.2 (either (w), (x), (y) or (z), a “Governance Dispute”), then either Member (the
“Governance Dispute Offeror”) may deliver a notice (a “Governance Dispute Offer”) to the other Member (the “Governance Dispute Offeree”), stating that the Governance Dispute
Offeror offers unconditionally, at the option of the Governance Dispute Offeree, either (i) to purchase the applicable Project Sub (the “Governance Dispute Project Sub”) or (ii) to sell the Governance Dispute
Project Sub, in each case with the same purchase price specified for each percentage point of Interest of the selling Member; provided, however, that no Governance Dispute Notice may be delivered under this Section 13.2(a) 

  

 31 

 
in respect of a Project Sub that owns a Dynegy Expansion Project. The Governance Dispute Offer will be irrevocable by the Governance Dispute Offeror until
the earlier of (1) 60 days after the delivery of the Governance Dispute Offer or (2) the date on which the Governance Dispute Offeree elects to purchase or sell the Governance Dispute Project Sub pursuant to (i) or (ii) above.
The Governance Dispute Offer will not have any other terms, except that the purchase may be made by an Affiliate of the purchasing Member (and any reference to the purchasing Member will also be a reference to any such Affiliate) and may specify
that the obligation of both the purchaser and the seller to complete the purchase is subject to satisfaction of a reasonable and customary condition precedent to the effect that no material adverse change has occurred in connection with the relevant
Development Project (other than any material adverse change within the reasonable control of any Person claiming that such condition has not been satisfied). 
 (b) If, within 60 days after the delivery of a Governance Dispute Purchase Notice, the applicable Governance Dispute has been fully
resolved, then such Governance Dispute Purchase Notice shall be deemed withdrawn. 
 (c) At any time during the 60 days
following delivery of the Governance Dispute Offer, the Governance Dispute Offeree may give the Governance Dispute Offeror a written notice electing either to (i) sell the Governance Dispute Project Sub or (ii) buy the Governance Dispute
Project Sub, in either case upon the terms in this Section 13.2 and otherwise as set out in the Governance Dispute Offer. If the Governance Dispute Offeree fails to give the notice within the 60 day period, then it will be conclusively
deemed to have accepted the offer of the Governance Dispute Offeror to purchase the Governance Dispute Project Sub in accordance with the terms of the Governance Dispute Offer. 
 (d) The closing of the purchase and sale will take place, at the offices of the Company or at such other time or place as may be mutually
agreed in writing, on the 30th day following the earlier of (1) 60 days after the delivery of the Governance Dispute Offer (2) the date on which the Governance Dispute Offeree elects (or is deemed to elect) to purchase or sell, as
applicable, the Governance Dispute Project Sub, or, if that day is not a Business Day, on the next following Business Day. Such closing date will be extended to the extent necessary for either Member to secure any required governmental approval or
consent so long as that Member is using reasonable efforts to pursue the approval or consent. Each Member will cooperate with, and take such actions as are necessary or appropriate to cause the consummation of, such purchase (including, and by
causing its appointed Manager to, voting in favor of, or consenting to, any resolutions necessary or appropriate to cause the Company to take such actions as are necessary to consummate such purchase). At such closing, (i) the Company shall
distribute all of the interest in the Governance Dispute Project Sub to the Members in proportion to their Interests, (ii) the selling Member shall then deliver a written assignment of all of its right, title and interest in the Governance
Dispute Project Sub to the purchasing Member in a form reasonably acceptable to the purchasing Member, but containing no representations or warranties other than as may be agreed by Unanimous Board Approval, and (iii) the purchasing Member
shall tender cash in the amount of the purchase price to the selling Member. 
  

