Document:

Exhibit

EXHIBIT 10.1
Execution Version

AMENDMENT NO. 8
TO
CREDIT AGREEMENT

This AMENDMENT NO. 8 to the Credit Agreement, dated as of May 18, 2018 (this “Amendment”), is entered into among CALPINE CORPORATION, a Delaware corporation (the “Borrower”), the Guarantors, MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.)  (“MUFG”), as administrative agent (in such capacity and including any successors in such capacity, the “Administrative Agent”), MUFG Union Bank, N.A. (“MUB”), as collateral agent (in such capacity and including any successors in such capacity, the “Collateral Agent”), the existing Lenders  (the “Existing Lenders”) party hereto constituting the Required Lenders, the New Revolving Lender (as defined below) and the Fronting Banks party hereto, and amends the Credit Agreement, dated as of December 10, 2010 (as amended by Amendment No. 1 to Credit Agreement, dated as of June 27, 2013, as further amended by Amendment No. 2 to Credit Agreement, dated as of July 30, 2014, as further amended by Amendment No. 3 to Credit Agreement, dated as of February 8, 2016, as further amended by Amendment No. 4 to Credit Agreement, dated as of December 1, 2016, as further amended by Amendment No. 5 to Credit Agreement, dated as of September 15, 2017, as further amended by Amendment No. 6 to Credit Agreement, dated as of October 20, 2017, and as further amended by Amendment No. 7 to Credit Agreement, dated as of March 8, 2018, the “Credit Agreement”, and as further amended by this Amendment, the “Amended Credit Agreement”), entered into among the Borrower, the institutions from time to time party thereto as Lenders, the Administrative Agent and the Collateral Agent.  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

W I T N E S S E T H:

WHEREAS, the Borrower has requested that (i) Sumitomo Mitsui Banking Corporation become a Lender (as defined in the Credit Agreement) under the Credit Agreement and provide Incremental Revolving Facilities pursuant to Section 2.25 of the Credit Agreement in the form of a Class C Revolving Commitment in an aggregate principal amount as set forth opposite its name on Exhibit B hereto (the “New Revolving Lender”), (ii) certain of the Existing Lenders party hereto provide Incremental Revolving Facilities pursuant to Section 2.25 of the Credit Agreement in the form of an increase to the aggregate principal amount of their Class C Revolving Commitments in the amounts opposite their respective names on Exhibit A hereto (the “Increasing Revolving Lenders”) and (iii) the Required Lenders party hereto consent to permitting the Incremental Revolving Facilities provided pursuant to this Agreement being incurred in integral multiples of less than $5,000,000 (the “Integral Multiple Consent”);
WHEREAS, the New Revolving Lender has agreed (on a several and not joint basis), subject to the terms and conditions set forth herein and in the Credit Agreement, as amended by this Amendment, to provide a Class C Revolving Commitment in the amount set forth opposite its name on Exhibit B hereto (the “New Revolving Lender Commitment”);

        

WHEREAS, each Increasing Revolving Lender has agreed (on a several and not joint basis), subject to the terms and conditions set forth herein and in the Credit Agreement, as amended by this Amendment, to increase its Class C Revolving Commitment in the amount set forth opposite such Increasing Revolving Lender’s name on Exhibit A hereto (the “Increased Existing Revolving Lender Commitments” and, together with the New Revolving Lender Commitments, the “Incremental Revolving Commitments”);
WHEREAS, the Existing Lenders constituting the Required Lenders have consented to the Integral Multiple Consent;
WHEREAS, after giving effect to this Amendment, the Revolving Commitments of each Existing Lender and the New Revolving Lender (collectively, the “Lenders”) shall be as set forth on Exhibit C hereto;
WHEREAS, the Incremental Revolving Commitments and related Revolving Loans shall be effected as an increase to and have the same terms as the Class C Revolving Commitments;
WHEREAS, pursuant to Section 9.1(a) of the Credit Agreement and Section 2.25 of the Credit Agreement, an Incremental Revolving Facility Amendment may be effected with the consent of the Borrower, each Lender agreeing to provide a commitment in respect of Incremental Revolving Loans, each Additional Lender with respect thereto, the Administrative Agent and each Fronting Bank to the extent it is required to be a “fronting bank” under such Incremental Revolving Facility; and
WHEREAS, this Amendment is an Incremental Revolving Facility Amendment and shall constitute notice of any Incremental Revolving Facilities under Section 2.25 of the Credit Agreement;
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows:

Section 1.     Amendments to the Credit Agreement

The Credit Agreement is, effective as of the Amendment No. 8 Effective Date, hereby amended to:
(a)remove Schedule 1.1A (Revolving Commitment Amounts) and replace it in its entirety by new Schedule 1.1A attached hereto as Exhibit C;
(b)add the following definitions in alphabetical order to Section 1.1 (Defined Terms):
“Amendment No. 8 Effective Date”: means May 18, 2018.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be 

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substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
(c)remove the definition of “Class C Revolving Commitment” and replace it in its entirety with the below:
“Class C Revolving Commitment”: with respect to each Class C Lender, the obligation of such Class C Lender, if any, to make Class C Revolving Loans and participate in Swingline Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth opposite its name on Schedule 1.1A hereto under the heading “Class C Revolving Commitment Amounts” or as may subsequently be set forth in the Register from time to time, as the same may be (x) reduced from time to time pursuant to Sections 2.12 and 2.14 or (y) increased from time to time pursuant to Section 2.25. The aggregate Class C Revolving Commitments of all Class C Lenders shall be $1,519,200,000 on the Amendment No. 8 Effective Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.

(d)remove the definition of “Total Revolving Commitments” and replace it in its entirety with the below:
“Total Revolving Commitments”: at any time, the aggregate amount of the Revolving Commitments then in effect. The Total Revolving Commitments on the Amendment No. 8 Effective Date are $1,689,200,000.
(e)Add the following as Section 3.21 thereof:
“3.21.    Beneficial Ownership Certification.  As of the Amendment No. 8 Effective Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.”

Section 2.     Consent to the New Revolving Lender and the Integral Multiple Consent.

(a)The Administrative Agent, the Fronting Banks and the Borrower hereby consent to the New Revolving Lender becoming a “Lender” and providing Class C Revolving Commitments under the Credit Agreement as amended hereby.  
(b)The Administrative Agent, the Borrower and the Existing Lenders party hereto constituting the Required Lenders hereby consent to the Integral Multiple Consent.

