Document:

exv4w2

Exhibit 4.2

 

EXLP ABS 2009 LLC,

as Issuer

EXLP ABS LEASING 2009 LLC,

as EXLP ABS Lessor

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Indenture Trustee

 

SERIES 2009-1 SUPPLEMENT

Dated as of October 13, 2009

to

INDENTURE

Dated as of October 13, 2009

 

SERIES 2009-1 Notes

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I Definitions; Calculation Guidelines
	 	 	1	 
	 
	 	 	 	 
	Section 101. Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II Creation of the Series 2009-1 Notes
	 	 	7	 
	 
	 	 	 	 
	Section 201. Designation
	 	 	7	 
	Section 202. Authentication and Delivery
	 	 	8	 
	Section 203. Interest Payments on the Series 2009-1 Notes
	 	 	9	 
	Section 204. Principal Payments on the Series 2009-1 Notes
	 	 	10	 
	Section 205. Amounts and Terms of Series 2009-1 Noteholder Commitments
	 	 	10	 
	Section 206. Taxes
	 	 	12	 
	Section 207. Increased Costs; Capital Adequacy; Illegality
	 	 	13	 
	 
	 	 	 	 
	ARTICLE III Series 2009-1 Series Account and Allocation and Application of
Amounts Therein
	 	 	15	 
	 
	 	 	 	 
	Section 301. Series 2009-1 Series Account
	 	 	15	 
	Section 302. Distributions from the Series 2009-1 Series Account
	 	 	15	 
	 
	 	 	 	 
	ARTICLE IV Additional Covenants; Additional Condition Precedent
	 	 	17	 
	 
	 	 	 	 
	Section 401. Use of Proceeds
	 	 	17	 
	Section 402. Issuance of Additional Series
	 	 	17	 
	 
	 	 	 	 
	ARTICLE V Conditions of Effectiveness and Future Lending
	 	 	17	 
	 
	 	 	 	 
	Section 501. Effectiveness of Supplement
	 	 	17	 
	Section 502. Advances on Series 2009-1 Notes
	 	 	18	 
	 
	 	 	 	 
	ARTICLE VI Miscellaneous Provisions
	 	 	20	 
	 
	 	 	 	 
	Section 601. Ratification of Indenture
	 	 	20	 
	Section 602. Counterparts; Electronic Mail
	 	 	20	 
	Section 603. GOVERNING LAW
	 	 	20	 
	Section 604. Amendments and Modifications
	 	 	20	 
	Section 605. CONSENT TO JURISDICTION
	 	 	21	 
	Section 606. WAIVER OF JURY TRIAL
	 	 	21	 
	Section 607. No Petition
	 	 	22	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	A Form of Series 2009-1 Note
	 	 	 	 

-i-

 

SERIES 2009-1 SUPPLEMENT, dated as of October 13, 2009 (as amended,
modified or supplemented from time to time in accordance with its
terms, this “Supplement”), among EXLP ABS 2009 LLC, a limited
liability company organized under the laws of the State of Delaware
(the “Issuer”), EXLP ABS LEASING 2009 LLC, a limited liability
company organized under the laws of the State of Delaware (the “EXLP
ABS Lessor”) and Wells Fargo Bank, National Association, a national
banking association, as Indenture Trustee (the “Indenture Trustee”).

WITNESSETH :

          Pursuant to the Indenture, dated as of October 13, 2009 (as amended, modified or supplemented
from time to time in accordance with its terms, the “Indenture”), among the Issuer, the EXLP ABS
Lessor and the Indenture Trustee, the Issuer may from time to time direct the Indenture Trustee to
authenticate one or more new Series of Notes. The Principal Terms of any new Series are to be set
forth in a Supplement to the Indenture.

          Pursuant to this Supplement, the Issuer, the EXLP ABS Lessor and the Indenture Trustee shall
create a new Series of Notes and specify the Principal Terms thereof.

     NOW THEREFORE, in consideration of the mutual agreements herein contained, each of the Issuer
and the Indenture Trustee agrees as follows for the benefit of the other parties, the Series 2009-1
Noteholders:

ARTICLE I

Definitions; Calculation Guidelines

          Section 101. Definitions. (a) Whenever used in this Supplement, the following words and phrases shall have the following
meanings:

     Adjusted Eurodollar Rate: For each Interest Accrual Period, an interest rate per annum equal
to the quotient, expressed as a percentage and rounded upwards (if necessary) to the nearest 1/100
of 1%, obtained by dividing (i) the LIBOR Rate for such Interest Accrual Period, by (ii) the
decimal equivalent of 100% minus the applicable Eurodollar Reserve Percentage.

     Affected Party: Each Series 2009-1 Noteholder, the Deal Agent and each Interest Rate Hedge
Provider.

     Aggregate Existing Commitment: As of any date of determination, an amount equal to the sum of
the then Existing Commitments of all Series 2009-1 Noteholders.

     Aggregate Series 2009-1 Note Principal Balance: As of any date of determination, an amount
equal to the sum of the then Series 2009-1 Note Principal Balances of all Series 2009-1 Notes then
Outstanding.

 

 

     Alternative Rate: With respect to any unpaid Series 2009-1 Advance during an Interest Accrual
Period, an interest rate per annum equal to the Adjusted Eurodollar Rate for such Interest Accrual
Period; provided, however, that the Alternative Rate shall be the Base Rate if (i) such Series
2009-1 Advance was funded on a day other than the first day of such Interest Accrual Period, or
(ii) on or before the first day of the related Interest Accrual Period, the Deal Agent shall have
been notified by a Series 2009-1 Noteholder that a Eurodollar Disruption Event has occurred and is
continuing.

     Applicable Debt Margin: With respect to each Interest Accrual Period, one of the following
amounts:

	 	(i)	 	except as specified in clause (ii) below, three and one half of one percent
(3.50%); or
	 
	 	(ii)	 	if the Alternative Rate used during the applicable Interest Accrual Period is
the Base Rate, then, for any period of time for which such Alternative Rate is the Base
Rate, zero percent (0.00%).

     Base Rate: With respect to each Interest Accrual Period, a fluctuating rate of interest per
annum equal to the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 1.50% per annum
and (c) the Adjusted Eurodollar Rate plus 5.00% per annum.

     Breakage Costs: Any reasonable amounts as shall compensate a Series 2009-1 Noteholder for any
loss, cost or expense incurred (as reasonably determined by the Deal Agent in its sole discretion
on behalf of the Series 2009-1 Noteholders) by the Series 2009-1 Noteholders in connection with
funding obtained by it with respect to a Series 2009-1 Advance as a result of (i) the failure of
the Issuer to accept funding of a Series 2009-1 Advance in accordance with a Funding Notice
submitted by the Issuer, (ii) the failure of the Issuer to make a prepayment (when permitted
pursuant to the Indenture and this Supplement) of the principal balance of, or accrued interest on,
any Series 2009-1 Note for which the Issuer has delivered a notice of prepayment in accordance with
the terms of any of the Indenture, this Supplement or the Series 2009-1 Note Purchase Agreement or
(iii) the Issuer making a payment of the principal balance of, or accrued interest on, any Series
2009-1 Note on a day other than a Payment Date.

     Commitment Fee: This term shall have the meaning set forth in Section 205(d) of this
Supplement.

     Commitment Termination Date: With respect to the Series 2009-1 Notes, the earliest to occur of
any of the following events or conditions:

	 	(1)	 	the Scheduled Termination Date then in effect shall have occurred;
	 
	 	(2)	 	an Asset Base Deficiency exists on any Payment Date (determined after giving
effect to all Series 2009-1 Advances made (or to be made) and principal payments and
prepayments actually paid to the Series 2009-1 Noteholders on such Payment Date);
	 
	 	(3)	 	the first date on which either a Manager Default or an Event of Default shall
have occurred and be continuing; and

2

 

	 	(4)	 	the first date on which any of an Undercollateralization Event, a Net Revenue
Event or a Free Cash Flow Event occurs; provided, however, that the Issuer shall have
the right to cure on or prior to the next succeeding Payment Date any
Undercollateralization Event, any Net Revenue Event or any Free Cash Flow Event on not
more than one (1) occasion in the aggregate during each period of three hundred
sixty-four (364) consecutive days commencing on the Series Issuance Date.

If any of the foregoing events or conditions occur or exist, the Commitment Termination Date shall
occur immediately, unless each Series 2009-1 Noteholder shall have waived in writing such event or
condition. Upon any permissible cure of the event or condition described in clause (4) above, the
occurrence of the Commitment Termination Date shall be rescinded as of the date on which such
permissible cure is effected.

     Deal Agent: Wells Fargo Securities, LLC.

     Default Fee: For any Payment Date with respect to the Series 2009-1 Notes, the amount of
incremental fees payable on the Series 2009-1 Notes in accordance with the provisions of Section
203(b) hereof over the amount of interest payable pursuant to Section 203(a) hereof.

     Eurodollar Disruption Event: As of any date of determination, the existence of any of the
following events or conditions: (a) a determination by a Series 2009-1 Noteholder (or any of its
assignees or participants) or the Deal Agent that it would be contrary to law or to the directive
of any central bank or other governmental authority (whether or not having the force of law) to
obtain US Dollars in the London interbank market to make, fund or maintain any Series 2009-1
Advance for such Interest Accrual Period, (b) a determination by a Series 2009-1 Noteholder (or any
of its assignees or participants) or the Deal Agent that the rate at which deposits of US Dollars
are being offered to such lender in the London interbank market does not accurately reflect the
cost to such Series 2009-1 Noteholder (or any of its assignees or participants) of making, funding
or maintaining any Series 2009-1 Advance for such Interest Accrual Period, (c) the inability of a
Series 2009-1 Noteholder (or any of its assignees or participants) to obtain US Dollars in the
London interbank market to make, fund or maintain any Series Advance for such Interest Accrual
Period or (d) any Series 2009-1 Noteholder (or any of its assignees or participants) shall have
notified the Deal Agent of the inability, for any reason, of such Series 2009-1 Noteholder (or any
of its assignees or participants) to determine the Adjusted Eurodollar Rate.

     Eurodollar Reserve Percentage: With respect to any unpaid Series 2009-1 Advance for any day
in any Interest Accrual Period (or, if more than one such percentage shall be so applicable, the
daily average of such percentages for those days in such period during which any such percentage
shall be so applicable), the reserve percentage applicable on such day under regulations issued
from time to time by the Federal Reserve Board (or any successor) for determining the maximum
reserve requirement (including, without limitation, any emergency, supplemental or other marginal
reserve requirement) for Wachovia Bank, National Association, with respect to liabilities or assets
consisting of or including Eurocurrency Liabilities (as defined in Regulation D of the Federal
Reserve Board, as in effect from time to time) and having a term equal to such Interest Accrual
Period.

3

 

     Existing Commitment: The Initial Commitment, as such amount may be reduced from time to time
in accordance with the terms of the Series 2009-1 Note Purchase Agreement.

     Expected Final Payment Date: With respect to the Series 2009-1 Notes, the Payment Date
occurring in October 2013.

     Federal Funds Rate: With respect to the Series 2009-1 Notes, as of any date of determination,
a fluctuating interest rate per annum equal to the weighted average of the federal funds rates and
confirmed in Federal Reserve Board Statistical Release H. 15 (519) or any successor or substitute
publication selected by the Deal Agent (or, if such day is not a Business Day, for the next
preceding Business Day), or, if, for any reason, such rate is not available on any day, the rate
determined, in the sole opinion of the Deal Agent, to be the rate at which federal funds are being
offered for sale in the national federal funds market at 9:00 a.m. (New York City time).

     Funding Notice: This term has the meaning set forth in the Series 2009-1 Note Purchase
Agreement.

     Increased Costs: Any fees, expenses or increased costs charged to a Series 2009-1 Noteholder
on account of the adoption of any applicable law, rule or regulation (including any applicable law,
rule, or regulation regarding capital adequacy) or any change therein, or any change in the
interpretation or administration thereof by any Governmental Authority.

     Initial Commitment: With respect to any Series 2009-1 Noteholder, the amount set forth as
such on such Series 2009-1 Noteholder’s respective signature page to the Series 2009-1 Note
Purchase Agreement.

     Interest Accrual Period: With respect to a Payment Date, the period beginning with, and
including, the immediately preceding Payment Date and ending on the day immediately preceding such
Payment Date; provided, however, that the initial Interest Accrual Period shall be the period
beginning with and including the Closing Date and ending on and including November 26, 2009.

     Interest Payment: With respect to any Payment Date, the Series 2009-1 Note Interest Payment
payable on such Payment Date.

     Legal Final Maturity Date: With respect to the Series 2009-1 Notes, the Payment Date
occurring in October 2013.

     LIBOR Rate: With respect to each Interest Accrual Period, an interest rate per annum equal
to:

	 	(1)	 	the posted rate for 30-day deposits in US Dollars appearing on Reuters Screen
LIBOR01 Page as of 11:00 a.m. (London time) on the second Business Day preceding the
commencement of such Interest Accrual Period; or
	 
	 	(2)	 	if no such rate appears on Reuters Screen LIBOR01 Page at such time and on such
day, then the LIBOR Rate shall be determined by Wachovia Bank, National Association, at
its office in Charlotte, North Carolina as its rate (each such

4

 

	 	 	 	determination, absent manifest error, to be conclusive and binding on all parties
hereto and their assignees) at which 30-day deposits in US Dollars are being, have
been, or would be offered or quoted by Wachovia Bank, National Association, to major
banks in the applicable interbank market for Eurodollar’ deposits at or about 11:00
a.m. (Charlotte, North Carolina time) on such day; or
	 
	 	(3)	 	if a Eurodollar Disruption Event is then continuing, the Base Rate.

     Minimum Principal Payment Amount. For the Series 2009-1 Notes for any Payment Date, one of
the following amounts:

	 	(a)	 	for each Payment Date occurring prior to the Legal Final
Maturity Date for the Series 2009-1 Notes, zero; or
	 
	 	(b)	 	for the Legal Final Maturity Date for the Series 2009-1 Notes,
the then Aggregate Series 2009-1 Note Principal Balance on such date.

     Minimum Targeted Principal Balance: For the Series 2009-1 Notes for any Payment Date, one of
the following amounts:

	 	(a)	 	for each Payment Date occurring prior to the Legal Final
Maturity Date for the Series 2009-1 Notes, the Aggregate Series 2009-1 Note
Principal Balance on such Payment Date; or
	 
	 	(b)	 	for the Payment Date occurring on the Legal Final Maturity Date
for the Series 2009-1 Notes, zero.

     Note: This term shall mean a Series 2009-1 Note.

     Overdue Rate: For any date of determination with respect to the Series 2009-1 Notes, an
interest rate per annum equal to the sum of (i) the Base Rate then in effect, plus (ii) two percent
(2%) per annum.

     Other Taxes: This term has the meaning set forth in Section 206(b) of this Supplement.

     Prime Rate: With respect to any unpaid Series 2009-1 Advance on any day during an Interest
Accrual Period, the interest rate per annum announced by Wachovia Bank, National Association, from
time to time as its “prime rate” or “base rate” in the United States, such rate to change as and
when such designated rate changes. The prime rate is not intended to be the lowest rate of interest
charged by Wachovia Bank, National Association in connection with extensions of credit to debtors.

     Reuters Screen LIBOR01 Page: The display page currently so designated on the Reuters Monitor
Money Rates Service (or such other page as may replace such page on such service for the purpose of
displaying the rates at which dollar deposits are offered by leading banks in the London interbank
deposit market), as reported by Bloomberg Financial Markets Commodities News (or by another source
selected by the Deal Agent and notified by the Deal Agent to the Issuer and the Manager).

5

 

     Scheduled Principal Payment Amount: For the Series 2009-1 Notes, one of the following
amounts:

	 	(a)	 	for each Payment Date occurring prior to the Legal Final
Maturity Date for the Series 2009-1 Notes, zero; or
	 
	 	(b)	 	for the Payment Date occurring on the Legal Final Maturity Date
for the Series 2009-1 Notes, the Aggregate Series 2009-1 Note Principal Balance
on such Payment Date.

     Scheduled Targeted Principal Balance: For each Payment Date for the Series 2009-1 Notes, the
Aggregate Series 2009-1 Note Principal Balance on such Payment Date.

     Scheduled Termination Date: This term shall have the meaning set forth in the Series 2009-1
Note Purchase Agreement.

     Series 2009-1: The Series of Notes the terms of which are specified in this Supplement.

     Series 2009-1 Advance: Each advance of funds made by a Series 2009-1 Noteholder pursuant to
the terms of this Supplement and the Series 2009-1 Note Purchase Agreement.

     Series 2009-1 Availability: As of any date of determination for any Series 2009-1 Noteholder
prior to the Commitment Termination Date, the lesser of (A) the excess, if any of (x) the Existing
Commitment of such Series 2009-1 Noteholder on such date of determination over (y) the then Series
2009-1 Note Principal Balance of the Series 2009-1 Note owned by such Series 2009-1 Noteholder on
such date of determination; and (B) the product of (i) the Series 2009-1 Percentage of such Series
2009-1 Noteholder, and (ii) the excess, if any, of (x) the Asset Base (calculated after giving
effect to any Eligible Compressors to be acquired with the proceeds of such Series 2009-1 Advance)
over (y) the Aggregate Series 2009-1 Note Principal Balance (calculated prior to giving effect to
the requested Series 2009-1 Advance). On or subsequent to the Commitment Termination Date, the
Series 2009-1 Availability shall be zero.

     Series 2009-1 Note: Any note, substantially in the form of Exhibit A hereto, issued pursuant
to the terms of Section 201 of this Supplement, and any and all replacements or substitutions of
any such note.

     Series 2009-1 Note Interest Payment: For each Payment Date, an amount equal to the product of
(i) the average Aggregate Series 2009-1 Note Principal Balance during the related Interest Accrual
Period, and (ii) an interest rate per annum equal to the sum of (x) the Alternative Rate for such
Interest Accrual Period and (y) the Applicable Margin. Such Series 2009-1 Note Interest Payment
shall be calculated in accordance with the procedures set forth in Section 203(d) hereof.