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 Section 13.3 Right of First Offer Option for Project Subs. 
 (a) If either Member (a “Transferring Member”) desires to transfer all or any portion of its indirect interest in
any Project Sub, the Transferring Member must first provide written notice (the “Intent to Transfer Notice”) to the other Member (the “Non-Transferring Member”) of its intent to transfer such interest
(the “Subject Interest”). Upon receipt of an Intent to Transfer Notice, the Non-Transferring Member shall have the right, within the 30-day period following the Non-Transferring Member’s receipt of the Intent to Transfer
Notice, to make an irrevocable written offer (the “Purchase Offer”) to purchase all of the Subject Interest, which Purchase Offer shall specify the cash purchase price (the “Specified Price”) at which
the Non-Transferring Member is willing to purchase the Subject Interest. If the Non-Transferring Member fails to make a Purchase Offer within such 30-day period, the Transferring Member shall be entitled to freely sell, transfer or otherwise dispose
of the Subject Interest to any Person or Persons, without having any further obligation to the Non-Transferring Member in connection with such sale, in accordance with Section 13.3(c). If the Non-Transferring Member makes a Purchase
Offer within such 30-day period, the Transferring Member may either accept or reject the Purchase Offer within the 30-day period following the Transferring Member’s receipt of the Purchase Offer (the “Acceptance
Period”). If the Transferring Member rejects the Purchase Offer, or the Acceptance Period expires without the Transferring Member having accepted the Purchase Offer, the Purchase Offer shall expire and the Transferring Member may freely
sell, transfer or otherwise dispose of the Subject Interest to any Person or Persons for a purchase price equal to or greater than 100% of the Specified Price, but only if the Transferring Member enters into a binding purchase and sale agreement
with such Person or Persons no later than 90 days from and including the date of the expiration of the Acceptance Period; provided, however, that the Transferring Member may sell, transfer or otherwise dispose of the Subject Interest
for a purchase price less than 100% of the Specified Price if the Non-Transferring Member is first provided with written notice of the purchase price associated with such proposed sale and provided with the opportunity, during the 30-day period
following the Non-Transferring Member’s receipt of such notice, to agree to purchase the Subject Interest for such purchase price. 
 (b) If the Non-Transferring Member’s offer to acquire all of the Subject Interest is accepted in accordance with Section 13.3(a), then each Member will cooperate with each other in connection with,
and take such actions as are necessary or appropriate to cause the consummation of, such purchase (including, and by causing its appointed Manager to, voting in favor of, or consenting to, any resolutions necessary or appropriate to cause the
Company to take such actions as are necessary to consummate such purchase). At the closing, (i) the Members shall cause the Company to distribute to the Members all of its right, title and interest in the Project Sub (in connection with which
distribution, if the Subject Interest is less than all of the Transferring Member’s entire indirect interest in the Project Sub, the members of the Project Sub shall enter into an amended and restated limited liability company agreement with
respect to the Project Sub, with substantially the terms of the Project Sub LLC Agreement Term Sheet, with such changes thereto, if any, as may be agreed to by the members of the Project Sub at such times) in proportion to the Members’ relative
Interests, (ii) the Transferring Member 

  

 33 

 
shall transfer the Subject Interest in such former Project Sub to the Non-Transferring Member, (iii) the Non-Transferring Member shall pay to the
Transferring Member the applicable purchase price, (iv) the Transferring Member shall execute and deliver such documentation as is reasonably required by the Non-Transferring Member and (v) if, following such transfer, the Transferring
Member is still an owner of such former Project Sub, the Transferring Member shall take such actions as are necessary under such former Project Sub’s then-current governing documents to recognize such transfer and grant to the Non-Transferring
Member all rights formerly associated with Subject Interest. 
 (c) If the Transferring Member is permitted to transfer its
indirect interest in a Project Sub pursuant to Section 13.3(a), then (i) the Members shall cause the Company to distribute to the Members all of its right, title and interest in the Project Sub (in connection with which
distribution, if the Subject Interest is less than all of the Transferring Member’s entire indirect interest in the Project Sub, the members of the Project Sub shall enter into an amended and restated limited liability company agreement with
respect to the Project Sub, with substantially the terms of the Project Sub LLC Agreement Term Sheet, with such changes thereto, if any, as may be agreed to by the members of the Project Sub at such times) in proportion to the Members’ relative
Interests, (ii) the Transferring Member shall transfer its direct interest in such former Project Sub to the purchaser thereof upon the Proposed Sale Terms, (iii) the Transferring Member shall cause the purchaser to execute and deliver
such documentation as is required by such former Project Sub’s then-current governing documents and as is otherwise reasonably required by the Non-Transferring Member and (iv) the Non-Transferring Member shall take such actions as are
necessary under such former Project Sub’s then-current governing documents to recognize such transfer and grant to the purchaser all rights formerly associated with the Transferring Member’s interest in such former Project Sub. 

Section 13.4 Dynegy Purchase Option for Dynegy Expansion Projects. 
 (a) After the expiration of the Project Sub Agreement (but no later than 6 months following such expiration), Dynegy shall have the
option, exercisable thereafter at any time or from time to time, to purchase one or more of the Project Subs that own Dynegy Expansion Projects from the Company, exercisable by the delivery to LSP Member of a notice (the “Dynegy Purchase
Notice”) that contains (i) notice of its election to purchase the applicable Dynegy Project Sub for cash in the amount equal to its Determined Fair Market Value, (ii) Dynegy’s calculation of the Determined Fair Market
Value for such Dynegy Project Sub and (iii) Dynegy’s proposed method of acquiring such Dynegy Project Sub by (A) purchasing such Dynegy Project Sub from the Company directly or (B) first causing the Company to distribute such
Dynegy Project Sub to the Members and then purchasing LSP Member’s interest in such Dynegy Project Sub; provided, however, that Dynegy shall not acquire such Dynegy Project Sub pursuant to the method described in
Section 13.4(a)(iii)(B) without the prior written consent of LSP Member (which consent shall not be unreasonably withheld). 
 (b) If LSP Member does not give notice, within 30 days following the delivery of the Dynegy Purchase Notice, to Dynegy that it disagrees with the calculation 