Section 3.     New Revolving Commitments. The New Revolving Lender has agreed (on a several and not joint basis), subject to the terms and conditions set forth herein and in the Credit Agreement, as amended by this Amendment, to provide the New Revolving Lender 

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Commitment in the amount set forth opposite its name on Exhibit B hereto.  Each Increasing Revolving Lender has agreed (on a several and not joint basis), subject to the terms and conditions set forth herein and in the Credit Agreement, as amended by this Amendment, to increase its Class C Revolving Commitment in the amount set forth opposite such Increasing Revolving Lender’s name on Exhibit A hereto and that from and after the Amendment No. 8 Effective Date its aggregate Class C Revolving Commitment shall be in the amounts set forth opposite such Increasing Revolving Lender’s name on Exhibit C hereto.  For the avoidance of doubt, the aggregate principal amount of Incremental Revolving Facilities provided to the Borrower on the Amendment No. 8 Effective Date shall be $219,200,000 and this Amendment shall reduce the aggregate amount of Incremental Revolving Facilities permitted to be obtained pursuant to Section 2.25 of the Credit Agreement from $500,000,000 to $280,800,000.

Section 4.     Reallocation. On the Amendment No. 8 Effective Date, the Borrower shall, in coordination with the Administrative Agent, repay outstanding Revolving Loans of the Existing Lenders that are not Increasing Revolving Lenders, and incur additional Revolving Loans from the Increasing Revolving Lenders and the New Revolving Lender to the extent necessary so that all of the Lenders participate in each outstanding Borrowing of Revolving Loans pro rata on the basis of their respective Revolving Commitments (after giving effect to any increase in the Total Revolving Commitments pursuant to this Amendment).  The participations in any outstanding Letters of Credit shall be adjusted in accordance with each Lender's Revolving Commitment Percentage as reallocated in accordance with such increase of the Total Revolving Commitments.

Section 5.     Conditions Precedent to the Effectiveness of this Amendment
This Amendment shall become effective as of the date first written above when, and only when, each of the following conditions precedent shall have been satisfied (the “Amendment No. 8 Effective Date”):
(a)Executed Counterparts.  The Administrative Agent shall have received this Amendment, duly executed by the Borrower, the Guarantors, the Administrative Agent, the Fronting Banks, the New Revolving Lender, each of the Increasing Revolving Lenders and the Existing Revolving Lenders constituting the Required Lenders;
(b)No Default or Event of Default.  Before and after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing under the Credit Agreement;
(c)Representations and Warranties. The representations and warranties of the Borrower contained in Article 3 of the Credit Agreement and Section 6 of this Amendment or any other Loan Document shall be true and correct in all material respects (and in all respects if qualified by materiality) on and as of the Amendment No. 8 Effective Date, as if made on and as of such date and except to the extent that such representations and warranties specifically relate to a specific date, in which case such representations and warranties shall be true and correct in all material respects (and in all respects if qualified by materiality) as of such specific date; provided, however, that references therein to the “Credit Agreement” shall be deemed to refer to 

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the Credit Agreement as amended hereby and after giving effect to the consents and waivers set forth herein;
(d)Financial Covenants. The Borrower shall be in compliance with the covenants set forth in Section 6.6 of the Credit Agreement determined on a pro forma basis on and as of the Amendment No. 8 Effective Date and the last day of the most recent fiscal period of the Borrower for which financial statements have been provided under the Credit Agreement, in each case, as if the Incremental Revolving Commitments provided on the Amendment No. 8 Effective Date are fully drawn on the Amendment No. 8 Effective Date and were fully drawn and outstanding on the last day of the most recent fiscal quarter of the Borrower for which financial statements have been delivered under the Credit Agreement and after giving effect to any other customary and appropriate pro forma adjustment events, including any acquisitions or dispositions after the beginning of the relevant fiscal quarter but prior to or simultaneous with the effectiveness of the Incremental Revolving Commitments;
(e)Officer’s Certificate. The Borrower shall have provided a certificate signed by a Responsible Officer of the Borrower certifying as to the satisfaction of the conditions set forth in paragraphs (b), (c) and (d) of this Section 5; 
(f)Fees and Expenses Paid.  The Borrower shall have (i) paid all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment (including, without limitation, the reasonable and documented fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto) and all other fees then due and payable to the Administrative Agent in connection with this Amendment and (ii) upfront fees to the New Revolving Lender and each Increasing Revolving Lender in an amount equal to 0.50% of the aggregate principal amount of each such Lender’s Incremental Revolving Commitment on the Amendment No. 8 Effective Date; and
(g)Flood Determinations.  The Administrative Agent shall have received with respect to each Mortgaged Property (i) a completed “life-of-loan” Federal Emergency Management Agency standard flood hazard determination (together with a notice about Special Flood Hazard Area status and flood disaster assistance duly executed by the applicable Loan Party relating thereto) and (ii) a copy of, or a certificate as to coverage under, the insurance policies including, without limitation, flood insurance policies satisfying the requirements of Section 5.4 of the Credit Agreement and the applicable provisions of the Security Documents, each of which shall be endorsed or otherwise amended to include a “standard” or “New York” lender’s loss payable or mortgagee endorsement (as applicable) and shall name the Collateral Agent, on behalf of the Secured Parties, as additional insured, in form and substance reasonably satisfactory to the Administrative Agent.
(h)Opinion of Counsel. The Administrative Agent shall have received an executed legal opinion of White & Case LLP, counsel to the Loan Parties, addressed to the Administrative Agent and the Lenders, and in form and substance reasonably satisfactory to the Administrative Agent.

