Document:

EX-10.3

    Exhibit 10.3

 

    SELLERS
    OMNIBUS AGREEMENT

 

    Regarding
    Indeck Maine Energy, LLC

 

    This Sellers Omnibus Agreement (this
    “Agreement”) is dated as of August 19,
    2008 by and among Ridgewood Maine, L.L.C., a limited liability
    company formed under the laws of Delaware
    (“RM”), Indeck Energy Services, Inc., a
    corporation formed under the laws of Illinois
    (“IES”) and, solely as to Sections 2(e),
    6, 9(b) and 13, Ridgewood Renewable Power LLC, a Delaware
    limited liability company (the “Managing
    Shareholder”). Terms used herein but not otherwise
    defined shall have the respective meaning ascribed to them in
    the IME Operating Agreement (as defined below).

 

    RECITALS

 

    WHEREAS, RM and IES are all of the members of Indeck
    Maine Energy, L.L.C., a limited liability company formed under
    the laws of Illinois (“IME”); and

 

    WHEREAS, the Amended and Restated Operating Agreement of
    Indeck Maine Energy, L.L.C. made as of June 11, 1997 (the
    “IME Operating Agreement”), sets forth the
    rights and responsibilities of the members of IME (in such
    context, each an “IME Member” and collectively,
    the “IME Members”) with respect to IME and
    their respective membership interests therein (collectively, the
    “IME Membership Interests”); and

 

    WHEREAS, the Managing Shareholder is the managing
    shareholder of certain business trusts formed under the laws of
    Delaware (the “Trusts”), some of which are the
    members and owners of RM; and

 

    WHEREAS, RM, IES and the Managing Shareholder are all of
    the parties to that certain Agreement dated as of
    November 20, 2007 (the “Original
    Agreement”), which the parties hereto desire to amend
    as set forth herein; and

 

    WHEREAS, the Managing Shareholder has negotiated a sale
    of the IME Membership Interests owned by RM and IES, to an
    unaffiliated third party (the “Proposed
    Transaction”);

 

    WHEREAS, RM has loaned funds to IME in the aggregate
    principal amount of $8,150,000 plus accrued interest thereon
    pursuant to a series of promissory notes issued from time to
    time by IME and currently held by RM (the “RM Promissory
    Notes”) and IES and its predecessors have loaned funds
    to IME in the aggregate principal amount of $8,150,000 plus
    accrued interest thereon pursuant to a series of promissory
    notes issued from time to time by IME and currently held by IES
    (the “IES Promissory Notes” and together with
    the RM Promissory Notes, the “Promissory
    Notes”), which Promissory Notes are listed on
    Schedule 1 hereto; and

 

    WHEREAS, RM and IES wish to set forth certain agreements
    between them regarding the Proposed Transaction and other
    related corporate matters.

 

    NOW, THEREFORE, in consideration of the foregoing
    and the mutual agreements contained herein, and for other good
    and valuable consideration, the receipt and sufficiency of which
    are hereby acknowledged, the parties hereto, intending to become
    legally bound, agree as follows:

 

    1.  Amendment of Original Agreement and IME
    Operating Agreement.  

 

    (a) This Agreement supercedes the Original Agreement, which
    is amended and restated in its entirety by this Agreement and
    which Original Agreement is of no further force or effect.

 

    (b) This Agreement constitutes an amendment of the IME
    Operating Agreement in accordance with Section 13.2 thereof
    to the extent that the terms and provisions hereof modify any
    terms and provisions of the IME Operating Agreement as in
    existence prior to the execution and delivery hereof.

 

    2.  Creation of Senior Preferred Membership
    Units; Contribution of Promissory Notes.  

 

    (a) The parties agree that IME shall hereby authorize a new
    class of membership interests in IME called “Senior
    Preferred Membership Interests,” which shall be
    denominated in units and issued by the Managing Shareholder in
    accordance with the provisions of this Agreement. The units of
    Senior Preferred Membership Interests (the “Senior
    Preferred Membership Units”) shall initially consist of
    1,000 authorized units. The holders of Senior Preferred
    Membership Units shall be entitled to preferred allocations of
    distributions from IME as further described in Section 7 of
    this Agreement.

 

    (b) Effective as of the date that is three days prior to
    the scheduled closing date of the Proposed Transaction (the
    “Contribution Date”), RM shall contribute the
    RM Promissory Notes to IME in exchange for the issuance to RM of
    500 Senior Preferred Membership Units (the “RM Senior
    Preferred Units”), which Senior Preferred Membership
    Units shall have an aggregate fair market value equal to the
    aggregate amount of principal and accrued interest under the RM
    Promissory Notes as of the Contribution Date.

 

    (c) Effective as of the Contribution Date, IES shall
    contribute the IES Promissory Notes to IME in exchange for the
    issuance to IES of 500 Senior Preferred Membership Units (the
    “IES Senior Preferred Units”), which Senior
    Preferred Membership Units shall have an aggregate fair market
    value equal to the aggregate amount of principal and accrued
    interest under the IES Promissory Notes as of the Contribution
    Date.

 

    (d) The Senior Preferred Membership Units issued to each of
    RM and IES hereunder shall not be certificated, but shall be
    reflected in the records of IME.

 

    (e) The Managing Shareholder shall provide RM and IES with
    notice of the occurrence of the Contribution Date at least two
    business days prior thereto. On the Contribution Date, RM shall
    deliver all of the RM Promissory Notes in its possession to IME,
    duly endorsed for transfer to IME, and shall provide an
    affidavit and indemnity, reasonably acceptable to the Managing
    Shareholder, with respect to any RM Promissory Notes no longer
    in RM’s possession. On the Contribution Date, IES shall
    deliver all of the IES Promissory Notes in its possession to
    IME, duly endorsed for transfer to IME, and shall provide an
    affidavit and indemnity, reasonably acceptable to the Managing
    Shareholder, with respect to any IES Promissory Notes no longer
    in IES’s possession. IME will cancel the Promissory Notes
    upon its receipt of the Promissory Notes or indemnity and
    affidavits with respect thereto, and issuance of the Senior
    Preferred Membership Units.