     Series 2009-1 Note Principal Balance: With respect to any Series 2009-1 Note as of any date
of determination, an amount equal to the excess of (i) the sum of all Series 2009-1 Advances made
on or subsequent to the Closing Date by the related Series 2009-1 Noteholder, over (ii) the
cumulative amount of all payments of Minimum Principal Payment Amounts, Scheduled Principal Payment
Amounts, allocated portions of Supplemental Principal Payment Amounts and

6

 

any other principal payments actually received subsequent to the Closing Date with respect to
such Series 2009-1 Note.

     Series 2009-1 Note Purchase Agreement: The Note Purchase Agreement, dated as of October 13,
2009, among the Issuer, the EXLP ABS Lessor, Wells Fargo Securities, LLC, Wachovia Bank, National
Association and certain other parties thereto, with respect to the Series 2009-1 Notes.

     Series 2009-1 Note Unused Commitment: With respect to any Series 2009-1 Noteholder as of any
date of determination, one of the following amounts: (A) prior to the Commitment Termination Date,
an amount equal to the excess of (i) the Existing Commitment then in effect for such Series 2009-1
Noteholder, over (ii) the Series 2009-1 Note Principal Balance of the Series 2009-1 Note owned by
such Series 2009-1 Noteholder as of such date (measured after giving effect to all Series 2009-1
Advances made and all principal payments to be received by such Series 2009-1 Noteholder on such
date), and (B) on or subsequent to the Commitment Termination Date, zero.

     Series 2009-1 Noteholder: As of any date of determination, any Person in whose name a Series
2009-1 Note is registered in the Note Register.

     Series 2009-1 Percentage: With respect to any Series 2009-1 Noteholder as of any date of
determination, a fraction (expressed as a percentage), the numerator of which is the Existing
Commitment of such Series 2009-1 Noteholder and the denominator of which is equal to the Aggregate
Existing Commitment of all Series 2009-1 Noteholders.

     Series 2009-1 Series Account: The account of that name established in accordance with Section
301 hereof.

     Series Issuance Date: For the Series 2009-1 Notes, October 13, 2009.

          (b) Capitalized terms used herein and not otherwise defined shall have the meaning set forth
in Appendix A to the Indenture, as such Appendix A may be amended, supplemented or otherwise
modified from time to time in accordance with the provisions of the Indenture. The rules of usage
set forth in such Appendix A shall apply to this Supplement.

ARTICLE II

Creation of the Series 2009-1 Notes

          Section 201. Designation. (a) There is hereby created a Series of Notes to be issued in one Class pursuant to the
Indenture and this Supplement to be known as “EXLP ABS 2009 LLC Floating Rate Secured Notes, Series
2009-1”. The Series 2009-1 Notes will be issued on the Series Issuance Date in the initial maximum
principal balance of One Hundred Fifty Million Dollars ($150,000,000) and the Aggregate Existing
Commitment of all of the Series 2009-1 Notes on the Series Issuance Date shall be One Hundred Fifty
Million Dollars ($150,000,000). The Series 2009-1 Notes will not have priority over any other
Series, except to the extent set forth in the Indenture (including Section 302(g) thereof) or in
the Supplement for such other Series. The Series 2009-1 Notes are designated as a Series of
Warehouse Notes. The initial Payment Date for the Series 2009-1 Notes shall be November 27, 2009.

7

 

          (b) On the Series Issuance Date, the Issuer shall sell the Series 2009-1 Notes to Wachovia
Bank, National Association pursuant to the Series 2009-1 Note Purchase Agreement and deliver such
Series 2009-1 Notes in accordance herewith and therewith. The Series 2009-1 Notes shall be issued
as Definitive Notes, substantially in the form of Exhibit A hereto.

          (c) Payments of principal on the Series 2009-1 Notes shall be payable from funds on deposit in
the Series 2009-1 Series Account, or otherwise, at the times and in the amounts set forth in
Articles III and VII of the Indenture and Article III of this Supplement. As more fully set forth
in this Supplement, so long as no Event of Default has occurred and is continuing, no Minimum
Principal Payment Amounts and Scheduled Principal Payment Amounts are scheduled to be owing on any
Payment Date occurring prior to the Legal Final Payment Date.

          (d) As of the Closing Date, the Series 2009-1 Notes have not been rated by a Rating Agency.

          (e) So long as no Enhancement Agreement is in effect with respect to the Series 2009-1 Notes,
any right or privileges contained in any Related Document that accrues to, or is exercisable by, a
Series Enhancer shall be, with respect to Series 2009-1, exercisable by the Majority Holders of
Series 2009-1. Any notice or report to be mailed to a Series Enhancer shall be mailed to each
Series 2009-1 Noteholder.

          (f) As of the Closing Date, there are no Enhancement Agreements with respect to Series 2009-1
and accordingly no Series Enhancer Defaults shall be applicable with respect to Series 2009-1.

          (g) In the event that any term or provision contained herein shall conflict with or be
inconsistent with any term or provision contained in the Indenture, the terms and provisions of
this Supplement shall govern.

          Section 202. Authentication and Delivery.

          (a) On the Closing Date, the Issuer shall sign the Series 2009-1 Notes, and shall direct the
Indenture Trustee in writing pursuant to Section 201 of the Indenture to duly authenticate the
Series 2009-1 Notes, and the Indenture Trustee, upon receiving such direction, (i) shall
authenticate (by manual or facsimile signature), subject to compliance with the conditions
precedent set forth in Article V hereof and the Series 2009-1 Note Purchase Agreement, the Series
2009-1 Notes in accordance with such written directions, and (ii) subject to compliance with the
conditions precedent set forth in Article V hereof and the Series 2009-1 Note Purchase Agreement,
shall deliver such Series 2009-1 Notes to the Noteholders in accordance with such written
directions.

          (b) The Series 2009-1 Notes shall be executed by manual or facsimile signature by the Issuer
and shall be substantially in the form of Exhibit A hereto.

          (c) The Series 2009-1 Notes shall be issued in minimum denominations of $1,000,000 and in
integral multiples of $100,000 in excess thereof.

8

 

          Section 203. Interest Payments on the Series 2009-1 Notes.

          (a) Interest on Series 2009-1 Notes. Interest shall be due and payable on each Series
2009-1 Note on each Payment Date in an amount equal to the Series 2009-1 Note Interest Payment for
such Series 2009-1 Note on such Payment Date. The Deal Agent shall, by not later than the fifth
(5th) Business Day preceding each Payment Date, deliver to each of the Issuer, the Manager and the
Deal Agent a calculation of the Interest Payments payable on the Series 2009-1 Notes on such
Payment Date. Such Interest Payments shall be payable on each Payment Date from amounts on deposit
in the Series 2009-1 Series Account in accordance with Section 302 of this Supplement. To the
extent that the amount of interest which is due and payable on any Payment Date is not paid in full
on such date, such shortfall shall be due and payable on the immediately succeeding Payment Date.

          (b) Interest on Overdue Amounts. If the Issuer shall default in the payment of (i)
the Series 2009-1 Note Principal Balance on the Legal Final Maturity Date, or (ii) the Series
2009-1 Note Interest Payment for any Series 2009-1 Note on any Payment Date, or (iii) any other
amount due to the Series 2009-1 Noteholders under this Supplement and/or the Indenture on the date
when due, then, in each case, the Issuer shall, from time to time, pay interest on such unpaid
amounts, to the extent permitted by Applicable Law, to, but not including, the date of actual
payment (after as well as before judgment), at a rate per annum equal to the Overdue Rate, for the
period during which such principal, interest or other amount shall be unpaid from the due date of
such payment to the date of actual payment thereof. Default Fees shall be distributed from the
Series 2009-1 Series Account at the times and subject to the priorities set forth in Section 302 of
this Supplement.

          (c) Maximum Interest Rate. In no event shall the interest charged with respect to a
Series 2009-1 Note exceed the maximum amount permitted by Applicable Law. If at any time the
interest rate charged with respect to a Series 2009-1 Note exceeds the maximum rate permitted by
Applicable Law, the rate of interest to accrue pursuant to this Supplement and such Series 2009-1
Note shall be limited to the maximum rate permitted by Applicable Law, but any subsequent
reductions in the Alternative Rate shall not reduce the interest to accrue on such Series 2009-1
Note below the maximum amount permitted by Applicable Law until the total amount of interest
accrued on such Series 2009-1 Note equals the amount of interest that would have accrued if a
varying rate per annum equal to the interest rate had at all times been in effect. If the total
amount of interest paid or accrued on the Series 2009-1 Note under the foregoing provisions is less
than the total amount of interest that would have accrued if the interest rate had at all times
been in effect, the Issuer agrees to pay to the Series 2009-1 Noteholders an amount equal to the
difference between (a) the lesser of (i) the amount of interest that would have accrued if the
maximum rate permitted by Applicable Law had at all times been in effect, or (ii) the amount of
interest that would have accrued if the interest rate had at all times been in effect, and (b) the
amount of interest accrued in accordance with the other provisions of this Supplement.

          (d) Calculation of Interest. Interest on the Series 2009-1 Notes calculated utilizing the LIBOR Rate and fees shall be
computed on the basis of a year of 360 days and actual days elapsed (including the first day but
excluding the last day) occurring in the period for which such interest is payable. Interest on
Series 2009-1 Notes calculated utilizing the Base Rate shall be computed on the basis of a year of
365 or 366 days, as the case may be, and actual days

9

 

elapsed (including the first day but excluding the last day) occurring in the period for which such
interest is payable.

          Section 204. Principal Payments on the Series 2009-1 Notes. (a) The unpaid principal balance of the Series 2009-1 Notes shall be payable on each Payment
Date occurring prior to the Legal Final Maturity Date from amounts on deposit in the Series 2009-1
Series Account, or funds otherwise available for such purpose, in an amount equal to that portion
of the Supplemental Principal Payment Amount for such Payment Date that has been allocated to the
Series 2009-1 Notes in accordance with the terms of the Indenture. The Aggregate Series 2009-1
Note Principal Balance, together with all unpaid interest (including all Default Fees), fees
(including all Commitment Fees), expenses, Breakage Costs and all other amounts payable by the
Issuer to the Series 2009-1 Noteholders, each Interest Rate Hedge Provider and the Indenture
Trustee pursuant to the terms of the Indenture and this Supplement, shall be due and payable in
full on the earlier to occur of (x) the date on which an Event of Default shall occur and the
Series 2009-1 Notes have been accelerated in accordance with Section 802 of the Indenture and (y)
the Legal Final Maturity Date.

          (b) The Issuer may, on any Business Day and upon three (3) Business Days’ prior written notice
to the Indenture Trustee and the Series 2009-1 Noteholders (which notice shall be irrevocable when
given), voluntarily prepay, in whole or in part, the Aggregate Series 2009-1 Note Principal Balance
by making a wire transfer to the Series 2009-1 Series Account; provided, however, that (i) each
such voluntary prepayment to each Series 2009-1 Noteholder must be for an amount of not less than
Five Hundred Thousand Dollars ($500,000) and (ii) the Issuer may not make such repayment from funds
in the Transaction Accounts, except to the extent that funds in any such account would otherwise be
distributable to the Series Account for application to the unpaid principal of the Series 2009-1
Notes or payable to the Issuer, in each case in accordance with the terms of Section 302 of the
Indenture, or are otherwise expressly available to the Issuer for such Prepayment. In connection
with any Prepayment made in accordance with this Section 204(b), the Issuer shall pay, or cause to
be paid, an amount equal to the sum of (i) accrued interest on the principal balance being prepaid
to the date of such Prepayment, (ii) any Breakage Costs assessed by the Deal Agent, on behalf of
the Series 2009-1 Noteholders, and (iii) any fees and costs (including, without limitation,
termination payments) assessed by the Interest Rate Hedge Provider, but otherwise without
prepayment premium or penalty. Nothing contained herein shall obligate the Issuer to pay Breakage
Costs with respect to any prepayment of principal balance of a Series 2009-1 Note actually paid by
the Issuer on a Payment Date in accordance with the provisions of this Section 204(b).

          Section 205. Amounts and Terms of Series 2009-1 Noteholder Commitments.

          (a) Commitments. Subject to the terms and conditions of this Supplement and the
Series 2009-1 Note Purchase Agreement, each Series 2009-1 Noteholder shall make its Initial
Commitment available to the Issuer during the period commencing on (and including) the Closing Date
and ending on (but excluding) the Commitment Termination Date.

          (b) Series 2009-1 Advances. Prior to the Commitment Termination Date each Series
2009-1 Note shall be a revolving note with a maximum principal amount equal to the Existing
Commitment then in effect for the related Series 2009-1 Noteholder. The Deal Agent shall maintain
a record of all Series 2009-1 Advances and repayments made on the Series 2009-1

10

 

Notes and absent manifest error such records shall be conclusive. On any two (2) Business
Days in any calendar month requested by the Issuer and (except with respect to the initial Series
2009-1 Advance) so long as the Issuer shall have given three (3) Business Days’ prior written
notice to the Indenture Trustee and the Deal Agent, and shall have satisfied all applicable
conditions precedent set forth in Article V hereof, each Series 2009-1 Noteholder shall, subject to
the terms and conditions of the Series 2009-1 Note Purchase Agreement, deposit in the account
designated by the Issuer by wire transfer of same day funds an amount in US Dollars equal to its
Series 2009-1 Percentage of the requested Series 2009-1 Advance; provided, however, that, each
Series 2009-1 Advance by each Series 2009-1 Noteholder shall be for an amount (A) not less than the
lesser of (x) its then unused Series 2009-1 Note Existing Commitment and (y) Five Million
Dollars ($5,000,000), and (B) not greater than the Series 2009-1 Availability of such
Series 2009-1 Noteholder on such Business Day; provided, further, that in the event that any Series
2009-1 Noteholder fails to make a Series 2009-1 Advance in accordance with its Series 2009-1 Note
Existing Commitment, then the other Series 2009-1 Noteholder(s) shall not be obligated to fund the
Series 2009-1 Percentage of the defaulted Series 2009-1 Noteholder(s).

          (c) (1) Each request for a Series 2009-1 Advance shall be submitted in writing to the Deal
Agent in the manner contemplated in the Indenture by not later than 1:00 p.m. (Charlotte, North
Carolina time) on the third (3rd) Business Day prior to the date of the requested Series
2009-1 Advance and shall be irrevocable when given.

               (2) Each request for a Series 2009-1 Advance shall constitute a reaffirmation by the Issuer
that (i) no Event of Default, Manager Default, Trigger Event or Prospective Trigger Event has
occurred and is continuing, (ii) the representations and warranties of the Issuer contained in the
Related Documents are true, correct and complete in all material respects to the same extent as
though made on and as of the date of the request, except to the extent such representations and
warranties specifically relate to an earlier date, in which event they shall be true, correct and
complete in all material respects as of such earlier date and (iii) that each of the conditions
precedent to such Series 2009-1 Advance have been satisfied.

               (3) If (i) any Series 2009-1 Advance requested by the Issuer is not made or effectuated, for
any reason whatsoever, related to a default or nonperformance by the Issuer, on the date specified
thereof or (ii) any optional prepayment of the Series 2009-1 Notes is not made when specified in
the notice delivered pursuant to Section 204 of this Supplement, the Issuer shall indemnify each
Series 2009-1 Noteholder against any Breakage Costs.

          (d) On each Payment Date, the Issuer shall pay a commitment fee (the “Commitment Fee”) to each
Series 2009-1 Noteholder, which shall be in an amount equal to the sum of the product for each day
during the immediately preceding Interest Accrual Period of (x) one quarter of one percent (0.25%)
per annum, (y) a fraction (expressed as percentage) the numerator of which is one and the
denominator of which is equal to 360, and (z) the Series 2009-1 Note Unused Commitment of such
Series 2009-1 Noteholder on such date. Such Commitment Fee shall be payable from amounts then on
deposit in the Series 2009-1 Series Account, or amounts otherwise available for such purpose, in
accordance with Section 302 hereof.

          (e) All payments of principal and interest on the Series 2009-1 Notes shall be paid to the
Series 2009-1 Noteholders reflected in the Note Register as of the related Record Date by wire
transfer of immediately available funds for receipt prior to 3:00 p.m. (New York

11

 

City time) on the related Payment Date. Any payments received by a Series 2009-1 Noteholder
after 3:00 p.m. (New York City time) on any day shall be considered to have been received on the
next succeeding Business Day.

          (f) All payments received by the Deal Agent from the Issuer by wire transfer of immediately
available funds prior to 11:00 a.m. (New York City time) on the related Payment Date shall be
disbursed by the Deal Agent to the Series 2009-1 Noteholders by no later than 3:00 p.m. on such
Business Day. Any payments received by the Deal Agent after 11:00 a.m. (New York City time) on any
day shall be paid to the Series 2009-1 Noteholders by 11:00 a.m. on the next Business Day.

          (g) The Aggregate Series 2009-1 Note Principal Balance of the Series 2009-1 Notes shall be
required to be prepaid at the time and in the amounts set forth in Section 702(b) of the Indenture.
In addition, Holders of the Series 2009-1 Notes are entitled to receive, at the times and subject
to the conditions set forth in the Indenture, an allocable portion (as determined in accordance
with Section 302(g) of the Indenture) of any Supplemental Principal Payment Amount.

          Section 206. Taxes.

          (a) In addition to payments of principal and interest on the Series 2009-1 Notes when due, the
Issuer shall pay, or cause to be paid, any and all Taxes, and all liabilities with respect thereto,
excluding, in the case of each Series 2009-1 Noteholder and any Person to whom a Series 2009-1
Noteholder has sold an interest in the Series 2009-1 Note, and the Deal Agent (such Series 2009-1
Noteholder and the Deal Agent being an “Indemnified Party”), such Taxes as are imposed on or
measured by each Indemnified Party’s net income by the jurisdiction under the laws of which such
Indemnified Party, as the case may be, is organized or maintains an office or any political
subdivision thereof.