  

 34 

 
of the Determined Fair Market Value set forth in the Dynegy Purchase Notice, then LSP Member shall be deemed to have agreed to such calculation. If LSP
Member gives notice, within 30 days following the delivery of a Dynegy Purchase Notice, to Dynegy that it disagrees with the determination of the Determined Fair Market Value set forth in the Dynegy Purchase Notice and such dispute is not resolved
within 10 Business Days after the delivery of such notice of disagreement, then Dynegy and LSP Member will determine the Determined Fair Market Value of the applicable Dynegy Project Sub by determining the Fair Market Value of the Dynegy Project
Sub. The Fair Market Value shall be determined by the Members, each of which shall retain an Initial Appraiser (with the cost of such Initial Appraiser being borne by the Member retaining such Initial Appraiser) to make a determination of the Fair
Market Value within 60 days of receipt by LSP Member of the Dynegy Purchase Notice. If the Members’ determinations are within 10% of each other (such percentage being calculated by using the higher of such determinations as the base number),
then the average of such determinations shall result in a final, binding determination on the Members. If the determinations are not within 10% of each other, the Members shall enter into good faith negotiations for a 30-day period to determine the
Fair Market Value. If the Members still cannot agree after such 30-day period, the Members mutually shall agree on a Final Appraiser to determine the Fair Market Value (with the cost of such Final Appraiser being borne equally by the Members). If
the Members cannot agree on a Final Appraiser within three Business Days, the two Initial Appraisers shall select the Final Appraiser within three Business Days thereafter. Each Member shall then have the opportunity to provide supplemental
information to the Final Appraiser, including any information used to determine its Initial Appraiser’s determination. The Final Appraiser shall then make a final, binding determination of the Fair Market Value by choosing one of the Initial
Appraiser’s determinations in its entirety. Such determination shall be made as soon as reasonably practicable but no later than 30 days after selection of the Final Appraiser. Such determination of the Fair Market Value shall then be used to
determine the Determined Fair Market Value for purposes of this Agreement. 
 (c) The closing of the purchase of any Dynegy
Project Sub shall take place on the tenth Business Day after the determination of (or deemed agreement to) the Determined Fair Market Value of such Dynegy Project Sub at the offices of the Company or at such other time or place as may be mutually
agreed in writing. Such closing date will be extended to the extent necessary for either Member to secure any required governmental approval or consent so long as that Member is using reasonable efforts to pursue the approval or consent. Each Member
will cooperate with, and take such actions as are necessary or appropriate to cause the consummation of, such purchase (including, and by causing its appointed Manager to, voting in favor of, or consenting to, any resolutions necessary or
appropriate to cause the Company to take such actions as are necessary to consummate such purchase). At such closing, the Company (or, as applicable, the Member) shall deliver written assignments of all of its right, title and interest in the Dynegy
Project Sub in a form reasonably acceptable to the purchaser(s), but containing no representations or warranties other than as may be agreed by Unanimous Board Approval, and Dynegy shall tender cash in an amount equal to (i) if purchased from
the Company, the Determined Fair Market Value of the Dynegy Project Sub or (ii) if purchased from LSP Member, the Determined Fair Market Value of the Dynegy Project Sub multiplied by LSP Member’s percentage Interest. 
  

 35 

 (d) To the extent that a Dynegy Project Sub is purchased from the Company, all cash
proceeds from such purchase shall be distributed to the Members promptly thereafter, except to the extent that such distribution would violate applicable law or any contract to which the Company is party. 
 Section 13.5 LSP Member Governance Dispute Option Concerning Dynegy Expansion Projects. 
 (a) If a Governance Dispute arises with respect to a Dynegy Expansion Project, then either Member may deliver a notice to the other Member
stating (i) that Dynegy shall purchase the Project Sub that owns such Dynegy Expansion Project for its Determined Fair Market Value, (ii) the delivering Member’s calculation of the Determined Fair Market Value for such Dynegy Project
Sub and (iii) the delivering Member’s proposed method of acquiring such Dynegy Project Sub by (A) purchasing such Dynegy Project Sub from the Company directly or (B) first causing the Company to distribute such Dynegy Project Sub
to the Members and then purchasing LSP Member’s interest in such Dynegy Project Sub; provided, however, that Dynegy shall not acquire such Dynegy Project Sub pursuant to the method described in Section 13.5(a)(iii)(B)
without the prior written consent of LSP Member (which consent shall not be unreasonably withheld). 
 (b) If the receiving
Member does not give notice, within 30 days following the delivery of the notice in Section 13.5(a), to the delivering Member that it disagrees with the calculation of the Determined Fair Market Value set forth in such notice, then the
receiving Member shall be deemed to have agreed to such calculation. If the receiving Member gives notice, within 30 days following the delivery of such notice, to the delivering Member that it disagrees with the determination of the Determined Fair
Market Value set forth in such notice and such dispute is not resolved within 10 Business Days after the delivery of such notice of disagreement, then the Members will determine the Determined Fair Market Value of the applicable Dynegy Project Sub
by determining the Fair Market Value of the Dynegy Project Sub. The Fair Market Value shall be determined by the Members, each of which shall retain an Initial Appraiser (with the cost of such Initial Appraiser being borne by the Member retaining
such Initial Appraiser) to make a determination of the Fair Market Value within 60 days of receipt by LSP Member of the notice in Section 13.5(a). If the Members’ determinations are within 10% of each other (such percentage being
calculated by using the higher of such determinations as the base number), then the average of such determinations shall result in a final, binding determination on the Members. If the determinations are not within 10% of each other, the Members
shall enter into good faith negotiations for a 30-day period to determine the Fair Market Value. If the Members still cannot agree after such 30-day period, the Members mutually shall agree on a Final Appraiser to determine the Fair Market Value
(with the cost of such Final Appraiser being borne equally by the Members). If the Members cannot agree on a Final Appraiser within three Business Days, the two Initial Appraisers shall select the Final Appraiser within three Business Days
thereafter. Each 