 

    3.  IME Membership
    Interests.  Each of RM and IES represents and
    warrants to the other that, including the transactions
    contemplated in Section 2 hereto:

 

    (a) such party is the record and beneficial owner and has
    good and valid title to the IME Membership Interests in its name
    as set forth on Schedule 2, free and clear of all
    Liens (as defined in the PSA or an Alternate Definitive
    Agreement) as of the date hereof and constitute all of such
    party’s direct and indirect right, title and interest in or
    to the Company; and

 

    (b) to the best knowledge of such party, the information
    concerning the IME Membership Interests set forth in
    Schedule 2 hereto is true, complete and accurate,
    and reflects all of the equity interests and proprietary
    interests in the two biomass-fueled electricity generation
    projects located in the State of Maine owned by and operated by
    IME (the “Projects”) since the inception of the
    Projects.

 

    4.  Representation with Respect to PSA or
    Alternative Definitive Agreement.  RM and IES
    agree that the Managing Shareholder is authorized to represent
    and act on behalf of RM and IES in connection with the
    preparation of the Purchase and Sale Agreement dated as of the
    date hereof (as amended from time to time in accordance with the
    terms hereof, the “PSA”) among RM, IES and
    Covanta Energy Corporation (“Covanta”) or of
    another definitive agreement reflecting a Superior Proposal (as
    defined in the PSA) (such other definitive agreement being
    referred to herein as the “Alternate Definitive
    Agreement”) to be executed by IES and RM (or entities
    directly or indirectly owned by the Trusts) as sellers (the
    “Sellers” and individually a
    “Seller”) and the buyer or buyers in such
    Superior Proposal; provided, that except as referenced herein,
    the Alternate Definitive Agreement will not contain terms that
    materially distinguish between RM as a Seller on the one hand
    and IES as a Seller on the other with respect to the sale of the
    IME Membership Interests except in the

    

    2

 

    case of such terms that are more adverse to RM as compared to
    IES. The Managing Shareholder will provide IES with weekly
    updates on the status of the negotiation and preparation of the
    PSA or the Alternate Definitive Agreement and, upon the
    execution of the PSA or the Alternate Definitive Agreement, the
    preparation for the closing of the transaction contemplated
    therein.

 

    5.  Approval of PSA or Alternate Definitive
    Agreement.  

 

    (a) IES approves the PSA in the form presented to it on the
    date hereof and is executing and delivering the PSA
    simultaneously with its execution of this Agreement. Once IES
    signs the PSA, any changes adverse to IES in the price and other
    material terms regarding the proposed sale of the IME Membership
    Interests by IES, as set forth in the PSA, shall be subject to
    the prior written consent of IES, and shall not be subsequently
    modified or amended in such manner without the specific prior
    written consent of IES. Without limiting the foregoing, the
    Managing Shareholder acknowledges that any such adverse changes
    to the price, the timing or type of payment, the conditions
    precedent to receiving payment, and the obligations of IES
    regarding the sale of its IME Membership Interests pursuant to
    the PSA are material and shall require IES’ specific prior
    written consent.

 

    (b) In the event that the Proposed Transaction is not
    consummated pursuant to the PSA and the Managing Shareholder
    prepares an Alternate Definitive Agreement, at such time as the
    Alternate Definitive Agreement is in its final form, it shall be
    promptly delivered to IES for the purpose of review and
    execution by IES of the Alternate Definitive Agreement. Should
    IES fail to execute the Alternate Definitive Agreement within 5
    business days after such receipt of the proposed Alternate
    Definitive Agreement, IES shall not participate in the Proposed
    Transaction. Once IES signs the Alternate Definitive Agreement,
    any changes adverse to IES in the price and other material terms
    regarding the proposed sale of the IME Membership Interests by
    IES, as set forth in the Alternate Definitive Agreement, shall
    be subject to the prior written consent of IES, and shall not be
    subsequently modified or amended in such manner without the
    specific prior written consent of IES. Without limiting the
    foregoing, the Managing Shareholder acknowledges that any such
    adverse changes to the price, the timing or type of payment, the
    conditions precedent to receiving payment, and the obligations
    of IES regarding the sale of its IME Membership Interests
    pursuant to the Alternate Definitive Agreement are material and
    shall require IES’ specific prior written consent.

 

    6. Participation by RM.  IES hereby
    acknowledges the right and authority of the Managing Shareholder
    to cause RM to be included in the Proposed Transaction without
    regard to the participation (or lack thereof) of IES in the
    Proposed Transaction. For the avoidance of doubt, should IES
    fail to execute the Alternate Definitive Agreement pursuant to
    Section 5 or fail for any other reason to participate in
    the Proposed Transaction, IES acknowledges that the Managing
    Shareholder may include the IME Membership Interests owned by RM
    in the Proposed Transaction thereby transferring the IME
    Membership Interests owned by RM to Covanta, a subsidiary of
    Covanta or any other buyer or buyers without further obligation
    or liability to IES or need for approval from IME, and IES
    consents to the admission of Covanta, a subsidiary of Covanta or
    such other buyer or buyers as members of IME in such event. The
    Managing Shareholder and RM shall have no liability to IES
    respecting IES’ determination whether to participate in the
    Proposed Transaction and IES acknowledges that it is conducting
    and has conducted its own due diligence with respect to the sale
    of its IME Membership Interests and is not relying on RM or the
    Managing Shareholder.

