Document:

Exhibit 4.1

 

	
  [FACE OF NOTE]

  
	
   

  	
   

  	
   

  
	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
   

  	
   

  	
   

  
	
  NO. 001

  	
   

  	
  PRINCIPAL AMOUNT

  
	
   

  	
   

  	
   

  
	
  CUSIP NO. 75621LAK0

  	
   

  	
  $275,000,000

  

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

 

UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES
IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC
TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC
OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

 

RECKSON OPERATING
PARTNERSHIP, L.P.

 

6.0% Note due 2016

 

Reckson Operating Partnership, L.P., a limited partnership duly
organized and existing under the laws of Delaware (the “Issuer,” which term
includes any successor thereto under the Indenture (as defined on the reverse
hereof)), for value received, hereby promises to pay to Cede & Co. c/o The
Depository Trust Company, or its registered assigns, the principal amount of $275,000,000
on March 31, 2016 (the “Stated Maturity Date”), unless redeemed on any
Redemption Date (as defined on the reverse hereof) in accordance with the
provisions set forth on the reverse hereof (the Stated Maturity Date or any
Redemption Date is referred to herein as the “Maturity Date” with respect to
the principal repayable on such date) and to pay interest on the outstanding
principal amount hereof semi-annually in arrears on May 15 and November 15 of
each year, commencing on May 15, 2006 (each, an “Interest Payment Date”), at the
rate of 6.0% per annum, until payment of said principal has been made or duly
provided for.  Interest on this Note on
an Interest Payment Date will accrue from and including the immediately
preceding Interest Payment Date to which interest has been paid or duly
provided for, or from and including March 31, 2006 if no interest has been paid
or duly provided for, to but excluding the applicable Interest Payment Date or
the Maturity Date, as the case may be. 
Interest on this Note will be computed on the basis of a 360-day year
consisting of twelve 30-day months.

 

The interest so payable and punctually paid or duly provided for on any
Interest Payment Date will be paid to the Holder in which name this Note (or
one or more predecessor Notes) is registered in the Security Register at the
close of business on the “Regular Record Date” for such payment, which shall be
the May 1 or November 1, as the case may be, immediately preceding such
Interest Payment Date (regardless of whether such day is a Business Day (as defined
below)).  Any such interest not so

 

 

punctually paid or duly provided for shall forthwith
cease to be payable to the Holder on such Regular Record Date, and shall be
paid to the Person in whose name this Note (or one or more predecessor Notes)
is registered at the close of business on a subsequent Special Record Date for
the payment of such defaulted interest (which shall be not more than 15 days
and not less than 10 Business Days prior to the date of the payment of such
defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 10 days preceding such
subsequent Special Record Date, or may be paid at any time in any other lawful
manner, all as more fully provided in the Indenture.

 

The principal of, and the Make-Whole Amount (as defined on the reverse
hereof), if any, with respect to, this Note payable on the Maturity Date will
be paid against presentation and surrender of this Note at the office or agency
of the Issuer maintained for that purpose in The City of New York.  The Issuer hereby initially designates the
Corporate Trust Office of the Trustee at 101 Barclay Street, Floor 8W, New
York, New York 10286 as the office to be maintained by it where Notes may be
presented for payment, registration of transfer or exchange and where notices
or demands to or upon the Issuer in respect of the Notes or the Indenture may
be served.

If any Interest Payment Date or the Maturity Date falls on a day that
is not a Business Day, the payment required to be made on such date will,
instead, be made on the next Business Day with the same force and effect as if
it were made on the date such payment was due, and no interest shall accrue on
the amount so payable for the period from and after such Interest Payment Date
or the Maturity Date, as the case may be. “Business Day” means any day, other
than a Saturday, a Sunday or other day on which banking institutions in The
City of New York are authorized or required by law, regulation or executive
order to be closed.

