Document:

Exhibit 10.6(b)

 

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR
THE REDACTED PORTIONS OF THIS AGREEMENT. THE REDACTIONS ARE INDICATED WITH
THREE ASTERISKS (“***”). A COMPLETE VERSION OF THIS AGREEMENT HAS BEEN FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

	
  (Bilateral
  Form)

  	
   

  	
  (ISDA Agreements Subject to New York Law Only)

  

 

ISDA®

International Swaps and Derivatives Association, Inc.

 

CREDIT SUPPORT ANNEX

 

to the Schedule to the

 

1992 ISDA Master Agreement

 

dated as of June 20, 2007

 

	
  Credit
  Suisse Energy LLC,

  	
   

  	
  Noble
  Environmental Power 2006 Hold Co, LLC,

  
	
  a limited liability company
  organized

  	
  between

  	
  a limited liability company organized

  
	
  under the laws of the

  	
   

  	
  under the laws of the

  
	
  State of Delaware

  	
  and

  	
  State of
  Delaware

  
	
  (“Party A”)

  	
   

  	
  (“Party B”)

  

 

This
Annex supplements, forms part of, and is subject to, the above-referenced
Agreement, is part of its Schedule and is a Credit Support Document under this
Agreement with respect to each party.

 

Accordingly,
the parties agree as follows:—

 

Paragraph 1.
Interpretation

 

(a)                             Definitions
and Inconsistency.  Capitalized terms not otherwise defined herein
or elsewhere in this Agreement have the meanings specified pursuant to
Paragraph 12, and all references in this Annex to Paragraphs are
to Paragraphs of this Annex. In the event of any inconsistency between this
Annex and the other provisions of this Schedule, this Annex will prevail, and
in the event of any inconsistency between Paragraph 13 and the
other provisions of this Annex, Paragraph 13 will prevail.

 

(b)                            Secured
Party and Pledgor.  All
references in this Annex to the “Secured Party” will be to either party when
acting in that capacity and all corresponding references to the “Pledgor” will
be to the other party when acting in that capacity; provided, however, that if Other Posted
Support is held by a party to this Annex, all references herein to that party
as the Secured Party with respect to that Other Posted Support will be to that
party as the beneficiary thereof and will not subject that support or that
party as the beneficiary thereof to provisions of law generally relating to
security interests and secured parties.

 

Paragraph 2. Security
Interest

 

Each
party, as the Pledgor, hereby pledges to the other party, as the Secured Party,
as security for its Obligations, and grants to the Secured Party a first
priority continuing security interest in, lien on and right of Set-off against
all Posted Collateral Transferred to or received by the Secured Party
hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted
Collateral, the security interest and lien granted hereunder on that Posted
Collateral will be released immediately and, to the extent possible, without
any further action by either party.

 

Copyright ©
1994 by International Swaps and Derivatives Association, Inc.

 

 

Paragraph 3
.. Credit Support Obligations

 

(a)                                  Delivery
Amount.  Subject to
Paragraphs 4 and 5, upon a demand made by the Secured Party on or promptly
following a Valuation Date, if the Delivery Amount for that Valuation Date
equals or exceeds the Pledgor’s Minimum Transfer Amount, then the Pledgor will
Transfer to the Secured Party Eligible Credit Support, having a Value as of the
date of Transfer at least equal to the applicable Delivery Amount (rounded
pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Delivery Amount”  applicable to the Pledgor for any
Valuation Date will equal the amount by which:

 

(i)  the Credit Support
Amount 

 

exceeds

 

(ii)  the Value as of that
Valuation Date of all Posted Credit Support held by the Secured Party.

 

(b)                                 Return
Amount.  Subject to
Paragraphs 4 and 5, upon a demand made by the Pledgor on or promptly following
a Valuation Date, if the Return Amount for that Valuation Date equals or
exceeds the Secured Party’s Minimum Transfer Amount, then the Secured Party
will Transfer to the Pledgor Posted Credit Support specified by the Pledgor in
that demand having a Value as of the date of Transfer as close as practicable
to the applicable Return Amount (rounded pursuant to Paragraph 13). Unless
otherwise specified in Paragraph 13, the  “Return Amount”
applicable to the Secured Party for any Valuation Date will equal the
amount by which:

 

(i)  the Value as of that Valuation
Date of all Posted Credit Support held by the Secured Party 

 

exceeds

 

(ii)  the Credit Support Amount.

 

“Credit Support Amount”  means, unless otherwise specified in Paragraph 13, for any Valuation Date
(i) the Secured Party’s Exposure for that Valuation Date plus (ii) the
aggregate of all Independent Amounts applicable to the Pledgor, if any, minus
(iii) all Independent Amounts applicable to the Secured Party, if any, minus
(iv) the Pledgor’s Threshold; provided,
however, that the
Credit Support Amount will be deemed to be zero whenever the calculation of Credit
Support Amount yields a number less than zero.

 

Paragraph 4.
Conditions Precedent, Transfer Timing, Calculations and Substitutions

 

(a)                                  Conditions
Precedent.  Each Transfer
obligation of the Pledgor under Paragraphs 3 and 5 and of the Secured Party
under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the conditions precedent
that:

 

(i) no Event of Default, Potential Event of Default or Specified
Condition has occurred and is continuing with respect to the other party; and

 

(ii) no Early Termination Date for which any unsatisfied payment
obligations exist has occurred or been designated as the result of an Event of
Default or Specified Condition with respect to the other party.

 

(b)                                 Transfer
Timing.  Subject to
Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the
Transfer of Eligible Credit Support or Posted Credit Support is made by the
Notification Time, then the relevant Transfer will be made not later than the
close of business on the next Local Business Day; if a demand is made after the
Notification Time, then the relevant Transfer will be made not later than the
close of business on the second Local Business Day thereafter.

 

(c)                                  Calculations.  All calculations of Value and Exposure for purposes
of Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the
Valuation Time. The Valuation Agent will notify each party (or the other party,
if the Valuation Agent is a party) of its calculations not later than the
Notification Time on the Local Business Day following the applicable Valuation
Date (or in the case of Paragraph 6(d), following the date of calculation).

 

2

 

(d)                                 Substitutions.

 

(i) Unless otherwise specified in Paragraph 13, upon notice to the
Secured Party specifying the items of Posted Credit Support to be exchanged,
the Pledgor may, on any Local Business Day, Transfer to the Secured Party
substitute Eligible Credit Support (the “Substitute Credit Support”); and

 

(ii) subject to Paragraph 4(a), the Secured Party will Transfer to the
Pledgor the items of Posted Credit Support specified by the Pledgor in its
notice not later than the Local Business Day following the date on which the
Secured Party receives the Substitute Credit Support, unless otherwise
specified in Paragraph 13 (the “Substitution Date”); provided that the Secured Party will only be obligated to
Transfer Posted Credit Support with a Value as of the date of Transfer of that
Posted Credit Support equal to the Value as of that date of the Substitute
Credit Support.

 

Paragraph 5.
Dispute Resolution

 

If
a party (a “Disputing Party”) disputes (I) the Valuation Agent’s calculation of
a Delivery Amount or a Return Amount or (II) the Value of any Transfer of
Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party
will notify the other party and the Valuation Agent (if the Valuation Agent is
not the other party) not later than the close of business on the Local Business
Day following (X) the date that the demand is made under Paragraph 3 in the case
of (I) above or (Y) the date of Transfer in the
case of (II) above, (2) subject to Paragraph 4(a), the appropriate
party will Transfer the undisputed amount to the other party not later than the
close of business on the Local Business Day following (X) the date that the
demand is made under Paragraph 3 in the case of (I) above or (Y) the date of
Transfer in the case of (II) above, (3) the parties will consult with each
other in an attempt to resolve the dispute and (4) if they fail to resolve the
dispute by the Resolution Time, then:

 

(i) In the case of a dispute involving a Delivery Amount or Return
Amount, unless otherwise specified in Paragraph 13, the Valuation Agent will
recalculate the Exposure and the Value as of the Recalculation Date by:

 

(A) utilizing any calculations of Exposure for the Transactions (or Swap
Transactions) that the parties have agreed are not in dispute;

 

(B) calculating the Exposure for the Transactions (or Swap Transactions)
in dispute by seeking four actual quotations at mid-market from Reference
Market-makers for purposes of calculating Market Quotation, and taking the
arithmetic average of those obtained; provided
that if four quotations are not available for a particular
Transaction (or Swap Transaction), then fewer than four quotations may be used
for that Transaction (or Swap Transaction); and if no quotations are available
for a particular Transaction (or Swap Transaction), then the Valuation Agent’s
original calculations will be used for that Transaction (or Swap Transaction);
and

 

(C) utilizing the procedures specified in Paragraph 13 for calculating
the Value, if disputed, of Posted Credit Support.

 

(ii) In the case of a dispute involving the Value of any
Transfer of Eligible Credit Support or Posted Credit Support, the Valuation
Agent will recalculate the Value as of the date of Transfer pursuant to
Paragraph 13.

 

Following
a recalculation pursuant to this Paragraph, the Valuation Agent will notify
each party (or the other party, if the Valuation Agent is a party) not later
than the Notification Time on the Local Business Day following the Resolution
Time. The appropriate party will, upon demand following that notice by the
Valuation Agent or a resolution pursuant to (3) above and subject to Paragraphs
4(a) and 4(b), make the appropriate Transfer.