  

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Member shall then have the opportunity to provide supplemental information to the Final Appraiser, including any information used to determine its Initial
Appraiser’s determination. The Final Appraiser shall then make a final, binding determination of the Fair Market Value by choosing one of the Initial Appraiser’s determinations in its entirety. Such determination shall be made as soon as
reasonably practicable but no later than 30 days after selection of the Final Appraiser. Such determination of the Fair Market Value shall then be used to determine the Determined Fair Market Value for purposes of this Agreement. 
 (c) The closing of the purchase of any Dynegy Project Sub shall take place on the tenth Business Day after the determination of (or deemed
agreement to) the Determined Fair Market Value of such Dynegy Project Sub at the offices of the Company or at such other time or place as may be mutually agreed in writing. Such closing date will be extended to the extent necessary for either Member
to secure any required governmental approval or consent so long as that Member is using reasonable efforts to pursue the approval or consent. Each Member will cooperate with, and take such actions as are necessary or appropriate to cause the
consummation of, such purchase (including, and by causing its appointed Manager to, voting in favor of, or consenting to, any resolutions necessary or appropriate to cause the Company to take such actions as are necessary to consummate such
purchase). At such closing, the Company (or, as applicable, the Member) shall deliver written assignments of all of its right, title and interest in the Dynegy Project Sub in a form reasonably acceptable to the purchaser(s), but containing no
representations or warranties other than as may be agreed by Unanimous Board Approval, and Dynegy shall tender cash in an amount equal to (i) if purchased from the Company, the Determined Fair Market Value of the Dynegy Project Sub or
(ii) if purchased from LSP Member, the Determined Fair Market Value of the Dynegy Project Sub multiplied by LSP Member’s percentage Interest. 
 (d) To the extent that a Dynegy Project Sub is purchased from the Company, all cash proceeds from such purchase shall be distributed to the Members promptly thereafter, except to the extent that such distribution
would violate applicable law or any contract to which the Company is party. 
 Section 13.6 Discontinuing Member. In the
event either Member (the “Discontinuing Member”) elects in writing not to proceed with any Development Project, the other Member (the “Continuing Member”), shall have an option, exercisable within 60
days after such election, to purchase from the Company 100% of the outstanding membership interests of the Project Sub that owns such Development Project (or, if the Development Project is not yet owned by a Project Sub, 100% of the assets,
interests and property comprising such Development Project) for a purchase price equal to 100% of the out-of-pocket development costs incurred by the Company (including by way of reimbursement of either Member, Devco or any of its members for
development costs related to such Development Project) in connection with such Development Project (it being understood that if the Continuing Member does not exercise such option, such Continuing Member does not, with the exception of the right to
exercise of such option, forfeit or waive any other rights in this Agreement). The closing of any such purchase will take place on the financial closing date, if any, for the Development Project in question, at the offices of the Company or at such
other time or place as 

  