 

Payments of principal, Make-Whole Amount, if any, and interest in
respect of this Note will be made in such coin or currency of the United States
of America as at the time of payment is legal tender for the payment of public
and private debts (i) in the case of payments on the Maturity Date, in
immediately available funds and (ii) in the case of payments on an Interest
Payment Date, at the option of the Issuer, by check mailed to the Holder
entitled thereto at the applicable address appearing in the Security Register
or by transfer of immediately available funds to an account maintained by the
payee with a bank located in the United States of America; provided, however,
that so long as Cede & Co. is the Holder of this Note, payments of interest
on an Interest Payment Date will be made in immediately available funds.

 

Reference is made to the further provisions of this Note set forth on
the reverse hereof.  Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

 

This Note shall not be entitled to the benefits of the Indenture or be
valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been executed by manual signature by the
Trustee.

 

2

 

IN WITNESS WHEREOF, the Issuer has caused this Note to be signed
manually or by facsimile by an authorized signatory.

 

Dated:  March 31, 2006

 

 

	
   

  	
  RECKSON OPERATING
  PARTNERSHIP, L.P.,

  	
   

  
	
   

  	
  as
  Issuer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  RECKSON ASSOCIATES
  REALTY CORP.,

  	
   

  
	
   

  	
  as
  General Partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (SEAL)

  	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael Maturo

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President and

  	
   

  
	
   

  	
   

  	
   

  	
  Chief Financial Officer

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
								

 

 

	
   

  	
   

  
	
  Name:

  	
  Jason M. Barnett

  
	
  Title:

  	
  Executive Vice
  President and

  
	
   

  	
  General Counsel

  
			

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

 

 

	
   

  	
  THE BANK OF NEW YORK,

  
	
   

  	
  as
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  
					

 

3

 

[REVERSE OF NOTE]

 

RECKSON OPERATING
PARTNERSHIP, L.P.

 

6.0% Note due 2016

 

This Note is one of a duly authorized issue of debentures, notes,
bonds, or other evidences of indebtedness of the Issuer (hereinafter called the
“Securities”) of the series hereinafter specified, all issued or to be issued
under and pursuant to an Indenture, dated as of March 26, 1999 (the “Indenture”),
duly executed and delivered by the Issuer and Reckson Associates Realty Corp.,
a Maryland corporation (“Reckson Associates”), as guarantor, if applicable, to
The Bank of New York, as trustee (the “Trustee,” which term includes any
successor trustee under the Indenture with respect to the series of Securities
of which this Note is a part), and reference is hereby made to the Indenture,
and all modifications and amendments and indentures supplemental thereto
relating to the Notes, for a description of the rights, limitations of rights,
obligations, duties, and immunities thereunder of the Trustee, the Issuer and
the Holders of the Notes and the terms upon which the Notes are authenticated
and delivered.  The Securities may be
issued in one or more series, which different series may be issued in various
aggregate principal amounts, may mature at different times, may accrue interest
(if any) at different rates or formulas and may otherwise vary as provided in
the Indenture.  This Note is one of a
series of Securities designated as the “6.0% Notes due 2016” of the Issuer,
initially limited (except as permitted under the Indenture) in aggregate
principal amount to $275,000,000.  The
Notes are not guaranteed by Reckson Associates.

 

The Issuer may redeem this Note, at any time in whole or from time to
time in part, at the option of the Issuer, at a redemption price equal to the
sum of (i) the principal amount being redeemed plus accrued interest thereon to
the date fixed for redemption (the “Redemption Date”) and (ii) the Make-Whole
Amount, if any, with respect thereto (the “Redemption Price”); provided,
however, that interest installments due on an Interest Payment Date which is on
or prior to the Redemption Date will be payable to the Holder hereof (or one or
more predecessor Notes) as of the close of business on the Regular Record Date
preceding such Interest Payment Date.  If
notice has been given as provided in the Indenture and funds for the redemption
of this Note or any part thereof called for redemption shall have been made
available on the Redemption Date, this Note or such part thereof will cease to
bear interest on the Redemption Date referred to in such notice and the only
right of the Holder will be to receive payment of the Redemption Price.  Notice of any optional redemption of any
Notes will be given to the Holder hereof (in accordance with the provisions of
the Indenture), not more than 60 nor less than 30 days prior to the Redemption
Date.  The notice of redemption will
specify, among other things, the Redemption Price and the principal amount of
Notes to be redeemed.  In the event of
redemption of this Note in part only, a new Note of like tenor for the
unredeemed portion hereof and otherwise having the same terms and provisions as
this Note shall be issued by the Issuer in the name of the Holder hereof upon
the presentation and surrender hereof.