 

3

 

Paragraph 6.
Holding and Using Posted Collateral

 

(a)                                  Care
of Posted Collateral.  Without
limiting the Secured Party’s rights under Paragraph 6(c), the Secured Party
will exercise reasonable care to assure the safe custody of all Posted
Collateral to the extent required by, applicable law, and in any event the
Secured Party will be deemed to have exercised reasonable care if it exercises
at least the same degree of care as it would exercise with respect to its own
property. Except as specified in the preceding sentence, the Secured Party will
have no duty with respect to Posted Collateral, including, without limitation,
any duty to collect any Distributions, or enforce or preserve any rights
pertaining thereto.

 

(b)                                 Eligibility
to Hold Posted Collateral; Custodians.

 

(i)  General.  Subject to the
satisfaction of any conditions specified in Paragraph 13 for holding Posted
Collateral, the Secured Party will be entitled to hold Posted Collateral or to
appoint an agent (a “Custodian”) to hold Posted Collateral for the Secured
Party. Upon notice by the Secured Party to the Pledgor of the appointment of a
Custodian, the Pledgor’s obligations to make any Transfer will be discharged by
making the Transfer to that Custodian. The holding of Posted Collateral by a
Custodian will be deemed to be the holding of that Posted Collateral by the
Secured Party for which the Custodian is acting.

 

(ii)  Failure to Satisfy Conditions.  If the Secured Party
or its Custodian fails to satisfy any conditions for holding Posted Collateral,
then upon a demand made by the Pledgor, the Secured Party will, not later than
five Local Business Days after the demand, Transfer or cause its Custodian to
Transfer all Posted Collateral held by it to a Custodian that satisfies those
conditions or to the  Secured
Party if it satisfies those conditions.

 

(iii)  Liability.  The Secured Party
will be liable for the acts or omissions of its Custodian to the same extent
that the Secured Party would be liable hereunder for its own acts or omissions.

 

(c)                                  Use
of Posted Collateral.  Unless
otherwise specified in Paragraph 13 and without limiting the rights and obligations
of the parties under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured
Party is not a Defaulting Party or an Affected Party with respect to a
Specified Condition and no Early Termination Date has occurred or been
designated as the result of an Event of Default or Specified Condition with
respect to the Secured Party, then the Secured Party will, notwithstanding
Section 9-207 of the New York Uniform Commercial Code, have the right to:

 

(i)  sell, pledge, rehypothecate,
assign, invest, use, commingle or otherwise dispose of, or otherwise use in its
business any Posted Collateral it holds, free from any claim or right of any
nature whatsoever of the Pledgor, including any equity or right of redemption
by the Pledgor; and

 

(ii)  register any Posted
Collateral in the name of the Secured Party, its Custodian or a nominee for either.

 

For
purposes of the obligation to Transfer Eligible Credit Support or Posted Credit
Support pursuant to Paragraphs 3 and 5 and any rights or remedies authorized
under this Agreement, the Secured Party will be deemed to continue to hold all
Posted Collateral and to receive Distributions made thereon, regardless of
whether the Secured Party has exercised any rights with respect to any Posted
Collateral pursuant to (i) or (ii) above.

 

(d)                                 Distributions
and Interest Amount.

 

(i)  Distributions.  Subject to Paragraph 4(a), if the Secured Party receives or
is deemed to receive Distributions on a Local Business Day, it will Transfer to
the Pledgor not later than the following Local Business Day any Distributions
it receives or is deemed to receive to the extent that a Delivery Amount would
not be created or increased by that Transfer, as calculated by the Valuation
Agent (and the date of calculation will be deemed to be a Valuation Date for
this purpose).

 

4

 

(ii) 
Interest Amount. Unless otherwise specified in Paragraph 13 and subject to Paragraph
4(a), in lieu of any interest, dividends or other amounts paid or deemed to
have been paid with respect to Posted Collateral in the form of Cash (all of
which may be retained by the Secured Party), the Secured Party will Transfer to
the Pledgor at the times specified in Paragraph 13 the Interest Amount to the
extent that a Delivery Amount would not be created or increased by that
Transfer, as calculated by the Valuation Agent (and the date of calculation
will be deemed to be a Valuation Date for this purpose). The Interest Amount or
portion thereof not Transferred pursuant to this Paragraph will constitute
Posted Collateral in the form of Cash and will be subject to the security
interest granted under Paragraph 2.

 

Paragraph 7. Events of Default

 

For purposes of Section 5(a)(iii)(1) of this
Agreement, an Event of Default will exist with respect to a party if:

 

(i)  that party fails (or fails to cause its
Custodian) to make, when due, any Transfer of Eligible Collateral, Posted
Collateral or the Interest Amount, as applicable, required to be made by it and
that failure continues for two Local Business Days after notice of that failure
is given to that party;

 

(ii)  that party fails to comply with any
restriction or prohibition specified in this Annex with respect to any of the
rights specified in Paragraph 6(c) and that failure continues for five Local
Business Days after notice of that failure is given to that party; or

 

(iii)  that party fails to comply with or perform any
agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii)
and that failure continues for 30 days after notice of that failure is given to
that party.

 

Paragraph 8. Certain Rights and Remedies

 

(a)                                  Secured
Party’s Rights and Remedies. If at any time (1)
an Event of Default or Specified Condition with respect to the Pledgor has
occurred and is continuing or (2) an Early Termination Date has occurred or
been designated as the result of an Event of Default or Specified Condition
with respect to the Pledgor, then, unless the Pledgor has paid in full all of
its Obligations that are then due, the Secured Party may exercise one or more
of the following rights and remedies:

 

(i) all rights and remedies available to a
secured party under applicable law with respect to Posted Collateral held by
the Secured Party;

 

(ii) any other rights and remedies
available to the Secured Party under the terms of Other Posted Support, if any;

 

(iii) the right to Set-off any amounts
payable by the Pledgor with respect to any Obligations against any Posted
Collateral or the Cash equivalent of any Posted Collateral held by the Secured
Party (or any obligation of the Secured Party to Transfer that Posted
Collateral); and

 

(iv) the right to liquidate any Posted
Collateral held by the Secured Party through one or more public or private
sales or other dispositions with such notice, if any, as may be required under
applicable law, free from any claim or right of any nature whatsoever of the
Pledgor, including any equity or right of redemption by the Pledgor (with the
Secured Party having the right to purchase any or all of the Posted Collateral
to be sold) and to apply the proceeds (or the Cash equivalent thereof) from the
liquidation of the Posted Collateral to any  amounts payable by
the Pledgor with respect to any  Obligations in that order
as the Secured Party may elect.

 

Each party acknowledges and agrees that Posted
Collateral in the form of securities may decline speedily in value and is of a
type customarily sold on a recognized market, and, accordingly, the Pledgor is
not entitled to prior notice of any sale of that Posted Collateral by the
Secured Party, except any notice that is required under applicable law and cannot
be waived.

 

5

 

(b)           Pledgor’s
Rights and Remedies. If at any time an Early
Termination Date has occurred or been designated as the result of an Event of
Default or Specified Condition with respect to the Secured Party, then (except
in the case of an Early Termination Date relating to less than all Transactions
(or Swap Transactions) where the Secured Party has paid in full all of its
obligations that are then due under Section 6(e) of this Agreement):

 

(i) the Pledgor may exercise all rights and
remedies available to a pledgor under applicable law with respect to Posted
Collateral held by the Secured Party;

 

(ii) the Pledgor may exercise any other
rights and remedies available to the Pledgor under the
terms of Other Posted Support, if any;

 

(iii) the Secured Party will be obligated
immediately to Transfer all Posted Collateral and the Interest Amount to the
Pledgor, and

 

(iv) to the extent that Posted Collateral
or the Interest Amount is not so Transferred pursuant to (iii) above, the
Pledgor may:

 

(A)  Set-off
any amounts payable by the Pledgor with respect to any Obligations against any
Posted Collateral or the Cash equivalent of any Posted Collateral held by the
Secured Party (or any obligation of the Secured Party
to Transfer that Posted Collateral); and

 

(B)  to
the extent that the Pledgor does not Set-off under (iv)(A) above, withhold
payment of any remaining amounts payable by the Pledgor with respect to any
Obligations, up to. the Value of any remaining Posted Collateral held by the
Secured Party, until that Posted Collateral is Transferred to the Pledgor.

 

(c)                                  Deficiencies
and Excess Proceeds. The Secured Party will
Transfer to the Pledgor any proceeds and Posted Credit Support remaining after
liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b) after
satisfaction in full of all amounts payable by the Pledgor with respect to any
Obligations; the Pledgor in all events will remain liable for any amounts
remaining unpaid after any liquidation, Set-off and/or application under
Paragraphs 8(a) and 8(b).

 

(d)                                 Final
Returns. When no amounts are or thereafter may
become payable by the Pledgor with respect to any Obligations (except for any
potential liability under Section 2(d) of this Agreement), the Secured Party
will Transfer to the Pledgor all Posted Credit Support and the Interest Amount,
if any.

 

Paragraph 9.
Representations

 

Each party represents to the other party (which
representations will be deemed to be repeated as of each date on which it, as
the Pledgor, Transfers Eligible Collateral) that:

 

(i)  it
has the power to grant a security interest in and lien on any Eligible
Collateral it Transfers as the Pledgor and has taken all necessary actions to
authorize the granting of that security interest and lien;

 

(ii) 
it is the  sole
owner of or otherwise has the right to Transfer all Eligible Collateral it
Transfers to the Secured Party hereunder, free and clear of any security
interest, lien, encumbrance or other restrictions other than the security
interest and lien granted under Paragraph 2;

 

(iii) 
upon the Transfer of any Eligible Collateral to the Secured Party under
the terms of this Annex, the Secured Party will have a valid and perfected
first priority security interest therein (assuming that any central clearing
corporation or any third-party financial intermediary or other entity not
within the control of the Pledgor involved in the Transfer of that Eligible
Collateral gives the notices and takes the action required of it under applicable
law for perfection of that interest); and

 

(iv) 
the performance by it of its obligations under this Annex will not
result in the creation of any security interest, lien or other encumbrance on
any Posted Collateral other than the security interest and lien granted under
Paragraph 2.

