Document:

EX-10.7

 Exhibit 10.7 
  

 
 AGREEMENT NO. 7315-B 
 ELECTRIC SERVICE AGREEMENT 

DUKE ENERGY CAROLINAS, LLC 

WITH 
 CORE SCIENTIFIC,
INC. 
  
  

 ELECTRIC SERVICE AGREEMENT 

DUKE ENERGY CAROLINAS, LLC, (hereinafter called the “Company”) and CORE SCIENTIFIC, INC., (hereinafter called the
“Customer”) do hereby mutually agree and consent, subject to the following conditions, that the Company shall sell and deliver electric power to the Customer, and the Customer shall purchase, receive, and pay for same: 

1. Service Address. 155 Palmer Ln, Marble, NC 28905. 

2. Service Requirements. The electric power to be delivered hereunder shall be at approximately 34,500/19,900 volts; with 4 wires wye connected
grounded neutral. The contract demand shall be 24,000 Kilowatts; adjusted accordingly, as described in paragraph 6, however customer’s demand shall not exceed 48,000 kW. 

3. Rate Schedule and Service Regulations. The sale, delivery, and use of electric power hereunder, and all services of whatever type to be rendered or
performed in connection therewith, shall in all respects be subject to and in accordance with all the terms and conditions of the Company’s Rate Schedule HP(NC) with OPT-V(NC) Customer
Baseline and its Service Regulations, both of which are now on file with the Utilities Commission of the State of North Carolina and are hereby incorporated by reference and made a part hereof as though fully set
forth herein. The minimum monthly bill for electric power and energy shall be calculated in accordance with the minimum bill provisions of the attached rate schedule. Said Rate Schedule and Service Regulations are subject to change, revision,
alteration or substitution, either in whole or part, upon order of said Commission or any other regulatory authority having jurisdiction, and any such change, revision, alteration, or substitution shall immediately be made a part hereof as though
fully written herein, and shall nullify any prior provision in conflict therewith. 
 4. The effective date of this Agreement shall be
June 10, 2019    . 
 5. The term of this Agreement shall be 2.5 years, and thereafter
from year to year until terminated. The parties shall have the right of termination provided in the attached Rate Schedule, as from time to time amended; but not to exceed $[***] in LDER charges; and in the absence of any such provision, either
party may terminate this Agreement upon written notice to the other delivered at least sixty (60) days in advance of the termination of the original term or any then existing additional term. 

 6. The maximum Contract Demand delivered to the Customer shall be 24,000 kW beginning November 5, 2018.
The Contract Demand will be increased monthly, as needed, to match the Customer’s peak demand growth, which is defined as the Customer’s thirty-minute metering interval peak demand for the billing month. The Contract Demand will only be
adjusted upward if the Customer’s peak demand exceeds the previously established Contract Demand, and under no circumstances will the Contract Demand be reduced. As Contract Demand increases, the minimum bill will be applicable to the new
Contract Demand. After completion of ramp-up, the Contract Demand shall be 48,000 kW. 
 7. The delivery point shall
be disconnects on poles adjacent to Duke Energy’s poles and distribution served; load shall be distributed evenly between 4 circuits, and billed as one delivery point. 

8. For monthly Schedule OPT-V and Schedule HP bill calculations, the Customer Baseline on Rate Schedule OPT-V(NC) shall be equal to 24,000 kW in demand and 22,800 kWH per hour. 
 9. The Customer’s Federal Tax I.D. is
[***] 
 10. The power contracts entered into by the Company and the Customer under dates of November 5, 2018, for the above mentioned plant of the
Customer shall continue in effect until the beginning of delivery of power hereunder, and thereafter said contracts shall be cancelled and rendered of no effect, except that the Customer shall remain liable to the Company for all sums of money due
under the terms of said contracts prior to the cancellation of same. 

  
 -2- 

 The above contract, along with the following attachments (HP(NC) Rate Schedule. OPT-V(NC)Rate Schedule, and Summary of Rider Adjustments) consisting of thirteen (13) total pages constitutes the entire agreement of the parties and there are no other agreements, written or oral
between the parties as of the date of the signing of this document. 
 IN WITNESS WHEREOF, on the day and year first above written, the parties
hereto have caused their corporate names to be hereunto subscribed, and their signatures hereunto affixed by and attested by their respective authorized personnel. Executed in duplicate. 