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may be mutually agreed in writing. Such closing date will be extended to the extent necessary for either Member to secure any required governmental approval
or consent so long as that Member is using reasonable efforts to pursue the approval or consent. Each Member will cooperate with, and take such actions as are necessary or appropriate to cause the consummation of, such purchase (including, and by
causing its appointed Manager to, voting in favor of, or consenting to, any resolutions necessary or appropriate to cause the Company to take such actions as are necessary to consummate such purchase). At such closing, the Company shall deliver
written assignments of all of its right, title and interest in the applicable Project Sub (or assets, interests and property, as applicable) in a form reasonably acceptable to the purchaser(s), but containing no representations or warranties other
than as may be agreed by Unanimous Board Approval, and the purchaser shall tender the purchase price in cash. All cash proceeds from such purchase shall be distributed to the Members promptly thereafter, except to the extent that such distribution
would violate applicable law or any contract to which the Company is party. 
 Section 13.7 Project Sub Transfers Contemplated by
Financing Plan. If a Financing Plan for a Project Sub has received Unanimous Board Approval that explicitly permits the Project Sub to issue equity for the benefit of both Members or explicitly permits one of the members to issue
non-controlling equity for purposes of financing construction of the relevant Development Project, then (i) the Members shall cause the Company to distribute to the Members all of its right, title and interest in the Project Sub (in connection
with which distribution, if the Subject Interest is less than all of the Transferring Member’s entire indirect interest in the Project Sub, the members of the Project Sub shall enter into an amended and restated limited liability company
agreement with respect to the Project Sub, with substantially the terms of the Project Sub LLC Agreement Term Sheet, with such changes thereto, if any, as may be agreed to by the members of the Project Sub at such times) in proportion to the
Members’ relative Interests, (ii) each selling Member shall transfer its direct interest in such former Project Sub to the purchaser thereof upon the terms agreed between such Member and the purchaser, (iii) each selling Member shall
cause the purchaser to execute and deliver such documentation as is required by such former Project Sub’s then-current governing documents (iv) the Members shall take such actions as are necessary under such former Project Sub’s
then-current governing documents to recognize such transfer and grant to the purchaser all rights formerly associated with the selling Member’s interest in such former Project Sub. 
 ARTICLE 14 
 DISSOLUTION AND WINDING UP 
 Section 14.1 Dissolution. The Company shall be dissolved upon the first of the following events to occur: 
 (a) the written consent of all of the Members at any time to dissolve and wind up the affairs of the Company; or 
 (b) the entry of a decree of judicial dissolution of the Company under the Delaware Act. 
  

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 The death, dissolution or Bankruptcy of a Member or the occurrence of any other event which terminates
the continued membership of a Member in the Company shall not dissolve the Company. 
 Section 14.2 Liquidation.

 (a) Except as otherwise provided herein, upon the dissolution of the Company, unless it is reconstituted pursuant to the
Delaware Act and this Agreement, no further business shall be conducted except for the taking of such action as shall be necessary for the winding up of the affairs of the Company and the distribution of its assets to the Members pursuant to the
provisions of this Section 14.2(a). The Members shall have full authority to wind up the affairs of the Company and to make final distribution as provided herein. 
 (b) Upon a dissolution of the Company requiring the winding up of its affairs, unless it is reconstituted pursuant to the Delaware Act and
this Agreement, the Members (i) shall cause the inventory all of the Company’s assets, as well as the Company’s liabilities, within 30 Business Days of dissolution, and (ii) may sell the Company’s assets at the best price
available or may distribute those assets in kind. All of the Company’s assets shall be applied and distributed, according to the fair market value thereof, after the allocations required by Section 7.3 and the allocation thereunder
of hypothetical gains or losses from the Company’s assets distributed in kind, in the following order: 
 (i) to the
creditors of the Company; 
 (ii) to establishing the reserves which the Members may deem necessary for contingent or
unforeseen liabilities or obligations of the Company; and 
 (iii) to the Members in accordance with the positive Capital
Account balances of the Members. 
 Any distributions required under Section 14.2(b)(iii) shall be made to the Members within 120
days after the date of such liquidation. 
 (c) The Members shall comply with any requirements of the Delaware Act or other
applicable law, except as modified by this Agreement, pertaining to the dissolution, liquidation and winding up of a limited liability company, at which time the existence of the Company shall be terminated. 
 Section 14.3 Deficit Capital Accounts. Notwithstanding anything to the contrary contained in this Agreement, and notwithstanding any
custom or rule of law to the contrary, no Member shall have any obligation to eliminate any deficit (negative) balance in its Capital Account upon dissolution or liquidation of the Company regardless of how such negative balance was caused,
including by deductions and losses of the Company (including non-cash items such as depreciation) or distributions to Members pursuant to this Agreement, and upon dissolution of the Company, such deficit shall not be an asset of the Company and no
Member shall be obligated to contribute any amount to the Company to bring the balance of such Member’s Capital Account to zero; provided that this Section 14.3 shall not affect any obligation of a Member to make Capital
Contributions pursuant to Section 5.2. 
  