 

“Make-Whole Amount” means the excess, if any, of (i) the aggregate
present value as of the Redemption Date of each dollar of principal being
redeemed and the amount of interest (exclusive of interest accrued to the
Redemption Date) that would have been payable in respect of each such dollar if
such redemption had not been made, determined by discounting, on a semi-annual
basis, such principal and interest at the Reinvestment Rate (determined on the
third Business Day preceding the date such notice of redemption is given) from
the respective dates on which such principal and interest would have been
payable if such redemption had not been made, to the Redemption Date over (ii)
the aggregate principal amount being redeemed.

 

4

 

“Reinvestment Rate” means 0.20% plus the arithmetic mean of the yields
under the heading “Week Ending” published in the most recent Statistical
Release under the caption “Treasury Constant Maturities” for the maturity
(rounded to the nearest month) corresponding to the remaining life to maturity,
as of the Redemption Date, of the principal being redeemed.  If no maturity exactly corresponds to such
maturity, yields for the two published maturities most closely corresponding to
such maturity shall be calculated pursuant to the immediately preceding
sentence and the Reinvestment Rate shall be interpolated or extrapolated from
such yields on a straight-line basis, rounding each of such relevant periods to
the nearest month.  For the purpose of
calculating the Reinvestment Rate, the most recent Statistical Release
published prior to the date of determination of the Make-Whole Amount shall be
used.

 

“Statistical Release” means the statistical release designated “H.15
(519)” or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes yields on
actively traded Untied States government securities adjusted to constant
maturities or, if such statistical release is not published at the time of any
determination under the Indenture, then such other reasonably comparable index
designated by the Issuer.

 

This Note is not subject to repayment at the option of the Holder
thereof.  Furthermore, this Note is not
entitled to the benefit of, and is not subject to, any sinking fund.

 

In case an Event of Default with respect to this Note shall have
occurred and be continuing, the principal hereof may be declared, and upon such
declaration shall become due and payable, in the manner, with the effect, and
subject to the conditions, provided in the Indenture.

 

The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and, if applicable, the Guarantor, and the rights of the Holders of the
Securities under the Indenture at any time by the Issuer and, if applicable,
the Guarantor, and the Trustee with the consent of the Holders of a majority in
the aggregate principal amount of Securities of any series issued under the
Indenture at the time Outstanding and affected thereby.  Furthermore, provisions in the Indenture
permit the Holders of a majority in the aggregate principal amount of the
Outstanding Securities of any series, in certain instances, to waive, on behalf
of all of the Holders of Securities of such series, certain past defaults under
the Indenture and their consequences. 
Any such waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and other
Notes issued upon the registration of transfer hereof or in exchange hereof, or
in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note.

 

No reference herein to the Indenture and no provision of this Note or
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, and Make-Whole Amount, if
any, with respect to, and interest on, this Note in the manner, at the
respective times, at the rate and in the coin or currency herein prescribed.

 

This Note is issuable only in fully registered form, without coupons,
in denominations of $1,000 and integral multiples thereof.  This Note may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the
office or agency of the Issuer in The City of New York, in the manner and
subject to the limitations provided herein and in the Indenture, but without
the payment of any charge except for any tax or other governmental charge imposed
in connection therewith.

 

Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The City of New York, one or more new Notes
of authorized denominations in an equal aggregate principal amount will be issued
to the transferee in exchange therefor, subject to the limitations provided

 

5

 

herein and in the Indenture, but without payment of
any charge except for any tax or other governmental charge imposed in
connection therewith.

 

The Issuer or the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the Holder and absolute owner of this Note (whether or not this Note shall be
overdue and notwithstanding any notation of ownership or other writing hereon),
for the purpose of receiving payment of, or on account of, the principal of or
Make-Whole Amount, if any, with respect to, or subject to the provisions on the
face hereof, interest on, this Note and for all other purposes, and none of the
Issuer, the Trustee or any authorized agent of the Issuer or the Trustee shall
be affected by any notice to the contrary.