 

6

 

Paragraph
10. Expenses

 

(a)                                  General.
Except as otherwise provided in Paragraphs 10(b) and 10(c), each party
will pay its own costs and expenses in connection with performing its
obligations under this Annex and neither party will be liable for any costs and
expenses incurred by the other party in connection herewith.

 

(b)                                 Posted
Credit Support. The Pledger will promptly pay when due all taxes,
assessments or charges of any nature that are imposed with respect to Posted
Credit Support held by the Secured Party upon becoming aware of the same,
regardless of whether any portion of that Posted Credit Support is subsequently
disposed of under Paragraph 6(c), except for those taxes, assessments and
charges that result from the exercise of the Secured Party’s rights under
Paragraph 6(c).

 

(c)                                  Liquidation/Application
of Posted Credit Support. All reasonable costs and expenses incurred by
or on behalf of the Secured Party or the Pledgor in connection with the
liquidation and/or application of any Posted Credit Support under Paragraph 8,
will be payable, on demand and pursuant to the Expenses Section of this
Agreement, by the Defaulting Party or, if there is no Defaulting Party, equally
by the parties.

 

Paragraph
11. Miscellaneous

 

(a)                                  Default
Interest. A Secured Party that fails to make, when due, any
Transfer of Posted Collateral or the Interest Amount will be obligated to pay
the Pledgor (to the extent permitted under applicable law) an amount equal to
interest at the Default Rate multiplied by the Value of the items of property
that were required to be Transferred, from (and including) the date that Posted
Collateral or ,Interest Amount was required to be Transferred to
(but excluding) the date of Transfer of that Posted Collateral or Interest
Amount. This interest will be calculated on the basis of daily compounding and
the actual number of days elapsed.

 

(b)                                 Further
Assurances.  Promptly following a
demand made by a party, the other party will execute, deliver, file and record
any financing statement, specific assignment or other document and take any
other action that may be necessary or desirable and reasonably requested by
that party to create, preserve, perfect or validate any security interest or
lien granted under Paragraph 2, to enable that party to exercise or enforce its
rights under this Annex with respect to Posted Credit Support or an Interest
Amount or to effect or document a release of a security interest on Posted Collateral
or an Interest Amount.

 

(c)                                  Further
Protection.  The Pledgor will
promptly give notice to the Secured Party of, and defend against, any suit,
action, proceeding or lien that involves Posted Credit Support Transferred by
the Pledger or that could adversely affect the security interest and lien
granted by it under Paragraph 2, unless that suit, action, proceeding or lien
results from the exercise of the Secured Party’s rights under Paragraph 6(c).

 

(d)                                 Good
Faith and Commercially Reasonable Manner.  Performance
of all obligations under this Annex, including, but not limited to, all
calculations, valuations and determinations made by either party, will be made
in good faith and in a commercially reasonable manner.

 

(e)                                  Demands
and Notices. All demands and notices made by a party under this
Annex will be made as specified in the Notices Section of this Agreement,
except as otherwise provided in Paragraph 13.

 

(f)                                    Specifications
of Certain Matters. Anything referred to in this Annex as being
specified in Paragraph 13 also may be specified in one or more Confirmations or
other documents and this Annex will be construed accordingly.

 

7

 

Paragraph 12. Definitions

 

As used in this Annex:—

 

“Cash” means the lawful currency
of the United States of America.

 

“Credit Support Amount” has the
meaning specified in Paragraph 3.

 

“Custodian” has the meaning
specified in Paragraphs 6(b)(i) and 13.

 

“Delivery Amount” has the
meaning specified in Paragraph 3(a).

 

“Disputing Party” has the
meaning specified in Paragraph 5.

 

“Distributions” means with
respect to Posted Collateral other than Cash, all principal, interest and other
payments and distributions of cash or other property with respect thereto,
regardless of whether the Secured Party has disposed of that Posted Collateral
under Paragraph 6(c). Distributions will not include any item of property
acquired by the Secured Party upon any disposition or liquidation of Posted
Collateral or, with respect to any Posted Collateral in the form of Cash, any
distributions on that collateral, unless otherwise specified herein.

 

“Eligible  Collateral” means,  with
respect to a party, the items, if any, specified as such for that party in
Paragraph 13.

 

“Eligible Credit Support” means
Eligible Collateral and Other Eligible Support.

 

“Exposure” means for any
Valuation Date or other date for which Exposure is calculated and subject to
Paragraph 5 in the case of a dispute, the amount, if any, that would be payable
to a party that is the Secured Party by the other party (expressed as a
positive number) or by a party that is the Secured Party to the other party
(expressed as a negative number) pursuant to Section 6(e)(ii)(2)(A) of this
Agreement as if all Transactions (or Swap Transactions) were being terminated
as of the relevant Valuation Time; provided that Market Quotation will be determined by the Valuation Agent
using its estimates at mid-market of the amounts that would be paid for
Replacement Transactions (as that term is defined in the definition of “Market
Quotation”).

 

“Independent Amount” means, with
respect to a party, the amount specified as such for that party in Paragraph
13; if no amount is specified, zero.

 

“Interest Amount” means, with
respect to an Interest Period, the aggregate sum of the amounts of interest
calculated for each day in that Interest Period on the principal amount of
Posted Collateral in the form of Cash held by the Secured Party on that day,
determined by the Secured Party for each such day as follows:

 

(x)  the
amount of that Cash on that day; multiplied by

 

(y)  the
Interest Rate in effect for that day; divided by

 

(z)  360.

 

“Interest Period” means the
period from (and including) the last Local Business Day on which an Interest
Amount was Transferred (or, if no Interest Amount has yet been Transferred, the
Local Business Day on which Posted Collateral in the form of Cash was
Transferred to or received by the Secured Party) to (but excluding) the Local
Business Day on which the current Interest Amount is to be Transferred.

 

“Interest Rate” means the rate
specified in Paragraph 13.

 

“Local Business Day”, unless
otherwise specified in Paragraph 13, has the meaning specified in the
Definitions Section of this Agreement, except that references to a payment in
clause (b) thereof will be deemed to include a Transfer under this Annex.

 

8

 

“Minimum Transfer Amount” means,
with respect to a party, the amount specified as such for that party in
Paragraph 13; if no amount is specified, zero.

 

“Notification Time” has the
meaning specified in Paragraph 13.

 

“Obligations” means, with
respect to a party, all present and future obligations of that party under this
Agreement and any additional obligations specified for that party in Paragraph
13.

 

“Other Eligible Support” means, with respect
to a party, the items, if any, specified as such for that party in Paragraph
13.

 

“Other Posted Support” means all
Other Eligible Support Transferred to the Secured Party that remains in effect
for the benefit of that Secured Party.

 

“Pledgor” means either party,
when that party (i) receives a demand for or is required to Transfer Eligible
Credit Support under Paragraph 3(a) or (ii) has Transferred Eligible Credit
Support under Paragraph 3(a).

 

“Posted Collateral” means all
Eligible Collateral, other property, Distributions, and all proceeds thereof
that have been Transferred to or received by the Secured Party under this Annex
and not Transferred to the Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i)
or released by the Secured Party under Paragraph 8. Any Interest Amount or
portion thereof not Transferred pursuant to Paragraph 6(d)(ii) will constitute
Posted Collateral in the form of Cash.

 

“Posted Credit Support” means Posted Collateral and Other Posted
Support.

 

“Recalculation Date” means the Valuation Date that gives rise to
the dispute under Paragraph 5; provided, however,  that if a subsequent Valuation Date occurs under Paragraph 3 prior
to the resolution of the dispute, then the “Recalculation Date” means the most
recent Valuation Date under Paragraph 3.

 

“Resolution Time” has the
meaning specified in Paragraph 13.

 

“Return Amount” has the meaning specified in
Paragraph 3(b).

 

“Secured Party” means either
party, when that party (i) makes a demand for or is entitled to receive
Eligible Credit Support under Paragraph 3(a) or (ii) holds or is deemed to hold
Posted Credit Support.

 

“Specified Condition” means,
with respect to a party, any event specified as such for that party in
Paragraph 13.

 

“Substitute Credit Support” has
the meaning specified in Paragraph 4(d)(i).

 

“Substitution Date” has the
meaning specified in Paragraph 4(d)(ii).

 

“Threshold” means, with respect
to a party, the amount specified as such for that party in Paragraph 13; if no
amount is specified, zero.

 

“Transfer” means, with respect
to any Eligible Credit Support, Posted Credit Support or Interest Amount, and
in accordance with the instructions of the Secured Party, Pledgor or Custodian,
as applicable:

 

	
   

  	
  (i)

  	
  in the case of Cash, payment or delivery by wire
  transfer into one or more bank accounts specified by the recipient;

  
	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  in the case of certificated securities that cannot
  be paid or delivered by book-entry, payment or delivery in appropriate
  physical form to the recipient or its account accompanied by any duly
  executed instruments of transfer, assignments in blank, transfer tax stamps
  and any other documents necessary to constitute a legally valid transfer to
  the recipient;

  
	
   

  	
   

  	
   

  
	
   

  	
  (iii)

  	
  in the case of securities that can be paid or
  delivered by book-entry, the giving of written instructions to the relevant
  depository institution or other entity specified by the recipient, together
  with a written copy thereof to the recipient, sufficient if complied with to
  result in a legally effective transfer of the relevant interest to the
  recipient; and

  
	
   

  	
   

  	
   

  
	
   

  	
  (iv)

  	
  in the case of Other Eligible Support or Other
  Posted Support, as specified in Paragraph 13.