          (b) In addition, the Issuer shall pay, or cause to be paid, any present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies which arise from
any payment made hereunder or from the execution, delivery or registration of, or otherwise with
respect to, this Supplement or any other documents related to the issuance of the Series 2009-1
Notes except for any such taxes due upon the transfer by a Series 2009-1 Noteholder of its Series
2009-1 Notes to any Person other than the Series Enhancer (if the Series Enhancer is not then the
Majority Holders of Series 2009-1) (hereinafter referred to as “Other Taxes”).

          (c) If any Taxes or Other Taxes are directly asserted or imposed against any Indemnified
Party, the Issuer shall indemnify and hold harmless such Indemnified Party for the full amount of
the Taxes or Other Taxes (including any Taxes or Other Taxes asserted or imposed by any
jurisdiction on amounts payable under this Section 206) paid by the Indemnified Party and any
liability (including penalties, interest, additions to tax and expenses) arising therefrom or with
respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted or
imposed. If the Issuer fails to pay any Taxes or Other Taxes when due to the appropriate taxing
authority or fails to remit to the Indemnified Party the required receipts or other required
documentary evidence, the Issuer shall indemnify the Indemnified Party for any incremental Taxes or
Other Taxes, interest or penalties that may become payable by the

12

 

Indemnified Party as a result of any such failure. Payment under this indemnification shall
be made by the Issuer immediately upon written demand therefor by any Indemnified Party; provided
that such payment shall be made in accordance with the priorities for distributions set forth in
Section 302 of this Supplement. The Indemnified Party shall give prompt notice to the Issuer of
any assertion of Taxes or Other Taxes so that the Issuer may, at its option, contest such
assertion.

          (d) Taxes and Other Taxes shall not constitute a “Claim” (as defined in Section 101(5) of the
Bankruptcy Code) against the Issuer in any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings involving the Issuer in the event such amounts are not paid in accordance
with Section 302 of this Supplement.

          (e) On or before the date it acquires a Series 2009-1 Note (and, so long as it may properly do
so, periodically thereafter, as requested by the Issuer, to keep forms up to date), each Series
2009-1 Noteholder that is organized under the laws of a jurisdiction outside the United States of
America hereby is deemed to have agreed by its acceptance of its Series 2009-1 Note to deliver to
the Indenture Trustee any certificates, documents or other evidence that shall be required by the
Code (or any regulations issued pursuant thereto) to establish that, assuming the Series 2009-1
Notes are properly characterized as indebtedness, it is exempt from existing United States Federal
withholding requirements, including two (2) original copies of Internal Revenue Service Form W-8BEN
or Form W-8ECI or any applicable successor form, properly completed and duly executed by the Series
2009-1 Noteholder certifying that it is entitled to receive payments under this Agreement without
deduction or withholding of any United States Federal income taxes (or at a reduced rate). If any
Series 2009-1 Noteholder does not comply with the requirements of this Section 206(f), then the
amounts payable to such Series 2009-1 Noteholder pursuant to this Section 206 shall be limited to
reflect such withholding. Any payment made by any Person to any Series 2009-1 Noteholder of Series
2009-1 Note Interest Payment, Scheduled Principal Payment Amount or Commitment Fees shall be
considered as having been paid by the Issuer to the Series 2009-1 Noteholder for all purposes of
this Supplement.

          Section 207. Increased Costs; Capital Adequacy; Illegality.

          (a) If either (i) the introduction of, or any change (including, without limitation, any
change by way of imposition or increase of reserve requirements) after the Closing Date in or in
the interpretation of any Applicable Law or (ii) the compliance by an Affected Party with any
guideline or request from any central bank or other Governmental Authority charged with the
interpretation or administration thereof (whether or not having the force of law) shall (A) subject
an Affected Party to any Tax (except for Taxes on the overall net income of such Affected Party),
duty or other charge with respect to any Series 2009-1 Note, or any right to make Series 2009-1
Advance hereunder, or on any payment made hereunder, (B) impose, modify or deem applicable any
reserve requirement (including, without limitation, any reserve requirement imposed by the Board of
Governors of the Federal Reserve System, but excluding any reserve requirement, if any, included in
the determination of the Adjusted Eurodollar Rate), special deposit or similar requirement against
assets of, deposits with or for the amount of, or credit extended by, any Affected Party or (C)
impose any other condition affecting a Series 2009-1 Note or any Series 2009-1 Noteholder’s rights
hereunder, the result of which is to increase the cost to any Affected Party of maintaining its
investment in the Series 2009-1 Note

13

 

or to reduce the amount of, or the rate of return on, any sum received or receivable by an
Affected Party under this Supplement, then within ten (10) days after demand by such Affected Party
(which demand shall be accompanied by a statement setting forth the basis for such demand), the
Issuer and/or the EXLP ABS Lessor shall pay directly to such Affected Party such additional amount
or amounts as will compensate such Affected Party for such additional or increased cost incurred or
such reduction suffered.

          (b) If either (i) the introduction of or any change in or in the interpretation of any
Applicable Law, directive or request or (ii) compliance by any Affected Party with any Applicable
Law or directive or request from any central bank or other Governmental Authority (whether or not
having the force of law), including, without limitation, compliance by an Affected Party with any
request or directive regarding capital adequacy and accounting pronouncements or interpretations of
Accounting Research Bulletin No. 51, has or would have the effect of reducing the rate of return on
the capital of any Affected Party as a consequence of its obligations hereunder or under the other
Related Documents or arising in connection herewith or therewith to a level below that which any
such Affected Party could have achieved but for such introduction, change or compliance (taking
into consideration the policies of such Affected Party with respect to capital adequacy) by an
amount deemed by such Affected Party to be material, then from time to time, within ten (10) days
after demand by such Affected Party (which demand shall be accompanied by a statement setting forth
the basis for such demand), the Issuer and/or the EXLP ABS Lessor shall pay directly to such
Affected Party such additional amount or amounts as will compensate such Affected Party for such
reduction.

          (c) If as a result of any event or circumstance similar to those described in clauses (a) or
(b) of this Section, any Affected Party is required to compensate a bank or other financial
institution providing liquidity support, credit enhancement or other similar support to such
Affected Party in connection with this Agreement or the funding or maintenance of Series 2009-1
Advances hereunder, then within ten (10) days after demand by such Affected Party, the Issuer shall
pay, or cause to be paid, to such Affected Party such additional amount or amounts as may be
necessary to reimburse such Affected Party for any amounts payable or paid by it.

          (d) In determining any amount provided for in this section, the Affected Party may use any
reasonable averaging and attribution methods. Any Affected Party making a claim under this section
shall submit to the Issuer and the Manager a written description as to such additional or increased
cost or reduction and the calculation thereof, which written description shall be conclusive absent
demonstrable error.

          (e) If a Series 2009-1 Noteholder shall notify the Deal Agent that a Eurodollar Disruption
Event as described in clause (a) of the definition of “Eurodollar Disruption Event” has occurred,
the Deal Agent shall in turn so notify the Issuer, whereupon all Series 2009-1 Advances in respect
of which Series 2009-1 Note Interest Payment accrues at the Adjusted Eurodollar Rate shall
immediately be converted into a Series 2009-1 Advance in respect of which interest accrues at the
Base Rate.

          (f) Any amounts payable by the Issuer pursuant to this Section 207 are contingent upon the
availability of funds to make such payment in accordance with the provisions of Section 302 hereof
and, to the extent such funds are not available, shall not constitute a “Claim” (as defined in
Section 101(5) of the Bankruptcy Code) against the Issuer in

14

 

any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings involving
the Issuer in the event that such amounts are not paid in accordance with Section 302 of this
Supplement.

ARTICLE III

Series 2009-1 Series Account and

Allocation and Application of Amounts Therein

          Section 301. Series 2009-1 Series Account. The Issuer shall establish on the Closing Date and maintain, so long as any Series 2009-1 Note
is Outstanding, an Eligible Account at Wells Fargo Bank, National Association which shall be
designated as the Series 2009-1 Series Account, which account shall be held in the name of the
Indenture Trustee for the benefit of the Series 2009-1 Noteholders pursuant to the Indenture and
this Supplement. All deposits of funds into the Series 2009-1 Series Account by the Issuer or any
other Person shall be accumulated in, and withdrawn from, the Series 2009-1 Series Account in
accordance with the provisions of the Indenture and this Supplement. Any funds on deposit in the
Series 2009-1 Series Account shall be invested in the same manner as the funds deposited and held
in the Trust Account.

          Section 302. Distributions from the Series 2009-1 Series Account.

          (a) On each Payment Date and on each other date on which any payment is to be made with
respect to the Series 2009-1 Notes in accordance with Section 203 or 204 hereof, the Indenture
Trustee shall distribute funds then on deposit in the Series 2009-1 Series Account in accordance
with the priorities set forth below:

          (I) If an Event of Default shall not have occurred and be continuing (as determined in
accordance with the provisions of Section 818 of the Indenture):

	 	(1)	 	To each related Holder of a Series 2009-1 Note
on the immediately preceding Record Date, an amount equal to each such
Holder’s pro rata portion (based on the relative amounts owing pursuant
to this clause (1)) of the Interest Payments (exclusive of Default
Fees) payable with respect to the Series 2009-1 Notes for such Payment
Date and all prior Payment Dates;
	 
	 	(2)	 	To each related Holder of a Series 2009-1 Note
on the immediately preceding Record Date, on a pro rata basis (based on
the relative amounts owing pursuant to this clause (2)), the Commitment
Fee payable to each such Holder for such Payment Date and all prior
Payment Dates;
	 
	 	(3)	 	To each Holder of a Series 2009-1 Note on the
immediately preceding Record Date, an amount equal to each such
Holder’s pro rata portion (based on the relative Series 2009-1 Note
Principal Balances) of the Minimum Principal Payment Amount then due
and payable with respect to the Series 2009-1 Notes on such Payment
Date;

15

 

	 	(4)	 	To each Holder of a Series 2009-1 Note on the
immediately preceding Record Date, an amount equal to each such
Holder’s pro rata portion (based on the relative Series 2009-1 Note
Principal Balances) of the Scheduled Principal Payment Amount then due
and payable with respect to the Series 2009-1 Notes on such Payment
Date;
	 
	 	(5)	 	To each Holder of a Series 2009-1 Note on the
immediately preceding Record Date, an amount equal to each such
Holder’s pro rata portion (based on the relative Series 2009-1 Note
Principal Balances) of that portion of the Supplemental Principal
Payment Amount allocable to the Series 2009-1 Notes on such Payment
Date, until the Aggregate Series 2009-1 Note Principal Balance has been
reduced to zero;
	 
	 	(6)	 	To each Holder of a Series 2009-1 Note on the
immediately preceding Record Date, an amount equal to each such
Holder’s pro rata portion (based on the relative amounts owing to each
such Holder) of indemnities and other amounts (including Default Fees)
then due and payable by the Issuer to the Series 2009-1 Noteholders
pursuant to the Related Documents; and
	 
	 	(7)	 	To the Issuer, any remaining amounts then on
deposit in the Series 2009-1 Series Account.

          (II) If an Event of Default shall have occurred and be continuing (as determined in accordance
with the provisions of Section 818 of the Indenture):

	 	(1)	 	To each Holder of a Series 2009-1 Note on the
immediately preceding Record Date, an amount equal to each such
Holder’s pro rata portion (based on the relative amounts owing pursuant
to this clause (1)) of the Interest Payments (exclusive of Default
Fees) payable with respect to the Series 2009-1 Notes for such Payment
Date and all prior Payment Dates;
	 
	 	(2)	 	To each Holder of a Series 2009-1 Note on the
immediately preceding Record Date, on a pro rata basis (based on the
relative amounts owing pursuant to this clause (2)), the Commitment Fee
payable to each such Holder for such Payment Date and all prior Payment
Dates;
	 
	 	(3)	 	To each Holder of a Series 2009-1 Note on the
immediately preceding Record Date, an amount equal to each such
Holder’s pro rata portion (based on the relative Series 2009-1 Note
Principal Balances) of the Available Distribution Amount allocable to
the Series 2009-1 Notes by the Indenture Trustee to the Series 2009-1
Series Account pursuant to clause (11)(A) of Section 302(e) of the

16

 

	 	 	 	Indenture, until the Aggregate Series 2009-1 Note Principal Balance
has been reduced to zero;
	 
	 	(4)	 	To each Holder of a Series 2009-1 Note on the
immediately preceding Record Date, an amount equal to each such
Holder’s pro rata portion (based on the relative amounts owing to each
such Holder) of indemnities and other amounts (including Default Fees)
then due and payable by the Issuer to the Series 2009-1 Noteholders
pursuant to the Related Documents; and
	 
	 	(5)	 	To the Issuer, any remaining amounts then on
deposit in the Series 2009-1 Series Account.

Any amounts payable to a Series 2009-1 Noteholder pursuant to this Section 302 shall be made by
wire transfer of immediately available funds to the account that such Noteholder has designated to
the Indenture Trustee in writing on or prior to the Business Day immediately preceding the Payment
Date. Any amounts payable by the Issuer hereunder are contingent upon the availability of funds to
make such payment in accordance with the provisions of this Section 302 hereof and, to the extent
such funds are not available, shall not constitute a “Claim” (as defined in Section 101(5) of the
Bankruptcy Code) against the Issuer in any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding involving the Issuer in the event that such amounts are not paid in
accordance with Section 302 of this Supplement.

ARTICLE IV

Additional Covenants; Additional Condition Precedent

          In addition to the covenants set forth in Article VI A of the Indenture, the Issuer hereby
makes the following additional covenants for the benefit of the Series 2009-1 Noteholders:

          Section 401. Use of Proceeds. The proceeds from the issuance of the Series 2009-1 Notes shall be used to (i) acquire
Contributed Assets and (ii) for general corporate purposes.

          Section 402. Issuance of Additional Series. Neither the Issuer nor the EXLP ABS Lessor shall issue any additional Series of Notes pursuant
to the Indenture without the prior written consent of the Majority Holders of Series 2009-1. This
Section 402 shall constitute one of the “other conditions as shall be specified in any Series of
Notes Outstanding immediately prior to the issuance of such additional Series of Notes” which are
referred to in paragraph (xv) of Section 1006(b) of the Indenture.

ARTICLE V

Conditions of Effectiveness and Future Lending

          Section 501. Effectiveness of Supplement. The effectiveness of this Supplement is subject to the condition precedent that the Indenture
Trustee and each Series 2009-1 Noteholder shall have received all of the following, each duly
executed and dated as of

17

 

the Closing Date, in form and substance satisfactory to each of the Series 2009-1 Noteholders and
each (except for the Series 2009-1 Notes, of which only the originals shall be signed) in
sufficient number of signed counterparts to provide one for each Series 2009-1 Noteholder:

          (a) Series 2009-1 Notes. Separate Series 2009-1 Notes executed by the Issuer and the
EXLP ABS Lessor in favor of each Series 2009-1 Noteholder in the aggregate stated principal amount
of the Series 2009-1 Note Existing Commitment of such Series 2009-1 Noteholders.

          (b) Certificate(s) of Secretary or Assistant Secretary. Separate certificates
executed by the corporate secretary or assistant secretary of the Issuer, the EXLP ABS Lessor and
each Exterran Affiliate that is a party to any Related Document, each dated the Closing Date,
certifying (i) that the respective company has the authority to execute and deliver, and perform
its respective obligations under each of the Related Documents to which it is a party, and (ii)
that attached are true, correct and complete copies of the organic documents, authorizations and
incumbency certificates of such Person in form and substance satisfactory to the Series 2009-1
Noteholders, as to such matters as they shall require.

          (c) Security Documents. The Indenture and this Supplement, in form and substance
satisfactory to the Series 2009-1 Noteholders and the Indenture Trustee, shall have been executed
and delivered by the Issuer and the EXLP ABS Lessor, and all other parties thereto, together with
all Uniform Commercial Code financing statements, the Control Agreement(s) and other documents
reasonably requested by the Series 2009-1 Noteholders or the Indenture Trustee.

          (d) Related Documents. Each of the Related Documents shall have been duly executed
and delivered and all of the conditions precedent therein have either been satisfied or waived by
each Series 2009-1 Noteholder.

          (e) Insurance. Each of the Indenture Trustee and the Deal Agent shall have received
certificates evidencing insurance coverage satisfying the requirements of Section 5.7 of the
Management Agreement.

          (f) Payment of Upfront Fee. The Issuer shall have paid, or made arrangements for
payment satisfactory to the Deal Agent for, the fees (if any) due to the Deal Agent on the Closing
Date.

          (g) Overhaul Policy. The Issuer shall have delivered to the Deal Agent a copy of
Exterran’s Overhaul Policy, in form and substance satisfactory to the Deal Agent.

          (h) Credit and Collection Policy. The Issuer shall have delivered to the Deal Agent a
copy of Exterran’s Credit and Collection Policy, in form and substance satisfactory to the Deal
Agent.

          (i) Issuer Certificate. An officer’s certificate certifying that all of the
conditions set forth in clauses (a) through (h) above have been satisfied.

          Section 502. Advances on Series 2009-1 Notes. The obligation of each of the Series 2009-1 Noteholders to make a Series 2009-1 Advance pursuant
to its commitment under

18

 

this Supplement and the Series 2009-1 Note Purchase Agreement is subject to the following further
conditions precedent being fulfilled with respect to each such Series 2009-1 Advance (including any
such Series 2009-1 Advance on the Series Issuance Date (if any)):

          (a) Default. Before and after giving effect to such Series 2009-1 Advance, no Event
of Default or Manager Default shall have occurred and be continuing (without regard to any waiver
of such condition by the Requisite Global Majority) unless such Series 2009-1 Advance has been
approved by each Series 2009-1 Noteholder.

          (b) No Trigger Event, Prospective Trigger Event or Asset Base Deficiency. Before and
after giving effect to such Series 2009-1 Advance, no Trigger Event, Prospective Trigger Event or
Asset Base Deficiency shall have occurred and be continuing unless such Series 2009-1 Advance has
been approved by each Series 2009-1 Noteholder.