 

The Indenture and this Note shall be deemed to be a contract under the
laws of the State of New York, and for all purposes shall be governed by and
construed in accordance with the laws of such State, without giving effect to
any conflict of law principles.

 

Capitalized terms used but not otherwise defined herein shall have the
respective meanings assigned to them in the Indenture.

 

6

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto                                                                                                                                                                                                   .

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

 

 

	
   

  
	
  (Please print or
  Typewrite Name and Address

  
	
  Including Postal
  Zip Code of Assignee)

  

 

the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints 

 

to transfer said Note on the books of the Issuer, with
full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  
	
  Signature Guaranteed

  

 

 

	
   

  	
   

  	
   

  
	
  NOTICE: Signature must be guaranteed by an eligible
  Guarantor Institution (banks, stockbrokers, savings and loan associations and
  credit unions) with membership in an approved signature guarantee medallion
  program pursuant to Securities and Exchange Commission Rule 17Ad-15.

  	
   

  	
  NOTICE: The signature
  to this Assignment must correspond with the name as written upon the face of
  the within Note in every particular, without alteration or enlargement or any
  change whatever.

  

 

7Exhibit 10.5

 

ADMINISTRATIVE SERVICES AGREEMENT

 

MIRANT AMERICAS GENERATION, LLC

 

THIS
ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”), dated January 3,
2006 (the “Effective Date”), is made and entered into by and between
Mirant Services, LLC, a Delaware limited liability company (the “Service
Provider”), and Mirant Americas Generation, LLC, a Delaware limited
liability company (the “Service Recipient”). Service Provider and
Service Recipient sometimes are referred to herein individually as a “Party”
and collectively as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS,
Service Provider provides such services, personnel and other resources
described herein to its affiliates; and

 

WHEREAS,
Service Recipient is an affiliate of Service Provider and desires to procure
certain administrative, accounting and other similar services from Service
Provider, and Service Provider is willing to render such services to Service
Recipient in accordance with and subject to the terms and conditions of this
Agreement.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual agreements
herein, the Parties hereto hereby agree as follows:

 

ARTICLE I

 

TERMS AND CONDITIONS OF SERVICES

 

SECTION 1.01.
Provision of Services. Subject to the limitations set forth in Section 1.10
hereof, Service Provider hereby agrees to provide to Service Recipient the
following services if and to the extent applicable to Service Recipient’s
business (the “Services):

 

(a)                                  Executive management services and advice;

 

(b)                                 Operations, maintenance, engineering, and
construction services relating to Service Recipient’s power generating
facilities (“Power Facilities”), and/or power transmission or distribution
assets (if any) (collectively with Power Facilities, “Energy Assets”);

 

(c)                                  Environmental, health and safety services and
advice in connection with Service Recipient’s Energy Assets;

 

(d)                                 Contract administration, risk management,
credit, strategic planning, investment evaluation and, at Service Recipient’s
direction, trading, marketing, and scheduling, services and advice in
connection with Service Recipient’s business, including providing Service
Recipient with advice and recommendations regarding Service Recipient’s
purchases of fuel for and sales of electricity and related products from its
Energy Assets;

 

(e)                                  Licensing services, which may include
holding certain licenses for and on behalf of Service Recipient, including,
without limitation, licenses for radio equipment issued by the Federal
Communications Commission;

 

(f)                                    Bookkeeping, accounting and auditing services
and advice, including the preparation and analyses of financial statements and
operating reports and the establishment of accounting systems and procedures;

 

(g)                                 Finance and treasury services and advice,
including the preparation of short and long range financial plans and budgets,
the issuance of securities, the negotiation and structuring of financing
arrangements, and the banking and investment of surplus funds;

 

1

 

(h)                                 Tax advice and assistance, including the
preparation of federal, state and local income and other tax returns and the
preparation of protests, claims and briefs and other matters in connection with
any applicable taxes, governmental fees or assessments;

 

(i)                                     Insurance, bonding and risk management advice
and assistance, including negotiating contracts with insurers, trustees and
actuaries and placing insurance policies;

 

(j)                                     Legal services and advice;

 

(k)                                  Procurement services and advice;

 

(l)                                     Information systems services, materials and
advice;

 

(m)                               Use of office space and resources;

 

(n)                                 Human resources services and advice;

 

(o)                                 Services relating to communications and
public relations;

 

(p)                                 Investor relations services; and

 

(q)                                 Services and advice regarding government and regulatory
affairs.