  

 

9

 

“Valuation Agent” has the meaning
specified in. Paragraph 13.

 

“Valuation Date” means each date
specified in or otherwise determined pursuant to Paragraph 13.

 

“Valuation Percentage” means,
for any item of Eligible Collateral, the percentage specified in Paragraph 13.

 

“Valuation Time” has the meaning
specified in Paragraph 13.

 

“Value” means for any Valuation
Date or other date for which Value is calculated and subject to Paragraph 5 in
the case  of a dispute, with respect to:

 

(i) Eligible Collateral or Posted
Collateral that is:

 

(A) 
Cash, the amount thereof; and

 

(B)  a
security, the bid price obtained by the Valuation Agent multiplied by the
applicable Valuation Percentage, if any;

 

(ii) Posted Collateral that consists of
items that are not specified as Eligible Collateral, zero; and

 

(iii) Other Eligible Support and Other
Posted Support, as specified in Paragraph 13.

 

10

 

CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED FOR THE REDACTED PORTIONS OF THIS AGREEMENT.  THE REDACTIONS ARE INDICATED WITH THREE
ASTERISKS (“***”).  A COMPLETE VERSION OF
THIS AGREEMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION. 

 

[Execution Version]

 

Elections and Variables

to the ISDA Credit Support Annex

dated as of June 20, 2007

between

 

	
  Credit Suisse Energy LLC,

   

  a limited liability company organized under the
  laws of the State of Delaware

   

  (“Party A”)

  	
   

  	
  and

  	
   

  	
  Noble Environmental Power 2006 Hold Co, LLC

   

  a limited liability company organized under the
  laws of the State of Delaware

   

  (“Party B”)

  

 

  Paragraph
13.

 

  (a)                                                    Security
Interest for “Obligations”.

 

The term “Obligations” as used in this
Annex includes the following additional obligations:

 

With respect to Party A: None.

 

With respect to Party B: None.

 

  (b)                           Credit
Support Obligations.

 

(i)    Delivery Amount, Return Amount and Credit
Support Amount.

 

(A)  “Delivery Amount” has the
meaning specified in Paragraph 3(a).

 

(B)  “Return Amount” has the
meaning specified in Paragraph 3(b).

 

(C) “Credit Support Amount” with respect
to Party A, has the meaning specified in Paragraph 3, except that clause (iii) of
the definition of Credit Support Amount shall be deleted.

 

(D) “Credit
Support Amount” with respect to Party B, means:

 

(1)                                  unless
clause (2) below applies (in which case this clause (1) shall not
apply), the Independent Amount applicable to Party B; and

 

(2)                                  on and after
the Additional Collateral Trigger Date and until the Additional Collateral
Release Date, the greater of (a) the Independent Amount applicable to
Party B and (b) Party A’s Total Exposure.

 

(ii)           Eligible Collateral.  On any date, the following items will qualify
as “Eligible Collateral” for each
party:

 

11

 

	
   

  	
   

  	
  Valuation

  
	
   

  	
   

  	
  Percentage

  
	
   

  	
   

  	
   

  
	
  (A) Cash

  	
   

  	
  100%

  
	
   

  	
   

  	
   

  
	
  (B) In respect of a party, such other assets as the other party may,
  from time to time, specify in writing as qualifying as Eligible Collateral
  for the purpose of this Annex (provided that
  any such assets shall cease to qualify as Eligible Collateral if such other
  party  subsequently specifies
  in writing that  they shall no longer
  qualify as  Eligible Collateral). For the avoidance  of doubt there are no other assets which,  as of the date of this Annex, qualify as  Eligible Collateral for either party. 

  	
   

  	
  Such percentage as  shall, from time to  time, be
  specified  by the other party  as applying
  to such  Eligible Collateral 

  

 

(iii)  Other Eligible
Support.  The following items will qualify as “Other Eligible Support” for the party
specified:

 

	
   

  	
   

  	
  Party A

  	
   

  	
  Party B

  	
   

  	
  Valuation Percentage

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (A) Letters of Credit (including, with respect to
  Party B, the Initial LC)

  	
   

  	
  x

  	
   

  	
  x

  	
   

  	
  The Valuation Percentage shall be 100% unless a
  Letter of Credit Default shall apply with respect to such Letter of Credit,
  in which case the Valuation Percentage shall be zero

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Acceptable Guaranties

  	
   

  	
  x

  	
   

  	
  x

  	
   

  	
  The Valuation Percentage shall be 100% unless a
  Guaranty Default shall apply with respect to such Acceptable Guaranty, in
  which case the Valuation Percentage shall be zero

  

 

For the avoidance of doubt, the Second Lien shall not constitute Other
Eligible Support.

 

(iv)  Thresholds.

 

(A)                              “Independent
Amount” means with respect to Party A: ***

 

“Independent Amount” means with
respect to Party B: an amount equal to the Initial LC Amount.

 

12

 

(B)                                “Threshold” means with
respect to Party B:  Not Applicable.

 

“Threshold” means
with respect to Party A only, the amount shown below appearing opposite the
lower of the long term, unsecured and unsubordinated debt ratings assigned by
either S&P or Moody’s to such party; provided
that if a Benchmark Entity is specified in relation to a party, then the
Threshold with respect to such party shall be the amount appearing opposite the
lower of the relevant ratings assigned by either S&P or Moody’s to that
party’s Benchmark Entity; provided, further
that if (i) a party has no such ratings or (ii) an Event of Default
with respect to a party has occurred and is continuing, such party’s Threshold
shall be zero:

 

	
  S&P

  	
   

  	
  Moody’s

  	
   

  	
  Threshold

  
	
  Rating

  	
   

  	
  Rating

  	
   

  	
  Amount

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A- or higher

  	
   

  	
  A3 or higher

  	
   

  	
  ***

  
	
  BBB+

  	
   

  	
  Baa1

  	
   

  	
  $***

  
	
  BBB

  	
   

  	
  Baa2

  	
   

  	
  $***

  
	
  BBB-

  	
   

  	
  Baa3

  	
   

  	
  $***

  
	
  BB+

  	
   

  	
  Ba1

  	
   

  	
  ***

  

 

For Party A, the
Benchmark Entity is:  Credit Suisse (USA), Inc.

 

For Party B, the Benchmark
Entity is: None

 

(C)      “Minimum
Transfer Amount” means with respect to Party A: $***.

“Minimum Transfer Amount” means with
respect to Party B: $***.

 

(D)     Rounding The Delivery
Amount and the Return Amount will be rounded up and down respectively to the
nearest integral multiple of US$50,000.

 

(c)                                  Valuation
and Timing.

 

(i)    “Valuation Agent” means the Calculation Agent.

 

(ii)       “Valuation Date” means, each Local Business Day
(except during any Additional Collateral Period, weekly).

 

(iii)      “Valuation
Time” means the close of business in the city of the Valuation
Agent on the Local Business Day before the Valuation Date or date of
calculation, as applicable,

 

13

 

provided that the
calculations of Value and Exposure will be made as of approximately the same time on the same date.

 

(iv)     “Notification Time” means 10:00 a.m.,
New York time, on a Local Business Day. 
Notwithstanding Paragraph 4(b), during any Additional Collateral Period,
(1) demand for Transfer of Eligible Credit Support or Posted Credit
Support by Party A may only be made once each week and (2) if such demand
is made by the Notification Time (and accompanied by the related Additional
Collateral Supporting Documentation (which Party B shall keep confidential in
accordance with the requirements of this Agreement)) on the day of such demand,
then the relevant Transfer shall be made by the close of business on the fifth
day thereafter and, if any such demand is made after the Notification Time, the
relevant Transfer shall be made by the close of business on the sixth day
thereafter.

 

(d)                                 Conditions
Precedent and Secured Party’s Rights and Remedies.

 

(i)             Subject to
Paragraphs 13(d)(ii) and 13(d)(iii), for the purposes of this Annex the
following events will each be a “Specified Condition”
for the party specified (that party being the Affected Party if the event
occurs with respect to that party):

 

	
   

  	
   

  	
  Party A

  	
   

  	
  Party B

  
	
  Illegality:

  	
   

  	
  x

  	
   

  	
  x

  
	
  Credit Event Upon Merger:

  	
   

  	
  x

  	
   

  	
  x

  
	
  Additional Termination
  Events(s):

  	
   

  	
  x

  	
   

  	
  x

  

 

(ii)          For the
purposes of sub-Paragraphs 4(a)(i), 4(a)(ii), 8(a)(2) and 8(b), the words “Specified Condition” shall be
deleted and the words “Termination Event” shall be substituted therefor and for
the purposes of Paragraph 8(b) the words “or been designated” shall be
deleted in their entirety;

 

(iii)       For the
purposes of sub-Paragraph 4(a)(i), the words , “Potential
Event of Default” shall be deleted in their entirety;

 

(iv)      For the
purposes of sub-Paragraph 8(a)(1) the words “Specified
Condition” shall be deleted in their entirety.

 

(e)                                  Substitution.

 

(i)             “Substitution
Date” has the meaning specified in Paragraph 4(d)(ii).

 

(ii)          Notice.  The Pledgor shall give to the Secured Party
not less than two (2) Local Business Days notice thereof specifying the
items of Posted Credit Support intended for substitution.

 

(iii)       Return
Procedure.  In Paragraph
4(d)(ii) the words “not later than the Local Business Day following” shall
be deleted and replaced with the words “as soon as practical after”.