 

    7. Allocation of Proceeds.  In the
    event the transaction set forth in the PSA or an Alternate
    Definitive Agreement closes and IES participates therein by
    selling its IME Membership Interests, and notwithstanding
    anything in the IME Operating Agreement to the contrary, the
    proceeds of the transaction attributable to the sale of the IME
    Membership Interests shall be allocated between RM and IES and
    paid or utilized as set forth in this Section 7. The
    parties intend such proceeds shall be disbursed promptly at the
    closing of such sale (the date of such disbursement being the
    “Disbursement Date”), except to the extent an
    Alternate Definitive Agreement provides for holdbacks, escrows
    or the like of a portion of the sale proceeds (the
    “Holdback”). Unless an Alternate Definitive
    Agreement expressly provides otherwise, the portion of the
    Holdback attributable to the sale of the IME Membership
    Interests shall be not more than the product of (i) a
    fraction, in which the numerator is the gross proceeds
    receivable from the sale of IME Membership Interests pursuant to
    such Alternate Definitive Agreement, and the denominator is the
    aggregate gross proceeds receivable from the sale

    

    3

 

    of all the assets sold pursuant to such Alternate Definitive
    Agreement (excluding the effect of any Holdbacks in each case),
    multiplied by (ii) the aggregate Holdback required under
    such Alternate Definitive Agreement. Sale proceeds subject to
    any Holdback which are allocated to the sale of the IME
    Membership Interests shall be distributed when and as provided
    in such Alternate Definitive Agreement. The proceeds of the
    transaction and any Holdback attributable to the sale of the IME
    Membership Interests shall be allocated among RM and IES and
    paid as follows:

 

    FIRST, to the payment of Transaction Costs (as defined below)
    attributable to the sale of the IME Membership Interests,
    allocated fifty-five percent (55%) from the proceeds otherwise
    to be received by RM and forty-five percent (45%) from the
    proceeds otherwise to be received by IES;

 

    SECOND, to RM and IES as the holders of the Senior Preferred
    Membership Units pro rata up to the fair market value of such
    units as of the Contribution Date as determined in accordance
    with Section 2 hereof;

 

    THIRD, all remaining proceeds will be paid fifty-five percent
    (55%) to RM and forty-five percent (45%) to IES.

 

    8. Transaction Costs.  For purposes
    of this Agreement, the term “Transaction Costs”
    shall mean the sum of (a) the portion of the total
    investment banking fees and expenses payable to Ewing
    Bemiss & Co. arising from a sale pursuant to the PSA
    or an Alternate Definitive Agreement attributable to the sale of
    the IME Membership Interests which shall be deemed equal to the
    product of (i) a fraction in which the numerator is the
    gross proceeds receivable from the sale of IME Membership
    Interests in the Proposed Transaction and the denominator is the
    aggregate gross proceeds receivable from the sale of all the
    assets sold in the Proposed Transaction (including any Holdbacks
    in each case), multiplied by (ii) the aggregate Ewing
    Bemiss & Co. costs, fees and expenses paid plus
    (b) an amount equal to 1.5% of the gross proceeds
    receivable from the sale of the IME Membership Interests in the
    Proposed Transaction. The Managing Shareholder will cause to be
    disbursed from the gross proceeds paid by Covanta, a subsidiary
    of Covanta or another buyer or buyers of the IME Membership
    Interests, the amounts due to Ewing Bemiss & Co. as
    described in this Section 8 part (a), as allocated in
    Section 7 above. The Managing Shareholder will also
    disburse from the gross proceeds paid by Covanta, a subsidiary
    of Covanta or another buyer or buyers of the IME Membership
    Interests, the amounts described in this Section 8 part
    (b), as allocated in Section 7 above, to third parties in
    satisfaction of transaction cost incurred in furtherance of the
    Proposed Transaction.

 

    9. Cross-Indemnification.  

 

    (a) IES hereby agrees to indemnify, defend and save
    harmless RM, its members, managers, employees, officers,
    directors, representatives, successors and assigns (collectively
    “RM Indemnitees”) from and against any and all
    Losses (as defined in the PSA) incurred by RM following the
    Closing (as defined in the PSA) accruing, resulting or arising
    in connection with any breach by IES of Section 4.2 of the
    PSA except to the extent that such Losses result directly from
    the gross negligence or willful misconduct of the RM Indemnitees.

 

    (b) RM and the Managing Shareholder hereby jointly and
    severally agree to indemnify, defend and save harmless IES, its
    members, managers, employees, officers, directors,
    representatives, successors and assigns (collectively
    “IES Indemnitees”) from and against any and all
    Losses (as defined in the PSA) incurred by IES following the
    Closing (as defined in the PSA) accruing, resulting or arising
    in connection with any breach by RM of Section 4.2 of the
    PSA except to the extent that such Losses result directly from
    the gross negligence or willful misconduct of the IES
    Indemnitees.

 

    (c) If this Agreement or any portion hereof is invalidated
    on any ground by any court of competent jurisdiction, the
    parties shall nevertheless indemnify each other to the extent
    permitted by any applicable portion of this Agreement that has
    not been invalidated by any other applicable law.

 

    (d) The provisions of this Agreement shall survive for same
    period of time during which the buyer or a buyer related party
    may make an indemnification claim against IME pursuant to the
    PSA or Alternate Definitive Agreement.

 

    10. Consent and Waiver.  To the
    extent required by the IME Operating Agreement, each of RM and
    IES consents to the sale of the IME Membership Interests of the
    other pursuant to the PSA or an Alternate

    

    4

 

    Definitive Agreement and waives any rights it may have to
    acquire such IME Membership Interest in connection with such
    sale or otherwise restrict the transfer thereof.

 

    11. Termination.  Either party
    hereto may terminate this Agreement by one (1) day’s
    prior written notice to the other party hereto (with a copy to
    the Managing Shareholder) if the Proposed Transaction has not
    occurred by March 31, 2009; provided, however, that once
    the PSA or an Alternate Definitive Agreement is executed by the
    parties hereto and so long as the PSA or an Alternate Definitive
    Agreement continues to be in effect, this Agreement may not be
    terminated.