          (c) Certification. The Issuer shall have delivered to the Deal Agent a compliance
certificate, signed by a Responsible Officer of Issuer stating that (i) each of the conditions
precedent set forth in this Section 502 and in the Series 2009-1 Note Purchase Agreement have been
satisfied with respect to such Series 2009-1 Advance and (ii) each of the representations and
warranties of the Issuer contained in each Related Document is true and correct in all material
respects as of the date of such Series 2009-1 Advance (or, in the case of the initial Series 2009-1
Advance, that each of such representations and warranties is true and correct in all respects as of
the date of such initial Series 2009-1 Advance).

          (d) Asset Base Certificate. The Issuer shall have delivered to the Deal Agent a duly
completed and executed Asset Base Certificate, determined after giving effect to any Eligible
Compressors and Eligible Contracts to be acquired with the proceeds of such Series 2009-1 Advance,
which demonstrates that, after giving effect to such Series 2009-1 Advance, no Asset Base
Deficiency would exist after giving effect to such Series 2009-1 Advance.

          (e) Commitment Termination Date. The Commitment Termination Date shall not have
occurred or, if such Commitment Termination Date shall have occurred, each Series 2009-1 Noteholder
shall have waived the event or condition that has caused the occurrence of the Commitment
Termination Date.

          (f) Issuer Certificate. The Issuer shall have delivered to the Deal Agent an
officer’s certificate certifying that all of the conditions set forth in paragraphs (a) through (e)
of this Section 502 have been satisfied.

          (g) Opinions of Counsel. With respect to the initial Series 2009-1 Advance, the
Issuer shall have delivered to the Issuer and the EXLP ABS Lessor, EXLP and the Contributor
Opinions of Counsel in form and substance satisfactory to the Series 2009-1 Noteholders and the
Deal Agent as to the matters described below:

	 	(1)	 	True sale of the Compressors and the Related
Sold Assets or Related Contributed Assets, as the case may be, by the
Contributor to the Issuer;
	 
	 	(2)	 	A “paramount rights” opinion with respect to
the transfer of the Compressors and the Related Sold Assets or Related
Contributor

19

 

	 	 	 	Assets as the case may be, between the Issuer and the EXLP ABS
Lessor;
	 
	 	(3)	 	Nonconsolidation of either the Issuer or the
EXLP ABS Lessor with the Contributor or EXLP;
	 
	 	(4)	 	All corporate and securities matters with
respect to each of the Issuer, the EXLP ABS Lessor, the Contributor and
EXLP;
	 
	 	(5)	 	Perfection of the security interest in the
Owner Compressors and other Collateral is created by each of the Issuer
and the EXLP ABS Lessor in favor of the Indenture Trustee for the
benefit of the Noteholders pursuant to the Indenture; and
	 
	 	(6)	 	The Notes shall be treated as indebtedness
under the Indenture for United States federal income tax purposes and
each of the Issuer and the EXLP ABS Lessor will not be treated as an
association taxable as a corporation for United States federal income
tax purposes.

ARTICLE VI

Miscellaneous Provisions

          Section 601. Ratification of Indenture. As supplemented by this Supplement, the Indenture is in all respects ratified and confirmed and
the Indenture, as so supplemented by this Supplement, shall be read, taken and construed as one and
the same instrument.

          Section 602. Counterparts; Electronic Mail. (i) This Supplement may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Supplement by signing and
delivering one or more counterparts. (ii) Any signature required with respect to this Supplement
may be provided via electronic mail or facsimile, provided that any delivery by electronic mail
shall be effective only if transmitted in .pdf format, .tif format or other format in which the
text is not readily modifiable by any recipient thereof. A signature provided via electronic mail
or facsimile shall be deemed to be the same, and have the same legal effect, validity, and
enforceability, as an original signature.

          Section 603. GOVERNING LAW. THIS SUPPLEMENT SHALL BE CONSTRUED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAWS BUT OTHERWISE
WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW, THAT WOULD RESULT IN APPLICATION OF
LAWS OTHER THAN NEW YORK, AND THE RIGHTS, OBLIGATIONS AND REMEDIES OF THE PARTIES HERETO SHALL BE
DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

          Section 604. Amendments and Modifications. The terms of this Supplement may be waived, modified or amended in a written instrument signed
by each of the Issuer, the

20

 

EXLP ABS Lessor, and the Indenture Trustee and, except with respect to the matters set forth in
(and subject to the terms of) Section 1001 of the Indenture, only with the prior written consent of
(i) the Deal Agent, and (ii) solely in the case of the matters set forth in the last proviso to
Section 1002(a) of the Indenture, the prior written consent of the Holders of all Series 2009-1
Notes affected by such waiver, modification or amendment.

          Section 605. CONSENT TO JURISDICTION. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST THE ISSUER OR THE EXLP ABS LESSOR (HEREAFTER IN
THIS SECTION, COLLECTIVELY, THE “CONSENTING PARTIES”), ARISING OUT OF OR RELATING TO THIS
SUPPLEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY, MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT
IN THE STATE OF NEW YORK AND EACH OF THE CONSENTING PARTIES HEREBY WAIVES ANY OBJECTION WHICH IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND,
SOLELY FOR THE PURPOSES OF ENFORCING THIS SUPPLEMENT, EACH OF THE CONSENTING PARTIES HEREBY
IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR
PROCEEDING. EACH OF THE CONSENTING PARTIES HEREBY IRREVOCABLY APPOINTS AND DESIGNATES CT
CORPORATION SYSTEM HAVING AN ADDRESS AT 111 EIGHTH AVENUE, NEW YORK, NEW YORK 10011, ITS TRUE AND
LAWFUL ATTORNEY-IN-FACT AND DULY AUTHORIZED AGENT FOR THE LIMITED PURPOSE OF ACCEPTING SERVICE OF
LEGAL PROCESS AND EACH OF THE CONSENTING PARTIES AGREES THAT SERVICE OF PROCESS UPON SUCH PARTY
SHALL CONSTITUTE PERSONAL SERVICE OF SUCH PROCESS ON SUCH PERSON. EACH OF THE CONSENTING PARTIES
SHALL MAINTAIN THE DESIGNATION AND APPOINTMENT OF SUCH AUTHORIZED AGENT UNTIL ALL AMOUNTS PAYABLE
UNDER THIS SUPPLEMENT AND THE INDENTURE SHALL HAVE BEEN PAID IN FULL. IF SUCH AGENT SHALL CEASE TO
SO ACT FOR ANY OF THE CONSENTING PARTIES, SUCH PARTY SHALL IMMEDIATELY DESIGNATE AND APPOINT
ANOTHER SUCH AGENT SATISFACTORY TO THE INDENTURE TRUSTEE AND SHALL PROMPTLY DELIVER TO THE
INDENTURE TRUSTEE EVIDENCE IN WRITING OF SUCH OTHER AGENT’S ACCEPTANCE OF SUCH APPOINTMENT. EACH
OF THE CONSENTING PARTIES HEREBY CONSENTS TO SERVICE OF PROCESS BY REGISTERED MAIL, FEDERAL EXPRESS
OR SIMILAR COURIER SERVICE AT THE ADDRESS AT WHICH NOTICES ARE TO BE GIVEN, IT BEING AGREED THAT
SERVICE IN SUCH MANNER SHALL CONSTITUTE VALID SERVICE UPON SUCH PARTY AND ITS SUCCESSORS AND
ASSIGNS IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING; PROVIDED, HOWEVER, THAT NOTHING IN THIS
SECTION SHALL AFFECT THE RIGHT OF ANY SUCH PARTY OR ITS SUCCESSORS AND ASSIGNS TO SERVICE PROCESS
IN ANY OTHER MANNER PERMITTED BY LAW.

          Section 606. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, AS AGAINST THE OTHER PARTY HERETO, ANY
RIGHTS IT MAY HAVE TO A JURY TRIAL IN RESPECT OF ANY CIVIL ACTION OR PROCEEDING (WHETHER ARISING IN
CONTRACT OR TORT OR OTHERWISE), INCLUDING ANY COUNTERCLAIM, ARISING UNDER OR RELATING TO THIS
SUPPLEMENT OR ANY OTHER RELATED DOCUMENT, INCLUDING IN

21

 

RESPECT OF THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT HEREOF OR THEREOF.

          Section 607. No Petition. The Indenture Trustee, on its own behalf, hereby covenants and agrees, and each Series 2009-1
Noteholder by its acquisition of a Series 2009-1 Note shall be deemed to covenant and agree, that
it will not institute against the Issuer any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any Insolvency Law or any other federal or
state bankruptcy or similar law, at any time other than on a date which is at least one year and
one day after the last date on which any Series 2009-1 Note is Outstanding. The provisions of this
Section 607 shall survive the repayment of the Notes and any termination of this Supplement.

[Signature page follows.]

22

 

          IN WITNESS WHEREOF, the Issuer, the EXLP ABS Lessor and the Indenture Trustee have caused this
Supplement to be duly executed and delivered by their respective officers all as of the day and
year first above written.

	 	 	 	 	 	 	 
	 	 	EXLP ABS 2009 LLC, a Delaware LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David S. Miller
 

David S. Miller
	 	 
	 

	 	Title:
	 	Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	EXLP ABS LEASING 2009 LLC, a Delaware LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David S. Miller
 

David S. Miller
	 	 
	 

	 	Title:
	 	Vice President and Chief Financial Officer	 	 

Series 2009-1 Supplement

 

 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual
capacity, but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Melissa Philibert
 

Melissa Philibert
	 	 
	 

	 	Title:
	 	Vice President	 	 

Series 2009-1 Supplement

 

 

EXHIBIT A

FORM OF SERIES 2009-1 NOTE

          THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION. THIS NOTE MAY NOT BE OFFERED
FOR SALE, TRANSFER OR ASSIGNMENT UNLESS (1) SO REGISTERED OR THE TRANSACTION RELATING THERETO SHALL
BE EXEMPT WITHIN THE MEANING OF SUCH ACT AND THE RULES AND REGULATIONS OF THE SECURITIES AND
EXCHANGE COMMISSION ADOPTED THEREUNDER AND (2) SUCH TRANSACTION COMPLIES WITH THE PROVISIONS SET
FORTH IN SECTION 205 OF THE INDENTURE. BECAUSE OF THE PROVISIONS FOR THE PAYMENT OF PRINCIPAL
CONTAINED HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN THE AMOUNT SHOWN
ON THE FACE HEREOF. ANYONE PURCHASING THIS NOTE MAY ASCERTAIN THE OUTSTANDING PRINCIPAL AMOUNT
HEREOF BY INQUIRY TO THE DEAL AGENT.

EACH PURCHASER OF A SERIES 2009-1 NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT TO THE INITIAL
PURCHASER, THE ISSUER, THE EXLP ABS LESSOR, THE INDENTURE TRUSTEE AND THE MANAGER THAT EITHER (1)
IT IS NOT ACQUIRING THE SERIES 2009-1 NOTE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED
IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR A “PLAN”
WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986; OR (2) THE ACQUISITION AND
HOLDING OF THE SERIES 2009-1 NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE.

EXLP ABS 2009 LLC

EXLP ABS LEASING 2009 LLC

SERIES 2009-1 SECURED NOTE

			
	 	 	 
	Up to $150,000,000
	 	No. ___
	 
	 	                    , 2009

          KNOW ALL PERSONS BY THESE PRESENTS that EXLP ABS 2009 LLC, a Delaware limited liability
company (the “Issuer”) and EXLP ABS Leasing 2009 LLC, a Delaware limited liability company (the
“EXLP ABS Lessor), for value received, hereby promises to pay, on a joint and several basis, to
Wachovia Bank, National Association, or its registered assigns, at the principal corporate trust
office of the Indenture Trustee named below, (i) the principal sum of One Hundred Fifty Million
Dollars ($150,000,000) or, if less, the Series 2009-1 Note Principal Balance of this Series 2009-1
Note, which amount shall be payable on the dates and in the amounts set forth in the Indenture,
dated as of October 13, 2009 (as amended, restated or otherwise modified from time to time, the
“Indenture”) and the Series 2009-1 Supplement, dated as of October 13, 2009 (as amended, restated
or otherwise modified from time to time, the “Series 2009-1 Supplement”), each among the Issuer,
the EXLP ABS Lessor and Wells Fargo Bank, National Association as indenture trustee (the “Indenture
Trustee”), (ii) interest on the outstanding principal
amount of this Series 2009-1 Note on the dates and in

 

 

the amounts set forth in the Indenture and the Series 2009-1 Supplement and (iii) the other
amounts required to be paid pursuant to the Indenture and the Series 2009-1 Supplement. A record
of each Series 2009-1 Advance, Prepayment and repayment shall be made by the Deal Agent and absent
manifest error such record shall be conclusive. Capitalized terms not otherwise defined herein
will have the meaning set forth in Appendix A to the Indenture or the Series 2009-1 Supplement.

          Payment of the principal of and interest on this Series 2009-1 Note shall be made in lawful
money of the United States of America which at the time of payment is legal tender for payment of
public and private debts. The principal balance of and interest on this Series 2009-1 Note is
payable at the times and in the amounts set forth in the Indenture and the Series 2009-1 Supplement
by wire transfer of immediately available funds to the account designated by the Holder of record
on the immediately preceding Record Date.

          This Series 2009-1 Note
is one of the authorized notes identified in the title hereto and
issued in the aggregate principal amount of One Hundred Fifty Million Dollars ($150,000,000) (or,
if less, the Series 2009-1 Note Principal Balance of this Series 2009-1 Note) pursuant to the
Indenture and the Series 2009-1 Supplement.

          The Series 2009-1 Notes shall be an obligation of the Issuer and shall be secured by the
Collateral, all as defined in, and subject to the limitations set forth in, the Indenture and the
Series 2009-1 Supplement.

          This Series 2009-1 Note is transferable as provided in the Indenture and the Series 2009-1
Supplement, subject to certain limitations therein contained, only upon the books for registration
and transfer kept by the Indenture Trustee, and only upon surrender of this Series 2009-1 Note for
transfer to the Indenture Trustee duly endorsed by, or accompanied by a written instrument of
transfer in form reasonably satisfactory to the Indenture Trustee duly executed by the registered
Holder hereof or his attorney duly authorized in writing. The Indenture Trustee or the Issuer may
require payment by the Holder of a sum sufficient to cover any tax expense or other governmental
charge payable in connection with any transfer or exchange of the Series 2009-1 Notes.

          The Issuer, the Indenture Trustee and any other agent of the Issuer may treat the person in
whose name this Series 2009-1 Note is registered as the absolute owner hereof for all purposes, and
neither the Issuer, the Indenture Trustee, nor any other such agent shall be affected by notice to
the contrary.

          
This Series 2009-1 Note is subject to prepayment at the times and subject to the conditions
set forth in the Indenture and the Series 2009-1 Supplement.

          If an Event of Default shall occur and be continuing, the principal of and accrued interest on
this Series 2009-1 Note may be declared to be due and payable in the manner and with the effect
provided in the Indenture and the Series 2009-1 Supplement.

          The Indenture permits, with certain exceptions as therein provided, the issuance of
supplemental indentures. Supplements and amendments to the Indenture and the Series 2009-1
Supplement may be made only to the extent and in circumstances permitted by the Indenture and the
Series 2009-1 Supplement.

 

 

          The Holder of this Series 2009-1 Note shall have no right to enforce the provisions of the
Indenture and the Series 2009-1 Supplement or to institute action to enforce the covenants, or to
take any action with respect to a default under the Indenture and the Series 2009-1 Supplement, or
to institute, appear in or defend any suit or other proceedings with respect thereto, except as
provided under certain circumstances described in the Indenture and the Series 2009-1 Supplement;
provided, however, that nothing contained in the Indenture or the Series 2009-1 Supplement shall
affect or impair any right of enforcement conferred on the Holder hereof to enforce any payment of
the principal of and interest on this Series 2009-1 Note on or after the due date thereof; provided
further, however, that by acceptance hereof the Holder is deemed to have covenanted and agreed that
it will not institute against the Issuer any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any applicable bankruptcy or similar law, at
any time other than at such time as permitted by Section 1211 of the Indenture and Section 607 of
the Series 2009-1 Supplement.

          Each Holder of a Series 2009-1 Note shall be deemed to represent and warrant to the Initial
Purchaser, the Issuer, the EXLP ABS Lessor, the Indenture Trustee and the Manager that either (1)
it is not acquiring a Series 2009-1 Note with the assets of an “Employee Benefit Plan” as defined
in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, or a “Plan”
within the meaning of Section 4975 of the Internal Revenue Code of 1986; or (2) the acquisition and
holding of a Series 2009-1 Note will not give rise to a nonexempt prohibited transaction under
Section 406(a) of ERISA or Section 4975 of the Code.

          Each purchaser of a Series 2009-1 Note agrees that such Series 2009-1 Note may not be resold,
pledged or transferred to a Competitor of the Issuer, Exterran or any Exterran Affiliate except in
certain limited circumstances as set forth in Section 205(i) of the Indenture.

          This Series 2009-1 Note, and the rights and obligations of the parties hereunder, shall be
governed by, and construed and interpreted in accordance with, the laws of the State of New York
without giving effect to its conflicts of law principles.

          All terms and provisions of the Indenture and the Series 2009-1 Supplement are herein
incorporated by reference as if set forth herein in their entirety.

          IT IS HEREBY CERTIFIED, RECITED AND DECLARED, that all acts, conditions and things required to
exist, happen and be performed precedent to the execution and delivery of the Indenture and the
Series 2009-1 Supplement and the issuance of this Series 2009-1 Note and the issue of which it is a
part, do exist, have happened and have been timely performed in regular form and manner as required
by law.

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee by
manual signature of one of its authorized officers, this Series 2009-1 Note shall not be entitled
to any benefit under the Indenture and the Series 2009-1 Supplement, or be valid or obligatory for
any purpose. This Series 2009-1 Note may be executed in any number of counterparts, all of which
shall constitute one and the same instrument, and any party hereto may execute this Series 2009-1
Note by signing and delivering one or more counterparts.