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(i)Secretary’s Certificates.  The Administrative Agent shall have received a certificate of the secretary or assistant secretary (or other authorized person) of each Loan Party, dated the Amendment No. 8 Effective Date and certifying:
(A)that (i) attached thereto is a true and complete copy of the certificate or articles of incorporation or organization such Loan Party certified as of a recent date by the secretary of state of the state of its organization (or that such organizational documents have not been amended since October 20, 2017,  and that such certificate or articles are in full force and effect, (ii) attached thereto is a true and complete copy of the by-laws or operating agreements of each Loan Party as in effect on the Amendment No. 8 Effective Date (or that such organizational documents have not been amended since October 20, 2017) and (iii) attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or other governing body) of each Loan Party authorizing the execution, delivery and performance of this Amendment and the other documents to be executed in connection herewith, to which such Loan Party is a party, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, and
(B)as to the incumbency and specimen signature of each officer executing this Amendment or any other document delivered in connection herewith on behalf of such Loan Party and signed by another officer as to the incumbency and specimen signature of the secretary or assistant secretary (or other authorized person) executing the certificate pursuant to this clause (g).
(j)Good Standing Certificates.  The Administrative Agent shall have received certificates of good standing (to the extent such concept exists in such Loan Party’s state of organization) from the applicable secretary of state of the state of organization of each Loan Party.
(k)Mortgage Amendments.  The Borrower shall, or shall cause the applicable Guarantor to, enter into an amendment to such of the mortgages encumbering the Mortgaged Properties as the Administrative Agent may reasonably request based on the advice of local counsel in the jurisdiction in which each Mortgaged Property is located, in form reasonably acceptable to the Administrative Agent, together, in each case, with opinions of counsel with respect thereto and date-down or modification endorsement, or other title product where such an endorsement is unavailable, to the title policy insuring such mortgage.
(l)Patriot Act; Borrower Ownership Certification.  To the extent reasonably requested by the New Revolving Lender in writing not less than five (5) Business Days prior to the Amendment No. 8 Effective Date, the New Revolving Lender shall have received prior to the Amendment No. 8 Effective Date, all documentation and other information with respect to the Loan Parties required by regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act.  Any Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification, in relation to such Borrower, to the Administrative Agent.

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Section 6.    Representations and Warranties 
 
On and as of the Amendment No. 8 Effective Date, after giving effect to this Amendment, each Loan Party hereby represents and warrants to the Administrative Agent and each Lender as follows:
(a)this Amendment has been duly authorized, executed and delivered by the each Loan Party and constitutes the legal, valid and binding obligations of the each Loan Party enforceable against the each Loan Party in accordance with its terms and the Credit Agreement as amended by this Amendment and constitutes the legal, valid and binding obligation of the each Loan Party enforceable against the each Loan Party in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or limiting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;
(b)each of the representations and warranties contained in Section 3 (Representations and Warranties) of the Credit Agreement and each other Loan Document is true and correct in all material respects (and in all respects if qualified by materiality) on and as of the Amendment No. 8 Effective Date, as if made on and as of such date and except to the extent that such representations and warranties specifically relate to a specific date, in which case such representations and warranties shall be true and correct in all material respects (and in all respects if qualified by materiality) as of such specific date; provided, however, that references therein to the “Credit Agreement” shall be deemed to refer to the Credit Agreement as amended hereby and after giving effect to the consents and waivers set forth herein; 
(c)no Default or Event of Default has occurred, is continuing or existed immediately prior to giving effect to this Amendment;
(d)The Borrower is in compliance with the covenants set forth in Section 6.6 of the Credit Agreement determined on a pro forma basis on and as of the Amendment No. 8 Effective Date and the last day of the most recent fiscal period of the Borrower for which financial statements have been provided under the Credit Agreement, in each case, as if the Incremental Revolving Commitments provided on the Amendment No. 8 Effective Date are fully drawn on the Amendment No. 8 Effective Date and were fully drawn and outstanding on the last day of the most recent fiscal quarter of the Borrower for which financial statements have been delivered under the Credit Agreement and after giving effect to any other customary and appropriate pro forma adjustment events, including any acquisitions or dispositions after the beginning of the relevant fiscal quarter but prior to or simultaneous with the effectiveness of the Incremental Revolving Commitments; and
(e)As of the Amendment No. 8 Effective Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.

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Section 7.    Fees and Expenses

The Borrower agrees to pay in accordance with the terms of Section 9.5 (Payment of Expenses and Taxes) of the Credit Agreement all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment (including, without limitation, the reasonable and documented fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto).  The Borrower also agrees to pay to the respective Lenders any costs of the type referred to in Section 2.20 of the Credit Agreement in connection with any repayment and/or Borrowing pursuant to Section 4 of this Amendment.

Section 8.     Reference to the Effect on the Loan Documents

(a)As of the Amendment No. 8 Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder”, “thereof” and words of like import), shall mean and be a reference to the Credit Agreement as amended hereby, and this Amendment and the Credit Agreement shall be read together and construed as a single instrument.  Each of the table of contents and lists of Exhibits and Schedules of the Credit Agreement shall be amended to reflect the changes made in this Amendment as of the Amendment No. 8 Effective Date.
(b)Except as expressly amended hereby or specifically waived above, all of the terms and provisions of the Credit Agreement and all other Loan Documents are and shall remain in full force and effect and are hereby ratified and confirmed.
(c)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders (as such term is defined in the Credit Agreement and in this Amendment), the Borrower, the Guarantors, Lead Arrangers or the Administrative Agent under any of the Loan Documents, nor constitute a waiver or amendment of any other provision of any of the Loan Documents or for any purpose except as expressly set forth herein.
(d)This Amendment is a Loan Document.
(e)This Amendment shall be deemed to be an Incremental Revolving Facility Amendment.
Section 9.    Reaffirmation

Each Loan Party hereby expressly acknowledges the terms of this Amendment
and reaffirms, as of the Amendment No. 8 Effective Date, (i) the covenants and agreements contained in each Loan Document to which it is a party, as well as, with respect to the Letter of Credit Fees, any such fees separately agreed to in writing between a Fronting Bank and the Borrower, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby and (ii) (a) in the case of the Guarantors only, its guarantee of the Obligations (including, without limitation, the New 

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Revolving Commitments and any Borrowings thereunder) under the Guarantee and Collateral Agreement, as applicable, and (b) its grant of Liens on the Collateral to secure the Obligations (including, without limitation, the Incremental Revolving Commitments and any Borrowings thereunder) pursuant to the Security Documents to which it is a party, with all such Liens continuing in full force and effect after giving effect to this Amendment.  This Amendment No. 8 shall not constitute a novation of the Credit Agreement or any other Loan Documents.
Section 10.    Execution in Counterparts

This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document.  Delivery of an executed counterpart by telecopy shall be effective as delivery of a manually executed counterpart of this Amendment.
Section 11.    Governing Law

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
Section 12.    Section Titles

The section titles contained in this Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto, except when used to reference a section.  Any reference to the number of a clause, sub-clause or subsection of any Loan Document immediately followed by a reference in parenthesis to the title of the section of such Loan Document containing such clause, sub-clause or subsection is a reference to such clause, sub-clause or subsection and not to the entire section; provided, however, that, in case of direct conflict between the reference to the title and the reference to the number of such section, the reference to the title shall govern absent manifest error.  If any reference to the number of a section (but not to any clause, sub-clause or subsection there-of) of any Loan Document is followed immediately by a reference in parenthesis to the title of a section of any Loan Document, the title reference shall govern in case of direct conflict absent manifest error.
Section 13.    Notices

All communications and notices hereunder shall be given as provided in the Credit Agreement.