 

(iv)      Consent.  No consent for any substitution pursuant to
Paragraph 4(d) shall be required, except that Party B may not provide
Eligible Credit Support in a form other than a Letter of Credit in substitution
of the Initial LC without Party A’s prior consent.

 

14

 

(f)                                    Dispute
Resolution.

 

(i)             “Resolution Time” means 10:00 a.m., New York
time, on the Local Business Day following the date on which the notice of the
dispute is given under Paragraph 5.

 

(ii)          Value.  For
the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of
Posted Credit Support will be calculated as follows:

 

(A)  with
respect to any Cash; the amount thereof; and

 

(B)        with respect to any Eligible Collateral other than Cash; the fair
market value of such Eligible Collateral on such date, as determined in any
reasonable manner chosen by the Valuation Agent, multiplied by the applicable
Valuation Percentage.

 

(iii)       Alternative.  The
provisions of Paragraph 5 will apply; provided that
if the difference (the “Difference”) between (i) the Delivery Amount,
Return Amount, or Value of any Eligible Credit Support or Posted Credit Support
(as the case maybe) calculated by the Valuation Agent and (ii) Delivery
Amount, Return Amount, or Value of any Eligible Credit Support or Posted Credit
Support (as the case maybe) calculated by the Disputing Party shall be less
than $1,000,000, subject to Paragraph 4(a), the appropriate party will Transfer
the undisputed amount plus one half of the Difference to the other party not
later than close of business on the second Local Business Day following the
date that the demand is made under Paragraph 3 by way of resolution of such
dispute without further resort to the provisions of Paragraph 5.

 

(g)                                 Holding and Using Posted
Collateral.

 

(i)    Eligibility to Hold Posted Collateral; Custodians:

 

Party A or its Custodian will be entitled to hold
Posted Collateral pursuant to Paragraph 6(b); provided that

 

(1)          if Party A is holding Posted Collateral, its Credit Support Provider
shall at all times either have a long term debt or deposit rating of at least “BBB-”
from S&P and at least “Baa3” from Moody’s (or their respective successors),
and if Party A’s Custodian is holding Posted Collateral, such Custodian shall
at all times either have a long term debt or deposit rating of at least “A-”
from S&P and at least “A3” from Moody’s (or their respective successors) or
have net capital in excess of US$500 million;

 

(2)          the Custodian for Party A shall first be approved by Party B; and

 

(3)          if it is Party A that is holding Posted Collateral, Party A is not a
Defaulting Party.

 

Initially, Party A or an Affiliate shall hold all
Posted Collateral pursuant to Paragraph 6(b).

 

15

 

Party B or its Custodian will be entitled to hold
Posted Collateral pursuant to Paragraph 6(b); provided
that

 

(1)          if Party B is holding Posted Collateral, Party B shall at all times
either have a long term debt or deposit rating of at least “BBB-” from S&P
and at least “Baa3” from Moody’s (or their respective successors) and if Party
B’s Custodian is holding Posted Collateral, such Custodian shall at all times
either have a long term debt or deposit rating of at least “A-” from S&P
and at least “A3” from Moody’s (or their respective successors) or have net
capital in excess of US$500 million;

 

(2)          the Custodian for Party B shall first be approved by Party A; and

 

(3)          if it is Party B that is holding Posted Collateral, Party B is not a
Defaulting Party;

 

Initially, the Custodian for Party B is Dexia Credit
Local, New York Branch.

 

(ii)   Use of Posted Collateral.  The provisions of Paragraph 6(c) will
apply to Party A and Party B.

 

(h)                                 Distributions and Interest
Amount.

 

(i)             Interest Rate.  The “Interest Rate” will be the
effective rate for Federal Funds, as reported in the Federal Reserve
Publication H.15-519 (or any successor publication); provided
that if, for any reason, such rate should be unavailable the Interest Rate
shall be such rate as the Secured Party shall reasonably determine.

 

(ii)          Transfer of Interest Amount.   The Transfer of the Interest Amount will be
made on the second Local Business Day following the end of each calendar month
and on any Local Business Day on which all Posted Collateral in the form of
Cash is Transferred to the Pledgor pursuant to Paragraph 3(b).

 

(iii)       Alternative to Interest Amount. 
The provisions of Paragraph 6(d)(ii) will apply and for the
purposes of calculating the Interest Amount the amount of interest calculated
for each day of the Interest Period shall be compounded daily.

 

(i)                                     Additional
Representation(s).

 

There are no additional representations by either
party.

 

(j)                                     Other Eligible Support and
Other Posted Support.

 

(i)             “Value” means (A) with respect to a Letter of Credit, an amount
equal to the product of the Valuation Percentage thereof and any undrawn
portion of any Letter of Credit maintained by the Pledgor (or its Credit
Support Provider) for the benefit of the Secured Party; and

 

16

 

(B) with
respect to a Guaranty, an amount equal to the product of the Valuation
Percentage thereof and the available face amount thereof.

 

(ii)          “Transfer” means:

 

With respect to a Letter of Credit:  (1) For purposes of Paragraph 3(a),
delivery of the Letter of Credit by the Pledgor or issuer of the Letter of
Credit to the Secured Party at the address of the Secured Party specified in
the Notices Section of this Agreement, or delivery of an executed
amendment to such Letter of Credit in form and substance satisfactory to the
Secured Party (extending the term or increasing the amount available to the
Secured Party thereunder) by the Pledgor or the issuer of the Letter of Credit
to the Secured Party at the address of the Secured Party specified in the
Notices section of this Agreement; and

 

(2)  For purposes of Paragraph 3(b), return of
an outstanding Letter of Credit by the Secured Party to the Pledgor at the
address of the Pledgor specified in the Notices Section of this Agreement,
or delivery of an executed amendment to the Letter of Credit in form and
substance satisfactory to the Pledgor (reducing the amount available to the
Secured Party thereunder) by the Secured Party or the issuer of the Letter of
Credit to the Pledgor at the Pledgor’s address specified in the Notices section
of this Agreement.  If a Transfer is to
be effected by a reduction in the amount of an outstanding Letter of Credit
previously issued for the benefit of the Secured Party, the Secured Party shall
not unreasonably withhold its consent to a commensurate reduction in the amount
of such Letter of Credit and shall take such action as is reasonably necessary
to effectuate such reduction.

 

With respect to a Guaranty:   (1) For purposes of Paragraph 3(a),
delivery of the Guaranty by the Pledgor or the guarantor to the Secured Party
at the address of the Secured Party specified in the Notices Section of
this Agreement, or delivery of an executed amendment to such Guaranty in form
and substance satisfactory to the Secured Party (extending the term or
increasing the amount available to the Secured Party thereunder) by the Pledgor
or the guarantor to the Secured Party at the address of the Secured Party
specified in the Notices section of this Agreement; and

 

(2)  For purposes of Paragraph 3(b), return of
an outstanding Guaranty by the Secured Party to the Pledgor at the address of
the Pledgor specified in the Notices Section of this Agreement, or
delivery of an executed amendment to the Guaranty in form and substance
satisfactory to the Pledgor (reducing the amount available to the Secured Party
thereunder) by the Secured Party or the guarantor to the Pledgor at the Pledgor’s
address specified in the Notices section of this Agreement.

 

(k)                                  Demands and Notices.

 

All demands, specifications and notices under this
Annex will be made pursuant to the Notices Section of this Agreement, save
that any demand, specification or notice:

 

(i)  shall be given to or made at the following
addresses:

 

17

 

If to Party A:

 

	
  Address:

  	
   

  	
  One Madison Avenue

  
	
   

  	
   

  	
  New
  York, NY 10010

  
	
   

  	
   

  	
   

  
	
  Telephone:

  	
   

  	
  (212) 538-5500

  
	
  Facsimile:

  	
   

  	
  (212) 538-5559

  
	
  Attention:

  	
   

  	
  Collateral
  Management Unit

  
	
   

  	
   

  	
   

  
	
  If to Party B:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  8 Railroad Avenue

  
	
   

  	
   

  	
  Suite 8, Second Floor

  
	
   

  	
   

  	
  Essex, CT 06426

  
	
   

  	
   

  	
   

  
	
  Telephone:

  	
  (860) 581-5010

  
	
   

  	
   

  
	
  Facsimile:

  	
  (860) 767-7198

  
	
   

  	
   

  
	
  Attention:

  	
  Tom Swank/Sidney Chang

  

 

or at such other address as the relevant party may
from time to time designate by giving notice (in accordance with the terms of
this paragraph) to the other party;

 

(ii)          shall (unless otherwise stated in this Annex) be deemed to be effective
at the time such notice is actually received unless such notice is received on
a day which is not a Local Business Day or after the Notification Time on any
Local Business Day in which event such notice shall be deemed to be effective
on the next succeeding Local Business Day.

 

(l)                                     Address for Transfers.

 

Party A:  To
be notified to Party B by Party A at the time of the request for the Transfer.

 

Party B:  To
be notified to Party B by Party A at the time of the request for the Transfer.

 

(m)                             Other Provisions.

 

(i)    Additional Definitions

 

As used in this Annex:

 

“Acceptable Guarantor” means
any guarantor that, at the time of delivery of the related Acceptable Guaranty, satisfies
the CS Counterparty Requirements, and, at all times, satisfies the Bright-Line
Requirements. ***.

 

18

 

“Acceptable Guaranty” means an
absolute and unconditional guaranty by an Acceptable Guarantor of the
obligations of Party B in favor of Party A, which guaranty expressly
permits Party A to draw upon the guarantor thereunder at any time upon demand
of Party A, with a full and complete waiver by such guarantor of all defenses
to payment thereunder and with an express waiver by such guarantor of the right
to dispute payments of amounts to Party A under such guaranty prior to the
payment by such guarantor of such amounts to Party A.