 

			
	CORE SCIENTIFIC, INC.	  	DUKE ENERGY CAROLINAS, LLC
		
	By: /s/ JG Cleveland
                                         
                           	  	By: /s/ Tammy H. Daber
                                         
                   
		
	Name: JG Cleveland	  	Name: Tammy H. Daber
		
	Title: Chief Power Officer	  	Title: Power Contracts Administrator
		
	Date: 6-3-19	  	Date: 6/13/2019
		
	WITNESS:	  	WITNESS:
		
	By: /s/ Carol Haines
                                         
                           	  	By: /s/ Kimberly S. Ellis
                                         
                   
		
	Name: Carol Haines	  	Name: Kimberly S. Ellis
		
	Title: VP Power Solutions	  	Title: Account Executive
		
	Date: 6-3-19	  	Date: 6/13/2019

  
 -3-EX-10.8

 Exhibit 10.8 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE CORE SCIENTIFIC, INC. HAS DETERMINED THE INFORMATION
(I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CORE SCIENTIFIC, INC. IF PUBLICLY DISCLOSED. 
 Execution Version

 AMENDED AND RESTATED ELECTRIC SERVICE AGREEMENT 

(Industrial South Premises) 
 This Amended
and Restated Electric Service Agreement (“A&R Agreement”) is entered into as of October 11, 2018 by and between The Board of Water, Light and Sinking Fund Commissioners of the City of Dalton, Georgia d/b/a Dalton Utilities
(“DU”) and American Property Acquisitions VI, LLC, a Georgia limited liability company (“Customer”). DU and Customer are sometimes referred to herein individually as a “Party” and jointly as the
“Parties.” 
 RECITALS 

WHEREAS, DU and an affiliate of Customer, have each executed a non-binding letter of intent dated August 1, 2018
(“LOI”) regarding DU’s provision of electric service to Customer and to one or more affiliates of Customer at premises located at 2205 Industrial South, Dalton, Georgia (“Industrial South Premises”) and Boring
Drive, Dalton, Georgia (the “Boring Drive Property”); 
 WHEREAS, DU and Customer, have entered into that certain Electric Service
Agreement (“Agreement”) dated as of August 17, 2018 to effectuate the LOI under which DU has a commitment to sell to Customer, and Customer has a commitment to purchase from DU, electricity for Customer’s needs at the
Industrial South Premises on the terms and conditions set forth therein; 
 WHEREAS, an affiliate of Customer has received a letter from DU dated
September 19, 2018 (the “Second Letter”) regarding DU’s provision of electric service to Customer at the Industrial South Premises, and to one or more affiliates of Customer at the Boring Drive Property in addition to the
electric service contemplated by the LOI and the Agreement; 
 WHEREAS, DU and Customer intend to amend the Agreement to effectuate the LOI and the Second
Letter, whereby DU will have a commitment to sell to Customer, and Customer will have a commitment to purchase from DU, electricity for Customer’s needs at the Industrial South Premises, including such needs in excess of the service
contemplated by the LOI, up to the service contemplated by the Second Letter, on the terms and conditions set forth herein. 
 NOW THEREFORE, in
consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the sufficiency and adequacy of which are hereby acknowledged, the Parties agree to the following: 

ARTICLE I 
 AMENDMENT AND
RESTATEMENT OF THE AGREEMENT 
 1.1 Amendment and Restatement of the Agreement. Subject to the satisfaction of the
conditions precedent set forth in Section 3.2, the Agreement shall be amended and restated in its entirety as set forth herein. 

1.2 Continuation of Effectiveness of the Agreement. In the event the conditions precedent set forth in Section 3.2
are not satisfied on or before October 15, 2018, this A&R Agreement shall be terminated and shall be of no further force or effect and the Agreement shall remain in full force and effect in accordance with its terms. 

  
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 ARTICLE II 

DEFINITIONS 
 The following terms shall
have the meanings set forth below when used in this A&R Agreement: 
 “Industrial South Expansion” means DU electric transmission and
distribution improvements that enable DU to provide electric service to the Industrial South Premises in excess of 20,000 KW of capacity and associated energy and up to 50,000 KW of capacity and associated energy. 

“Contract Quantity” means (i) twenty thousand kilowatts (20,000 KW) of capacity and associated energy until the Expansion Delivery
Commencement Date, and (ii) fifty thousand kilowatts (50,000 KW) of capacity and associated energy on and after the Expansion Delivery Commencement Date. 