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Section 14.    Severability

The fact that any term or provision of this Agreement is held invalid, illegal or unenforceable as to any person in any situation in any jurisdiction shall not affect the validity, enforceability or legality of the remaining terms or provisions hereof or the validity, enforceability or legality of such offending term or provision in any other situation or jurisdiction or as applied to any person.
Section 15.    Successors

The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns.
Section 16.    Jurisdiction; Waiver of Jury Trial

The jurisdiction and waiver of right to trial by jury provisions in Sections 9.12 and 9.16 of the Credit Agreement are incorporated herein by reference mutatis mutandis.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers and general partners thereunto duly authorized, as of the date first written above.

	
				
	 
	 
	 

	 
	 

	 
	CALPINE CORPORATION

	By:
	/s/ ZAMIR RAUF

	 
	Name: Zamir Rauf
Title:   Executive Vice President,

	Chief Financial Officer

	 
	 
	 

	 
	 

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers and general partners thereunto duly authorized, as of the date first written above.
	
			
	 
	THE GUARANTORS SET FORTH ON

	 
	ANNEX I & II TO THIS SIGNATURE

	 
	PAGE

	 
	 
	 

	 
	By:
	/s/ W. THADDEUS MILLER

	 
	 
	Name: W. Thaddeus Miller
Title:   Chief Legal Officer and Corporate Secretary

	
			
	 
	THE GUARANTORS SET FORTH ON

	 
	ANNEX III & IV TO THIS SIGNATURE

	 
	PAGE

	 
	 
	 

	 
	By:
	/s/ DIANA WOODMAN HAMMETT

	 
	 
	Name: Diana Woodman Hammett
Title:   Vice President

 Signature Page to Calpine Corporation Revolving Credit Agreement
Amendment No. 8

ANNEX I

	
	
	Name of Guarantor

	Anacapa Land Company, LLC

	Anderson Springs Energy Company

	Aviation Funding Corp.

	Baytown Energy Center, LLC

	CalGen Expansion Company, LLC

	CalGen Project Equipment Finance Company Three, LLC

	Calpine Administrative Services Company, Inc.

	Calpine Auburndale Holdings, LLC

	Calpine Bethlehem, LLC

	Calpine c*Power, Inc.

	Calpine CalGen Holdings, Inc.

	Calpine Calistoga Holdings, LLC

	Calpine Central Texas GP, Inc.

	Calpine Central, Inc.

	Calpine Central-Texas, Inc.

	Calpine Cogeneration Corporation

	Calpine Eastern Corporation

	Calpine Edinburg, Inc.

	Calpine Energy Services GP, LLC

	Calpine Energy Services LP, LLC

	Calpine Energy Services, L.P.

	Calpine Fuels Corporation

	Calpine Generating Company, LLC

	Calpine Geysers Company, L.P.

	Calpine Gilroy 1, LLC

	Calpine Global Services Company, Inc.

	Calpine Hidalgo Energy Center, L.P.

	Calpine Hidalgo Holdings, Inc.

	Calpine Hidalgo, Inc.

	Calpine Kennedy Operators, Inc.

	Calpine KIA, Inc.

	
			
	 
	 
	 

	
	
	Name of Guarantor

	 

	Calpine King City, Inc.

	Calpine Leasing Inc.

	Calpine Long Island, Inc.

	Calpine Magic Valley Pipeline, LLC

	Calpine Mid-Atlantic Energy, LLC

	Calpine Mid-Atlantic Generation, LLC

	Calpine Mid-Atlantic Marketing, LLC

	Calpine MVP, LLC

	Calpine Newark, LLC

	Calpine New Jersey Generation, LLC

	Calpine Northbrook Holdings Corporation

	Calpine Northbrook Investors, LLC

	Calpine Northbrook Project Holdings, LLC

	Calpine Operations Management Company, Inc.

	Calpine Power Company

	Calpine Power Management, LLC

	Calpine Power, Inc.

	Calpine PowerAmerica, LLC

	Calpine PowerAmerica-CA, LLC

	Calpine PowerAmerica-ME, LLC

	Calpine Project Holdings, Inc.

	Calpine Solar, LLC

	Calpine Stony Brook Operators, Inc.

	Calpine Stony Brook, Inc.

	Calpine TCCL Holdings, Inc.

	Calpine Texas Pipeline GP, LLC

	Calpine Texas Pipeline LP, LLC

	Calpine Texas Pipeline, L.P.

	Calpine University Power, Inc.

	Calpine Vineland Solar, LLC

	CES Marketing IX, LLC

	CES Marketing X, LLC

	Channel Energy Center, LLC

	
			
	 
	 
	 

	
	
	Name of Guarantor

	Corpus Christi Cogeneration, LLC

	CPN 3rd Turbine, Inc.

	CPN Acadia, Inc.

	CPN Cascade, Inc.

	CPN Clear Lake, Inc.

	CPN Pipeline Company

	CPN Pryor Funding Corporation

	CPN Telephone Flat, Inc.

	Delta Energy Center, LLC

	Freestone Power Generation, LLC

	GEC Bethpage Inc.

	Geysers Power Company, LLC

	Geysers Power I Company

	Idlewild Fuel Management Corp.

	JMC Bethpage, Inc.

	Los Medanos Energy Center LLC

	Magic Valley Pipeline, L.P.

	Modoc Power, Inc.

	New Development Holdings, LLC

	NTC Five, Inc.

	Pastoria Energy Center, LLC

	Pastoria Energy Facility L.L.C.

	Pine Bluff Energy, LLC

	RockGen Energy LLC

	South Point Energy Center, LLC

	South Point Holdings, LLC

	Stony Brook Cogeneration, Inc.

	Stony Brook Fuel Management Corp.

	Sutter Dryers, Inc.

	Texas City Cogeneration, LLC

	Texas Cogeneration Five, Inc.

	Texas Cogeneration One Company

	Thermal Power Company

	Zion Energy LLC

	
			
	 
	 
	 

ANNEX II

	
	
	Name of Guarantor

	Deer Park Energy Center LLC

	Deer Park Holdings, LLC

	Metcalf Energy Center, LLC

	Metcalf Holdings, LLC

	
			
	 
	 
	 

ANNEX III

	
	
	Name of Guarantor

	Calpine Construction Management Company, Inc.

