Document:

exv4w4

Exhibit 4.4

WARRANT AGREEMENT

     This Warrant Agreement (the “Agreement”) is made as of ______, 2010, by and between
Planet Beach Franchising Corporation, a Delaware corporation (the “Company”), and Registrar
and Transfer Company (the “Warrant Agent”).

RECITALS:

     WHEREAS, the Company, at or about the time that it is entering into this Agreement, proposes
to issue and sell to public investors up to 4,312,500 units (the “Units”), with each Unit
consisting of one share of the Company’s common stock, $0.0001 par value (the “Common
Stock”), and one redeemable warrant to purchase one share of Common Stock of the Company (the
“Unit Warrants”);

     WHEREAS, the Company has engaged C. K. Cooper & Company, Inc. (“CKCC”), as the
underwriters’ representative and book-running manager, in connection with the public offering of
the Units;

     WHEREAS, the Company wishes to retain the Warrant Agent to act on behalf of the Company, and
the Warrant Agent is willing to so act, in connection with, among other things, the issuance,
transfer, exchange and replacement, as the case may be, of the certificates evidencing the Unit
Warrants to be issued under this Agreement (the “Warrant Certificates”); and

     WHEREAS, the Company and the Warrant Agent wish to enter into this Agreement to set forth the
terms and conditions of the Unit Warrants and the rights of the registered holders of record
thereof (the “Holders”), and to set forth the respective rights and obligations of the
Company and the Warrant Agent. Each Holder is an intended beneficiary of this Agreement with
respect to the rights of Holders herein.

AGREEMENT:

     NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereto agree as follows:

     1. Definitions of Certain Terms. In addition to the terms defined in the Recitals
above and elsewhere in this Agreement, the following terms have the following meanings:

          (a) “Business Day” means a day on which banks are open for business in the city of
New York.

          (b) “Commission” means the U.S. Securities and Exchange Commission.

 

 

          (c) “Effective Date” means the date that the Registration Statement was declared
effective by the Commission.

          (d) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (e) “Fair Market Value” means, on any given day: (A) if the class of securities are
exchange-traded, the average of the closing sales prices per share of such class of securities for
the ten (10) consecutive trading days ending on the day that is two (2) trading days prior to the
applicable date of determination of Fair Market Value; or (B) if the class of securities is not
listed or admitted to trading on any securities exchange but is regularly traded in any
over-the-counter market, then the average of the bid and ask prices per share of such class of
securities for the ten (10) consecutive trading days ending on the day that is two (2) trading days
prior to the applicable date of determination of Fair Market Value; or (C) if the class of
securities is not traded as described in clauses (A) or (B) immediately above, then the per share
fair market value of the class of securities as determined in good faith by the Company’s Board of
Directors.

          (f) “FINRA” means the Financial Industry Regulatory Authority, Inc.

          (g) “Registration Statement” means the registration statement of the Company on Form
S-1 (File No. 333 — 165879), with respect to the registration under the Securities Act of the
Units, and any amendments thereto and any information deemed to be included therein pursuant to
Rules 424(b) and 430A under the Securities Act.

          (h) “Securities Act” means the Securities Act of 1933, as amended.

     2. Warrants. Subject to Section 9 below, each Unit Warrant may be exercised
by the Holder thereof, in whole or in part, at any time or from time to time, during the Exercise
Period (as defined in Section 3 below), for one fully paid and non-assessable share of
Common Stock (each, a “Share”), for an exercise price equal to
$______ per Share (the
“Exercise Price”). The Exercise Price is subject to adjustment as provided in Section
14 below. The exercise procedures are set forth in Section 7 below.

     3. Exercise Period. Subject to Section 9 below, the Unit Warrants may be
exercised at any time during the period (the “Exercise Period”) commencing as of 9:30:01
a.m., New York time, on ______, 2010, and ending as of 5:00 p.m., New York time, on ______,
2013 (“Expiration Time”). After the Expiration Time, any unexercised Unit Warrants will be
void and all rights of Holders shall cease.

     4. Execution of Warrant Certificates. Warrant Certificates shall be in registered
form only and shall be substantially in the form set forth as Exhibit A attached to this
Agreement and incorporated by reference herein. Warrant Certificates shall be signed by the
President and Secretary, respectively, of the Company, and shall bear the Company’s corporate seal.
If any officer, whose signature has been placed upon any Warrant Certificate, shall have ceased to
be such officer before such Warrant Certificate is countersigned, issued and delivered, such
Warrant Certificate may nonetheless be countersigned, issued and delivered with the same effect as
if such person had not ceased to be such officer. Any Warrant Certificate may be signed by any
person who at the actual date of the preparation of such Warrant Certificate shall be a proper
officer of

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the Company to sign such Warrant Certificate even though such person was not such an officer
upon the date of this Agreement.

     5. Countersigning. Warrant Certificates shall be countersigned by the Warrant Agent
and shall not be valid for any purpose unless so countersigned. The Warrant Agent hereby is
authorized to countersign and deliver to, or in accordance with the instructions of, any Holder any
Warrant Certificate which is properly issued.

     6. Registration of Transfer and Exchanges. The Warrant Agent shall from time to time
register the transfer of any outstanding Warrant Certificate upon records maintained by the Warrant
Agent for such purpose upon surrender of such Warrant Certificate to the Warrant Agent for
transfer, accompanied by appropriate instruments of transfer in form satisfactory to the Company
and the Warrant Agent and duly executed by the Holder or a duly authorized attorney-in-fact. Upon
any such registration of transfer, a new Warrant Certificate shall be issued in the name of and to
the transferee, and the surrendered Warrant Certificate shall be cancelled.

     7. Exercise of Warrants.

          (a) Subject
to the terms of the Unit Warrant and this Agreement, including
Section 13 hereof, a Unit Warrant shall be exercised by the Holder by (i) surrendering to the Warrant Agent
the Warrant Certificate with the exercise form on the reverse of such Warrant Certificate duly
completed and executed, and (ii) remitting payment to the Warrant Agent of an amount in cash equal
to the product of the Exercise Price multiplied by the number of Shares being purchased upon such
exercise, with such payment being in the form of a personal or business check drawn on a U.S. bank
and payable to the Warrant Agent.

          (b) Upon receipt of a Warrant Certificate with the exercise form thereon duly executed
together with payment in full of the Exercise Price for the Shares for which Unit Warrants are then
being exercised, the Warrant Agent shall requisition certificates for the Shares, and, upon
receipt, shall make delivery thereof evidencing the total number of whole Shares for which Unit
Warrants are then being exercised, in such names and denominations as are required for delivery to,
or in accordance with the instructions of, the Holder. Such certificates for the Shares shall be
deemed to be issued, and the person to whom such Shares are being issued of record shall be deemed
to have become a holder of record of such Shares, as of the date of the surrender of such Warrant
Certificate and payment of the Exercise Price, whichever shall last occur; provided that if the
transfer books of the Company with respect to the Shares shall be closed, the certificates for the
Shares issuable upon exercise of the Unit Warrants shall be issued as of the date on which such
books shall next be open, and the person to whom such Shares are issued of record shall be deemed
to have become a record holder of such Shares as of the date on which such books shall next be open
(whether before, on or after the Expiration Time) and until such date the Warrant Agent shall be
under no duty to deliver any certificate for such Shares.

          (c) If less than all of a Holder’s Unit Warrants are exercised upon a single occasion, a new
Warrant Certificate for the balance of the Unit Warrants not so exercised shall be issued and
delivered to, or in accordance with, transfer instructions properly given by the Holder until the
Expiration Time.

          (d) All Warrant Certificates surrendered upon exercise shall be cancelled.

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          (e) Upon the exercise of any Unit Warrant, the Warrant Agent shall promptly deposit the
payment into an escrow account established by mutual agreement of the Company and the Warrant Agent
at a mutually agreed-upon, federally insured commercial bank. All funds deposited in the escrow
account will be disbursed on a weekly basis to the Company once they have been determined by the
Warrant Agent to be collected funds. Once the funds are determined to be collected, the Warrant
Agent shall cause the Share certificate(s) representing the exercised Unit Warrants to be issued.

          (f) Expenses incurred by the Warrant Agent will be paid by the Company. A detailed accounting
statement relating to the number of Unit Warrants exercised, names and registered Holder(s), and
the amount of exercised funds remitted will be given to the Company with the payment of each
exercise amount.

     8. Warrant Solicitation and Warrant Solicitation Fee.

          (a) The Company has engaged CKCC, on a non-exclusive basis, as its agent for the solicitation
of the exercise of the Unit Warrants. The Company will, at its cost, (i) assist CKCC with respect
to such solicitation, if requested by CKCC, and (ii) provide CKCC, and instruct the Warrant Agent
to deliver to CKCC, lists of the record and, to the extent known, beneficial owners of the
Company’s Unit Warrants. The Company hereby instructs the Warrant Agent to cooperate with CKCC in
every respect in connection with CKCC’s solicitation activities, including, but not limited to,
providing to CKCC, at the Company’s cost, a list of record and beneficial holders of the Unit
Warrants and circulating a prospectus or offering circular disclosing the compensation arrangements
referenced in Section 8(b) below to holders of the Unit Warrants at the time of exercise of
the Unit Warrants. In addition to the conditions set forth in Section 8(b), CKCC shall
accept payment of the warrant solicitation fee provided in Section 8(b) only if permitted
under the rules and regulations of the FINRA and only to the extent that a holder who exercises
Unit Warrants specifically designates, in writing, that CKCC solicited the exercise.

          (b) In each instance in which a Unit Warrant is exercised, the Warrant Agent shall promptly
give written notice of such exercise to the Company and CKCC (such notice, the “Warrant Agent’s
Exercise Notice”). For each Unit Warrant that is exercised more than one year following the
Effective Date, in connection with which (i) the Fair Market Value of the Common Stock is greater
than the Exercise Price, (ii) disclosure of compensation arrangements between the Company and CKCC
with respect to the solicitation of the exercise of the Unit Warrants was made both in the
Registration Statement and at the time of exercise, (iii) the Holder of the Unit Warrant confirms
in writing that the exercise of the Unit Warrant was solicited by CKCC, (iv) the Unit Warrant was
not held in a discretionary account, and (v) the solicitation of the exercise of the Unit Warrant
was not in violation of Regulation M (as such rule or any successor rule may be in effect as of
such time of exercise) promulgated under the Exchange Act, then, in each such instance, the Company
shall pay a fee in cash equal to 5.0% of the Exercise Price (the
“Solicitation Fee”) to CKCC, provided that CKCC delivers to
the Company within ten (10) Business Days from the date on which CKCC has received the Warrant
Agent’s Exercise Notice, a certificate that the conditions set forth in the preceding clauses
(iii), (iv) and (v) have been satisfied (the “Solicitation
Certificate”). The Company shall pay the Solicitation Fee to
CKCC by wire transfer in immediately available U.S. funds to an
account designated by CKCC within three (3) Business Days following
the date on which CKCC delivers the Solicitation Certificate to the
Company, provided, however, that the Company shall not be
obligated to pay the Solicitation Fee until the proceeds from the
exercise of the Warrants shall have been disbursed by the Warrant
Agent to the Company in accordance with section 7(e)
hereof. Notwithstanding the foregoing, no fee will be paid to
CKCC with respect to the exercise by CKCC or its affiliates of any warrants purchased by it or them
and still held by it or them for its or their own account.

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CKCC and the Company may at any time during business hours, examine the records of the Warrant
Agent, including its ledger of original Warrant Certificates returned to the Warrant Agent upon
exercise of Unit Warrants.

          (c) The provisions of this Section 8 may not be modified, amended or deleted without
the prior written consent of CKCC, who is an intended beneficiary of this Agreement with respect to
the rights granted to it herein.

     9. Redemption of Warrants.

          (a) The outstanding Unit Warrants may be redeemed at the option of the Company, in whole or in
part on a pro-rata basis, by giving not less than fifteen (15) calendar days prior written notice
as provided in Section 9(c) below (the “Redemption Notice”), which notice may not
be given before, but may be given at any time after, the date on which the closing price of the
Common Stock on the principal exchange or trading facility on which it is then traded has equaled
or exceeded $______ for at least ten (10) consecutive trading days during the Exercise Period. The
Redemption Notice shall specify the date on which the Company shall redeem the Unit Warrants (such
date, the “Redemption Date”).

          (b) The price at which Unit Warrants may be redeemed (the “Redemption Price”) is $0.10
per Unit Warrant. From and after the Redemption Date, all rights of the Holders with respect to
the redeemed Unit Warrant, except the right to receive the applicable Redemption Price, shall
terminate, but only if no later than two (2) Business Days prior to the Redemption Date, the
Company shall have irrevocably deposited with the Warrant Agent, as paying agent, a sufficient
amount to pay the Redemption Price on the Redemption Date for all Unit Warrants called for
redemption. The Holders of redeemed Unit Warrants shall be entitled to payment of the Redemption
Price upon surrender of the Warrant Certificates of such redeemed Unit Warrants to the Company at
the office of the Warrant Agent.

          (c) The Redemption Notice shall be given at least fifteen (15) calendar days prior to the
Redemption Date by mailing, by registered or certified mail, return receipt requested, a copy of
such notice to the Warrant Agent and to all of the Holders of Unit Warrants at their respective
addresses appearing on the books or transfer records of the Warrant Agent. A Redemption Notice,
once mailed by the Company, shall be irrevocable; provided, however, that if the Company fails to
make a sufficient deposit with the Warrant Agent as provided herein, the Redemption Notice and
redemption indicated therein shall be revoked and deemed a nullity as to the pro-rata portion of
the Unit Warrants not covered by the deposited funds.

          (d) On the Redemption Date, the Warrant Agent shall pay to the Holders of redeemed Unit
Warrants all monies received by the Warrant Agent from the Company for the redemption of Unit
Warrants to which the Holders of such redeemed Unit Warrants who shall have surrendered their
Warrant Certificates are entitled. The Warrant Agent shall have no obligation to pay for the
redemption of Unit Warrants except to the extent that funds for such payment have been provided to
it by the Company.

          (e) All amounts deposited with the Warrant Agent that are not required for redemption of Unit
Warrants may be withdrawn by the Company. Any amounts deposited with

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the Warrant Agent that shall be unclaimed for six months after the Redemption Date shall be
delivered back to the Company, and thereafter the Holders of the Unit Warrants called for
redemption for which such funds were deposited shall look solely to the Company for payment, it
being understood that the Warrant Agent shall be under no obligation to report or remit unclaimed
property to appropriate states in compliance with applicable law. The Company acknowledges that
the bank accounts maintained by the Warrant Agent in connection with the services hereunder will be
in the Warrant Agent’s name and that the Warrant Agent may receive investment earnings in
connection with the funds held in those accounts from time to time.

          (f) Notwithstanding anything to the contrary in this Section 9, the Company may not
provide any Redemption Notice at any time at which the Unit Warrants are not currently exercisable
as a result of the application of Section 13 below. If, during the period between the
Redemption Notice and the Redemption Date, the Unit Warrants become not currently exercisable as a
result of the application of Section 13, then the Redemption Date shall be extended to be
the tenth (10th) Business Day after such restriction on exercise lapses.

          (g) Notwithstanding anything to the contrary in this Section 9, a Holder may elect, at
any time during the period between receipt of the Redemption Notice and two (2) Business Days prior
to the Redemption Date, to exercise such Holder’s Unit Warrant in accordance with the procedures
set forth in this Agreement, including Sections 2 and 7 hereof.

     10. Taxes. The Company will pay all taxes attributable to the initial issuance of
Shares upon exercise of Unit Warrants. The Company shall not, however, be required to pay any tax
which may be payable in respect to any transfer involved in any issue of Warrant Certificates or in
the issue of any certificates of Shares in the name other than that of the Holder upon the exercise
of any Unit Warrant.

     11. Mutilated or Missing Warrant Certificates. On receipt by the Company and the
Warrant Agent of evidence satisfactory as to the ownership of and the loss, theft, destruction or
mutilation of any Warrant Certificate, the Company shall execute and the Warrant Agent shall
countersign and deliver in lieu thereof, a new Warrant Certificate. In the case of loss, theft or
destruction of any Warrant Certificate, the Holder requesting issuance of a new Warrant Certificate
shall be required to secure an indemnity bond from an approved surety bonding company. In the
event a Warrant Certificate is mutilated, such Warrant Certificate shall be surrendered and
canceled by the Warrant Agent prior to delivery of a new Warrant Certificate. Applicants for a
substitute Warrant Certificate shall also comply with such other regulations and pay such other
reasonable charges as the Warrant Agent may prescribe.

     12. Reservation of Shares. For the purpose of enabling the Company to satisfy all
obligations to issue Shares upon exercise of Unit Warrants, the Company will at all times reserve
and keep available free from preemptive rights, out of the aggregate of its authorized but unissued
shares, the full number of Shares which may be issued upon the exercise of the Unit Warrants and
such Shares will upon issue be fully paid and nonassessable by the Company and free from all taxes,
liens, charges and security interests with respect to the issue thereof.

     13. Governmental or Regulatory Restrictions. If any Shares issuable upon the exercise
of Unit Warrants require registration or approval of any governmental or regulatory

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authority, the Company will use all commercially reasonable efforts to cause such Shares to be
duly registered, or approved, as the case may be, and, to the extent practicable, take all such
action in anticipation of and prior to the exercise of the Unit Warrants, including, without
limitation, filing any and all post-effective amendments and/or prospectus supplements to the
Company’s Registration Statement necessary to permit a public offering of the Shares underlying the
Unit Warrants at any and all times during the term of this Agreement; provided, however, that in no
event shall such Shares be issued, and the Company is authorized to refuse to honor the exercise of
any Unit Warrant, if such exercise would result in, in the opinion of the Company’s Board of
Directors, upon advice of counsel, the violation of any applicable law. If, at the Expiration
Time, the Unit Warrants are not currently exercisable as a result of the provisions of this
Section 13, the Expiration Time shall be extended automatically to a date that is thirty
(30) calendar days following notice to the Holders that the Unit Warrants are again exercisable and
references to the Expiration Time herein shall thereafter refer to such extended Expiration Time.

     14. Adjustments.

          (a) If prior to the exercise of any Unit Warrants, the Company shall have effected one or more
stock splits, stock dividends or other increases or reductions of the number of shares of Common
Stock outstanding without receiving compensation therefor in money, services or property, the
number of Shares subject to the Unit Warrants shall (i) if a net increase shall have been effected
in the number of outstanding shares of the Common Stock, be proportionately increased, and the
Exercise Price payable per share shall be proportionately reduced, and (ii) if a net reduction
shall have been effected in the number of outstanding shares of the Common Stock, be
proportionately reduced and the Exercise Price payable per share be proportionately increased.

          (b) In the event of a capital reorganization or a reclassification of the Common Stock (except
as provided in Section 14(a) above), any Holder, upon exercise of the Unit Warrants, shall
be entitled to receive, in substitution for the Common Stock to which he would have become entitled
upon exercise immediately prior to such reorganization or reclassification, the shares (of any
class or classes) or other securities or property of the Company (or cash) that he would have been
entitled to receive at the same aggregate Exercise Price upon such reorganization or
reclassification if such Unit Warrants had been exercised immediately prior to the record date with
respect to such event; and in any such case, appropriate provision (as determined by the Board of
Directors of the Company, whose determination shall be conclusive and shall be evidenced by a
certified Board resolution filed with the Warrant Agent) shall be made for the application of this
Section 14 with respect to the rights and interests thereafter of the Holders (including
but not limited to the allocation of the Exercise Price between or among shares of classes of
capital stock), to the end that this Section 14 (including the adjustments of the number of
shares of Common Stock or other securities purchasable and the Exercise Price thereof) shall
thereafter be reflected, as nearly as reasonably practicable, in all subsequent exercises of the
Unit Warrants for any shares or securities or other property (or cash) thereafter deliverable upon
the exercise of the Unit Warrants.

          (c) In case of any consolidation of the Company with, or merger of the Company into, another
corporation (other than a consolidation or merger which does not result in any reclassification or
change of the outstanding Common Stock), the corporation formed by

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such consolidation or merger shall execute and deliver to the Warrant Agent a supplemental
warrant agreement providing that the holder of each Unit Warrant then outstanding shall have the
right thereafter (until the Expiration Time) to receive, upon exercise of such Unit Warrant, the
kind and amount of shares of stock and other securities and property (or cash) receivable upon such
consolidation or merger by a holder of the number of shares of Common Stock for which such Unit
Warrant might have been exercised immediately prior to such consolidation, merger, sale or
transfer. Such supplemental warrant agreement shall provide for adjustments which shall be as
nearly equivalent as may be practicable to the adjustments provided in this Section 14.

     15. Notice to Holders. Upon any adjustment as described in Section 14, the
Company within twenty (20) calendar days thereafter shall (i) cause to be filed with the Warrant
Agent a certificate signed by an officer of the Company setting forth the details of such
adjustment, the method of calculation and the facts upon which such calculation is based, which
certificate shall be conclusive evidence of the correctness of the matters set forth therein
(absent manifest error), (ii) cause written notice of such adjustments to be given to each Holder
as of the record date applicable to such adjustment. Also, if the Company proposes to enter into
any reorganization, reclassification, sale of substantially all of its assets, consolidation,
merger, dissolution, liquidation or winding up, the Company shall give notice of such fact at least
20 days prior to such action to all Holders, which notice shall set forth such facts and indicate
the effect of such action (to the extent such effect may be known at the date of such notice) on
the Exercise Price and the kind and amount of the shares or other securities and property
deliverable upon exercise of the Unit Warrants. Without limiting the obligation of the Company
hereunder to provide notice to each Holder, failure of the Company to give notice shall not
invalidate any corporate action taken by the Company.

     16. No Fractional Warrants or Shares. The Company shall not be required to issue
fractions of Shares issuable upon exercise of the Unit Warrants, upon the reissue of Unit Warrants,
or any adjustments as described in Section 14 or otherwise. Rather, the Company, in lieu
of issuing any such fractional interest, shall round up or down to the nearest full Share issuable
upon exercise of the Unit Warrant. If the total Unit Warrants surrendered by exercise would result
in the issuance of a fractional share, the Company shall not be required to issue a fractional
share but rather the aggregate number of shares issuable will be rounded up or down to the nearest
full Share.

     17. Rights of Holders. No Holder, as such, shall have any rights of a stockholder of
the Company, either at law or in equity, and the rights of a Holder, as such, are limited to those
rights expressly provided in this Agreement and the Warrant Certificate. The Company and the
Warrant Agent may treat the registered Holder in respect of any Unit Warrant as the absolute owner
thereof for all purposes notwithstanding any notice to the contrary.

     18. Warrant Agent. The Company hereby appoints the Warrant Agent to act as the agent
of the Company and the Warrant Agent hereby accepts such appointment upon the following terms and
conditions by all of which the Company and every Holder, by acceptance of his Warrant Certificates,
shall be bound:

          (a) Statements contained in this Agreement and in the Warrant Certificate shall be taken as
statements of the Company. The Warrant Agent assumes no responsibility for

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the correctness of any of the same except such as describes the Warrant Agent or for action
taken or to be taken by the Warrant Agent.

          (b) The Warrant Agent shall not be responsible for any failure of the Company to comply with
any of the Company’s covenants contained in this Agreement or in the Warrant Certificates.

          (c) The Warrant Agent may consult at any time with counsel satisfactory to it (who may be
counsel for the Company), and the Warrant Agent shall incur no liability or responsibility to the
Company or to any Holder in respect of any action taken, suffered or omitted by it hereunder in
good faith and in accordance with the opinion or the advice of such counsel, provided the Warrant
Agent shall have exercised reasonable care in the selection and continued employment of such
counsel.

          (d) The Warrant Agent shall incur no liability or responsibility to the Company or to any
Holder for any action taken in reliance upon any notice, resolution, waiver, consent, order,
certificate or other paper, document or instrument believed by it to be genuine and to have been
signed, sent or presented by the proper party or parties.

          (e) The Company agrees to pay to the Warrant Agent the compensation set forth on Exhibit B for
all services rendered by the Warrant Agent in the execution of this Agreement, to reimburse the
Warrant Agent for all expenses, taxes and governmental charges and all other charges of any kind or
nature incurred by the Warrant Agent in the execution of this Agreement, and to indemnify the
Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and
counsel fees, for this Agreement except as a result of the Warrant Agent’s gross negligence or bad
faith or willful misconduct.

          (f) The Warrant Agent shall be under no obligation to institute any action, suit or legal
proceeding or to take any other action likely to involve expense unless the Company or one or more
Holders shall furnish the Warrant Agent with reasonable security and indemnity for any costs and
expenses which may be incurred in connection with such action, suit or legal proceeding, but this
provision shall not affect the power of the Warrant Agent to take such action as the Warrant Agent
may consider proper, whether with or without any such security or indemnity. All rights of action
under this Agreement or under any of the Unit Warrants may be enforced by the Warrant Agent without
the possession of any of the Warrant Certificates or the production thereof at any trial or other
proceeding relative thereto, and any such action, suit or proceeding instituted by the Warrant
Agent shall be brought in its name as Warrant Agent, and any recovery of judgment shall be for the
ratable benefit of the Holders as their respective rights or interest may appear.

          (g) The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent
may buy, sell or deal in any of the Unit Warrants or other securities of the Company or become
interested in any pecuniary manner in any transaction in which the Company may be interested, or
contract with or lend money to the Company or otherwise act as fully and freely as though it were
not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from
acting in any other capacity for the Company or for any other legal entity.

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     19. Successor Warrant Agent. Any corporation into which the Warrant Agent may be
merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation
succeeding to the corporate trust business of the Warrant Agent, shall be the successor to the
Warrant Agent hereunder with the same powers, rights, responsibilities and obligations of the
Warrant Agent without the execution or filing of any paper or any further act of a party or the
parties hereto. In any such event or if the name of the Warrant Agent is changed, the Warrant
Agent or such successor may adopt the countersignature of the original Warrant Agent and may
countersign such Warrants either in the name of the predecessor Warrant Agent or in the name of the
successor Warrant Agent.

     20. Change of Warrant Agent. The Warrant Agent may resign or be discharged by the
Company from its duties under this Agreement by the Warrant Agent or the Company, as the case may
be, giving notice in writing to the other, and by giving a date when such resignation or discharge
shall take effect, which notice shall be sent at least 30 days prior to the date so specified. If
the Warrant Agent shall resign, be discharged or shall otherwise become incapable of acting, the
Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after it has been notified in writing of such resignation or
incapacity by the resigning or incapacitated Warrant Agent or after discharging the Warrant Agent,
then the Company agrees to perform the duties of the Warrant Agent hereunder until a successor
Warrant Agent is appointed. Any successor Warrant Agent shall be a bank or a trust company, in
good standing, organized under the laws of the United States of America, having at the time of its
appointment as Warrant Agent, a combined capital and surplus of at least five million dollars
(U.S.$5,000,000). After appointment, the successor Warrant Agent shall be vested with the same
powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent
without further act or deed and the former Warrant Agent shall deliver and transfer to the
successor Warrant Agent any property at the time held by it thereunder, and execute and deliver any
further assurance, conveyance, act or deed necessary for effecting the delivery or transfer.

     Failure to give any notice provided for in the section, however, or any defect therein, shall
not affect the legality or validity of the resignation or removal of the Warrant Agent or the
appointment of the successor Warrant Agent, as the case may be.

     21. Notices. Any notice or demand authorized by this Agreement to be given or made by
the Warrant Agent or by any Holder to or on the Company shall be sent by facsimile, mail, first
class, certified or registered, postage prepaid, addressed (until another address is filed in
writing by the Company with the Warrant Agent), as follows:

To the Company:

Planet Beach Franchising Corporation

5145 Taravella Road

Marrero, Louisiana 70072

Attn: Stephen P. Smith

Facsimile: 504-361-5540

To the Warrant Agent:

-10-

 

Registrar and Transfer Company

10 Commerce Drive

Cranford, New Jersey 07016

To the Holders: At their last known addresses as they shall appear on the
registration books for the Warrant Certificates maintained by the Warrant Agent.

     All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (i) upon personal delivery to the party to be notified; (ii) when sent by
confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and
if not, then on the next Business Day; (iii) two (2) Business Days after having been sent by
registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) Business
Day after deposit with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt.

     22. Supplements and Amendments. The Company and the Warrant Agent may from time to
time supplement or amend this Agreement without the approval of any Holders in order to cure any
ambiguity or to correct or supplement any provisions herein, or to make any other provisions in
regard to matters or questions arising hereunder that the Company and the Warrant Agent may deem
necessary or desirable.

     23. Successors. All of the covenants and provisions of this Agreement by or for the
benefit of the Company, the Warrant Agent, the Holders and CKCC shall bind and inure to the benefit
of their respective successors and assigns hereunder.

     24. Termination. This Agreement shall terminate at the close of business on the
Expiration Time or such earlier date upon which all Unit Warrants have been exercised or redeemed.
The provisions of Section 18 shall survive such termination.

     25. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Louisiana, without regard to conflict of law principles, and
notwithstanding the fact that one or more counterparts hereof may be executed outside of the state,
or one or more of the obligations of the parties hereunder are to be performed outside of the
state.

     26. Benefits of this Agreement. Nothing in this Agreement shall be construed to give
any person or corporation other than the Company, the Warrant Agent, the Holders and CKCC any legal
or equitable right, remedy or claim under this Agreement.

     27. Headings. The headings used in this Agreement are used for convenience only and
are not to be considered in construing or interpreting this Agreement.

     28. Severability. If any provision of this Agreement shall be held to be invalid or
unenforceable, such invalidity or unenforceability shall not affect any other provisions of this
Agreement.

-11-

 

     29. Execution and Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an original, and such
counterparts together shall constitute only one instrument. Any one of such counterparts shall be
sufficient for the purpose of proving the existence and terms of this Agreement, and no party shall
be required to produce an original or all of such counterparts in making such proof.

[The remainder of page intentionally left blank]

-12-

 

     IN WITNESS WHEREOF, each of the parties hereto has caused this Warrant Agreement to be
executed by one of its officers thereunto duly authorized as of the date first set forth above.

	 	 	 	 	 
	 	PLANET BEACH FRANCHISING CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	REGISTRAR AND TRANSFER COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

-13-

 

EXHIBIT A

FORM OF WARRANT CERTIFICATE

VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON                     , 2013

UNIT WARRANTS TO PURCHASE COMMON STOCK

No. ______-

No. of Unit Warrants:                     

CUSIP                     

PLANET BEACH FRANCHISING CORPORATION

     THIS CERTIFIES THAT                     , or its registered assigns, is the registered holder of the
number of Unit Warrants (“Warrants”) set forth above. Each Warrant entitles the holder
thereof to purchase from Planet Beach Franchising Corporation, a Delaware corporation (the
“Company”), subject to the terms and conditions set forth hereinafter and in the Warrant
Agreement, dated as of                     , 2010, by and between the Company and Registrar and Transfer
Company (the “Warrant Agreement”), during the period (the “Exercise Period”)
commencing as of 9:30:01 a.m., New York time, on                     , 2010, and ending as of 5:00 p.m., New
York time, on                     , 2013 (“Expiration Time”), one (1) fully paid and non-assessable
share of Common Stock, par value $0.0001 per share, of the Company (the “Common Stock”).
Any capitalized terms used herein without definition shall have the meanings ascribed to such terms
in the Warrant Agreement.

     The Warrants may be exercised by delivery to Registrar and Transfer Company, 10 Commerce
Drive, Cranford, New Jersey 07016, (or to the address of any successor warrant agent or, if there
be no successor warrant agent, at the corporate offices of the Company), of:

     (i)
this Warrant Certificate, with the exercise form attached hereto duly completed and
executed; and

     (ii)
payment of the Exercise Price to the order of [                    ].

     Notwithstanding anything else in this Warrant Certificate, or the Warrant Agreement, no
Warrant may be exercised unless at the time of exercise (i) a registration statement covering the
Shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus
thereunder relating to the Shares is current. In no event shall the registered holder of this
Warrant be entitled to receive a net-cash settlement, shares of common stock or other consideration
in lieu of physical settlement in Shares of the Company. The Warrant Agreement provides that upon
the occurrence of certain events, the Exercise Price and the number of Shares

 

 

purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be
adjusted.

     This Warrant will expire as of the Expiration Time if it is not exercised prior to such time
by the registered holder pursuant to the terms of the Warrant Agreement or if it is not redeemed by
the Company prior to such date in accordance with the terms of the Warrant Agreement.

     This Warrant Certificate is subject to all of the terms, provisions and conditions of the
Warrant Agreement, to all of which terms, provisions and conditions the registered holder of this
Warrant Certificate consents by acceptance hereof. The Warrant Agreement is incorporated herein by
reference and made a part hereof and reference is made to the Warrant Agreement for a full
description of the rights, limitations of rights, obligations, duties and immunities of the Warrant
Agent, the Company and the holders of the Warrant Certificates. Copies of the Warrant Agreement
are available for inspection at the stock transfer office of the Warrant Agent or may be obtained
upon written request addressed to the Company at its corporate offices.

     The Company shall not be required upon the exercise of the Warrants evidenced by this Warrant
Certificate to issue fractions of Warrants, Common Stock or other securities, but shall make
adjustment therefor as provided in the Warrant Agreement.

     This Warrant does not entitle the registered holder to any of the rights of a stockholder of
the Company.

     This Warrant Certificate, with or without other certificates, upon surrender to the Warrant
Agent, any successor warrant agent or, in the absence of any successor warrant agent, at the
corporate offices of the Company, may be exchanged for another Warrant Certificate or certificates
evidencing in the aggregate the same number of Warrants as the Warrant Certificate or certificates
so surrendered. If the Warrants evidenced by this Warrant Certificate shall be exercised in part,
the holder hereof shall be entitled to receive upon surrender hereof another Warrant Certificate or
certificates evidencing the number of Warrants not so exercised.

     The Company and the Warrant Agent may deem and treat the registered holder as the absolute
owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing
hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the
registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary.

     The terms and provisions of this Warrant Certificate shall be governed by and construed in
accordance with the laws of the State of Louisiana, without regard to conflicts of law principles.

A-2

 

     WITNESS the signatures of the duly authorized officers of Planet Beach Franchising Corporation
and its corporate seal.

	 	 	 	 	 	 	 	 	 	 	 	 

	By:

	 	 	 	 	 	By:	 	 	 	 	 
	 	 

	 

	 
	 	 	 
	 

	 	 
	 

	 	Title: 
	 	 
	 	 	 	Title: 
	 	 	 
	 

	 	 	 

	 
	 	 	 	 	 

	 	 

(CORPORATE SEAL)

Countersigned:

REGISTRAR AND TRANSFER COMPANY

By: ______________________________

                     Authorized Officer

A-3

 

     The following abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to applicable laws or
regulations.

	 	 	 

	TEN COM:

	 	as tenants in common
	TEN ENT:

	 	as tenants by the entireties
	JT TEN:

	 	as joint tenants with right

	 

	 	of survivorship and not as
	 

	 	tenants in common

UNIF GIFT MIN ACT ___________________________________ Custodian ___________________________________

(Cust)

(Minor)

under Uniform Gifts to Minors Act

(State)

UNIF TRF MIN ACT  ___________________________________ Custodian  ___________________________________

(Cust)

(Minor)

under Uniform Transfers to Minors Act

(State)

A-4

 

FORM OF EXERCISE

(To be executed upon exercise of Unit Warrant)

To: Planet Beach Franchising Corporation

     The undersigned, pursuant to the provisions set forth in the Warrant Certificate and Warrant
Agreement, hereby irrevocably elects to exercise the right of purchase represented thereby, and
hereby agrees to subscribe for and to purchase shares of the Common Stock of Planet Beach
Franchising Corporation (“Common Shares”), as provided for therein, and tenders herewith
payment of the purchase price in full in cash by certified or bank cashier’s check in the amount of
$                    .

     Please issue a certificate or certificates for such Common Shares in the name of the
undersigned. If the number of Common Shares purchased hereby shall not be all the Common Shares
purchasable under the within Warrant Certificate, a new Warrant Certificate is to be issued in the
name of the undersigned for the balance remaining of the Common Shares purchasable thereunder.

Name:  

Address:  

SS#/TIN#:  

	 	 	 

	 

	 	 

 

Signature(s):
	 
	 	 
	 

	 	(This above signature(s) must correspond with
the name on the face of this Warrant
Certificate or with the name of the assignee
appearing in the assignment form below.)

Date:                                         

A-5

 

FORM OF ASSIGNMENT

(TO BE SIGNED ONLY UPON ASSIGNMENT)

FOR VALUE RECEIVED, the undersigned Registered Holder,                                         , hereby sells, assigns
and transfers unto

 

 

 

(Please Print Name and Address including Zip Code)

 

(Please insert social security or tax identification

number of Registered Holder)

                     of the Warrants represented by this Warrant Certificate, and hereby irrevocably
constitutes and appoints                                          attorney to transfer this Warrant Certificate on
the books of the Company, with full power of substitution in the premises.

Date:                                         

	 	 	 

	 

	 	 

	 

	 	Signature(s):

 
	 

	 	(Signature(s) must conform in all respects to the
name of Registered Holder as specified on the face of
this Warrant Certificate in every particular, without
alteration or any change whatsoever, and the
signature(s) must be guaranteed in the usual manner.)
	 
	 
	 

Signature(s) Guaranteed:

	 	 

(The signature(s) should be guaranteed by an
eligible institution pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934, as
amended.)

A-6

 

EXHIBIT B

TERMS OF WARRANT AGENT COMPENSATIONexv10w1

Exhibit 10.1

EXECUTION VERSION

 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

dated as of June 30, 2010

among

NRG ENERGY, INC.,

as Borrower,

THE LENDERS PARTY HERETO,

CITIGROUP GLOBAL MARKETS INC., RBS SECURITIES INC., DEUTSCHE BANK SECURITIES

INC. and BANC OF AMERICA SECURITIES LLC,

as Revolving Joint Book Runners and Revolving Joint Lead Arrangers,

CITIGROUP GLOBAL MARKETS INC., J.P. MORGAN SECURITIES INC., BNP PARIBAS

SECURITIES CORP., CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK and

MORGAN STANLEY SENIOR FUNDING, INC.,

as Extended Maturity Term Loan Joint Book Runners and Extended Maturity Term Loan Joint Lead

Arrangers,

CITIGROUP GLOBAL MARKETS INC., RBS SECURITIES INC., DEUTSCHE BANK SECURITIES

INC. AND CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as Extended Maturity CLD Joint Book Runners and Extended Maturity CLD Joint Lead Arrangers,

CITICORP NORTH AMERICA INC.,

as Administrative Agent and Collateral Agent,

RBS SECURITIES INC. and DEUTSCHE BANK SECURITIES INC.,

as Revolving Co-Syndication Agents and Extended Maturity CLD Co-Syndication Agents,

JPMORGAN CHASE BANK, N.A. and BNP PARIBAS,

as Extended Maturity Term Loan Co-Syndication Agents,

BANK OF AMERICA, N.A.,

as Revolving Documentation Agent,

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK and MORGAN STANLEY SENIOR

FUNDING, INC.,

as Extended Maturity Term Loan Co-Documentation Agents

and

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as Extended Maturity CLD Documentation Agent

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	
ARTICLE I.
	
Definitions
	 
	 	 	 	 
	SECTION 1.01. Defined Terms
	 	 	5	 
	SECTION 1.02. Terms Generally
	 	 	68	 
	SECTION 1.03. Classification of Loans and Borrowings
	 	 	69	 
	SECTION 1.04. Pro Forma Calculations
	 	 	69	 
	SECTION 1.05. Exchange Rates
	 	 	69	 
	 
	 	 	 	 
	
ARTICLE II.
	
The Credits
	 
	 	 	 	 
	SECTION 2.01. Commitments
	 	 	70	 
	SECTION 2.02. Loans
	 	 	70	 
	SECTION 2.03. Borrowing Procedure
	 	 	72	 
	SECTION 2.04. Repayment of Loans; Evidence of Debt
	 	 	73	 
	SECTION 2.05. Fees
	 	 	74	 
	SECTION 2.06. Interest on Loans
	 	 	75	 
	SECTION 2.07. Default Interest
	 	 	75	 
	SECTION 2.08. Alternate Rate of Interest
	 	 	75	 
	SECTION 2.09. Termination and Reduction of Commitments; Reduction and Conversion of
Credit-Linked Deposits
	 	 	76	 
	SECTION 2.10. Conversion and Continuation of Borrowings
	 	 	77	 
	SECTION 2.11. Repayment of Term B Loans and Credit-Linked Deposits
	 	 	78	 
	SECTION 2.12. Prepayment
	 	 	80	 
	SECTION 2.13. Mandatory Prepayments
	 	 	81	 
	SECTION 2.14. Reserve Requirements; Change in Circumstances
	 	 	86	 
	SECTION 2.15. Change in Legality
	 	 	87	 
	SECTION 2.16. Indemnity
	 	 	88	 
	SECTION 2.17. Pro Rata Treatment
	 	 	88	 
	SECTION 2.18. Sharing of Setoffs
	 	 	88	 
	SECTION 2.19. Payments
	 	 	89	 
	SECTION 2.20. Taxes
	 	 	89	 
	SECTION 2.21. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate
	 	 	91	 
	SECTION 2.22. Swingline Loans
	 	 	92	 
	SECTION 2.23. Letters of Credit
	 	 	94	 
	SECTION 2.24. Funded L/C Collateral Accounts
	 	 	98	 
	SECTION 2.25. Incremental Facilities
	 	 	99	 
	SECTION 2.26. Incremental Refinancing Facilities
	 	 	101	 
	SECTION 2.27. Defaulting Lenders
	 	 	102	 

 

 

	 	 	 	 	 
	 	 	Page	 
	
ARTICLE III.
	