 

    12. Entire Agreement.  Subject to
    the applicable provisions of the IME Operating Agreement, this
    Agreement constitutes the entire agreement among the parties
    with respect to its subject.

 

    13. Agreements for Costs.  The
    Managing Shareholder represents that it has not entered into
    (i) any agreement that obligates IME to pay any cost, debt
    or liability in contravention of the IME Operating Agreement or
    (ii) any agreement other than the PSA or an Alternate
    Definitive Agreement and any “Ancillary Agreements”
    described therein with Covanta or any buyer in a Superior
    Proposal that reduces the purchase price to be paid for the IME
    Membership Interests in order to pay the costs, debts or
    liabilities of any entity other than IME and undertakes that it
    will not enter into any such agreements.

 

    14. Miscellaneous.  This Agreement
    shall be governed and construed in accordance with the laws of
    the State of New York. This Agreement may be executed in several
    counterparts, each of which shall be deemed an original, but all
    of which together shall constitute one and the same instrument.
    Each party shall execute such documents and give such assurances
    as shall be reasonably necessary to perform its obligations
    hereunder. Notices hereunder shall be given as provided in the
    IME Operating Agreement. This Agreement may be amended only by
    an instrument in writing duly executed by the parties hereto.
    Neither this Agreement, nor any portion, right nor obligation
    hereunder, may be assigned by either party, but this Agreement
    shall be binding on any successor in ownership to any of the IME
    Membership Interests prior to the closing of the PSA or an
    Alternate Definitive Agreement so long as this Agreement is in
    effect. IES agrees to cooperate with RM and the Managing
    Shareholder in connection with the negotiation, execution and
    closing of the Proposed Transaction, shall not unreasonably
    withhold or delay its execution and delivery of the PSA or an
    Alternate Definitive Agreement, agrees to execute and deliver
    the PSA or an Alternate Definitive Agreement if it complies with
    the terms of this Agreement and to execute and deliver any other
    document reasonably necessary or appropriate to consummate the
    Proposed Transaction. During the term of this Agreement, each of
    RM and IES agrees not to sell, transfer, pledge or otherwise
    dispose of any IME Membership Interests or Promissory Notes
    owned by it, except pursuant to this Agreement and the PSA or an
    Alternate Definitive Agreement. In the event of a conflict
    between this Agreement and the PSA or an Alternate Definitive
    Agreement, this Agreement shall govern.

 

    [Signature
    page follows]

    

    5

 

    IN WITNESS WHEREOF, the parties have executed this Agreement the
    date first written above.

 

    RIDGEWOOD MAINE, L.L.C.

 

			
	 	    By: 
	
    Ridgewood Penobscot Management 

    Corporation, Manager

 

			
	 	    By: 
	
    /s/  Randall
    D. Holmes

    Name:     Randall D. Holmes

			
	 	    Title: 
	
    President

 

    INDECK ENERGY SERVICES, INC.

 

			
	 	    By: 
	
    /s/  Joseph
    M. Oskorep

    Name:     Joseph M. Oskorep

			
	 	    Title: 
	
    Vice President & Controller

 

    RIDGEWOOD RENEWABLE POWER, LLC,

    solely as to Sections 2(e), 6, 9(b) and 13

 

			
	 	    By: 
	
    /s/  Douglas
    R. Wilson

    Name:     Douglas R. Wilson

			
	 	    Title: 
	
    Senior Vice President

    

    6EX-10.4

    Exhibit
    10.4

 

    CERTIFICATE
    SALE SUPPORT AGREEMENT

 

    This Certificate Sale Support Agreement (this
    “Agreement”) is dated as of July 31, 2008,
    by and among Linwood 0708 LLC (“Linwood”),
    Ridgewood Providence Power Partners, L.P.
    (“RPPP”), Ridgewood Rhode Island
    Generation, LLC (“RRIG”), Rhode Island
    LFG Genco, LLC (“RILG”), Ridgewood
    Electric Power Trust I (“Trust I”),
    Ridgewood Electric Power Trust III
    (“Trust III”), Ridgewood Electric
    Power Trust IV (“Trust IV”),
    Ridgewood Electric Power Trust V
    (“Trust V”), Ridgewood Power B
    Fund/Providence Expansion (“B Fund”)
    (Trust I, Trust III, Trust IV, Trust V and B
    Fund are collectively referred to herein as the
    “Trusts”), Indeck Energy Services, Inc.
    (“IES”) (each individually a
    “Party” and collectively the
    “Parties”) and Ridgewood Renewable Power,
    LLC (“RRP”), which is not a
    “Party” hereunder.

 

    RECITALS

 

    WHEREAS, each of Indeck Maine Energy, LLC
    (“Indeck Maine”), RRIG and RPPP are parties to
    a certain Certificate Purchase and Sale Agreement with
    Constellation Energy Commodities Energy Group, Inc.
    (f/k/a Constellation
    Power Source, Inc.) (“Constellation”) entered
    into as of April 30, 2003, as amended by that certain
    letter agreement dated January 25, 2006 and by Amendment
    No. 1 to Certificate Purchase and Sale Agreement dated as
    of October 31, 2006 (the “Initial Certificate
    Purchase Agreement”);

 

    WHEREAS, the parties to the Initial Certificate Purchase
    Agreement, the Trusts and others have entered into an
    Assignment, Assumption, Release and Amendment dated as of the
    date hereof with respect to the Initial Certificate Purchase
    Agreement (the “Amendment”) (the Initial
    Certificate Purchase Agreement, as amended and modified by the
    Amendment, is referred to herein as the “Certificate
    Purchase Agreement”);

 