“Contract Term” shall have the meaning set forth in Section 3.1. 

“Dalton Commission” means the City of Dalton, Georgia Board of Water, Light and Sinking Fund Commissioners. 

“Delivery Commencement Date” means the date that DU commences electric service hereunder to Customer; provided that such date shall not be
earlier than the later of (i) the satisfaction or waiver of the conditions precedent set forth in Section 3.2, and (ii) ten (10) business days from the day that Customer provides Performance Security to DU pursuant to
Section 8.1. 
 “Delivery Point” means the point at which DU’s facilities terminate to provide electrical service to the primary
“high” side of customer facilities as described in Section 4.3 of this A&R Agreement. 
 “Energy Rate” means the amount
charged to Customer on a per kilowatt hour basis, for energy sold by DU hereunder, and determined in accordance with Section 5.3. 
 “Expansion
Delivery Commencement Date” means the date that DU commences Expansion Electric Service to Customer hereunder, provided, that such date shall not be earlier than the later of (i) the satisfaction or waiver of the conditions precedent
set forth in Section 3.3, and (ii) ten (10) business days from the day that Customer provides Performance Security for the Expansion Electric Service to DU pursuant to Section 8.2. 

“Expansion Electric Service” means electric service provided by DU to Customer at the Industrial South Premises in excess of twenty thousand
kilowatts (20,000 KW) of capacity and associated energy, up to fifty thousand kilowatts (50,000 KW) of capacity and associated energy. 
 “Boring
Drive Agreement” means that certain Amended and Restated Electric Service Agreement dated as of October 11, 2018 by and between The Board of Water, Light and Sinking Fund Commissioners of the City of Dalton, Georgia d/b/a Dalton
Utilities and American Property Acquisition VII, LLC, a Georgia limited liability company and an affiliate of Customer. 

  
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 “Load Factor” means the number derived when metered kilowatt hour consumption during a
month is divided by the product of the Monthly Maximum Demand and the number of hours in the month. 
 Example: Metered Consumption/ (Monthly Maximum
Demand*Hours in Month) 
 “Monthly Base Meter Fee” means [***] dollars and [***] cents per month ($[***]/month). 

“Monthly Maximum Demand” means for a given month, the highest average energy usage by Customer, measured in kilowatts, over any
thirty-consecutive minute period during such month. 
 “Service Year” means the 365 or 366 day period commencing at the beginning of hour
ending 01:00 on April 1 of a given year and ending at the end of hour ending 24:00 on March 31.; provided that the first Service Year shall commence on the Delivery Commencement Date and end March 31, 2020; and further provided that the
last Service Year shall end on the effective date of termination in accordance with Article 6. 
 “Upgrade Commencement Date” shall have
the meaning set forth in Section 4.2(d). 
 ARTICLE III 

TERM AND CONDITIONS PRECEDENT 

3.1 Contract Term. This A&R Agreement shall become effective upon satisfaction of the conditions precedent set forth
in Section 3.2 and shall remain in full force and effect until terminated in accordance with Section 7.3 (“Contract Term”). 

3.2 Conditions Precedent. Notwithstanding anything herein to the contrary, the effectiveness of this A&R Agreement is
conditioned upon the satisfaction or waiver by the relevant Party as described below, of each of the following conditions precedent: 
 (a)
DU Condition Precedent. DU shall have secured the Dalton Commission’s approval of this A&R Agreement. DU shall use commercially reasonable efforts to secure the Dalton Commission’s approval of this A&R Agreement and
agrees to seek such approval within seven (7) days from the Parties’ execution of this A&R Agreement. DU shall be the only Party entitled to waive satisfaction of this condition precedent. 

(b) Customer Condition Precedent. Customer shall have purchased the Industrial South Premises and secured all permits and usage
rights needed for anticipated operations at the Industrial South Premises. Customer shall be the only Party entitled to waive satisfaction of this condition precedent. 

(c) Efforts to Satisfy Conditions. Each Party shall take commercially reasonable actions to satisfy its respective conditions
precedent, and shall notify the other Party, on a weekly basis, of the status of its actions to satisfy the condition precedent. 