	Calpine Mid-Atlantic Operating, LLC

	
			
	 
	 
	 

ANNEX IV

	
	
	Name of Guarantor

	Calpine Operating Services Company, Inc.

	
			
	 
	 
	 

	
			
	 
	MUFG BANK, LTD.,

	 
	as Administrative Agent 

	 
	 

	 
	 
	 

	 
	By:
	/s/ ERIC OTIENO

	 
	 
	Name: Eric Otieno 
Title:    Vice President 

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	MUFG BANK, LTD.,

	 
	As a Lender and a Fronting Bank

	 
	 

	 
	 
	 

	 
	By:
	/s/ ERIC OTIENO

	 
	 
	Name: Eric Otieno 
Title:    Vice President 

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	Bank of America, N.A.,

	 
	as a Lender

	 
	 

	 
	 
	 

	 
	By:
	/s/ MAGGIE HALLELAND

	 
	 
	Name: Maggie Halleland
Title:   Vice President

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

	 
	as a Lender

	 
	 

	 
	 
	 

	 
	By:
	/s/ MIKHAIL FAYBUSOVICH

	 
	 
	Name: Mikhail Faybusovich
Title:   Authorized Signatory

	
			
	 
	 
	 

	 
	By:
	/s/ CHRISTOPHER ZYBRICK

	 
	 
	Name: Christopher Zybrick
Title:   Authorized Signatory

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	BARCLAYS BANK PLC

	 
	as a Lender and a Fronting Bank

	 
	 

	 
	 
	 

	 
	By:
	/s/ JAKE LAM

	 
	 
	Name: Jake Lam
Title:   Assistant Vice President

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	CITIBANK, N.A.,

	 
	as a Lender

	 
	 

	 
	 
	 

	 
	By:
	/s/ KIRKWOOD ROLAND

	 
	 
	Name: Kirkwood Roland
Title:   Managing Director & Vice President

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	DEUTSCHE BANK AG NEW YORK BRANCH,

	 
	as a Lender and a Fronting Lender

	 
	 

	 
	 
	 

	 
	By:
	/s/ ALICIA SCHUG

	 
	 
	Name: Alicia Schug
Title:   Vice President

	
			
	 
	 
	 

	 
	By:
	/s/ MARGUERITE SUTTON

	 
	 
	Name: Marguerite Sutton
Title:   Vice President

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	Natixis, New York Branch,

	 
	as a Lender and a Fronting Bank

	 
	 

	 
	 
	 

	 
	By:
	/s/ AHMET UGURLU

	 
	 
	Name: Ahmet Ugurlu
Title:   Executive Director

	 
	 
	 

	 
	By:
	/s/ RONALD LEE

	 
	 
	Name: Ronald Lee
Title:   Director

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

        

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	GOLDMAN SACHS BANK USA,

	 
	as a Lender

	 
	 

	 
	 
	 

	 
	By:
	/s/ RYAN DURKIN

	 
	 
	Name: Ryan Durkin
Title:   Authorized Signatory

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	BNP Paribas,

	 
	as a Lender and a Fronting Bank

	 
	 

	 
	 
	 

	 
	By:
	/s/ DENIS O'MEARA

	 
	 
	Name: Denis O'Meara
Title:   Managing Director

	 
	 
	 

	 
	By:
	/s/ ERIC CHILTON

	 
	 
	Name: Eric Chilton
Title:   Managing Director

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	MORGAN STANLEY SENIOR FUNDING, INC.,

	 
	as a Lender

	 
	 

	 
	 
	 

	 
	By:
	/s/ JACK KUHNS

	 
	 
	Name: Jack Kuhns
Title:   Vice President

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	Credit Agricole Corporate and Investment Bank,

	 
	as a Lender and a Fronting Bank

	 
	 

	 
	 
	 

	 
	By:
	/s/ EVAN LEVY

	 
	 
	Name: Evan Levy
Title:   Managing Director

	 
	 
	 

	 
	By:
	/s/ GEORGE COUNCILL

	 
	 
	Name: George Councill
Title: Director

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	Sumitomo Mitsui Banking Corporation,

	 
	as a Lender

	 
	 

	 
	 
	 

	 
	By:
	/s/ KATSUYUKI KUBO

	 
	 
	Name: Katsuyuki Kubo
Title:   Managing Director

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	ROYAL BANK OF CANADA,

	 
	as a Lender and a Fronting Bank

	 
	 

	 
	 
	 

	 
	By:
	/s/ JUSTIN PAINTER

	 
	 
	Name: Justin Painter
Title:   Authorized Signatory

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	MORGAN STANLEY BANK, N.A.

	 
	as a Lender

	 
	 

	 
	 
	 

	 
	By:
	/s/ JACK KUHNS

	 
	 
	Name: Jack Kuhns
Title:   Authorized Signatory

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment and confirms its Revolving Commitments set forth on Exhibit A, B and/or C to the Amendment.

	
			
	 
	Lender, UBS AG, Stamford Branch

	 
	As a Lender

	 
	 

	 
	 
	 

	 
	By:
	/s/ DARLENE ARIAS

	 
	 
	Name: Darlene Arias
Title:   Director

	 
	 
	 

	 
	By:
	/s/ CRAIG PEARSON

	 
	 
	Name: Craig Pearson
Title: Associate Director

Calpine Corporation Revolving Credit Agreement
Amendment No. 8

EXHIBIT A

Increased Existing Revolving Lender Commitments

	
		
	Increasing Revolving Lenders
	Increased Existing Revolving Lender Commitments

	 
	 

	GOLDMAN SACHS BANK USA
	$32,350,000

	BNP PARIBAS
	$54,500,000

EXHIBIT B

New Revolving Lender Commitments

	
		
	New Revolving Lender
	New Revolving Lender Commitments

	 
	 

	SUMITOMO MITSUI BANKING CORPORATION
	$132,350,000

EXHIBIT C

Schedule 1.1A
Revolving Commitment Amounts

	
				
	CLASS B LENDER
	CLASS B REVOLVING COMMITMENT AMOUNT
	CLASS C REVOLVING COMMITMENT AMOUNT

	 
	 
	 
	 