    WHEREAS, the Amendment amends, among other sections,
    Section 5.2 of the Certificate Purchase Agreement to
    require the sum of $9,120,800 to be on deposit in the Account
    (as defined in the Certificate Purchase Agreement) (the
    “New Deposit Amount”);

 

    WHEREAS, the members of Indeck Maine, Ridgewood Maine,
    L.L.C. (“RM”) and IES, intend to sell, assign,
    transfer and convey to Covanta Energy Corporation
    (“Covanta”) their respective membership
    interests in Indeck Maine (the “Transaction”);

 

    WHEREAS, RRIG, RPPP, Linwood, RILG and Indeck Maine
    expect to enter into a Backup Certificate Agreement (the
    “Backup Agreement”) pursuant to which, among
    other things, Indeck Maine will sell certain Certificates to
    RPPP, RRIG, Linwood and RILG and will transfer and assign all of
    its interest in the Account, including any funds of Indeck Maine
    on deposit in the Account (the “Indeck Maine
    Deposit”), to Linwood, subject to the rights and
    security interest of Constellation in such interest in the
    Account, in each case effective upon the closing of the
    Transaction (the “Transaction Effective Date”);

 

    WHEREAS, RRIG, RPPP, Linwood and Indeck Maine expect to
    enter into an Agency Agreement (the “Agency
    Agreement”) pursuant to which, among other things,
    RRIG, RPPP and Linwood will appoint Indeck Maine as their agent
    to deliver certain Certificates to Constellation and to invoice
    and collect amounts due with respect to those Certificates,
    effective upon the closing of the Transaction Effective
    Date; and

 

    WHEREAS, the Parties wish to memorialize their respective
    rights and obligations with respect to the Account, the
    Certificate Purchase Agreement and the other matters described
    in this Agreement.

 

    NOW, THEREFORE, in consideration of the premises and the
    mutual representations, warranties, covenants and agreements set
    forth in this Agreement, and for other good and valuable
    consideration, the receipt and sufficiency of which are hereby
    acknowledged, and intending to be legally bound, the Parties
    agree as follows:

 

    1. Additional Deposits.  The
    Parties acknowledge that (a) prior to the date hereof the
    amount on deposit in the Account held by Constellation under the
    Certificate Purchase Agreement was $3,000,000 (the
    “Original Deposit Amount”), of which
    Trust I had an interest in $20,250, Trust III had an
    interest in $144,585, Trust IV

 

    had an interest in $858,540, Trust V had an interest in
    $883,125, B Fund had an interest in $114,750, and IES had an
    interest in $978,750, (b) for good and valuable
    consideration, the receipt and sufficiency of which are hereby
    acknowledged, on the date hereof and in accordance with the
    requirements of the Amendment, Trust IV deposited
    $3,000,000 in the Account (the “Trust IV
    Deposit”) and Trust V deposited $3,120,800 into
    the Account (the “Trust V Deposit” and
    together with the Trust IV Deposit, the “Additional
    Deposits”), (c) the aggregate amount of the
    Original Deposit Amount plus the Additional Deposits is equal to
    the New Deposit Amount, and (d) notwithstanding the fact
    that the Trusts and IES provided the Original Deposit Amount and
    Trust IV and Trust V are providing the Additional
    Deposits, the Original Deposit Amount and the Additional
    Deposits are for the account of Indeck Maine, RPPP and RRIG
    under the Certificate Purchase Agreement prior to the
    Transaction Effective Date and for the account of Linwood, RPPP
    and RRIG under the Certificate Purchase Agreement as of and
    after the Transaction Effective Date. The respective interests
    of the Trusts, either directly or through their direct or
    indirect ownership of RPPP, RRIG, Indeck Maine or Linwood, in
    the New Deposit Amount as of the date hereof unless and until
    the Transaction Effective Date occurs are set forth on
    Schedule 1.

 

    2. Reallocation of Deposits at
    Closing.  Effective at and as of the
    Transaction Effective Date, the Parties agree that the New
    Deposit Amount shall be allocated among the Parties as set forth
    in this Section 2.

 

    (a) Linwood, immediately upon its receipt of the Indeck
    Maine Deposit and without any further action required, shall
    transfer and assign its entire interest in the New Deposit
    Amount to each of IES, Trust IV and Trust V so that
    such interest is allocated among Trust IV, Trust V and
    IES proportionately to their other interests in the Account
    after giving effect to the reallocation described in
    Section 2(b).

 

    (b) Each of the Trusts and IES will reallocate the New
    Deposit Amount among them such that the interests of each of the
    Trusts and IES as of the Transaction Effective Date is as set
    forth on Schedule 2(b). To the extent that, as a result of
    that reallocation, a Trust or IES is required to pay an
    additional amount (as set forth on Schedule 2(b)), such
    Trust or IES will pay that amount to RRP, for the benefit of the
    Trusts not making those payments, on the Transaction Effective
    Date, and with respect to IES, such payment shall be made from
    the proceeds of the sale of its interest in Indeck Maine. To the
    extent that, as a result of that reallocation, a Trust is due an
    amount (as set forth on Schedule 2(b)), RRP will use the
    funds paid to it on the Transaction Effective Date pursuant to
    the preceding sentence to make that payment to each Trust that
    is due an amount from the Account.

 

    (c) The interests of the Trusts and IES in the Account as
    set forth on Schedule 1 and Schedule 2(b) apply
    regardless of where legal title to the New Deposit Amount may
    reside and are subject to the rights and security interests of
    Constellation in such interests.