  
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 3.3 Conditions Precedent to Commencement of Expansion Electric Service.
Notwithstanding anything herein to the contrary, the commencement of the Expansion Electric Service is conditioned upon satisfaction or waiver by the relevant party as described below, of each of the following conditions precedent: 

(a) The conditions precedent set forth in Section 3.2 shall have been satisfied or waived. 

(b) The DU Upgrades, as defined below, shall have been completed and shall be in service. 

ARTICLE IV 
 SERVICE
CHARACTERISTICS AND FACILITIES 
 4.1 Energy Delivery Characteristics. All energy delivered by DU hereunder shall
be three-phase, 60 Hertz alternating current electricity, delivered 14.4KV single phase/25KV 3 phase, and delivered to Customer at the Delivery Point, on a firm non-interruptible basis. 

4.2 DU Facilities. 

(a) DU represents and warrants that on the date of this A&R Agreement, DU already has the necessary distribution facilities to serve
Customer with twenty thousand kilowatts (20,000 KW) of capacity and associated energy at the Industrial South Premises. To the extent additional facilities are needed during the Contract Term on DU’s side of the Point of Delivery to serve
Customer with up to twenty thousand kilowatts (20,000 KW) of capacity and associated energy, DU shall, at its sole cost and expense, construct, own, operate and maintain such facilities. 

(b) DU shall construct, own and operate such facilities as are required to serve Customer at the Industrial South Premises and affiliates of
Customer under the Boring Drive Agreement with more than fifty thousand kilowatts (50,000 KW) of capacity and associated energy and up to one hundred seventy thousand kilowatts (170,000 KW) of capacity and associated energy (“DU
Upgrades”). Subject to the credit described in Section 4.2(e), below, Customer or affiliates of Customer shall pay to DU a part of the cost of the DU Upgrades equal to an amount that, together with the amount paid to DU pursuant to
Section 4.2(b) of the Boring Drive Agreement, is equal to ($[***]) (“Upgrade Contribution”). 
 (c) DU shall use all
commercially reasonable efforts to cause the DU Upgrades to be complete and in service not later than twelve (12) months after the Upgrade Commencement Date. In any event, DU shall complete the DU Upgrades, and the DU Upgrades shall be in
service, not later than fourteen (14) months after the Upgrade Commencement Date. The preceding sentence is a material covenant to this Agreement and time is of the essence with respect to such covenant. 

(d) Customer shall (i) advance [***] dollars ($[***]) of the Upgrade Contribution to DU not later than five (5) business days after
the satisfaction or waiver of the conditions set forth in Section 3.2 (“Upgrade Commencement Date”), (ii) advance [***] dollars ($[***]) of the Upgrade Contribution to DU not later than thirty (30) days after the Upgrade
Commencement Date, (iii) advance [***] dollars ($[***]) of the Upgrade Contribution to DU not later than sixty (60) days after the Upgrade Commencement Date, and (iv) advance [***] dollars ($[***]) of the Upgrade Contribution to DU
not later than ninety (90) days after the Upgrade Commencement Date. 

  
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 (e) DU shall apply credits to Customer’s bills for electric service hereunder in the
aggregate amount of $[***] beginning on the date on which the total load of Customer hereunder, together with the load of affiliates of Customer under the Boring Drive Agreement, equals or exceeds one hundred thirty-five thousand kilowatts (135,000
kilowatts). provided, however, that if the total load of Customer and such affiliates of Customer would equal or exceed one hundred thirty-five thousand kilowatts (135,000 kilowatts), but for the inability of DU to provide such service, then the
foregoing condition shall be deemed to have been satisfied on the date (“Deemed Satisfaction Date”) that such total load would have equaled or exceeded one hundred thirty-five thousand kilowatts (135,000 kilowatts) but for such
inability of DU to provide such service, provided further, however, that such Deemed Satisfaction Date shall not be earlier than fifteen (15) months after the Upgrade Commencement Date, and DU shall apply such credits to Customer’s bills
beginning on such Deemed Satisfaction Date. 
 4.3 Customer Facilities. Customer shall at Customer’s sole cost and
expense, construct, own, operate and maintain all facilities that are required to receive electric service at the Industrial South Premises from DU, on Customer’s side of the Point of Delivery. Such customer-owned and maintained facilities may
include on-site transformers and secondary electrical infrastructure from the customer-owned transformers to Customer’s internal switchgear. Customer shall meet with DU to discuss and agree upon the
appropriate Customer facilities. 
 ARTICLE V 

PURCHASE AND SALE OF ELECTRICITY 

5.1 Electric Service. 

(a) Subject to the terms and conditions of this A&R Agreement, commencing on the Delivery Commencement Date and continuing until the
Expansion Delivery Commencement Date, DU shall sell and deliver, and Customer shall purchase and accept, at the Industrial South Premises on a firm non-interruptible basis, all electric energy required by
Customer, up to fifty thousand kilowatts (50,000 KW) of capacity and energy when aggregated with the energy required by affiliates of Customer under the Boring Drive Agreement. 