 

SECTION 1.02.
Invoicing and Compensation.

 

(a)                                  As full and complete compensation for the
Services rendered pursuant to this Agreement, Service Recipient shall pay to
Service Provider, and Service Provider shall accept, a fee (the “Fee”)
equal to an arm’s length cost to perform the Services, which shall be
calculated based on an allocation methodology to be agreed upon from time to
time by the parties, such agreement not to be unreasonably withheld by either
of the Parties. In addition, Service Recipient shall reimburse Service Provider
for all Incidental Expenses and Third Party Expenses. “Incidental Expenses”
mean all reasonable incidental expenses, including expenses for travel
(business class air travel), meals, lodging, required business
entertainment, telephone calls, shipping and similar items, incurred by Service
Provider in connection with its performance of the Services. “Third Party
Expenses” mean all amounts billed to Service Provider by third parties for
services, including professional services, rendered to or on behalf of Service
Recipient in connection with the performance of the Services.

 

(b)                                 Unless otherwise agreed by the parties,
Service Provider shall submit monthly invoices to Service Recipient setting
forth the Fee, Incidental Expenses and Third Party Expenses associated with a
particular month on or before the fifteenth (15th) day of the
succeeding month. Service Recipient shall pay each such invoice by the end of
the month in which the invoice is received. As a condition of Service Recipient’s
obligation to make payments with respect to each invoice, each invoice shall
set forth a reasonably detailed description of the nature of the Services,
Incidental Expenses and Third Party Expenses.

 

SECTION 1.03.
Cooperation and Access to Properties and Records. Service Recipient
shall cooperate with Service Provider and the members, advisors, agents,
affiliates, officers, directors, employees or representatives, including subcontractors (the “Representatives”)
of Service Provider as and when reasonably requested in their performance and
fulfillment of the Services. Service Provider and its Representatives shall have access to any and all real and
personal property of Service Recipient, and to any and all books and records as
Service Provider or any of its Representatives determines necessary, advisable or appropriate for or in connection
with the provision of any or all of the Services.

 

SECTION 1.04.
Standard of Conduct. Service Provider will use its reasonable best
efforts to perform or cause its Representatives to perform the Services in accordance with Good Business
Practices. “Good Business Practices” means the practices, methods and
acts, as in effect from time to time, that are commonly used in the

 

2

 

independent power industry
to perform or fulfill the activities comprising the Services, or any
practices, methods or acts, which in the exercise of reasonable judgment in
light of the facts known at the time, that could have been expected to
accomplish the desired result at a reasonable cost consistent with good
business practices, reliability, safety and expedition, including maintaining
the confidentiality of non-public information provided by Service Recipient or
created by Service Provider in the context of providing the Services; provided,
however, that Good Business Practices is not intended to be limited to optimum
practices, methods or acts to the exclusion of all others, but rather to be a
range of possible practices, methods or acts taken or engaged in by entities in
the independent power industry. Whether any particular practice, method or act
of Service Provider complies with Good Business Practices is to be judged in
light of the facts known at the time such particular practice, method or act
was performed or taken.

 

SECTION 1.05.
Limitations on Liability.

 

(a)                                  Service Provider (or its Representatives) shall have no liability to Service
Recipient for any loss, damage or expense suffered by Service Recipient arising
out of or resulting from any act or omission of Service Provider (or its
Representatives), provided that such act or omission conformed to the
standard of conduct set forth in Section 1.04 hereof.