 

    3. Matters Related to Backup
    Agreement.  If any Party receives notice from
    Indeck Maine that any payment is due under the Backup Agreement,
    that Party will promptly provide a copy of that notice to RRP.
    Within one (1) business day of receiving that notice, RRP
    will provide the Parties a written notice stating the reason or
    reasons such payment is due, the basis for that determination
    and the allocation of responsibility for that payment under this
    Section 3. If any Party disputes the contents of such
    notice, such Party will notify RRP and the other Parties in
    writing of such dispute (including a detailed description of the
    basis of that dispute) within one (1) business day of its
    receipt of RRP’s notice. If RRP receives such a dispute
    notice, it will issue a final determination of the reason the
    payment is due under the Backup Agreement, and the allocation of
    responsibility for the payment under this Section 3, taking
    such Party’s dispute into consideration; provided,
    however, that RRP has the right to resolve such dispute
    in the manner RRP deems appropriate. Within two
    (2) business days of their receipt of a notice from RRP as
    described in this paragraph (or a final notice if any Party
    disputes the initial notice), the Parties will make the payments
    due under the Backup Agreement as follows:

 

    (a) To the extent that any payment is due to Indeck Maine
    under the Backup Agreement as a result of Constellation
    exercising its netting and set-off rights under Section 5.4
    of the Certificate Purchase Agreement, among RPPP, RRIG and
    Linwood, the Party or Parties responsible for such set-off or
    netting rights exercised by Constellation will make such payment
    directly to Indeck Maine, as directed by RRP.

    

    2

 

    (b) To the extent that any payment is due to Indeck Maine
    for Certificates delivered under the Backup Agreement, Linwood
    will be responsible for 100% percent of each such payment,
    provided that Linwood will obtain all rights all other Parties
    have against Constellation with respect to that payment, and
    they shall cooperate with Linwood in that regard. For the
    avoidance of doubt, this paragraph (b) will not apply to
    any netting or set-off payment under Section 5.4 of the
    Certificate Purchase Agreement, which is addressed in
    Section 3(a) above.

 

    (c) To the extent that any deposit is required to be made
    in the Escrow Deposit pursuant to Section 9 of the Backup
    Agreement and pursuant to the analogous provision of
    Section 6.16 of the Purchase and Sale Agreement among
    Covanta, RM, IES and Indeck Maine, RPPP and RRIG will share in
    the responsibility for such payment in a ratio of 27.23% and
    72.77% respectively. Any funds that are released from such
    Escrow Deposit to RPPP, RRIG, Linwood or RILG (including any
    interest on funds in the Escrow Deposit) after settlement of any
    claims with respect thereto will be held in trust for the
    benefit of RRIG and RPPP and shall be promptly allocated and
    paid over to RPPP and RRIG in the same proportions as set forth
    in the preceding sentence.

 

    (d) To the extent RRP determines that any payment is due to
    Indeck Maine under the Backup Agreement or the Agency Agreement
    as a result of a breach by any of RPPP, RRIG, Linwood or RILG of
    its obligations under the Backup Agreement or (other than with
    respect to RILG) the Agency Agreement, RPPP, RRIG
    and/or
    Linwood will be responsible for 100% of such payment to the
    extent to which of RPPP, RRIG, Linwood or RILG breached those
    obligations, as determined by RRP.

 

    (e) To the extent that any payment is due to Indeck Maine
    under the Backup Agreement or the Agency Agreement other than as
    described in Sections 3(a), 3(b), 3(c) or 3(d), RPPP, RRIG
    and Linwood will share in the responsibility for each such
    payment in the following amounts: RPPP will be responsible for
    5% of each such payment; RRIG will be responsible for 15% of
    each such payment; and Linwood will be responsible for 80% of
    each such payment.

 

    (f) To the extent that any of Linwood, RPPP or RRIG
    receives payment from Constellation that reimburses it for
    payments made by it under the Backup Agreement, the recipient(s)
    of such payment shall hold that payment in trust for the benefit
    of the others not receiving that payment and will promptly
    allocate and pay over that payment to each of such others
    according to the payments made by them to Indeck Maine to which
    such payment from Constellation relates, all as determined by
    RRP. To the extent any such payment from Constellation cannot be
    attributed to one or more specific payments to Indeck Maine,
    such payment shall be allocated among RPPP, RRIG and Linwood
    according to the percentages in Section 3(e).

 

    (g) To the extent that RILG obtains any right, title or
    interest in any Certificate Delivered under the Backup
    Agreement, RILG conveys all such right, title and interest to
    RPPP, RRIG and Linwood.

 

    4. Matters Related to Certificate Purchase
    Agreement.  

 

    (a) To the extent that any Party incurs any liability,
    damages, assessments, taxes, losses, fines, penalties, expenses,
    fees, costs, and amounts paid in settlement (including
    reasonable consultants’, attorneys’ and expert witness
    fees and disbursements in connection with investigating,
    defending or settling any action or threatened action) in
    connection with a default under the Certificate Purchase
    Agreement, including Losses (defined below) incurred under any
    Guarantee
    and/or any
    Security Agreement (including without limitation any Losses
    resulting from Constellation drawing any amounts out of the
    Account, realizing on any Collateral provided under any Security
    Agreement or demanding payment under any Guarantee but, for the
    avoidance of doubt, not including any liability, damages,
    assessments, taxes, losses, fines, penalties, expenses, fees,
    costs, and other amounts incurred in connection with the Backup
    Agreement, which are addressed in Section 3) (collectively,
    the “Losses”), that Party will promptly notify
    RRP in writing of such Loss, including with such notice any
    information provided by Constellation with respect to that Loss.
    RRP will provide the Parties a written notice stating the reason
    or reasons for such Loss, the basis for that determination and
    the allocation of responsibility for that payment under this
    Section 4. If any Party disputes the contents of such
    notice, such Party will notify RRP and the other Parties in
    writing of such dispute (including a detailed description of the
    basis of that dispute) within one (1) business day of its
    receipt of RRP’s notice. If RRP receives such a dispute
    notice, it

    