(b) Subject to the terms of this A&R Agreement, commencing on the Expansion Delivery Commencement Date and continuing for the remainder of
the Contract Term, DU shall sell and deliver, and Customer shall purchase and accept, on a firm non-interruptible basis, all electric energy required by Customer at the Industrial South Premises, up to one hundred seventy thousand kilowatts (170,000
KW) of capacity and associated energy when aggregated with the energy required by affiliates of Customer under the Boring Drive Agreement. 

  
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 (c) Deliveries of electric energy sold hereunder shall occur, and title and risk of loss
shall pass from DU to Customer, at the Delivery Point. 
 5.2 Monthly Meter Fee. For each month during the Term after
the Delivery Commencement Date, Customer shall pay DU the Monthly Base Meter Fee for each revenue meter at the Boring Drive Property that is used to measure DU’s deliveries to Customer hereunder. 

5.3 Energy Rates. Subject to Section 5.5 and Section 5.6, DU shall charge Customer, and Customer shall pay DU,
the Energy Rate for each kilowatt hour of electric energy delivered to the Delivery Point at the Industrial South Premises. 
 The Energy Rate shall be
$0.0364 until the later of (i) the Industrial South Expansion is complete and in service, or (ii) the Boring Drive Expansion, as defined in the Boring Drive Agreement, is complete and in service, but in no event earlier than August 1,
2019 (the “First Date”). After the First Date and until December 31, 2020, the Energy Rate shall be $0.0385. 
 DU shall be entitled
to change the Energy Rate after December 31, 2020, but in no event shall DU change the Energy Rate more than once with respect to each Service Year nor shall the Energy Rate exceed $0.042 on or prior to December 31, 2021. 

At all times during the Contract Term, (i) DU shall use all commercially reasonable efforts to maintain the lowest possible rates to Customer, and
(ii) the Energy Rate shall not be unjust, unreasonable or unfairly discriminatory. DU shall notify Customer of any increase in the Energy Rate for the upcoming Service Year on or before October 1 of the then current Service Year (i.e.,
prior to the commencement of the upcoming Service Year). 
 5.4 Other Charges. Except as expressly set forth herein, DU
shall not charge, and Customer shall have no obligation to pay DU, any other fees or charges for electric service from DU hereunder, including but not limited to demand-based charges. 

5.5 Minimum Demand. Customer shall maintain an average Monthly Maximum Demand after the Delivery Commencement Date and
prior to the Expansion Delivery Commencement Date which, together with the Monthly Maximum Demand of affiliates of Customer under the Boring Drive Agreement, is not less than thirty-six thousand kilowatts
(36,000 KW). Customer shall maintain an average Monthly Maximum Demand after the Expansion Delivery Commencement Date which, together with the Monthly Maximum Demand of affiliates of Customer under the Boring Drive Agreement, is not less than one
hundred thirty-five thousand kilowatts (135,000 KW). If Customer fails to maintain a Monthly Maximum Demand which, together with the Monthly Maximum Demand of affiliates of Customer under the Boring Drive Agreement, is not less than thirty-six thousand kilowatts (36,000 KW) in any 3 consecutive months during any rolling 12-month period after the Delivery Commencement Date and prior to the Expansion
Delivery Commencement Date, and which is not less than one hundred thirty-five thousand kilowatts (135,000 KW) in any 3 consecutive months during any rolling 12-month period after the Expansion Delivery
Commencement Date (prorated in each case for 3 consecutive month periods that include the Expansion Delivery Commencement Date), DU has the authority to, and MAY at its own discretion, adjust Customer’s electric billing

  
 6 

 
rate to DU’s then current lowest cost demand based electric rate for a period. If, during any 3-month period after such adjustment, Customer maintains
the required Monthly Maximum Demand, DU will return Customer’s electric billing to the then current Energy Rate as defined in Section 5.3 of this A&R Agreement. The aggregate minimum demand requirement of
thirty-six thousand kilowatts (36,000 KW) outlined in this Section 5.5 shall not be effective until one hundred and twenty (120) days after the Delivery Commencement Date. The aggregate minimum
demand requirement of one hundred thirty-five thousand kilowatts (135,000 KW) outlined in this Section 5.5 shall not be effective until one hundred and twenty (120) days after the Expansion Delivery Commencement Date. 