 

 

          IN WITNESS WHEREOF, each of EXLP ABS 2009 LLC and EXLP ABS Leasing 2009 LLC has caused this
Series 2009-1 Note to be duly executed by its duly authorized representative, on this
___th day of                     , 2009.

	 	 	 	 	 	 	 
	 	 	EXLP ABS 2009 LLC, a Delaware LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

David S. Miller
	 	 
	 

	 	Title:
	 	Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	EXLP ABS LEASING 2009 LLC, a Delaware LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

David S. Miller
	 	 
	 

	 	Title:
	 	Vice President and Chief Financial Officer	 	 

          This Note is one of the Series 2009-1 Notes described in the within-mentioned Indenture and
the Series 2009-1 Supplement.

	 	 	 	 	 
	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
not in its individual capacity,
but solely as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w1

Exhibit 10.1

 

INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT

dated as of October 13, 2009

among

EXTERRAN PARTNERS, L.P.,

in its individual capacity and as Manager

EXLP ABS 2009 LLC,

as Issuer

EXLP OPERATING LLC,

WELLS FARGO BANK,

NATIONAL ASSOCIATION,

as Indenture Trustee

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Bank Agent

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

in its individual capacity and as the Intercreditor Collateral Agent

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section 1. Rules of Usage; Definitions
	 	 	2	 
	 
	 	 	 	 
	Section 2. Securitization Collections
	 	 	8	 
	 
	 	 	 	 
	Section 3. Acknowledgments Regarding Securitization Collateral
	 	 	8	 
	 
	 	 	 	 
	Section 4. Acknowledgment Regarding Non-Securitization Collateral
	 	 	9	 
	 
	 	 	 	 
	Section 5. Intercreditor Collateral Agent
	 	 	10	 
	 
	 	 	 	 
	Section 6. Establishment of Accounts: Deposit of Collections
	 	 	12	 
	 
	 	 	 	 
	Section 7. Allocation of Collections: Disbursements of Collections
	 	 	14	 
	 
	 	 	 	 
	Section 8. Monitoring of Allocation Process; Effect of a Securitization
Default; Effect of a Bank Default
	 	 	17	 
	 
	 	 	 	 
	Section 9. Compensation and Indemnity of Intercreditor Collateral Agent: Waiver of Right of Set-off
	 	 	20	 
	 
	 	 	 	 
	Section 10. Resignation by or Removal of Intercreditor Collateral Agent
	 	 	21	 
	 
	 	 	 	 
	Section 11. No Implied Waivers, Etc
	 	 	22	 
	 
	 	 	 	 
	Section 12. Amendments
	 	 	22	 
	 
	 	 	 	 
	Section 13. Benefit of Agreement
	 	 	22	 
	 
	 	 	 	 
	Section 14. Severability
	 	 	23	 
	 
	 	 	 	 
	Section 15. Counterparts
	 	 	23	 
	 
	 	 	 	 
	Section 16. Notices
	 	 	23	 
	 
	 	 	 	 
	Section 17. Headings
	 	 	23	 
	 
	 	 	 	 
	Section 18. Governing Law
	 	 	23	 
	 
	 	 	 	 
	Section 19. No Petition
	 	 	23	 
	 
	 	 	 	 
	Section 20. No Consolidation
	 	 	24	 
	 
	 	 	 	 
	Section 21. Insolvency
	 	 	24	 
	 
	 	 	 	 
	Section 22. Termination
	 	 	24	 
	 
	 	 	 	 
	Section 23. Entire Agreement
	 	 	24	 

-i-

 

INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT

     This INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT dated as of October 13, 2009 (as amended,
supplemented, amended and restated or otherwise modified from time to time in accordance with the
provisions hereof, this “Agreement”) is among:

     (i) Exterran Partners, L.P., a Delaware limited partnership, in its individual capacity (in
such capacity, together with its successors and permitted assigns, “EXLP”), and when and if
it acts as Manager under the Management Agreement (in such capacity, and for so long as EXLP is
such Manager under that Agreement, the “Manager”);

     (ii) EXLP ABS 2009 LLC, a Delaware limited liability company (together with its successors and
permitted assigns, “ABS 2009”);

     (iii) EXLP Operating LLC, a Delaware limited liability company (together with its successors
and permitted assigns, “EXLPOP”);

     (iv) Wells Fargo Bank, National Association, as indenture trustee under the hereinafter
defined Securitization Indenture for the benefit of the Noteholders and the other Persons set forth
therein (in such capacity, together with its successors and permitted assigns, the “Indenture
Trustee”);

     (v) Wachovia Bank, National Association, as Administrative Agent on behalf of the Bank Lenders
as hereinafter defined (in such capacity, together with its successors and permitted assigns, the
“Bank Agent”); and

     (vi) Wells Fargo Bank, National Association, in its individual capacity and as the
Intercreditor collateral agent for the Securitization Secured Parties (as defined herein), the Bank
Lenders (as defined herein), and EXLP (in such capacity, together with its successors and permitted
assigns, the “Intercreditor Collateral Agent”).

RECITALS

     (1) WHEREAS, EXLP, in its individual capacity and when and if it serves as Manager, may
receive from time to time Collections relating to the Domestic Contract Compression Business of (a)
EXLP and its subsidiaries and (b) ABS 2009; and

     (2) WHEREAS, EXLP’s operating subsidiary, EXLPOP has a bank account in its name to which Users
will be directed to transmit Collections, namely, the EXLP/ABS 2009/Wells Lockbox Account (as
hereinafter defined), and another bank account in its name in which Collections are from time to
time deposited, namely, the EXLP/JPMC Lockbox Account (as hereinafter defined);

     (3) WHEREAS, of even date herewith, EXLPOP, JPMorgan Chase Bank, N.A., and Intercreditor
Collateral Agent entered into that certain Blocked Account Control Agreement,

-1-

 

pursuant to which control by the Intercreditor Agent on behalf of the Collection Parties was
established in the EXLP/JPMC Lockbox Account (as hereinafter defined);

     (4) WHEREAS, the parties hereto desire to execute and deliver this Agreement to set forth
certain agreements among them with respect to such Collections as provided below.

     NOW THEREFORE, in consideration of the premises and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:

     Section 1. Rules of Usage; Definitions.

     (a) The following rules of usage shall apply to this Agreement (and each appendix,
schedule, exhibit and annex to the foregoing) unless otherwise required by the context or
unless otherwise defined therein.

     (i) The defined terms in this Agreement shall include the plural as well as the
singular, and the use of any gender herein shall be deemed to include any other
gender.

     (ii) Accounting terms not otherwise defined herein have the meanings assigned
to them in accordance with generally accepted accounting principles as in effect on
the date of this Agreement.

     (iii) Except as otherwise expressly provided, any definition defined herein
shall be equally applicable to the singular and plural forms of the terms defined.

     (iv) Except as otherwise expressly provided, references in this Agreement to
articles, sections, paragraphs, clauses, annexes, appendices, schedules or exhibits
are references to articles, sections, paragraphs, clauses, annexes, appendices,
schedules or exhibits in or to this Agreement.

     (v) References to any Person shall include such Person, its successors and
permitted assigns and transferees.

     (vi) Except as otherwise expressly provided, reference to any agreement means
such agreement as amended, restated, modified, extended or supplemented from time to
time in accordance with the applicable provisions thereof.

     (vii) Except as otherwise expressly provided, references to any law includes
any amendment or modification to such law and any rules or regulations issued
thereunder or any law enacted in substitution or replacement thereof, or restatement
thereof.

     (viii) When used in this Agreement, words such as “hereunder,” “hereto,”
“hereof” and “herein” and other words of like import shall, unless the

-2-

 

context clearly indicates to the contrary, refer to the whole of this Agreement
(including any other document to the extent incorporated or referred to herein
(whether or not actually attached hereto)) and not to any particular article,
section, subsection, paragraph or clause hereof.

     (ix) References to “including” means including without limiting the generality
of any description preceding such term and for purposes hereof the rule of ejusdem
generis shall not be applicable to limit a general statement, followed by or
referable to any enumeration of specific matters, to matters similar to those
specifically mentioned.

     (x) All terms used in the UCC and not specifically defined in this Agreement
are used therein as defined in the UCC; provided, however, that references in this
Agreement to any section of the UCC shall mean, on or after the effective date of
the adoption of any revision to the UCC in the applicable jurisdiction, such revised
or successor section thereto.

     (xi) Except as otherwise expressly provided, in the computation of a period of
time from a specified date to a later specified date, the word “from” means “from
and including” and the words “to” and “until” each mean “to but excluding”.

     (b) Definitions. The following terms (whether or not underscored) when used in
this Agreement, including its preamble and recitals, shall, except where the content
otherwise requires, have the following meanings (such meanings to be equally applicable to
both the singular and plural forms of the terms defined):

     “ABS 2009” has the meaning specified in clause (ii) of the preamble hereto.

     “ABS Leasing 2009” means EXLP ABS Leasing 2009 LLC, the wholly-owned subsidiary of ABS
2009.

     “Agreement” has the meaning specified in the preamble hereto.

     “Allocated Collections” means all or any portion of the Collections as of any date of
determination that have been allocated pursuant to the provisions of Sections 7 and
8 of this Agreement.

     “Allocation Accounting Firm” has the meaning specified in Section 7(a)(ii)
hereof.

     “Ancillary Equipment”  means one or more pieces or items of equipment that have been
attached to, or that are located adjacent to, a Compressor that can be removed without causing
damage to, or a loss of functionality in, such Compressor including, without limitation, any
emissions package or monitoring equipment, catalytic converter, precooling package, gas processing
plant or equipment, starting air compressor, dehydrator and/or separator.

     “Bank Agent” has the meaning specified in clause (v) of the preamble hereto.

-3-

 

     “Bank Collateral” means any collateral in which the Bank Agent has been granted a
security interest by EXLP and certain of its subsidiaries to secure the obligations under the Bank
Credit Agreement.

     “Bank Collateral Agreement” means that certain Collateral Agreement, dated as of
October 20, 2006, made by EXLPOP (formerly known as UC Operating Partnership, L.P.), UCLP OLP GP
LLC (cancelled on June 20, 2007), EXLP (formerly known as Universal Compression Partners, L.P.),
and EXLP Leasing LLC (formerly known as UCLP Leasing, L.P.) in favor of the Bank Agent for the
ratable benefit of the Secured Creditors (as defined therein), as such agreement may be amended,
supplemented or otherwise modified from time to time in accordance with its terms.

     “Bank Credit Agreement” means that certain Senior Secured Credit Agreement, dated as
of October 20, 2006, by and among EXLPOP (formerly known as UC Operating Partnership, L.P.), as
borrower, EXLP (formerly known as Universal Compression Partners, L.P.), as Guarantor, Wachovia
Bank, National Association, as Administrative Agent, Deutsche Bank Trust Company Americas, as
Syndication Agent, Fortis Capital Corp. and Wells Fargo Bank, National Association, as
Co-Documentation Agents, and the other lenders signatory thereto, arranged by Wachovia Capital
Markets LLC and Deutsche Bank Securities Inc, as Joint Lead Arrangers and Joint Book Runners, as
such credit agreement has been and may hereafter be amended, modified, restated or supplemented
from time to time.

     “Bank Default” means an Event of Default (as defined in the Bank Credit Agreement)
that has occurred and is continuing under the Bank Credit Agreement.

     “Bank Documents” means the Bank Credit Agreement, the Bank Collateral Agreement, the
Secured Hedging Agreement, and each other agreement, document or instrument executed in connection
with the Bank Credit Agreement or the Bank Collateral Agreement.

     “Bank Lenders” means the lenders from time to time party to the Bank Credit Agreement
and the counterparties to the Secured Hedging Agreement.

     “Bankruptcy Code” means the Title 11 of the United States Code, 11 U.S.C. §§ 101 et
seq., as amended from time to time.

     “Blocked Account Agreement” means the Blocked Account Control Agreement referred to in
clause (3) of the Recitals hereto.

     “Business Day” means any day other than a Saturday, Sunday or any other day on which
banking institutions in New York, New York, Minneapolis, Minnesota or Houston, Texas are authorized
or obligated by law, executive order or governmental decree to be closed.

     “Collateral” means the Securitization Collateral and the Non-Securitization
Collateral.

     “Collection Parties” means the Securitization Secured Parties, the Bank Lenders, and
the Bank Agent.

-4-

 

     “Collections” means cash, checks and other instruments or any other method of payment
and all other amounts whatsoever owned by, owing to or paid to (a) EXLP or its subsidiaries, (b)
EXLP in its capacity as Manager, or (c) ABS 2009, in each case from time to time.

     “Compressor” means a natural gas compressor equipment unit, together with any tangible
components thereof, all related appliances, parts, accessories, appurtenances, accessions,
additions, improvements, and replacements thereto, all other equipment or components of any nature
from time to time incorporated or installed therein and all substitutions for any of the foregoing
but excluding any Ancillary Equipment attached thereto that is not required for the normal
operation of such natural gas compressor equipment unit.

     “Disputed Allocations” has the meaning specified in Section 7(c) hereof.

     “Domestic Contract Compression Business” means (i) with respect to EXLP, the natural
gas compression contract business of EXLP and its subsidiaries in the United States of America and
(ii) with respect to ABS 2009, the natural gas compression contract business of ABS 2009 in the
United States of America.

     “EXH” means Exterran Holdings, Inc.

     “EXLP” has the meaning specified in clause (i) of the preamble hereto.

     “EXLP Account” means any account maintained with Intercreditor Collateral Agent on
behalf of and in the name of EXLPOP or EXLP.

     “EXLP Accountants” has the meaning specified in Section 7(a)(ii).

     “EXLP/ABS 2009/Wells Lockbox Account” means the lockbox account number 4121809537
maintained in the name of EXLPOP, subject to a right of control in favor of Intercreditor
Collateral Agent, for the benefit of the Collection Parties and EXLP. The remittance address to be
used for payments and deposits to the Lockbox Account is EXLP Operating LLC, P.O. Box 202609,
Dallas, Texas 75320-2609.

     “EXLP/JPMC Lockbox Account” means the lockbox account number 713449403, and maintained
in the name of EXLPOP, subject to a right of control in favor of Intercreditor Collateral Agent,
for the benefit of the Collection Parties and EXLP. The remittance address to be used for payments
and deposits to the Lockbox Account is EXLP Operating LLC, P.O. Box 974908, Dallas, Texas
75397-4908.

     “EXLP Obligations” means any and all sums owing under the Bank Documents and all other
obligations, direct or contingent, joint, several or independent of EXLP or any other obligor under
the Bank Documents now or hereafter existing, due or to become due, including any interest accruing
subsequent to the filing of a petition in bankruptcy, whether or not such interest is an allowed
claim under applicable law.

     “EXLPOP”has the meaning specified in clause (iii) of the preamble hereto.

     “Indenture Trustee” has the meaning specified in clause (iv) of the preamble hereto.

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     “Intercreditor Collateral Agent” has the meaning specified in clause (vi) of the
preamble hereto.

     “Interest Rate Hedge Provider” means any counterparty to a cap, collar or other
hedging instrument permitted to be entered into pursuant to the Securitization Indenture.

     “Lien” means any security interest, lien (statutory or other), charge, pledge, equity,
mortgage, hypothecation, assignment for security or encumbrance of any kind or nature whatsoever.

     “Lockbox Accounts” means collectively, the EXLP/ABS 2009/Wells Lockbox Account and the
EXLP/JPMC Lockbox Account.

     “Lockbox Agreements” has the meaning specified in Section 22 hereof.

     “Management Agreement” means that certain Management Agreement, dated as of October
13, 2009 by and between EXLP as Manager, ABS 2009, and ABS Leasing 2009, as such agreement may be
amended, modified or supplemented from time to time.

     “Manager” has the meaning specified in clause (i) of the preamble hereto.

     “Misallocation” has the meaning specified in Section 7(b)(iii) hereof.

     “Non-Securitization Collateral” means (i) all Compressors and other assets received by
EXLP or the Manager that do not constitute Securitization Collateral and (ii) all
Non-Securitization Collections.

     “Non-Securitization Collections” means all Collections received by EXLP and/or the
Manager that do not constitute Securitization Collections.

     “Noteholder” means a Person in whose name a Note is registered in accordance with the
terms of the Securitization Indenture.

     “Notes” means any of the promissory notes executed by ABS 2009 and ABS Leasing 2009
and authenticated by or on behalf of the Indenture Trustee pursuant to and issued under the
Securitization Indenture.

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, limited partnership or other entity.

     “Related Documents” is defined in Appendix A to the Securitization Indenture.

     “Repetitive Wire Instructions” means a notice substantially in the form of Exhibit
“A” attached hereto.

     “Requisite Global Majority” is defined in Appendix A to the Securitization Indenture.

     “Returned Items” collectively means the Returned Items specified in
Section 9(b)(ii) hereof.

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     “Secured Hedging Agreement” has the meaning assigned in the Bank Collateral Agreement.

     “Securitization Account” has the meaning specified in Section 7(b)(ii) hereof,
which account shall initially be the Trust Account.

     “Securitization Accountants” has the meaning specified in Section 7(a)(ii)
hereof.

     “Securitization Collateral” means, collectively, all right, title and interest of ABS
2009 in the property and rights subject to the security interest granted by ABS 2009 under the
Securitization Indenture (including, without limitation, the Securitization Compressors and the
User Contracts) and all right, title and interest of ABS Leasing 2009 in the property and rights
subject to the security interest granted by ABS Leasing 2009 under the Securitization Indenture
(including, without limitation, the Securitization Compressors and the User Contracts).

     “Securitization Collections” has the meaning specified in Section 2 hereof.

     “Securitization Compressors” means, as of any date of determination, all Compressors
owned by ABS 2009 or ABS Leasing 2009 or leased to ABS 2009 by ABS Leasing 2009 as of such date.