Representations and Warranties
	 
	 	 	 	 
	SECTION 3.01. Organization; Powers
	 	 	103	 
	SECTION 3.02. Authorization; No Conflicts
	 	 	104	 
	SECTION 3.03. Enforceability
	 	 	104	 
	SECTION 3.04. Governmental Approvals
	 	 	104	 
	SECTION 3.05. [Reserved]
	 	 	104	 
	SECTION 3.06. No Material Adverse Change
	 	 	104	 
	SECTION 3.07. Title to Properties; Possession Under Leases
	 	 	104	 
	SECTION 3.08. Subsidiaries
	 	 	105	 
	SECTION 3.09. Litigation; Compliance with Laws
	 	 	105	 
	SECTION 3.10. Agreements
	 	 	106	 
	SECTION 3.11. Federal Reserve Regulations
	 	 	106	 
	SECTION 3.12. Investment Company Act
	 	 	106	 
	SECTION 3.13. Use of Proceeds
	 	 	106	 
	SECTION 3.14. Tax Returns
	 	 	107	 
	SECTION 3.15. No Material Misstatements
	 	 	107	 
	SECTION 3.16. Employee Benefit Plans
	 	 	107	 
	SECTION 3.17. Environmental Matters
	 	 	107	 
	SECTION 3.18. Insurance
	 	 	108	 
	SECTION 3.19. Security Documents
	 	 	108	 
	SECTION 3.20. Location of Real Property
	 	 	110	 
	SECTION 3.21. Labor Matters
	 	 	110	 
	SECTION 3.22. Intellectual Property
	 	 	110	 
	SECTION 3.23. Energy Regulation
	 	 	110	 
	SECTION 3.24. Solvency
	 	 	111	 
	SECTION 3.25. Liabilities and Obligations of Funded L/C SPV
	 	 	112	 
	 
	 	 	 	 
	
ARTICLE IV.
	
Conditions of Lending
	 
	 	 	 	 
	SECTION 4.01. All Credit Events
	 	 	112	 
	SECTION 4.02. Conditions Precedent to Third Restatement Date
	 	 	113	 
	 
	 	 	 	 
	
ARTICLE V.
	
Affirmative Covenants
	 
	 	 	 	 
	SECTION 5.01. Corporate Existence
	 	 	115	 
	SECTION 5.02. Insurance
	 	 	115	 
	SECTION 5.03. Taxes
	 	 	116	 
	SECTION 5.04. Financial Statements, Reports, etc
	 	 	116	 
	SECTION 5.05. Litigation and Other Notices
	 	 	118	 
	SECTION 5.06. Information Regarding Collateral
	 	 	118	 
	SECTION 5.07. Maintaining Records; Access to Properties and Inspections;
Environmental Assessments
	 	 	119	 
	SECTION 5.08. Use of Proceeds
	 	 	120	 
	SECTION 5.09. Additional Collateral, etc.
	 	 	120	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 5.10. Further Assurances
	 	 	122	 
	SECTION 5.11. Ownership of Funded L/C SPV
	 	 	123	 
	 
	 	 	 	 
	
ARTICLE VI.
	
Negative Covenants
	 
	 	 	 	 
	SECTION 6.01. Indebtedness and Preferred Stock
	 	 	123	 
	SECTION 6.02. Liens
	 	 	129	 
	SECTION 6.03. Limitation on Sale and Leaseback Transactions
	 	 	129	 
	SECTION 6.04. Mergers, Consolidations and Sales of Assets
	 	 	129	 
	SECTION 6.05. Limitation on Investments
	 	 	130	 
	SECTION 6.06. Limitation on Dividends
	 	 	133	 
	SECTION 6.07. Limitations on Debt Payments; Restrictive Agreements
	 	 	134	 
	SECTION 6.08. Transactions with Affiliates
	 	 	138	 
	SECTION 6.09. Business Activities; Limitations on Funded L/C SPV
	 	 	140	 
	SECTION 6.10. Other Indebtedness and Agreements
	 	 	140	 
	SECTION 6.11. Designation of Restricted and Unrestricted Subsidiaries and Excluded
Subsidiaries
	 	 	141	 
	SECTION 6.12. Capital Expenditures
	 	 	141	 
	SECTION 6.13. Consolidated Interest Coverage Ratio
	 	 	142	 
	SECTION 6.14. Consolidated Leverage Ratio
	 	 	142	 
	SECTION 6.15. Fiscal Year
	 	 	142	 
	 
	 	 	 	 
	
ARTICLE VII.
	
Events of Default
	 
	 	 	 	 
	
ARTICLE VIII.
	
The Agents and the Arrangers
	 
	 	 	 	 
	
ARTICLE IX.
	
Miscellaneous
	 
	 	 	 	 
	SECTION 9.01. Notices
	 	 	148	 
	SECTION 9.02. Survival of Agreement
	 	 	150	 
	SECTION 9.03. Binding Effect
	 	 	151	 
	SECTION 9.04. Successors and Assigns
	 	 	151	 
	SECTION 9.05. Expenses; Indemnity
	 	 	154	 
	SECTION 9.06. Right of Setoff
	 	 	156	 
	SECTION 9.07. Applicable Law
	 	 	156	 
	SECTION 9.08. Waivers; Amendment; Replacement of Non-Consenting Lenders
	 	 	156	 
	SECTION 9.09. Interest Rate Limitation
	 	 	158	 
	SECTION 9.10. Entire Agreement
	 	 	158	 
	SECTION 9.11. WAIVER OF JURY TRIAL
	 	 	158	 
	SECTION 9.12. Severability
	 	 	159	 
	SECTION 9.13. Counterparts
	 	 	159	 
	SECTION 9.14. Headings
	 	 	159	 
	SECTION 9.15. Jurisdiction; Consent to Service of Process
	 	 	159	 

iii

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 9.16. Confidentiality
	 	 	160	 
	SECTION 9.17. Delivery of Lender Addenda
	 	 	160	 
	SECTION 9.18. [Reserved]
	 	 	160	 
	SECTION 9.19. Mortgage Modifications
	 	 	161	 
	SECTION 9.20. Certain Undertakings with Respect to Securitization Vehicles
	 	 	161	 
	SECTION 9.21. Effect of Amendment and Restatement of the Second Restated Credit
Agreement
	 	 	162	 
	SECTION 9.22. Permitted Amendments
	 	 	163	 
	SECTION 9.23. Undertaking Regarding Bankruptcy or Similar Proceeding against Funded
L/C SPV
	 	 	164	 

	 	 	 

	Exhibits and Schedules
	 
	 	 
	Exhibit A

	 	Form of Administrative Questionnaire
	Exhibit B

	 	Form of Affiliate Subordination Agreement
	Exhibit C

	 	Form of Assignment and Acceptance
	Exhibit D

	 	Form of Borrowing Request
	Exhibit E

	 	Form of Joinder Agreement
	Exhibit F

	 	Form of Mortgage
	Exhibit G

	 	Form of Revolving Note
	Exhibit H-1

	 	Form of Original Maturity Term Note
	Exhibit H-2

	 	Form of Extended Maturity Term Note
	Exhibit H-3

	 	Form of Original Maturity Credit-Linked Deposit Note
	Exhibit H-4

	 	Form of Extended Maturity Credit-Linked Deposit Note
	Exhibit I

	 	Form of Prepayment Notice
	Exhibit J

	 	Form of Non-Bank Certificate
	 
	 	 
	 
	 	 
	Schedule 1.01(a)

	 	Excluded Foreign Subsidiaries
	Schedule 1.01(b)

	 	Excluded Project Subsidiaries
	Schedule 1.01(c)

	 	Existing Commodity Hedging Agreements
	Schedule 1.01(e)

	 	Existing Non-Recourse Indebtedness
	Schedule 1.01(f)

	 	Mortgaged Properties
	Schedule 1.01(g)

	 	Subsidiary Guarantors
	Schedule 3.07

	 	Properties
	Schedule 3.08

	 	Subsidiaries
	Schedule 3.09

	 	Litigation
	Schedule 3.17

	 	Environmental Matters
	Schedule 3.18

	 	Insurance
	Schedule 3.19(a)

	 	UCC Filing Offices
	Schedule 3.19(c)

	 	Mortgage Filing Offices
	Schedule 3.20

	 	Owned and Leased Real Property
	Schedule 3.23(b)

	 	Rate Proceedings
	Schedule 3.23(d)

	 	FERC Matters
	Schedule 3.23(g)

	 	Regulatory Status
	Schedule 5.09(b)

	 	Title Insurance and Survey Requirements
	Schedule 6.01

	 	Existing Indebtedness
	Schedule 6.02

	 	Existing Liens

iv

 

     THIRD AMENDED AND RESTATED CREDIT AGREEMENT dated as of June 30, 2010, among NRG ENERGY, INC.,
a Delaware corporation (the “Borrower”), the LENDERS from time to time party hereto,
CITICORP NORTH AMERICA INC. (“CNA”), as administrative agent (in such capacity and together
with its successors, the “Administrative Agent”) and collateral agent (in such capacity and
together with its successors, the “Collateral Agent”), and DEUTSCHE BANK AG, NEW YORK
BRANCH and BANK OF AMERICA, N.A. as Issuing Banks, with CITIGROUP GLOBAL MARKETS INC., RBS
SECURITIES INC., DEUTSCHE BANK SECURITIES INC. and BANC OF AMERICA SECURITIES LLC, as joint book
runners and joint lead arrangers in respect of the Revolving Loans (in such capacities,
collectively, the “Revolving Arrangers”), CITIGROUP GLOBAL MARKETS INC., J.P. MORGAN
SECURITIES INC., BNP PARIBAS SECURITIES CORP., CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK and
MORGAN STANLEY SENIOR FUNDING, INC., as joint book runners and joint lead arrangers in respect of
the Extended Maturity Term Loans (in such capacities, collectively, the “Extended Maturity Term
Loan Arrangers”), CITIGROUP GLOBAL MARKETS INC., RBS SECURITIES INC., DEUTSCHE BANK SECURITIES
INC. AND CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as joint book runners and joint lead arrangers in
respect of the Extended Maturity Credit-Linked Deposits (in such capacities, the “Extended
Maturity CLD Arrangers” and, together with the Revolving Arrangers and the Extended Maturity
Term Loan Arrangers, collectively, the “Arrangers”), RBS SECURITIES INC. and DEUTSCHE BANK
SECURITIES INC., as co-syndication agents for the Revolving Loans (in such capacities,
collectively, the “Revolving Co-Syndication Agents”) and as co-syndication agents for the
Extended Maturity Credit-Linked Deposits (in such capacities, collectively, the “Extended
Maturity CLD Co-Syndication Agents”), JPMORGAN CHASE BANK, N.A. and BNP PARIBAS, as
co-syndication agents for the Extended Maturity Term Loans (in such capacities, collectively, the
“Extended Maturity Term Loan Co-Syndication Agents” and, together with the Revolving
Co-Syndication Agents and the Extended Maturity CLD Co-Syndication Agents, the “Syndication
Agents”), BANK OF AMERICA, N.A., as documentation agent in respect of the Revolving Loans (in
such capacity, the “Revolving Documentation Agent”), CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK and MORGAN STANLEY SENIOR FUNDING, INC., as co-documentation agents in respect of
the Extended Maturity Term Loans (in such capacities, collectively, the “Extended Maturity Term
Loan Co-Documentation Agents”), and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as documentation
agent in respect of the Extended Maturity Credit-Linked Deposits (in such capacity, the
“Extended Maturity CLD Documentation Agent” and, together with the Revolving Documentation
Agent and the Extended Maturity Term Loan Co-Documentation Agents, the “Documentation
Agents”).

     A. On the Closing Date, the Borrower, Morgan Stanley Senior Funding, Inc., as administrative
agent (the “Existing Administrative Agent”) and certain of the Lenders entered into the
Existing Credit Agreement pursuant to which certain of the Lenders agreed to extend credit to the
Borrower on a revolving credit basis and/or to make term loans and/or credit-linked deposits to the
Borrower.

     B. Pursuant to the terms and conditions of the Purchase Agreement, on the Closing Date the
Borrower purchased (a) 82% of the outstanding Equity Interests of NRG Texas LLC, formerly known as
Texas Genco LLC (the “Target” or “Texas Genco”), directly from certain sellers
named therein (the “Sellers”) and (b) all of the issued outstanding shares of certain
corporations affiliated with the Sellers that held the remaining 18% of the outstanding Equity
Interests of the Target (the “Acquisition”). As consideration for such purchase, the
Borrower paid consideration in cash and preferred and/or common stock of the Borrower (subject to
adjustment in accordance with the Purchase Agreement) in connection with the Acquisition (the
“Acquisition Consideration”).

1

 

     C. On the Closing Date all loans outstanding under the Borrower’s credit agreement, dated as
of December 24, 2004, as amended on August 5, 2005 and December 27, 2005, among the Borrower, NRG
Power Marketing, the lenders party thereto, Credit Suisse (formerly known as Credit Suisse First
Boston), as administrative agent, joint lead bookrunner, joint lead arranger and co-documentation
agent, and Goldman Sachs Credit Partners L.P., as syndication agent, joint lead bookrunner, joint
lead arranger and co-documentation agent (the “2005 Credit Agreement”) were assigned in
their entirety to the Lenders under the Existing Credit Agreement, and the Commitments (as defined
in the 2005 Credit Agreement) of such assigning Lenders were assigned to the Lenders under the
Existing Credit Agreement, and thereafter continued as and deemed to be a portion of the
Commitments under (and as defined in) the Existing Credit Agreement. It is understood that the
terms and conditions of the 2005 Credit Agreement were superseded by the terms and conditions of
the Existing Credit Agreement; provided that terms of the 2005 Credit Agreement that were
to expressly survive termination of such agreement pursuant to the terms thereof continued (and
continue) to be effective. The Borrower requested the Lenders to continue to extend credit under
the Existing Credit Agreement in the form of (a) Term Loans (as defined therein) re-evidenced on
the Closing Date in an aggregate principal amount of $3,575,000,000, (b) Credit-Linked Deposits (as
defined therein) re-evidenced on the Closing Date in an aggregate principal amount of
$1,000,000,000 and (c) Revolving Loans, Revolving Letters of Credit and Swingline Loans (each as
defined therein) re-evidenced, made or issued at any time and from time to time on or after the
Closing Date and prior to the Revolving Credit Maturity Date (as defined therein) in an aggregate
principal amount at any time outstanding not to exceed $1,000,000,000 (subject to the limitations
set forth therein).

     D. The proceeds of the Term Loans (as defined in the Existing Credit Agreement) and the
Credit-Linked Deposits (as defined in the Existing Credit Agreement) re-evidenced or made on the
Closing Date were used to (a) repay or return, as applicable, all amounts due or outstanding under
the 2005 Credit Agreement on the Closing Date to those assigning Lenders who thereafter were not
Lenders on the Closing Date, (b) fund the cash portion of the Acquisition Consideration, (c) fund
the related refinancing of (i) the Target’s credit agreement, dated as of December 14, 2004, as
amended on January 29, 2006, among the Target, the lenders party thereto, Goldman Sachs Credit
Partners L.P., as administrative agent, joint lead arranger and joint bookrunner, Morgan Stanley
Senior Funding, Inc., as syndication agent, joint lead arranger and joint bookrunner, Deutsche Bank
AG, Cayman Islands Branch, as co-documentation agent and joint bookrunner, Citicorp USA, Inc., as
co-documentation agent and joint bookrunner and Deutsche Bank Securities Inc., as joint lead
arranger for the Special Letter of Credit Facility (the “Existing Texas Genco Credit
Agreement”), (ii) the Target’s funded L/C credit agreement, dated as of June 24, 2005, among
the Target, the lenders party thereto, Goldman Sachs Credit Partners L.P., as administrative agent,
syndication agent, lead arranger and bookrunner, Sumitomo Mitsui Banking Corporation, as letter of
credit issuer, and Commerzbank AG New York and Grand Cayman Branches and Union Bank of California,
N.A., as co-documentation agents (the “Existing LC Credit Agreement”), (iii) the Borrower’s
8% second priority senior secured notes due 2013 (the “Existing NRG Notes”) and (iv) the
Target’s 6.875% senior unsecured notes due 2014 (the “Existing Texas Genco Notes”) and (d)
pay related fees, costs and expenses. Revolving Letters of Credit (as defined in the Existing
Credit Agreement) issued on the Closing Date were used to replace certain existing Letters of
Credit (as defined in the Existing Credit Agreement) and the proceeds of any Revolving Loans (as
defined in the Existing Credit Agreement) made on the Closing Date were used for other general
corporate purposes on the Closing Date (but not, directly or indirectly, to fund the Acquisition).
After the Closing Date, Revolving Loans (as defined in the Existing Credit Agreement) were
available, and Revolving Letters of Credit and Funded Letters of Credit (each as defined in the
Existing Credit Agreement) were able to be issued, for the ongoing working capital requirements of
the Borrower and for

2

 

general corporate purposes, including acquisitions not prohibited under the Existing Credit
Agreement.

     E. On November 21, 2006 (the “First Restatement Date”), the Borrower, the Existing
Administrative Agent and certain of the Lenders, among others, amended and restated the Existing
Credit Agreement (such amended and restated agreement, the “First Restated Credit
Agreement”), such that, among other things, certain Lenders (as defined in the First Restated
Credit Agreement) agreed to make Additional Credit-Linked Deposits (as defined in the First
Restated Credit Agreement) on the First Restatement Date in an aggregate amount of $500,000,000.
On the First Restatement Date, the aggregate amount of Credit-Linked Deposits (as defined in the
First Restated Credit Agreement) was $1,500,000,000.

     F. On June 8, 2007 (the “Second Restatement Date”), the Borrower, the Administrative
Agent (as successor to the Existing Administrative Agent) and certain of the Lenders, among others,
amended and restated the First Restated Credit Agreement (such amended and restated agreement, the
“Second Restated Credit Agreement”) in its entirety to continue to extend credit under the
Second Restated Credit Agreement in the form of: (i) Term Loans (as defined in the Second Restated
Credit Agreement) continued and re-evidenced on the Second Restatement Date in an aggregate
principal amount equal to $3,139,250,000, (ii) Credit-Linked Deposits (as defined in the Second
Restated Credit Agreement) continued and re-evidenced on the Second Restatement Date in an
aggregate principal amount equal to $1,300,000,000 and (iii) Revolving Loans (as defined in the
Second Restated Credit Agreement) and Revolving Letters of Credit (as defined in the Second
Restated Credit Agreement) (not to be funded or re-evidenced on the Second Restatement Date) in
amounts as requested by the Borrower from time to time not to exceed an aggregate principal amount
of $1,000,000,000; and to make certain other changes as more fully set forth in the Second Restated
Credit Agreement.

     G. The Borrower desires that certain of the Lenders and the other parties hereto agree to
amend and restate the Second Restated Credit Agreement in its entirety to continue to extend credit
under this Agreement in the form of: (i) Term B Loans, which will consist of a Class of Extended
Maturity Term Loans and a Class of Original Maturity Term Loans, (ii) Credit-Linked Deposits,
continued as Term Loans deemed to be made to the Borrower on the Third Restatement Date in an
aggregate principal amount equal to $1,300,000,000, which will consist of a Class of Extended
Maturity Credit-Linked Deposits and a Class of Original Maturity Credit-Linked Deposits and (iii)
the replacement of the revolving credit facility, including the letter of credit facility and
swingline loan facility thereunder with a revolving credit facility, including the letter of credit
facility and swingline loan facility hereunder, in each case, on the terms and conditions set forth
herein; and to make certain other changes as more fully set forth herein.

     H. The Required Lenders have, on or prior to the Third Restatement Date, authorized and
directed the Administrative Agent to execute this Agreement.

     I. The Term Lenders party hereto have agreed to continue Term B Loans hereunder in an amount
up to their respective Term Loans (as defined in the Second Restated Credit Agreement) in
accordance with Section 2.01 on the Third Restatement Date. The Funded L/C Lenders party hereto
have agreed to continue their Credit-Linked Deposits (as defined in the Second Restated Credit
Agreement), and to convert them into Term Loans made to the Borrower hereunder, in an amount up to
their respective Credit-Linked Deposits (as defined in the Second Restated Credit Agreement) in the
form of Credit-Linked Deposits hereunder in accordance with Section 2.01 on the Third Restatement
Date.

3

 

     J. It is understood and agreed that immediately prior to the Third Restatement Date the
Borrower and its Subsidiaries had no right, title or interest in or to the Credit-Linked Deposits
(as defined in the Second Restated Credit Agreement) and the Credit-Linked Deposit Account (as
defined in the Second Restated Credit Agreement) and all cash, Cash Equivalents, other securities
or investments substantially comparable to Cash Equivalents and other funds and investments held
therein and the proceeds thereof are not Collateral under and as defined in the Second Restated
Credit Agreement. Upon the conversion of the Credit-Linked Deposits (as defined in the Second
Restated Credit Agreement) into Term Loans made hereunder and designated as Credit-Linked Deposits
under and as defined in this Agreement as of the Third Restatement Date, the Borrower shall
contribute 100% of the cash proceeds of such Credit-Linked Deposits on the Third Restatement Date
to the Funded L/C SPV in exchange for the common Equity Interests of the Funded L/C SPV (the
“Funded L/C SPV Equity Contribution”) and the Funded L/C SPV will, in turn, deposit such
cash proceeds in the Funded L/C Collateral Accounts for the purpose of cash collateralizing the
Funded L/C SPV’s obligations to one or more LC Issuers pursuant to and in accordance with the terms
and provisions of Cash Collateralized Letter of Credit Facilities. The obligations of the Borrower
with respect to Funded Letters of Credit under and as defined in the Second Restated Credit
Agreement that were outstanding immediately prior to the Third Restatement Date shall, upon the
Third Restatement Date and without any further action on the part of any Person, be automatically
assigned to the Funded L/C SPV in their entirety and shall, as of the Third Restatement Date,
constitute obligations solely of the Funded L/C SPV pursuant to and in accordance with the terms
and provisions of one or more Cash Collateralized Letter of Credit Facilities (other than
obligations of (A) the Borrower with respect to the Funded L/C SPV Guarantee and (B) the Borrower
and the Subsidiary Guarantors with respect to any reimbursement agreement of the Borrower and/or
any Subsidiary Guarantor in favor of the Funded L/C SPV with respect to any amounts drawn on
letters of credit issued for the benefit of the Borrower or any of its Subsidiaries under Cash
Collateralized Letter of Credit Facilities). Prior to the Third Restatement Date, the Borrower had
agreed to pay to the Issuing Bank under the Second Restated Credit Agreement Funded Issuing Bank
Fees (as defined in the Second Restated Credit Agreement) and to each Funded L/C Lender a Funded
L/C Participation Fee (as defined in the Second Restated Credit Agreement), in each case, in
accordance with Section 2.05(d) of the Second Restated Credit Agreement, and the Deposit Bank (or
the Borrower, as applicable) had agreed to pay to each Funded L/C Lender a fee and specified return
in accordance with Section 2.24(b) of the Second Restated Credit Agreement, and all such accrued
and unpaid Funded Issuing Bank Fees, Funded L/C Participation Fees, fees and return outstanding on
the Third Restatement Date, if any, shall be paid by the Borrower (or, as applicable, the Deposit
Bank) to the Issuing Bank under the Second Restated Credit Agreement or each Funded L/C Lender, as
applicable, on the Third Restatement Date and, upon such payment, the Funded L/C Commitment (as
defined in the Second Restated Credit Agreement) shall be terminated in accordance with the terms
of the Second Restated Credit Agreement.

     K. It is the intent of the parties hereto that this Agreement not constitute a novation of the
obligations and liabilities of the parties under the Second Restated Credit Agreement (other than
with respect to the obligations of the Borrower with respect to Funded Letters of Credit under and
as defined in the Second Restated Credit Agreement that were outstanding immediately prior to the
Third Restatement Date as described above, which, as of the Third Restatement Date, constitute
obligations of the Funded L/C SPV pursuant to and in accordance with one or more Cash
Collateralized Letter of Credit Facilities) and that this Agreement amend and restate in its
entirety the Second Restated Credit Agreement.

     L. Accordingly, in consideration of the mutual agreements contained herein and other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties
hereto agree that this Agreement shall, upon satisfaction (or waiver in

4

 

accordance with Section 9.08) of the conditions set forth in Section 4.02, be amended and
restated to read in its entirety as follows:

ARTICLE I.

Definitions

     SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall
have the meanings specified below:

     “2005 Credit Agreement” shall have the meaning assigned to such term in the recitals.

     “ABR”, when used in reference to any Loan or Borrowing, shall refer to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Alternate Base Rate.

     “Acceptable Financial Counterparty” shall mean any Person who, at the time the
applicable Eligible Commodity Hedging Agreement is entered into, (a) in the ordinary course enters
into financial derivative (including commodity hedge, swap, future or option) or commodity
transactions (including power purchase/tolling agreements) and (b)(i) has a corporate rating of A-
or higher by S&P and a corporate family rating of A3 or higher by Moody’s (or an equivalent rating
by another nationally recognized statistical rating organization of similar standing if either of
such rating agencies is not then in the business of providing such ratings), or (ii) whose
obligations are supported by collateral, guarantees or letters of credit in a manner consistent
with the then prevailing industry practice for similarly situated Persons from Persons that have
the ratings described in clause (i) above.

     “Acceptable Power Counterparty” shall mean (a) Reliant Energy Inc., Energy Future
Holdings Corp. and each of their respective Affiliates and (b) any Person who, at the time the
applicable Eligible Commodity Hedging Agreement is entered into, (i) in the ordinary course
purchases or sells power and (ii)(A) has a corporate rating of BBB- or higher by S&P and a
corporate family rating of Baa3 or higher by Moody’s (or an equivalent rating by another nationally
recognized statistical rating organization of similar standing if either of such ratings agencies
is not then in the business of providing such ratings), or (B) whose obligations are supported by
collateral, guarantees or letters of credit in a manner consistent with the then prevailing
industry practice for similarly situated Persons from Persons that have the ratings described in
clause (A) above.

     “Accepting Lenders” shall have the meaning provided in Section 9.22.

     “Account” shall have the meaning assigned to such term in the UCC.

     “Acquisition” shall have the meaning assigned to such term in the recitals.

     “Acquisition Consideration” shall have the meaning assigned to such term in the
recitals.

     “Acquisition Documentation” shall mean, collectively, the Purchase Agreement and all
schedules, exhibits, annexes and amendments thereto and all side letters and agreements affecting
the terms thereof or entered into in connection therewith.

     “Acquisition Transactions” shall mean, collectively, (a) the Acquisition, including
the payment of the Acquisition Consideration, (b) the related assignment of the loans and

5

 

commitments outstanding under the 2005 Credit Agreement, the related refinancing of the Existing
Texas Genco Credit Agreement, the Existing LC Credit Agreement, the Existing Texas Genco Notes and
the Existing NRG Notes and the funding of the Texas Genco Refinancing Escrow Account (as defined in
the Second Restated Credit Agreement) and (c) the payment of fees, costs and expenses incurred in
connection with the foregoing.

     “Additional Non-Recourse Indebtedness” shall mean secured or unsecured Indebtedness of
a Subsidiary (other than the Funded L/C SPV) that is not a Loan Party; provided that

     (a) except as provided below, such Indebtedness is without recourse to the Borrower or
any other Restricted Subsidiary or to any property or assets of the Borrower or any other
Restricted Subsidiary (other than, in each such case, another Restricted Subsidiary
(x) which is the direct parent or a direct or indirect Subsidiary of the Subsidiary that
directly incurred or issued such Indebtedness (the “Issuing Subsidiary”) (except if
the Issuing Subsidiary has incurred or issued such Indebtedness in the form of a Guarantee)
or (y) that is a Restricted Subsidiary that itself has Non-Recourse Indebtedness (except if
such Restricted Subsidiary has incurred or issued such Indebtedness in the form of a
Guarantee) or is the direct parent or a direct or indirect Subsidiary of an Issuing
Subsidiary that itself has Non-Recourse Indebtedness (except if such Non-Recourse
Indebtedness of such Issuing Subsidiary is in the form of a Guarantee)); provided,
that a Restricted Subsidiary that is the parent of an Excluded Project Subsidiary and owns
no assets other than the Equity Interests in such Excluded Project Subsidiary, Equity
Interests in other Excluded Subsidiaries and any de minimis assets may incur Additional
Non-Recourse Indebtedness that is guaranteed by such Excluded Project Subsidiaries and such
Excluded Project Subsidiaries may incur Additional Non-Recourse Indebtedness in the form of
a Guarantee of such Restricted Subsidiary’s Additional Non-Recourse Indebtedness;

     (b) neither the Borrower nor any other Restricted Subsidiary (other than another
Restricted Subsidiary (x) which is the direct parent or a direct or indirect Subsidiary of
the Issuing Subsidiary (except if the Issuing Subsidiary has incurred or issued such
Indebtedness in the form of a Guarantee) or (y) that is a Restricted Subsidiary that itself
has Non-Recourse Indebtedness (except if such Restricted Subsidiary incurred or issued such
Indebtedness in the form of a Guarantee) or is the direct parent or a direct or indirect
Subsidiary of an Issuing Subsidiary that itself has Non-Recourse Indebtedness (except if
such Non-Recourse Indebtedness of such Issuing Subsidiary is in the form of a Guarantee))
provides credit support of any kind (including any undertaking, agreement or instrument
that would constitute Indebtedness) or is directly or indirectly liable as a guarantor or
otherwise in respect of such Indebtedness or in respect of the business or operations of
the applicable Subsidiary that is the obligor on such Indebtedness or any of its
subsidiaries (other than (i) any such credit support or liability consisting of
reimbursement obligations in respect of Letters of Credit issued under, and subject to the
terms of, Section 2.23 to support obligations of such applicable Subsidiary, (ii) any
Investments in such applicable Subsidiary made in accordance with Section 6.05, (iii) any
of those items expressly provided for in subclauses (u) through (z) following clause (e)
below, (iv) any such credit support or liability consisting of customary indemnity,
reimbursement and other similar obligations (including pursuant to commitment letters, fee
letters and other similar agreements) incurred in connection with an Investment permitted
and made under Section 6.05, including pursuant to a Permitted Acquisition and (v)
customary group insurance or umbrella insurance policy arrangements); provided,
that a Restricted Subsidiary that is the parent of an Excluded Project Subsidiary and
owns no assets other than the Equity Interests in such Excluded Project Subsidiary, Equity

6

 

Interests in other Excluded Subsidiaries and any de minimis assets may incur Additional
Non-Recourse Indebtedness that is guaranteed by such Excluded Project Subsidiaries and such
Excluded Project Subsidiaries may incur Additional Non-Recourse Indebtedness in the form of
a Guarantee of such Restricted Subsidiary’s Additional Non-Recourse Indebtedness;

     (c) no default with respect to such Indebtedness (including any rights that the
holders of such Indebtedness may have to take enforcement action against a Subsidiary that
is not a Loan Party) would permit upon notice, lapse of time or both any holder of any
other Indebtedness of the Borrower or any other Loan Party (other than (A) Indebtedness
incurred pursuant to Section 6.01(a), (b) or (c) and any Permitted Refinancing Indebtedness
incurred to refund, refinance, replace, defease or discharge any Indebtedness incurred
pursuant to Section 6.01(b) or (c), (B) with respect to Obligations under any Specified
Hedging Agreement or (C) under any Guarantee by the Borrower or any Subsidiary of such
Indebtedness that is incurred pursuant to Section 6.01(d), 6.01(h), 6.01(o) or 6.01(p)) to
declare a default on such other Indebtedness or cause the payment of the Indebtedness to be
accelerated or payable prior to its stated maturity;

     (d) the Liens securing such Indebtedness shall exist only on (i) the property and
assets of any Subsidiary that is not a Loan Party (it being understood and agreed that a
Lien granted by such Subsidiary on an undivided interest owned by such Subsidiary shall not
be considered a Lien on assets of any other Person for the purposes of this definition),
and (ii) the Equity Interests in any Subsidiary that is not a Loan Party (and shall not
apply to any other property or assets of the Borrower or any other Subsidiary that is a
Loan Party); and

     (e) the lenders of such Indebtedness have been notified or have otherwise agreed in
writing that they will not have any recourse under the agreements relating the relevant
Additional Non-Recourse Indebtedness to the stock or assets of the Borrower or any other
Loan Party,

     except, in the case of each of clauses (a), (b), (c) and (d) for the following (each
of which is deemed to be non-recourse for purposes of this definition): (u) pledges by the
Borrower or any Subsidiary of the Equity Interests of any Excluded Subsidiary that are
directly owned by the Borrower or any Subsidiary in favor of the agent or lenders in
respect of such Excluded Subsidiary’s Additional Non-Recourse Indebtedness, (v) obligations
to pay or guarantees by the Borrower or any other Subsidiary in respect of a development
fee, management fee, success fee, royalty or other similar obligation owed to a seller or
developer (or any affiliate thereof) of a Facility in connection with the contribution or
acquisition of such Facility (or of a Subsidiary holding such Facility or development
rights to such Facility) or development rights to such Facility to the extent such
obligations or guarantees are treated as an Investment under (and are permitted by) Section
6.05(l), and/or any obligations, credit support or guarantees by the Borrower or any other
Subsidiary that are treated as an Investment under (and are permitted by) Section 6.05(e),
6.05(g), 6.05(h), 6.05(l), 6.05(m), 6.05(p) or 6.05(s); (w) other than with respect to
clause (c) except as set forth therein, Guarantees by the Borrower or any other Subsidiary
of such Indebtedness that are incurred pursuant to Section 6.01(p), (x) agreements of the
Borrower or any other Subsidiary to provide, or guarantees or other credit support
(including letters of credit) by the Borrower or any Subsidiary of any agreement of another
Subsidiary to provide, corporate, management, administrative,
technical, energy management or marketing, engineering, procurement, construction,
operation and/or maintenance services to such Subsidiary, including in respect of the sale

7

 

or acquisition of power, emissions credits, fuel, oil, gas or other supply of energy, (y)
Guarantees of the Borrower or any other Subsidiary with respect to debt service reserves
established with respect to such Subsidiary to the extent that such Guarantee shall result
in the immediate payment of funds, pursuant to dividends or otherwise, in the amount of
such Guarantee to the Borrower or such other Subsidiary and (z) contingent obligations of
the Borrower or any other Subsidiary to make capital contributions to such Subsidiary, in
the case of each of clauses (u) through (z), which are otherwise permitted hereunder.

     “Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any
Interest Period, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for
such Interest Period and (b) Statutory Reserves.

     “Administrative Agent” shall have the meaning assigned to such term in the preamble.

     “Administrative Agent Fees” shall have the meaning assigned to such term in
Section 2.05(b).

     “Administrative Questionnaire” shall mean an Administrative Questionnaire
substantially in the form of Exhibit A, or such other similar form as may be supplied from time to
time by the Administrative Agent.

     “Affiliate” of any specified Person shall mean any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person.
For purposes of this definition, “control,” as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by agreement or
otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a
Person will be deemed to be control. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings.

     “Affiliate Subordination Agreement” shall mean an Affiliate Subordination Agreement in
the form of Exhibit B pursuant to which intercompany obligations and advances owed by any Loan
Party to a Person that is not a Loan Party are required to be subordinated to the Guaranteed
Obligations hereunder pursuant to Section 6.01(f).

     “Affiliate Transaction” shall have the meaning assigned to such term in Section 6.08.

     “Agents” shall have the meaning assigned to such term in Article VIII.

     “Aggregate Revolving Credit Exposure” shall mean the aggregate amount of the Lenders’
Revolving Credit Exposures.

     “Agreement” shall mean this Third Amended and Restated Credit Agreement, as amended
and restated on the Third Restatement Date and as the same may thereafter from time to time be
further amended, restated, supplemented or otherwise modified and in effect from time to time.

     “Alternate Base Rate” shall mean, for any day, a rate per annum (rounded upwards, if
necessary, to the next 1/100 of 1%) equal to the greater of (a) the Prime Rate in effect on such
day and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any
change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective
Rate

8

 

shall be effective as of the opening of business on the effective date of such change in the
Prime Rate or the Federal Funds Effective Rate, respectively.

     “Applicable Laws” shall mean, as to any Person, any law, rule, regulation, ordinance
or treaty, or any determination, ruling or other directive by or from a court, arbitrator or other
Governmental Authority, including ERCOT, in each case applicable to or binding on such Person or
any of its property or assets or to which such Person or any of its property or assets is subject.

     “Applicable Margin” shall mean, for any day, for each Type and Class of Loan, the rate
per annum set forth under the relevant column heading below based upon the Consolidated Senior
Leverage Ratio as of the relevant date of determination:

9

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Extended	 	 	 	 	 	Original	 	 	 	 	 	 
	 	 	Extended	 	Maturity	 	Original	 	Maturity	 	 	 	 	 	 
	 	 	Maturity	 	ABR	 	Maturity	 	ABR	 	 	 	 	 	 
	 	 	Eurodollar	 	Term	 	Eurodollar	 	Term	 	 	 	 	 	 
	 	 	Term	 	Loans	 	Term	 	Loans	 	 	 	 	 	ABR
	Consolidated	 	Loans and	 	and	 	Loans  and	 	and	 	 	 	 	 	Revolving
	Senior	 	Credit-	 	Credit-	 	Credit-	 	Credit-	 	Eurodollar	 	Loans and
	Leverage	 	Linked	 	Linked	 	Linked	 	Linked	 	Revolving	 	Swingline
	Ratio	 	Deposits	 	Deposits	 	Deposits	 	Deposits	 	Loans	 	Loans
	Category 1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Greater than 3.50 to 1.00
	 	 	3.25	%	 	 	2.25	%	 	 	1.75	%	 	 	0.75	%	 	 	3.25	%	 	 	2.25	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category 2
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Greater than
3.00 to 1.00 but less than or equal to
3.50 to 1.00
	 	 	3.25	%	 	 	2.25	%	 	 	1.50	%	 	 	0.50	%	 	 	3.00	%	 	 	2.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category 3
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Less than or equal
to 3.00 to 1.00
	 	 	3.25	%	 	 	2.25	%	 	 	1.50	%	 	 	0.50	%	 	 	3.00	%	 	 	2.00	%

     Each change in the Applicable Margin resulting from a change in the Consolidated Senior
Leverage Ratio shall be effective with respect to all Commitments, Loans and Letters of Credit
outstanding on or after the date of delivery to the Administrative Agent of the financial
statements and certificates required by Section 5.04(a) or (b) and Section 5.04(c), respectively,
indicating such change until the date immediately preceding the next date of delivery of such
financial statements and certificates indicating another such change. In addition, at any time
during which the Borrower has failed to deliver the financial statements and certificates required
by Section 5.04(a) or (b) and Section 5.04(c), respectively, the Consolidated Senior Leverage Ratio
shall be deemed to be in Category 1 for purposes of determining the Applicable Margin.
Notwithstanding any of the foregoing, the Applicable Margin that is applicable for each Type of
Loan at any time shall be increased by an additional 0.25% per annum for any period on or after the
First Restatement Date during which the Borrower’s corporate family rating from Moody’s shall not
be at least Ba3 or the Borrower’s corporate rating from S&P shall not be at least B+ (a
“Downgrade Event”); provided that such additional 0.25% per annum increase to the
Applicable Margin shall cease to apply for any period during which a Downgrade Event shall cease to
exist.

     “Approved Electronic Communications” shall mean each Communication that any Loan Party
is obligated to, or otherwise chooses to, provide to the Administrative Agent pursuant to any Loan
Document or the transactions contemplated therein, including any financial statement, financial and
other report, notice, request, certificate and other information material; provided,
however, that, solely with respect to delivery of any such Communication by any Loan Party
to

10

 

the Administrative Agent and without limiting or otherwise affecting either the Administrative
Agent’s right to effect delivery of such Communication by posting such Communication to the
Approved Electronic Platform or the protections afforded hereby to the Administrative Agent in
connection with any such posting, “Approved Electronic Communication” shall exclude (i) any
Borrowing Request, Letter of Credit notice (other than as expressly set forth in Section 2.23(b)),
Swingline Loan notice, notice of conversion or continuation, and any other notice, demand,
communication, information, document and other material relating to a request for a new, or a
conversion of an existing, Borrowing, (ii) any notice pursuant to Sections 2.12 and 2.13 and any
other notice relating to the payment of any principal or other amount due under any Loan Document
prior to the scheduled date therefor, (iii) all notices of any Default or Event of Default and (iv)
any notice, demand, communication, information, document and other material required to be
delivered to satisfy any of the conditions set forth in Article IV or any other condition to any
Borrowing or other extension of credit hereunder or any condition precedent to the effectiveness of
this Agreement.