5.6 Minimum Load Factor. Customer shall maintain a Load Factor of 85% averaged over any consecutive 3-month period. This average calculation shall be accomplished by calculating Load Factor (LF) for each month and dividing by three (3). 

Example: (LFl+LF2+LF3)/3 
 For the purposes of
this Section 5.6 only, the Monthly Maximum Demand used in a Load Factor calculation shall be sixteen thousand kilowatts (16,000 KW) for periods prior to the Expansion Delivery Commencement Date and shall be forty-five thousand kilowatts (45,000
KW) for periods after the Expansion Delivery Commencement Date, (prorated in each case for periods that include the Expansion Delivery Commencement Date). 

Additionally, for purposes of this Section 5.6 only, when calculating Load Factor, the Hours in the Month determination shall exclude all hours during
the month when: 
 Customer is experiencing a planned outage that has been coordinated at least 24 hours in advance between
DU and 
 Customer; and DU is completely or partially unable to provide Customer with electric service. 

If Customer fails to maintain an average Load Factor of 85% for each rolling 3-month period, DU has the authority to,
and MAY at its own discretion, adjust Customer’s electric billing rate to DU’s then current lowest cost demand based electric rate. If, during any 3-month period after such adjustment, Customer
maintains a Load Factor of 85%, DU will return Customer electric billing to the then current Energy Rate as defined in Section 5.3 of this A&R Agreement. The Minimum Load Factor requirement outlined in this Section 5.6 shall not be
effective until one hundred and twenty (120) days after the Delivery Commencement Date and shall be suspended during the one hundred and twenty (120) day period after the Expansion Delivery Commencement Date. 

ARTICLE VI 
 INVOICING
AND PAYMENT 
 6.1 Invoicing and Payment. Invoicing and Payment will be in accordance with DU’s practices for
commercial and industrial customers. Traditionally, DU invoices in cycles of 25-32 calendar days and payment is due on the 15th day after the billing date. Each invoice shall provide Customer records of
metered data, including kilowatt hours delivered to the Delivery Point, so that Customer can verify the calculation of the charges contained therein. 

  
 7 

 6.2 Taxes. As between the Parties, DU shall be responsible for all
taxes on or with respect to energy delivered hereunder arising prior to the Point of Delivery. Customer shall be responsible for all taxes on or with respect to energy delivered hereunder at and from the Point of Delivery (other than franchise or
income taxes which are related to the sale of energy hereunder by DU). Each Party shall use commercially reasonable efforts to mitigate and minimize the costs to the other Party of taxes. Notwithstanding the foregoing, Customer shall be responsible
for any and all sales, use and similar taxes imposed by the State of Georgia with respect to its purchase of energy. 
 6.3
Audit Rights. DU shall, throughout the Contract Term and for twenty-four (24) months following the Contract Term, maintain detailed books and records associated with DU’s service to Customer hereunder, including copies of
meter readings and invoices. Customer may, from time to time, and upon reasonable notice to DU, obtain copies of such books and records. This paragraph shall in no way require DU to disclose to Customer, or any other party, information regarding
DU’s cost of electrical generation, electric transmission service or any other form or portion of its cost to serve Customer. 