 

“Additional Collateral Period”
means each period from, and including, an Additional Collateral Trigger Date
to, but excluding, the related Additional Collateral Release Date.

 

“Additional Collateral Trigger Date”
means the date (if any) on which a Specified Event of Default would occur under
this Agreement but for the operation of Part 1(e) of the Schedule to
the Agreement.

 

“Additional Collateral Release Date”
means, in respect of any Specified Event of Default and the related Additional
Collateral Trigger Date:

 

(a)                                  in
the case of Specified Events of Default under Sections 5(a)(xi) and (xii) of
the Agreement, the earliest date after the related Additional Collateral
Trigger Date on which each of the following has occurred:

 

(1)                                  title
to the Class A Membership Interests is transferred to an Acceptable
Operator;

 

(2)                                  if
there is a negative balance in the Tracking Account on the Additional
Collateral Release Date, the balance of the Tracking Account is no more
negative than it was on the date on which the precipitating transfer of title
or Forbearance Default occurred;

 

(3)                                  the
Average Annual Debt Service Coverage Ratio is equal to or exceeds 1.45 to 1.00;
and

 

(4)                                  no
other Forbearance Default has occurred and is then continuing; and

 

(b)                                 in
the case of each of the other Specified Events of Default, the date on which
such Specified Event of Default has been cured, all adverse effects thereof on
Party A have been remedied and no other Event of Default or Termination Event
has occurred and is then continuing.

 

“Additional
Collateral Supporting Documentation” means ***.

 

“Approved GE Entity”
means *** that shall be deemed to satisfy the CS Counterparty Requirements.

 

19

 

“Bright-Line Requirements” shall mean, with respect to any guarantor, any letter of credit
issuer or any other Person in any other capacity, the requirements that such
Person shall (a) have a Credit Rating of *** or better by Standard & Poor’s and *** or better by Moody’s and (b) have net capital in excess of $***.

 

“GE Approval Period” means, with respect
to any entity approved by Party A in accordance with the following sentence,
the *** period commencing on the date Party A notifies EFS Noble Holdings, LLC that such entity meets the ***. 
At any time, EFS
Noble Holdings, LLC may request Party A to approve ***.

 

“Guaranty Default”
shall mean with respect to an outstanding Acceptable Guaranty, the occurrence
of any of the following events: (i) the provider of such Acceptable
Guaranty shall fail to satisfy the requirements set forth in the definition of
Acceptable Guarantor; (ii) the provider of the Acceptable Guaranty shall
fail to comply with or perform its obligations under such Acceptable Guaranty; (iii) the
provider of such Acceptable Guaranty shall disaffirm, disclaim, repudiate or
reject, in whole or in part, or challenge the validity of, such Acceptable Guaranty;
(iv) such Acceptable Guaranty shall expire or terminate, or shall fail and
cease to be in full force and effect at any time during the term of this
Agreement, or fail to be renewed; (v) 30 or fewer Local Business Days
remain prior to the expiration of such Acceptable Guaranty or (vi) any
event analogous to an event specified in Section *** of this
Agreement shall occur with respect to the provider of such Acceptable Guaranty.

 

“Letter of Credit”
means an irrevocable, transferable, standby letter of credit, issued by a
Qualified Institution, in the form set forth in Schedule 1 hereto, with such
changes to the terms in that form as the issuing bank may require and as may be
acceptable to the Secured Party in its sole discretion.  Party B shall provide Party A with no less
than five (5) Local Business Days’ notice (or such shorter applicable
period, to the extent that a Letter of Credit is being provided during a cure
period to prevent an Event of Default under the Agreement) of the relevant
contact information for Party B’s proposed issuing bank, including, without
limitation, the name, address of, and individual contact’s telephone number at,
such bank.

 

“Letter of Credit Default”
shall mean with respect to an outstanding Letter of Credit, the occurrence of
any of the following events: (i) the issuer of such Letter of Credit shall
fail to satisfy the requirements set forth in the definition of Qualified
Institution; (ii) the issuer of the Letter of Credit shall fail to comply
with or perform its obligations under such Letter of Credit; (iii) the
issuer of such Letter of Credit shall disaffirm, disclaim, repudiate or reject,
in whole or in part, or challenge the validity of, such Letter of Credit; (iv) such
Letter of Credit shall expire or terminate, or shall fail and cease to be in
full force and effect at any time during the term of this Agreement, or fail to
be renewed; (v) 20 or fewer Local Business Days remain prior to the
expiration of such Letter of Credit or

 

20

 

(vi) any event analogous to an event
specified in Section *** of this Agreement shall occur with respect
to the issuer of such Letter of Credit.

 

“Local Business Day”  means: (i) any day on which
commercial banks are open for business (including dealings in foreign exchange
and foreign currency deposits) in New York, and (ii) in relation to a
Transfer of Eligible Collateral, a day on which the clearance system agreed
between the parties for the delivery of Eligible Collateral is open for
acceptance and execution of settlement instructions (or in the case of a
Transfer of Cash or other Eligible Collateral for which delivery is
contemplated by other means, a day on which commercial banks are open for
business (including dealings for foreign exchange and foreign deposits) in New
York and such other places as the parties shall agree);

 

“Moody’s”  means Moody’s Investors Service, Inc.
or any successor.

 

“Qualified Institution”
means a major U.S. commercial bank or a foreign bank with a U.S. branch office
that, at the time of delivery of the related Letter of Credit, satisfies the CS
Counterparty Requirements, and, at all times, satisfies the Bright-Line
Requirements.  

 

The parties agree that Dexia Credit Local, New York
Branch shall be an acceptable Qualified Institution in respect of the Initial
LC.

 

“S&P” means Standard & Poor’s
Ratings Group, a division of The McGraw-Hill Companies Inc, or any successor.

 

“Total
Exposure” means (i) 1.1 times Party A’s Exposure
(determined without regard to any balance in the Tracking Account) on the
applicable Valuation Date, plus (ii) in
the event the balance of the Tracking Account is negative on the applicable
Valuation Date, the absolute value of the balance of the Tracking Account, minus (iii) in the event the balance of the Tracking
Account is positive on the applicable Valuation Date, the balance of the
Tracking Account for that Valuation Date.

 

(ii)   No Counterclaim

 

A party’s rights to demand and receive the Transfer
of Eligible Collateral as provided hereunder and its rights as Secured Party
against the Posted Collateral or otherwise shall be absolute and subject to no
counterclaim, set off, deduction or defence in favour of the Pledgor except as
contemplated in Sections 2 and 6 of the Agreement and Paragraph 8 of this
Annex.

 

(iii)  Holding Collateral

 

The Secured Party shall cause any Custodian
appointed hereunder to open and maintain a segregated account and to hold,
record and identify all the Posted Collateral in such segregated account and,
subject to Paragraphs 6(c) and 8(a), such Posted Collateral shall at all
times be and remain the property of the Pledgor and shall at no time constitute
the property of, or be commingled with the property of, the Secured Party or
the Custodian.

 

(iv)  Modifications to Clause (ii) of Paragraph 7

 

21

 

Clause (ii) of Paragraph 7 is deleted in its
entirety and replaced by the following:

 

“(ii) that party fails to comply with any
restriction or prohibition specified in this Annex with respect to any of the
rights specified in Paragraph 6(c) and that failure continues for *** days after notice of that failure is
given to that party; provided that if such failure cannot reasonably be cured
within such *** day period, but is
susceptible of cure within an additional ***
day period, then the initial cure period shall be extended for an
additional *** days”

 

IN WITNESS WHEREOF the
parties have executed this document on the respective dates specified below
with effect from the date specified on the first page of this document.

 

 

	
  CREDIT SUISSE ENERGY LLC

  	
  NOBLE ENVIRONMENTAL POWER
  2006

  HOLD CO, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Marisa
  Scauzillo

  	
   

  	
  By:

  	
    /s/ Thomas F. Swank

  
	
  Name:

  	
    Marisa Scauzillo

  	
  Name:

  	
    Thomas F. Swank

  
	
  Title:

  	
    Authorized
  Signatory

  	
  Title:

  	
    Vice President

  
	
  Date:

  	
    June 20, 2007

  	
  Date:

  	
    June 20,
  2007

  
					

 

22Exhibit 10.6(c)

 

CONFIDENTIAL TREATMENT HAS
BEEN REQUESTED FOR THE REDACTED PORTIONS OF THIS AGREEMENT. THE REDACTIONS ARE
INDICATED WITH THREE ASTERISKS (“***”). A COMPLETE VERSION OF THIS AGREEMENT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

	
  

  	
   

  	
  CREDIT SUISSE
  ENERGY LLC

  	
   

  
	
   

  	
   

  	
  11 Madison

  	
  Telephone 212-325-2000

  
	
   

  	
   

  	
  Avenue, New York, 

  	
   

  
	
   

  	
   

  	
  NY 0010

  	
   

  
	
   

  	
   

  	
   

  	
  Execution
  Version

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  June 20, 2007

  

 

	
  To:

  	
   

  	
  Noble Environmental Power 2006 Hold Co, LLC
  (“Noble” or “Party
  B”)

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  Credit Suisse Energy LLC (“CSEL” or “Party
  A”)

  
	
   

  	
   

  	
   

  
	
  Re:

  	
   

  	
  Contract # [                ]

  
	
   

  	
   

  	
   

  
	
  Reference ID:

  	
   

  	
   

  

 

Dear
Sirs:

 

The purpose of this letter
agreement (this “Confirmation”) is to confirm
the terms and conditions of the Transaction entered into between us on the
Trade Date referred to below (the “Transaction”).  This Confirmation constitutes a “Confirmation”
as referred to in the Agreement specified below.