	BANK OF AMERICA, N.A.
	$170,000,000
	—

	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
	—
	$132,350,000

	BARCLAYS BANK PLC
	—
	$132,350,000

	CITIBANK, N.A.
	—
	$132,350,000

	DEUTSCHE BANK AG NEW YORK BRANCH
	—
	$132,350,000

	NATIXIS, NEW YORK BRANCH
	—
	$132,350,000

	MUFG Bank, LTD.
	—
	$132,350,000

	GOLDMAN SACHS BANK USA
	—
	$132,350,000

	BNP PARIBAS
	—
	$132,350,000

	SUMITOMO MITSUI BANKING CORPORATION
	—
	$132,350,000

	MORGAN STANLEY SENIOR FUNDING, INC.
	—
	$82,350,000

	Crédit Agricole Corporate & Investment Bank
	—
	$77,850,000

	ROYAL BANK OF CANADA
	—
	$77,850,000

	MORGAN STANLEY BANK, N.A.
	—
	$50,000,000

	UBS AG, STAMFORD BRANCH
	—
	$40,000,000

	Total
	$170,000,000
	$1,519,200,000Lithium Exploration Group, Inc.: Exhibit 10.150 - Filed by newsfilecorp.com

LITHIUM EXPLORATION GROUP, INC. 
10% CONVERTIBLE
PROMISSORY NOTE 

	Effective Date January 12, 2018 	US $27,500.00 
	 	 
	Due: January 12, 2020 	  

THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF
THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE
"1933 ACT”) 

FOR VALUE RECEIVED Lithium Exploration Group, Inc. (the
“Company”) promises to pay to the order of BlueCiti, LLC, and its
authorized successors and permitted assigns ("Holder"), the aggregate
principal face amount of Twenty Five Thousand Dollars exactly (U.S. $25,000.00)
on January 12, 2020 ("Maturity Date"). The Company will pay interest on
the principal amount outstanding at the rate of 10% per annum, which will
commence on Jan-uary 12, 2018. The Company acknowledges that this Note was
issued with a $2,500.00 original issue discount (“OID”) such that the issuance
price was $27,500.00. The interest will be paid to the Holder in whose name this
Note is registered on the records of the Company regarding registration and
transfers of this Note. The principal of, and interest on, this Note are payable
at 1357 Ave Ashford, San Juan, PR 00907, initially, and if changed, last
appearing on the records of the Company as designated in writing by the Holder
hereof from time to time. The Company will pay each interest payment and the
outstanding principal due upon this Note before or on the Maturity Date, less
any amounts required by law to be deducted or withheld, to the Holder of this
Note by check or wire transfer addressed to such Holder at the last address
appearing on the records of the Company. The forwarding of such check or wire
transfer shall constitute a payment of outstanding principal hereunder and shall
satisfy and discharge the liability for principal on this Note to the extent of
the sum represented by such check or wire transfer. Interest shall be payable in
Common Stock (as defined below) pursuant to paragraph 4(b) herein. 

This Note is subject to the following
additional provisions:

1.        This Note is exchangeable for an equal aggregate
principal amount of Notes of different authorized denominations, as requested by
the Holder surrendering the same. No service charge will be made for such
registration or transfer or exchange, except that Holder shall pay any tax or
other governmental charges payable in connection there-with. 

2.       Under all applicable laws, the Company shall be
entitled to withhold any amounts from all payments it is entitled to. 

3.       This Note may only be transferred or exchanged in
compliance with the Securities Act of 1933, as amended ("Act") and any
applicable state securities laws. All attempts transfer to a non-qualifying
party shall be treated by the Company as void. Prior to due presentment for
transfer of this Note, the Company and any agent of the Company may treat the
person in whose name this Note is duly registered on the Company's records as
the owner hereof for all other purposes, whether or not this Note be overdue,
and neither the Company nor any such agent shall be affected or bound by notice
to the contrary. Any Holder of this Note electing to exercise the right of
conversion set forth in Section 4(a) hereof, in addition to the requirements set
forth in Section 4(a), and any prospective transferee of this Note, also is
required to give the Company written confirmation that this Note is being
converted ("Notice of Conversion") in the form annexed hereto as
Exhibit A. The date of receipt (including receipt by telecopy) of such
Notice of Conversion shall be the Conversion Date.

4.                  
(a)       The Holder of this Note has the option, upon the
issuance date of the stock, to convert all or any amount of the principal face
amount of this Note then outstanding into shares of the Company's common stock
(the "Common Stock") at a price ("Conversion Price") for each
share of Common Stock equal to the lesser of $0.005 or 25% discount of the
lowest trading price of the Common Stock as reported on the
National Quotations Bureau OTC Markets exchange which the Company’s shares are
traded or any exchange upon which the Common Stock may be traded in the future
("Exchange"), for the (i) twenty prior
trading days, including the day upon which a Notice of Conversion is
received by the Company (provided such Notice of Conversion is delivered by fax
or other electronic method of communication to the Company after 4 P.M. Eastern
Standard or Daylight Savings Time if the Holder wishes to include the same day
closing price), or (ii) the twenty prior trading days
immediately preceding the issuance date of this Note. The Notice of Conversion
may be rescinded if the shares have not been delivered within 3 business days.
The Company shall deliver the shares of Common Stock to the Holder within 3
business days of receipt by the Company of the Notice of Conversion. The Holder
shall surrender this Note to the Company upon receipt of the shares of Common
Stock, executed by the Holder. This will make clear the Holder's intention to
convert this Note or a specified portion hereof, and accompanied by proper
assignment hereof in blank. Accrued but unpaid interest shall be subject to
conversion. The number of issuable shares will be rounded to the nearest whole
share, and no fractional shares or scrip representing fractions of shares will
be issued on conversion. To the extent the Conversion Price of the Company’s
Common Stock closes below the par value per share, the Company will take all
steps necessary to solicit the consent of the stockholders to reduce the par
value to the lowest value possible under law. The Company agrees to honor all
conversions submitted pending this increase. In the event the Company
experiences a DTC “Chill” on its shares, the conversion price discount shall be
increased to 60% while that “Chill” is in effect. Notwithstanding anything to the contrary
contained in the Note (except as set forth below in this Section), the Note
shall not be convertible by Investor, and Company shall not effect any
conversion of the Note or otherwise issue any shares of Common Stock to the
extent (but only to the extent) that Investor together with any of its
affiliates would beneficially own in excess of 9.99% (the “Maximum
Percentage”) of the Common Stock outstanding. To the extent the foregoing
limitation applies, the determination of whether a Note shall be convertible
(vis-à-vis other convertible, exercisable or exchangeable securities owned by
Investor or any of its affiliates) and of which such securities shall be
convertible, exercisable or exchangeable (as among all such securities owned by
Investor and its affiliates) shall, subject to such Maximum Percentage
limitation, be determined on the basis of the first submission to Company for
conversion, exercise or exchange (as the case may be). No prior inability to
convert a Note, or to issue shares of Common Stock, pursuant to this Section
shall have any effect on the applicability of the provisions of this Section
with respect to any subsequent determination of convertibility. For purposes of
this Section, beneficial ownership and all determinations and calculations
(including, without limitation, with respect to calculations of percentage
ownership) shall be determined in accordance with Section 13(e) of the 1934 Act
(as defined below) and the rules and regulations promulgated thereunder. The
provisions of this Section shall be implemented in a manner otherwise than in
strict conformity with the terms of this Section to correct this Section (or any
portion hereof) which may be defective or inconsistent with the intended Maximum
Percentage beneficial ownership limitation herein contained or to make changes
or supplements necessary or desirable to properly give effect to such Maximum
Percentage limitation. The limitations contained in this Section shall apply to
a successor holder of this Note and shall be unconditional, irrevocable and
non-waivable. For any reason at any time, upon the written or oral request of
Investor, Company shall within one (1) business day confirm orally and in
writing to Investor the number of shares of Common Stock then outstanding,
including by virtue of any prior conversion or exercise of convertible or
exercisable securities into Common Stock, including, without limitation,
pursuant to this Note. During the first six months, this Note is in effect, the
Investor may not convert this Note pursuant to this paragraph. The conversion
discount and look-back period will be adjusted downward (i.e. for the benefit of
the Holder) if the Company offers a more favorable conversion discount (whether
via interest rate, OID, lower ceiling price or otherwise) or look-back period to
another party while this note is in effect and the Holder will also get the
benefit of any other term (for a example a higher prepay) granted to any third
party while this Note is in effect. 