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 ARTICLE 15 
 INDEMNIFICATION AND INSURANCE 
 Section 15.1 Indemnification and Advance of
Expenses. 
 (a) To the fullest extent permitted by law but subject to the limitations expressly provided in this
Agreement, the Company shall indemnify any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of
the fact that such Person is or was a Member, officer, representative or other agent of the Company (an “Indemnified Person”), or, while a Member, officer, representative or other agent of the Company, is or was serving at
the request of the Company as a director, officer, employee, member, manager, partner, representative or agent of another corporation, partnership, joint venture, limited liability company, trust or other enterprise, against all Damages actually and
reasonably incurred by such Person in connection with such action, suit or proceeding if such Indemnified Person acted in good faith and in a manner such Indemnified Person reasonably believed to be in or not opposed to the best interests of the
Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such Indemnified Person’s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or
upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that such Indemnified Person did not act in good faith and in a manner which such Indemnified Person reasonably believed to be in or not opposed to
the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such Indemnified Person’s conduct was unlawful. 
 (b) To the extent that an Indemnified Person has been successful on the merits or otherwise in defense of any action, suit or proceeding
referred to in Section 15.1(a), or in defense of any claim, issue or matter therein, such Indemnified Person shall be indemnified against expenses (including attorneys’ and experts’ fees) actually and reasonably incurred in
connection therewith. 
 (c) Any indemnification under Section 15.1(a) or Section 15.1(b) shall be
made assuming that indemnification of the Indemnified Person is proper in the circumstances because such Indemnified Person has met the applicable standard of conduct set forth in Section 15.1(a) or Section 15.1(b);
provided, that the Indemnified Person shall provide to the Partnership an undertaking by or on behalf of such Indemnified Person to repay any amounts paid pursuant to such indemnification if it shall ultimately be determined that such
Indemnified Person is not entitled to be indemnified by the Partnership as authorized in this Section 15.1. 
 (d)
Damages incurred by an Indemnified Person in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon 

  

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receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such an Indemnified
Person is not entitled to be indemnified by the Company as authorized in this Section 15.1. 
 (e) The
indemnification and advancement of Damages provided by, or granted pursuant to, this Section 15.1 shall not be deemed exclusive of any other rights to which Persons seeking indemnification or advancement of Damages may be entitled under
any agreement, pursuant to any action of the other Members, officers, representatives or other agents, by operation of law or otherwise, both as to action in such Person’s capacity as a Member, officer, representative or other agent and as to
action in another capacity while serving as a Member, officer, representative or other agent of the Company. 
 Section 15.2
Insurance. The Company may purchase and maintain insurance or another arrangement on behalf of any Person who is or was a Member, officer or other representative against any liability asserted against him or incurred by him in any
capacity identified in Section 15.1 or arising out of his status as a Member, officer or other representative, whether or not the Company would have the power to indemnify him against that liability under Section 15.1 or
otherwise. 
 Section 15.3 Limit on Liability of Members. Any indemnification pursuant to this Article 15 shall be
made only out of the assets of the Company and shall in no event cause the Members to incur any personal liability beyond their total Capital Contributions, nor shall it result in any liability of any Member to any third party. 
 ARTICLE 16 
 DISPUTE RESOLUTION

 Section 16.1 Direct Negotiation. The Members encourage the prompt and equitable settlement of all controversies or
claims (a “Dispute”) between or among the parties including those arising out of this Agreement or courses of dealing related hereto, including any claim based on or arising from an alleged tort. At any time, any Member can
give the other written notice that it desires to settle a Dispute. Within five days of delivery of such notice, each Member will cause an officer having authority to resolve such Dispute, to meet with officers from the other applicable Member(s) for
four days out of four continuous weeks. The period from the date of delivery of notice of under this Section 16.1 through the termination of the meeting between such officers is referred to as the “Negotiation
Period.” 
 Section 16.2 Annual Plan/Capital Contribution/Financing Plan Dispute. Following termination of
the Project Sub Agreement: (a) if an Annual Plan has not received Unanimous Board Approval by September 1 of a given year, an executive review panel consisting of four executives (two appointed by LSP Member and two appointed by Dynegy)
who (i) have decision making ability and (ii) are not Managers shall negotiate in good faith to approve an Annual Plan within 15 Business Days after such September 1, (b) if the Board is prepared to provide Unanimous Board
Approval for an Annual Plan as it relates to one or more, but not all, of the Development Projects, then there shall be prepared, and the Board shall separately consider and may provide Unanimous Board Approval for, one or more separate Annual Plans

  