 

1.                                       This Confirmation supplements, forms part of, and is subject to, the
1992 ISDA Master Agreement dated as of the date hereof as amended and
supplemented from time to time (the “Agreement”),
between you and us. All provisions contained in the Agreement govern this
Confirmation except as expressly modified below.  In the
event of any inconsistency between the Agreement and this Confirmation, this
Confirmation will prevail.  All terms
used but not otherwise defined herein shall have the respective meanings
assigned to such terms in the Schedule to the Agreement dated as of the date
hereof.

 

                                                CSEL and Noble each represents to the other that it has entered into
this Transaction in reliance upon such tax, accounting, regulatory, legal, and
financial advice as it deems necessary and not upon any view expressed by the
other.

 

2.               The terms of the particular Transaction
to which this Confirmation relates are as follows:

 

	
  Trade Date:

  	
   

  	
  June 20,
  2007

  
	
   

  	
   

  	
   

  
	
  Commodity:

  	
   

  	
  As per
  Commodity Reference Price

  
	
   

  	
   

  	
   

  
	
  Transaction
  Type:

  	
   

  	
  Fixed-for-Floating financial swap of
  energy, financially settled against the ***

  

 

 

	
   

  	
   

  	
  price as detailed below. This Transaction
  is a financial transaction, and CSEL shall have no liability hereunder for
  any costs and/or charges associated with the actual physical delivery, or
  generation of electricity, including, but not limited to, charges and/or costs
  relating to fuel, operations and maintenance, transmission or congestion, or
  any other obligation other than what is specifically provided herein.

  
	
   

  	
   

  	
   

  
	
  Notional
  Quantity:

  	
   

  	
  The amount of
  MWhs specified under “Hedge Volume” in Schedule 1 attached hereto, for each
  Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Effective
  Date:

  	
   

  	
  HE 0100 EPT
  beginning March 1, 2008.

  
	
   

  	
   

  	
   

  
	
  Termination
  Date:

  	
   

  	
  HE 2400 ending
  EPT on February 28, 2018.

  
	
   

  	
   

  	
   

  
	
  Calculation
  Periods:

  	
   

  	
  Each calendar month during the term of the
  Transaction, commencing HE 0100 EPT on the first calendar day of such
  calendar month, and ending HE 2400 EPT on the last calendar day of such
  calendar month.

  
	
   

  	
   

  	
   

  
	
  Time Block:

  	
   

  	
  7 x 24 (i.e., round the clock) for each
  hour of each day in each Calculation Period, including Saturdays, Sundays and
  NERC Holidays.

  
	
   

  	
   

  	
   

  
	
  Settlement
  Amounts:

  	
   

  	
  (a) If
  Total PTID Volume is (i) equal to or (ii) greater than the Notional
  Quantity, then Settlement Amount equals:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Floating
  Price times Notional Quantity)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  minus

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Fixed
  Price times Notional Quantity).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b) If
  Total PTID Volume is less than the Notional Quantity, then Settlement Amount
  equals:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Floating
  Price times Total PTID Volume)

  

 

2

 

	
   

  	
   

  	
  minus

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Fixed
  Price times Total PTID Volume).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If
  the Settlement Amount is positive, then Noble shall pay CSEL such amount,
  subject to the “Delay in COD” provision and the “No Production” provision,
  each in Section 5 hereof. If the Settlement Amount is negative, then
  CSEL shall pay Noble the absolute value of such amount, subject to the “Delay
  in COD” provision and the “No Production” provision, each in Section 5
  hereof.

  
	
   

  	
   

  	
   

  
	
  Payment
  Date(s):

  	
   

  	
  Twenty
  (20) Local Business Days following the end of each Calculation Period,
  subject to adjustment in accordance with the Following Business Day
  Convention.

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  CSEL

  
	
   

  	
   

  	
   

  
	
  Fixed
  Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Price Payer:

  	
   

  	
  CSEL

  
	
   

  	
   

  	
   

  
	
  Fixed Price:

  	
   

  	
  USD *** per MWh

  
	
   

  	
   

  	
   

  
	
  Floating
  Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Floating Price Payer:

  	
   

  	
  Noble

  
	
   

  	
   

  	
   

  
	
  Commodity Reference Price:

  	
   

  	
  ***

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If the
  relevant Commodity Reference Price used or to be used by the Calculation
  Agent to determine the Floating Price is not published for a certain hour
  (the “Unpublished Hour”), the
  alternate Commodity Reference Price for the Unpublished Hour shall be the
  Commodity Reference Price for the hour preceding the 

  

 

3

 

	
   

  	
   

  	
  Unpublished
  Hour; provided however, if no Commodity Reference Price has been published
  for the hour preceding the Unpublished Hour, then the alternate Commodity
  Reference Price for the Unpublished Hour shall be the Commodit2y Reference
  Price for the hour closest in time to the Unpublished Hour for which a
  Commodity Reference Price has been published.

  
	
   

  	
   

  	
   

  
	
  Floating
  Price:

  	
   

  	
  The sum of the Monthly PTID Revenues for
  each PTID Node, divided by the Total PTID
  Volume.

  
	
   

  	
   

  	
   

  
	
  Specified Price:

  	
   

  	
  For each PTID Node, the NYISO Real-Time Market LBMP associated with
  such PTID Node.

  
	
   

  	
   

  	
   

  
	
  PTID
  Nodes:

  	
   

  	
  Means, each of the Clinton Project Node,
  Ellenburg Project Node and Bliss Project Node, each as set forth in Appendix
  1 to the Schedule to this Agreement.

  
	
   

  	
   

  	
   

  
	
  Monthly
  PTID Revenue:

  	
   

  	
  For each PTID Node, sum of the Hourly PTID
  Volume times the Hourly PTID Price, for each
  hour in the Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Hourly
  PTID Price:

  	
   

  	
  For each PTID Node, the Specified Price for
  such PTID Node, for each hour in the Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Hourly
  PTID Volume:

  	
   

  	
  For each PTID Node, the amount of energy
  produced and delivered to the relevant PTID Node for each hour in the
  Calculation Period; provided, however, that Hourly PTID Volume with respect
  to any Project for which either (i) COD has not yet occurred, or
  (ii) there has been no energy produced during such Calculation Period,
  shall be calculated by dividing the Notional Quantity for such Calculation
  Period by the number of hours in such Calculation Period for the Floating
  Price Purpose (as defined below). For the avoidance of doubt, for the
  Settlement Amount Purposes (as defined below), the Hourly PTID Volume with
  respect to any such Project under clause (i) or clause (ii) above
  shall be zero.

  

 

4

 

	
  Correction to Hourly

  	
   

  	
   

  
	
  PTID Volumes:

  	
   

  	
  If the Hourly PTID Volume reported in the NY ISO Data used or to be
  used hereunder by the Calculation Agent is subsequently corrected and the
  correction is published or announced by the person responsible for that
  publication or announcement within two years of the date of the original
  publication or announcement, either party may notify the other party of
  (i) that correction and (ii) the amount (if any) that is payable as
  a result of that correction. If, not later that thirty (30) calendar days
  after the publication or announcement of that correction, a party gives
  notice that an amount is so payable, the party that originally received or
  retained such amount will, no later than five (5) Local Business Days
  after the effectiveness of that notice, pay to the other party that amount,
  together with interest on that amount at the Non-Default Rate for the period
  from and including the day on which a payment originally was (or was not)
  made to but excluding the day of payment of the refund or payment resulting
  from that correction.

  
	
   

  	
   

  	
   

  
	
  Total
  PTID Volume:

  	
   

  	
  For each Calculation Period, the sum of all
  Hourly PTID Volumes for all PTID Nodes

  
	
   

  	
   

  	
   

  
	
  Data
  used to Calculate

  	
   

  	
   

  
	
  Floating
  Price and

  	
   

  	
   

  
	
  Settlement
  Amounts:

  	
   

  	
  The Calculation Agent shall use Hourly PTID
  Volumes (i) for the purpose of determining the Floating Price (the
  “Floating Price Purpose”) and (ii) for the purpose of multiplying it by
  the Floating Price to determine (x) the Settlement Amount or
  (y) the additional payments described in the “Other Tracking Account
  Adjustments and Additional Payments” provision hereof (collectively, the
  “Settlement Amount Purposes”). For any Calculation Period, the Calculation
  Agent shall determine Hourly PTID Volume in accordance with the following:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)  first, using the Hourly PTID
  Volume set forth in the NY ISO Data for both the Floating Price 

  

 

5

 

	
   

  	
   

  	
  Purpose, subject to clause (e) below,
  and the Settlement Amount Purposes.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)  if Party B has not provided the
  NY ISO Data by the 15th Local Business Day following such
  Calculation Period (the “Data Deadline”), then using
  the Monthly Noble Production Data for both the Floating Price Purpose,
  subject to clause (e) below, and the Settlement Amount Purposes.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c) ***

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (d)(1) ***

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (2) ***

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (e) ***

  

 

6

 

	
  Rounding:

  	
   

  	
  The Floating
  Price shall be rounded to the nearest three (3) decimal places.

  
	
   

  	
   

  	
   

  

 

	
  3.

  	
  Contact Information

  	
  CSEL

  
	
   

  	
   

  	
  Dean Brier

  	
  (212) 325-8648

  
	
   

  	
   

  	
  Ricardo Harewood

  	
  (212) 325-8678

  
	
   

  	
   

  	
  Fax:

  	
  (212) 951-8823

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Noble

  	
   

  
	
   

  	
   

  	
  Tom Swank

  	
  (860) 581-5105

  
	
   

  	
   

  	
  Sidney Chang

  	
  (860) 581-5060

  
	
   

  	
   

  	
  Fax:

  	
  (860) 767-7198

  

 

7

 

	
  4.