(b)       Interest on any unpaid principal balance of this
Note shall be paid at the rate of 10% per annum. Interest shall be paid, by the
Company, in Common Stock ("Interest Shares"). Holder may send in a Notice of
Conversion to the Company for Interest Shares based on the formula provided in
Section 4(a) above. The dollar amount converted into Interest Shares shall be
all or a portion of the accrued interest calculated on the unpaid principal
balance of this Note to the date of such notice.

(c)       This Note may not be prepaid. 

(d)       Upon (i) a transfer of all or substantially all of
the assets of the Company to any person in a single transaction or series of
related transactions, (ii) a reclassification, capital reorganization or other
change or exchange of outstanding shares of the Common Stock, other than a
forward or reverse stock split or stock dividend, or (iii) any consolidation or
merger of the Company with or into another person or entity in which the Company
is not the surviving entity (other than a merger which is effected solely to
change the jurisdiction of incorporation of the Company and results in a
reclassification, conversion or exchange of outstanding shares of Common Stock
solely into shares of Common Stock) (each of items (i), (ii) and (iii) being
referred to as a "Sale Event"), then, in each case, the Company shall, upon
request of the Holder, redeem this Note in cash for 150% of the principal
amount, plus accrued but unpaid interest through the date of redemption, or at
the election of the Holder, such Holder may convert the unpaid principal amount
of this Note (together with the amount of accrued but unpaid interest) into
shares of Common Stock immediately prior to such Sale Event at the Conversion
Price. 

(e)       In case of any Sale Event (not to include a sale of
all or substantially all of the Company’s assets) in connection with which this
Note is not redeemed or converted, the Company shall cause effective provision
to be made so that the Holder of this Note shall have the right thereafter, by
converting this Note, to purchase or convert this Note into the kind and number
of shares of stock or other securities or property (including cash) receivable
upon such reclassification, capital reorganization or other change,
consolidation or merger by a holder of the number of shares of Common Stock that
could have been purchased upon exercise of the Note and at the same Conversion
Price, as defined in this Note, immediately prior to such Sale Event. The
foregoing provisions shall similarly apply to successive Sale Events. If the
consideration received by the holders of Common Stock is other than cash, the
value shall be as determined by the Board of Directors of the Company or
successor person or entity acting in good faith. 

5.       No provision of this Note shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of, and interest on, this Note at the time, place, and rate, and in
the form, herein prescribed. 

6.       The Company hereby expressly waives demand and
presentment for payment, notice of non-payment, protest, notice of protest,
notice of dishonor, notice of acceleration or intent to accelerate, and
diligence in taking any action to collect amounts called for hereunder and shall
be directly and primarily liable for the payment of all sums owing and to be
owing hereto. 

7.       The Company agrees to pay all costs and expenses,
including reasonable attorneys' fees and expenses, which may be incurred by the
Holder in collecting any amount due under this Note. 

8.       While this Note is outstanding and to the extent the
Company grants any other party more favorable investment terms (whether via
interest rate, original issue discount, conversion discount or look-back period), the terms
of the Note shall automatically adjust to match those more favorable terms. 

9.       If one or more of the following described "Events of
Default" shall occur:

(a)       The Company shall default in the payment of
principal or interest on this Note or any other note issued to the Holder by the
Company; or

(b)       Any of the representations or warranties made by the
Company herein or in any certificate or financial or other written statements
heretofore or hereafter furnished by or on behalf of the Company in connection
with the execution and delivery of this Note, or the Securities Purchase
Agreement under which this note was issued shall be false or misleading in any
respect; or

(c)       The Company shall fail to perform or observe, in any
respect, any covenant, term, provision, condition, agreement or obligation of
the Company under this Note or any other note issued to the Holder; or

(d)       The Company shall (1) become insolvent; (2) admit in
writing its inability to pay its debts generally as they mature; (3) make an
assignment for the benefit of creditors or commence proceedings for its
dissolution; (4) apply for or consent to the appointment of a trustee,
liquidator or receiver for its or for a substantial part of its property or
business; (5) file a petition for relief, consent to the filing of such petition
or have filed against it an involuntary petition for bankruptcy relief, all
under federal or state laws as applicable; or

(e)       A trustee, liquidator or receiver shall be appointed
for the Company or for a substantial part of its property or business without
its consent and shall not be discharged within sixty (60) days after such
appointment; or

(f)       Any governmental agency or any court of competent
jurisdiction at the instance of any governmental agency shall assume custody or
control of the whole or any substantial portion of the properties or assets of
the Company; or