     “Approved Electronic Platform” shall have the meaning assigned to such term in Section
9.01(d).

     “Arrangers” shall have the meaning assigned to such term in the preamble.

     “Asset Sale” shall mean the direct or indirect (a) sale, lease (other than an
operating lease), sale and leaseback, lease and leaseback, assignment (other than a collateral
assignment), conveyance, transfer or other disposition (by way of merger, consolidation, casualty,
condemnation, operation of law or otherwise (other than pursuant to an event that may result in a
Recovery Event)) by the Borrower or any Restricted Subsidiary to any Person other than, in the case
of assets not constituting Core Collateral, the Borrower or any Subsidiary Guarantor of (1) any
Equity Interests of any of the Subsidiaries (other than directors’ qualifying shares or investments
by foreign nationals required by Applicable Laws) or (2) any other assets of the Borrower or any
Restricted Subsidiary, including Equity Interests of any Person that is not the Borrower or a
Subsidiary or (b) issuance of Equity Interests in any of the Restricted Subsidiaries to any Person
other than the Borrower or any Subsidiary Guarantor; provided that (i) any asset sale or
series of related asset sales described in clause (a) or (b) above of assets not constituting Core
Collateral and having a value not in excess of $100,000,000 shall be deemed not to be an “Asset
Sale” for purposes of this Agreement; and (ii) each of the following transactions shall be deemed
not to be an “Asset Sale” for purposes of this Agreement: (A) the sale, transfer, contribution or
other disposition by the Borrower or any Restricted Subsidiary of (x) damaged, worn-out, obsolete
assets and scrap and (y) cash or Cash Equivalents, (B) the sale by the Borrower or any Restricted
Subsidiary of power, capacity, energy, ancillary services, and other products or services, or the
sale of any other inventory or contracts related to any of the foregoing (in each case, whether in
physical, financial or any other form), (C) the sale, lease, conveyance or other disposition for
value by the Borrower or any Restricted Subsidiary of fuel or emission credits in the ordinary
course of business, (D) the sale, transfer or other disposition of any assets (other than any such
assets which are Collateral) in connection with a foreclosure, transfer or deed in lieu of
foreclosure or other remedial action, (E) the sale, transfer, contribution or other disposition by
any Restricted Subsidiary that is not a Loan Party of any of its assets (other than any such assets
constituting Collateral) or the issuance of Equity Interests by any Subsidiary (that is not a Loan
Party) of such Restricted Subsidiary, in each case to any other Subsidiary that is not a Loan
Party, (F) the licensing of intellectual property, (G) the sale or discount, in each case without
recourse, of accounts receivable arising in the ordinary course of business, but only in connection
with the compromise or collection thereof, (H) the sale, transfer or other disposition of spare
parts and spare parts inventory to any other Restricted Subsidiary in the ordinary course of
business so long as such spare parts and spare parts inventory are required in the ordinary course

11

 

operation of the transferee’s business or operations at the time of such disposition, (I) the
sale, transfer, contribution, assignment, conveyance or other disposition of any assets by the
Borrower or any Restricted Subsidiary to an Excluded Subsidiary or Minority Investment, in each
case, to the extent such sale, transfer or other disposition also constitutes an Investment in such
Excluded Subsidiary or Minority Investment, as applicable, that is permitted by (and made in
accordance with) clause (g), (h), (l), (m) or (p) of Section 6.05 and (J) any sale, transfer,
contribution, assignment, conveyance or other disposition that is permitted by (and made in
accordance with) Section 6.05(u).

     “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a
Lender and an assignee (with the consent of any Person whose consent is required by Section 9.04),
substantially in the form of Exhibit C or such other similar form as shall be approved by the
Administrative Agent.

     “Attributable Debt” in respect of a sale and leaseback transaction shall mean, at the
time of determination, the present value of the obligation of the lessee for net rental payments
during the remaining term of the lease included in such sale and leaseback transaction, including
any period for which such lease has been extended or may, at the option of the lessor, be extended.
Such present value shall be calculated using a discount rate equal to the rate of interest
implicit in such transaction, determined in accordance with GAAP; provided,
however, that if such sale and leaseback transaction results in a Capital Lease Obligation,
the amount of Indebtedness represented thereby will be determined in accordance with the definition
of “Capital Lease Obligation”, and shall not be deemed to be Attributable Debt.

     “Available Amount” shall mean, on any date (the “Reference Date”), an amount
equal at such time to (a) the sum of, without duplication:

          (i) $500,000,000 in the aggregate;

          (ii) for each ECF Period for which the Borrower shall have provided its calculation of Excess
Cash Flow pursuant to Section 5.04(c) and prior to the Reference Date, beginning with the fiscal
year ending December 31, 2010, an amount equal to the sum of the amounts calculated for each such
ECF Period which is equal to (A) the Excess Cash Flow for such ECF Period minus (B) an amount equal
to the Required Prepayment Percentage for such ECF Period multiplied by such Excess Cash Flow for
such ECF Period; provided that for purposes of this clause (ii) Excess Cash Flow for any
fiscal year or, solely in the event that the Borrower shall exercise its option under (and in
accordance with) Section 2.13(d) to calculate Excess Cash Flow (and make the required repayment and
prepayment offer) for any fiscal period other than a fiscal year, such applicable ECF Period may
not be less than zero;

          (iii) the amount of any capital contributions received in cash or the net cash proceeds of
other equity issuances made by the Borrower (other than any Cure Amount or any amount used to make
Dividends pursuant to Section 6.06(a)) during the period from and including the Business Day
immediately following the Third Restatement Date through and including the Reference Date;

          (iv) the aggregate amount of all cash dividends and other cash distributions received by the
Borrower or any Subsidiary Guarantor from any Minority Investment, Excluded Subsidiary (other than
the Funded L/C SPV) or Unrestricted Subsidiary after the Third Restatement Date and on or prior to
the Reference Date (other than the portion of any such dividends and other distributions that is
used by the Borrower or any Subsidiary Guarantor to pay taxes);

12

 

          (v) the aggregate amount of all cash repayments of principal and interest received by the
Borrower or any Subsidiary Guarantor from any Minority Investment, Excluded Subsidiary (other than
the Funded L/C SPV) or Unrestricted Subsidiary after the Third Restatement Date and on or prior to
the Reference Date in respect of loans made by the Borrower or any Subsidiary Guarantor to such
Minority Investment, Excluded Subsidiary (other than the Funded L/C SPV) or Unrestricted
Subsidiary;

          (vi) the aggregate amount of all Net Asset Sale Proceeds received by the Borrower or any
Subsidiary Guarantor in connection with the sale, transfer or other disposition of its ownership
interest in any Minority Investment, Excluded Subsidiary (other than the Funded L/C SPV) or
Unrestricted Subsidiary after the Third Restatement Date and on or prior to the Reference Date;

          (vii) the amount of any non-cash capital contributions made to the Borrower (or to any
Subsidiary Guarantor, if made by a Person other than the Borrower, any Subsidiary of the Borrower
or Affiliate of the Borrower in which the Borrower or any Subsidiary of the Borrower shall directly
or indirectly hold any Equity Interests and, in each case, not made in connection with the sale or
other transfer of any Equity Interests of such Subsidiary Guarantor) or the net non-cash proceeds
of equity issuances made by the Borrower in connection with a transaction pursuant to which the
Borrower or any Subsidiary Guarantor shall acquire assets that were not assets of the Borrower or
any Subsidiary Guarantor as of the Third Restatement Date and occurring during the period from and
including the Business Day immediately following the Third Restatement Date through and including
the Reference Date, in each case, valued at the Fair Market Value of the applicable assets at the
time received (calculated net of any consideration that is provided by the Borrower or any
Subsidiary Guarantor in connection with such transaction, excluding any equity of the Borrower
issued in connection therewith, which shall not be applied to such netting);

          (viii) the aggregate amount of all assets (including tax credits and, without duplication, the
benefit of any tax depreciation that had accrued prior to the applicable distribution, but
excluding any assets that were included in the determination of Consolidated Net Income of the
Borrower at any time on or prior to the Reference Date) that were not assets of the Borrower or any
Subsidiary Guarantor as of the Third Restatement Date and are either (A) received by the Borrower
or any Subsidiary Guarantor from any Minority Investment, Excluded Subsidiary (other than the
Funded L/C SPV) or Unrestricted Subsidiary or (B) owned by an Excluded Subsidiary or Unrestricted
Subsidiary that is designated by the Borrower as a Subsidiary Guarantor in accordance with the
terms and provisions hereof and the shall comply with the applicable provisions of Section 5.09 to
the extent required thereby, in each case, after the Third Restatement Date and on or prior to the
Reference Date, and, in each case, valued at the Fair Market Value of the applicable assets at the
time received or at the time of any such designation, as applicable (calculated net of any
consideration that is provided by the Borrower or any Subsidiary Guarantor in connection with such
transaction); and

          (ix) the aggregate amount of the Available Amount immediately prior to the Third Restatement
Date as calculated under and pursuant to the definition thereof in the Second Restated Credit
Agreement,

     minus (b) the sum of:

          (i) the aggregate amount of any Investments made by the Borrower or any Restricted Subsidiary
pursuant to Section 6.05(l)(ii)(A)(y) after the Third Restatement Date and on or prior to the
Reference Date;

13

 

          (ii) the aggregate amount of any Dividends made by the Borrower pursuant to Section 6.06(c)
after the Third Restatement Date and on or prior to the Reference Date;

          (iii) the aggregate amount of prepayments, repurchases and redemptions made by the Borrower or
any Restricted Subsidiary pursuant to Section 6.07(a)(v) after the Third Restatement Date and on or
prior to the Reference Date; and

          (iv) the aggregate amount of Capital Expenditures made by the Borrower or any Restricted
Subsidiary (other than any Excluded Subsidiaries) pursuant to clause (a) of the proviso in Section
6.12 after the Third Restatement Date and on or prior to the Reference Date.

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

     “Bankruptcy Law” shall mean the Bankruptcy Code or any similar federal or state or
other law for the relief of debtors.

     “Beneficial Owner” shall have the meaning assigned to such term in Rule 13d-3 and Rule
13d-5 under the Exchange Act. The terms “Beneficially Owns” and “Beneficially Owned” have a
corresponding meaning.

     “Benefit Plan” shall mean any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Tax Code
or Section 302 of ERISA, and which is maintained, sponsored or contributed to by the Borrower or
any ERISA Affiliate or with respect to which the Borrower otherwise has any liability.

     “Board” shall mean the Board of Governors of the Federal Reserve System of the United
States of America.

     “Board of Directors” shall mean (a) with respect to a corporation, the board of
directors of the corporation or any committee thereof duly authorized to act on behalf of such
board; (b) with respect to a partnership, the Board of Directors of the general partner of the
partnership; (c) with respect to a limited liability company, the managing member or members or any
controlling committee of managing members thereof; and (d) with respect to any other Person, the
board or committee of such Person serving a similar function.

     “Borrower” shall have the meaning assigned to such term in the preamble.

     “Borrowing” shall mean (a) Loans of the same Class and Type made, converted or
continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest
Period is in effect, or (b) a Swingline Loan.

     “Borrowing Request” shall mean a request by the Borrower in accordance with the terms
of Section 2.03 and substantially in the form of Exhibit D.

     “Breakage Event” shall have the meaning assigned to such term in Section 2.16.

     “Business Day” shall mean any day other than a Saturday, Sunday or day on which
commercial banks in New York City are authorized or required by law to close; provided,
however, that when used in connection with a Eurodollar Loan (including with respect to all
notices and determinations in connection therewith and any payments of principal, interest or

14

 

other amounts thereon), the term “Business Day” shall also exclude any day on which
banks are not open for dealings in dollar deposits in the London interbank market.

     “Capital Expenditures” shall mean, for any period, with respect to any Person, (a) the
additions to property, plant and equipment and other capital expenditures of such Person and its
consolidated subsidiaries that are (or should be) set forth in a consolidated statement of cash
flows of such Person for such period prepared in accordance with GAAP and (b) Capital Lease
Obligations incurred by such Person and its consolidated subsidiaries during such period to the
extent paid in cash; provided, however, that Capital Expenditures shall not include
(i) Environmental Capital Expenditures (other than for purposes of Section 6.05(l)(ii)(B), for
which purpose they will count as Capital Expenditures), (ii) Necessary Capital Expenditures (other
than for purposes of Section 6.05(l)(ii)(B), for which purpose they will count as Capital
Expenditures), (iii) expenditures made to restore, rebuild or replace property following any
damage, loss, destruction or condemnation of such property, to the extent such expenditure is made
or financed with proceeds received or to be received from a Recovery Event, (iv) expenditures
constituting reinvestment proceeds from the sale or other disposition of assets (including Asset
Sales) otherwise permitted herein, (v) expenditures made to acquire an Investment permitted under
Section 6.05, including pursuant to a Permitted Acquisition (it being understood and agreed,
however, that an acquisition of assets (other than an acquisition of assets comprising a division
or a line of business or an acquisition of an Excluded Subsidiary or all or substantially all of
the assets of a Person by an Excluded Subsidiary) that would otherwise constitute Capital
Expenditures pursuant to the definition hereof shall not be excluded by this clause (v)), (vi)
expenditures made to the extent reimbursed by a Person other than the Loan Parties and their
Subsidiaries or (vii) expenditures constituting capitalized interest.

     “Capital Lease Obligation” shall mean, at the time any determination is to be made,
the amount of the liability in respect of a capital lease that would at that time be required to be
capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be
the date of the last payment of rent or any other amount due under such lease prior to the first
date upon which such lease may be prepaid by the lessee without payment of a penalty.

     “Capital Stock” shall mean (a) in the case of a corporation, corporate stock; (b) in
the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock; (c) in the case of a
partnership or limited liability company, partnership interests (whether general or limited) or
membership interests; and (d) any other interest or participation that confers on a Person the
right to receive a share of the profits and losses of, or distributions of assets of, the issuing
Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock,
whether or not such debt securities include any right of participation with Capital Stock.

     “Carry Forward Amount” shall have the meaning assigned to such term in Section 6.12.

     “Cash Collateralized Letter of Credit Facilities” shall mean one or more cash
collateralized letter of credit facilities provided by one or more LC Issuers to the Funded L/C
SPV.

     “Cash Equivalents” shall mean

     (a) United States dollars, Euros, Australian dollars, Swiss Francs, Japanese Yen and
any other currency of countries members of the Organization for Economic Co-operation and
Development or, in the case of any Foreign Subsidiary, any currencies (including Australian
dollars and Brazilian Reais) held by it from time to time;

15

 

     (b) (i) securities issued or directly and fully guaranteed or insured by the United
States government or any agency or instrumentality of the United States government
(provided that the full faith and credit of the United States is pledged in support
of those securities) and (ii) debt obligations issued by the Government National Mortgage
Association, Farm Credit System, Federal Home Loan Banks, Federal Home Loan Mortgage
Corporation, Financing Corporation and Resolution Funding Corporation, in each case, having
maturities of not more than 12 months from the date of acquisition;

     (c) certificates of deposit and eurodollar time deposits with maturities of six months
or less from the date of acquisition, bankers’ acceptances with maturities not exceeding 12
months and overnight bank deposits, in each case, with any domestic commercial bank having
capital and surplus in excess of $500,000,000 and whose long-term debt, or whose parent
company’s long-term debt, has a rating of A2 or higher from Moody’s and A or higher from
S&P or, if Moody’s and S&P do not rate the relevant bank, an equivalent rating issued by an
equivalent non-U.S. rating agency, if any;

     (d) repurchase obligations with a term of not more than thirty days for underlying
securities of the types described in clauses (b) and (c) above entered into with any
financial institution meeting the qualifications specified in clause (c) above;

     (e) commercial paper having one of the two highest ratings obtainable from Moody’s or
S&P and in each case maturing within 12 months after the date of acquisition;

     (f) readily marketable direct obligations issued or guaranteed by any state of the
United States or any political subdivision thereof (including municipalities), in either
case having one of the two highest rating categories obtainable from any of Moody’s, S&P or
Fitch;

     (g) auction rate securities having one of the two highest ratings obtainable from any
of Moody’s, S&P or Fitch and in each case maturing within 12 months after the date of
acquisition;

     (h) money market funds that invest primarily in securities described in clauses (a)
through (g) of this definition; and

     (i) other short-term investments utilized by Foreign Subsidiaries in accordance with
normal investment practices for cash management in investments of a type analogous to the
foregoing.

     “CGMI” shall mean Citigroup Global Markets Inc., as syndication agent under the
Existing Credit Agreement.

     “Change in Law” shall mean (a) the adoption of any law, rule or regulation after the
Closing Date, (b) any change in any law, rule or regulation or in the interpretation or application
thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender or any
Issuing Bank (or, for purposes of Section 2.14, by any lending office of such Lender or by such
Lender’s or Issuing Bank’s holding company, if any) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or issued after the
Closing Date.

16

 

     “Change of Control” shall mean the occurrence of any of the following: (a) the direct
or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the
properties or assets of the Borrower and its Subsidiaries taken as a whole to any “person” (as that
term is used in Section 13(d) of the Exchange Act, but excluding any employee benefit plan of the
Borrower or any of its Restricted Subsidiaries, and any Person or entity acting in its capacity as
trustee, agent or other fiduciary or administrator of such plan); (b) the adoption of a plan
relating to the liquidation or dissolution of the Borrower; (c) the consummation of any transaction
(including any merger or consolidation) the result of which is that any “person” (as defined above)
becomes the Beneficial Owner, directly or indirectly, of more than 40% of the Voting Stock of the
Borrower, measured by voting power rather than number of shares; (d) the Borrower consolidates
with, or merges with or into, any Person, or any Person consolidates with, or merges with or into,
the Borrower, in any such event pursuant to a transaction in which any of the outstanding Voting
Stock of the Borrower or such other Person is converted into or exchanged for cash, securities or
other property, other than any such transaction where the Voting Stock of the Borrower outstanding
immediately prior to such transaction is converted into or exchanged for Voting Stock (other than
Disqualified Stock) of the surviving or transferee Person constituting a majority of the
outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after
giving effect to such issuance); (e) the first day on which a majority of the members of the Board
of Directors of the Borrower are not Continuing Directors; or (f) any change of control (or similar
event, however denominated) shall occur under and as defined in the Senior Note Documents or the
documents governing any Permitted Notes Indebtedness.

     “Charges” shall have the meaning assigned to such term in Section 9.09.

     “Class”, when used in reference to any Loan or Borrowing, shall refer to whether such
Loan, or the Loans comprising such Borrowing, are Revolving Loans, Original Maturity Term Loans,
Extended Maturity Term Loans, Original Maturity Credit-Linked Deposits, Extended Maturity
Credit-Linked Deposits, Swingline Loans, New Revolving Loans, New Term Loans, Refinancing Revolving
Loans or Refinancing Term Loans and, when used in reference to any Commitment, shall refer to
whether such Commitment is a Revolving Credit Commitment, Term Loan Commitment, Swingline
Commitment, New Revolving Credit Commitment, New Term Loan Commitment, Refinancing Revolving Credit
Commitment or Refinancing Term Loan Commitment. For the avoidance of doubt, the Extended Maturity
Term Loans, Original Maturity Term Loans, Extended Maturity Credit-Linked Deposits and Original
Maturity Credit-Linked Deposits each constitutes a separate Class and any Loans or Commitments
created pursuant to a Permitted Amendment shall constitute a separate Class.

     “Class A Membership Units” shall mean the class of membership interests of the Funded
L/C SPV consisting of Class A membership interests pursuant to and in accordance with that certain
Operating Agreement of NRG LC Facility Company LLC, dated as of June 30, 2010, among the Borrower,
the Funded L/C SPV and Deutsche Bank AG, New York Branch, as the same may be amended, restated,
supplemented or otherwise modified from time to time in accordance with the terms thereof.

     “Closing Date” shall mean February 2, 2006.

     “CNA” shall have the meaning assigned to such term in the preamble.

     “Collateral” shall mean all property and assets of the Loan Parties, now owned or
hereafter acquired, other than the Excluded Assets. “Collateral” shall include, without
limitation, all Core Collateral.

17

 

     “Collateral Agent” shall have the meaning assigned to such term in the preamble.

     “Collateral Trust Agreement” shall mean the Amended and Restated Collateral Trust
Agreement, dated as of the Third Restatement Date, executed and delivered by the Borrower, each
Subsidiary Guarantor and the Collateral Trustee, as the same may be amended, restated, supplemented
or otherwise modified from time to time in accordance with the terms thereof.

     “Collateral Trust Joinder” shall have the meaning assigned to such term in the
Collateral Trust Agreement.

     “Collateral Trustee” shall mean Deutsche Bank Trust Company Americas, acting as
collateral trustee under the Collateral Trust Agreement, or its successors appointed in accordance
with the terms thereof.

     “Commitment” shall mean, with respect to any Lender and as of any date of
determination, such Lender’s Revolving Credit Commitment, Term Loan Commitment or Swingline
Commitment as of such date.

     “Commitment Fee” shall have the meaning assigned to such term in Section 2.05(a).

     “Commitment Fee Rate” shall mean a rate per annum equal to 0.625%; provided,
however, that if and for so long as the Consolidated Senior Leverage Ratio of the Borrower
for any Test Period for which the financial statements and certificates required by Section 5.04(a)
or (b) and Section 5.04(c), respectively, have been delivered to the Administrative Agent shall be
less than or equal to 3.50 to 1.00, such rate shall be reduced to a rate per annum equal to 0.50%.

     “Commodity Contract” shall have the meaning assigned to such term in the UCC.

     “Commodity Hedging Agreements” shall mean the Existing Commodity Hedging Agreements
and any other agreement (including each confirmation entered into pursuant to any master agreement)
providing for swaps, caps, collars, puts, calls, floors, futures, options, spots, forwards, power
purchase or sale agreements, fuel purchase or sale agreements, emissions credit purchase or sales
agreements, power transmission agreements, fuel transportation agreements, fuel storage agreements,
netting agreements, commercial or trading agreements, weather derivatives agreements, each with
respect to, or involving the purchase, transmission, distribution, sale, lease or hedge of, any
energy, generation capacity or fuel, or any other energy or weather related commodity, service or
risk, price or price indices for any such commodities, services or risks or any other similar
derivative agreements, any renewable energy credits, carbon emission credits and any other “cap and
trade” related credits, assets or attributes with an economic value and any other similar
agreements, entered into by the Borrower or any Restricted Subsidiary, in each case under this
definition, in the ordinary course of business, or otherwise consistent with Prudent Industry
Practice in order to manage fluctuations in the price or availability to the Borrower or any
Restricted Subsidiary of any commodity and/or manage the risk of adverse or unexpected weather
conditions.

     “Commodity Hedging Obligations” shall mean, with respect to any specified Person, the
obligations of such Person under a Commodity Hedging Agreement.

     “Communications” shall mean each notice, demand, communication, information, document
and other material provided for hereunder or under any other Loan Document or otherwise transmitted
between the parties hereto relating this Agreement, the other Loan Documents, any Loan Party or its
Affiliates, or the transactions contemplated by this Agreement

18

 

or the other Loan Documents including, without limitation, all Approved Electronic
Communications.

     “Concurrent Cash Distributions” shall have the meaning assigned to such term in the
definition of “Investments.”

     “Consolidated EBITDA” shall mean, with respect to any specified Person for any period,
the Consolidated Net Income of such Person for such period plus, without duplication

     (a) an amount equal to any extraordinary loss (including any loss on the
extinguishment or conversion of Indebtedness) plus any net loss realized by such
Person or any of its Restricted Subsidiaries in connection with an Asset Sale (without
giving effect of the threshold provided in the definition thereof), to the extent such
losses were deducted in computing such Consolidated Net Income; plus

     (b) provision for taxes based on income or profits of such Person and its Restricted
Subsidiaries for such period, to the extent that such provision for taxes was deducted in
computing such Consolidated Net Income; plus

     (c) to the extent deducted in computing such Consolidated Net Income, (i) the
consolidated interest expense of such Person and its Restricted Subsidiaries for such
period, whether paid or accrued, including, without limitation, amortization of debt
issuance costs and original issue discount, non-cash interest payments, the interest
component of any deferred payment obligations, the interest component of all payments
associated with Capital Lease Obligations (other than, for the avoidance of doubt, any
Capital Lease Obligations arising as a result of the recharacterization of operating leases
as capital leases due to changes in the accounting treatment of such operating leases under
GAAP and excluded from the definition of “Indebtedness” as a result of such
recharacterization on a consolidated basis and determined in accordance with GAAP), imputed
interest with respect to Attributable Debt, and net of the effect of all payments made or
received pursuant to Hedging Obligations in respect of interest rates; plus (ii) the
consolidated interest of such Person and its Restricted Subsidiaries that was capitalized
during such period; plus (iii) any interest accruing on Indebtedness of another Person that
is guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on
assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee
or Lien is called upon; plus (iv) the product of (A) all dividends, whether paid or accrued
and whether or not in cash, on any series of preferred stock of such Person or any of its
Restricted Subsidiaries, other than dividends on Equity Interests payable in Equity
Interests of the Borrower (other than Disqualified Stock) or to the Borrower or a
Restricted Subsidiary of the Borrower, times (B) a fraction, the numerator of which is one
and the denominator of which is one minus the then current combined federal, state and
local statutory tax rate of such Person, expressed as a decimal, in each case, on a
consolidated basis and in accordance with GAAP; minus (v) interest income for such period;
plus

     (d) any expenses or charges related to any equity offering, Investment, acquisition,
disposition, recapitalization or Indebtedness permitted to be incurred under this Agreement
including a refinancing thereof (whether or not successful) (including any transaction
occurring on the Third Restatement Date), including such fees, expenses or charges related
to the Acquisition Transactions, the offering of the Senior Notes, and, in each case,
deducted in computing such Consolidated Net Income; plus

19

 

     (e) any professional and underwriting fees related to any equity offering, Investment,
acquisition, recapitalization or Indebtedness permitted to be incurred under this Agreement
and, in each case, deducted in such period in computing Consolidated Net Income; plus

     (f) the amount of any minority interest expense deducted in calculating Consolidated
Net Income (less the amount of any cash dividends paid to the holders of such minority
interests); plus

     (g) any non cash gain or loss attributable to Mark-to-Market Adjustments in connection
with Hedging Obligations; plus

     (h) without duplication, any writeoffs, writedowns or other non-cash charges reducing
Consolidated Net Income for such period, excluding any such charge that represents an
accrual or reserve for a cash expenditure for a future period; plus

     (i) all items classified as extraordinary, unusual or nonrecurring non-cash losses or
charges (including severance, relocation and other restructuring costs), and related tax
effects according to GAAP to the extent such non-cash charges or losses were deducted in
computing such Consolidated Net Income; plus

     (j) depreciation, depletion, amortization (including amortization of intangibles but
excluding amortization of prepaid cash expenses that were paid in a prior period) and other
non-cash charges and expenses (excluding any such non-cash expense to the extent that it
represents an accrual of or reserve for cash expenses in any future period or amortization
of a prepaid cash expense that was paid in a prior period) of such Person and its
Restricted Subsidiaries for such period to the extent that such depreciation, depletion,
amortization and other non-cash expenses were deducted in computing such Consolidated Net
Income; minus

     (k) non-cash items increasing such Consolidated Net Income for such period, other than
the accrual of revenue in the ordinary course of business; in each case, on a consolidated
basis and determined in accordance with GAAP (including any increase in amortization or
depreciation or other non-cash charges resulting from the application of purchase
accounting in relation to the Acquisition Transactions or any acquisition that is
consummated after the Closing Date);

     provided, however, that Consolidated EBITDA of the Borrower will exclude the
Consolidated EBITDA attributable to Excluded Subsidiaries and Unrestricted Subsidiaries unless (and
solely to the extent) actually distributed in cash to the Borrower or any Subsidiary Guarantor;
provided further that for purposes of calculating Consolidated EBITDA for any
period for purposes of the covenants set forth in Sections 6.13 and 6.14 or for purposes of
calculating the Consolidated Interest Coverage Ratio, Consolidated First Lien Senior Secured
Leverage Ratio, Consolidated Leverage Ratio or Consolidated Senior Leverage Ratio for any other
purpose hereunder, in each case, as of any date of delivery to the Administrative Agent of the
financial statements and certificates required by Section 5.04(a) or 5.04(b) and Section 5.04(c),
respectively, and the applicable period then ended (A) the Consolidated EBITDA of any Person
(provided that such Person shall become a Restricted Subsidiary as a result of such
acquisition) or line of business acquired by the Borrower or any Subsidiary Guarantor during such
period for which the aggregate consideration paid by the Borrower or any Subsidiary Guarantor shall
be equal to or greater than $25,000,000 shall be included on a
pro forma basis for such period
(assuming the consummation of such acquisition and the incurrence or assumption of any

20

 

Indebtedness in connection therewith occurred as of the first day of such period) and (B) the
Consolidated EBITDA of any Person or line of business sold or otherwise disposed of by the Borrower
or any Subsidiary Guarantor in accordance with this Agreement during such period for which the
aggregate consideration received by the Borrower or any Subsidiary Guarantor shall be equal to or
greater than $25,000,000 shall be excluded for such period (assuming the consummation of such sale
or other disposition and the repayment of any Indebtedness in connection therewith occurred as of
the first day of such period).

     “Consolidated First Lien Senior Secured Leverage Ratio” shall mean, on any date, the
ratio of (a) First Lien Senior Secured Debt on such date to (b) Consolidated EBITDA of the Borrower
for the period of four consecutive fiscal quarters most recently ended on or prior to such date.

     “Consolidated Interest Coverage Ratio” shall mean, on any date, the ratio of (a)
Consolidated EBITDA of the Borrower for the period of four consecutive fiscal quarters most
recently ended on or prior to such date to (b) Consolidated Interest Expense for the period of four
consecutive fiscal quarters most recently ended on or prior to such date.

     “Consolidated Interest Expense” shall mean, for any period, (a) the cash interest
expense (including imputed cash interest expense in respect of Capital Lease Obligations and
Synthetic Lease Obligations) of the Borrower and the Restricted Subsidiaries for such period
(including all commissions, discounts and other fees and charges owed by the Borrower and the
Restricted Subsidiaries with respect to letters of credit and bankers’ acceptance financing), net
of interest income, in each case determined on a consolidated basis in accordance with GAAP,
minus (b) to the extent included in such consolidated cash interest expense for such
period, amounts attributable to the amortization of financing costs and non-cash amounts
attributable to the amortization of debt discounts and other debt issuance costs, fees and
expenses; provided, however, that Consolidated Interest Expense of the Borrower
will exclude (i) cash interest expense (including all commissions, discounts and other fees and
charges owed by such applicable Excluded Subsidiaries with respect to letters of credit and
bankers’ acceptance financing) (and interest income) attributable to Non-Recourse Indebtedness and
all other cash interest expense of Excluded Subsidiaries and, in the case of the Funded L/C SPV,
cash interest expense (including all commissions, discounts and other fees and charges owed by the
Funded L/C SPV with respect to letters of credit and bankers’ acceptance financing) (and interest
income) attributable to Cash Collateralized Letter of Credit Facilities and (ii) cash interest
expense (and interest income) attributable to the Credit-Linked Deposits (including any refinancing
thereof permitted hereunder) and the Funded L/C Collateral Accounts (it being understood that in
the event that the aggregate amount on deposit at any time in the Funded L/C Collateral Accounts
shall be less than the principal amount of the Credit-Linked Deposits (or any refinancing thereof
permitted hereunder), for purposes of determining the amount of cash interest expense attributable
to the Credit-Linked Deposits (or such refinancing) during such time for purposes of this
definition, the amount of the Credit-Linked Deposits (or such refinancing) shall be deemed to be
such lesser amount). For purposes of the foregoing, interest expense shall be determined after
giving effect to any net payments made or received by the Borrower or any Restricted Subsidiary
with respect to Interest Rate/Currency Hedging Agreements relating to interest rate hedging
activities (other than any such Interest Rate/Currency Hedging Agreements in respect of
Non-Recourse Indebtedness of Excluded Subsidiaries).

     “Consolidated Leverage Ratio” shall mean, on any date, the ratio of (a) Total Debt on
such date to (b) Consolidated EBITDA of the Borrower for the period of four consecutive fiscal
quarters most recently ended on or prior to such date.

21

 

     “Consolidated Net Income” shall mean, with respect to any specified Person for any
period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such
period, on a consolidated basis, determined in accordance with GAAP; provided that

     (a) the Net Income of any Person that is not a Restricted Subsidiary or that is
accounted for by the equity method of accounting will be included only to the extent of the
amount of dividends or similar distributions (including pursuant to other intercompany
payments but excluding Concurrent Cash Distributions) paid in cash to the specified Person
or a Restricted Subsidiary of the specified Person;

     (b) the Net Income of any Restricted Subsidiary will be excluded to the extent that
the declaration or payment of dividends or similar distributions by that Restricted
Subsidiary of that Net Income is not at the date of determination permitted without any
prior governmental approval (that has not been obtained) or, directly or indirectly, by
operation of the terms of its charter or any agreement, instrument, judgment, decree,
order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or
its stockholders;

     (c) the cumulative effect of a change in accounting principles will be excluded;

     (d) any net after-tax non-recurring or unusual gains, losses (less all fees and
expenses relating thereto) or other charges or revenue or expenses (including relating to
severance, relocation, one-time compensation charges and the Acquisition Transactions)
shall be excluded;

     (e) any non-cash compensation expense recorded from grants of stock appreciation or
similar rights, stock options, restricted stock or other rights to officers, directors or
employees shall be excluded, whether under Financial Accounting Standards Board Statement
No. 123R, “Accounting for Stock-Based Compensation” or otherwise;

     (f) any net after-tax income (loss) from disposed or discontinued operations and any
net after-tax gains or losses on disposal of disposed or discontinued operations shall be
excluded;

     (g) any gains or losses (less all fees and expenses relating thereto) attributable to
asset dispositions shall be excluded;

     (h) any impairment charge or asset write-off pursuant to Financial Accounting
Statement No. 142 and No. 144 or any successor pronouncement shall be excluded;

     (i) any accruals or reserves or other charges related to the Transactions and incurred
on or before January 1, 2007 shall be excluded; and

     (j) notwithstanding clause (a) above, in determining the Consolidated Net Income of
the Borrower, the Net Income of any Unrestricted Subsidiary or Excluded Subsidiary will be
excluded, unless (and solely to the extent) distributed to the Borrower or one of the
Subsidiary Guarantors.

22

 

     “Consolidated Senior Leverage Ratio” shall mean, on any date, the ratio of (a) Senior
Debt on such date to (b) Consolidated EBITDA of the Borrower for the period of four consecutive
fiscal quarters most recently ended on or prior to such date.

     “Consolidated Working Capital” shall mean, at any date, the excess of (a) the sum of
all amounts (other than cash, cash equivalents and bank overdrafts) that would, in conformity with
GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a
consolidated balance sheet of the Borrower and the Subsidiary Guarantors at such date over (b) the
sum of all amounts that would, in conformity with GAAP, be set forth opposite the caption “total
current liabilities” (or any like caption) on a consolidated balance sheet of the Borrower and the
Subsidiary Guarantors on such date, but excluding (i) the current portion of any long-term
Indebtedness, (ii) without duplication of clause (i) above, all Indebtedness consisting of Loans
and Revolving L/C Exposure to the extent otherwise included therein and (iii) the current portion
of deferred income taxes; provided, that, for the avoidance of doubt, Consolidated Working
Capital will exclude all cash, Cash Equivalents and other securities or investments substantially
comparable to Cash Equivalents pledged or deposited to or by the Borrower or any Subsidiary
Guarantor during such period as collateral from a contract counterparty or from the Borrower or any
Subsidiary Guarantor as collateral in favor of a contract counterparty.

     “Continuing Directors” shall mean, as of any date of determination, any member of the
Board of Directors of the Borrower who (a) was a member of such Board of Directors on the Closing
Date; or (b) was nominated for election or elected to such Board of Directors with the approval of
a majority of the Continuing Directors who were members of such Board of Directors at the time of
such nomination or election.

     “Control Agreement” shall mean each Control Agreement to be executed and delivered by
each Loan Party and the other parties thereto, as required by the applicable Loan Documents as the
same may be amended, restated, supplemented or otherwise modified from time to time in accordance
with the terms hereof and thereof.

     “Core Collateral” shall mean all Equity Interests in, and property and assets of, any
Core Collateral Subsidiary, in each case whether now owned or hereafter acquired; provided,
however, that in the case of NRG Texas Power LLC and NRG South Texas LP only the following
property and assets of such Subsidiaries shall be considered Core Collateral hereunder: (a) NRG
Texas Power LLC Project Interest in the Parish and Limestone Facilities, (b) NRG South Texas LP’s
44% Project Interest in the South Texas Project Facility and (c) in each case any assets related
primarily to any of the Facilities described in clause (a) or (b); and provided,
further, however, that (i) all Equity Interests or property or assets excluded from
the Core Collateral immediately prior to the Third Restatement Date under and pursuant to this
proviso to this definition as it existed in the Second Restated Credit Agreement shall continue not
to be considered Core Collateral under this Agreement for any purpose hereunder and (ii) at any
time and from time to time on or after the Third Restatement Date, the Borrower may deliver to the
Administrative Agent an officer’s certificate designating Core Collateral (in addition to that
described in clause (i)) having an aggregate Fair Market Value not in excess of $750,000,000 in the
aggregate, valued at the Fair Market Value of such Core Collateral at the time such designation is
made, as no longer being Core Collateral, and thereafter, such Equity Interests or property or
assets shall no longer be considered Core Collateral for any purpose hereunder (the Equity
Interests, property and assets excluded pursuant to clauses (i) and (ii) collectively, the
“Excluded Core Collateral”).

     “Core Collateral Subsidiary” shall mean each of NRG Texas Power LLC, NRG South Texas
LP and NRG Power Marketing.

23

 

     “Counterparty Account” shall mean any Deposit Account, Securities Account or
Commodities Account (and all cash, Cash Equivalents and other securities or investments
substantially comparable to Cash Equivalents therein) pledged to or deposited with the Borrower or
any Restricted Subsidiary as cash collateral posted or deposited by a
contract counterparty (including a counterparty in respect of Commodity Hedging Obligations) to or for the benefit
of the Borrower or any Restricted Subsidiary, in each case, only for so long as such account (and
amounts therein) represents a security interest (including as a result of an escrow arrangement) in
favor (and not an ownership interest in the amounts therein) of the Borrower or the applicable
Restricted Subsidiary.

     “Credit Agreement Refinanced Debt” shall have the meaning assigned to such term in
Section 6.01(y).

     “Credit Event” shall have the meaning assigned to such term in Section 4.01.

     “Credit-Linked Deposit” shall mean the term loans deemed to be made by each Funded L/C
Lender to the Borrower on the Third Restatement Date pursuant to Section 2.01(c).

     “Credit-Linked Deposit Maturity Date” shall mean (i) in the case of the Extended
Maturity Credit-Linked Deposits, the Extended Maturity Credit-Linked Deposit Maturity Date and (ii)
in the case of the Original Maturity Credit-Linked Deposits, the Original Maturity Credit-Linked
Deposit Maturity Date, in each case, as it may be extended pursuant to and in accordance with this
Agreement.

     “Cure Amount” shall have the meaning provided in Article VII.

     “Cure Right” shall have the meaning provided in Article VII.

     “Default” shall mean any event or condition which upon notice, lapse of time (pursuant
to Article VII) or both would constitute an Event of Default.

     “Defaulting Lender” shall mean, at any time, any Lender that, at such time, has (a)
failed to (i) pay any amount required to be paid by such Lender to any Issuing Bank under this
Agreement (beyond any applicable cure period), (ii) fund any portion of its Loans (unless such
Lender notifies the Administrative Agent in writing that such failure is the result of such
Lender’s good faith determination that a condition precedent to funding (specifically identified
and, if available to such Lender, supported by reasonable background information provided by such
Lender) has not been satisfied), its participations in Letters of Credit or Swingline Loans or
(iii) pay over to the Administrative Agent, the Issuing Bank, the Swingline Lender or any other
Lender any other amount required to be paid by it hereunder, (b) notified the Borrower, the
Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender, in writing, or
has made a public statement, to the effect that it does not intend or expect to comply with any of
its funding obligations under this Agreement (unless such writing or public statement indicates
that such position is based on such Lender’s good faith determination that a condition precedent to
funding a Loan cannot be satisfied) or generally under other agreements in which it commits to
extend credit, (c) failed, within three Business Days after request by the Administrative Agent,
any Issuing Bank or the Swingline Lender, acting in good faith, to provide a certification in
writing from an authorized officer of such Lender that it will comply with its obligations to fund
prospective Loans and participations in then outstanding Letters of Credit, provided, that
such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt by the
Administrative Agent, such Issuing Bank or the Swingline Lender of such certification in form

24

 

and
substance satisfactory to it and the Administrative Agent or (d) taken any action or become the
subject of any action or proceeding of a type described in clause (g) or (h) of Article VII.