     “Securitization Default” means a Manager Default (as defined in Appendix A to the
Securitization Indenture), an Event of Default (as defined in Appendix A to the Securitization
Indenture) or a EXLP Event (as defined in Appendix A to the Securitization Indenture).

     “Securitization Documents” means the Securitization Indenture, the Management
Agreement, each other Related Document (as defined in Appendix A to the Securitization Indenture)
and each other agreement, document or instrument executed in connection with the Securitization
Indenture.

     “Securitization Indenture” means that certain Indenture, dated as of October 13, 2009,
between ABS 2009, ABS Leasing 2009, and the Indenture Trustee, as such agreement may be amended,
supplemented or otherwise modified from time to time in accordance with its terms, including any
supplements thereto.

     “Securitization Obligations” means, collectively, (a) any and all sums owing (i) to
the Noteholders under the Securitization Indenture, (ii) to the Indenture Trustee under the
Securitization Indenture or any other Securitization Document and (iii) to the Interest Rate Hedge
Providers and (b) without duplication of amounts described in clause (a), all other
obligations, direct or contingent, joint, several or independent of ABS 2009, or any other obligor
under the Securitization Documents now or hereafter existing, due or to become due, including any
interest accruing subsequent to the filing of a petition in bankruptcy, whether or not such
interest is an allowed claim under applicable law.

     “Securitization Secured Parties” means, collectively, the Indenture Trustee, ABS 2009,
ABS Leasing 2009, each Interest Rate Hedge Provider, and the Noteholders.

     “Trust Account” is defined in Appendix A to the Securitization Indenture.

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     “UCC” means the Uniform Commercial Code (or any successor statute) of the State of New
York as in effect from time to time or of any other state or jurisdiction the laws of which are
required by Section 9-301 thereof to be applied in connection with the issue of perfection of
security interests.

     “Unallocated Collections” has the meaning specified in Section 7(a)(ii)
hereof.

     “User” means any Person who contracts for contract compression services or compressor
rentals, which services or rentals utilize a Securitization Compressor from ABS 2009 or Manager,
acting on behalf of ABS 2009.

     “User Contract” means any contract for contract compression services or any contract
renting one or more Securitization Compressors entered into between ABS 2009 (or Manager acting on
behalf of ABS 2009) and a User.

     Section 2. Securitization Collections. The following shall constitute the “Securitization
Collections”:

     (a) all Collections in respect of ABS 2009’s Domestic Contract Compression Business,
including, without limitation, any and all contract payments under User Contracts;

     (b) all Collections in respect of the sale, transfer or disposition of any
Securitization Collateral and all Collections in respect of any casualty or other event of
loss affecting any Securitization Collateral (to the extent that at the time the casualty
Collections are received by or on behalf of ABS 2009, the Compressor to which such proceeds
relate remains a Securitization Compressor); and

     (c) all proceeds and products of any and all of the foregoing.

     Section 3. Acknowledgments Regarding Securitization Collateral The Bank Agent hereby acknowledges and
agrees that, until all Securitization Obligations shall have been paid in full in cash:

     (a) In the event that any Liens on or security interest in all or any portion of the
Securitization Collateral at any time exists in favor of the Bank Agent, the Bank Agent
will, immediately upon the request of the Indenture Trustee, release or otherwise terminate
such security interest in and Lien upon such Securitization Collateral and the Bank Agent
will immediately deliver such release documents as the Indenture Trustee may require in
connection therewith.

     (b) Without limiting the agreements contained in paragraph (a) above, all
security interests in or Liens on the Securitization Collateral now or at any time hereafter
granted by ABS 2009 or ABS Leasing 2009 to the Indenture Trustee or, pursuant to the
Securitization Documents, secure the Securitization Obligations and shall be prior,
paramount, and superior to any and all Liens and security interests, if any, on or in such
Securitization Collateral heretofore, now or at any time hereafter granted by EXLP to
the Bank Agent for the benefit of the Bank Lenders, either pursuant to the Bank Documents

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or
otherwise (and, as such, any interest of the Bank Agent in the Securitization Collections
and the Securitization Collateral shall be at all times subordinated to the interest of the
Indenture Trustee therein), regardless of the date of execution of any such Lien documents
or the order of filing of any of them for record in any public office. The Lien priorities
provided in this Section 3(b) shall not be altered or otherwise affected by any
amendment, modification, supplement, extension, renewal, restatement or refinancing of
either the Securitization Obligations or the Securitization Documents, on the
one hand, or
the EXLP Obligations or the Bank Documents, on the other hand, nor by any action or inaction
which the Indenture Trustee, or any other beneficiary under the Securitization Indenture may
take or fail to take in respect of the Securitization Collections and the Securitization
Collateral.

     (c) The Bank Agent hereby fully, unconditionally and irrevocably disclaims, waives,
relinquishes and releases any right, title or interest (including any Lien) it may have, now
or in the future, to the Securitization Collateral, including, without limitation, to (i)
foreclose or otherwise realize upon, or attempt to foreclose or otherwise realize upon any
of the Securitization Collateral, including, without limitation, the Securitization
Collections, or assert any claims or interests therein, or (ii) seek to obtain possession of
or issue or cause to be issued any levies, garnishments, attachments, or other legal process
of any kind or nature against any of the Securitization Collateral, including, without
limitation, the Securitization Collections, or (iii) contact any Users or other Persons that
are account debtors or obligees with respect to any Securitization Collateral, to the extent
such contact relates to any User Contract or other Securitization Collateral.

     Section 4. Acknowledgment Regarding Non-Securitization Collateral. The Indenture Trustee hereby
acknowledges and agrees that, so long as any EXLP Obligations are outstanding:

     (a) In the event that any Liens on or security interest in all or any portion of the
Non-Securitization Collateral at any time exists in favor of the Indenture Trustee, the
Indenture Trustee will, immediately upon the request of EXLP or the Bank Agent, release or
otherwise terminate such security interest in and Lien upon such Non-Securitization
Collateral and the Indenture Trustee will immediately deliver such release documents as EXLP
or the Bank Agent may require in connection therewith.

     (b) Without limiting the agreements contained in paragraph (a) above, all security
interests in or Liens on the Non-Securitization Collateral now or at any time hereafter
granted by EXLP to the Bank Agent pursuant to the Bank Documents, secure the EXLP
Obligations and shall be prior, paramount, and superior to any and all Liens and security
interests, if any, on or in such Non-Securitization Collateral heretofore, now or at any
time hereafter granted to the Indenture Trustee, either pursuant to the Securitization
Documents
or otherwise (and, as such, any interest of the Indenture Trustee in the
Non-Securitization Collections and the Non-Securitization Collateral shall be at all times
subordinated to the interest of the Bank Agent), regardless of the date of
execution of any such Lien documents or the order of filing of any of them for record
in any public office. The Lien priorities provided in this Section 4(b) shall not
be altered or otherwise affected by any amendment, modification, supplement, extension,
renewal, restatement or refinancing of either the EXLP Obligations or the Bank Documents, on
the

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one hand, or the Securitization Obligations or the Securitization Documents, on the
other hand, nor by any action or inaction which the Bank Lenders may take or fail to take in
respect of the Non-Securitization Collateral.

     (c) The Indenture Trustee hereby fully, unconditionally and irrevocably disclaims,
waives, relinquishes and releases any right, title or interest (including any Liens) it may
have, now or in the future, to the Non-Securitization Collateral, including, without
limitation, to (i) foreclose or otherwise realize upon, or attempt to foreclose or otherwise
realize upon any of the Non-Securitization Collateral, or assert any claims or interests
therein, or (ii) seek to obtain possession of or issue or cause to be issued any levies,
garnishments, attachments, or other legal process of any kind or nature against any of the
Non-Securitization Collateral, or (iii) contact any parties who are account debtors or
obligees with respect to Non-Securitization Compressors to the extent such contact relates
to the Non-Securitization Collateral.

     Section 5. Intercreditor Collateral Agent.

     (a) Appointment. Each of the Collection Parties and EXLP hereby designates the
Intercreditor Collateral Agent to act, and the Intercreditor Collateral Agent hereby accepts
such designation to act, as specified herein and as such Collection Party’s nominee and
agent under the Bank Documents and under the Securitization Documents, as the case may be,
and, in the case of EXLP, to act as EXLP’s nominee and agent under the Bank Documents, the
Securitization Documents and otherwise for EXLP in its own capacity, to hold for such
Collection Party’s and EXLP’s respective benefit, as its interest may appear, all
Collections from the Collateral that may from time to time be in the possession or control
of the Intercreditor Collateral Agent in the Lockbox Accounts. Without prejudice to the
rights of the Collection Parties to enforce the Securitization Documents and the Bank
Documents, as applicable, each of the Collection Parties and EXLP hereby irrevocably
authorizes the Intercreditor Collateral Agent to take such action, to exercise such powers
and remedies and to perform such duties hereunder as are specifically provided or delegated
to or required of the Intercreditor Collateral Agent by the terms hereof and such other
powers as are reasonably incidental thereto. The Intercreditor Collateral Agent may perform
any of its duties hereunder by or through its agents or employees.

     (b) Duties of Intercreditor Collateral Agent.

     (i) The Intercreditor Collateral Agent shall not be deemed to have any
knowledge (imputed or otherwise) of: (A) any of the terms or conditions of the Bank
Documents, the Securitization Documents or any documents referred to therein or
relating to any financing arrangement between or among any of the Collection Parties
and/or EXLP, or any other party, or any breach thereof, or (B) any occurrence or
existence of a default thereunder. The Intercreditor Collateral
Agent has no obligation to inform any Person of any breach under any such Bank
Document or Securitization Document or to take any action in connection with any of
the foregoing, except such actions as are specified in this Agreement.

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     (ii) The Intercreditor Collateral Agent is not responsible for the
enforceability or validity of any security interest in the Collateral and the
Lockbox Accounts.

     (iii) The Intercreditor Collateral Agent shall have no duties or
responsibilities to the Collection Parties or EXLP except those expressly set forth
or described herein and the duty to exercise “ordinary care” with respect to the
Collections in its possession or under its control and as required by applicable
law. With respect to the immediately preceding sentence, the Intercreditor
Collateral Agent shall be deemed to have exercised “ordinary care” if its action or
failure to act is in conformity with general banking usages or is otherwise in
accordance with commercially reasonable practices of the banking industry. Except
as set forth above with respect to the Intercreditor Collateral Agent’s duties with
respect to the Collections in its possession or under its control, neither the
Intercreditor Collateral Agent nor any its officers, directors, employees or agents
shall be liable to the Collection Parties or EXLP for any action taken or omitted by
it as such hereunder, or in connection herewith, unless caused by its or their gross
negligence or willful misconduct.

     (iv) The duties of the Intercreditor Collateral Agent as agent of the
Collection Parties and EXLP shall be mechanical and administrative in nature. The
Intercreditor Collateral Agent shall not have, by reason of this Agreement or any
Securitization Document or Bank Document, a fiduciary relationship in respect of any
Collection Parties or EXLP and nothing herein expressed or implied, is intended to
or shall be so construed as to impose upon the Intercreditor Collateral Agent any
obligations in respect of any Securitization Document or Bank Document except as
expressly set forth herein. The Intercreditor Collateral Agent shall not be liable
for consequential, incidental or special damages even if it has been advised of the
possibility of same. The Intercreditor Collateral Agent shall be liable for failure
to perform its obligations when the failure arises out of causes beyond its control,
including, without limitation, an act of a governmental or regulatory authority, an
act of God, accident, equipment failure, labor disputes or system failure, provided
it has exercised commercially reasonable diligence with respect thereto.

     (c) Reliance of the Intercreditor Collateral Agent. The Intercreditor
Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon
any note, writing, resolution, notice, statement, certificate, telex, teletype or telecopier
message, cablegram, radiogram, order or other document or telephone message that the
Intercreditor Collateral Agent reasonably believes in good faith to be signed, sent or made
by any apparently authorized person or entity, with respect to all matters pertaining to the
Collateral (including, without limitation, the Collections) and the Lockbox Accounts and its
duties hereunder. Neither any Collection Party nor EXLP shall have
any right of action whatsoever against the Intercreditor Collateral Agent as a result
of the Intercreditor Collateral Agent’s acting or refraining from acting based upon
instructions given to the Intercreditor Collateral Agent pursuant to and consistent with
this Agreement to so act or refrain from acting, provided that such action or refraining
from acting is in

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accordance with this Agreement. Unless expressly provided herein, the
Intercreditor Collateral Agent shall have a reasonable opportunity to act after the receipt
of any notice or instruction as described herein.

     (d) Blocked Account Agreement. All rights and benefits of the Intercreditor
Collateral Agent provided for under this Agreement, including but not limited to, those set
forth in this Section 5, shall also apply (as between the parties hereto) to the Blocked
Account Agreement, as if set forth therein in their entirety.

Section 6. Establishment of Accounts: Deposit of Collections (a) EXLP shall cause the
EXLP/ABS 2009/Wells Lockbox Account to be maintained with Intercreditor Collateral Agent and
the EXLP/JPMC Lockbox Account at JPMorgan Chase Bank, N.A. under the Blocked Account
Agreement. The Lockbox Accounts shall at all times be held in the name of EXLPOP, but under
the exclusive dominion and control of, the Intercreditor Collateral Agent for the benefit of
the Collection Parties and EXLP, at the expense of EXLP. Each of EXLP in its individual
capacity and as Manager, and EXLPOP agrees that it shall not, and shall have no right to,
make withdrawals therefrom, give any instructions with respect thereto, or have access
thereto, except with respect to Non-Securitization Collections constituting
Non-Securitization Collateral to the extent provided in Section 7(b)(i) hereof and
with respect to Securitization Collections constituting Securitization Collateral pursuant
to Section 7(b)(ii) hereof. The Collection Parties hereby agree that the Lockbox
Accounts shall be under the exclusive dominion and control of the Intercreditor Collateral
Agent as aforesaid, and the Collection Parties shall not, and shall have no right to, make
withdrawals therefrom, give any instructions with respect thereto, or have access thereto.
Each of EXLP, EXLPOP, and Intercreditor Collateral Agent agree that it shall not transfer
any funds from the Lockbox Accounts to the Securitization Account or the EXLP Account or to
any other account unless such transfer is in accordance with Section 7 or
Section 8 hereof.

     (b) Without limiting the effectiveness of the security interests or Liens granted under
the Securitization Indenture or any other Securitization Document, ABS 2009 and ABS Leasing
2009, hereby assign, convey, mortgage and hypothecate to the Intercreditor Collateral Agent,
for the benefit of the Indenture Trustee, and hereby pledges and grants to the Intercreditor
Collateral Agent, for the benefit of the Indenture Trustee, a security interest in and a
continuing Lien on, all of their respective right, title and interest, whether now owned or
existing or hereafter created or acquired in, to and under the Lockbox Accounts, including,
without limitation, any and all deposits, monies, securities or other property (including
any investment property) from time to time in or constituting the Lockbox Accounts,
including any Collections in respect of any Securitization Collateral, as security for its
obligations under this Agreement and the Securitization Documents.

     (c) EXLP, in its own capacity, as Manager under the Securitization Documents (when it
serves in that capacity) and as manager and/or collection agent from time to time for
various third parties, in each such capacity, and EXLPOP as account holder hereby assign,
convey, mortgage and hypothecate to the Intercreditor Collateral Agent, for the benefit of
the Bank Lenders and the Securitization Secured Parties (and the successors and assigns of
any of them), and hereby pledge and grant to the Intercreditor

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Collateral Agent, for the
benefit of the Bank Lenders and the Securitization Secured Parties (and for the benefit of
the successors and assigns of any of them), as their interests may appear, a security
interest in and a continuing Lien on, all of their respective right, title and interest,
whether now owned or existing or hereafter created or acquired in, to and under Lockbox
Accounts, including, without limitation, any and all deposits, monies, securities or other
property (including any investment property) from time to time in or constituting the
Lockbox Accounts, including any Collections from the Domestic Contract Compression Business
in respect of any Securitization Collateral and Non-Securitization Collateral, as security
for its obligations under this Agreement, the Securitization Documents and the Bank
Documents.

     (d) The parties hereto each agree and acknowledge that (i) the security interests and
Liens granted pursuant to this Section 6 and granted under the Blocked Account
Agreement constitute “control” under and for purposes of Section 9104(a)(1) of the UCC in
the Intercreditor Collateral Agent for the benefit of the various parties named herein, (ii)
Wells Fargo Bank, National Association, as Intercreditor Collateral Agent, will, for
purposes of Section 9-104(a)(2) and Sections 8-106 and 8-501 of the UCC, (A) for the benefit
of the Indenture Trustee, comply with instructions originated by the Indenture Trustee (as
directed by the Requisite Global Majority) directing the disposition of the funds in the
Lockbox Accounts that are properly allocable to the Securitization Collateral pursuant to
Section 7 and 8 hereof without further notice by or to any party, and (B)
for the benefit of the Bank Agent, comply with instructions originated by the Bank Agent
directing the disposition of the funds in the Lockbox Accounts that are properly allocable
to the Non-Securitization Collateral pursuant to Section 7 and 8 hereof
without notice to any party; and (iii) the Intercreditor Collateral Agent’s jurisdiction for
purposes of Article 9-304 of the UCC is New York. Notwithstanding the foregoing, the
Intercreditor Collateral Agent and each of the Collection Parties agree that EXLP shall have
the right to allocate Collections in the Lockbox Accounts to the extent provided in
Section 7(a)(i), 7(a)(ii), 7(c) or 8(a) hereof and disburse
any Non-Securitization Collections to the extent so permitted in accordance with
Section 7(b)(i) hereof.