 

(b)                                 Notwithstanding any other provision of this
Agreement, Service Provider’s total liability to Service Recipient and all
third parties for all acts and omissions of Service Provider (or its
Representatives) in any calendar year, including liability arising out of
contract, tort (including negligence, gross negligence and intentional
misconduct), strict liability or any other cause or form of action
whatsoever, shall not exceed the total compensation paid to Service Recipient
during the previous twelve months under any provision of this Agreement for the
particular service at issue.

 

(c)                                  Pursuant to Sections 1.05(a), (b) and
(d), each party (the “Indemnifying Party”) hereby indemnifies and holds
the other Party, and such other Party’s Representatives, harmless from and
against any and all claims against such other Party for personal injury, death
or property damage which may arise due to any negligent or willful acts or
omissions of the Indemnifying Party.

 

(d)                                 Notwithstanding any other provision of this
Agreement, neither Party shall be liable to the other Party for any lost
profits, or indirect, incidental or consequential damages under, arising out
of, due to or in connection with this Agreement.

 

SECTION 1.06.
Decisions. Service Recipient reserves the right to make all decisions with
regard to any matter upon which Service Provider has rendered its advice and
consultation, and Service Provider shall not be liable for any such advice
accepted by Service Recipient pursuant to the provisions of this Agreement.

 

SECTION 1.07.
Authority. In its capacity as an advisor under this Agreement, (i) Service
Provider shall have authority only to act as a consultant and advisor to
Service Recipient and (ii) Service Provider shall have no authority to
enter into any agreement or to make any representation, commitment or warranty
binding upon Service Recipient or to obtain or incur any right, obligation or
liability on behalf of Service Recipient. Nothing contained in this Section 1.07
shall be interpreted as restricting, modifying or waiving the rights,
privileges or obligations of Service Provider or any of its affiliates as a
Representative of Service Recipient.

 

3

 

SECTION 1.08.
Independent Contractor.

 

(a)                                  Service Provider, in the performance of this
Agreement, will be acting in its own separate capacity and will not, nor will
it hold itself out to be, a partner, joint venturer, associate or agent of
Service Recipient. Service Provider does not have the authority to bind Service
Recipient and no joint venture or partnership is intended or created by this
Agreement. In performing its duties under this Agreement, Service Provider
shall provide and complete the Services required according to its own means and
methods of work, which shall be in the exclusive charge and control of Service
Provider and not subject to the control or supervision of Service Recipient.

 

(b)                                 Service Provider shall be solely responsible
for its and its Representatives’ acts and omissions with respect to the
performance of the Services. Neither Party shall maintain, hold out, represent,
state or imply to any other individual or entity that an employer/employee
relationship exists between it and the other Party or such other Party’s
Representatives.

 

(c)                                  Neither Service Provider nor its employees
shall be eligible to participate in any employee benefit plan sponsored by
Service Recipient, including any retirement plan, insurance program, disability
plan, medical benefits plan or any other fringe benefit program sponsored and
maintained by Service Recipient for its employees.

 

(d)                                 Service Provider shall be solely responsible
for all taxes imposed on Service Provider as a result of the transactions
contemplated by this Agreement.

 

SECTION 1.09.
Subcontractors. Service Provider may in its sole discretion
subcontract with other persons or entities, to perform any or all of the
Services on such terms and conditions as Service Provider determines to be
necessary, advisable or appropriate under the circumstances of the subcontract.

 

SECTION 1.10.
Power Facilities; Wholesale Power Sales. Notwithstanding anything to the
contrary in this Agreement, to the extent that Service Recipient owns or
operates any Power Facilities and/or engages in wholesale sales from Power
Facilities (1) this Agreement does not confer upon the Service Provider
ultimate decision-making authority or control over the Power Facilities owned
and operated by the Service Recipient; (2) this Agreement does not provide
the Service Provider with the authority to engage in (or refrain from engaging
in) wholesale sales from the Service Recipient’s generating facilities (“Wholesale
Power Sales”), except subject to the direction and oversight of the Service
Recipient; and (3) the Service Recipient retains ultimate authority and
control over Wholesale Power Sales and the sale of related products from the
Service Recipient’s Power Facilities, the dispatch of the facilities, and the
ability of the Power Facilities to produce power. To the extent that employees
of the Service Provider have any responsibility for day-to-day operation of the
Service Recipient’s Power Facilities (if any), such employees (1) are
acting on behalf of their employer in its sole capacity as service provider to
the Service Recipient; and (2) remain subject to the terms of this
Agreement including the limitations as described in the preceding sentence.