     “Deposit Account” shall have the meaning assigned to such term in the UCC.

     “Deposit Bank” shall have the meaning assigned to such term in the Second Restated
Credit Agreement.

     “Designated Country” shall mean Australia, Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, New Zealand, Norway,
Portugal, Spain, Sweden, Switzerland, the United Kingdom, the United States, any other country that
shall at any time after the Closing Date become a member state of the European Union and any other
country that is a member of the Organization for Economic Co-operation and Development.

     “Designated Non-Recourse Indebtedness” shall mean the Non-Recourse Indebtedness and
any Hedging Obligations of NRG Peaker Finance Co. LLC, as amended from time to time
(provided that such amendments do not result in the incurrence of additional Indebtedness
for borrowed money (on account of principal) in excess of the principal amounts of such
Indebtedness outstanding as of the Closing Date and are otherwise in compliance with the terms
hereof).

     “Disqualified Stock” shall mean any Capital Stock that, by its terms (or by the terms
of any security into which it is convertible, or for which it is exchangeable, in each case at the
option of the holder of the Capital Stock), or upon the happening of any event, matures or is
mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91
days after the Latest Maturity Date of all Classes of Loans or Commitments. Notwithstanding the
preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the
holders of the Capital Stock have the right to require the Borrower to repurchase such Capital
Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified
Stock if the terms of such Capital Stock provide that the Borrower may not repurchase or redeem any
such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with
Section 6.06 hereof. The amount of Disqualified Stock deemed to be outstanding at any time for
purposes of this Agreement will be the maximum amount that the Borrower and its Restricted
Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory
redemption provisions of, such Disqualified Stock, exclusive of accrued dividends.

     “Dividends” shall have the meaning provided in Section 6.06.

     “dollars” or “$” shall mean lawful money of the United States of America,
except when expressly used in reference to the lawful money of another country.

     “Domestic Subsidiaries” shall mean all Subsidiaries incorporated, formed or organized
under the laws of the United States of America, any State thereof or the District of Columbia.

     “Downgrade Event” shall have the meaning assigned to such term in the definition of
“Applicable Margin”.

     “Easement” shall have the meaning assigned to such term in Section 3.07.

25

 

     “ECF Period” shall mean (a) in the event that the Borrower shall exercise its option
under (and in accordance with) Section 2.13(d) to calculate Excess Cash Flow (and make the required
prepayment and prepayment offer) for any fiscal period other than a fiscal year, (i) each such
fiscal period and (ii) each fiscal period during the applicable fiscal year that is not a fiscal
period described in the preceding clause (i) and (b) in the event that the Borrower shall not
exercise such
option during any fiscal year, a fiscal year. For purposes of this definition, “fiscal
period” shall mean a period of one or more consecutive fiscal quarters.

     “Eligible Commodity Hedging Agreement” shall mean any Commodity Hedging Agreement
entered into by any Loan Party with an Eligible Commodity Hedging Counterparty from time to time in
order to manage fluctuations in the price or availability to the Borrower or any Restricted
Subsidiary of any commodity, which, individually or together with other Commodity Hedging
Agreements (other than Commodity Hedging Agreements that are either unsecured, are supported by
letters of credit or Guarantees (but not secured by all or substantially all of the assets of any
Loan Party) or constitute Parity Lien Obligations) entered into or being entered into with such
counterparty or its affiliates, is structured such that the net mark-to-market credit exposure of
(a) the counterparties to such Commodity Hedging Agreements (taken as a whole) to (b) the Borrower
or any other Loan Party, is positively correlated with the price of the relevant commodity or
positively correlated with changes in the relevant spark spread.

     “Eligible Commodity Hedging Counterparty” shall mean a counterparty to an Eligible
Commodity Hedging Agreement that, at the time the relevant Eligible Commodity Hedging Agreement is
entered into, is either an Acceptable Power Counterparty or an Acceptable Financial Counterparty.

     “Eligible Commodity Hedging Obligations” shall mean, with respect to any specified
Person, the obligations of such Person under an Eligible Commodity Hedging Agreement.

     “Environmental CapEx Debt” shall mean Indebtedness of the Borrower or its Restricted
Subsidiaries incurred for the purpose of financing Environmental Capital Expenditures.

     “Environmental Capital Expenditures” shall mean capital expenditures to the extent
deemed reasonably necessary, as determined by the Borrower or its Restricted Subsidiaries, as
applicable, in good faith and pursuant to prudent judgment, to comply with applicable Environmental
Laws.

     “Environmental Laws” shall mean all former, current and future Federal, state, local
and foreign laws (including common law), treaties, regulations, rules, ordinances and codes, and
legally binding decrees, judgments, directives and orders (including consent orders), in each case,
relating to protection of the environment, natural resources, occupational health and safety or the
presence, Release of, or exposure to, hazardous materials, substances or wastes, or the generation,
manufacture, processing, distribution, use, treatment, storage, disposal, transport, recycling or
handling of, or the arrangement for such activities with respect to, hazardous materials,
substances or wastes.

     “Environmental Liability” shall mean all liabilities, obligations, damages, losses,
claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including
administrative oversight costs, natural resource damages and remediation costs), whether contingent
or otherwise, arising out of or relating to (a) non-compliance with any Environmental Law, (b) the
generation, manufacture, processing, distribution, recycling, use, handling, transportation,
storage, treatment or disposal of, or the arrangement of such activities with respect to, any
Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release of any

26

 

Hazardous
Materials at or from any location or (e) any contract or agreement pursuant to which liability is
assumed, imposed or covered by an indemnity with respect to any of the foregoing.

     “Equally and Ratably” shall have the meaning assigned to such term in the Collateral
Trust Agreement.

     “Equity Interests” shall mean Capital Stock and all warrants, options or other rights
to acquire Capital Stock (but excluding, except for purposes of the definitions of “Additional
Non-Recourse Indebtedness”, “Existing Non-Recourse Indebtedness” and “Net Cash Proceeds”, any debt
security that is convertible into, or exchangeable for, Capital Stock).

     “Equity Securities” shall mean (a) the 20,855,057 shares of common stock, par value
$0.01 per share, of the Borrower and (b) the Mandatory Convertible Preferred Stock, in each case
issued on the Closing Date to fund a portion of the Acquisition Consideration.

     “ERCOT” shall mean the Electric Reliability Council of Texas or any other entity
succeeding thereto.

     “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended
from time to time.

     “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Tax
Code, or solely for purposes of Section 302 of ERISA and Section 412 of the Tax Code, is treated as
a single employer under Section 414 of the Tax Code.

     “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of
ERISA or the regulations issued thereunder, with respect to a Benefit Plan (other than an event for
which the 30-day notice period is waived); (b) the existence with respect to any Benefit Plan of an
“accumulated funding deficiency” (as defined in Section 412 of the Tax Code or Section 302 of
ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Tax Code or Section
303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any
Benefit Plan; (d) the incurrence by the Borrower or any ERISA Affiliate of any liability under
Title IV of ERISA with respect to the termination of any Benefit Plan or the withdrawal or partial
withdrawal of the Borrower or any ERISA Affiliate from any Benefit Plan or Multiemployer Plan; (e)
the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any
notice relating to the intention to terminate any Benefit Plan or to appoint a trustee to
administer any Benefit Plan; (f) the adoption of any amendment to a Benefit Plan that would require
the provision of security pursuant to Section 401(a)(29) of the Tax Code or Section 307 of ERISA;
or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected
to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

     “Eurodollar”, when used in reference to any Loan or Borrowing, shall refer to whether
such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted LIBO Rate.

     “Event of Default” shall have the meaning assigned to such term in Article VII.

27

 

     “Excess Cash Flow” shall mean, for any period, an amount equal to the excess of (a)
the sum, without duplication, of:

     (i) Consolidated Net Income of the Borrower for such period;

     (ii) an amount equal to the amount of all non-cash charges to the extent deducted in
arriving at such Consolidated Net Income;

     (iii) decreases in Consolidated Working Capital for such period;

     (iv) an amount equal to the aggregate net non-cash loss on the sale, lease, transfer
or other disposition of assets by the Borrower and the Subsidiary Guarantors during such
period (other than sales in the ordinary course of business) to the extent deducted in
arriving at such Consolidated Net Income;

     (v) to the extent not included in the determination of Consolidated Net Income, any
termination payments or similar payments received by the Borrower or any Subsidiary
Guarantor during such period in connection with the termination, partial termination or
other reduction of any Commodity Hedging Agreement; and

     (vi) any cash, Cash Equivalent or other security or investment substantially
comparable to Cash Equivalents that is returned to the Borrower and the Subsidiary
Guarantors during such period that was, immediately prior to such return, pledged or
deposited as collateral to a contract counterparty, issuer of surety bonds or issuer of
letters of credit by the Borrower or any of the Subsidiary Guarantors, in each case to
secure obligations with respect to (A) contracts for commercial and trading activities and
contracts (including physical delivery, option (whether cash or financial), exchange, swap
and futures contracts) for the purchase, transmission, transportation, distribution, sale,
lease or hedge of any fuel-related or power-related commodity or service or (B) Commodity
Hedging Agreements,

     over (b) the sum, without duplication, of:

     (i) an amount equal to the amount of all non-cash credits included in arriving at such
Consolidated Net Income;

     (ii) the aggregate amount actually paid by the Borrower and the Subsidiary Guarantors
in cash during such period on account of Capital Expenditures (to the extent financed with
cash flow internally generated within such period by the Borrower and the Subsidiary
Guarantors), and including Necessary Capital Expenditures and Environmental Capital
Expenditures;

     (iii) the aggregate amount of all prepayments of Revolving Loans and Swingline Loans
made during such period to the extent accompanying reductions of the Total Revolving Credit
Commitment except to the extent financed with the proceeds of other Indebtedness of the
Borrower or the Subsidiary Guarantors;

     (iv) the aggregate amount of all principal payments of Indebtedness of the Borrower or
the Subsidiary Guarantors (including any Term Loans and the principal component of payments
in respect of Capital Lease Obligations, but excluding Revolving Loans, Swingline Loans,
voluntary prepayments of Term B Loans pursuant to Section 2.12 and mandatory prepayments of
Term Loans pursuant to Section 2.13) made

28

 

during such period (other than in respect of any
revolving credit facility to the extent there is not an equivalent permanent reduction in
commitments thereunder) except to the extent financed with the proceeds of other
Indebtedness of the Borrower or the Subsidiary Guarantors;

     (v) an amount equal to the aggregate net non-cash gain on the sale, lease, transfer or
other disposition of assets by the Borrower and the Subsidiary Guarantors

     during such period (other than sales in the ordinary course of business) to the extent
included in arriving at such Consolidated Net Income;

     (vi) increases in Consolidated Working Capital for such period;

     (vii) payments by the Borrower and the Subsidiary Guarantors during such period in
respect of long-term liabilities of the Borrower and the Subsidiary Guarantors other than
Indebtedness;

     (viii) the amount of Investments made during such period pursuant to Section 6.05 to
the extent that such Investments were financed with cash flow internally generated within
such period by the Borrower and the Subsidiary Guarantors;

     (ix) the aggregate amount of expenditures actually made by the Borrower and the
Subsidiary Guarantors in cash during such period (including expenditures for the payment of
financing fees) to the extent that such expenditures are not expensed during such period;

     (x) the aggregate amount of any premium, make-whole or penalty payments actually paid
in cash by the Borrower and the Subsidiary Guarantors during such period that are required
to be made in connection with any prepayment of Indebtedness and that are accounted for as
extraordinary items;

     (xi) to the extent not included in the determination of Consolidated Net Income, any
termination payments or similar payments made by the Borrower or any Subsidiary Guarantor
during such period in connection with the termination, partial termination or other
reduction of any Commodity Hedging Agreement (but in any case for purposes of calculating
Excess Cash Flow for the fiscal year ending on December 31, 2006, excluding any such
payments made in connection with the Transactions described in clause (b)(iv) of the
definition of “Transactions”);

     (xii) to the extent not included in the determination of Consolidated Net Income, the
aggregate amount of pension plan contributions required by law and actually made in cash by
the Borrower or any Subsidiary Guarantor during such period in connection with the Texas
Genco Retirement Plan;

     (xiii) to the extent not included in the determination of Consolidated Net Income, the
aggregate amount of expenditures actually made by the Borrower and the Subsidiary
Guarantors relating to the acquisition of nuclear fuel;

     (xiv) to the extent not included in the determination of Consolidated Net Income, any
fees, costs and expenses incurred in connection with the transactions occurring on the
Third Restatement Date; and

29

 

     (xv) any cash, Cash Equivalents and other securities or investments substantially
comparable to Cash Equivalents pledged or deposited by the Borrower and the Subsidiary
Guarantors during such period as collateral to a contract counterparty, issuer of surety
bonds or issuer of letters of credit, in each case to secure obligations with respect to
(A) contracts for commercial and trading activities and contracts (including physical
delivery, option (whether cash or financial), exchange, swap and futures contracts) for the
purchase, transmission, transportation, distribution, sale, lease or hedge
of any fuel-related or power-related commodity or service or (B) Commodity Hedging
Agreements.

     “Excess Credit-Linked Deposits” shall mean, with respect to any Lender, the unused
commitment, if any, of such Lender to make Credit-Linked Deposits hereunder.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

     “Excluded Assets” shall mean

     (i) any lease, license, contract, property right or agreement to which any Loan Party
is a party or any of such Loan Party’s rights or interests thereunder if and only for so
long as the grant of a security interest therein under the Security Documents shall
constitute or result in a breach, termination or default or invalidity under any such
lease, license, contract, property right or agreement (other than to the extent that any
such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409
of the UCC of any relevant jurisdiction or any other applicable law or principles of
equity); provided, that such lease, license, contract, property right or agreement
shall be an Excluded Asset only to the extent and for so long as the consequences specified
above shall exist and shall cease to be an Excluded Asset and shall become subject to the
security interest granted under the Security Documents, immediately and automatically, at
such time as such consequences shall no longer exist;

     (ii) any interests in real property owned or leased by any Loan Party only for so long
as such interest represents an Excluded Perfection Asset;

     (iii) any Equity Interests in, and any assets of, any Excluded Project Subsidiary and
any voting Equity Interests in excess of 66% (or, in the case of NRGenerating International
BV, 65%) of the total outstanding voting Equity Interests in any Excluded Foreign
Subsidiary; provided that, notwithstanding anything herein to the contrary, the
Equity Interests in the Funded L/C SPV that are owned directly or indirectly by the
Borrower shall not be Excluded Assets;

     (iv) any Deposit Account, Securities Account or Commodities Account (and all cash,
Cash Equivalents and other securities or investments substantially comparable to Cash
Equivalents and Commodity Contracts held therein) if and only for so long as such Deposit
Account, Securities Account or Commodities Account is subject to a Lien permitted under
clause (r) of the definition of “Permitted Liens”; provided that, for the avoidance
of doubt and notwithstanding anything in the Loan Documents to the contrary, the Funded L/C
Collateral Accounts and all cash, Cash Equivalents, other securities or investments
substantially comparable to Cash Equivalents and other funds and investments held therein
and the proceeds thereof shall be Excluded Assets for all purposes under the Loan
Documents;

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     (v) the Equity Interests in, and all properties and assets of, NRG Energy Insurance
Ltd. (Cayman Islands);

     (vi) the Equity Interests in, and all properties and assets of, NRG International
Holdings (No. 2) GmbH (only for so long as such entity shall own only de minimis assets);

     (vii) the Equity Interests in, and all properties and assets of, NRG Latin America
Inc.;

     (viii) any Equity Interest of a Person or Project Interest held by any Loan Party if
and for so long as the pledge thereof under the Security Documents shall constitute or
result in a breach, termination or default under any joint venture, stockholder,
membership, limited liability company, partnership, owners, participation, shared facility
or other similar agreement between such Loan Party and one or more other holders of Equity
Interests of such Person or Project Interest (other than any such other holder who is the
Borrower or a Subsidiary thereof); provided that such Equity Interest shall be an
Excluded Asset only to the extent and for so long as the consequences specified above shall
exist and shall cease to be an Excluded Asset and shall become subject to the security
interest granted under the Security Documents, immediately and automatically, at such time
as such consequences shall no longer exist;

     (ix) any Counterparty Account, and any cash, Cash Equivalents and/or other securities
or investments substantially comparable to Cash Equivalents, and other funds and
investments held therein and the proceeds thereof, received from a contract counterparty
(including a counterparty in respect of Commodity Hedging Obligations) (collectively, the
“Counterparty Cash”) but only to the extent that any agreements governing the
underlying transactions with a contract counterparty (including a counterparty in respect
of Commodity Hedging Obligations) pursuant to which any such Counterparty Cash was received
provide that the pledging of, or other granting of any Lien in, the relevant Counterparty
Cash as collateral for the Obligations of the Borrower or a Subsidiary Guarantor under the
Loan Documents shall constitute or result in a breach, termination, default or invalidity
under any such agreement, provided, however, that such Counterparty Cash
shall be an Excluded Asset only to the extent and for so long as the consequences specified
above shall exist, and shall cease to be an Excluded Asset and shall become subject to the
security interest granted under the Security Documents, immediately and automatically, at
such time as such consequences shall no longer exist; and provided,
further, that any Lien the Borrower or any Subsidiary Guarantor may have in any
such Counterparty Cash shall not be deemed to be an Excluded Asset under this clause (ix)
and such Lien shall follow and be treated as part of the underlying agreement (including
any Commodity Hedging Obligations) which agreement (including any Commodity Hedging
Obligations) shall (to the extent applicable) be subject to the terms and conditions of
clause (i) of this definition;

     (x) any Account of NRG Power Marketing solely to the extent that (A) such Account
relates to the sale by NRG Power Marketing of power or capacity that was purchased by NRG
Power Marketing from an Excluded Project Subsidiary and (B) the grant of a security
interest in such Account under the Security Documents shall constitute or result in a
breach, termination or default under any agreement or instrument governing the applicable
Existing Non-Recourse Indebtedness of such Subsidiary (as such agreement or instrument was
in effect on the Closing Date);

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     (xi) the working capital account of Camas Power Boiler Inc.;

     (xii) all properties and assets of the Borrower or any of its Restricted Subsidiaries
(other than Equity Interests) secured by Indebtedness permitted by Section 6.01(d) or, at
the election of the Borrower pursuant to an officer’s certificate delivered to the
Administrative Agent and the Collateral Trustee, Indebtedness permitted under Section
6.01(z) that is secured as described in clause (vi)(x) of such Section, in each case,
so long as the granting of a Lien in favor of the Secured Parties would constitute or
result in a breach, termination or default under any agreement or instrument governing such
applicable Indebtedness permitted by Section 6.01(d) or Section 6.01(z), as the case may
be, and such properties or assets shall cease to be Excluded Assets once such prohibition
ceases to exist and shall immediately and automatically become subject to the security
interest granted under the Security Documents;

     (xiii) any other property and assets (other than any such properties or assets
constituting Core Collateral) designated as Excluded Assets to the Administrative Agent in
writing by the Borrower which shall not have, when taken together with all other property
and assets that constitute Excluded Assets at the relevant time of determination by virtue
of the operation of this clause (xiii), a Fair Market Value determined as of the date of
such designation as an Excluded Asset exceeding $750,000,000 in the aggregate (the
“General Excluded Assets Basket”) (it being understood, however, that for the
avoidance of doubt, in respect of any Excluded Asset designated as such prior to such date
of determination, the Fair Market Value of such previously designated Excluded Assets shall
be the same as the Fair Market Value initially assigned to such assets) (and, to the extent
that the Fair Market Value thereof shall exceed $750,000,000 in the aggregate, such
property or assets shall cease to be an Excluded Asset to the extent of such excess Fair
Market Value and shall become subject to the security interest granted under the Security
Documents, immediately and automatically, at such time as such amount is exceeded); for the
avoidance of doubt, at any time the Borrower elects to have an Excluded Asset become part
of the Collateral and cease to be an Excluded Asset, or at any time an Excluded Asset
becomes an asset of an Unrestricted Subsidiary, an Excluded Project Subsidiary or an
Excluded Foreign Subsidiary, or is sold or otherwise disposed of to a third party that is
not a Subsidiary of the Borrower in accordance with the terms hereof, the Fair Market Value
(as determined as of the date of such designation as an Excluded Asset) of any such asset
shall not be taken into account for purposes of determining compliance with the General
Excluded Assets Basket and an amount equal to the Fair Market Value of such asset (as
determined as of the date of such designation as an Excluded Asset) will become available
under the General Excluded Assets Basket for use by the Borrower pursuant to this clause
(xiii);

     (xiv) [reserved];

     (xv) any Intellectual Property (as defined in the Guarantee and Collateral Agreement)
if and to the extent a grant of a security interest therein will result in the loss,
abandonment or termination of any material right, title or interest in or to such
Intellectual Property (including United States intent-to-use trademark or service mark
applications); provided, however, that such Intellectual Property shall be
an Excluded Asset only to the extent and for so long as the consequences specified above
shall exist and shall cease to be an Excluded Asset and shall become subject to the
security interest granted under the Security Documents, immediately and automatically, at
such time as such consequences shall no longer exist;

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     (xvi) [reserved];

     (xvii) upon the sale of such assets to a Securitization Vehicle in accordance with the
provisions of this Agreement, the South Central Securitization Assets and, in the event
that the pledge of any Seller’s Retained Interest in respect of any such Securitization
Vehicle shall be prohibited by the governing documentation with respect to the applicable
South Central Securitization (after the Borrower or the applicable
Restricted Subsidiary shall have used its commercially reasonable efforts to avoid
such prohibition in such governing documentation), such Seller’s Retained Interest; and

     (xviii) (A) the Equity Interests owned by the Borrower or any of its Restricted
Subsidiaries in and all properties and assets of each of the following Subsidiaries: (1)
NRG Harrisburg Cooling LLC and (2) Camas Power Boiler Limited Partnership and (B)(1) the
leasehold interest of Middletown Power LLC to GenConn Middletown LLC and (2) the leasehold
interest of Devon Power LLC to GenConn Devon LLC.

     “Excluded Core Collateral” shall have the meaning assigned to such term in the
definition of “Core Collateral.”

     “Excluded Foreign Subsidiaries” shall mean, at any time, any Foreign Subsidiary that
is a Restricted Subsidiary and that is (or is treated as) for United States federal income tax
purposes either (a) a corporation or (b) a pass-through entity owned directly or indirectly by
another Foreign Subsidiary that is (or is treated as) a corporation; provided that none of
the Subsidiaries constituting or owning Core Collateral may at any time be an Excluded Foreign
Subsidiary. The Excluded Foreign Subsidiaries on the Third Restatement Date are set forth on
Schedule 1.01(a).

     “Excluded Perfection Assets” shall mean any property or assets that (i) do not have a
Fair Market Value at any time exceeding $50,000,000 (or, if such property or asset is a Deposit
Account or Securities Account, $10,000,000) individually or $100,000,000 in the aggregate in which
a security interest cannot be perfected by the filing of a financing statement under the UCC of the
relevant jurisdiction or, in the case of Equity Interests, either the filing of a financing
statement under the UCC of the relevant jurisdiction or the possession of certificates representing
such Equity Interests, (ii) constitute leasehold interests of the Borrower or any of its Restricted
Subsidiaries in real property (other than any real property constituting a Facility) or (iii)
constitute any Deposit Account that is a “zero-balance” account (as long as (x) the balance in such
“zero balance” account does not exceed at any time the applicable threshold described in clause (i)
above for a period of 24 consecutive hours or more and (y) all amounts in such “zero-balance”
account shall either be swept on a daily basis into another Deposit Account that does not
constitute an Excluded Perfection Asset or used for third party payments in the ordinary course of
business). To the extent that the Fair Market Value of any such property or asset exceeds
$50,000,000 (or, if such property or asset is a Deposit Account or Securities Account, $10,000,000)
individually, such property or asset shall cease to be an Excluded Perfection Asset and, to the
extent that the Fair Market Value of such property or assets shall exceed $100,000,000 in the
aggregate at any time, such property or assets shall cease to be Excluded Perfection Assets to the
extent of such excess Fair Market Value.

     “Excluded Project Subsidiaries” shall mean, at any time, any Restricted Subsidiary
that (a) is an obligor (or, in the case of a Restricted Subsidiary of an Excluded Project
Subsidiary that is such an obligor and is in a business that is related to the business of such
Excluded Project Subsidiary that is such an obligor, is otherwise bound, or its property is subject
to one or more covenants and other terms of any Non-Recourse Indebtedness outstanding at such time,
regardless of whether such Restricted Subsidiary is a party to the agreement evidencing the
Non-

33

 

Recourse Indebtedness (unless otherwise expressly elected by the Borrower in its sole
discretion with respect to any such Subsidiaries)) with respect to any Non-Recourse Indebtedness
outstanding at such time, in each case if and for so long as the grant of a security interest in
the property or assets of such Subsidiary, or the guarantee by such Subsidiary of the Obligations,
or the pledge of the Equity Interests of such Subsidiary, in each case in favor of the Collateral
Trustee, for the benefit of the Secured Parties, shall constitute or result in a breach,
termination or default under the agreement or instrument governing the applicable Non-Recourse
Indebtedness;
provided that such Subsidiary shall be an Excluded Project Subsidiary only to the
extent that and for so long as the requirements and consequences above shall exist; or (b) is not
an obligor with respect to any such Non-Recourse Indebtedness as described in clause (a), but is
designated by the Borrower as an Excluded Project Subsidiary under and in accordance with this
Agreement; and provided further that (i) none of the Subsidiaries constituting or
owning Core Collateral may at any time be an Excluded Project Subsidiary and (ii) the aggregate
Fair Market Value of all outstanding Investments owned by the Borrower and its Restricted
Subsidiaries in any such Restricted Subsidiary designated as an Excluded Project Subsidiary will be
deemed to be an Investment made as of the time of the designation and, except with respect to
Investments constituting Specified Facilities and Investments that were made pursuant to and in
accordance with Section 6.05(e), 6.05(g) or 6.05(m), will reduce the amount available for
Investments under Section 6.05(h) (if applicable), 6.05(l) or 6.05(p). The Excluded Project
Subsidiaries on the Third Restatement Date are set forth on Schedule 1.01(b).

     “Excluded Subsidiary” shall mean (i) an Excluded Foreign Subsidiary, (ii) an Excluded
Project Subsidiary, (iii) any other Subsidiary all of whose assets constitute Excluded Assets
pursuant to clause (xiii) of the definition of Excluded Assets and (iv) the Funded L/C SPV. For
the avoidance of doubt, it is understood and agreed that all assets of an Excluded Subsidiary
acquired after the designation as such pursuant to sub-clause (iii) above, and for as long as such
designation remains effective, shall be Excluded Assets.

     “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, the
Issuing Banks and any other recipient of any payment to be made by or on account of any obligation
of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured in whole or in
part by) each such Person’s net income by the United States of America (or any political
subdivision thereof), or as a result of a present or former connection between such recipient and
the jurisdiction imposing such tax (or any political subdivision thereof), other than any such
connection arising solely from such recipient having executed, delivered or performed its
obligations or received a payment under, or enforced, this Agreement or any other Loan Document,
(b) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower
under Section 2.21(a)), any United States withholding tax that is imposed on amounts payable to
such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or
designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with
Section 2.20(e), except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to Section 2.20(a) or
2.20(b) (it being understood and agreed, for the avoidance of doubt, that any withholding tax
imposed on a Foreign Lender as a result of a Change in Law occurring after the time such Foreign
Lender became a party to this Agreement shall not be an Excluded Tax) and (c) any United States
federal withholding tax that would not have been imposed but for a failure by such recipient (or
any financial institution through which any payment is made to such recipient) to comply with the
applicable requirements of Sections 1471 through 1474 of the Code or any Treasury Regulation
promulgated thereunder or published administrative guidance implementing such Sections (in each
case effective as of the Third Restatement Date).

34

 

     “Exempt Subsidiaries” shall mean, collectively, NRG Ilion LP LLC, NRG Ilion Limited
Partnership, Meriden Gas Turbine LLC, LSP-Nelson Energy LLC, NRG Nelson Turbines LLC, NRG Jackson
Valley Energy I, Inc., NRG McClain LLC, NRG Audrain Holding LLC, NRG Audrain Generating LLC, NRG
Peaker Finance Company LLC, Bayou Cove Peaking Power, LLC, Big Cajun I Peaking Power LLC, NRG
Rockford LLC, NRG Rockford II LLC, NRG Rockford Equipment II LLC, NRG Sterlington Power LLC and NRG
Rockford Acquisition LLC, and shall not, in any event, include any Core Collateral Subsidiary.

     “Existing Administrative Agent” shall have the meaning assigned to such term in the
recitals.

     “Existing Commodity Hedging Agreements” shall mean (i) the Master Power Purchase and
Sale Agreement and Cover Sheet dated as of July 21, 2004, the Confirmation thereunder dated as of
July 21, 2004 and the Confirmation thereunder dated as of November 30, 2004, each between J. Aron &
Company and NRG Texas Power LLC (as successor by merger), and any additional confirmations
thereunder, as the same may be amended, supplemented, replaced or otherwise modified from time to
time in accordance with the terms hereof and thereof and (ii) any other master agreement listed on
Schedule 1.01(c), and any confirmations thereunder, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof and thereof.

     “Existing Credit Agreement” shall mean the Credit Agreement, dated as of the Closing
Date, among the Borrower, Morgan Stanley Senior Funding, Inc. and Citigroup Global Markets Inc., as
joint lead book runners, joint lead arrangers and co-documentation agents, Morgan Stanley Senior
Funding, Inc., as administrative agent, Morgan Stanley & Co. Incorporated, as collateral agent, and
Citigroup Global Markets, Inc., as syndication agent, as amended or modified and in effect
immediately prior to the First Restatement Date.

     “Existing Indebtedness” shall mean Indebtedness of the Borrower and its Subsidiaries
(other than Indebtedness under the Senior Note Documents) in existence on the Closing Date and set
forth on Schedule 6.01, until such amounts are repaid, or are refunded, refinanced, replaced,
defeased or discharged pursuant to Section 6.01(e) hereof.

     “Existing LC Credit Agreement” shall have the meaning assigned to such term in the
recitals.

     “Existing Non-Recourse Indebtedness” shall mean secured or unsecured Indebtedness for
borrowed money outstanding as of the Closing Date of a Subsidiary that is not a Loan Party existing
as of the Closing Date and any Permitted Refinancing Indebtedness in respect of such Indebtedness;
provided that, except as set forth on Schedule 1.01(e),

     (a) such Indebtedness is without recourse to the Borrower or any other Restricted
Subsidiary or to any property or assets of the Borrower or any other Restricted Subsidiary
(other than, in each such case, another Restricted Subsidiary (x) which is the direct
parent or a direct or indirect Subsidiary of the Subsidiary that incurred or issued such
Indebtedness (other than such Indebtedness constituting a Guarantee) or (y) that is a
Subsidiary that itself has Non-Recourse Indebtedness (other than such Indebtedness
constituting a Guarantee) or is the direct parent or a direct or indirect Subsidiary of a
Subsidiary that itself has Non-Recourse Indebtedness (other than such Indebtedness
constituting a Guarantee)),

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     (b) neither the Borrower nor any other Restricted Subsidiary (other than another
Restricted Subsidiary (x) which is the direct parent or a direct or indirect Subsidiary of
the Subsidiary that incurred or issued such Indebtedness (other than such Indebtedness
constituting a Guarantee) or (y) that is a Subsidiary that itself has Non-Recourse
Indebtedness (other than such Indebtedness constituting a Guarantee) or is the direct
parent or a direct or indirect Subsidiary of a Subsidiary that itself has Non-Recourse
Indebtedness (other than such Indebtedness constituting a Guarantee) provides credit
support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness) or is directly or indirectly liable as a guarantor or
otherwise in respect of such Indebtedness or in respect of the business or operations
of the applicable Subsidiary that is the obligor on such Indebtedness or any of its
subsidiaries (other than (i) any such credit support or liability consisting of
reimbursement obligations in respect of Letters of Credit issued under, and subject to the
terms of, Section 2.23 to support obligations of such applicable subsidiary and (ii) any
Investments in such applicable subsidiary made in accordance with Section 6.05),

     (c) no default with respect to such Indebtedness (including any rights that the
holders of such Indebtedness may have to take enforcement action against a Subsidiary that
is not a Loan Party) would permit upon notice, lapse of time or both any holder of any
other Indebtedness of the Borrower or any other Loan Party (other than Indebtedness
incurred pursuant to Section 6.01(a), (b), (c) or (k)) to declare a default on such other
Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to
its stated maturity and

     (d) the Liens securing such Indebtedness shall exist only on (i) the property and
assets of any Subsidiary that is not a Loan Party and (ii) the Equity Interests in any
Subsidiary that is not a Loan Party (and shall not apply to any other property or assets of
the Borrower or any other Subsidiary that is a Loan Party), except, in the case of each of
clauses (a) and (b) for the following (each of which is deemed to be non-recourse for
purposes of this definition): (w) Guarantees by the Borrower or any other Subsidiary of
such Indebtedness that are incurred pursuant to Section 6.01(p), (x) agreements of the
Borrower or any other Subsidiary to provide corporate or management services or operation
and maintenance services to such Subsidiary, including in respect of the acquisition of
fuel, oil, gas or other supply of energy, (y) Guarantees of the Borrower or any other
Subsidiary with respect to debt service reserves established with respect to such
Subsidiary to the extent that such Guarantee shall result in the immediate payment of
funds, pursuant to dividends or otherwise, in the amount of such Guarantee to the Borrower
or such other Subsidiary and (z) contingent obligations of the Borrower or any other
Subsidiary to make capital contributions to such Subsidiary, in the case of each of clauses
(x), (y) and (z), which are otherwise permitted hereunder.

     “Existing NRG Notes” shall have the meaning assigned to such term in the recitals.

     “Existing Texas Genco Credit Agreement” shall have the meaning assigned to such term
in the recitals.

     “Existing Texas Genco Notes” shall have the meaning assigned to such term in the
recitals.

     “Extended Maturity Credit-Linked Deposit” shall mean Credit-Linked Deposits that the
applicable Lender has designated as Extended Maturity Credit-Linked Deposits on its signature page
to the Third Amendment Agreement. The aggregate amount of all Extended Maturity

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Credit-Linked
Deposits on the Third Restatement Date is $800,000,000 (provided that such amount may be increased
or decreased by the Borrower and the Administrative Agent to give effect to conforming or other
technical issues related to the consent process for this Agreement).

     “Extended Maturity Credit-Linked Deposit Maturity Date” shall mean August 31, 2015, as
it may be extended pursuant to and in accordance with this Agreement.

     “Extended Maturity Repayment Date” shall have the meaning assigned to such term in
Section 2.11.

     “Extended Maturity Term Loan Maturity Date” shall mean August 31, 2015, as it may be
extended pursuant to and in accordance with this Agreement.

     “Extended Maturity Term Loans” shall mean Term B Loans that the applicable Lender has
designated as Extended Maturity Term Loans on its signature page to the Third Amendment Agreement.
The aggregate amount of all Extended Maturity Term Loans on the Third Restatement Date is
$1,000,000,000 (provided that such amount may be increased or decreased by the Borrower and the
Administrative Agent to give effect to conforming or other technical issues related to the consent
process for this Agreement).

     “Facility” shall mean a power or energy related facility.

     “Fair Market Value” shall mean the value that would be paid by a willing buyer to an
unaffiliated willing seller in a transaction not involving distress of either party, determined in
good faith by (i) the Board of Directors of the Borrower (or any committee thereof expressly
authorized by the Board of Directors) with respect to assets and Investments having a Fair Market
Value of $200,000,000 or more and (ii) the Chief Financial Officer of the Borrower with respect to
assets and Investments having a Fair Market Value less than $200,000,000.

     “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day that is a Business Day, the
average of the quotations for the day for such transactions received by the Administrative Agent
from three Federal funds brokers of recognized standing selected by it.

     “Fees” shall mean the Commitment Fees, the Administrative Agent’s Fees, the L/C
Participation Fees, the Issuing Bank Fees and any fees payable pursuant to Section 2.12(d).

     “FERC” shall mean the Federal Energy Regulatory Commission or its successor.

     “Financial Officer” of any Person shall mean any of the chief executive officer, chief
financial officer or treasurer (or if no individual shall have such designation, the Person charged
by the Board of Directors of such Person (or a committee thereof) with such powers and duties as
are customarily bestowed upon the individual with such designation) or the audit or finance
committee of the Board of Directors of such Person.

     “First Amendment Agreement” shall mean the Amendment Agreement dated as of November
21, 2006, among the Borrower, the Administrative Agent (as defined under the First Restated Credit
Agreement), the Collateral Agent (as defined under the First Restated Credit Agreement), the
Collateral Trustee (as defined under the First Restated Credit Agreement) and

37

 

the Texas Genco
Collateral Trustee (as defined under the First Restated Credit Agreement) and the Lenders (as
defined under the First Restated Credit Agreement) party thereto.

     “First Lien Senior Secured Debt” shall mean all Senior Debt (other than Parity Lien
Debt) that is secured by a Lien on any assets of the Borrower or any Subsidiary Guarantor.

     “First Restated Credit Agreement” shall have the meaning assigned to such term in the
recitals.

     “First Restatement Date” shall have the meaning assigned to such term in the recitals.

     “First Restatement Reaffirmation Agreement” shall mean the Reaffirmation Agreement,
dated as of the First Restatement Date, executed and delivered by the Borrower, each Subsidiary
Guarantor (as defined in the First Restated Credit Agreement), the Administrative Agent (as defined
in the First Restated Credit Agreement), the Collateral Trustee (as defined under the First
Restated Credit Agreement) and the Texas Genco Collateral Trustee (as defined in the First Restated
Credit Agreement).

     “Fitch” shall mean Fitch Ratings, Ltd. or any successor entity.

     “Foreign Lender” shall mean any Lender that is organized under the laws of a
jurisdiction other than that in which the Borrower is incorporated or organized. For purposes of
this definition, the United States of America, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction.

     “Foreign Net Asset Sale Proceeds” shall have the meaning assigned to such term in the
definition of “Net Cash Proceeds”.

     “Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary.

     “Foreign Subsidiary Holding Company” shall mean any Domestic Subsidiary that is a
direct parent of one or more Foreign Subsidiaries and holds, directly or indirectly, no other
assets other than Equity Interests of Foreign Subsidiaries and other de minimis assets related
thereto.

     “FPA” shall mean the Federal Power Act and the rules and regulations promulgated
thereunder, as amended from time to time.

     “Funded L/C Collateral Accounts” shall mean, collectively, one or more operating,
certificates of deposits, securities accounts and/or investment accounts of, and established by,
one or more LC Issuers (at the request of the Funded L/C SPV), which shall be blocked accounts in
the name of the Funded L/C SPV and subject to the control of such applicable LC Issuer, in each
case that shall cash collateralize obligations in respect of Cash Collateralized Letter of Credit
Facilities.

     “Funded L/C Exposure” shall mean have the meaning assigned to such term in the Second
Restated Credit Agreement. It is understood and agreed for all purposes hereunder that the Funded
L/C Exposure as of the Third Restatement Date shall be equal to zero and that no Lender shall have
or hold any interest in the Funded L/C Exposure as of the Third Restatement Date.

     “Funded L/C Lender” shall mean a Lender holding a Credit-Linked Deposit.

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     “Funded L/C SPV” shall mean NRG LC Facility Company LLC, a Delaware limited liability
company and a Subsidiary of the Borrower whose Equity Interests, other than any preferred interests
owned by any LC Issuer or other Persons on behalf of, or at the request of, any LC Issuer in
connection with Cash Collateralized Letter of Credit Facilities, are owned directly or indirectly
by the Borrower.

     “Funded L/C SPV Equity Contribution” shall have the meaning assigned to such term in
the recitals.

     “Funded L/C SPV Guarantee” shall mean, in respect of any Cash Collateralized Letter of
Credit Facility, the unsecured limited recourse Guarantee by the Borrower of the obligations of the
Funded L/C SPV thereunder, which Guarantee shall be limited at all times to an aggregate
amount not to exceed 15% of the aggregate amount of such Cash Collateralized Letter of Credit
Facility.

     “GAAP” shall mean generally accepted accounting principles set forth in the opinions
and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the
accounting profession, which are in effect from time to time.

     “General Excluded Assets Basket” shall have the meaning assigned to such term in the
definition of Excluded Assets.

     “Governmental Authority” shall mean the government of the United States of America or
any other nation, any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of
government or any governmental or non-governmental authority regulating the generation and/or
transmission of energy, including ERCOT.

     “Granting Lender” shall have the meaning assigned to such term in Section 9.04(i).

     “Guarantee” shall mean a guarantee, other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or indirect, in any manner,
including by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership
arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to
take or pay or to maintain financial statement conditions or otherwise); provided that
standard contractual indemnities which do not relate to Indebtedness shall not be considered a
Guarantee.