     (e) EXLP shall (i) cause all Collections with respect to the Domestic Contract
Compression Business, including, without limitation, all contract payments made by Users,
account debtors, obligees or sub-obligees on User Contracts involving Securitization
Compressors and by account debtors, obligees or sub-obligees of any contract compression
services contracts involving Non-Securitization Compressors, all casualty proceeds from
Securitization Compressors and Non-Securitization Compressors, all other payments from the
Domestic Contract Compression Business in respect of the Securitization Collateral and
Non-Securitization Compressors paid by account debtors, and other obligors in respect
thereof, to be deposited directly in, or credited directly to, the EXLP/ABS 2009/Wells
Lockbox Account and (ii) notify all persons and entities
obligated to EXLP, or making payments to EXLP for the benefit of any other Person, in
respect of the Domestic Contract Compression Business to make all such payments directly
into the EXLP/ABS 2009/Wells Lockbox Account. For the avoidance of doubt, funds in respect
of contract payments made by Users, account debtors, obligees or sub-obligees of compressors
owned by EXH or any subsidiary of EXH (other than EXLP, EXLPOP, ABS 2009, or ABS 2009
Leasing), and any casualty proceeds or other

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proceeds payable to or receivable by EXH or any
subsidiary of EXH (other than EXLP, EXLPOP, ABS 2009 or ABS 2009 Leasing), are not to be
directed to, or transferred to, the Lockbox Accounts, and EXLP agrees not to send any
directions or remittance instructions to the accounts of EXH or its subsidiaries (other than
EXLP, EXLPOP, ABS 2009 or ABS 2009 Leasing) for any such funds or casualty proceeds.

     Section 7. Allocation of Collections: Disbursements of Collections

     (a) Allocations.

     (i) On each Business Day, EXLP shall allocate all Collections then on deposit
in or constituting the Lockbox Accounts between Securitization Collections and
Non-Securitization Collections and provide written notice thereof (which notice may
be made by facsimile or electronic mail) to the Indenture Trustee and the Bank Agent
prior to the close of business on the day on which such allocations are made. EXLP
will do monthly reallocations of Collections related to Securitization Compressors
transferred in or out of the Securitization Collateral during such period.

     (ii) In the event the Bank Agent at any time or for any reason questions any
Allocated Collection, EXLP agrees to promptly cooperate and direct the EXLP
Accountants (as defined below) to work with the Bank Agent and its representatives
to explain such Allocated Collection and provide such other information regarding
same as reasonably requested from time to time by the Bank Agent. The Indenture
Trustee (at the direction of the Requisite Global Majority or as otherwise provided
in the Indenture or pursuant to any Supplement thereto) may appoint an independent
accounting firm (the “Securitization Accountants”) to examine, from time to
time, the books and records of EXLP that would constitute the basis for properly
allocating any Collections then on deposit in the Lockbox Accounts that have
theretofore not been allocated (collectively, the “Unallocated
Collections”), including, without limitation, all User Contracts and related
invoices in respect thereof, and such Securitization Accountants shall cooperate
with EXLP’s in-house accountants (the “EXLP Accountants”) (and EXLP hereby
agrees that it shall direct the EXLP Accountants to cooperate with the
Securitization Accountants so appointed by the Indenture Trustee) to determine the
allocation of such Unallocated Collections and the Bank Agent shall have the right
to have its representatives present during all such calls and meetings and EXLP
shall cause the Bank Agent to be contemporaneously copied on all written information
regarding the determination of such allocations in each case; provided, however,
that if the EXLP Accountants and the Securitization Accountants are not able to
agree on the allocation of such
Unallocated Collections within five (5) Business Days, then EXLP (with the
written approval of the Bank Agent, which approval shall not be unreasonably
withheld or delayed) and the Indenture Trustee (at the direction of the Requisite
Global Majority), within one (1) Business Day after such five (5) Business Day
period expires, shall select another nationally recognized accounting firm (the
“Allocation Accounting Firm”) which is reasonably acceptable to EXLP and the

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Indenture Trustee to determine the proper allocation of such Unallocated
Collections. The determination of such Allocation Accounting Firm shall be final
and binding upon EXLP, the Bank Agent, the other Bank Lenders, the Indenture Trustee
and the Requisite Global Majority, and EXLP shall promptly provide notice of such
appointment to the Bank Agent. EXLP agrees that it shall make the Bank Agent privy
to all communications involving the Allocation Accounting Firm relating to the
proper allocation of such Unallocated Collections and the Bank Agent shall be
entitled to communicate with EXLP and the Allocation Accounting Firm regarding the
same. EXLP shall allocate all Unallocated Collections (a) as mutually agreed by the
EXLP Accountants and the Securitization Accountants or (b) as determined by the
Allocation Accounting Firm pursuant to this Section 7(a)(ii), as applicable,
and in each case provide written notice thereof (which notice may be made by
facsimile or electronic mail) to the Indenture Trustee and the Bank Agent prior to
the close of business on the day on which such allocations are made.

     (iii) In the event that EXLP is replaced as Manager, then allocations of
Collections pursuant to Section 7(a)(i) or 7(a)(ii) above shall be
made in good faith based upon the information provided by the replacement Manager.

     (iv) Notwithstanding anything contained herein to the contrary, each of the
parties hereto agrees that the provisions of Sections 3 and 4 above
constitute a “subordination agreement” for purposes of Section 510(a) of the
Bankruptcy Code.

     (v) Each party hereto agrees that it will abide by allocations of Collections
held in the Lockbox Accounts made in accordance with this Section 7(a).

     (b) Disbursements.

     (i) So long as the Intercreditor Collateral Agent has not received notice
pursuant to Section 8(b) or 8(c) to the effect that a Securitization
Default or Bank Default, respectively, has occurred (and has had a commercially
reasonable opportunity to act thereon) on any Business Day, after EXLP makes any
allocation of Collections pursuant to Sections 7(a)(i), 7(a)(ii),
7(c) or 8(a) hereof, EXLP or EXLPOP may use electronic banking
methods to transfer collected funds from the EXLP/JPMC Lockbox Account to the EXLP
Account, and may use electronic banking methods acceptable to Intercreditor
Collateral Agent and consistent with past practice to direct Intercreditor
Collateral Agent to transfer collected funds from the EXLP/ABS 2009/Wells Lockbox
Account to the
EXLP Account, in the aggregate equal to the Allocated Collections constituting
Non-Securitization Collections, prior to the close of business on such day;
provided, however, that (i) if such electronic banking methods are not available due
to force majeure, such transfer shall be made as promptly as practicable after such
electronic banking methods resume and (ii) to the extent EXLP is obligated by
Applicable Law to obtain evidence of approvals to make such transfers and it

-15-

 

is not
practicable to obtain such evidence or approvals on such Business Day, such transfer
shall be made by noon Central Time on the next Business Day. After the occurrence
of a Securitization Default or a Bank Default, Allocated Collections constituting
Non-Securitization Collections shall be disbursed in accordance with Section
8(c) hereof.

     (ii) So long as the Intercreditor Collateral Agent has not received notice
pursuant to Section 8(b) or 8(c) to the effect that a Securitization
Default or a Bank Default, respectively, has occurred (and has had a commercially
reasonable opportunity to act thereon), on the same Business Day as EXLP makes any
allocation of Collections pursuant to Section 7(a)(i), 7(a)(ii),
7(c) or 8(a) hereof, prior to the close of business on such day,
EXLP or EXLPOP will use electronic banking methods to transfer funds from the
EXLP/JPMC Lockbox Account to the Trust Account and will use electronic banking
methods acceptable to Intercreditor Collateral Agent and consistent with past
practice to direct Intercreditor Collateral Agent to transfer funds from the
EXLP/ABS 2009/Wells Lockbox Account to the Trust Account or the account specified by
the Indenture Trustee (at the direction of the Requisite Global Majority) in
accordance with the then current Repetitive Wire Instructions delivered to the
Intercreditor Collateral Agent (such account, or any other account that may be
specified by the Indenture Trustee in a subsequent delivery of Repetitive Wire
Instructions, the “Securitization Account”) in an aggregate amount equal to
the Allocated Collections constituting Securitization Collections. After the
occurrence of a Securitization Default or a Bank Default, Allocated Collections
constituting Securitization Collections shall be disbursed in accordance with 
Section 8(b) hereof.

     (iii) In the event that an allocation of Collections under Section 7(a)
or disbursement of Allocated Collections pursuant to Section 7(b) is made to
(A) the EXLP Account in excess of the Non-Securitization Collections or (B) the
Securitization Account in excess of the Securitization Collections (any such event
in clauses (A) and (B) above, a “Misallocation”), then EXLP shall
immediately notify the Indenture Trustee and the Bank Agent thereof, and (x) in the
case of a Misallocation described in clause (A) above, EXLP and the Bank
Lenders and (y) in the case of a Misallocation described in clause (B)
above, the Indenture Trustee, shall, upon receipt of such written notice from EXLP
to the effect of the foregoing, hold such amount for the benefit of the
Intercreditor Collateral Agent and the Securitization Secured Parties or the Bank
Lenders, as applicable, and remit and pay over any and all such amounts received to
the Intercreditor Collateral Agent for proper allocation in accordance with the
provisions of Section 7(a) above or Section 7(c) or  Section
8(a) below (as applicable), to the
extent that such amounts are still held by such Person. In the event that any
Misallocation occurs, EXLP covenants and agrees to deposit into one or more of the
Lockbox Accounts (which is applicable) an amount in cash equal to such Misallocation
(net of any portion thereof that has been paid over by the Bank Lenders or the
Indenture Trustee pursuant to the preceding sentence) for proper allocation and
disbursement in accordance with the provisions hereof within three

-16-

 

(3) Business Days
after the earlier of the date on which EXLP shall have knowledge thereof and the
date on which EXLP receives notice from any other Person (including pursuant to the
procedures described in Section 7(c) hereof) of such Misallocation.

(c) Disputed Allocations.

     In the event that the Indenture Trustee (acting at the direction of the Requisite
Global Majority) disputes the allocation of any Allocated Collections in good faith (any
such disputed allocation of Collections, collectively, the “Disputed Allocations”),
then in such event the Indenture Trustee (at the direction of the Requisite Global Majority
or as otherwise provided in the Indenture or pursuant to any Supplement thereto) may appoint
the Securitization Accountants to examine, from time to time, the books and records of EXLP
which constitute the basis for properly allocating such Disputed Allocations, including,
without limitation, all User Contracts and related invoices in respect thereof, and such
Securitization Accountants shall cooperate with the EXLP Accountants (and EXLP hereby agrees
that it shall direct the EXLP Accountants to cooperate with the Securitization Accountants
so appointed by the Indenture Trustee) to determine the allocation of such Disputed
Allocations and the Bank Agent shall have the right to have its representatives present
during all such calls and meetings and EXLP shall cause the Bank Agent to be
contemporaneously copied on all written information regarding the determination of such
Disputed Allocations in each case; provided, however, that if the EXLP Accountants and the
Securitization Accountants are not able to agree on the allocation of such Disputed
Allocations within five (5) Business Days, then EXLP (with the written approval of the Bank
Agent, which approval shall not be unreasonably withheld or delayed) and the Indenture
Trustee (at the direction of the Requisite Global Majority), within one (1) Business Day
after such five (5) Business Day period expires, shall appoint the Allocation Accounting
Firm to determine the proper allocation of such Disputed Allocations. The determination of
such Allocation Accounting Firm shall be final and binding upon EXLP, the Bank Agent, the
Bank Lenders, the Indenture Trustee and the Requisite Global Majority. EXLP shall allocate
all Disputed Allocations (i) as mutually agreed by the EXLP Accountants and the
Securitization Accountants or (ii) as determined by the Allocation Accounting Firm pursuant
to this Section 7(c), as applicable, and in each case provide written notice thereof
(which notice may be made by facsimile or electronic mail) to the Indenture Trustee and the
Bank Agent prior to the close of business on the day on which such allocations are made.

     (i) In the event the Bank Agent at any time or for any reason questions any
Allocated Collection, EXLP agrees to promptly cooperate and direct the EXLP
Accountants to work with the Bank Agent and its representatives
to explain such Allocated Collection and provide such other information
regarding same as reasonably requested from time to time by the Bank Agent.

     Section 8. Monitoring of Allocation Process; Effect of a Securitization Default; Effect of a
Bank Default(a) Monitoring of Allocation Process. The Indenture Trustee (acting
at the direction of the Requisite Global Majority or as otherwise provided in the Indenture
or

-17-

 

pursuant to any Supplement thereto) may appoint the Securitization Accountants to
examine, from time to time, the books and records of EXLP that would constitute the basis
for properly allocating the Collections, including, without limitation, any User Contracts,
contracts, agreements and invoices in respect thereof, and such Securitization Accountants
shall (i) cooperate with the EXLP Accountants (and EXLP hereby agrees that it shall direct
the EXLP Accountants to cooperate with the Securitization Accountants so appointed by the
Indenture Trustee) to determine the allocation of all Collections from time to time on
deposit in the Lockbox Account and (ii) have access to such books and records that would
constitute the basis for properly allocating the Collections, including, without limitation,
any User Contracts, contracts, agreements and invoices in respect thereof, and any other
resources of EXLP reasonably necessary to monitor the allocation process on a day-to-day
basis with respect to all current or future allocations of Collections received by or in the
Lockbox Accounts as set forth in this Agreement; provided, however, that if the EXLP
Accountants and the Securitization Accountants are not able to agree on the allocation of
any such Collections, then EXLP (with the written approval of the Bank Agent, which approval
shall not be unreasonably withheld or delayed) and the Indenture Trustee (at the direction
of the Requisite Global Majority) shall appoint the Allocation Accounting Firm to determine
the proper allocation of all such Collections and all future Collection from such date. The
Indenture Trustee shall have no duty to monitor the allocation process pursuant to
Section 7 or 8 hereof, and shall take action only upon the receipt of
direction from the Requisite Global Majority. Upon and after the exercise by the Indenture
Trustee’s rights under this Section 8(a), EXLP shall allocate all Collections then
on deposit in the Lockbox Accounts and all future Collections received by or deposited in
the Lockbox Accounts (x) as mutually agreed by the EXLP Accountants and the Securitization
Accountants or (y) as determined by the Allocation Accounting Firm pursuant to this
Section 8(a), and in each case provide written notice thereof (which notice may be
made by facsimile or electronic mail) to the Indenture Trustee and the Bank Agent prior to
the close of business on the day on which such allocations are made.

     (b) Effect of a Securitization Default. After the occurrence of a
Securitization Default, the Indenture Trustee shall notify the Intercreditor Collateral
Agent to such effect and as to the Intercreditor Collateral Agent, after such Intercreditor
Collateral Agent has received such notice and has had a commercially reasonable opportunity
to act thereon, then, subject to the other provisions of this Agreement and to the terms of
the Securitization Documents, (i) the Intercreditor Collateral Agent shall take such steps
as may be instructed in writing by the Indenture Trustee (as directed by the Requisite
Global Majority) to receive, hold and distribute all or any portion of the Securitization
Collateral (including, without limitation, any Securitization Collections) and proceeds
thereof and to
comply with its other obligations set forth in this Agreement, including without
limitation to send notice to default to JPMorgan Chase Bank, N.A. under the Blocked Account
Agreement and otherwise to take control of the EXLP/JPMC Lockbox Account in accordance with
the terms thereof; and (ii) the Indenture Trustee (at the direction of the Requisite Global
Majority) may take such steps as it is entitled to take under the Securitization
Documents
with respect to enforcement of any Securitization Document and collection and realization of
the Securitization
Collateral (or any portion thereof) and the proceeds thereof. In
permitting the Indenture Trustee to distribute Securitization

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Collateral from the Lockbox
Accounts pursuant to this Section 8(b), the Intercreditor Collateral Agent may rely
conclusively on the notice provided by the Indenture Trustee to the effect that a
Securitization Default has occurred without conducting any independent investigation thereof
and notwithstanding any assertion or evidence to the contrary.

     (c) Effect of a Bank Default. After the occurrence of a Bank Default, the Bank
Agent shall notify the Intercreditor Collateral Agent to such effect and after the
Intercreditor Collateral Agent has received such notice and has had a commercially
reasonable opportunity to act thereon, then, subject to the other provisions of this
Agreement and to the terms of the Bank Documents, (i) the Intercreditor Collateral Agent
shall take such steps as may be instructed in writing by the Bank Agent to receive, hold and
distribute all or any portion of the Bank Collateral and proceeds thereof and to comply with
its other obligations set forth in this Agreement, including without limitation to send
notice of default to JPMorgan Chase Bank, N.A. under the Blocked Account Agreement and
otherwise to take control of the EXLP/JPMC Lockbox Account in accordance with the terms
thereof; and (ii) the Bank Agent may take such steps as it is entitled to take under the
Bank Documents with respect to enforcement of any Bank Document and collection and
realization of the Bank Collateral (or any portion thereof) and the proceeds thereof. In
permitting the Intercreditor Collateral Agent to distribute Non-Securitization Collateral
from the Lockbox Accounts pursuant to this Section 8(c), the Intercreditor
Collateral Agent may rely conclusively on the notice provided by the Bank Agent to the
effect that a Bank Default has occurred without conducting any independent investigation
thereof and notwithstanding any assertion or evidence to the contrary.

     (d) Conflicting Instruction. Notwithstanding the foregoing, the Intercreditor
Collateral Agent shall have no duty or responsibility to exercise any discretion with
respect to determining the nature of, receiving, holding and/or distributing all or any
portion of the Collateral or any other collateral or funds held by the Intercreditor
Collateral Agent pursuant to the terms of this Agreement. Without limiting the generality
of the foregoing, the parties hereby agree that the Intercreditor Collateral Agent shall be
obligated to disburse funds from (i) the EXLP/ABS 2009/Wells Lockbox Account in accordance
with instructions from EXLP, EXLPOP, or the Manager given pursuant to Section 7(a),
7(b) or 7(c), (ii) the Lockbox Accounts in accordance with instructions from
the Indenture Trustee given pursuant to Section 8(b) or 8(d), or (iii) the
Lockbox Accounts in accordance with instructions from the Bank Agent given pursuant to
Section 8(c) or 8(d). In the event the Intercreditor Collateral Agent
receives conflicting notices or instructions or in the event it is unable in good faith to
determine what action it
should take, or is unsure as to the application, intent, interpretation or meaning of
any provision therein or hereof, the Intercreditor Collateral Agent may give notice (in such
form as shall be appropriate under the circumstances) to EXLP, the Bank Agent, and the
Indenture Trustee, requesting written instructions as to the course of action to be adopted,
and, to the extent the Intercreditor Collateral Agent acts in good faith in accordance with
any such appropriate instruction received from EXLP, the Bank Agent, and the Indenture
Trustee (as directed by the Requisite Global Majority), the Intercreditor Collateral Agent
shall not be liable on account of such action or inaction to any Person. Except with

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respect to any instructions received from the Indenture Trustee (as directed by the
Requisite Global Majority) directing the disposition of the funds in the applicable Lockbox
Account that are properly allocated to the Securitization Collateral, if the Intercreditor
Collateral Agent shall not have received appropriate instructions within ten (10) days of
such notice (or within such shorter period of time as reasonably may be specified in such
notice or may be necessary under the circumstances), it may, but shall be under no duty to,
take or refrain from taking such action which is consistent, in its view, with this
Agreement, and such Intercreditor Collateral Agent shall have no liability to any Person for
any such action or inaction.