    3

 

    will issue a final determination of the reason the payment is
    due under the Backup Agreement, and the allocation of
    responsibility for the payment under this Section 4, taking
    such Party’s dispute into consideration; provided,
    however, that RRP has the right to resolve such dispute
    in the manner RRP deems appropriate. Within two
    (2) business days of their receipt of a notice from RRP as
    described in this Section 4(a) (or a final notice if any
    Party dispute the initial notice), the Parties will reimburse
    the Party or Parties incurring the Loss as follows:

 

    (i) for all Losses determined by RRP to have resulted
    directly from a breach by a Party of its obligations under the
    Certificate Purchase Agreement, any Guaranty or any Security
    Agreement, the Party responsible for that breach will reimburse
    the Party incurring those Losses for 100% of those
    Losses; and

 

    (ii) for all Losses determined by RRP to have resulted from
    a failure of Indeck Maine to perform its obligations under the
    Backup Agreement, Linwood will reimburse the Party incurring
    those Losses for 100% of those Losses; provided that Linwood
    will obtain all rights all other Parties have against Indeck
    Maine with respect to those Losses, and they shall cooperate
    with Linwood in that regard.

 

    (b) If and to the extent any Loss involves a withdrawal by
    Constellation of any amount on deposit in the Account, RRP will
    determine the Party or Parties responsible for replacing the
    amount of that withdrawal according to the principles set forth
    in Section 4(a) above; provided that, for the avoidance of
    doubt, IES shall not be responsible for replacing the amount of
    any such withdrawal. To the extent that any Party fails to make
    a required deposit in the Account under this Section 4(b)
    within the time period such deposit is required to be made under
    the Certificate Purchase Agreement, the other Parties may, make
    such deposit, or cause such deposit to be made, in the Account
    (a “Step-up Deposit”), and the Party failing to
    make its required deposit shall promptly reimburse the other
    Party or Parties that made such
    Step-up
    Deposit, with interest accruing on that
    Step-up
    Deposit at the Interest Rate.

 

    (c) If any Party receives payment from an entity other than
    another Party for any Loss, including without limitation any
    payment by Covanta under its guarantee of Indeck Maine’s
    obligations under the Backup Agreement, the Party receiving that
    payment will reimburse each other Party for the amount of that
    payment (including any deposit that any Party has made in the
    Account under Section 4(b) above) up to the full amount of
    the payment received by such other Party.

 

    (d) Capitalized terms used in this Section 4 that are
    not otherwise defined in this Agreement have the meanings given
    to them in the Certificate Purchase Agreement.

 

    5. Losses from Linwood
    Interest.  To the extent that Trust IV
    incurs any Losses (including without limitation with respect to
    any taxes) solely and directly as a result of its membership
    interest in Linwood, Trust V will indemnify and hold
    harmless Trust IV for 50% of all such Losses.

 

    6. Limitation on Liability.  RRP
    will have no liability to any Party hereunder for any loss
    suffered by such Party that arises out of any action or inaction
    of RRP if RRP, in good faith, determined that such course of
    conduct was reasonable and such course of conduct did not
    constitute bad faith, gross negligence or willful misconduct of
    RRP.

 

    7. Release of Deposit from
    Constellation.  Each Party agrees that
    (a) any payment received by it from time to time from
    Constellation from the New Deposit Amount prior to the
    Transaction Effective Date shall be held in trust for the
    benefit of the other Parties and shall be promptly allocated
    among, and paid over to, the other Parties in accordance with
    the percentages set forth on Schedule 1, and
    (b) any payment received by it from time to time from
    Constellation from the New Deposit Amount as of and after the
    Transaction Effective Date shall be held in trust for the
    benefit of the other Parties and shall be promptly allocated
    among, and paid over to, the other Parties in accordance with
    the percentages set forth on Schedule 2(b).

 

    8. Termination.  This Agreement
    will terminate upon the last to occur of the termination of the
    Certificate Purchase Agreement and the Backup Agreement, the
    final resolution of any claims thereunder and the expiration of
    any statute of limitation on any claims that can be made
    thereunder.

 

    9. Further Assurances.  Each Party
    agrees that from time to time on and after the date hereof, at
    the reasonable request of any other Party, it shall promptly
    execute and deliver all further instruments and

    

    4

 

    documents, and take all further action, that may be necessary or
    desirable in order to accomplish the purposes of this Agreement.

 

    10. Assignment.  Neither this
    Agreement, nor any portion, right or obligation hereunder, may
    be assigned by any Party to any other Party or third party
    except that any Trust may assign its rights and obligations
    under this Agreement to a liquidating trust pursuant to a plan
    of liquidation of such Trust.

 

    11. Amendments.  This Agreement may
    be amended or modified only by an instrument in writing duly
    executed by the Parties hereto; provided that an amendment or
    modification that affects some, but not all, Parties, shall be
    effective as among the amending or modifying Parties; provided
    further than no such amendment or modification shall be binding
    upon a Party that is not a party to such written amendment or
    modification.

 

    12. Entire Agreement.  This
    Agreement constitutes the entire agreement among the Parties
    with respect to its subject.

 

    13. Counterparts; Facsimile
    Signatures.  Two or more counterparts of this
    Agreement may be signed by the Parties, each of which shall be
    an original but all of which together shall constitute one and
    the same instrument. Facsimile signatures on this Amendment
    shall have the same force and effect as original signatures.

 

    14. Governing Law.  This Agreement
    shall be governed by and construed in accordance with the laws
    of the State of New York without regard to principles of
    conflicts of law. Each Party waives its respective right to any
    jury trial with respect to any litigation arising under or in
    connection with this Agreement.

 

    [Signature
    Page Follows]
    

    

    5

 

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

 

	 	 	 
	
    RIDGEWOOD PROVIDENCE POWER

    PARTNERS, L.P.
	
 
	
    INDECK ENERGY SERVICES, INC.