     “Guarantee and Collateral Agreement” shall mean the Guarantee and Collateral
Agreement, dated as of the Closing Date executed and delivered by the Borrower and each Subsidiary
Guarantor, as amended by the Amendment to Guarantee and Collateral Agreement, dated as of April 28,
2006, and the Amendment to Guarantee and Collateral Agreement, dated as of the Third Restatement
Date, and as may be further amended, restated, supplemented or otherwise modified from time to time
in accordance with the terms thereof.

     “Guaranteed Obligations” shall mean the Credit Agreement Borrower Obligations and the
Guarantor Obligations in respect thereof, in each case as such terms are defined in the Guarantee
and Collateral Agreement.

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     “Hazardous Materials” shall mean (a) any petroleum products or byproducts, coal ash,
coal combustion by-products or waste, boiler slag, scrubber residue, flue desulfurization material,
radon gas, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, radioactive
materials, radioactive waste or radioactive byproducts, chlorofluorocarbons and all other
ozone-depleting substances and (b) any chemical, material, substance or waste that is prohibited,
limited or regulated by or pursuant to any Environmental Law.

     “Hedging Obligations” shall mean, with respect to any specified Person, the
obligations of such Person under (a) interest rate swap agreements (whether from fixed to floating
or from floating to fixed), interest rate cap agreements and interest rate collar agreements, (b)
other agreements or arrangements designed to manage interest rates or interest rate risk, (c) other
agreements or arrangements designed to protect such Person against fluctuations in currency
exchange rates and (d) agreements (including each confirmation entered into pursuant to any
master agreement) providing for swaps, caps, collars, puts, calls, floors, futures, options, spots,
forwards, power purchase or sale agreements, fuel purchase or sale agreements, emissions credit
purchase or sales agreements, power transmission agreements, fuel transportation agreements, fuel
storage agreements, netting agreements, commercial or trading agreements, each with respect to, or
involving the purchase, transmission, distribution, sale, lease or hedge of, any energy, generation
capacity or fuel, or any other energy related commodity or service, price or price indices for any
such commodities or services or any other similar derivative agreements, and any other similar
agreements, in each case under clauses (a), (b), (c) and (d), entered into by such Person,
including Commodity Hedging Obligations, Eligible Commodity Hedging Obligations and Interest
Rate/Currency Hedging Obligations.

     “Increased Amount Date” shall have the meaning provided in Section 2.25(a).

     “incur” shall have the meaning assigned to such term in Section 6.01.

     “Indebtedness” shall mean, with respect to any specified Person, any indebtedness of
such Person (excluding accrued expenses and trade payables except as provided in clause (e) below),
whether or not contingent (a) in respect of borrowed money; (b) evidenced by bonds, notes,
debentures or similar instruments or letters of credit (or reimbursement agreements in respect
thereof); (c) in respect of banker’s acceptances; (d) representing Capital Lease Obligations (other
than any Capital Lease Obligations arising as a result of the recharacterization of operating
leases as capital leases due to changes in the accounting treatment of such operating leases under
GAAP) or Attributable Debt in respect of sale and leaseback transactions; (e) representing the
balance deferred and unpaid of the purchase price of any property (including trade payables) or
services due more than six months after such property is acquired or such services are completed;
or (f) representing Hedging Obligations, if and to the extent any of the preceding items (other
than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon
a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term
“Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified
Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not
otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person.
The amount of any Indebtedness outstanding as of any date will be (a) the accreted value of the
Indebtedness, in the case of any Indebtedness issued with original issue discount; (b) the
principal amount of the Indebtedness, in the case of any other Indebtedness; and (c) in respect of
Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser
of (i) the Fair Market Value of such asset at the date of determination, and (ii) the amount of the
Indebtedness of the other Person.

     “Indemnified Taxes” shall mean Taxes other than Excluded Taxes and Other Taxes.

40

 

     “Indemnitee” shall have the meaning assigned to such term in Section 9.05(b).

     “Information” shall have the meaning assigned to such term in Section 9.16.

     “Intellectual Property Collateral” shall have the meaning assigned to such term in the
Guarantee and Collateral Agreement.

     “Intellectual Property Security Agreement” shall mean all Intellectual Property
Security Agreements executed and delivered by the Loan Parties, each substantially in the
applicable form required by the Guarantee and Collateral Agreement, as the same may be amended,
restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and
thereof.

     “Interest Payment Date” shall mean (a) with respect to any ABR Loan (other than a
Swingline Loan), the last Business Day of each March, June, September and December (beginning with
March 31, 2006), (b) with respect to any Eurodollar Loan, the last day of the Interest Period
applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing
with an Interest Period of more than three months’ duration, each day that would have been an
Interest Payment Date had successive Interest Periods of three months’ duration been applicable to
such Borrowing, and (c) with respect to any Swingline Loan, the day that such Loan is required to
be repaid.

     “Interest Period” shall mean, with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending seven days thereafter or on the numerically
corresponding day in the calendar month that is 1, 2, 3 or 6 months thereafter (or 9 or 12 months
thereafter if, at the time of the relevant Borrowing, an interest period of such duration is
available to all Lenders participating therein), as the Borrower may elect; provided,
however, that (i) if any Interest Period would end on a day other than a Business Day, such
Interest Period shall be extended to the next succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which case such Interest Period shall end on
the next preceding Business Day and (ii) any Interest Period (other than an Interest Period of
seven days) that commences on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar month of such Interest Period) shall
end on the last Business Day of the last calendar month of such Interest Period. Interest shall
accrue from and including the first day of an Interest Period to but excluding the last day of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which
such Borrowing is made and thereafter shall be the effective date of the most recent conversion or
continuation of such Borrowing.

     “Interest Rate/Currency Hedging Agreement” shall mean any agreement of the type
described in clauses (a), (b) or (c) of the definition of “Interest Rate/Currency Hedging
Obligations”.

     “Interest Rate/Currency Hedging Obligations” shall mean, with respect to any specified
Person, the obligations of such Person under (a) interest rate swap agreements (whether from fixed
to floating or from floating to fixed), interest rate cap agreements and interest rate collar
agreements, (b) other agreements or arrangements designed to manage interest rates or interest rate
risk and (c) other agreements or arrangements designed to protect such Person against fluctuations
in currency exchange rates, in each case under clauses (a), (b) and (c), entered into by such
Person in the ordinary course of business and not for speculative purposes.

41

 

     “Investments” shall mean, with respect to any Person, all direct or indirect
investments by such Person in other Persons (including Affiliates) in the forms of loans (including
Guarantees or other obligations), advances or capital contributions, purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with
all items that are or would be classified as investments on a balance sheet prepared in accordance
with GAAP. If the Borrower or any Subsidiary sells or otherwise disposes of any Equity Interests
of any direct or indirect Subsidiary such that, after giving effect to any such sale or
disposition, such Person is no longer a Subsidiary, the Borrower will be deemed to have made an
Investment on the date of any such sale or disposition equal to the Fair Market Value of the
Borrower’s Investments in such Subsidiary that were not sold or disposed of. The acquisition by
the Borrower, or by any Subsidiary, of a Person that holds an Investment in a third Person will be
deemed to be an Investment by the Borrower or such Subsidiary in such third Person in an amount equal to the
Fair Market Value of the Investments held by the acquired Person in such third Person. Except as
otherwise provided in this Agreement, the amount of an Investment will be determined at the time
the Investment is made and without giving effect to subsequent changes in value.

     Notwithstanding anything to the contrary herein, in the case of any Investment made by the
Borrower or a Restricted Subsidiary in a Person substantially concurrently with a cash distribution
by such Person to the Borrower or a Restricted Subsidiary (a “Concurrent Cash
Distribution”), then:

     (a) the Concurrent Cash Distribution shall be deemed to be Net Cash Proceeds received
in connection with an Asset Sale and applied as described in Section 2.13; and

     (b) the amount of such Investment shall be deemed to be the Fair Market Value of the
Investment, less the amount of the Concurrent Cash Distribution.

     “Issuing Bank” shall mean, as the context may require, (a) Deutsche Bank AG, New York
Branch and Bank of America, N.A. and/or any of their respective affiliates, each in its capacity as
the issuer of Letters of Credit issued by it hereunder and (b) any other Lender that may become an
Issuing Bank pursuant to Section 2.23(i) or 2.23(k), with respect to Letters of Credit issued by
such Lender. Unless otherwise specified, in respect of any Letters of Credit, “Issuing Bank” shall
refer to the applicable Issuing Bank which has issued such Letter of Credit. Each Issuing Bank may,
in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the
Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect
to Letters of Credit issued by such Affiliate.

     “Issuing Bank Fees” shall have the meaning assigned to such term in Section 2.05(c).

     “Issuing Subsidiary” shall have the meaning assigned to such term in the definition of
“Additional Non-Recourse Indebtedness.”

     “Joinder Agreement” shall mean an agreement substantially in the form of Exhibit E.

     “L/C Commitment” shall mean the commitment of each Issuing Bank to issue Letters of
Credit pursuant to Section 2.23.

     “L/C Disbursement” shall mean a payment or disbursement made by the Issuing Bank
pursuant to a Letter of Credit.

     “L/C Fee Payment Date” shall have the meaning assigned to such term in Section
2.05(c).

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     “L/C Participation Fee” shall have the meaning assigned to such term in Section
2.05(c).

     “Latest Maturity Date” shall mean, at any date of determination, the latest maturity
date applicable to any Class of Loans or Commitments with respect to such Class of Loans or
Commitments at such time, including, for the avoidance of doubt, the latest maturity date of any
Refinancing Term Loan, Refinancing Term Commitment, Refinancing Revolving Loan or Refinancing
Revolving Commitment, in each case as extended from time to time in accordance with this Agreement.

     “LC Issuer” shall mean any bank or other financial institution from time to time party
to a Cash Collateralized Letter of Credit Facility in its capacity as an issuer of letters of
credit thereunder.

     “Lender Addendum” shall have the meaning assigned to such term in the Second Restated
Credit Agreement.

     “Lenders” shall mean (a) any Lender under and as defined in the Second Restated Credit
Agreement immediately prior to the Third Restatement Date who continues to be a Lender under this
Agreement, (b) the Persons that deliver a Lender Addendum or become a party hereto pursuant to a
Joinder Agreement and (c) any Person that has become a party hereto pursuant to an Assignment and
Acceptance (other than in each case any such Person that has ceased to be a party hereto pursuant
to an Assignment and Acceptance). Unless the context otherwise requires, the term “Lenders” shall
include the Swingline Lender.

     “Letter of Credit” shall mean, at any time, any letter of credit issued pursuant to
and in accordance with the terms and provisions of Section 2.23.

     “LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest
Period, the rate per annum determined by the Administrative Agent at approximately 11:00 a.m.,
London time, on the date that is two Business Days prior to the commencement of such Interest
Period by reference to the British Bankers’ Association Interest Settlement Rates for deposits in
dollars (as set forth by the Bloomberg Information Service or any successor thereto or any other
service selected by the Administrative Agent which has been nominated by the British Bankers’
Association as an authorized information vendor for the purpose of displaying such rates) for a
period equal to such Interest Period; provided that, to the extent that an interest rate is
not ascertainable pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be
the interest rate per annum determined by the Administrative Agent to be the average of the rates
per annum at which deposits in dollars are offered for such relevant Interest Period to major banks
in the London interbank market in London, England by the Administrative Agent at approximately
11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such
Interest Period.

     “Lien” shall mean, with respect to any asset (a) any mortgage, deed of trust, deed to
secure debt, lien (statutory or otherwise), pledge, hypothecation, encumbrance, collateral
assignment, charge or security interest in, on or of such asset; (b) the interest of a vendor or a
lessor under any conditional sale agreement, capital lease or title retention agreement (or any
financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset; and (c) in the case of Equity Interests or debt securities, any purchase option, call
or similar right of a third party with respect to such Equity Interests or debt securities. For
the avoidance of doubt, “Lien” shall not be deemed to include licenses of intellectual property.

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     “Loan Documents” shall mean this Agreement, any promissory note delivered pursuant to
Section 2.04(e), the Security Documents, the Affiliate Subordination Agreement, the First Amendment
Agreement, the Second Amendment Agreement, the Third Amendment Agreement and each Joinder
Agreement.

     “Loan Parties” shall mean the Borrower and each Subsidiary Guarantor.

     “Loans” shall mean the Revolving Loans, the Term B Loans, the Swingline Loans, the New
Revolving Loans, the New Term Loans, the Refinancing Revolving Loans, the Refinancing Term Loans
and the Credit-Linked Deposits.

     “Majority Revolving Credit Lenders” shall mean, at any time, Revolving Credit Lenders
having Revolving Loans (excluding Swingline Loans), Revolving L/C Exposure, Swingline Exposure and
unused Revolving Credit Commitments representing at least a majority of the sum of all Revolving
Loans outstanding (excluding Swingline Loans), Revolving L/C Exposure, Swingline Exposure and
unused Revolving Credit Commitments at such time.

     “Mandatory Convertible Preferred Stock” shall mean the 2,000,000 shares of 5.750%
mandatory convertible preferred stock, liquidation value $250 per share, of the Borrower issued on
the Closing Date to fund a portion of the Acquisition Consideration.

     “Margin Stock” shall have the meaning assigned to such term in Regulation U.

     “Mark-to-Market Adjustments” shall mean (a) any non-cash loss attributable to the
mark-to-market movement in the valuation of Hedging Obligations (to the extent the cash impact
resulting from such loss has not been realized) or other derivative instruments pursuant to
Financial Accounting Standards Board Statement No. 133, “Accounting for Derivative Instruments and
Hedging Activities;” plus (b) any loss relating to amounts paid in cash prior to the stated
settlement date of any Hedging Obligation that has been reflected in Consolidated Net Income in the
current period; plus (c) any gain relating to Hedging Obligations associated with
transactions recorded in the current period that has been reflected in Consolidated Net Income in
prior periods and excluded from Consolidated EBITDA pursuant to clauses (e) and (f) below;
minus (d) any non-cash gain attributable to the mark-to-market movement in the valuation of
Hedging Obligations (to the extent the cash impact resulting from such gain has not been realized)
or other derivative instruments pursuant to Financial Accounting Standards Board Statement No. 133,
“Accounting for Derivative Instruments and Hedging Activities;” minus (e) any gain relating
to amounts received in cash prior to the stated settlement date of any Hedging Obligation that has
been reflected in Consolidated Net Income in the current period; minus (f) any loss
relating to Hedging Obligations associated with transactions recorded in the current period that
has been reflected in Consolidated Net Income in prior periods and excluded from Consolidated
EBITDA pursuant to clauses (b) and (c) above.

     “Material Adverse Effect” shall mean a material adverse change in or material adverse
effect on (a) the condition (financial or otherwise), results of operations, assets or liabilities
of the Borrower and the Subsidiaries, taken as a whole, or (b) the validity or enforceability of
any Loan Document, which if such Loan Document is a Security Document, relates to Collateral having
an aggregate Fair Market Value of $100,000,000 or more in the aggregate, or the material rights and
remedies of the Arrangers, the Administrative Agent, the Collateral Agent, the Issuing Bank, the
Collateral Trustee or the Secured Parties thereunder.

     “Material Indebtedness” shall mean Indebtedness for money borrowed (other than the
Loans and Letters of Credit) and Hedging Obligations of any one or more of the Borrower or any

44

 

of the Subsidiaries in an aggregate principal amount or mark-to-market adjustment value exceeding
$150,000,000.

     “Maximum Rate” shall have the meaning assigned to such term in Section 9.09.

     “Minority Investment” shall mean any Person (other than a Subsidiary) in which the
Borrower or any Restricted Subsidiary owns Capital Stock.

     “Moody’s” shall mean Moody’s Investors Service, Inc. or any successor entity.

     “Mortgaged Properties” shall mean on the Third Restatement Date, each parcel of real
property and the improvements located thereon and appurtenants thereto owned or leased by a Loan
Party and specified on Schedule 1.01(f), and shall include each other parcel of real property and
improvements located thereon with respect to which a Mortgage is granted pursuant to Section 5.09
or 5.10; provided, however, that any Mortgaged Property that becomes an Excluded
Asset, or the rights in which are held by any Person that ceases to be a Subsidiary Guarantor
pursuant to Section 6.11 hereof or as otherwise provided in the Loan Documents, shall cease to be a
Mortgaged Property for all purposes under the Loan Documents and the Collateral Agent and the
Collateral Trustee shall take such actions as are reasonably requested by any Loan Party at such
Loan Party’s expense to terminate the Liens and security interests created by the Loan Documents in
such Mortgaged Property.

     “Mortgages” shall mean the mortgages, deeds of trust, leasehold mortgages, assignments
of leases and rents, modifications, amendments and restatements of the foregoing and other security
documents granting a Lien on any Mortgaged Property to secure the Guaranteed Obligations, each in
the form of Exhibit F with such changes as are reasonably satisfactory to the Borrower (which shall
be evidenced by the signature thereof by the applicable Loan Party), the Collateral Agent and the
Collateral Trustee, in each case, as the same may be amended, restated, supplemented or otherwise
modified from time to time in accordance with the terms thereof.

     “Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3)
of ERISA.

     “Necessary CapEx Debt” shall mean Indebtedness of the Borrower or its Restricted
Subsidiaries incurred for the purpose of financing Necessary Capital Expenditures.

     “Necessary Capital Expenditures” shall mean capital expenditures (other than
Environmental Capital Expenditures) that are required by Applicable Law or are undertaken for
health and safety reasons. The term “Necessary Capital Expenditures” does not include any capital
expenditure undertaken primarily to increase the efficiency of, expand or re-power any power
generation facility.

     “Net Asset Sale Proceeds” shall have the meaning assigned to such term in the
definition of “Net Cash Proceeds”.

     “Net Cash Proceeds” shall mean

     (a) with respect to any Asset Sale or Recovery Event, the proceeds thereof in the form
of cash as and when received (including any such cash proceeds subsequently received (as
and when received) in respect of noncash consideration initially received), net of (i) all
expenses related to such Asset Sale or Recovery Event (including legal, accounting and
investment banking fees, broker’s fees and sales commissions, relocation

45

 

fees and expenses paid or reasonably estimated by the Borrower to be payable, and taxes paid or payable by
the Borrower and the Restricted Subsidiaries in connection therewith, and the Borrower’s
good faith estimate of any other taxes to be paid or payable in connection with such Asset
Sale or Recovery Event, after taking into account any available tax credits or deductions
and any tax sharing arrangements, and any out-of-pocket costs of remediation, repair or
closure required to be incurred by the Borrower and the Restricted Subsidiaries by the
applicable Governmental Authority in connection with such Recovery Event), (ii) amounts
remitted in an escrow or provided as a reserve, in accordance with GAAP or the
corresponding transaction agreements or otherwise reasonably estimated to be payable to
third parties and attributable to such Asset Sale,
against any liabilities under any indemnification obligations or purchase price
adjustment or otherwise associated with such asset or Asset Sale, including pension and
post-employment benefit liabilities and liabilities related to Environmental Laws or
against any other indemnification obligations related to such transaction (provided
that, to the extent and at the time any such amounts are released from such reserve or
escrow to the benefit of the Borrower or any Restricted Subsidiary, such amounts shall
constitute Net Cash Proceeds if otherwise described as such in this definition) and (iii)
the principal amount, premium or penalty, if any, interest and other amounts on any
Indebtedness (other than any such Indebtedness hereunder or under any Permitted Notes that
are secured or assumed by the purchaser of such asset or any Affiliate thereof) which is
secured by the asset transferred, taken or sold in such Asset Sale or Recovery Event and
which is required to be repaid with such proceeds (such proceeds with respect to any Asset
Sale, “Net Asset Sale Proceeds”);

     provided, however, that if the asset transferred, taken or sold in
such Asset Sale or Recovery Event did not constitute Core Collateral, (1) up to
$300,000,000 in the aggregate of Net Asset Sale Proceeds received from one or more Asset
Sales of Equity Interests in, or property or assets of, any Foreign Subsidiary or any
Foreign Subsidiary Holding Company (any proceeds with respect to any such Asset Sale,
“Foreign Net Asset Sale Proceeds”) and (2) up to $50,000,000 of Net Asset Sale
Proceeds (other than any Foreign Net Asset Sale Proceeds) received in each fiscal year of
the Borrower, in each case shall not be deemed Net Cash Proceeds that are subject to
mandatory prepayment pursuant to Section 2.13(b) or otherwise, even if the terms of the
following proviso are not complied with in respect of any such Net Asset Sale Proceeds;

     provided, further, that if (v) the asset transferred, taken or sold in
such Asset Sale or Recovery Event did not constitute Core Collateral, (w) the Borrower or
any Restricted Subsidiary reinvests an amount equal to such proceeds in an acquisition of a
Person or line of business in accordance with the terms of this Agreement or productive
assets of a kind then used or usable in the business of the Borrower and the Restricted
Subsidiaries within 365 days of receipt of such proceeds (such period, the
“Reinvestment Period”) (provided that (i) in the event approval of any
Governmental Authority is required to be procured in connection with the reinvestment of
such proceeds, the Reinvestment Period shall be extended for an additional period not to
exceed 180 days as necessary to obtain such approval and (ii) in the event the Borrower or
any Restricted Subsidiary enters into a legally binding commitment to reinvest such
proceeds within such 365-day period, the Reinvestment Period shall be extended for an
additional period not to exceed 365 days), (x) no Event of Default has occurred and is
continuing at the time of the application of such proceeds (both immediately before and
immediately after giving effect to such application), (y) such proceeds (1) resulting from
the sale of the Equity Interests in any Person that is incorporated, formed or organized
under the laws of the United States of America, any State thereof or the District of
Columbia (other than a Foreign Subsidiary

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Holding Company) (a “U.S. Person”) or any
other assets located in the United States are only used to make an acquisition of a Person
that will, following the consummation of such acquisition, be a Domestic Subsidiary or an
acquisition of other assets that are located in the United States or (2) resulting from the
sale of the Equity Interests in any Person other than a U.S. Person are only used to make
an acquisition of a Person that is incorporated, formed or organized under the laws of a
Designated Country or an acquisition of other assets that are located in a Designated
Country and (z) such proceeds resulting from the sale of any Equity Interests in any
Subsidiary Guarantor or any other assets that constitute Collateral are only used to make
an acquisition of a Person that will, following the consummation of such acquisition, be a
Subsidiary Guarantor or an
acquisition of other assets that will constitute Collateral, then such proceeds shall
not be deemed Net Cash Proceeds that are subject to the mandatory prepayment provisions of
Section 2.13(b) except to the extent not so used at the end of the Reinvestment Period, at
which time such proceeds shall be deemed Net Cash Proceeds that are subject to the
mandatory prepayment provisions of Section 2.13(b);

     provided further, however, that if (A) the asset transferred,
taken or sold in such Asset Sale or Recovery Event did not constitute Core Collateral, (B)
such proceeds result from an Asset Sale or Recovery Event to the extent involving assets,
rights or other property of a Restricted Subsidiary that is not a Loan Party, (C) the terms
of any Indebtedness of such Restricted Subsidiary require that an amount equal to the
amount of such proceeds be applied to repay such Indebtedness, (D) the Borrower uses an
amount equal to the amount of such proceeds to repay such Indebtedness of such Restricted
Subsidiary solely to the extent required thereby and, if such repaid Indebtedness is
revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto,
within 365 days of receipt of such proceeds and (E) no Event of Default has occurred and is
continuing at the time of the application of an amount equal to such proceeds, then such
amount of proceeds shall not be deemed Net Cash Proceeds that are subject to the mandatory
prepayment provisions of Section 2.13(b) except to the extent not so used at the end of
such 365-day period, at which time an amount equal to such proceeds shall be deemed Net
Cash Proceeds that are subject to the mandatory prepayment provisions of Section 2.13(b).
In addition, notwithstanding the foregoing, if the assets transferred, taken or sold in any
such Asset Sale did not constitute Core Collateral and such Net Asset Sale Proceeds result
from one or more Asset Sales of Equity Interests of an Excluded Project Subsidiary that
does not own (directly or indirectly through its ownership interest in any other Excluded
Project Subsidiary) a Facility (other than the Facility that is being developed,
constructed or acquired with such Net Asset Sale Proceeds), then such Net Asset Sale
Proceeds shall be deemed not to be Net Cash Proceeds that are subject to the mandatory
prepayment provisions of Section 2.13(b) to the extent that such Net Asset Sale Proceeds
are used to finance the development, repowering, construction or acquisition of such
Excluded Project Subsidiary’s Facility; and

     (b) with respect to any issuance or incurrence of Indebtedness, the cash proceeds
thereof, net of any and all taxes and fees, commissions, costs and other expenses incurred
by the Borrower and the Restricted Subsidiaries in connection therewith; provided
that, in the case of the issuance or incurrence of Indebtedness under Section 6.01(m), the
cash proceeds thereof shall only constitute “Net Cash Proceeds” to the extent distributed
by the applicable Excluded Project Subsidiary to the Borrower or any other Subsidiary;
provided further, that if (x) such Indebtedness is Non-Recourse
Indebtedness, the Net Cash Proceeds of which are distributed by the applicable Excluded
Project Subsidiary to the Borrower or any other Subsidiary that is a Loan Party, (y) the

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Borrower or such Subsidiary reinvests such distribution in an acquisition of a Person or
line of business in accordance with the terms of this Agreement or productive assets of a
kind then used or usable in the business of the Borrower and the Restricted Subsidiaries
within the Reinvestment Period (provided that in the event approval of any
Governmental Authority is required to be procured in connection with the reinvestment of
such distribution, the Reinvestment Period shall be extended for an additional period (not
to exceed 180 days) as necessary to obtain such approval), (z) no Event of Default has
occurred and is continuing at the time of the application of such distribution (both before
and after giving effect to such application), then such distribution shall not be deemed
Net Cash Proceeds that are subject to the mandatory prepayment provisions of Section
2.13(c) except to the extent not so used at the end of the Reinvestment Period, at
which time such distribution shall be deemed Net Cash Proceeds that are subject to the
mandatory prepayment provisions of Section 2.13(c).

     “Net Income” shall mean, with respect to any specified Person, the net income (loss)
of such Person, determined in accordance with GAAP and before any reduction in respect of preferred
stock dividends or accretion, excluding, however, (a) any gain or loss, together with any related
provision for taxes on such gain or loss, realized in connection with (i) any Asset Sale (without
giving effect to the threshold provided for in the definition thereof) or (ii) the disposition of
any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any
Indebtedness of such Person or any of its Restricted Subsidiaries; and (b) any extraordinary gain
(but not loss), together with any related provision for taxes on such extraordinary gain (but not
loss).

     “New Loan Commitments” shall have the meaning assigned to such term in Section
2.25(a).

     “New Revolving Credit Commitments” shall have the meaning assigned to such term in
Section 2.25(a).

     “New Revolving Credit Lender” shall have the meaning assigned to such term in Section
2.25(b).

     “New Revolving Loans” shall have the meaning assigned to such term in Section 2.25(b).

     “New Term Loan Commitments” shall have the meaning assigned to such term in Section
2.25(a).

     “New Term Loan Lender” shall have the meaning assigned to such term in Section
2.25(c).

     “New Term Loan Maturity Date” shall mean the date on which a New Term Loan matures.

     “New Term Loans” shall have the meaning assigned to such term in Section 2.25(c).

     “Non-Consenting Lender” shall have the meaning assigned to such term in Section
9.08(c).

     “Non-Recourse Indebtedness” shall mean (a) Existing Non-Recourse Indebtedness of any
Subsidiary existing as of the Closing Date and (b) Additional Non-Recourse Indebtedness of any
Subsidiary that is not a Loan Party.

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     “NRG Power Marketing” shall mean NRG Power Marketing Inc., a Delaware corporation that
is a wholly owned Subsidiary.

     “NYPSC” shall have the meaning assigned to such term in Section 3.23(f).

     “NYPSC Subject Company” shall have the meaning assigned to such term in Section
3.23(f).

     “Obligations” shall have the meaning assigned to such term in the Collateral Trust
Agreement.

     “Original Maturity Credit-Linked Deposit” shall mean all Credit-Linked Deposits (other
than Extended Maturity Credit-Linked Deposits and any Class of Credit-Linked Deposits created
pursuant to a Permitted Amendment). The aggregate amount of Original Maturity Credit-Linked
Deposits on the Third Restatement Date is $500,000,000.

     “Original Maturity Credit-Linked Deposit Maturity Date” shall mean February 1, 2013,
as it may be extended pursuant to and in accordance with this Agreement.

     “Original Maturity Repayment Date” shall have the meaning assigned to such term in
Section 2.11.

     “Original Maturity Term Loan Maturity Date” shall mean February 1, 2013, as it may be
extended pursuant to and in accordance with this Agreement.

     “Original Maturity Term Loans” shall mean all Term B Loans (other than Extended
Maturity Term Loans, any New Term Loans, any Refinancing Term Loans and any Class of Term Loans
created pursuant to a Permitted Amendment). The aggregate amount of all Original Maturity Term
Loans on the Third Restatement Date is $976,069,187.60.

     “Other Taxes” shall mean any and all present or future stamp or documentary taxes or
any other excise or property taxes, charges or similar levies (including interest, fines, penalties
and additions to tax) arising from any payment made under any Loan Document or from the execution,
delivery or enforcement of, or otherwise with respect to, any Loan Document.

     “Parity Debt Representative” shall have the meaning assigned to such term in the NRG
Collateral Trust Agreement.

     “Parity Lien Debt” shall mean (a) the Existing Commodity Hedging Agreements; (b) any
other Indebtedness consisting of Commodity Hedging Obligations that is permitted to be incurred
under Section 6.01 and secured by a second priority Lien permitted under Section 6.02; and (c) any
secured Indebtedness that is permitted to be incurred under Section 6.01(p) or Section 6.01(y) and
secured by a second priority Lien permitted under Section 6.02; provided, in the case of
Indebtedness referred to in clauses (b) and (c), that (i) such Indebtedness is governed by an
agreement that includes a Sharing Confirmation and (ii) all requirements set forth in the
Collateral Trust Agreement as to the confirmation, grant or perfection of the Liens granted to the
Collateral Trustee, for the benefit of the applicable secured parties, to secure such Indebtedness
or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and the
other provisions of this clause (ii) shall be conclusively established, for purposes of entitling
the holders of such Indebtedness to share Equally and Ratably with the other holders of Parity Lien
Debt in the benefits and proceeds of the Collateral Trustee’s Liens on the Collateral, if the

49

 

Borrower delivers to the Collateral Trustee an officers’ certificate stating that such requirements
and other provisions have been satisfied and that such Indebtedness is Parity Lien Debt).

     “Parity Lien Obligations” shall mean Parity Lien Debt and all other Obligations in
respect thereof.

     “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in
ERISA and any successor entity performing similar functions.

     “Perfection Certificate” shall mean, collectively, the Pre-Closing UCC Diligence
Certificates dated as of the Third Restatement Date, executed and delivered by the Borrower and
each Subsidiary Guarantor, as the same may be amended, restated, supplemented or otherwise
modified from time to time.

     “Permitted Acquisition” shall mean any acquisition, by merger or otherwise, by the
Borrower or any of the Restricted Subsidiaries of assets or Capital Stock after the Closing Date,
so long as, (a) such acquisition and all transactions related thereto shall be consummated in
accordance with all Applicable Laws; (b) such acquisition shall result in the issuer of such
Capital Stock becoming a Restricted Subsidiary that is not an Excluded Subsidiary and, to the
extent required by Section 5.09, a Subsidiary Guarantor; (c) such acquisition shall result in the
Collateral Trustee, for the benefit of the Secured Parties, being granted a security interest in
any Capital Stock and/or any assets so acquired to the extent required by Sections 5.09 and/or
5.10; (d) after giving effect to such acquisition, no Default or Event of Default shall have
occurred and be continuing; and (e) the Borrower shall be in compliance, on a pro forma basis after
giving effect to such acquisition (including any Indebtedness assumed or permitted to exist or
incurred pursuant to Sections 6.01(q) and 6.01(r), respectively), with the covenants set forth in
Sections 6.13 and 6.14, as such covenants are recomputed as of the last day of the most recently
ended fiscal quarter for which financial statements are required to be delivered pursuant to
Section 5.04(a) or 5.04(b) under such Sections 6.13 and 6.14 as if such acquisition had occurred on
the first day of the applicable Test Period.

     “Permitted Amendment Discount” shall have the meaning assigned to such term in Section
9.22(a).

     “Permitted Amendment Loans and/or Commitments” shall have the meaning assigned to such
term in Section 9.22(a).

     “Permitted Amendment Yield Differential” shall have the meaning assigned to such term
in Section 9.22(a).

     “Permitted Amendments” shall mean one or more amendments providing for an extension of
the final maturity date of any Loan and/or any Commitment of the Accepting Lenders
(provided, that such extensions may not result in having more than eight different final
maturity dates under this Agreement without the prior written consent of the Administrative Agent
(such consent not to be unreasonably withheld, conditioned or delayed)) and, in connection
therewith and subject to the limitations set forth in Section 9.22, any change in the Applicable
Margin and other pricing with respect to the applicable Loans and/or Commitments of the Accepting
Lenders and the payment of any fees (including prepayment premiums or fees) to the Accepting
Lenders (such changes and/or payments to be in the form of cash, equity interest or other property
as agreed by the Borrower and the Accepting Lenders to the extent not prohibited by this
Agreement). For the avoidance of doubt, it is understood that the Transactions consummated on the
Third Restatement Date are not Permitted Amendments.

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     “Permitted Asset Swap” shall mean any transfer of Equity Interests or properties or
other assets (other than any such Equity Interests, properties or other assets constituting Core
Collateral) by the Borrower or any of the Restricted Subsidiaries in which at least 75% of the
consideration received by the transferor or any of its Affiliates (provided that such Affiliate
shall be (x) a Restricted Subsidiary and (y) if the applicable transferor is a Loan Party, a Loan
Party) consists of Equity Interests or properties or other assets (other than cash or Cash
Equivalents) useful in the Permitted Business; provided that the aggregate Fair Market
Value of the Equity Interests or property or other assets being transferred by the Borrower or such
Restricted Subsidiary is not greater than the aggregate Fair Market Value of the Equity Interests
or properties or other assets received by the Borrower or such Restricted Subsidiary in such
transfer.

     “Permitted Business” shall mean the business of holding, acquiring, constructing,
managing, developing, improving, maintaining, leasing, owning and operating Facilities, together
with any related assets or facilities, and any other business conducted by the Borrower and its
Restricted Subsidiaries on the Closing Date, as well as any other activities reasonably related,
ancillary, incidental or complementary to any of the foregoing activities (including acquiring and
holding reserves), including investing in Facilities.

     “Permitted Cure Security” shall mean an equity security of the Borrower having no
mandatory redemption, repurchase or similar requirements prior to 91 days after the Latest Maturity
Date of all Classes of Loans or Commitments, and upon which all dividends or distributions (if any)
shall be payable solely in additional shares of such equity security.

     “Permitted Environmental Control Lease” shall mean a lease and leaseback or sale and
leaseback transaction undertaken in connection with the issuance of pollution or waste control
systems bonds the proceeds of which shall be used by the Borrower or a Restricted Subsidiary to
finance the purchase, construction and/or installation of emissions control equipment for the
assets so leased and leased-back (or sold and leased-back, as applicable) in which such assets are
leased or sold to any Governmental Authority issuing such bonds (or its designee) by the Borrower
or such Restricted Subsidiary and simultaneously leased-back to the Borrower or such Restricted
Subsidiary (as the case may be); provided that (a) any pre-existing Liens on such assets shall not
be extinguished as a result of such lease and leaseback (or sale and leaseback, as applicable)
transaction, (b) the Governmental Authority issuing such bonds (or its designee) shall take an
interest in the relevant property, subject to such pre-existing Liens, and (c) the terms and
conditions of such transaction and all related transactions shall be reasonably satisfactory to the
Administrative Agent.

     “Permitted Liens” shall mean

     (a) Liens held by the Collateral Trustee on assets of the Borrower or any Subsidiary
Guarantor securing (i) Guaranteed Obligations of the Borrower or such Subsidiary Guarantor
relating to Indebtedness and Letters of Credit under this Agreement or relating to
obligations under any Specified Hedging Agreements and (ii) secured obligations of the
Borrower or such Subsidiary Guarantor relating to Revolver Refinancing Indebtedness
permitted by Section 6.01(a);

     (b) second priority Liens held by the Collateral Trustee Equally and Ratably securing
Parity Lien Debt and other Parity Lien Obligations;

     (c) Liens on (i) Equity Interests (or intercompany Indebtedness subordinated on terms
customarily associated with shareholder loans provided by the Borrower and/or any
Restricted Subsidiary to any Excluded Subsidiary (other than the Funded L/C SPV)

51

 

in lieu of
equity) in connection with Investments permitted by Section 6.05 and/or on assets of
Excluded Subsidiaries (other than the Funded L/C SPV) securing Indebtedness and other
obligations of Excluded Subsidiaries (other than the Funded L/C SPV) that were not
prohibited by the terms of this Agreement to be incurred and (ii) assets of the Funded L/C
SPV (including, for the avoidance of doubt, the Funded L/C Collateral Accounts and all
cash, Cash Equivalents, other securities or investments substantially comparable to Cash
Equivalents and other funds and investments held in the Funded L/C Collateral Accounts and
the proceeds thereof) securing Indebtedness and other obligations of the Funded L/C SPV in
respect of Cash Collateralized Letter of Credit Facilities that were not prohibited by the
terms of this Agreement to be incurred;

     (d) Liens (i) in favor of the Borrower or any of the Subsidiary Guarantors, (ii)
incurred by Excluded Project Subsidiaries in favor of any other Excluded Project Subsidiary
and (iii) incurred by Excluded Foreign Subsidiaries in favor of any other Excluded Foreign
Subsidiary;

     (e) Liens to secure the performance of statutory obligations, surety or appeal bonds,
performance bonds or other obligations of a like nature incurred in the ordinary course of
business;

     (f) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by
Section 6.01(d) hereof covering only the assets acquired with or financed by such
Indebtedness;

     (g) Liens existing on the Closing Date and set forth on Schedule 6.02;

     (h) Liens for taxes, assessments or governmental charges or claims that are not yet
delinquent or that are being contested in good faith by appropriate proceedings promptly
instituted and diligently concluded; provided that any reserve or other provision
as is required in conformity with GAAP has been made therefor;

     (i) Liens imposed by law (other than those described in clause (h) above), such as
carriers’, warehousemen’s, landlords’ and mechanics’ Liens;

     (j) survey exceptions, easements or reservations of, or rights of others for,
licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other
similar purposes, or zoning or other restrictions as to the use of real property that were
not incurred in connection with Indebtedness and that do not in the aggregate materially
adversely affect the value of said properties or materially impair their use in the
operation of the business of such Person;

     (k) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred
under this Agreement; provided, however, that such Lien shall be limited to
all or part of the same property and assets that secured or, under the written agreements
pursuant to which the original Lien arose, could secure the original Lien (plus
improvements and accessions to such property or proceeds or distributions thereof);

     (l) Liens incurred or deposits made in the ordinary course of business in connection
with workers’ compensation, unemployment insurance and other types of social security;

52

 

     (m) Liens encumbering deposits made to secure obligations arising from statutory,
regulatory, contractual or warranty requirements of the Borrower or any of its Restricted
Subsidiaries, including rights of offset and set-off;

     (n) leases or subleases granted to others that do not materially interfere with the
ordinary course of business of the Borrower and its Restricted Subsidiaries, taken as a
whole;

     (o) inchoate statutory Liens arising under ERISA incurred in the ordinary course of
business;

     (p) Liens existing on the assets of any Person that becomes a Restricted Subsidiary,
or existing on assets acquired, pursuant to a Permitted Acquisition to the
extent the Liens on such assets secure Indebtedness permitted by Section 6.01(q);
provided that such Liens attach at all times only to the same assets that such
Liens attached to, and secure only the same Indebtedness that such Liens secured,
immediately prior to such Permitted Acquisition;

     (q) (i) Liens placed upon the Capital Stock of any Restricted Subsidiary acquired
pursuant to a Permitted Acquisition to secure Indebtedness of the Borrower or any other
Restricted Subsidiary incurred pursuant to Section 6.01(r) in connection with such
Permitted Acquisition and (ii) Liens placed upon the assets of such Restricted Subsidiary
to secure a guarantee by such Restricted Subsidiary of any such Indebtedness of the
Borrower or any other Restricted Subsidiary;

     (r) Liens on cash, Cash Equivalents and other securities or investments substantially
comparable to Cash Equivalents and other funds and investments (and proceeds thereof) (A)
deposited by the Borrower or any of the Restricted Subsidiaries in margin accounts with or
on behalf of futures contract brokers or paid over to other counterparties, (B) pledged or
deposited as collateral to a contract counterparty or issuer of surety bonds or issuer of
letters of credit by the Borrower or any of the Restricted Subsidiaries, in each case to
secure obligations with respect to (1) contracts for commercial and trading activities in
the ordinary course of business and contracts (including physical delivery, option (whether
cash or financial), exchange, swap and futures contracts) for the purchase, transmission,
transportation, distribution, sale, lease or hedge of any fuel-related, power-related or
weather-related commodity, service or risk or (2) Commodity Hedging Agreements;

     (s) Liens arising from UCC financing statements filed on a precautionary basis in
respect of operating leases intended by the parties to be true leases (other than any such
leases entered into in violation of this Agreement);

     (t) Liens on assets and Equity Interests of a Subsidiary that is an Excluded
Subsidiary as of the Closing Date;

     (u) Liens granted in favor of Xcel Energy, Inc. pursuant to the Xcel Indemnification
Agreements as in effect on the Closing Date on the Collateral (as defined in the Xcel
Indemnification Agreements) held by Xcel Energy, Inc. thereunder;

     (v) first priority Liens held by the Collateral Trustee (and subject to the terms of
the Collateral Trust Agreement) existing immediately prior to the Third Restatement Date
that secure Indebtedness incurred prior to the Third Restatement Date

53

 

pursuant to Section 6.01(p) of the Second Restated Credit Agreement and additional first priority Liens held by
the Collateral Trustee (and subject to the terms of the Collateral Trust Agreement) to
secure Indebtedness incurred pursuant to (i) Section 6.01(p) that, together with (A) any
New Loan Commitments incurred under Section 2.25 and (B) any Parity Lien Debt incurred
under Section 6.01(p) and secured by a Lien permitted under clause (b) of this definition,
does not exceed at any one time outstanding the greater of (1) $750,000,000 and (2) an
amount equal to the Consolidated EBITDA of the Borrower for the period of four consecutive
fiscal quarters most recently ended on or prior to the date on which such Indebtedness is
incurred multiplied by 25%, (ii) Section 6.01(y) or (iii) Section 6.01(z) (to the
extent the applicable Indebtedness is secured as described in clause (vi)(y) of such
Section);

     (w) Liens on cash deposits and other funds maintained with a depositary or
intermediary institution, in each case arising in the ordinary course of business by virtue
of any statutory or common law provision relating to banker’s liens, including Section
4-210 of the UCC, and/or arising from customary contractual fee provisions, the
reimbursement of funds advanced by a depositary or intermediary institution (and/or its
Affiliates) on account of investments made or securities purchased, indemnity, returned
check and other similar provisions;

     (x) any restrictions on any Equity Interest or Project Interest of a Person providing
for a breach, termination or default under any owners, participation, shared facility,
joint venture, stockholder, membership, limited liability company or partnership agreement
between such Person and one or more other holders of Equity Interests or Project Interests
of such Person, if a security interest or other Lien is created on such Equity Interest or
Project Interest as a result thereof and other similar Liens and restrictions described in
Section 6.07(b)(ix) and 6.07(c)(I);

     (y) any Liens on Excluded Assets described in clause (xiii) of the definition thereof;

     (z) Liens to secure Environmental CapEx Debt or Necessary CapEx Debt permitted by
Section 6.01(v) that encumber only the assets purchased, installed or otherwise acquired
with the proceeds of such Environmental CapEx Debt or Necessary CapEx Debt;

     (aa) Liens on assets or securities granted or deemed to arise in connection with and
solely as a result of the execution, delivery or performance of contracts to purchase or
sell such assets or securities if such purchase or sale is otherwise permitted hereunder;

     (bb) Liens on assets of the Borrower or any Restricted Subsidiary with respect to
obligations (other than in respect of Indebtedness) that do not exceed $100,000,000 at any
one time outstanding;

     (cc) Liens securing the obligations under the Existing Texas Genco Credit Agreement;
provided that such Liens are released and UCC-3 financing statements and such other
appropriate termination statements are filed in the appropriate offices on or prior to the
fifth day following the Closing Date;

     (dd) Liens in favor of any Securitization Vehicle or its assignee or agent (including
any lenders to such Securitization Vehicle) on South Central Securitization

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Assets transferred or purported to be transferred to such Securitization Vehicle in connection
with a South Central Securitization permitted by Section 6.04;

     (ee) those Liens or other exceptions to title, in either case on or in respect of any
facility of the Borrower or any Subsidiary, arising as a result of any shared facility
agreement entered into with respect to such facility, except to the extent that any such
Liens or exceptions, individually or in the aggregate, materially adversely affect the
value of the relevant property or materially impair the use of the relevant property in the
operation of the business of the Borrower or such Subsidiary; and

     (ff) Liens securing Eligible Commodity Hedging Agreements that are pari passu with the
Liens securing the Priority Lien Obligations (as defined in the Collateral
Trust Agreement) hereunder so long as any counterparty thereto joins the Collateral
Trust Agreements pursuant to the terms thereof or in a manner reasonably satisfactory to
the Administrative Agent and such Lien is granted in compliance with the terms and
provisions of the Collateral Trust Agreements, including Section 3.8(c) of the Collateral
Trust Agreement.