(g)       One or more money judgments, writs or warrants of
attachment, or similar process, in excess of One Hundred Forty One Thousand Six
Hundred and Eighty dollars ($141,680.00) in the aggregate, shall be entered or
filed against the Company or any of its properties or other assets and shall
remain unpaid, unvacated, unbonded or unstayed for a period of fifteen (15) days
or in any event later than five (5) days prior to the date of any proposed sale
thereunder; or

(h)       The Company shall have defaulted on or breached any
term of any other note of similar debt instrument into which the Company has
entered and failed to cure such default within the appropriate grace period; or

(i)       The Company shall have its Common Stock delisted
from an exchange (including the OTCBB exchange) or, if the Common Stock trades
on an exchange, then trading in the Common Stock shall be suspended for more
than 10 consecutive days;

(j)       If a majority of the members of the Board of
Directors of the Company on the date hereof are no longer serving as members of
the Board;

(k)       The Company shall not deliver to the Holder the
Common Stock pursuant to paragraph 4 herein without restrictive legend within 3
business days of its receipt of a Notice of Conversion; or

(l)       The Company shall not replenish the reserve set
forth in Section 13, within 3 business days of the request of the Holder. If the
Company does not replenish, the request of the Holder then the conversion
discount set forth in Section 4(a) shall be increased from a 50% conversion
discount to a 60% conversion discount; or

(m)       The Company shall not be “current” in its filings
with the Securities and Exchange Commission; or

(n)       The Company shall lose the “bid” price for its stock
in a market (including the OTC marketplace or other exchange). 

(o)       The Company is in arrears for more than 30 days with
its Transfer Agent, the conversion discount shall be increased from 50% to 60%.

(p)       A default has been declared against the Company,
which has not been cured in any other loan or Note agreement. 

Then, or at any time thereafter, unless cured within 5 days,
and in each and every such case, unless such Event of Default shall have been
waived in writing by the Holder (which waiver shall not be deemed to be a waiver
of any subsequent default) at the option of the Holder and in the Holder's sole
discretion, the Holder may consider this Note immediately due and payable,
without presentment, demand, protest or (further) notice of any kind (other than
notice of acceleration), all of which are hereby expressly waived, anything
herein or in any note or other instruments contained to the contrary
notwithstanding, and the Holder may immediately, and without expiration of any
period of grace, enforce any and all of the Holder's rights and remedies
provided herein or any other rights or remedies afforded by law. Upon an Event
of Default, interest shall accrue at a default interest rate of 28% per annum
or, if such rate is usurious or not permitted by current law, then at the
highest rate of interest permitted by law. In the event of a breach of Section
8(k) the penalty shall be $250 per day the shares are not issued beginning on
the 4th day after the conversion notice was delivered to the Company.
This penalty shall increase to $500 per day beginning on the 10th
day. The penalty for a breach of Section 8(n) shall be an increase of the outstanding principal amounts by 20%. In case of a breach of
Section 8(i), (k), or (l) the outstanding principal due under this Note shall
increase by 50%. If this Note is not paid at maturity, the outstanding principal
due under this Note shall increase by 10%. If the Holder shall commence an
action or proceeding to enforce any provisions of this Note, including, without
limitation, engaging an attorney, then if the Holder prevails in such action,
the Holder shall be reimbursed by the Company for its attorneys’ fees and other
costs and expenses incurred in the investigation, preparation and prosecution of
such action or proceeding.

At the Holder’s election, if the Company fails for any reason
to deliver to the Holder the conversion shares by the 3rd business day following
the delivery of a Notice of Conversion to the Company and if the Holder incurs a
Failure to Deliver Loss, then at any time the Holder may provide the Company
written notice indicating the amounts payable to the Holder in respect of the
Failure to Deliver Loss and the Company must make the Holder whole as
follows:

Failure to Deliver Loss = [(High trade price at any time on or
after the day of exercise) x (Number of conversion shares)]

The Company must pay the Failure to Deliver Loss by cash
payment, and any such cash payment must be made by the third business day from
the time of the Holder’s written notice to the Company. 

10.       In case any provision of this Note is held by a
court of competent jurisdiction to be excessive in scope or otherwise invalid or
unenforceable, such provision shall be adjusted rather than voided, if possible,
so that it is enforceable to the maximum extent possible, and the validity and
enforceability of the remaining provisions of this Note will not in any way be
affected or impaired thereby. 

11.       Neither this Note nor any term hereof may be
amended, waived, discharged or terminated other than by a written instrument
signed by the Company and the Holder. 

12.       The Company represents that it is not a “shell”
issuer and has never been a “shell” issuer or that if it previously has been a
“shell” issuer that at least 12 months have passed since the Company has
reported form 10 type information indicating it is no longer a “shell issuer.
Further. The Company will instruct its counsel to either (i) write a 144-
3(a)(9) opinion to allow for salability of the conversion shares or (ii) accept
such opinion from Holder’s counsel. 

13.       The Company will give the Holder direct notice of
any corporate actions, including but not limited to name changes, stock splits,
recapitalizations etc. This notice shall be given to the Holder as soon as
possible under law.

14.       This Note shall be governed by and construed in
accordance with the laws of New York applicable to contracts made and wholly to be
performed within the State of New York and shall be binding upon the successors
and assigns of each party hereto. The Holder and the Company hereby mutually
waive trial by jury and consent to exclusive jurisdiction and venue in the
courts of the State of New York. This Agreement may be executed in counterparts,
and the facsimile transmission of an executed counterpart to this Agreement
shall be effective as an original. 

IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed by an officer thereunto duly authorized. 

Dated: January 12, 2018

	LITHIUM EXPLORATION GROUP, INC. 
	 	  
	By: 	
    
	 	Title: CEO 

EXHIBIT A 

NOTICE OF CONVERSION

(To be Executed by the Registered Holder in order to Convert the
Note)

The
undersigned hereby irrevocably elects to convert $___________of the above Note
into _________Shares of Common Stock of Lithium Exploration Group, Inc.
(“Shares”) according to the conditions set forth in such Note, as of the date
written below. 

If
Shares are to be issued in the name of a person other than the undersigned, the
undersigned will pay all transfer and other taxes and charges payable with
respect thereto. 

	Date of Conversion: 	 
	Applicable Conversion Price: 	 
	Signature: 	 
	[Print Name of Holder and Title of Signer]
  
	Address: 	 
	 	 
	 	 
	SSN or EIN: 	 

	Shares are to be registered in the following
      name: 	 

	Name: 	
	Address: 	 
	Tel: 	 
	Fax: 	 
	SSN or EIN: 	 

Shares are to be sent or delivered to the following
account:

	Account Name: 	 
	Address:

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