ARTICLE VII 

TERMINATION 
 7.1
Termination for Failure to Satisfy DU Condition Precedent. If DU fails to secure the condition precedent set forth in Section 3.2(a) within seven (7) days of the Parties’ execution of this A&R Agreement, either Party
may terminate this A&R Agreement without further liability to the other Party. 
 7.2 Termination for Failure to Satisfy
Customer Condition Precedent. If Customer fails to secure the condition precedent set forth in Section 3.2(b) within one hundred and eighty (180) days of the Parties’ execution of this A&R Agreement, either Party may
terminate this A&R Agreement without further liability to the other Party. 
 7.3 Declaration of Intent to Terminate and
Effectiveness of Termination. 
 Customer may terminate this A&R Agreement at any time for its convenience by providing sixty (60) days
written notice to DU. Such notice shall set forth the effective date of termination of service. If Customer terminates this A&R Agreement pursuant to this Section 7.3, its sole liability to DU shall be for electric service provided to
Customer on or before the effective date of termination. For clarification, (i) Customer shall pay DU’s invoices for electric service on or before the effective date of termination, even if such invoices are issued by DU after the
effective date of termination; (ii) such invoices shall be determined in accordance with Article 4 hereof; and (iii) upon payment of such invoices, Customer shall have no further liability to DU. 

ARTICLE VIII 

SECURITY 
 8.1
Performance Security. Within thirty (30) days after the date all the conditions precedent set forth in Section 3.2 have been satisfied or waived, Customer shall deliver to DU the Performance Security to secure Customer’s
performance of its obligation to pay DU for electric service hereunder. 

  
 8 

 The Performance Security shall be, at Customer’s option, either (i) an irrevocable standby letter
of credit from a financial institution reasonably acceptable to DU in the amount of [***] dollars ($[***]) or (ii) [***] dollars ($[***]) in cash, which DU shall deposit in an interest bearing escrow account at its financial institution, Branch
Banking and Trust (BB&T). 
 8.2 Performance Security for Expansion Electric Service. Within thirty (30) days
after the date all the conditions precedent set forth in Section 3.3 have been satisfied or waived, Customer shall deliver to DU the Expansion Service Performance Security in addition to Performance Security provided in Section 8.1 above
to secure Customer’s performance of its obligation to pay DU for electric service hereunder. 
 The Expansion Performance Security shall be, at
Customer’s option, either an irrevocable standby letter of credit from a financial institution reasonably acceptable to DU, or cash, in the amount of [***] dollars ($[***]), which DU shall deposit in an interest bearing escrow account at its
financial institution, Branch Banking and Trust (BB&T). 
 8.3 If Customer timely pays undisputed amounts due to DU hereunder for
twenty-one (21) consecutive months after the Expansion Delivery Commencement Date, DU shall promptly return to Customer all Customer-provided Performance Security, and Customer shall no longer have any
obligation to provide security or other credit support to DU under this A&R Agreement. 
 ARTICLE IX 

MISCELLANEOUS 
 9.1
Entire Agreement; Integration. This A&R Agreement constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersedes the LOI and all prior agreements relating to the
subject matter hereof, which are of no further force or effect. The headings used herein are for convenience and reference purposes only. This A&R Agreement shall be considered for all purposes as prepared through the joint efforts of the
Parties and shall not be construed against one Party or the other as a result of the preparation, substitution, submission or other event of negotiation, drafting or execution hereof. 

9.2 Amendments. This A&R Agreement may only be amended, modified or supplemented by an instrument in writing executed
by duly authorized representatives of DU and Customer. 

  
 9 

 9.3 Governing Law. This A&R Agreement and the rights and duties of
the Parties hereunder shall be governed by and construed, enforced and performed in accordance with the laws of the State of Georgia, without regard to principles of conflicts of law, and the parties agree that any dispute arising under this A&R
Agreement shall be heard by the Superior Court of Whitfield County, Georgia. and the parties hereby stipulate to the jurisdiction and venue to said court and waive any and all defenses to the jurisdiction and venue of said court. 

9.4 Counterparts. This A&R Agreement may be executed in one or more counterparts. all of which taken together shall
constitute one and the same instrument and each of which shall be deemed an original. 
 IN WITNESS WHEREOF. the Parties have caused this A&R Agreement
to be duly executed as of the date first above written. 
  

									
	 Board of Water, Light and Sinking Fund

Commissioners of the City of Dalton, Georgia d/b/a Dalton Utilities
	  		  	 CUSTOMER
 American
Property Acquisitions VI, LLC 

				
	By:	  	 /s/ Tom Bundros
	  		  	By: American Property Acquisition, LLC,
	Name:	  	 Tom Bundros
	  		  	its sole member and manager
	Title: 	  	 CEO
	  		  		  	
		  		  		  	By:	  	 /s/ JG Cleveland

		  		  		  	Name:	  	 JG Cleveland

		  		  		  	Title:	  	 C.P.O.

  
 10

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