     “Permitted Notes” shall mean one or more series of notes or bonds of the Borrower
issued after the Third Restatement Date pursuant to one or more indentures that may be unsecured or
secured by first priority or second priority Liens on all or a portion of the Collateral as
described herein.

     “Permitted Notes Indebtedness” shall have the meaning assigned to such term in Section
6.01(y).

     “Permitted Refinancing Indebtedness” shall mean any Indebtedness of the Borrower or
any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to
refund, refinance, replace, defease or discharge, other Indebtedness of the Borrower or any of its
Restricted Subsidiaries (other than intercompany Indebtedness); provided that (a) the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does
not exceed the principal amount (or accreted value, if applicable) of the Indebtedness extended,
refinanced, renewed, replaced, defeased or refunded (plus all accrued and unpaid interest
on such Indebtedness and the amount of all expenses and premiums incurred in connection therewith);
(b) such Permitted Refinancing Indebtedness has a Weighted Average Life to Maturity equal to or
greater than the Weighted Average Life to Maturity of the Indebtedness being extended, refinanced,
renewed, replaced, defeased or refunded (provided that amortization payments of up to 1%
per annum shall be excluded for purposes of calculating the Weighted Average Life to Maturity of
any such Permitted Refinancing Indebtedness); (c) if the Indebtedness being extended, refinanced,
renewed, replaced, defeased or refunded is subordinated in right of payment to the Guaranteed
Obligations hereunder, such Permitted Refinancing Indebtedness is subordinated in right of payment
to the Guaranteed Obligations hereunder on terms at least as favorable to the Lenders as those
contained in the documentation governing the Indebtedness being extended, refinanced, renewed,
replaced, defeased or refunded; (d) such Indebtedness is incurred either by the Borrower (and may
be guaranteed by any Subsidiary Guarantor to the extent permitted by Section 6.01(i)) or by the
Restricted Subsidiary who is the obligor on the Indebtedness being extended, refinanced, renewed,
replaced, defeased or refunded; and (e)(i) if the Stated Maturity of the Indebtedness being
refinanced is earlier than the Latest Maturity Date of all Classes of Loans or Commitments, the
Permitted Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the
Indebtedness being refinanced or (ii) if the Stated Maturity of the Indebtedness being refinanced
is later than the Latest Maturity Date of all

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Classes of Loans or Commitments, the Permitted
Refinancing Indebtedness has a Stated Maturity at least 91 days later than the Latest Maturity Date
of all Classes of Loans or Commitments.

     “Permitted Tax Lease” shall mean a lease and leaseback or sale and leaseback
transaction undertaken by the Borrower or a Restricted Subsidiary in connection with a PILOT
Agreement, which will yield tax savings to the Borrower or such Restricted Subsidiary during the
term of the Term Loans; provided that (a) no Indebtedness for borrowed money shall be incurred in
connection with such transaction, (b) any pre-existing Liens on the property subject to the
transaction shall not be extinguished as a result of such lease and leaseback (or sale and
leaseback, as applicable) transaction, (c) the Governmental Authority party to such lease and
leaseback or sale and leaseback transactions (or its designee) shall take an interest in the
relevant property subject to such pre-existing Liens, and (d) the terms and conditions of such
transaction and all related transactions shall be reasonably satisfactory to the Administrative
Agent.

     “Person” shall mean any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited liability company or
government or other entity.

     “PILOT Agreement” shall mean a payment-in-lieu of tax agreement entered into between
the Borrower or a Restricted Subsidiary and a Governmental Authority.

     “Pledged Equity Interests” shall have the meaning assigned to such term in the
Guarantee and Collateral Agreement.

     “Pledged Securities” shall have the meaning assigned to such term in the Guarantee and
Collateral Agreement.

     “Preferred Stock” shall mean (i) the 4% Convertible Perpetual Preferred Stock, par
value $0.01 per share, of the Borrower, (ii) the 3.625% Convertible Perpetual Preferred Stock, par
value $0.01 per share, of the Borrower and (iii) the Mandatory Convertible Preferred Stock, in each
case issued on or prior to the Closing Date.

     “Prime Rate” shall mean the rate of interest per annum publicly announced from time to
time by The Wall Street Journal as the “base rate on corporate loans posted by at least 75%
of the nation’s 30 largest banks” (or, if The Wall Street Journal ceases quoting a base
rate of the type described, the highest per annum rate of interest published by the Federal Reserve
Board in Federal Reserve statistical release H.15 (519) entitled “Selected Interest Rates” as the
Bank prime loan rate or its equivalent); each change in the Prime Rate shall be effective as of the
opening of business on the date such change is publicly announced as being effective. The Prime
Rate is a reference rate and does not necessarily represent the lowest or best rate actually
available.

     “Pro Rata Percentage” of any Revolving Credit Lender at any time shall mean the
percentage of the Total Revolving Credit Commitment represented by such Lender’s Revolving Credit
Commitment. In the event the Revolving Credit Commitments shall have expired or been terminated,
the Pro Rata Percentages of any Revolving Credit Lender shall be determined on the basis of the
Revolving Credit Commitments most recently in effect prior thereto.

     “Project Interest” shall mean any undivided interest in a Facility.

     “Prudent Industry Practice” shall mean those practices and methods as are commonly
used or adopted by Persons in the Permitted Business in the United States in connection with the

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conduct of the business of such industry, in each case as such practices or methods may evolve from
time to time, consistent with all Requirements of Law.

     “PUCT” shall mean the Public Utility Commission of Texas.

     “PUHCA” shall mean the Public Utility Holding Company Act of 2005 and the rules and
regulations promulgated thereunder, effective February 8, 2006.

     “Purchase Agreement” shall mean the acquisition agreement dated as of September 30,
2005, among the Target, the Borrower and the direct and indirect owners of the Target party
thereto.

     “PURPA” shall mean the Public Utility Regulatory Policies Act of 1978 and the rules
and regulations promulgated thereunder, as amended from time to time.

     “QF” shall mean a “qualifying facility” under PURPA.

     “Qualified Counterparty” shall mean, with respect to any Specified Hedging Agreement,
any counterparty thereto.

     “Rate” shall have the meaning set forth in the definition of Type.

     “Recovery Event” shall mean the receipt of cash proceeds with respect to any
settlement of or payment in respect of (a) any property or casualty insurance claim or (b) any
taking under power of eminent domain or by condemnation or similar proceeding of or relating to any
property or asset of the Borrower or any Restricted Subsidiary; provided that any such
recovery event or series of related recovery events having a value not in excess of $50,000,000
shall not be deemed to be a “Recovery Event” for purposes of Section 2.13(b).

     “Reference Date” shall have the meaning set forth in the definition of Available
Amount.

     “Refinancing Amount Date” shall have the meaning assigned to such term in Section
2.26(a).

     “Refinancing Loan Commitments” shall have the meaning assigned to such term in Section
2.26(a).

     “Refinancing Revolving Credit Commitments” shall have the meaning assigned to such
term in Section 2.26(a).

     “Refinancing Revolving Credit Lender” shall have the meaning assigned to such term in
Section 2.26(e).

     “Refinancing Revolving Loans” shall have the meaning assigned to such term in Section
2.26(e).

     “Refinancing Series” shall have the meaning provided in Section 2.26(a).

     “Refinancing Term Loan” shall have the meaning assigned to such term in Section
2.26(c).

     “Refinancing Term Loan Commitments” shall have the meaning assigned to such term in
Section 2.26(a).

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     “Refinancing Term Loan Lender” shall have the meaning assigned to such term in Section
2.26(c).

     “Refinancing Term Loan Maturity Date” shall mean the date on which a Refinancing Term
Loan matures.

     “Register” shall have the meaning assigned to such term in Section 9.04(d).

     “Regulation T” shall mean Regulation T of the Board as from time to time in effect and
all official rulings and interpretations thereunder or thereof.

     “Regulation U” shall mean Regulation U of the Board as from time to time in effect and
all official rulings and interpretations thereunder or thereof.

     “Regulation X” shall mean Regulation X of the Board as from time to time in effect and
all official rulings and interpretations thereunder or thereof.

     “Reinvestment Period” shall have the meaning assigned to such term in the definition
of “Net Cash Proceeds”.

     “Related Fund” shall mean, with respect to any Lender that is a fund that invests in
bank loans, any other fund that invests in bank loans and is advised or managed by such Lender, an
Affiliate of such Lender, the same investment advisor as such Lender or by an Affiliate of such
investment advisor.

     “Related Parties” shall mean, with respect to any specified Person, such Person’s
Affiliates and the respective directors, officers, trustees, employees, agents and advisors of such
Person and such Person’s Affiliates.

     “Release” shall mean any release, spill, emission, leaking, pumping, injection,
pouring, emptying, deposit, disposal, discharge, dispersal, dumping, escaping, leaching or
migration into or through the environment or within or upon any building, structure, facility or
fixture.

     “Repayment Date” shall mean (i) in the case of Extended Maturity Term Loans, the
Extended Maturity Repayment Date and (ii) in the case of Original Maturity Term Loans, the Original
Maturity Repayment Date.

     “Requested Prepayment Amount” shall have the meaning assigned to such term in Section
2.13(f).

     “Requested Term Loan Prepayment Amount” shall have the meaning assigned to such term
in Section 2.13(e).

     “Required Lenders” shall mean, at any time, Lenders having Loans (excluding Swingline
Loans), Revolving L/C Exposure, Funded L/C Exposure, Swingline Exposure, unused Revolving Credit
Commitments, unused Term Loan Commitments, Excess Credit-Linked Deposits and, if applicable, unused
New Revolving Credit Commitments and unused New Term Loan Commitments representing at least a
majority of the sum of all Loans outstanding (excluding Swingline Loans), Revolving L/C Exposure,
Funded L/C Exposure, Swingline Exposure, unused Revolving Credit Commitments, unused Term Loan
Commitments, Excess Credit-Linked Deposits, and, if applicable, unused New Revolving Credit
Commitments and unused New Term Loan Commitments at such time.

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     “Required Prepayment Percentage” shall mean (a) in the case of any Asset Sale or
Recovery Event, 100%; (b) in the case of any issuance or other incurrence of Indebtedness (except
for Indebtedness permitted to be issued or incurred pursuant to Section 6.01 (other than pursuant
to Section 6.01(m), 6.01(s), 6.01(y) and, to the extent required by the terms thereof, 6.01(z) and
other than as contemplated by Section 2.26)), 100%, and, with respect to any issuance or other
incurrence of Indebtedness pursuant to Section 6.01(s), 100% or if on the date of the applicable
prepayment the Consolidated Leverage Ratio (determined on a pro forma basis taking into account the
incurrence of such Indebtedness and any related prepayment of Indebtedness with the proceeds
thereof) is less than or equal to 4.25 to 1.00, 75%; and (c) in the case of any Excess Cash Flow,
75% or, if on the date of the applicable prepayment, the Consolidated Leverage Ratio is less than
or equal to 4.25 to 1.00 but greater than 3.00 to 1.00, 50%, or, if on the date of the applicable
prepayment, the Consolidated Leverage Ratio is less than or equal to 3.00 to 1.00 but greater than
2.50 to 1.00, 25%, or, if on the date of the applicable prepayment, the Consolidated Leverage Ratio
is less than or equal to 2.50 to 1.00, 0%.

     “Restricted Subsidiary” of a specified Person shall mean, with respect to such Person,
any subsidiary of that Person that is not an Unrestricted Subsidiary. Unless otherwise indicated,
any reference to a “Restricted Subsidiary” shall be deemed to be a reference to a Restricted
Subsidiary of the Borrower. On the Closing Date, all the Subsidiaries of the Borrower are
Restricted Subsidiaries of the Borrower.

     “Retained Prepayment Amount” shall mean, on any date, an amount equal at such time to
(a) the sum of (1) on and after the Borrower shall have provided its calculation of the Excess Cash
Flow for the fiscal year ending December 31, 2006 pursuant to Section 5.04(c), an amount equal to
such Excess Cash Flow for such fiscal year multiplied by 75% and (2) without duplication of
the amount described in clause (1), all amounts that are offered to Lenders and retained by the
Borrower after all mandatory prepayments, returns, reductions and cash collateralizations are made
pursuant to Section 2.13(e) and 2.13(f) after the Closing Date and on or prior to such date (other
than any amounts that are offered to Lenders and retained by the Borrower in connection with any
required prepayment offer made under Section 2.13(d) with respect to any fiscal period that does
not end on the last day of any fiscal year) minus (b) the sum of (i) the aggregate amount
of any Investments made by the Borrower or any Restricted Subsidiary pursuant to Section 6.05(h)
after the Closing Date and on or prior to such date, (ii) the aggregate amount of any Dividends
made by the Borrower or any Restricted Subsidiary pursuant to Section 6.06(d)(iii) after the
Closing Date and on or prior to such date, (iii) the aggregate amount of any prepayments,
repurchases and redemptions made by the Borrower or any Restricted Subsidiary pursuant to Section
6.07(a)(vii) after the Closing Date and on or prior such date and (iv) the aggregate amount of any
Capital Expenditures made by the Borrower or any Restricted Subsidiary (other than any Excluded
Subsidiaries) pursuant to clause (b) of the proviso to Section 6.12 after the Closing Date and on
or prior such date.

     “Revolver Refinancing Indebtedness” shall mean Indebtedness issued or incurred under a
new revolving credit facility (a “New Revolver”) that refinances, refunds, extends, renews
or replaces the Revolving Credit Commitments hereunder; provided that (a) the available
commitments under such New Revolver shall not exceed $1,000,000,000, (b) the Borrower shall be the
only borrower under such New Revolver and the Subsidiary Guarantors shall be the only guarantors,
if any, with respect thereto, (c) unless such New Revolver shall be incurred within six months of
the latest Revolving Credit Maturity Date at such time, such New Revolver contains covenants and
events of default which, taken as a whole, are determined in good faith by a Financial Officer of
the Borrower to be the same in all material respects as (or less restrictive than) the covenants
and events of default contained herein, (d) the Indebtedness under such New Revolver, if secured,
is secured only by Liens on the Collateral granted in favor of the Collateral

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Trustee that are
subject to the terms of the Collateral Trust Agreement, (e) if such New Revolver is secured, the
administrative agent in respect of such New Revolver executes and delivers a Collateral Trust
Joinder as required by the Collateral Trust Agreement and (f) if such New Revolver is secured, the
secured parties with respect to such New Revolver agree in writing for the enforceable benefit of
all Secured Parties hereunder that such secured parties are bound by the provisions set forth in
the Collateral Trust Agreement relating to the order of application of proceeds from the
enforcement of Liens upon the Collateral to the same extent that the Secured Parties are bound by
such provisions as of the Closing Date.

     “Revolving Credit Borrowing” shall mean a Borrowing comprised of Revolving Loans.

     “Revolving Credit Commitment” shall mean, with respect to each Lender, the commitment,
if any, of such Lender to make Revolving Loans (and to acquire participations in Letters of Credit
and Swingline Loans) hereunder as set forth on the Lender Addendum delivered by such Lender, or in
the Assignment and Acceptance or Joinder Agreement pursuant to which
such Lender assumed its Revolving Credit Commitment, as applicable, as the same may be (a)
reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time
pursuant to assignments by or to such Lender in accordance with Section 9.04.

     “Revolving Credit Exposure” shall mean, with respect to any Lender at any time, the
aggregate principal amount at such time of all outstanding Revolving Loans of such Lender,
plus the aggregate amount at such time of such Lender’s Revolving L/C Exposure,
plus the aggregate amount at such time of such Lender’s Swingline Exposure.

     “Revolving Credit Lender” shall mean a Lender with a Revolving Credit Commitment or an
outstanding Revolving Loan.

     “Revolving Credit Maturity Date” shall mean (i) with respect to any Revolving Credit
Commitments and Revolving Loans, August 31, 2015, (ii) with respect to any Revolver Refinancing
Indebtedness, the maturity date thereof, (iii) with respect to any New Revolving Credit Commitments
and New Revolving Loans, the maturity date thereof set forth in the applicable Joinder Agreement
and (iv) with respect to any Refinancing Revolving Credit Commitments and Refinancing Revolving
Loans, the maturity date thereof set forth in the applicable Joinder Agreement, in each case, as it
may be extended pursuant to and in accordance with this Agreement.

     “Revolving L/C Exposure” shall mean, at any time, the sum of (a) the aggregate undrawn
amount of all Letters of Credit at such time and (b) the aggregate amount of all L/C Disbursements
that have not been reimbursed at such time. The Revolving L/C Exposure of any Revolving Credit
Lender at any time shall equal its Pro Rata Percentage of the aggregate Revolving L/C Exposure at
such time.

     “Revolving Loans” shall mean (i) the revolving loans made by the Lenders to the
Borrower pursuant to clause (b) of Section 2.01, (ii) any New Revolving Loans and (iii) any
Refinancing Revolving Loans.

     “S&P” shall mean Standard & Poor’s Ratings Group, Inc. or any successor entity.

     “Sale of Collateral” shall mean any Asset Sale involving a sale or other disposition
of Collateral.

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     “Sale of Core Collateral” shall mean any Asset Sale involving a sale or other
disposition of Core Collateral.

     “Second Amendment Agreement” shall mean the Amendment Agreement, dated as of June 8,
2007, among the Borrower, the Administrative Agent (as defined under the Second Restated Credit
Agreement), the Deposit Bank (as defined under the Second Restated Credit Agreement), the
Collateral Trustee (as defined under the Second Restated Credit Agreement), the Texas Genco
Collateral Trustee (as defined in the Second Restated Credit Agreement) and the Lenders (as defined
under the Second Restated Credit Agreement) party thereto.

     “Second Restated Credit Agreement” shall have the meaning assigned to such term in the
recitals.

     “Second Restatement Date” shall have the meaning assigned to such term in the
recitals.

     “Second Restatement Fee Letter” shall mean that certain amended and restated fee
letter, dated as of June 7, 2007, among the Borrower, Credit Suisse, CS Securities and Citigroup
Global
Markets Inc., as the same may be amended, restated, supplemented or otherwise modified from
time to time in accordance with the terms thereof.

     “Second Restatement Reaffirmation Agreement” shall mean the Reaffirmation Agreement,
dated as of the Second Restatement Date, executed and delivered by the Borrower, each Subsidiary
Guarantor (as defined in the Second Restated Credit Agreement), the Administrative Agent (as
defined under the Second Restated Credit Agreement), the Collateral Trustee (as defined under the
Second Restated Credit Agreement) and the Texas Genco Collateral Trustee (as defined in the Second
Restated Credit Agreement).

     “Secured Parties” shall mean the Administrative Agent, the Collateral Agent, the
Syndication Agents, the Documentation Agents, the Lenders, the Issuing Banks and, with respect to
any Specified Hedging Agreement, any Qualified Counterparty that has agreed to be bound by the
provisions of Article VIII hereof and Section 7.2 of the Guarantee and Collateral Agreement as if
it were a party hereto or thereto; provided that no Qualified Counterparty shall have any
rights in connection with the management or release of any Collateral or the obligations of any
Subsidiary Guarantor under the Guarantee and Collateral Agreement or the Collateral Trust
Agreement. For the avoidance of doubt, it is acknowledged that each LC Issuer in respect of any
Cash Collateralized Letter of Credit Facilities shall not be a Secured Party.

     “Securities Account” shall have the meaning assigned to such term in the UCC.

     “Securitization Vehicle” shall mean a Person that is a direct wholly owned Subsidiary
of the Borrower or of any Restricted Subsidiary (a) formed for the purpose of effecting a South
Central Securitization, (b) to which the Borrower and/or any Restricted Subsidiary transfers South
Central Securitization Assets and (c) which, in connection therewith, issues Third Party
Securities; provided that (i) such Securitization Vehicle shall engage in no business other
than the purchase of South Central Securitization Assets pursuant to the South Central
Securitization permitted by Section 6.04, the issuance of Third Party Securities or other funding
of such South Central Securitization and any activities reasonably related thereto and (ii) such
Securitization Vehicle shall be an Unrestricted Subsidiary under this Agreement and an
“Unrestricted Subsidiary” under each Senior Note Document.

     “Security Documents” shall mean the Guarantee and Collateral Agreement, the Mortgages,
the Control Agreements, the Intellectual Property Security Agreements, the Collateral

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Trust
Agreement, the First Restatement Reaffirmation Agreement, the Second Restatement Reaffirmation
Agreement, the Third Restatement Reaffirmation Agreement and each of the other security agreements,
pledges, mortgages, assignments (collateral or otherwise), consents and other instruments and
documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.09 or
5.10.

     “Sellers’ Retained Interests” means the debt and/or equity interests (including any
intercompany notes) held by the Borrower or any Restricted Subsidiary in a Securitization Vehicle
to which South Central Securitization Assets have been transferred in a South Central
Securitization permitted by Section 6.04, including any such debt or equity received as
consideration for, or as a portion of, the purchase price for the South Central Securitization
Assets transferred, and any other instrument through which the Borrower or any Restricted
Subsidiary has rights to or receives distributions in respect of any residual or excess interest in
the South Central Securitization Assets.

     “Sellers” shall have the meaning assigned to such term in the recitals.

     “Senior Debt” shall mean all Total Debt that is not subordinated in right of payment
to the obligations under this Agreement.

     “Senior Note Documents” shall mean the indenture under which the Senior Notes are
issued and all other instruments, agreements and other documents evidencing or governing the Senior
Notes or providing for any Guarantee or other right in respect thereof, in each case as the same
may be amended or supplemented from time to time in accordance with the terms hereof and thereof.

     “Senior Notes” shall mean each of (i) the Borrower’s 7.375% Senior Notes due 2016,
(ii) the Borrower’s 7.250% Senior Notes due 2014 and (iii) the Borrower’s 7.375% Senior Notes due
2017, in each case including any notes issued by the Borrower in full exchange for, and as
contemplated by, such Senior Notes with substantially identical terms as such Senior Notes in an
aggregate amount not to exceed as of the Closing Date and until the First Restatement Date,
$3,600,000,000 and as of the First Restatement Date and thereafter, $4,700,000,000.

     “Series” shall have the meaning provided in Section 2.25(a).

     “Sharing Confirmation” shall have the meaning assigned to such term in the Collateral
Trust Agreement.

     “Significant Subsidiary” shall mean any Subsidiary that would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such Regulation is in effect on the Closing Date and shall in any event include
the Core Collateral Subsidiaries.

     “South Central Securitization” shall mean any transaction or series of transactions
entered into by the Borrower or any Restricted Subsidiary pursuant to which the Borrower or such
Restricted Subsidiary, as the case may be, sells, conveys, assigns, grants an interest in or
otherwise transfers, from time to time, to one or more Securitization Vehicles the South Central
Securitization Assets (and/or grants a security interest in such South Central Securitization
Assets transferred or purported to be transferred to such Securitization Vehicle), and which
Securitization Vehicle finances the acquisition of such South Central Securitization Assets (i)
with proceeds from the issuance of Third Party Securities, (ii) with the issuance to the Borrower
or such Restricted Subsidiary of Sellers’ Retained Interests or an increase in such

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Seller’s
Retained Interests or (iii) with proceeds from the sale or collection of South Central
Securitization Assets.

     “South Central Securitization Assets” shall mean any accounts receivable originated or
expected to be originated by (and owed to) the Borrower or any Restricted Subsidiary (in each case
whether now existing or arising or acquired in the future) arising from the installation of
pollution control equipment for the removal or reduction of mercury, SO2,
NOx  and/or other pollutants in the Borrower’s Big Cajun facilities in
Louisiana and any ancillary assets (including contract rights) which are of the type customarily
conveyed with, or in respect of which security interests are customarily granted in connection
with, such accounts receivable in a securitization transaction and which are sold, transferred or
otherwise conveyed by the Borrower or a Restricted Subsidiary to a Securitization Vehicle.

     “SPC” shall have the meaning assigned to such term in Section 9.04(i).

     “Specified Facility” means each of the following Facilities, or any part thereof
and/or any other assets set forth below: (a) the Facilities held on the Closing Date by Vienna
Power LLC,
Meriden Gas Turbine LLC, Norwalk Power LLC, Connecticut Jet Power LLC (excluding the assets
located at the Cos Cob site), Devon Power LLC, Montville Power LLC (including the Capital Stock of
the entities owning such Facilities provided that such entities do not hold material assets other
than the Facilities held on the Closing Date); (b) the following Facilities, or any part thereof:
P.H. Robinson, H.O. Clarke, Unit 3 at Cedar Bayou, Unit 2 at T.H. Wharton and Greens Bayou; (c) the
Capital Stock of the following Subsidiaries of the Borrower if such Subsidiary holds no assets
other than the Capital Stock of a Foreign Subsidiary of Borrower: NRG Latin America, Inc., NRG
International LLC, NRG Insurance Ltd. (Cayman Islands), NRG Asia Pacific, Ltd., NRG International
II Inc. and NRG International III Inc.; and (d) the Equity Interests issued by, and any assets
(including any Facilities), of Long Beach Generation LLC and Middletown Power LLC.

     “Specified Hedging Agreement” shall mean any Interest Rate/Currency Hedging Agreement
entered into by the Borrower or any Subsidiary Guarantor and any Qualified Counterparty.

     “Sponsor Preferred Stock” shall mean the shares of the Borrower’s preferred stock
issued pursuant to the terms of the Purchase Agreement.

     “Stated Maturity” shall mean, with respect to any installment of interest or principal
on any series of Indebtedness, the date on which the payment of interest or principal was scheduled
to be paid in the documentation governing such Indebtedness as of the Closing Date, and will not
include any contingent obligations to repay, redeem or repurchase any such interest or principal
prior to the date originally scheduled for the payment thereof.

     “Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate
of the maximum reserve percentages (including any marginal, special, emergency or supplemental
reserves) expressed as a decimal established by the Board and any other banking authority, domestic
or foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate or
other fronting office making or holding a Loan) is subject for eurocurrency funding (currently
referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Eurodollar Loans shall be
deemed to constitute eurocurrency funding and to be subject to such reserve requirements without
benefit of or credit for proration, exemptions or offsets that may be available from time to time
to any Lender under such Regulation D or any comparable regulation.

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Statutory Reserves shall be
adjusted automatically on and as of the effective date of any change in any reserve percentage.

     “subsidiary” shall mean, with respect to any Person (herein referred to as the
“parent”), any corporation, partnership, limited liability company, association or other
entity of which securities or other ownership interests representing more than 50% of the equity or
more than 50% of the ordinary voting power or more than 50% of the general partnership interests
are, at the time any determination is being made, owned, controlled or held by the parent or one or
more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

     “Subsidiary” shall mean any subsidiary (direct or indirect) of the Borrower.

     “Subsidiary Guarantor” shall mean on the Third Restatement Date, each Restricted
Subsidiary specified on Schedule 1.01(g) and, at any time thereafter, shall include (a) all Core
Collateral Subsidiaries and (b) each other Restricted Subsidiary that is not an Excluded
Subsidiary; provided that if at any time any Subsidiary Guarantor is designated as an
Unrestricted Subsidiary or Excluded Subsidiary pursuant to and in accordance with Section 6.11,
thereafter,
such Person shall not be deemed a Subsidiary Guarantor. For the avoidance of doubt, the
Funded L/C SPV shall not be a Subsidiary Guarantor for all purposes under this Agreement and the
other Loan Documents.

     “Supermajority Lenders” shall mean, at any time, Lenders having Loans (excluding
Swingline Loans), Revolving L/C Exposure, Funded L/C Exposure, Swingline Exposure, unused Revolving
Credit Commitments, unused Term Loan Commitments, Excess Credit-Linked Deposits, and, if
applicable, unused New Revolving Credit Commitments and unused New Term Loan Commitments,
representing at least two-thirds of the sum of all Loans outstanding (excluding Swingline Loans),
Revolving L/C Exposure, Funded L/C Exposure, Swingline Exposure, unused Revolving Credit
Commitments, unused Term Loan Commitments, Excess Credit-Linked Deposits, unused New Revolving
Credit Commitments and unused New Term Loan Commitments at such time.

     “Swingline Commitment” shall mean the commitment of the Swingline Lender to make loans
pursuant to Section 2.22, as the same may be reduced from time to time pursuant to Section 2.09.

     “Swingline Exposure” shall mean, at any time, the aggregate principal amount at such
time of all outstanding Swingline Loans. The Swingline Exposure of any Revolving Credit Lender at
any time shall equal its Pro Rata Percentage of the aggregate Swingline Exposure at such time.

     “Swingline Lender” shall mean CNA or any other Revolving Credit Lender that becomes
the Administrative Agent pursuant to and in accordance with this Agreement or agrees, with the
approval of the Administrative Agent and the Borrower, to act as the Swingline Lender hereunder, in
each case, in its capacity as lender of Swingline Loans hereunder.

     “Swingline Loan” shall mean any loan made by the Swingline Lender pursuant to Section
2.22.

     “Syndication Agents” shall have the meaning assigned to such term in the preamble.

     “Synthetic Lease Obligations” shall mean all monetary obligations of a Person under
(a) a so-called synthetic, off-balance sheet or tax retention lease or (b) an agreement for the use
or

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possession of any property (whether real, personal or mixed) creating obligations which do not
appear on the balance sheet of such Person, but which, upon the insolvency or bankruptcy of such
Person, would be characterized as Indebtedness of such Person (without regard to accounting
treatment).

     “Target” shall have the meaning assigned to such term in the recitals.

     “Tax Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

     “Tax-Exempt Bonds” shall mean any bonds or other securities issued by a Governmental
Authority (including any quasi-governmental agencies) for the direct or indirect benefit of the
Borrower or any Subsidiary Guarantor or, if permitted by Applicable Law, by the Borrower or any
Subsidiary Guarantor, the payment of interest on which is exempt from applicable federal, state
and/or local taxes.

     “Taxes” shall mean any and all present or future taxes, levies, imposts, duties,
deductions, charges, liabilities or withholdings (including interest, fines, penalties or additions
to tax) imposed by any Governmental Authority.

     “Term Borrowing” shall mean a Borrowing comprised of a Class of Term Loans.

     “Term B Loans” shall mean (a) the term loans made by the Lenders to the Borrower
pursuant to Section 2.01(a), (b) any New Term Loans and (c) any Refinancing Term Loans.

     “Term Lender” shall mean a Lender with a Term Loan Commitment or an outstanding Term B
Loan.

     “Term Loan Commitment” shall mean, with respect to each Lender, the commitment, if
any, of such Lender to make Term B Loans hereunder as set forth on the Lender Addendum delivered by
such Lender or in the Assignment and Acceptance or Joinder Agreement pursuant to which such Lender
assumed its Term Loan Commitment, as applicable, as the same may be (a) reduced from time to time
pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by
or to such Lender pursuant to Section 9.04.

     “Term Loan Maturity Date” shall mean (i) in the case of the Extended Maturity Term
Loans, the Extended Maturity Term Loan Maturity Date and (ii) in the case of the Original Maturity
Term Loans, the Original Maturity Term Loan Maturity Date, in each case, as it may be extended
pursuant to and in accordance with this Agreement.

     “Term Loans” shall mean (a) any Term B Loans and (b) any Credit-Linked Deposit.

     “Test Period” shall mean, for any determination under this Agreement, the four
consecutive fiscal quarters of the Borrower then last ended.

     “Texas Genco” shall have the meaning assigned to such term in the recitals.

     “Texas Genco Retirement Plan” shall mean a non-contributory defined benefit pension
plan maintained for participation by eligible Texas-based employees of the Borrower.

     “Third Amendment Agreement” shall mean the Amendment Agreement dated as of June 30,
2010 among the Borrower, each Subsidiary Guarantor, the Administrative Agent, the

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Collateral Agent,
the Issuing Bank, the Swingline Lender, the Deposit Bank, the Collateral Trustee and the Lenders
party thereto.

     “Third Party Securities” shall mean, with respect to any South Central Securitization,
notes, bonds or other debt instruments, beneficial interests in a trust, undivided ownership
interests in receivables or other securities issued for cash consideration by the relevant
Securitization Vehicle to banks, financing conduits, investors or other financing sources (other
than the Borrower or any Subsidiary except in respect of the Seller’s Retained Interest) the
proceeds of which are used to finance, in whole or in part, the purchase by such Securitization
Vehicle of South Central Securitization Assets in a South Central Securitization. The amount of
any Third Party Securities shall be deemed to equal the aggregate principal, stated or invested
amount of such Third Party Securities which are outstanding at such time.

     “Third Restatement Date” shall mean the date this Agreement became effective pursuant
to the Third Amendment Agreement.

     “Third Restatement Reaffirmation Agreement” shall mean the Reaffirmation Agreement,
dated as of the Third Restatement Date, executed and delivered by the Borrower, each Subsidiary
Guarantor, the Administrative Agent and the Collateral Trustee in form and substance reasonably
acceptable to the Administrative Agent.

     “Total Credit-Linked Deposit” shall mean, at any time, the sum of all Credit-Linked
Deposits at such time. The amount of the Total Credit-Linked Deposit on the Third Restatement Date
is $1,300,000,000.

     “Total Debt” shall mean, at any time, the aggregate amount of Indebtedness of the
Borrower and the Restricted Subsidiaries outstanding at such time, in the amount that would be
reflected on a balance sheet prepared at such time on a consolidated basis in accordance with GAAP;
provided, however, that (a) Total Debt will exclude all Indebtedness of Excluded
Subsidiaries (but, for the avoidance of doubt, not Guarantees of such Indebtedness by the Loan
Parties), (b) with respect to Hedging Obligations of the Borrower or any Restricted Subsidiary,
Total Debt will include only the amount of payments that any such Person is required to make, on
the date Total Debt is being determined, as a result of an early termination or similar event in
respect of outstanding Hedging Obligations of such Person, (c) for the avoidance of doubt, the
undrawn amount of all outstanding letters of credit (including Letters of Credit) shall not be
included in Total Debt and (d) Total Debt shall not include the lesser of the Total Credit-Linked
Deposits (including any refinancing thereof permitted hereunder) at such time and the amount of
funds on deposit in the Funded L/C Collateral Accounts at such time.

     “Total Revolving Credit Commitment” shall mean, at any time, the aggregate amount of
the Revolving Credit Commitments, as in effect at such time. The Total Revolving Credit Commitment
on the Third Restatement Date is $875,000,000, provided, that such amount may be increased
pursuant to and in accordance with Section 2.25.

     “Transactions” shall mean (a) as of the Closing Date, collectively, (i) the execution,
delivery and performance by the Loan Parties of the Loan Documents and the Senior Note Documents to
which they are a party, (ii) the borrowings hereunder, the issuance of the Senior Notes and the
Equity Securities, the issuance of Letters of Credit and the use of proceeds of each of the
foregoing, (iii) the granting of Liens pursuant to the Security Documents, (iv) the Acquisition and
the other Acquisition Transactions and (v) any other transactions related to or entered into in
connection with any of the foregoing, (b) as of the Second Restatement Date, collectively, (i) the
execution, delivery and performance by the Loan Parties of the Second

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Restated Credit Agreement,
the Second Amendment Agreement and the Second Restatement Reaffirmation Agreement, (ii) the
re-evidencing and/or continuing of the Term Loans by the Continuing Term Lenders (each as defined
in the Second Restated Credit Agreement) and the Credit-Linked Deposits by the Continuing Funded
L/C Lenders (each as defined in the Second Restated Credit Agreement) in accordance with Section
2.01 of the Second Restated Credit Agreement and (iii) any other transaction, document or agreement
related to or entered into in connection with any of the foregoing and (c) as of the Third
Restatement Date, collectively, (i) the execution, delivery and performance by the Loan Parties of
this Agreement, the Third Amendment Agreement, the Third Restatement Reaffirmation Agreement and
the Collateral Trust Agreement, (ii) the conversion of the Credit-Linked Deposits by the Funded L/C
Lenders into Term Loans deemed to be made to the Borrower on the Third Restatement Date in
accordance with Section 2.01, (iii) the Funded L/C SPV Equity Contribution, (iv) the extension of
the maturity of (A) the Term B Loans of the Term Lenders agreeing to such extension as Extended
Maturity Term Loans and (B) the Credit-Linked Deposits of the Funded L/C Lenders agreeing to such
extension as Extended Maturity Credit-Linked Deposits, (v) the replacement of the Revolving Credit
Facility, Letter of Credit Facility and Swingline Loan Facility each as
defined in and under the Second Restated Credit Agreement with a revolving credit facility,
letter of credit facility and swingline loan facility on the terms and conditions set forth herein
and (vi) any other transaction, document or agreement related to or entered into in connection with
any of the foregoing.