     Section 9. Compensation and Indemnity of Intercreditor Collateral Agent: Waiver of Right
of Set-off.

     (a) EXLP shall be liable to pay to the Intercreditor Collateral Agent from time to time
reasonable compensation for its services. EXLP shall be liable to reimburse the
Intercreditor Collateral Agent upon request for all reasonable disbursements, expenses and
advances incurred or made by it. Such expenses shall include the reasonable compensation,
disbursements and expenses of each such Intercreditor Collateral Agent’s agents and counsel
and all fees, costs and expenses of any Securitization Accountants and/or Allocation
Accounting Firm engaged pursuant to the terms hereof. EXLP shall indemnify the
Intercreditor Collateral Agent for, and hold it harmless against, any claim, demand, expense
(including but not limited to reasonable attorney’s fees and expenses), loss or liability
incurred by it without gross negligence or bad faith on its part, arising out of or in
connection with the performance of its rights or duties hereunder and under the Blocked
Account Agreement, the Lockbox Accounts, and the services provided in conjunction therewith.
The Intercreditor Collateral Agent shall notify EXLP promptly of any claim asserted against
the Intercreditor Collateral Agent for which it may seek indemnity. However, failure by the
Intercreditor Collateral Agent to notify EXLP shall not relieve EXLP of its obligations
hereunder. Upon the Intercreditor Collateral Agent’s request, EXLP shall defend the claim
and the Intercreditor Collateral Agent shall provide reasonable cooperation at EXLP’s
expense in the defense. The Intercreditor Collateral Agent may have separate counsel and
EXLP shall be liable to pay the reasonable fees and expenses of such counsel. EXLP need not
pay for any settlement made without its written consent, which consent shall not be
unreasonably withheld or delayed. EXLP need not reimburse any expense or indemnify against
any loss or liability to the extent incurred by the Intercreditor Collateral Agent through
the Intercreditor Collateral Agent’s gross negligence or bad faith. Any amount due under
this Section 9(a) that remains unpaid for thirty (30) days after notice thereof
shall bear interest at the federal funds rate from the date of notice to the date of
payment.

(b) (i) Except as provided below, Intercreditor Collateral Agent and Wells Fargo
Bank, National Association, in its individual capacity, each hereby subordinates all
Liens, encumbrances, claims and rights of setoff it may have, now or in the future,
against the EXLP/ABS 2009/Wells Lockbox Account or any Collateral or Collections
(including checks or other items evidencing the same held therein) or any other
property in such Lockbox Account to the prior payment in full in cash of all
Securitization Obligations and EXLP Obligations and agree

-20-

 

that the Liens and
security interests securing such Securitization Obligations and EXLP Obligations are
superior to any such Liens, encumbrances, claims and rights of setoff which
Intercreditor Collateral Agent or Wells Fargo Bank, National Association, in its
individual capacity, might have or obtain in the EXLP/ABS 2009/Wells Lockbox Account
or any Collateral or Collections or any other property in such Lockbox Account.

     (ii) Notwithstanding the foregoing, the Intercreditor Collateral Agent and Wells
Fargo Bank, National Association, in its individual capacity, may debit the EXLP/ABS
2009/Wells Lockbox Account from time to time, for (a) checks and other items,
including, without limitation, any automated clearinghouse transactions, which are
returned for any reason (“Returned Items”), (b) necessary account
adjustments, and (c) overdrafts; provided, however, no such offset shall be made
unless the Intercreditor Collateral Agent advises EXLP and EXLPOP of the amount
thereof in accordance with the Intercreditor Collateral Agent’s current practice, if
any.

     (iii) In the event that any charges or fees are then due from EXLP or any other
party hereto to the Intercreditor Collateral Agent under this Agreement or related
to any Returned Items, the EXLP/ABS 2009/Wells Lockbox Account or the services
provided hereunder, EXLP agrees to pay such amounts to the Intercreditor Collateral
Agent within thirty (30) days of EXLP’s receipt by the Intercreditor Collateral
Agent of a written invoice therefor. In the event that EXLP fails to pay the
amounts described in the preceding sentence within the time period set forth above,
then the Intercreditor Collateral Agent shall have the right to debit the EXLP/ABS
2009/Wells Lockbox Account for such amounts which obligation of EXLP shall not be
relieved by any such offset or debit by the Intercreditor Collateral Agent (and,
upon payment by EXLP of such amounts to the Intercreditor Collateral Agent, the
Intercreditor Collateral Agent shall deposit such amounts into such Lockbox
Account).

     (iv) In the event there are insufficient funds in the EXLP/ABS 2009/Wells
Lockbox Account to reimburse the Intercreditor Collateral Agent for the amount of
any Returned Items or unpaid charges or fees for which the Intercreditor Collateral
Agent is entitled to debit such Lockbox Account in accordance with clause (ii)
or (iii) above, then EXLP shall (x) reimburse the Intercreditor Collateral Agent
immediately upon demand and (y) to the extent Collections in respect of Returned
Items have been disbursed to any Collection Party in accordance with the terms of
this Agreement, may debit an amount equal to such disbursement from future
allocations to such Collection Party.

Section 10. Resignation by or Removal of Intercreditor Collateral Agent (a) The
Intercreditor Collateral Agent may resign from the performance of all its functions and
duties hereunder at any time by giving at least sixty (60) days’ prior written notice to
each of EXLP, the Indenture Trustee, and the Bank Agent. EXLP (with the consent of the
Requisite Global Majority which consent shall not be unreasonably withheld) may, at any
time, for or without cause, remove the Intercreditor Collateral Agent by giving at

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least
twenty (20) days prior written notice to the Intercreditor Collateral Agent, the Indenture
Trustee and the Bank Agent.

     (b) Upon the effectiveness of any such notice of resignation or removal given pursuant
to Section 10(a) above, EXLP shall appoint a successor Intercreditor Collateral
Agent hereunder (with the consent and approval of the Requisite Global Majority (such
consent and approval not to be unreasonably withheld), which shall be an incorporated bank
or trust company and which shall execute counterparts hereof or such other instrument
reasonably satisfactory to evidence acceptance of the duties and obligations of the
Intercreditor Collateral Agent hereunder.

     (c) If a successor Intercreditor Collateral Agent shall not have been so appointed
within the applicable notice period, the Requisite Global Majority shall then appoint a
successor Intercreditor Collateral Agent which shall be a bank or trust company with a
combined capital and surplus of at least $50,000,000 as set forth in its most recent
published annual report of condition and which shall execute counterparts hereof or such
other instrument reasonably satisfactory to evidence acceptance of the duties and
obligations of the Intercreditor Collateral Agent hereunder and which shall serve as
Intercreditor Collateral Agent hereunder or thereunder until such time, if any, as EXLP
appoints a successor Intercreditor Collateral Agent as provided above.

     (d) After the resignation or removal of any Intercreditor Collateral Agent pursuant to
this Section 10, the provisions of Section 5 shall inure to its benefit as
to any actions taken or omitted to be taken by it while it was the Intercreditor Collateral
Agent hereunder, and Section 9(a) above shall continue to inure to its benefit.

     Section 11. No Implied Waivers, Etc. Except as expressly provided herein, nothing in this Agreement
shall be deemed to constitute a waiver of or shall otherwise affect any of the interests, rights or
remedies which either the Bank Agent or the Indenture Trustee may have under the Bank Documents or
the Securitization Documents, respectively, or under applicable law.

     Section 12. Amendments. No term or provision of this Agreement may be amended, modified, waived,
discharged or terminated orally and any such term or provision may only be amended, modified,
waived, discharged or terminated by an instrument in writing signed by the Indenture Trustee (at
the direction of the Requisite Global Majority), EXLP, the Bank Agent, and the Intercreditor
Collateral Agent; provided, however, that no such instrument or agreement shall amend, modify or
waive any provision of this Agreement relating to the allocation of Collections hereunder or
otherwise affect the rights of any Collection Party or EXLP to receive distributions and/or
payments of Collections allocated hereunder or under any other Related Documents, without the
written consent of such Collection Party or EXLP, as the case may be, then party to this Agreement
(in addition to the other parties required to consent thereto).

     Section 13. Benefit of Agreement This Agreement is intended solely for the benefit of the Collection
Parties and EXLP and their respective successors and assigns and no other Person shall have any
right, power, benefit, privilege, priority or interest under or through this Agreement. Each party
hereto agrees that, if the Indenture Trustee shall fail to act as directed by

-22-

 

the Requisite Global
Majority at any time at which it is so required hereunder or under any Related Documents, then
the
Requisite Global Majority shall be entitled to directly enforce the provisions of this Agreement or
take any such action directly in its own capacity or on behalf of the Indenture Trustee.

     Section 14. Severability. Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction the substantive laws of which are held to be applicable hereto shall not invalidate
the remaining provisions hereof, and any such prohibition or unenforceability in any such
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

     Section 15. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed
to be an original but all of which together shall constitute a single agreement.

     Section 16. Notices. All notices and other communications provided to any party hereto under this
Agreement shall be in writing or by facsimile and addressed, delivered or transmitted to such party
at its address or facsimile number set forth on the signature pages hereof or at such other address
or facsimile number as may be designated by such party from time to time in a notice complying as
to delivery with the terms of this section to the other parties. Any notice, if mailed or sent by
courier or hand delivery, shall be deemed given when received; any notice, if transmitted by
facsimile, shall be deemed given when such notice is transmitted and receipt is confirmed by
telephone or electronic means.

     Section 17. Headings. The various headings of this Agreement are inserted for convenience only and
shall not affect the meaning or interpretation of this Agreement or any provisions hereof.

     Section 18. Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, including without limitation, Section 5-1401 of the New York General
Obligations Law, except that matters relating solely to the operations of the Lockbox Accounts and
the
payment of checks and other items governed by Articles 3 and 4 of the Uniform Commercial Code shall
be governed by and construed in accordance with the laws of the State of Texas.

     Section 19. No Petition. (a) The Bank Agent hereby covenants and agrees that (i) prior to the date
which is one year and one day after the payment in full of all Securitization Obligations, it will
not institute against or join any other Person in instituting against ABS 2009 or any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings
under the laws of the United States, including, without limitation, the Bankruptcy Code, or any
state of the United States, (ii) it will not seek to challenge or contest, in any proceeding, suit
or action of any nature whatsoever or otherwise, any transfer, disposition, contribution to capital
or “true sale” of any Securitization Collateral or other assets pursuant to and in accordance with
any of the Securitization Documents; and (iii) it will not seek, through any proceeding, suit or
action of any nature whatsoever or otherwise, the consolidation, financial or otherwise, of ABS
2009 with any other Person.

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     (b) The provisions of this Section 19 shall be continuing and shall survive any
termination of this Agreement.

     Section 20. No Consolidation.

     (a) The Indenture Trustee covenants and agrees that it will not seek, through any
proceeding, suit or action of any nature whatsoever or otherwise, the consolidation,
financial or otherwise, of ABS 2009 with any other Person.

     (b) The provisions of this Section 20 shall be continuing and shall survive any
termination of this Agreement.

     Section 21. Insolvency. This Agreement shall be applicable both before and after the filing of any
petition by or against EXLP under the Bankruptcy Code and all converted or succeeding cases in
respect thereof, and all references herein to EXLP shall be deemed to apply to a trustee for EXLP,
as the case may be, and EXLP, as debtor-in-possession. The relative rights of the Bank Agent and
the Indenture Trustee in or to any allocation of or distributions or disbursements from or in
respect of any Non-Securitization Collections or proceeds of Non-Securitization Collections, or
Securitization Collections or proceeds of Securitization Collections, respectively, shall continue
after the filing thereof on the same basis as prior to the date of the petition, notwithstanding
any court order approving the financing of or use of cash collateral by EXLP as
debtor-in-possession or by any trustee appointed in its case.

     Section 22. Termination. This Agreement shall terminate upon the indefeasible payment in full in cash
of all Securitization Obligations and the satisfaction and discharge of the Securitization
Indenture.

     Section 23.
Entire Agreement. The provisions of the Intercreditor Collateral Agent’s commercial account agreement, wholesale
lockbox agreement applicable to the EXLP/ABS 2009/Wells Lockbox Account, or other treasury
management agreement and related service terms governing the relationship between EXLP and
Intercreditor Collateral Agent with respect to such Lockbox Account and any other applicable
account (collectively, the “Lockbox Agreements”) are incorporated by reference. In the
event of conflict among the provisions of this Agreement and the Lockbox Agreements, the provisions
of this Agreement shall control. This Intercreditor Agreement, and the other Related Documents
constitute the entire understanding among the parties hereto with respect to the subject matter
hereof and thereof and supersede any prior agreements, written or oral, with respect thereto.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK -

SIGNATURE PAGE FOLLOWS

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

	 	 	 	 	 	 	 
	 	 	EXTERRAN PARTNERS, L.P., in its individual 
capacity and
as Manager	 	 
	 
	 	 	 	 	 	 
	 	 	By: EXTERRAN GENERAL PARTNER, L.P., its
 general
partner	 	 
	 
	 	 	 	 	 	 
	 	 	By: EXTERRAN GP, LLC, its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David S. Miller	 	 
	 

	 	 	 	 

David S. Miller, Vice President
	 	 
	 

	 	 	 	and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	16666 Northchase Drive	 	 
	 

	 	 	 	Houston, TX 77060	 	 
	 
	 	 	 	 	 	 
	 	 	Facsimile No.: 281-836-8895	 	 
	 	 	Telephone No.: 281-836-7895	 	 
	 
	 	 	 	 	 	 
	 	 	Attn.: David S. Miller	 	 

Signature Page to

Intercreditor and Collateral Agency Agreement

 

 

	 	 	 	 	 	 	 
	 	 	EXLP ABS 2009 LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David S. Miller	 	 
	 

	 	 	 	 

David S. Miller, Vice President and
	 	 
	 

	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	16666 Northchase Drive	 	 
	 

	 	 	 	Houston, TX 77060	 	 
	 
	 	 	 	 	 	 
	 	 	Facsimile No.: 281-836-8895	 	 
	 	 	Telephone No.: 281-836-7895	 	 
	 
	 	 	 	 	 	 
	 	 	Attn.: David S. Miller	 	 

Signature Page to

Intercreditor and Collateral Agency Agreement

 

 

	 	 	 	 	 	 	 
	 	 	EXLP OPERATING LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David S. Miller	 	 
	 

	 	 	 	 

David S. Miller, Vice President
	 	 
	 

	 	 	 	and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	16666 Northchase Drive	 	 
	 

	 	 	 	Houston, TX 77060	 	 
	 
	 	 	 	 	 	 
	 	 	Facsimile No.: 281-836-8895	 	 
	 	 	Telephone No.: 281-836-7895	 	 
	 
	 	 	 	 	 	 
	 	 	Attn.: David S. Miller	 	 

Signature Page to

Intercreditor and Collateral Agency Agreement

 

 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Indenture
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Melissa Philibert	 	 
	 

	 	Name:
	 	 

Melissa Philibert
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	MAC N9311-161	 	 
	 	 	Sixth Street and Marquette Avenue	 	 
	 	 	Minneapolis, MN 55479	 	 
	 
	 	 	 	 	 	 
	 	 	Facsimile No.: 612-667-3464	 	 
	 	 	Telephone No.: 612-667-8058	 	 
	 
	 	 	 	 	 	 
	 	 	Attn.: Corporate Trust Services — Asset-Backed
Administration	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as
Intercreditor Collateral Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Melissa Philibert	 	 
	 

	 	Name:
	 	 

Melissa Philibert
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	MAC N9311-161	 	 
	 	 	Sixth Street and Marquette Avenue	 	 
	 	 	Minneapolis, MN 55479	 	 
	 
	 	 	 	 	 	 
	 	 	Facsimile No.: 612-667-3464	 	 
	 	 	Telephone No.: 612-667-8058	 	 
	 
	 	 	 	 	 	 
	 	 	Attn.: Corporate Trust Services — Asset-Backed
Administration	 	 

Signature Page to

Intercreditor and Collateral Agency Agreement

 

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION, 
as Bank Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Christopher L. Hewitt	 	 
	 

	 	Name:
	 	 

Christopher L. Hewitt
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	301 South College Street	 	 
	 

	 	 	 	23rd Floor NC 0680	 	 
	 

	 	 	 	Charlotte, North Carolina 28288	 	 
	 

	 	 	 	Attention: Syndication Agency Services	 	 
	 

	 	 	 	Facsimile No.: 704-383-0288	 	 
	 

	 	 	 	Telephone No.: 704-715-1846	 	 
	 
	 	 	 	 	 	 
	 	 	With copy to:	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Wachovia Capital Markets, LLC	 	 
	 

	 	 	 	1001 Fannin, Suite 2255	 	 
	 

	 	 	 	Houston, Texas 77002	 	 
	 

	 	 	 	Attention: David Humphreys	 	 
	 

	 	 	 	 	 	 

Signature Page to

Intercreditor and Collateral Agency Agreement

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