	
 
	
 
	
 

	

    By: Ridgewood Providence Power Corporation, its General
    Partner

	
 
	
 

	
 
	
 
	
 

	

    By: /s/  Randall
    D. Holmes

    

	
 
	
    By: /s/  Joseph
    M. Oskorep

    

	

    Name: Randall D. Holmes

	
 
	
        Name: Joseph M. Oskorep

	

    Title: President and Chief Executive Officer

	
 
	
        Title: Vice President &
    Controller

	
 
	
 
	
 

	
    RIDGEWOOD RHODE ISLAND

    GENERATION, LLC
	
 
	
    RIDGEWOOD ELECTRIC POWER TRUST I

	
 
	
 
	
 

	

    By: Ridgewood Management Corporation, its Manager

	
 
	

    By: Ridgewood Renewable Power LLC, its Managing Shareholder

	
 
	
 
	
 

	

    By: /s/  Randall
    D. Holmes

    

	
 
	

    By: /s/  Randall
    D. Holmes

    

	

    Name: Randall D. Holmes

	
 
	
        Name: Randall D. Holmes

	

    Title: President and Chief Executive Officer

	
 
	
        Title: President and Chief
    Executive Officer

	
 
	
 
	
 

	

    RIDGEWOOD ELECTRIC POWER TRUST III

	
 
	
    RIDGEWOOD ELECTRIC POWER TRUST IV

	
 
	
 
	
 

	

    By: Ridgewood Renewable Power LLC, its Managing Shareholder

	
 
	

    By: Ridgewood Renewable Power LLC, its Managing Shareholder

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	

    By: /s/  Randall
    D. Holmes

    

	
 
	

    By: /s/  Randall
    D. Holmes

    

	

    Name: Randall D. Holmes

	
 
	
        Name: Randall D. Holmes

	

    Title: President and Chief Executive Officer

	
 
	
        Title: President and Chief
    Executive Officer

	
 
	
 
	
 

	

    RIDGEWOOD ELECTRIC POWER TRUST V

	
 
	
    RIDGEWOOD POWER B FUND/PROVIDENCE EXPANSION

	
 
	
 
	
 

	

    By: Ridgewood Renewable Power LLC, its Managing Shareholder

	
 
	

    By: Ridgewood Renewable Power LLC, its Managing Shareholder

	
 
	
 
	
 

	

    By: /s/  Randall
    D. Holmes

    

	
 
	

    By: /s/  Randall
    D. Holmes

    

	

    Name: Randall D. Holmes

	
 
	
        Name: Randall D. Holmes

	

    Title: President and Chief Executive Officer

	
 
	
        Title: President and Chief
    Executive Officer

    

    6

 

	 	 	 
	

    LINWOOD 0708 LLC

	
 
	
    RIDGEWOOD RENEWABLE POWER, LLC

	
 
	
 
	
 

	

    By: Ridgewood Renewable Power LLC, its Manager

	
 
	
 

	
 
	
 
	
 

	

    By: /s/  Randall
    D. Holmes

    

	
 
	

    By: /s/  Randall
    D. Holmes

    

	

    Name: Randall D. Holmes

	
 
	
        Name: Randall D. Holmes

	

    Title: President and Chief Executive Officer

	
 
	
        Title: President and Chief
    Executive Officer

	
 
	
 
	
 

	

    RHODE ISLAND LFG GENCO, LLC

	
 
	
 

	
 
	
 
	
 

	

    By: Ridgewood Renewable Power LLC, its Manager

	
 
	
 

	
 
	
 
	
 

	

    By: /s/  Randall
    D. Holmes

    

	
 
	
 

	

    Name: Randall D. Holmes

	
 
	
 

	

    Title: President and Chief Executive Officer

	
 
	
 

    7

 

SCHEDULE 1

Interests in New Deposit Amount

Prior to Transaction Effective Date

	 	 	 	 	 	 	 	 	 
	 	 	Amount of Interest in	 	Percentage Interest in
	Name of Party	 	New Deposit Amount	 	New Deposit Amount
	 
	Trust I
	 	$	20,250	 	 	 	0.22	%
	Trust III
	 	$	144,585	 	 	 	1.59	%
	Trust IV
	 	$	3,858,540	 	 	 	42.30	%
	Trust V
	 	$	4,003,925	 	 	 	43.90	%
	B Fund
	 	$	114,750	 	 	 	1.26	%
	IES
	 	$	978,750	 	 	 	10.73	%
	TOTAL
	 	$	9,120,800	 	 	 	100	%

 

SCHEDULE 2(b)

Interests in New Deposit Amount

As of Transaction Effective Date

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount of Interest	 	Percentage	 	Amount to be	 	Amount to be
	 	 	in	 	Interest in	 	Paid
by Entity on	 	Paid to Entity on
	 	 	New Deposit	 	New Deposit	 	Transaction	 	Transaction
	Name of Party	 	Amount	 	Amount	 	Effective Date	 	Effective Date
	Trust I
	 	$	66,150	 	 	 	0.73	%	 	$	45,900	 	 	$	0	 
	Trust III
	 	$	58,905	 	 	 	0.65	%	 	$	0	 	 	$	85,680	 
	Trust IV
	 	$	2,447,665	 	 	 	26.84	%	 	$	0	 	 	$	1,410,875	 
	Trust V
	 	$	2,341,570	 	 	 	25.67	%	 	$	0	 	 	$	1,662,355	 
	B Fund
	 	$	374,850	 	 	 	4.1	%	 	$	260,100	 	 	$	0	 
	IES
	 	$	3,831,660	 	 	 	42.01	%	 	$	2,852,910	 	 	$	0	 
	TOTAL
	 	$	9,120,800	 	 	 	100	%	 	$	3,158,910	 	 	$	3,158,910

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00146-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00146-of-00352.parquet"}]]