     “Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by
reference to which interest on such Loan or on the Loans comprising such Borrowing is determined.
For purposes hereof, the term “Rate” shall include the Adjusted LIBO Rate and the Alternate
Base Rate.

     “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York or
any other applicable jurisdiction.

     “Uniform Customs” shall have the meaning assigned to such term in Section 9.07.

     “Unrestricted Subsidiary” shall mean any Subsidiary (other than any Subsidiary that
constitutes or owns Core Collateral and other than the Funded L/C SPV) that is designated by the
Board of Directors (or any committee thereof) of the Borrower as an Unrestricted Subsidiary
pursuant to a board or committee resolution, but only to the extent that such Subsidiary (a) is a
Person with respect to which neither the Borrower nor any of its Restricted Subsidiaries has any
direct or indirect obligation to maintain or preserve such Person’s financial condition or to cause
such Person to achieve any specified levels of operating results except as otherwise permitted by
this Agreement; and (b) has not guaranteed or otherwise directly or indirectly provided credit
support for any Indebtedness of the Borrower or any of its Restricted Subsidiaries except as
otherwise permitted by this Agreement. Any designation of a Subsidiary as an Unrestricted
Subsidiary will be evidenced to the Administrative Agent by filing with the Administrative Agent a
certified copy of the board or committee resolution giving effect to such designation and an
officers’ certificate certifying that such designation complied with the conditions set forth in
Section 6.11 and was permitted by Section 6.05. If, at any time, any Unrestricted Subsidiary fails
to meet the requirements as an Unrestricted Subsidiary, it will thereafter cease to be an
Unrestricted Subsidiary for purposes of this Agreement and (i) any Indebtedness of such Subsidiary
will be deemed to be incurred by a Restricted Subsidiary as of such date and, if such Indebtedness
is not permitted to be incurred as of such date by Section 6.01, the Borrower will be in default of
such covenant and (ii) any assets of such Subsidiary will be deemed to be held by a Restricted
Subsidiary as of such date. The Board of Directors (or any committee thereof) of the Borrower may
at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary;

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provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary
of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be
permitted if (A) such Indebtedness is permitted by Section 6.01, calculated on a pro forma basis as
if such designation had occurred at the beginning of the four-quarter reference period; and (B) no
Default or Event of Default would be in existence following such designation.

     “U.S. Person” shall have the meaning assigned to such term in the definition of “Net
Cash Proceeds.”

     “Voting Stock” of any Person as of any date shall mean the Capital Stock of such
Person that is at the time entitled to vote in the election of the Board of Directors of such
Person.

     “Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at
any date, the number of years obtained by dividing (a) the sum of the products obtained by
multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity, in respect of the
Indebtedness, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse
between such date and the making of such payment; by (b) the then outstanding principal amount of
such Indebtedness.

     “wholly owned subsidiary” of any specified Person shall mean a subsidiary of such
Person of which securities (except for directors’ qualifying shares or securities held by foreign
nationals as required by applicable law) or other ownership interests representing 100% of the
Equity Interests are, at the time any determination is being made, owned, controlled or held by
such Person or one or more wholly owned subsidiaries of such Person or by such Person and one or
more wholly owned subsidiaries of such Person; a “wholly owned Subsidiary” shall mean any
wholly owned subsidiary of the Borrower.

     “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

     “Xcel Indemnification Agreements” shall mean the Indemnification Agreements each dated
as of December 5, 2003, by and among Xcel Energy Inc., Northern States Power Company and the
Borrower, which was approved by the U.S. Bankruptcy Court for the Southern District of New York on
November 24, 2003, each as amended on November 8, 2006.

     SECTION 1.02. Terms Generally. The definitions in Section 1.01 shall apply equally to
both the singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including”, and words of similar import, shall not be limiting and shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be construed to have the
same meaning and effect as the word “shall”. The words “asset” and “property” shall be construed
as having the same meaning and effect and to refer to any and all rights and interests in tangible
and intangible assets and properties of any kind whatsoever, whether real, personal or mixed,
including cash, securities, Equity Interests, accounts and contract rights. The word “control”,
when used in connection with the Collateral Trustee’s rights with respect to, or security interest
in, any Collateral, shall have the meaning specified in the UCC with respect to that type of
Collateral. The words “herein”, “hereof” and “hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision of this
Agreement unless the context shall otherwise require. All references herein to Articles, Sections,

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Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and
Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise
expressly provided herein, (a) any definition of, or reference to, any Loan Document or any other
agreement, instrument or document in this Agreement shall mean such Loan Document or other
agreement, instrument or document as amended, restated, supplemented or otherwise modified from
time to time (subject to any restrictions on such amendments, restatements, supplements or
modifications set forth herein) and (b) all terms of an accounting or financial nature shall be
construed in accordance with GAAP, as in effect from time to time; provided,
however, that if the Borrower notifies the Administrative Agent that the Borrower wishes to
amend any covenant in Article VI or any related definition to eliminate the effect of any change in
GAAP occurring after the Closing Date on the operation of such covenant (or if the Administrative
Agent notifies the Borrower that the Required Lenders wish to amend Article VI or any related
definition for such purpose), then the Borrower’s compliance with such covenant shall be determined
on the basis of GAAP in effect immediately before the relevant change in GAAP became effective,
until either
such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower
and the Required Lenders.

     SECTION 1.03. Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a
“Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may
be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a
“Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).

     SECTION 1.04. Pro Forma Calculations. All pro forma calculations permitted or
required to be made by the Borrower or any Subsidiary pursuant to this Agreement shall (a) include
only (i) those adjustments that would be permitted or required by Regulation S-X under the
Securities Act of 1933, as amended, or (ii) reductions in costs and related adjustments that have
been actually realized or are projected by the Borrower’s Chief Financial Officer in good faith to
result from reasonably identifiable and factually supportable actions or events, but only if such
reductions in costs and related adjustments are so projected by the Borrower to be realized during
the consecutive four-quarter period commencing after the transaction giving rise to such
calculation and (b) be certified to by a Financial Officer of the Borrower as having been prepared
in good faith based upon assumptions believed by the Borrower to be reasonable at the time made in
light of circumstances at the time made.

     SECTION 1.05. Exchange Rates. For purposes of determining compliance under Article VI
with respect to any amount in a foreign currency, the U.S. dollar-equivalent amount thereof will be
calculated based on the relevant currency exchange rate in effect at the time of such incurrence.
The maximum amount of Indebtedness, Liens, Investments and other basket amounts that the Borrower
and its Subsidiaries may incur under Article VI shall not be deemed to be exceeded, with respect to
any outstanding Indebtedness, Liens, Investments and other basket amounts, solely as a result of
fluctuations in the exchange rate of currencies, if as of the initial date of calculation the
Borrower determined that each such maximum amount had not been exceeded. When calculating capacity
for the incurrence of additional Indebtedness, Liens, Investments and other basket amounts by the
Borrower and its Subsidiaries under Article VI the exchange rate of currencies shall be measured as
of the date of calculation.

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ARTICLE II.

The Credits

     SECTION 2.01. Commitments. Subject to the terms and conditions hereof and relying
upon the representations and warranties set forth herein,

     (a) each Term Lender agrees, severally and not jointly, that all of its Term Loans under and
as defined in the Second Restated Credit Agreement and outstanding on the Third Restatement Date
shall be continued (but not re-evidenced) as Term B Loans hereunder, which shall be Extended
Maturity Term Loans with respect to each Term Lender that so indicated on its
signature page to the Third Amendment Agreement and which shall be Original Maturity Term
Loans with respect to all other Term Lenders;

     (b) each Revolving Credit Lender agrees, severally and not jointly, to fund Revolving Loans to
the Borrower, at any time and from time to time after the Third Restatement Date and until the
earlier of the Revolving Credit Maturity Date with respect to the Revolving Credit Commitment of
such Revolving Credit Lender and the termination of the Revolving Credit Commitment of such
Revolving Credit Lender in accordance with the terms hereof in an aggregate principal amount at any
time outstanding that will not result in such Revolving Credit Lender’s Revolving Credit Exposure
exceeding such Revolving Credit Lender’s Revolving Credit Commitment; and

     (c) each Funded L/C Lender agrees, severally and not jointly, that all of its Credit-Linked
Deposits under the Second Restated Credit Agreement and outstanding on the Third Restatement Date
shall be converted into and deemed to be Term Loans made to the Borrower hereunder on the Third
Restatement Date to be contributed by the Borrower to the Funded L/C SPV pursuant to the Funded L/C
SPV Equity Contribution and to be deposited by the Funded L/C SPV in the Funded L/C Collateral
Accounts on the Third Restatement Date, and that such Credit-Linked Deposits shall be Extended
Maturity Credit-Linked Deposits with respect to each Funded L/C Lender that so indicated on its
signature page to the Third Amendment Agreement and shall be Original Maturity Credit Linked
Deposits with respect to all other Funded L/C Lenders.

     Within the limits set forth in clause (b) above and subject to the terms, conditions and
limitations set forth herein, the Borrower may borrow, pay or prepay and reborrow Revolving Loans.
Amounts paid or prepaid in respect of Term Loans (including Credit-Linked Deposits) may not be
reborrowed.

     SECTION 2.02. Loans. (a) Each Loan (other than Swingline Loans) shall be made as
part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in
accordance with their respective Commitments of the applicable Class; provided,
however, that the failure of any Lender to make any Loan required to be made by it shall
not in itself relieve any other Lender of its obligation to lend hereunder (it being understood,
however, that no Lender shall be responsible for the failure of any other Lender to make any Loan
required to be made by such other Lender). Except for Loans deemed made pursuant to Section
2.02(f) and subject to Section 2.22 relating to Swingline Loans, the Loans comprising any Borrowing
shall be in an aggregate principal amount that is (i) an integral multiple of $1,000,000 and not
less than $5,000,000 or (ii) equal to the remaining available balance of the applicable
Commitments.

     (b) Subject to Sections 2.08 and 2.15, each Borrowing shall be comprised entirely of ABR Loans
or Eurodollar Loans as the Borrower may request pursuant to Section 2.03. Each Lender may at its
option make any Eurodollar Loan by causing any domestic or foreign branch or

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Affiliate of such Lender to make such Loan; provided that any exercise of such option
shall (i) not affect the obligation of the Borrower to repay such Loan in accordance with the terms
of this Agreement, (ii) not result in increased costs for the Borrower pursuant to Sections 2.14,
2.15, 2.16 or 2.20 and (iii) take into account the obligations of each Lender to mitigate increased
costs pursuant to Section 2.21 hereof. Borrowings of more than one Type may be outstanding at the
same time; provided, however, that the Borrower shall not be entitled to request
any Borrowing that, if made, would result in more than 16 Eurodollar Borrowings outstanding
hereunder at any time. For purposes of the foregoing, Borrowings having different Interest
Periods, regardless of whether they commence on the same date, shall be considered separate
Borrowings. On the Third Restatement Date, notwithstanding anything herein to the contrary,
Interest Periods with respect to the Term B Loans shall be as follows: (A) Term B Loans shall be
continued as Eurodollar Loans in an amount equal to the amount of the Term B Loans then outstanding
as Eurodollar Loans (such Term B Loans to correspond in amount to Term B Loans of a given Interest
Period), (B) Interest Periods for the Term B Loans described in clause (A) above shall end on the
same dates as the Interest Periods applicable for the corresponding Term B Loans described in
clause (A) above and the Adjusted LIBO Rates applicable to such Term B Loans during such Interest
Periods shall be the same as those applicable to such Term B Loans, (C) Term B Loans shall be
continued as ABR Loans in an amount equal to the amount of Term B Loans then outstanding as ABR
Loans, and (D) the Borrower will not be required to make any payments under Section 2.16 of the
Second Restated Credit Agreement or of this Agreement in connection with the continuation of Term B
Loans or the conversion of Credit-Linked Deposits into Term Loans (and the applicable Lenders
hereby expressly waive any such requirement to make any such payments under Section 2.16).

     (c) Except with respect to Loans made pursuant to Section 2.02(f) and subject to Section 2.22
relating to Swingline Loans, each Lender shall make each Loan to be made by it hereunder on the
proposed date thereof by wire transfer of immediately available funds to such account in New York
City as the Administrative Agent may designate not later than 11:00 a.m., New York City time, and
the Administrative Agent shall promptly credit the amounts so received to an account designated by
the Borrower in the applicable Borrowing Request or, if a Borrowing shall not occur on such date
because any condition precedent herein specified shall not have been met, return the amounts so
received to the respective Lenders.

     (d) Unless the Administrative Agent shall have received notice from a Lender prior to the date
of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s
portion of such Borrowing, the Administrative Agent may assume that such Lender has made such
portion available to the Administrative Agent on the date of such Borrowing in accordance with
paragraph (c) of this Section and the Administrative Agent may, in reliance upon such assumption,
make available to the Borrower on such date a corresponding amount. If the Administrative Agent
shall have so made funds available then, to the extent that such Lender shall not have made such
portion available to the Administrative Agent, such Lender and the Borrower severally agree to
repay to the Administrative Agent forthwith on demand such corresponding amount together with
interest thereon, for each day from the date such amount is made available to the Borrower to but
excluding the date such amount is repaid to the Administrative Agent at (i) in the case of the
Borrower, the interest rate applicable at the time to the Loans comprising such Borrowing (in lieu
of interest which would otherwise become due to such Lender pursuant to Section 2.06) or (ii) in
the case of such Lender, a rate determined by the Administrative Agent to represent its cost of
overnight or short-term funds (which determination shall be conclusive absent clearly demonstrable
error). If such Lender shall repay to the Administrative Agent such corresponding amount, such
amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this
Agreement.

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     (e) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to request any Revolving Credit Borrowing which is a Eurodollar Borrowing if the Interest Period
requested with respect thereto would end after the latest Revolving Credit Maturity Date at such
time.

     (f) If the Issuing Bank shall not have received from the Borrower the payment required to be
made by Section 2.23(e) with respect to a Letter of Credit within the time specified in such
Section, the Issuing Bank will promptly notify the Administrative Agent of the L/C Disbursement and
the Administrative Agent will promptly notify each Revolving Credit Lender of such L/C Disbursement
and its Pro Rata Percentage thereof. Each Revolving Credit Lender shall pay by wire transfer of
immediately available funds to the Administrative Agent not later than 5:00 p.m., New York City
time, on such date (or, if such Revolving Credit Lender shall have received such notice later than
3:00 p.m., New York City time, on any day, not later than 10:00 a.m., New York City time, on the
immediately following Business Day), an amount equal to such Lender’s Pro Rata Percentage of such
L/C Disbursement (it being understood that such amount shall be deemed to constitute an ABR
Revolving Loan of such Lender and such payment shall be deemed to have reduced the Revolving L/C
Exposure), and the Administrative Agent will promptly pay to the Issuing Bank amounts so received
by it from the Revolving Credit Lenders. The Administrative Agent will promptly pay to the Issuing
Bank any amounts received by it from the Borrower pursuant to Section 2.23(e) prior to the time
that any Revolving Credit Lender makes any payment pursuant to this paragraph; any such amounts
received by the Administrative Agent thereafter will be promptly remitted by the Administrative
Agent to the Revolving Credit Lenders that shall have made such payments and to the Issuing Bank,
as their interests may appear. If any Revolving Credit Lender shall not have made its Pro Rata
Percentage of such L/C Disbursement available to the Administrative Agent as provided above, such
Lender and the Borrower severally agree to pay interest on such amount, for each day from and
including the date such amount is required to be paid in accordance with this paragraph to but
excluding the date such amount is paid, to the Administrative Agent for the account of the Issuing
Bank at (i) in the case of the Borrower, a rate per annum equal to the interest rate applicable to
Revolving Loans pursuant to Section 2.06(a) (in lieu of interest which would otherwise become due
to such Lender pursuant to Section 2.06), and (ii) in the case of such Lender, for the first such
day, the Federal Funds Effective Rate, and for each day thereafter, the Alternate Base Rate; and
provided further that under no circumstances shall such Lender be entitled to seek
indemnity from any Loan Party in respect of any interest so accrued or paid.

     SECTION
2.03. Borrowing Procedure. In order to request a Borrowing (other than a Swingline Loan or
a deemed Borrowing pursuant to Section 2.02(f), as to which this Section 2.03 shall not apply), the
Borrower shall notify the Administrative Agent by telephone (promptly confirmed by fax) or shall
hand deliver or fax to the Administrative Agent a duly completed Borrowing Request (a) in the case
of a Eurodollar Borrowing, not later than 12:00 (noon), New York City time, three Business Days
before a proposed Borrowing and (b) in the case of an ABR Borrowing, not later than 12:00 (noon),
New York City time, one Business Day before a proposed Borrowing. Each Borrowing Request shall be
irrevocable, shall be signed by or on behalf of the Borrower and shall specify the following
information: (i) whether the Borrowing then being requested is to be a Term Borrowing or a
Revolving Credit Borrowing, and whether such Borrowing is to be a Eurodollar Borrowing or an ABR
Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii) the number and
location of the account to which funds are to be disbursed; (iv) the amount of such Borrowing; and
(v) if such Borrowing is to be a Eurodollar Borrowing, the initial Interest Period with respect
thereto and the Class of Loans to which such initial Interest Period will apply; provided,
however, that, notwithstanding any contrary specification in any Borrowing Request,
each requested Borrowing shall comply with the requirements set forth in Section 2.02. If no
election as to the Type of Borrowing is specified

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in any such notice, then the requested Borrowing
shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is
specified in any such notice, then the Borrower shall be deemed to have selected an Interest Period
of one month’s duration. The Administrative Agent shall promptly advise the applicable Lenders of
any notice given in accordance with this Section 2.03 (and the contents thereof), and of each
Lender’s portion of the requested Borrowing.

     SECTION
2.04. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of each Lender (i) the principal amount
of each Term B Loan and Credit-Linked Deposit of such Lender made to the Borrower as provided in
Section 2.11 and (ii) the then unpaid principal amount of each Revolving Loan of such Revolving
Credit Lender made to the Borrower on the Revolving Credit Maturity Date with respect to such
Revolving Loan of such Revolving Credit Lender. The Borrower hereby unconditionally promises to
pay to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier
of the latest Revolving Credit Maturity Date at such time and the first date after such Swingline
Loan is made that is the 15th day or the last day of a calendar month and is at least three
Business Days after such Swingline Loan is made.

     (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such
Lender to the Borrower from time to time, including the amounts of principal and interest payable
and paid to such Lender from time to time under this Agreement, and shall provide copies of such
accounts to the Borrower upon its reasonable request (at the Borrower’s sole cost and expense).

     (c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of
each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto,
(ii) the amount of any principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder from the Borrower or any Subsidiary Guarantor and each Lender’s share thereof, and
shall provide copies of such accounts to the Borrower upon its reasonable request (at the
Borrower’s sole cost and expense).

     (d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) of this
Section shall be conclusive evidence of the existence and amounts of the obligations therein
recorded absent clearly demonstrable error; provided, however, that the failure of
any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in
any manner affect the obligations of the Borrower to repay the Loans in accordance with the terms
of this Agreement.

     (e) Any Lender may request that Loans made by it hereunder be evidenced by a promissory note.
In such event, the Borrower shall execute and deliver to such Lender a promissory note payable to
such Lender and its registered assigns (i) in the form of Exhibit G, if such promissory note
relates to Revolving Credit Borrowings, (ii) in the form of Exhibit H-1, if such promissory note
relates to Original Maturity Term Loans, (iii) in the form of Exhibit H-2, if such promissory note
relates to Extended Maturity Term Loans, (iv) in the form of Exhibit H-3, if such promissory note
relates to Original Maturity Credit-Linked Deposits or (v) in the form of Exhibit H-4, if such
promissory note relates to Extended Maturity Credit-Linked Deposits, or, in any such case, any
other form reasonably acceptable to the Administrative Agent.
Notwithstanding any other provision of this Agreement, in the event any Lender shall request
and receive such a promissory note, the interests represented by such note shall at all times
(including

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after any assignment of all or part of such interests pursuant to Section 9.04) be
represented by one or more promissory notes payable to the payee named therein or its registered
assigns.

     SECTION
2.05. Fees. (a) The Borrower agrees to pay to each Lender, through the Administrative
Agent, on the last Business Day of March, June, September and December in each year (beginning with
June 30, 2010) and on each date on which any Commitment of such Lender shall expire or be
terminated as provided herein, a commitment fee (a “Commitment Fee”) equal to the
applicable Commitment Fee Rate in effect from time to time on the average daily unused amount of
the Commitments of such Lender (other than the Swingline Commitment) during the preceding quarter
(or shorter or longer period commencing with the Third Restatement Date or ending with the
Revolving Credit Maturity Date with respect to the Commitments of such Lender or the date on which
the Commitments of such Lender shall expire or be terminated). All Commitment Fees shall be
computed on the basis of the actual number of days elapsed in a year of 360 days. The Commitment
Fee due to each Lender shall commence to accrue on the Third Restatement Date and shall cease to
accrue on the date on which the Commitment of such Lender shall expire or be terminated as provided
herein. For purposes of calculating Commitment Fees with respect to Revolving Credit Commitments
only, no portion of the Revolving Credit Commitments shall be deemed utilized under Section 2.22 as
a result of outstanding Swingline Loans.

     (b) The Borrower agrees to pay to the Administrative Agent, for its own account, the fees in
the amounts and at the times from time to time agreed to in writing by the Borrower and the
Administrative Agent, including pursuant to the Second Restatement Fee Letter (the
“Administrative Agent Fees”).

     (c) The Borrower agrees to pay (i) to each Revolving Credit Lender, through the Administrative
Agent, on the last Business Day of March, June, September and December of each year (beginning with
June 30, 2010) and on the date on which the Revolving Credit Commitment of such Revolving Credit
Lender shall be terminated as provided herein (each, an “L/C Fee Payment Date”) a fee (an
“L/C Participation Fee”) calculated on such Revolving Credit Lender’s Pro Rata Percentage
of the daily aggregate Revolving L/C Exposure (excluding the portion thereof attributable to
unreimbursed L/C Disbursements which are earning interim interest pursuant to Section 2.23(h))
during the preceding quarter (or shorter or longer period commencing with the Third Restatement
Date and ending with the Revolving Credit Maturity Date with respect to the Revolving Credit
Commitment of such Revolving Credit Lender or the date on which all Letters of Credit have been
canceled or have expired and the Revolving Credit Commitments of all Revolving Credit Lenders shall
have been terminated) at a rate per annum equal to the Applicable Margin used to determine the
interest rate on Revolving Credit Borrowings comprised of Eurodollar Loans pursuant to Section
2.06, and (ii) to the Issuing Bank with respect to each outstanding Letter of Credit issued at the
request of the Borrower a fronting fee, which shall accrue at such rate as shall be separately
agreed upon between the Borrower and the Issuing Bank, on the drawable amount of such Letter of
Credit, payable quarterly in arrears on each L/C Fee Payment Date after the issuance date of such
Letter of Credit, as well as the Issuing Bank’s customary documentary and processing charges with
respect to the issuance, amendment, renewal or extension of any Letter of Credit issued at the
request of the Borrower or processing of drawings thereunder (the fees in this clause (ii),
collectively, the “Issuing Bank Fees”). All L/C Participation Fees and Issuing Bank Fees
shall be computed on the basis of the actual number of days elapsed in a year of 360 days.

     (d) All Fees shall be paid on the dates due, in immediately available funds, to the
Administrative Agent for distribution, if and as appropriate, among the Lenders, except that the

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Issuing Bank Fees shall be paid directly to the Issuing Bank. Once paid, none of the Fees actually
owed and due shall be refundable under any circumstances.

     SECTION
2.06. Interest on Loans. (a) Subject to the provisions of Section 2.07, the outstanding
Loans comprising each ABR Borrowing, including each Swingline Loan, shall bear interest (computed
on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may
be, when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of
360 days at all other times) at a rate per annum equal to the Alternate Base Rate plus the
Applicable Margin.

     (b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing
shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360
days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for
such Borrowing plus the Applicable Margin.

     (c) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such
Loan except as otherwise provided in this Agreement. Subject to Section 2.08, the applicable
Alternate Base Rate or Adjusted LIBO Rate for each Interest Period, as the case may be, shall be
determined by the Administrative Agent, and such determination shall, absent clearly demonstrable
error, be final and conclusive and binding on all parties hereto.

     (d) Notwithstanding the foregoing, it is understood and agreed that (i) prior to the Third
Restatement Date, the Borrower had agreed to pay to the Issuing Bank under the Second Restated
Credit Agreement Funded Issuing Bank Fees (as defined in the Second Restated Credit Agreement) and
to each Funded L/C Lender a Funded L/C Participation Fee (as defined in the Second Restated Credit
Agreement), in each case, in accordance with Section 2.05(d) of the Second Restated Credit
Agreement, and the Deposit Bank (or the Borrower, as applicable) has agreed to pay to each Funded
L/C Lender a fee and specified return in accordance with Section 2.24(b) of the Second Restated
Credit Agreement, and (ii) all such accrued and unpaid Funded Issuing Bank Fees, Funded L/C
Participation Fees, fees and return outstanding on the Third Restatement Date, if any, shall be
paid by the Borrower (or, as applicable, the Deposit Bank) to the Issuing Bank under the Second
Restated Credit Agreement or each Funded L/C Lender, as applicable, on the Third Restatement Date
and, upon such payment, the Funded L/C Commitment (as defined in the Second Restated Credit
Agreement) shall be terminated in accordance with the terms of the Second Restated Credit
Agreement.

     SECTION
2.07. Default Interest. If the Borrower shall default in the payment of the principal of or
interest on any Loan or any other amount becoming due and payable hereunder or under any other Loan
Document, by acceleration or otherwise, the Borrower shall on demand from time to time pay
interest, to the extent permitted by law, on such defaulted amount to but excluding the date of
actual payment (after as well as before judgment) (a) in the case of overdue principal, at the rate
otherwise applicable to such Loan pursuant to Section 2.06 plus 2.00% per annum and (b) in
all other cases, at a rate per annum (computed on the basis of the actual number of days elapsed
over a year of 365 or 366 days, as the case may be, when determined by reference to the Prime Rate
and over a year of 360 days at all other times) equal to the rate that would be applicable to an
ABR Extended Maturity Term Loan plus 2.00%.

     SECTION
2.08. Alternate Rate of Interest. In the event, and on each occasion, that prior to the
commencement of any Interest Period for a Eurodollar Borrowing (a) the Administrative Agent shall
have determined that adequate and reasonable means do not exist for determining the Adjusted LIBO
Rate for such Interest Period or (b) the Administrative Agent is advised by the Required Lenders
reasonably and in good faith that the Adjusted LIBO Rate for

75

 

such Interest Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans
included in such Borrowing, for such Interest Period, then the Administrative Agent shall, as soon
as practicable thereafter, give written or fax notice of such determination to the Borrower and the
Lenders. In the event of any such notice, until the Administrative Agent shall have advised the
Borrower and the Lenders that the circumstances giving rise to such written or fax notice no longer
exist, (i) any request by the Borrower for a Eurodollar Borrowing pursuant to Section 2.03 or 2.10
shall be deemed to be a request for an ABR Borrowing and (ii) any Interest Period election that
requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar
Borrowing shall be ineffective.

     SECTION
2.09. Termination and Reduction of Commitments; Reduction and Conversion of Credit-Linked
Deposits. (a) Unless previously terminated in accordance with the terms hereof, (i) the Term
Loan Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Closing
Date and (ii) the Revolving Credit Commitments, the Swingline Commitment and the L/C Commitment
shall automatically terminate on the Revolving Credit Maturity Date with respect to such Revolving
Credit Commitments (provided that, notwithstanding anything else herein to the contrary,
the Revolving Credit Maturity Date applicable to the L/C Commitment and the Swingline Commitment
shall be the date specified in clause (i) of the definition of “Revolving Credit Maturity Date”
unless such date is extended with the written consent of, in the case of the L/C Commitment, the
Issuing Banks or, in the case of the Swingline Commitment, the Swingline Lender). If any Letter of
Credit remains outstanding on the Revolving Credit Maturity Date with respect to the Revolving
Credit Commitments applicable to such Letter of Credit (and, at the time thereof, after giving
effect to the repayment of the applicable Revolving Loans at such time, the Revolving Credit
Exposure of the applicable Revolving Credit Lenders exceeds the available Revolving Credit
Commitments of such Revolving Credit Lenders), the Borrower shall deposit with the Administrative
Agent an amount in cash equal to 103% of the aggregate undrawn amount of such Letter of Credit to
secure the full obligations with respect to any drawings that may occur thereunder, which amount
shall be promptly returned to the Borrower upon each such Letter of Credit being terminated or
cancelled.

     (b) Upon at least three Business Days’ prior irrevocable written or fax notice to the
Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to
time in part permanently reduce, in each case without premium or penalty, the Revolving Credit
Commitments or the Swingline Commitment; provided, however, that (i) each partial
reduction of the Revolving Credit Commitments or the Swingline Commitment shall be in an integral
multiple of $1,000,000 and in a minimum amount of $5,000,000 and (ii) the Total Revolving Credit
Commitment shall not be reduced to an amount that is less than the Aggregate Revolving Credit
Exposure then in effect; provided further that a notice of termination may state
that such termination is conditioned upon the effectiveness of other credit facilities or any other
event, in which case such notice may be revoked by the Borrower (by notice to the Administrative
Agent on or prior to the specified termination date) if such condition is not satisfied.

     (c) Each reduction in the Revolving Credit Commitments or the Swingline Commitment hereunder
shall be made, at the Borrower’s option, to either (A) on a pro rata basis all Classes of Revolving
Credit Commitments outstanding on such date or (B) the Classes of Revolving Credit Commitments
outstanding on such date in the order of the maturity date thereof, in each case, ratably among the
applicable Lenders in accordance with their Pro Rata Percentages. The Borrower shall pay to the
Administrative Agent for the account of the applicable Lenders, on the date of each termination or
reduction, the Commitment Fees on the amount of the Commitments so terminated or reduced accrued to
but excluding the date of such termination or reduction.

76

 

     SECTION
2.10. Conversion and Continuation of Borrowings. The Borrower shall have the right at any
time upon prior irrevocable notice to the Administrative Agent (a) not later than 12:00 (noon), New
York City time, one Business Day prior to conversion, to convert any Eurodollar Borrowing of the
Borrower into an ABR Borrowing, (b) not later than 12:00 (noon), New York City time, three Business
Days prior to conversion or continuation, to convert any ABR Borrowing of the Borrower into a
Eurodollar Borrowing or to continue any Eurodollar Borrowing of the Borrower as a Eurodollar
Borrowing for an additional Interest Period and (c) not later than 12:00 (noon), New York City
time, three Business Days prior to conversion, to convert the Interest Period with respect to any
Eurodollar Borrowing of the Borrower to another permissible Interest Period, subject in each case
to the following:

     (i) each conversion or continuation shall be made pro rata among the Lenders in
accordance with the respective principal amounts of the Loans comprising the converted or
continued Borrowing;

     (ii) if less than all the outstanding principal amount of any Borrowing shall be
converted or continued, then each resulting Borrowing shall satisfy the limitations
specified in Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum number
of Borrowings of the relevant Type;

     (iii) each conversion shall be effected by each Lender and the Administrative Agent by
recording for the account of such Lender the new Loan of such Lender resulting from such
conversion and reducing the Loan (or portion thereof) of such Lender being converted by an
equivalent principal amount; accrued and unpaid interest on any Eurodollar Loan (or portion
thereof) being converted shall be paid by the Borrower at the time of conversion;

     (iv) if any Eurodollar Borrowing is converted at a time other than the end of the
Interest Period applicable thereto, the Borrower shall pay, upon demand, any amounts due to
the Lenders pursuant to Section 2.16;

     (v) any portion of a Borrowing maturing or required to be repaid in less than one
month may not be converted into or continued as a Eurodollar Borrowing;

     (vi) any portion of a Eurodollar Borrowing that cannot be converted into or continued
as a Eurodollar Borrowing by reason of the immediately preceding clause shall be
automatically converted at the end of the Interest Period in effect for such Borrowing into
an ABR Borrowing;

     (vii) no Interest Period may be selected for any Eurodollar Term Borrowing that would
end later than any applicable Repayment Date occurring on or after the first day of such
Interest Period if, after giving effect to such selection, the aggregate outstanding amount
of the sum of (A) the applicable Eurodollar Term Borrowings with Interest Periods ending on
or prior to such Repayment Date and (B) the applicable ABR Term Borrowings would not be at
least equal to the principal amount of applicable Term Borrowings to be paid on such
Repayment Date, and no Interest Period may be selected for any Eurodollar Credit-Linked
Deposit Borrowing that would end later than the applicable Credit-Linked Deposit Maturity
Date; and

     (viii) after the occurrence and during the continuance of an Event of Default, no
outstanding Loan may be converted into, or continued as, a Eurodollar Loan.

77

 

     Each notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this
Agreement and specify (A) the identity and amount of the Borrowing that the Borrower requests be
converted or continued, (B) whether such Borrowing is to be converted to or continued as a
Eurodollar Borrowing or an ABR Borrowing, (C) if such notice requests a conversion, the date of
such conversion (which shall be a Business Day) and (D) if such Borrowing is to be converted to or
continued as a Eurodollar Borrowing, the Interest Period with respect thereto. If no Interest
Period is specified in any such notice with respect to any conversion to or continuation as a
Eurodollar Borrowing, the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. The Administrative Agent shall advise the Lenders of any notice given pursuant
to this Section 2.10 and of each Lender’s portion of any converted or continued Borrowing. If the
Borrower shall not have given notice in accordance with this Section 2.10 to continue any Borrowing
into a subsequent Interest Period (and shall not otherwise have given notice in accordance with
this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest
Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be converted
or continued into an ABR Borrowing.

     SECTION
2.11. Repayment of Term B Loans and Credit-Linked Deposits. (a)(1) On the dates set forth
below, or if any such date is not a Business Day, on the next preceding Business Day (each such
date being called an “Original Maturity Repayment Date”), the Borrower shall pay to the
Administrative Agent, for the account of the Term Lenders holding Original Maturity Term Loans, a
principal amount of the Original Maturity Term Loans (as adjusted from time to time pursuant to
Sections 2.11(b), 2.12, 2.13(e) and 2.13(f)) in an aggregate amount equal to the sum of the
principal amount of Original Maturity Term Loans as of the Closing Date, multiplied, in each case,
by the percentage set forth below for such date, together in each case with accrued and unpaid
interest and Fees on the amount to be paid to but excluding the date of such payment:

	 	 	 	 	 
	Original Maturity Repayment Date	 	Percentage	 
	June 30, 2010
	 	0.25% (to the extent not already paid prior to the Third Restatement Date)	 
	September 30, 2010
	 	 	0.25	%
	December 31, 2010
	 	 	0.25	%
	March 31, 2011
	 	 	0.25	%
	June 30, 2011
	 	 	0.25	%
	September 30, 2011
	 	 	0.25	%
	December 31, 2011
	 	 	0.25	%
	March 31, 2012
	 	 	0.25	%
	June 30, 2012
	 	 	0.25	%
	September 30, 2012
	 	 	0.25	%
	December 31, 2012
	 	 	0.25	%
	Original Maturity Term Loan

	 	93.25% or Remainder	 
	Maturity Date
	 	 

     (2) On the dates set forth below, or if any such date is not a Business Day, on the next
preceding Business Day (each such date being called an “Extended Maturity Repayment Date”),
the Borrower shall pay to the Administrative Agent, for the account of the Term Lenders holding
Extended Maturity Term Loans, a principal amount of the Extended Maturity Term Loans (as adjusted
from time to time pursuant to Sections 2.11(b), 2.12, 2.13(e) and 2.13(f)) in an aggregate amount
equal to the sum of the principal amount of Extended Maturity Term Loans as of the Third
Restatement Date, multiplied by the percentage set forth below for such date,

78

 

together in each case with accrued and unpaid interest and Fees on the amount to be paid to but excluding the date of
such payment:

	 	 	 	 	 
	Extended Maturity Repayment Date	 	Percentage	 
	September 30, 2010
	 	 	0.25	%
	December 31, 2010
	 	 	0.25	%
	March 31, 2011
	 	 	0.25	%
	June 30, 2011
	 	 	0.25	%
	September 30, 2011
	 	 	0.25	%
	December 31, 2011
	 	 	0.25	%
	March 31, 2012
	 	 	0.25	%
	June 30, 2012
	 	 	0.25	%
	September 30, 2012
	 	 	0.25	%
	December 31, 2012
	 	 	0.25	%
	March 31, 2013
	 	 	0.25	%
	June 30, 2013
	 	 	0.25	%
	September 30, 2013
	 	 	0.25	%
	December 31, 2013
	 	 	0.25	%
	March 31, 2014
	 	 	0.25	%
	June 30, 2014
	 	 	0.25	%
	September 30, 2014
	 	 	0.25	%
	December 31, 2014
	 	 	0.25	%
	March 31, 2015
	 	 	0.25	%
	June 30, 2015
	 	 	0.25	%
	Extended Maturity Term Loan

	 	95.00% or Remainder	 
	Maturity Date
	 	 

     (b) In the event and on each occasion that any Term Loan Commitments shall be reduced or shall
expire or terminate other than as a result of the making of a Term B Loan, the installments payable
on each applicable Repayment Date, as applicable, shall be reduced pro rata by an aggregate amount
equal to the amount of such reduction, expiration or termination.

     (c) To the extent not previously paid, all Original Maturity Term Loans shall be due and
payable on the Original Maturity Term Loan Maturity Date and all Extended Maturity Term Loans shall
be due and payable on the Extended Maturity Term Loan Maturity Date, together with accrued and
unpaid interest on the principal amount to be paid to but excluding the date of payment. To the
extent not previously repaid, each Original Maturity Credit-Linked Deposit
shall be due and payable on the Original Maturity Credit-Linked Deposit Maturity Date and each
Extended Maturity Credit-Linked Deposit shall be due and payable on the Extended Maturity
Credit-Linked Deposit Maturity Date, in each case together with accrued and unpaid interest on the
principal amount due to but excluding the date of payment.

     (1) On the dates set forth in the applicable Joinder Agreement, or if any such date is not a
Business Day, on the next preceding Business Day, the Borrower shall pay to the Administrative
Agent, for the account of the Lenders holding New Term Loans and/or Refinancing Term Loans, a
principal amount of such New Term Loans and/or Refinancing Term Loans (in each case, as adjusted
from time to time pursuant to Sections 2.11(b), 2.12, 2.13(e) and 2.13(f)) in the aggregate amounts
set forth in the applicable Joinder Agreement, together, in each case, with accrued and unpaid
interest and Fees on the amount to be paid to but excluding the date of such payment.

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     (d) All repayments pursuant to this Section 2.11 shall be subject to Section 2.16, but shall
otherwise be without premium or penalty.

     SECTION
2.12. Prepayment. (a) The Borrower shall have the right at any time and from time to time
to prepay any Borrowing, in whole or in part, subject to the provisions of paragraph (d) below,
upon at least three Business Days’ prior written or fax notice (or telephone notice promptly
confirmed by written or fax notice) in the case of Eurodollar Loans, or written or fax notice (or
telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to
the date of prepayment in the case of ABR Loans, to the Administrative Agent before 11:00 a.m., New
York City time; provided, however, that each partial prepayment shall be in an
amount that is an integral multiple of $1,000,000 and not less than $5,000,000.

     (b) (i) Optional prepayments of Term B Loans shall be applied, at the Borrower’s option,
either (A) on a pro rata basis to all Classes of Term B Loans in accordance with their respective
aggregate principal amount or (B) to the Classes of Term B Loans in the order of the maturity date
thereof (and, within any such Class, on a pro rata basis to the applicable Lenders);
provided that with respect to any such prepayment of any Class of Term B Loans such
prepayment shall be applied against the remaining scheduled installments of principal due in
respect of such Class as directed by the Borrower, and (ii) optional prepayments of Credit-Linked
Deposits shall be applied, at the Borrower’s option, either (A) on a pro rata basis to all Classes
of Credit-Linked Deposits in accordance with their respective aggregate principal amounts or (B) to
the Classes of Credit-Linked Deposits in the order of the maturity date thereof (and, within any
such Class, on a pro rata basis to the applicable Lenders).

     (c) Each notice of prepayment shall be substantially in the form of Exhibit I, shall be
irrevocable and shall commit the Borrower to prepay such Borrowing by the amount stated therein on
the date stated therein; provided that a notice of prepayment may state that such
prepayment is conditioned upon the effectiveness of other credit facilities or any other event, in
which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or
prior to the specified prepayment date) if such condition is not satisfied. All prepayments and
failures to prepay under this Section 2.12 shall be subject to Section 2.16. All prepayments under
this Section 2.12 shall be accompanied by accrued and unpaid interest on the principal amount to be
prepaid to but excluding the date of payment.