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for certain of the Development Projects, (c) if the Board has considered, but is unable to provide Unanimous Board Approval for, any requested Capital
Contribution, then, upon written notice provided by one Member to the other Member an executive review panel consisting of four executives (two appointed by LSP Member and two appointed by Dynegy) who (i) have decision making ability and
(ii) are not Managers shall negotiate in good faith to approve the requested Capital Contribution (or a modified Capital Contribution) within 15 Business Days after the date of such notice, (d) if an Financing Plan has not received
Unanimous Board Approval by September 1 of a given year, an executive review panel consisting of four executives (two appointed by LSP Member and two appointed by Dynegy) who (i) have decision making ability and (ii) are not Managers
shall negotiate in good faith to approve a Financing Plan within 15 Business Days after such September 1, or (e) if the Board is prepared to provide Unanimous Board Approval for an Financing Plan as it relates to one or more, but not all,
of the Development Projects, then there shall be prepared, and the Board shall separately consider and may provide Unanimous Board Approval for, one or more separate Financing Plans for certain of the Development Projects. 
 Section 16.3 Other Rights and Remedies. If a Dispute is not resolved during the Negotiation Period, then, subject to
Section 16.4, the Members may pursue any and all rights and remedies available to them under applicable law. 
 Section 16.4.
Mandatory Binding Arbitration for Arbitrable Disputes. If the Dispute is an Arbitrable Dispute, a binding arbitration will be held; provided that the foregoing shall not preclude equitable or other judicial relief to enforce the
provisions hereof or to preserve the status quo pending resolution of Disputes; and provided further that resolution of Disputes with respect to claims by third Persons will be deferred until any judicial proceedings with respect thereto are
concluded. Subject to the provisions of this section, the Members will agree upon the rules of the arbitration prior to the arbitration and based upon the nature of the Dispute. To the extent that the Parties cannot agree on the rules of the
arbitration, then the Commercial Arbitration Rules of the American Arbitration Association (AAA) in effect on the date hereof, and except as the applicable rules are modified by this Agreement, will apply. As a minimum set of rules in the
arbitration the Parties agree as follows: 
 (a) The arbitration will be held before a panel of three arbitrators consisting
of one arbitrator reasonably selected by each Member, and the third then promptly thereafter selected by those two arbitrators. All arbitrator(s) will be knowledgeable regarding the matter subject to the Dispute. The arbitration proceedings will be
held in New York, New York at such location selected by the arbitrators. 
 (b) The Member initiating arbitration (the
“Claimant”) will give to the other Member (the “Respondent”) notice of its intention to arbitrate (the “Demand”). The Demand will contain a statement setting forth in reasonable
detail the nature of the Claimant’s claim, the names and addresses of all other parties, the amount involved, if any, and the remedy sought. The Respondent will file an answering statement (the “Answer”) within five
Business Days of the Demand. The Answer will contain a statement setting forth in reasonable detail the Respondent’s responses and defenses to the claim. If a counterclaim is asserted, it will be sent with the Answer and will contain a
statement setting forth in reasonable detail the nature of the counterclaim, the amount 

  

 42 

 
involved, if any, and the remedy sought. The Claimant will file a reply statement (the “Reply”) within five Business Days of the
counterclaim. The Reply will contain a statement setting forth in reasonable detail the Claimant’s responses and defenses to the counterclaim. If no Answer or Reply is given within the stated time, the claim or the counterclaim will be assumed
to be denied. Failure to file an Answer or Reply will not operate to delay the arbitration. 
 (c) Unless the parties to the
arbitration agree otherwise, no discovery will take place except as provided in this Section 16.4(c). At least 60 days before the date of the hearing, each Member shall provide to each other Member copies of all exhibits, affidavits and
other evidence they intend to submit at the hearing, along with the identification of any witnesses to be called and a summary of anticipated testimony. Based on a review of the information provided, and not less than 30 days before the date of the
hearing, each Member will provide to each other Member copies of any additional exhibits, affidavits and other evidence they intend to submit at the hearing, along with the identification of any additional witnesses to be called and a summary of
anticipated testimony. The arbitrators will be authorized to resolve any disputes concerning the exchange of information. 
 (d) Within 5 Business Days before the date the arbitration is to begin, each Member will submit to the other and the arbitrators a response in which it proposes a single determination of the damages to be paid in resolution of the Dispute
(such Member’s “Proposed Resolution”). 
 (e) The arbitration hearing will take place over no
more than five Business Days beginning no more than 20 Business Days after the date of the Demand, if any. 
 (f) The
arbitrators will be required to select one of the two Proposed Resolutions. The arbitrators will deliver their decision in writing within 10 days after the termination of the arbitration hearings. The arbitrators’ decision will be considered as
a final and binding resolution of the disagreement, will not be subject to appeal and may be entered as an order in any court of competent jurisdiction in the United States. Each Member agrees to submit to the jurisdiction of any such court for
purposes of the enforcement of any such order. The provisions of this Agreement will be binding on the arbitrators. 
 (g) Any
arbitration proceeding hereunder will be conducted on a confidential basis. 
 (h) The Members party to such arbitration will
bear their respective costs incurred in connection with the arbitration, except that such Members will share equally the fees and expenses of the arbitrators, the costs of obtaining the facility for the arbitration, and the fees and expenses of any
experts employed at the arbitrators’ request. 
  