 

SECTION.
1.11. Term and Termination.

 

(a)                                  Unless sooner terminated in accordance with
the provisions of this Agreement, the term of this Agreement shall commence as
of the Effective Date and shall continue until Service Recipient’s next fiscal
year end (the “Initial Term”). At the end of the Initial Term and each
subsequent Renewal Term (hereinafter defined), as the case may be, the
term of this Agreement shall be automatically renewed for a period of one (1) year
(each a “Renewal Term”) unless either Party delivers a written
termination notice to the other Party at least sixty (60) days prior to the end
of the Initial Term or the then current Renewal Term, as the case may be.

 

(b)                                 After sixty (60) days prior written notice,
Service Recipient may immediately terminate this Agreement if Service
Provider has failed to fulfill its obligations under Section 1.01 hereof
and failed to cure any such failure during such notice period. After sixty (60)
days prior written notice, Service Provider may immediately terminate this
Agreement if Service Recipient has failed to fulfill its obligations under Section 1.02
hereof and failed to cure any such failure during such notice period.

 

(c)                                  Either party may terminate this Agreement
for any reason whatsoever upon thirty (30) calendar days prior written notice
to the other party.

 

4

 

(d)                                 Upon termination of this agreement for any
reason, Service Provider shall return to Service Recipient all real and
personal property of Service Recipient, all books and records provided to
Service Provider and all information and reports created by Service Provider in
connection with the provision of any or all of the Services.

 

ARTICLE II

 

MISCELLANEOUS

 

SECTION 2.01.
Governing Law. This Agreement and the rights of the Parties hereunder
shall be governed by and interpreted in accordance with the law of the State of
Delaware (without giving effect to principles of conflicts of laws which would
lead to the application of the laws of another jurisdiction).

 

SECTION 2.02.
Successors and Assignability. Except as otherwise provided for in Section 1.09,
neither Service Provider nor Service Recipient may assign any of its
rights or delegate any of its duties under this Agreement, in whole or in part,
without the prior written consent of the other, which consent shall not be
unreasonably withheld. This Agreement shall be binding upon each of the Parties
and their respective successors and permitted assigns.

 

SECTION 2.03.
Severability. If any provision of this Agreement shall be determined by
any court of competent jurisdiction to be invalid or unenforceable, the
remainder of this Agreement, other than that portion determined to be invalid
or unenforceable, shall not be affected thereby, and each valid provision
hereof shall be enforced to the fullest extent permitted by law.

 

SECTION 2.04.
Modifications. No change, amendment or modification of this Agreement
shall be valid or binding upon the Parties unless such change, amendment or
modification is in writing and duly executed by both Parties.

 

SECTION 2.05.
Waivers. No provision of this Agreement shall be deemed waived and no
breach shall be deemed excused or consented to unless such waiver or consent is
in writing and signed by the Party claimed to have waived or consented. No
consent by either Party to, or waiver of, a breach by the other, whether
express or implied, shall constitute a consent to, waiver of, or excuse for any
different or subsequent breach.

 

SECTION 2.06.
Entire Agreement. This Agreement constitutes the Parties’ entire
agreement as to the subject matter hereof and supersedes any and all other
prior understandings, correspondence and agreements, oral or written, between
them.

 

SECTION 2.07.
Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original hereof but all of which together shall
constitute one and the same instrument. Delivery of execution pages hereof
by facsimile shall constitute valid delivery of this Agreement.

 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

 

5

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and
year first above written.

 

	
   

  	
  Mirant Services, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elizabeth B. Chandler

  	
   

  
	
   

  	
  Name: Elizabeth B.
  Chandler

  
	
   

  	
  Title: Vice President and
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Mirant Americas
  Generation, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven B. Nickerson

  	
   

  
	
   

  	
  Name: Steven B. Nickerson

  
	
   

  	
  Title: Vice President

  

 

6

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