  	
  Account
  Details:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Payments (USD) to CSEL:

  	
  Citibank, New
  York

  	
   

  
	
   

  	
   

  	
  ABA
  No. 021-000-089

  	
   

  
	
   

  	
   

  	
  SWIFT CITIUS33

  	
   

  
	
   

  	
   

  	
  acct No. ###

  	
   

  
	
   

  	
   

  	
  A/c name:
  Credit Suisse Energy LLC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Payments
  (USD) to Noble:

  	
  Operating Account

  	
   

  

 

5.             Additional
Terms:

 

Definitions:

 

“Bliss
Project” means Noble Bliss Windpark, LLC, owner of the
anticipated 67 turbine, 100.5 MW Bliss facility in NYISO Zone A.

 

“Clinton
Project” means Noble Clinton Windpark I, LLC, owner of the
anticipated 67 turbine, 100.5 MW Clinton facility in NYISO Zone D.

 

“COD”
means the commercial operation date of the Projects, which shall be deemed to
have occurred on the earlier of (i) the Term-Conversion Date under the
Financing Agreement, and (ii) the date on which all of the Projects
(except for up to an aggregate of 19 WTGs) have reached Completion.

 

“COD
Contingent Collateral” means Eligible Credit Support with a
Value (as determined by the Valuation Agent) in an aggregate amount that, when
added to the Value of all other Posted Collateral held by Party A in accordance
with the Agreement:

 

(i)            if the applicable date of
calculation is prior to January 1, 2009, ***; or

 

(ii)           if the applicable date of calculation
is on or after ***.

 

“COD Deadline” means that date which
is the earlier of (i) ***, and (ii)
***.

 

“Ellenburg
Project” means Noble
Ellenburg Windpark, LLC, owner of the anticipated 54 turbine, 81 MW Ellenburg
facility in NYISO Zone D.

 

8

 

“Project”
means each of the Bliss Project, Clinton Project and Ellenburg Project and “Projects” means all the Bliss
Project, Clinton Project and Ellenburg Project together.

 

Tracking
Account:

 

A notional account and not a
physical deposit account (the “Tracking Account”)
will be maintained by the Calculation Agent and used for the purposes set forth
below.  A positive Tracking Account
balance indicates that amounts in the Tracking Account are owed by CSEL to
Noble.  A negative Tracking Account
balance indicates that amounts (in absolute value terms) in the Tracking
Account are owed by Noble to CSEL. 
Either Party may, in its sole discretion, make payments to the other
Party in excess of those required herein. 
Such payments shall, on a dollar-for-dollar basis, decrease (if payment
is made by CSEL to Noble), or increase (if payment is made by Noble to CSEL),
the Tracking Account balance immediately upon either Party’s receipt of such
payment.  The Calculation Agent shall
maintain and make all calculations and adjustments relating to the notional
value of the Tracking Account balance.

 

Delay in
COD:

 

(i)  If COD occurs
after the Effective Date, until COD occurs, the party owing the Settlement Amount
may, ***.  To the extent applicable,
within *** days following COD, Party A shall pay to Party B the excess of the
Tracking Account balance over the Tracking Account Cap.

 

(ii)  If COD does not occur by the COD Deadline,
then Noble may, within *** Local Business Days, either: (a) by written
notice to CSEL, declare an Early Termination Date with respect to this
Transaction, or (b) provide to CSEL the *** in an amount determined as of
the COD Deadline, and as subsequently returned and/or replaced in accordance
with the Credit Support Annex until COD occurs whereupon clause (iii) below
shall apply.

 

(iii)  If Noble
provides CSEL with *** pursuant to ***, then, within *** Local Business Days
after the date when COD occurs, CSEL shall return to Noble the ***.

 

(iv) If Noble fails to
act under *** or ***, CSEL may, by written notice to Noble, declare an
Early Termination Date with respect to this Transaction.

 

No
Production:

 

Following COD, if no Project
produces energy during a Calculation Period, the party owing the Settlement
Amount may, in lieu of payment of the Settlement Amount, have such Settlement
Amount applied to adjust the Tracking Account balance.

 

9

 

Other
Tracking Account Adjustments and Additional Payments:

 

(i) In the event clause
“***” under “Settlement Amounts” applies (i.e., Total PTID Volume is *** the
Notional Quantity):

 

(a)                                  If the Tracking Account balance is *** the Tracking Account Cap, OR
the Floating Price is ***, then there shall be *** to the Tracking Account
balance, and *** payments shall be due from any Party; and

 

(b)                                 If,
and only to the extent, the Tracking Account balance is *** the Tracking
Account Cap, AND the Floating Price is *** the Fixed Price, then Noble
shall *** CSEL *** (a “***”) equal to the product of (x) the Total PTID
Volume minus the Notional Quantity, and (y) the
Floating Price less the Fixed Price.  The
Tracking Account balance shall be *** (up to the ***) by *** the Tracking
Account Funding Payment.

 

(ii) In the event that
clause “(***)” under “Settlement Amount” above applies (i.e., Total PTID Volume
is *** the Notional Quantity):

 

(a)                                  If the Tracking Account balance is *** the Tracking Account Cap, AND
the Floating Price is *** the Fixed Price, there are *** payments due either
Party, and the Tracking Account balance shall be *** (up to the ***) by ***
equal to the product of (x) ***, and (y) Fixed Payment *** Floating
Price; and

 

(b)                                 If, and only to the extent, the Tracking Account balance is *** the
Tracking Account Cap, AND the Floating Price is *** the Fixed Price, then ***
shall make an additional payment to *** in an amount equal to the product of (x) ***,
and (y) ***. There shall be *** to the Tracking Account balance; and

 

(c)                                  If the Floating Price is *** the Fixed Price, then *** shall be due
to either Party, and the Tracking Account balance shall be *** to the product
of (x) ***, and (b) Floating Price less Fixed Price; and

 

(d)                                 If
the Floating Price is *** the Fixed Price, then *** shall be due to either Party,
and there shall be *** to the Tracking Account balance.

 

10

 

Tracking Account Interest:

 

Tracking Account balances not more negative
than $*** (the “Interest
Flip Point”) shall accrue interest equal to LIBOR plus  *** basis points per annum,
calculated and compounded monthly.  If
the Tracking Account balance is more negative than the Interest Flip Point,
then such balance shall accrue interest equal to overnight LIBOR plus  *** basis points, and shall be calculated
and compounded monthly.  Interest shall
accrue on positive and negative Tracking Account balances, with accrued
interest on a negative balance serving to increase the negative balance, and
accrued interest on a positive balance serving to increase the positive
balance.

 

Tracking Account Cap:

 

+USD *** (other than as described in clause (i) of “Delay in COD”
above).  For the avoidance of doubt,
there is no cap on the negative balance that the Tracking Account may accrue;
provided, however, that any negative Tracking Account balance (and resulting
increased credit exposure) shall be supported by Eligible Credit Support
(including the Initial LC and any COD Contingent Collateral) to the extent
required.

 

Tracking Account Treatment at Hedge
Expiration:

 

Upon the Termination Date:

 

(i)            if there is a positive balance in the Tracking Account,
then CSEL shall pay to Noble such balance (the “CSEL
Tracking Account Balance”) within *** days of such date; and if there is a negative balance in the
Tracking Account, then Noble shall pay to CSEL the absolute value of such
balance (the “Noble Tracking Account Balance”)
within *** days of such date.

 

(ii)           in the event CSEL does not pay Noble the CSEL Tracking
Account Balance when due, such failure shall constitute an Event of Default
under this Agreement, and Noble shall have the right to immediately exercise
all remedies available to it and all unpaid amounts owing to Noble shall accrue
interest at a rate equal to overnight LIBOR plus ***%, calculated and compounded monthly, with a mortgage style monthly
amortization schedule.

 

(iii)          in the event Noble does not pay CSEL the Noble Tracking
Account Balance when due, then Noble may provide to CSEL ***.

 

11

 

(iv) ***.

 

(v) ***.

 

(vi)(a) ***; and

 

(b) ***.

 

(vii) ***.

 

12

 

Please confirm that the
foregoing correctly sets forth the terms of our agreement by signing and
returning this Confirmation.

 

 

	
   

  	
  Yours faithfully,

  
	
   

  	
   

  
	
   

  	
  CREDIT SUISSE ENERGY LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Dean Brier

  
	
   

  	
   

  	
  Name: Dean Brier

  
	
   

  	
   

  	
  Title:  Vice President

  

 

 

Confirmed
as of the date first written above:

 

NOBLE ENVIRONMENTAL POWER 2006 HOLD CO, LLC

 

 

	
  By:

  	
    /s/ Thomas F. Swank

  	
   

  
	
   

  	
  Name:

  	
  Thomas F. Swank

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

Schedule 1

 

Hedge
Volumes (MWh) per Month

 

	
   

  	
   

  	
  Portfolio

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  P *** Volume

  	
   

  	
  Hedge Volume

  	
   

  
	
  January

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  February

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  March

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  April

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  May

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  June

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  July

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  August

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  September

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  October

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  November

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
  December

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Annual

  	
   

  	
  ***

  	
   

  	
  ***

  	
   

  

 

 

To use the diurnal table to
calculate MWh for a single hour:  (Yearly
P *** Volume * (% defined in table/100)) / days in month

 

Bliss (P *** = *** MWh / Year)

 

***

 

 

Clinton (P *** = *** MWh
/ Year)

 

***

 

2

 

Ellenburg (P *** = *** MWh
/ Year)

 

***

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]