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 ARTICLE 17 
 MISCELLANEOUS PROVISIONS 
 Section 17.1 Notices. Any notice or communication given
pursuant to this Agreement must be in writing and may be given by registered or certified mail, and if given by registered or certified mail, shall be deemed to have been given and received when a registered or certified letter containing such
notice, properly addressed with postage prepaid is deposited in the United States mails; and if given otherwise than by registered or certified mail, it shall be deemed to have been given when delivered to and received by the party whom addressed.
Such notices or communications shall be given to the parties hereto at the following addresses: 
 If to the Company: 
 1735 Technology Drive, Suite 820 
 San Jose,
CA 95110 
 Facsimile: (408) 392-9757 
 Attention: John T. King 
 with a copy to each other Member. 
 If to any of the Members: 
 To the address
set forth below such Member’s name on the signature page hereto. 
 Any party hereto may designate any other address in substitution for the foregoing
address to which such notice shall be given by five (5) days’ notice duly given hereunder to the other parties. 
 Section 17.2 Governing Law; Venue; Submission to Jurisdiction. 
 (a) This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware. This Agreement is intended to comply with the requirements of the Delaware Act and the Certificate. In the event of a direct conflict between the provisions of this
Agreement and the mandatory provisions of the Delaware Act or any provision of the Certificate, the Delaware Act and the Certificate, in that order of priority, will control. 
 (b) Each party hereto hereby irrevocably and unconditionally (a) consents and submits to the exclusive jurisdiction of any federal or
state court located in the State of Delaware (the “Delaware Courts”) for any actions, suits or proceedings arising out of or relating to this Agreement (and agrees not to commence any litigation relating thereto except in
such courts), and (b) waives any objection to the laying of venue of any such litigation in the Delaware Courts and agrees not to plead or claim in any Delaware Court that such litigation brought therein has been brought in any inconvenient
forum. 
  

 44 

 Section 17.3 Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the Members and their respective permitted heirs, legal representatives, successors and assigns. 
 Section 17.4
Amendments. This Agreement may be amended only by Unanimous Member Approval. 
 Section 17.5 Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be an original, but all of which taken together shall constitute a single document. 
 Section 17.6 Execution in Writing. A facsimile, telegram, telex, cablegram or similar transmission by a Member, or a photographic, photostatic, facsimile or similar reproduction of a writing
executed by a Member, shall be treated as an execution in writing for purposes of this Agreement. 
 Section 17.7 Offset.
Whenever the Company is to pay any sum to any Member, any amounts that a Member owes the Company (including pursuant to a breach by such Member of its Contribution Agreement) may be deducted from that sum before payment. 
 Section 17.8 Effect of Waiver or Consent. A waiver or consent, express or implied, to or of any breach or default by any Member in the
performance by that Member of its obligations with respect to the Company is not a consent or waiver to or of any other breach or default in the performance by that Member of the same or any other obligations of that Member with respect to the
Company. Failure on the part of a Member or the Company to complain of any act of any other Member or to declare any Member in default with respect to the Company, irrespective of how long that failure continues, does not constitute a waiver by that
Person of its rights with respect to that default until the applicable statute-of-limitations period has run. 
 Section 17.9
Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Member will execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or
appropriate to effectuate and perform the provisions of this Agreement and any actions related therefor, or contemplated thereby. 
 Section 17.10 Waiver of Certain Rights. Except as otherwise expressly provided herein, each Member irrevocably waives any right it may have to maintain any action for dissolution of the Company or for partition of the
property of the Company. 
 Section 17.11 Notice to Members of Provisions of this Agreement. By executing this Agreement,
each Member acknowledges that it has actual notice of (a) all of the provisions of this Agreement, and (b) all of the provisions of the Certificate. Each Member hereby agrees that this Agreement constitute adequate notice of all such
provisions. 
 Section 17.12 Entire Agreement. This Agreement, together with the Exhibits hereto, the Project Sub
Agreement, and the certificates, documents, instruments and writings that are delivered pursuant hereto and thereto, constitutes the entire agreement and understanding of the Members in respect of its subject matter and supersedes all prior
understandings, agreements, or 
  

 45 

 
representations by or among the Members, written or oral, to the extent they relate in any way to the subject matter hereof. Except as expressly contemplated
by Article 15, there are no third party beneficiaries having rights under or with respect to this Agreement. 
 [The remainder of this
page is intentionally left blank; the next page is the signature page.] 
  

 46 

 IN WITNESS WHEREOF, the Members have executed this Agreement to be effective as of the Effective Date.

  

			
	DYNEGY INC. (formerly named Dynegy Acquisition, Inc.)
		
	 By:
	 	 /s/ J. Kevin Blodgett

	 Name:
	 	J. Kevin Blodgett
	 Title:
	 	General Counsel, Executive Vice President-Administration and Secretary

  

			
	 Address for Notice:

	
	 Dynegy Inc.

	 1000 Louisiana, Suite 5800

	 Houston, TX 77002

	 Telecopy: (713) 767-8288

	 Attention: Ben Trammell

  

			
	
	 LS POWER ASSOCIATES, L.P.

		
	 By:
	 	 /s/ Frank Hardenbergh

	 Name:
	 	  

	 Title:
	 	  

  

			
	 Address for Notice:

	
	 c/o LS Power Development, LLC.

	 1700 Broadway, 35th Floor

	 New York, NY 10019

	 Facsimile: (212) 615-3440

	 Attention: Senior Counsel

 Signature page to LLC Agreement of DLS Power Holdings, LLC

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