     (d) Any (i) amendment, amendment and restatement or other modification of this Agreement
consummated after the Third Restatement Date but on or prior to the first anniversary
of the Third Restatement Date or (ii) voluntary prepayment of all but not less than all of the
Extended Maturity Term Loans and/or Extended Maturity Credit-Linked Deposits consummated after the
Third Restatement Date but on or prior to the first anniversary of the Third Restatement Date with
the proceeds of a substantially concurrent issuance or incurrence of new bank loans (which
voluntary prepayment shall be deemed to have occurred even if a portion of the Extended Maturity
Term Loans and/or Extended Maturity Credit-Linked Deposits, as applicable, are replaced, converted
or re-evidenced with, into or by such new loans so long as all but not less than all of the
Extended Maturity Term Loans and/or Extended Maturity Credit-Linked Deposits, as applicable, are so
prepaid) the effect of which, in the case of either clause (i) or clause (ii), is to decrease the
Applicable Margin with respect to the Extended Maturity Term Loans and/or Extended Maturity
Credit-Linked Deposits, as applicable, shall be accompanied by a fee payable to the Lenders holding
the Extended Maturity Term Loans and/or Extended Maturity Credit-Linked Deposits, as applicable
(which shall include any Non-Consenting Lender that is repaid in connection with any such amendment
or amendment and restatement), in an amount equal to 1.0% of the aggregate principal amount of the
Extended Maturity Term Loans and/or Extended Maturity Credit-Linked Deposits, as applicable, then
outstanding only if such amendment,

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prepayment, replacement, conversion or re-evidencing is not
otherwise undertaken in connection with another material transaction or series of related material
transactions.

     SECTION
2.13. Mandatory Prepayments. (a) In the event of any termination in full of all the
Revolving Credit Commitments, the Borrower shall, on the date of such termination, repay or prepay
all its outstanding Revolving Credit Borrowings and all its outstanding Swingline Loans and replace
all its outstanding Letters of Credit and/or deposit an amount equal to the Revolving L/C Exposure
in cash in a cash collateral account established with the Administrative Agent for the benefit of
the Revolving Credit Lenders and the Issuing Bank. If as a result of any partial reduction of the
Revolving Credit Commitments the Aggregate Revolving Credit Exposure would exceed the Total
Revolving Credit Commitment after giving effect thereto, then the Borrower shall, on the date of
such reduction, repay or prepay Revolving Credit Borrowings or Swingline Loans (or a combination
thereof) and/or cash collateralize Letters of Credit in an amount sufficient to eliminate such
excess.

     (b) (i) Not later than the tenth Business Day following receipt of Net Cash Proceeds from (A)
the completion of any Asset Sale that is not (1) a Sale of Core Collateral or (2) a sale, at any
time and from time to time, of South Central Securitization Assets in connection with a South
Central Securitization (and/or the receipt at any time of any servicing fee related to a South
Central Securitization), or (B) the occurrence of any Recovery Event (other than in respect of Core
Collateral), the Borrower shall offer to prepay outstanding Term B Loans in an amount equal to the
Required Prepayment Percentage multiplied by the amount of such Net Cash Proceeds that is received,
such prepayment to be made in accordance with Section 2.13(e). Notwithstanding the foregoing, if
the amount of Net Cash Proceeds from the completion of any such Asset Sale or the occurrence of any
such Recovery Event required to be used to offer to prepay outstanding Term B Loans pursuant to
this clause (b)(i) is less than $10,000,000, such application of such Net Cash Proceeds may be
deferred until such time as the amount of such Net Cash Proceeds plus the aggregate amount
of all Net Cash Proceeds received thereafter from the completion of any such Asset Sale or the
occurrence of any such Recovery Event required to be so applied under this clause (b)(i) aggregates
at least $10,000,000, at which time the Borrower shall apply the aggregate amount of all such
deferred Net Cash Proceeds to prepay outstanding Term B Loans, such offer to prepay to be made in
accordance with Section 2.13(e).

     (ii) Not later than the tenth Business Day following receipt of Net Cash Proceeds from
the completion of any Sale of Core Collateral or the occurrence of any Recovery Event in
respect of Core Collateral, the Borrower shall apply an amount equal to 100% of the Net
Cash Proceeds received with respect thereto to offer to prepay outstanding Loans, to prepay
the Total Credit-Linked Deposit, to permanently reduce Revolving Credit Commitments and to
cash collateralize outstanding Letters of Credit, such offer of prepayment, reduction and
cash collateralization to be made in accordance with Section 2.13(f). Promptly upon the
receipt of any such Net Cash Proceeds, the Borrower shall, pending such application of such
proceeds, hold such proceeds in a segregated account under the exclusive dominion and
control of the Collateral Trustee, for the benefit of the Secured Parties, which is free
from any other Liens, other than non-consensual Permitted Liens.

     (c) In the event that the Borrower or any Restricted Subsidiary shall receive Net Cash
Proceeds from the issuance or other incurrence of Indebtedness of the Borrower or any Restricted
Subsidiary (other than Indebtedness permitted pursuant to Section 6.01 (other than pursuant to
Section 6.01(m), 6.01(s), 6.01(y) or, to the extent required by the terms thereof, 6.01(z) and
other than as contemplated in Section 2.26)), the Borrower shall, substantially simultaneously with
(and in any event not later than the tenth Business Day next following) the

81

 

receipt of such Net
Cash Proceeds by the Borrower or any Restricted Subsidiary, offer to prepay outstanding Term B
Loans (or, in the case of an incurrence of Indebtedness under Section 6.01(y) or, to the extent
required by the terms thereof, 6.01(z) or as contemplated in Section 2.26, to prepay outstanding
Term B Loans and/or Credit-Linked Deposits, as applicable) in an amount equal to the Required
Prepayment Percentage multiplied by the amount of such Net Cash Proceeds that is received, such
offer to prepay to be made in accordance with Section 2.13(e).

     (d) No later than ten days following the earlier of (i) 90 days after the end of each fiscal
year of the Borrower, commencing with the fiscal year ending on December 31, 2007, and (ii) the
date on which the financial statements with respect to such period are delivered pursuant to
Section 5.04(a) (commencing with the fiscal year ending on December 31, 2007), the Borrower shall
offer to prepay (and prepay) outstanding Term B Loans, such offer to prepay (and prepayment) to be
made in accordance with Section 2.13(e), in an aggregate principal amount equal to (x) the Required
Prepayment Percentage of Excess Cash Flow for the fiscal year then ended (the “Base Annual ECF
Sweep Amount”) minus (y) the aggregate amount of any voluntary prepayments of Term B
Loans made pursuant to Section 2.12 during such fiscal year. Notwithstanding the foregoing, the
Borrower shall have the option to calculate Excess Cash Flow for one or more fiscal quarters of any
fiscal year (with respect to such fiscal quarter or any other immediately preceding fiscal quarter
or fiscal quarters during such fiscal year for which Excess Cash Flow had not previously been so
calculated and the prepayment offer in accordance with Section 2.13(d) and Section 2.13(e) below
had not previously been made); provided that in the event that the Borrower shall exercise
such option, (i) no later than ten days following the earlier of (A) 45 days after the end of the
applicable fiscal quarter and (B) the date on which financial statements with respect to such
applicable fiscal quarter are delivered pursuant Section 5.04(b), the Borrower shall offer to
prepay outstanding Term B Loans, such offer of prepayment to be made in accordance with Section
2.13(e), in an aggregate principal amount equal to (x) the Required Prepayment Percentage of Excess
Cash Flow for the applicable fiscal period then ended minus (y) the aggregate amount of any
voluntary prepayments of Term B Loans made pursuant to Section 2.12 during such applicable fiscal
period and (ii) the Borrower shall continue to be required to make the offer to prepay (and
prepayment) described in the first sentence of this paragraph (d) following the end of the
applicable fiscal year in accordance with the provisions described above (provided that the
amount of Term B Loans that the Borrower shall be required to prepay and offer to prepay with
respect to the Excess Cash Flow in respect of such fiscal year
shall be governed by the proviso in the first sentence of Section 2.13(e)). The Borrower
shall provide the Administrative Agent with written notice of any election described in the
immediately preceding sentence to calculate Excess Cash Flow (and make the required prepayment and
prepayment offer) as of the end of any fiscal quarter of any fiscal year no later than the earlier
of (i) 45 days after the end of the applicable fiscal quarter and (ii) the date on which financial
statements with respect to such applicable fiscal period are delivered pursuant to Section 5.04(b).
For purposes of this Section 2.13(d), the term “fiscal period” shall mean a period of one or more
consecutive fiscal quarters.

     (e) Notwithstanding any provision in this Agreement to the contrary, but subject to the right
of each Term Lender to elect to decline all or any portion of any prepayment pursuant to Section
2.13(b)(i) or 2.13(c) (except in the case of an incurrence of Indebtedness under Section 6.01(y)
or, to the extent required by the terms thereof, 6.01(z) or as contemplated by Section 2.26) or a
portion of any prepayment pursuant to Section 2.13(d) as described below, the amount to be prepaid
on any date pursuant to Section 2.13(b)(i), 2.13(c) (except in the case of an incurrence of
Indebtedness under Section 6.01(y) or, to the extent required by the terms thereof, 6.01(z) or as
contemplated by Section 2.26) or 2.13(d) shall be applied to the prepayment (to the extent required
to be so applied) of (1) in the case of prepayments pursuant to Section 2.13(b)(i) on a pro rata
basis to all Classes of Term B Loans in accordance with their respective aggregate

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principal amounts, (2) in the case of prepayments pursuant to Section 2.13(c) (except in the case of an
incurrence of Indebtedness under Section 6.01(y) or, to the extent required by the terms thereof,
6.01(z) or as contemplated by Section 2.26) or 2.13(d), at the Borrower’s option, either (x) on a
pro rata basis to all Classes of Term B Loans in accordance with their respective aggregate
principal amounts or (y) to the Classes of Term B Loans in the order of the maturity date thereof
(and, within any such Class, on a pro rata basis to the applicable Lenders), and (3) in the case of
prepayments pursuant to Section 2.13(c) resulting from an incurrence of Indebtedness under Section
6.01(y) or, to the extent required by the terms thereof, 6.01(z) or as contemplated by Section
2.26, at the Borrower’s option, either (i) on a pro rata basis to all Classes of Term B Loans
and/or Credit-Linked Deposits, as applicable, in accordance with their respective aggregate
principal amounts or (ii) to the Classes of Term B Loans or Credit-Linked Deposits, as applicable,
in the order of the maturity date thereof (and, within any such Class, on a pro rata basis to the
applicable Lenders); provided that, notwithstanding anything in this Agreement to the
contrary, in the case of any prepayment pursuant to Section 2.13(d) in respect of a fiscal year (as
opposed to any other fiscal period), on the date of any prepayment offer that is required to be
made pursuant to such Section in respect of a fiscal year ended, the Borrower shall be required to
prepay outstanding Term B Loans by an amount equal to, if positive, (i)(A) 50% of the Base Annual
ECF Sweep Amount for such fiscal year minus (B) the aggregate amount of any voluntary
prepayment of Term B Loans made pursuant to Section 2.12 during such applicable fiscal year
(“Mandatory ECF Payment”) minus (ii) any amount that had been offered to, accepted
by and prepaid to the Term Lenders at any time during such fiscal year pursuant to clause (i) of
the second sentence of Section 2.13(d) (such amount set forth in the preceding clause (ii) in
respect of such fiscal year, the “Early Paid Amount”), and no Term Lender shall have any
right to decline all or any portion of such required prepayment amount determined by such
subtraction. No later than 5:00 p.m., New York City time, within the earlier of three Business
Days (A) prior to the applicable prepayment date or (B) after the Borrower has offered prepayment
of the Term B Loans hereunder, each Term Lender may provide written notice to the Administrative
Agent either (i) setting forth the maximum amount of the aggregate amount of its Term B Loans that
it wishes to have prepaid on such date pursuant to this Section (the “Requested Term Loan
Prepayment Amount”) or (ii) declining in its entirety any prepayment on such date pursuant to
this Section. In the event that any Term Lender shall fail to provide such written notice to the
Administrative Agent within the time period specified above, such Term Lender shall be deemed to
have elected a Requested Term Loan Prepayment Amount equal to its ratable share of such
mandatory prepayment (determined based on the percentage of the aggregate amount of all Term B
Loans represented by such Term Lender’s Term B Loans as determined immediately prior to such
prepayment and without taking into account any Requested Term Loan Prepayment Amount of any other
Lender). In the event that the amount of any mandatory prepayment to be made pursuant to this
Section shall be equal to or exceed the aggregate amount of all Requested Term Loan Prepayment
Amounts of all Term Lenders electing (or deemed to be electing) such a prepay
ment, each Term Lender
electing (or deemed to be electing) such a prepayment shall have an amount of its Term B Loans
prepaid that is equal to such Term Lender’s Requested Term Loan Prepayment Amount. In the event
that the amount of any mandatory prepayment to be made pursuant to this Section shall be less than
the aggregate amount of all Requested Term Loan Prepayment Amounts of all Term Lenders electing (or
deemed to be electing) such a prepayment, each Term Lender electing (or deemed to be electing) such
a prepayment shall have its Term B Loans prepaid in an amount equal to the product of (A) the
amount of such mandatory prepayment and (B) the percentage of the aggregate Requested Term Loan
Prepayment Amounts of all Term Lenders electing (or deemed to be electing) such a prepayment
represented by such Term Lender’s Requested Term Loan Prepayment Amount. Any residual amounts
after any mandatory prepayments are made pursuant to this Section 2.13(e) shall be retained by the
Borrower. Mandatory prepayments of outstanding Term B Loans under this Agreement shall be

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applied against the remaining scheduled installments due in respect of the Term B Loans under Section 2.11
as directed by the Borrower.

     (f) Notwithstanding any provision in this Agreement to the contrary, but subject to the right
of each Term Lender, each Funded L/C Lender and each Revolving Credit Lender to elect to decline
all or any portion of any prepayment pursuant to Section 2.13(b)(ii) as described below, the amount
to be prepaid or deposited as cash collateral on any date pursuant to Section 2.13(b)(ii) shall,
subject to paragraph (g) below, be applied first to the prepayment (to the extent required to be so
applied) of all Term B Loans outstanding on such date (on a pro rata basis with respect to all
Classes thereof), second (to the extent of any residual) to the permanent prepayment of
Credit-Linked Deposits outstanding on such date (on a pro rata basis with respect to all Classes
thereof) and thereafter (to the extent of any residual) to the permanent reduction of Revolving
Credit Commitments and concurrent repayment of Revolving Credit Borrowings, Swingline Loans and/or
cash collateralization of Letters of Credit outstanding on such date (on a pro rata basis with
respect to all Classes thereof). No later than 5:00 p.m., New York City time, three Business Days
prior to the applicable prepayment, reduction or cash collateralization date, each Term Lender,
each Funded L/C Lender and each Revolving Credit Lender may provide written notice to the
Administrative Agent either (i) setting forth the maximum amount of the aggregate amount of its
Term B Loans, Credit-Linked Deposits and/or Revolving Credit Commitments that it wishes to have
prepaid or reduced on such date pursuant to this Section 2.13(f) (the “Requested Prepayment
Amount”) or (ii) declining in its entirety any prepayment, return, reduction or cash
collateralization on such date pursuant to this Section. In the event that any Term Lender, Funded
L/C Lender or Revolving Credit Lender shall fail to provide such written notice to the
Administrative Agent within the time period specified above, (A) such Term Lender shall be deemed
to have elected a Requested Prepayment Amount equal to its ratable share of such mandatory
prepayment (determined based on the percentage of the aggregate amount of all Term B Loans
represented by such Term Lender’s Term B Loans as determined immediately prior to such prepayment
and without taking into account any Requested Prepayment Amount of any other Lender), (B) such
Funded L/C Lender shall be deemed to have elected a Requested Prepayment Amount equal to its
ratable share of such mandatory prepayment (determined based on the percentage of the aggregate
amount of the Total Credit-Linked Deposit represented by such Funded L/C Lender’s Credit-Linked
Deposits as determined immediately prior to such prepayment and without taking into account any
Requested Prepayment Amount of any other Lender) and (C) such Revolving Credit Lender shall be
deemed to have elected a Requested Prepayment Amount and corresponding reduction of its Revolving Credit Commitment
equal to its ratable share of such mandatory reduction (determined based on the percentage of the
aggregate amount of the Total Revolving Credit Commitment represented by such Revolving Credit
Lender’s Revolving Credit Commitment as determined immediately prior to such reduction and without
taking into account any Requested Prepayment Amount of any other Lender). In the event that the
amount of any mandatory prepayment to be made pursuant to this Section shall be less than the
aggregate amount of all Requested Prepayment Amounts of all Term Lenders electing (or deemed to be
electing) such a prepayment, (x) each Term Lender electing (or deemed to be electing) such a
prepayment shall have its Term B Loans prepaid in an amount equal to the product of (1) the amount
of such mandatory prepayment and (2) the percentage of the aggregate Requested Prepayment Amounts
of all Term Lenders electing (or deemed to be electing) such a prepayment represented by such Term
Lender’s Requested Prepayment Amount and (y) no amount shall be prepaid in respect of the
Credit-Linked Deposits or applied to permanently reduce the Revolving Credit Commitments. In the
event that the amount of any mandatory prepayment, return, reduction or cash collateralization to
be made pursuant to this Section shall be equal to or exceed the aggregate amount of all Requested
Prepayment Amounts of all Term Lenders electing (or deemed to be electing) such a prepayment, each
Term Lender electing (or deemed to be electing) such a prepayment shall have an amount of

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its Term B Loans prepaid that is equal to such Term Lender’s Requested Prepayment Amount, and any residual
amount of any mandatory prepayment, reduction or cash collateralization remaining after such
application shall be applied to prepay the Credit-Linked Deposits of the Funded L/C Lenders, as
follows: (aa) in the event that any such residual amount shall be equal to or exceed the aggregate
amount of all Requested Prepayment Amounts of all Funded L/C Lenders electing (or deemed to be
electing) such a prepayment, each Funded L/C Lender electing (or deemed to be electing) such a
prepayment shall have an amount of its Credit-Linked Deposits prepaid that is equal to such
Lender’s Requested Prepayment Amount and any residual amount shall be applied to the permanent
reduction of Revolving Credit Commitments as set forth in the next succeeding sentence or (bb) in
the event that any such residual amount shall be less than the aggregate amount of all Requested
Prepayment Amounts of all Funded L/C Lenders electing (or deemed to be electing) such a prepayment,
each Funded L/C Lender electing (or deemed to be electing) such a prepayment shall have its
Credit-Linked Deposits prepaid in an amount equal to the product of (X) the amount of such residual
and (Y) the percentage of the aggregate Requested Prepayment Amounts of all Funded L/C Lenders
electing (or deemed to be electing) such a prepayment represented by such Funded L/C Lender’s
Requested Prepayment Amount. In the event that the amount of any mandatory prepayment, reduction
or cash collateralization to be made pursuant to this Section shall exceed the aggregate amount of
all Requested Prepayment Amounts of all Term Lenders and Funded L/C Lenders electing (or deemed to
be electing) such a prepayment, any residual amount of any mandatory prepayment, reduction or cash
collateralization remaining after such application shall be applied to the permanent reduction of
Revolving Credit Commitments as follows: (i) in the event that any such residual amount shall be
equal to or exceed the aggregate amount of all Requested Prepayment Amounts of all Revolving Credit
Lenders electing (or deemed to be electing) such a reduction, each Revolving Credit Lender electing
(or deemed to be electing) such a reduction shall have a portion of its Revolving Credit Commitment
reduced that is equal to such Revolving Credit Lender’s Requested Prepayment Amount or (ii) in the
event that any such residual amount shall be less than the aggregate amount of all Requested
Prepayment Amounts of all Revolving Credit Lenders electing (or deemed to be electing) such a
reduction, each Revolving Credit Lender electing (or deemed to be electing) such a reduction shall
have its Revolving Credit Commitment reduced in an amount equal to the product of (A) the amount of
such residual and (B) the percentage of the aggregate Requested Prepayment Amounts of all Revolving
Credit Lenders electing (or deemed to be electing) such a return represented by such Revolving
Credit Lender’s Requested Prepayment Amount. Any residual amounts after any mandatory prepayments,
returns, reductions or cash collateralizations are made pursuant to this Section 2.13(f) shall be
retained by the Borrower.

     (g) [Reserved].

     (h) [Reserved].

     (i) [Reserved].

     (j) [Reserved].

     (k) The Borrower shall deliver to the Administrative Agent and the Issuing Bank, at the time
of each prepayment, reduction or cash collateralization required under this Section 2.13, (i) a
certificate signed by a Financial Officer of the Borrower setting forth in reasonable detail the
calculation of the amount of such prepayment, reduction or cash collateralization and (ii) at least
eight days prior written notice of such prepayment substantially in the form of Exhibit I or, to
the extent practicable, at least ten days prior written notice of such reduction or cash
collateralization (and the Administrative Agent shall promptly provide the same to each Term
Lender, Funded L/C

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Lender and Revolving Credit Lender). Each notice of reduction or cash
collateralization shall specify the reduction or cash collateralization date, the Type and Class of
each Loan being prepaid and the principal amount of each Loan (or portion thereof) to be prepaid
and the amount of any reduction of Revolving Credit Commitments. All prepayments of Borrowings or
reductions of Revolving Credit Commitments pursuant to this Section 2.13 shall be accompanied by
accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment
and shall be subject to Section 2.16, but shall otherwise be without premium or penalty.

     SECTION
2.14. Reserve Requirements; Change in Circumstances. (a) Notwithstanding any other
provision of this Agreement, if any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender, the Administrative Agent or the Issuing Bank, or

     (ii) impose on any Lender, the Administrative Agent or any Issuing Bank or the London
interbank market any other condition affecting this Agreement or Eurodollar Loans made by
such Lender or any Letter of Credit (except, in each case, any such reserve requirement
which is reflected in the Adjusted LIBO Rate),

and the result of any of the foregoing shall be to increase the cost to such Lender or such Issuing
Bank of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any
such Loan) or to increase the cost to any Lender, the Administrative Agent or any Issuing Bank of
issuing or maintaining any Letter of Credit or purchasing or maintaining a participation therein or
to reduce the amount of any sum received or receivable by such Lender or such Issuing Bank
hereunder (whether of principal, interest or otherwise) by an amount reasonably deemed by such
Lender, the Administrative Agent or such Issuing Bank to be material, then the Borrower will pay to
such Lender, the Administrative Agent or the Issuing Bank, as the case may be, promptly upon demand
such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case
may be, for such additional costs incurred or reduction suffered.

     (b) If any Lender, the Administrative Agent or any Issuing Bank shall have determined that any
Change in Law regarding capital adequacy has or would have the effect of
reducing the rate of return on such Lender’s, the Administrative Agent’s or the Issuing Bank’s
capital or on the capital of such Lender’s, the Administrative Agent’s or the Issuing Bank’s
holding company, if any, as a consequence of this Agreement or the Loans made by, or participations
in Letters of Credit or Swingline Loans purchased by, such Lender or the Letters of Credit issued
by such Issuing Bank to a level below that which such Lender, the Administrative Agent or such
Issuing Bank or such Lender’s, the Administrative Agent’s or such Issuing Bank’s holding company
could have achieved but for such Change in Law (taking into consideration such Lender’s, the
Administrative Agent’s or such Issuing Bank’s policies and the policies of such Lender’s, the
Administrative Agent’s or such Issuing Bank’s holding company with respect to capital adequacy) by
an amount reasonably deemed by such Lender, the Administrative Agent or such Issuing Bank to be
material, then from time to time the Borrower shall pay to such Lender, the Administrative Agent or
the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such
Lender, the Administrative Agent or such Issuing Bank or such Lender’s, the Administrative Agent’s
or such Issuing Bank’s holding company for any such reduction suffered.

     (c) A certificate of a Lender, the Administrative Agent or an Issuing Bank setting forth the
amount or amounts reasonably determined by such Person to be necessary to compensate such Lender,
the Administrative Agent or such Issuing Bank or its holding company,

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as applicable, as specified in paragraph (a) or (b) of this Section, the calculations and criteria applied to determine such
amount or amounts, and other documentation or information reasonably supporting the conclusions in
such certificate, shall be delivered to the Borrower and shall, absent clearly demonstrable error,
be final and conclusive and binding. The Borrower shall pay such Lender, the Administrative Agent
or the Issuing Bank, as the case may be, the amount or amounts shown as due on any such certificate
delivered by it within 10 days after its receipt of the same.

     (d) Failure or delay on the part of any Lender, the Administrative Agent or any Issuing Bank
to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s, the
Administrative Agent’s or the Issuing Bank’s right to demand such compensation; provided
that the Borrower shall not be under any obligation to compensate any Lender, the Administrative
Agent or any Issuing Bank under paragraph (a) or (b) above for increased costs or reductions with
respect to any period prior to the date that is 270 days prior to such request; provided
further that the foregoing limitation shall not apply to any increased costs or reductions
arising out of the retroactive application of any Change in Law within such 270-day period. The
protection of this Section shall be available to each Lender, the Administrative Agent and each
Issuing Bank regardless of any possible contention of the invalidity or inapplicability of the
Change in Law that shall have occurred or been imposed.

     SECTION 2.15 Change in Legality. (a) Notwithstanding any other provision of this Agreement, if
any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or
to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then,
by written notice to the Borrower (which notice shall include documentation or information in
reasonable detail supporting the conclusions in such notice) and to the Administrative Agent:

     (i) such Lender may declare that Eurodollar Loans will not thereafter (for the
duration of such unlawfulness) be made by such Lender hereunder (or be continued for
additional Interest Periods and ABR Loans will not thereafter (for such duration) be
converted into Eurodollar Loans), whereupon any request for a Eurodollar Borrowing (or to
convert an ABR Borrowing to a Eurodollar Borrowing or to continue a Eurodollar
Borrowing for an additional Interest Period) shall, as to such Lender only, be deemed
a request for an ABR Loan (or a request to continue an ABR Loan as such for an additional
Interest Period or to convert a Eurodollar Loan into an ABR Loan, as the case may be),
unless such declaration shall be subsequently withdrawn; and

     (ii) such Lender may require that all outstanding Eurodollar Loans made by it be
converted to ABR Loans, in which event all such Eurodollar Loans shall be automatically
converted to ABR Loans as of the effective date of such notice as provided in paragraph (b)
below.

In the event any Lender shall exercise its rights under (i) or (ii) above, all payments and
prepayments of principal that would otherwise have been applied to repay the Eurodollar Loans that
would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead
be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion
of, such Eurodollar Loans. Any such conversion of a Eurodollar Loan under (i) above shall be
subject to Section 2.16.

     (b) For purposes of this Section 2.15, a notice to the Borrower by any Lender shall be
effective as to each Eurodollar Loan made by such Lender, if lawful, on the last day of the

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Interest Period then applicable to such Eurodollar Loan; in all other cases such notice shall be
effective on the date of receipt by the Borrower.

     SECTION
2.16. Indemnity. The Borrower shall indemnify each Lender against any loss or expense that
such Lender may sustain or incur as a consequence of (a) any event, other than a default by such
Lender in the performance of its obligations hereunder, which results in (i) such Lender receiving
or being deemed to receive any amount on account of the principal of any Eurodollar Loan prior to
the end of the Interest Period in effect therefor, (ii) the conversion of any Eurodollar Loan to an
ABR Loan, or the conversion of the Interest Period with respect to any Eurodollar Loan, in each
case other than on the last day of the Interest Period in effect therefor or (iii) any Eurodollar
Loan to be made by such Lender (including any Eurodollar Loan to be made pursuant to a conversion
or continuation under Section 2.10) not being made after notice of such Loan shall have been given
by the Borrower hereunder (any of the events referred to in this clause (a) being called a
“Breakage Event”) or (b) any default in the making of any payment or prepayment required to
be made hereunder. In the case of any Breakage Event, such loss shall include, in the case of a
Lender, an amount equal to the excess, as reasonably determined by such Lender, of (i) its cost of
obtaining funds for the Eurodollar Loan that is the subject of such Breakage Event for the period
from the date of such Breakage Event to the last day of the Interest Period in effect (or that
would have been in effect) for such Loan over (ii) the amount of interest likely to be realized by
such Lender in redeploying the funds released or not utilized by reason of such Breakage Event for
such period. A certificate of any Lender setting forth any amount or amounts which such Lender
believes it is entitled to receive pursuant to this Section 2.16, including the calculations and
criteria applied to determine such amount or amounts, and other documentation or information
reasonably supporting the conclusions in such certificate, shall be delivered to the Borrower and
shall, absent clearly demonstrable error, be final and conclusive and binding.

     SECTION
2.17. Pro Rata Treatment. Except as provided below in this Section 2.17 with respect to
Swingline Loans and as required under Section 2.13, 2.14, 2.15 or 2.20, each Borrowing, each
payment or prepayment of principal of any Borrowing, each payment of reimbursement obligations,
each payment of interest on the Loans, each payment of the Commitment Fees, each reduction of the Term Loan
Commitments, the Total Credit-Linked Deposit or the Revolving Credit Commitments and each
conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be
allocated pro rata among the Lenders in accordance with their respective applicable Commitments
(or, if such Commitments shall have expired or been terminated, in accordance with the respective
principal amounts of their outstanding Loans). For purposes of determining the available Revolving
Credit Commitments of the Lenders at any time, each outstanding Swingline Loan shall be deemed to
have utilized the Revolving Credit Commitments of the Lenders (including those Lenders which shall
not have made Swingline Loans) pro rata in accordance with such respective Revolving Credit
Commitments. Each Lender agrees that in computing such Lender’s portion of any Borrowing to be
made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of
such Borrowing to the next higher or lower whole dollar amount.

     SECTION
2.18. Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise of a
right of banker’s lien, setoff or counterclaim against the Borrower or any other Loan Party, or
pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other
security or interest arising from, or in lieu of, such secured claim, received by such Lender under
any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means,
obtain payment (voluntary or involuntary) in respect of any Loan or Loans or L/C Disbursement as a
result of which the unpaid principal portion of its Loans and participations in L/C Disbursements
shall be proportionately less than the unpaid principal portion of the Loans

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and participations in
L/C Disbursements of any other Lender, it shall be deemed simultaneously to have purchased from
such other Lender at face value, and shall promptly pay to such other Lender the purchase price
for, a participation in the Loans and Revolving L/C Exposure of such other Lender, so that the
aggregate unpaid principal amount of the Loans and Revolving L/C Exposure and participations in
Loans and Revolving L/C Exposure held by each Lender shall be in the same proportion to the
aggregate unpaid principal amount of all Loans and Revolving L/C Exposure then outstanding as the
principal amount of its Loans and Revolving L/C Exposure prior to such exercise of banker’s lien,
setoff or counterclaim or other event was to the principal amount of all Loans and Revolving L/C
Exposure outstanding prior to such exercise of banker’s lien, setoff or counterclaim or other
event; provided, however, that if any such purchase or purchases or adjustments shall be
made pursuant to this Section 2.18 and the payment giving rise thereto shall thereafter be
recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such
recovery and the purchase price or prices or adjustment restored without interest. The Borrower
expressly consents to the foregoing arrangements and agrees that any Lender holding a participation
in a Loan or L/C Disbursement deemed to have been so purchased may exercise any and all rights of
banker’s lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower to
such Lender by reason thereof as fully as if such Lender had made a Loan directly to the Borrower
in the amount of such participation.

     SECTION
2.19. Payments. (a) The Borrower shall make each payment (including principal of or
interest on any Borrowing or any L/C Disbursement or any Fees or other amounts) hereunder and under
any other Loan Document not later than 12:00 (noon) (or such other time as otherwise required by
Section 2.23(e)), New York City time, on the date when due in immediately available dollars,
without setoff, defense or counterclaim. Each such payment (other than (i) Issuing Bank Fees,
which shall be paid directly to the Issuing Bank, (ii) principal of and interest on Swingline
Loans, which shall be paid directly to the Swingline Lender except as otherwise provided in Section
2.22(e) and (iii) payments pursuant to Sections 2.14, 2.16 or 2.20, which at the election of
the Borrower may be made directly to the Lender claiming the benefit of any such Sections) shall be
made to the Administrative Agent at its offices at 390 Greenwich Street, New York, NY 10013 by wire
transfer of immediately available funds (or as otherwise agreed by the Borrower and the
Administrative Agent). The Administrative Agent shall pay to each Lender any payment received on
such Lender’s behalf promptly after the Administrative Agent’s receipt of such payment. All
payments hereunder and under each other Loan Document shall be made in dollars.

     (b) Except as otherwise expressly provided herein, whenever any payment (including principal
of or interest on any Borrowing or any Fees or other amounts) hereunder or under any other Loan
Document shall become due, or otherwise would occur, on a day that is not a Business Day, such
payment may be made on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of interest or Fees, if applicable.

     SECTION
2.20. Taxes. (a) Except as otherwise provided herein, any and all payments by or on
account of any obligation of the Borrower or any other Loan Party hereunder or under any other Loan
Document shall be made free and clear of and without deduction or withholding for any Indemnified
Taxes or Other Taxes; provided that if the Borrower or any other Loan Party shall be
required to deduct or withhold any Indemnified Taxes or Other Taxes from such payments, then (i)
the sum payable shall be increased as necessary so that after making all required deductions and
withholdings (including deductions and withholdings applicable to additional sums payable under
this Section) the Administrative Agent or such Lender (as the case may be) receives an amount equal
to the sum it would have received had no such deductions and withholdings been made, (ii) the
Borrower or such other Loan Party shall make (or cause to be made) such deductions and withholdings
and (iii) the Borrower or such other Loan Party shall

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pay (or cause to be paid) the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law. In
addition, the Borrower or any other Loan Party hereunder shall pay (or cause to be paid) any Other
Taxes imposed other than by deduction or withholding to the relevant Governmental Authority in
accordance with applicable law.

     (b) [Reserved].

     (c) The Borrower shall indemnify the Administrative Agent, each Issuing Bank and each Lender,
within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other
Taxes paid by the Administrative Agent, such Issuing Bank or such Lender, as the case may be, or
any of their respective Affiliates, on or with respect to any payment by or on account of any
obligation of the Borrower or any Loan Party hereunder or under any other Loan Document (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under
this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Government Authority. A certificate as to the amount of such payment or
liability shall be delivered to the Borrower by an Issuing Bank or a Lender, or by the
Administrative Agent on its behalf or on behalf of an Issuing Bank or a Lender, promptly upon such
party’s determination of an indemnifiable event and such certificate shall be conclusive absent
clearly demonstrable error; provided that the failure to deliver such certificate shall not
affect the obligations of the Borrower under this Section 2.20(c) except to the extent the Borrower
is actually prejudiced thereby. Payment under this Section 2.20(c) shall be made within 15 days
from the date of delivery of such certificate; provided that the Borrower shall not be
obligated to make any such payment to the Administrative Agent, the Issuing Bank or the Lender (as
the case may be) in respect of penalties, interest and other liabilities attributable to
any Indemnified Taxes or Other Taxes if and to the extent that such penalties, interest and
other liabilities are attributable to the gross negligence or willful misconduct of the
Administrative Agent, such Issuing Bank or such Lender, in each case, as determined by a court of
competent jurisdiction by final and nonappealable judgment, or to the failure of the Administrative
Agent, an Issuing Bank or a Lender to deliver a timely certificate as to the amount of an
indemnifiable liability.

     (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower or any other Loan Party to a Governmental Authority, and in any event within 60 days of
such payment being due, the Borrower shall deliver to the Administrative Agent or the Issuing Bank,
if applicable, the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent or the Issuing Bank, if applicable.

     (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which the Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrower (with a copy to the Administrative Agent), at the reasonable written request of the
Borrower, such properly completed and executed documentation prescribed by applicable law as will
permit such payments to be made without withholding or at a reduced rate; provided that
such Lender is legally entitled to complete, execute and deliver such documentation and in such
Lender’s judgment such completion, execution or delivery would not materially prejudice the legal
position of such Lender.

     In addition, each Foreign Lender shall (i) furnish on or before it becomes a party to this
Agreement either (a) two accurate and complete originally executed U.S. Internal Revenue

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Service Form W-8BEN and/or Form W-8IMY, as applicable (or successor form) or (b) an accurate and complete
U.S. Internal Revenue Service Form W-8ECI (or successor form), certifying, in either case, to such
Foreign Lender’s legal entitlement to an exemption or reduction from U.S. federal withholding tax
with respect to all interest payments hereunder, and (ii) provide a new Form W-8BEN and/or Form
W-8IMY, as applicable (or successor form) or Form W-8ECI (or successor form) upon the expiration or
obsolescence of any previously delivered form to reconfirm any complete exemption from, or any
entitlement to a reduction in, U.S. federal withholding tax with respect to any interest payment
hereunder; provided that any Foreign Lender that is not a “bank” within the meaning of Section
881(c)(3)(A) of the Code and is relying on the so-called “portfolio interest exemption” shall also
furnish a “Non-Bank Certificate” in the form of Exhibit J together with a Form W-8BEN (or successor
form). Notwithstanding any other provision of this paragraph, a Foreign Lender shall not be
required to deliver any form pursuant to this paragraph that such Foreign Lender is not legally
able to deliver.

     (f) Any Lender that is a United States person, as defined in Section 7701(a)(30) of the
Internal Revenue Code, and is not an exempt recipient within the meaning of Treasury Regulations
Section 1.6049-4(c) shall deliver to the Borrower (with a copy to the Administrative Agent) two
accurate and complete original signed copies of Internal Revenue Service Form W-9, or any successor
form that such person is entitled to provide at such time in order to comply with United States
back-up withholding requirements.

     (g) For purposes of this Section 2.20, in the case of any Lender that is treated as a
partnership for U.S. federal income tax purposes, any Taxes required to be deducted and withheld by
such Lender with respect to payments made by the Borrower under any Loan Document shall be treated
as Taxes required to be deducted by the Borrower, but only to the extent such Taxes
would have been required to be deducted and withheld by the Lender if it were treated as a
corporation for U.S. federal income tax purposes making such payments under the Loan Documents on
behalf of the Borrower and Excluded Taxes were defined by reference to the partner (treating the
partner as a Foreign Lender) to whom payments are made.

     (h) Without prejudice to the survival of any other agreement of the Borrower hereunder, the
agreements and obligations of the Borrower contained in this Section 2.20 shall survive the payment
in full of all amounts due hereunder.

     SECTION
2.21. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate. (a) In the
event (i) any Lender or any Issuing Bank delivers a certificate requesting compensation pursuant to
Section 2.14, (ii) any Lender or any Issuing Bank delivers a notice described in Section 2.15,
(iii) the Borrower is required to pay any additional amount to any Lender or any Issuing Bank or
any Governmental Authority on account of any Lender or any Issuing Bank pursuant to Section 2.20 or
(iv) any Lender is a Defaulting Lender, the Borrower may, at its sole expense and effort (including
with respect to the processing and recordation fee referred to in Section 9.04(b)), upon notice to
such Lender or such Issuing Bank and the Administrative Agent, require such Lender or such Issuing
Bank to transfer and assign, without recourse (in accordance with and subject to the restrictions
contained in Section 9.04), all of its interests, rights and obligations under this Agreement to an
assignee that shall assume such assigned obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that (x) such assignment shall not conflict with
any law, rule or regulation or order of any court or other Governmental Authority having
jurisdiction, (y) the Borrower shall have received the prior written consent of the Administrative
Agent (and, if a Revolving Credit Commitment is being assigned, of the Issuing Banks and the
Swingline Lender), which consent shall not unreasonably be withheld or delayed, and (z) the
Borrower or such assignee shall have paid to the affected Lender or Issuing Bank in immediately
available funds an amount equal to

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the sum of the principal of and interest accrued to the date of
such payment on the outstanding Loans or L/C Disbursements of such Lender or the Issuing Bank,
respectively, plus all Fees and other amounts accrued for the account of such Lender or
such Issuing Bank hereunder (including any amounts under Section 2.14 and Section 2.16);
provided further that, if prior to any such transfer and assignment the
circumstances or event that resulted in such Lender’s or the Issuing Bank’s claim for compensation
under Section 2.14 or notice under Section 2.15 or the amounts paid pursuant to Section 2.20, as
the case may be, cease to cause such Lender or such Issuing Bank to suffer increased costs or
reductions in amounts received or receivable or reduction in return on capital, or cease to have
the consequences specified in Section 2.15, or cease to result in amounts being payable under
Section 2.20, as the case may be (including as a result of any action taken by such Lender or such
Issuing Bank pursuant to paragraph (b) below), or if such Lender or such Issuing Bank shall waive
its right to claim further compensation under Section 2.14 in respect of such circumstances or
event or shall withdraw its notice under Section 2.15 or shall waive its right to further payments
under Section 2.20 in respect of such circumstances or event, as the case may be, then such Lender
or such Issuing Bank shall not thereafter be required to make any such transfer and assignment
hereunder.

     (b) If (i) any Lender or any Issuing Bank shall request compensation under Section 2.14, (ii)
any Lender or any Issuing Bank delivers a notice described in Section 2.15 or (iii) the Borrower is
required to pay any additional amount to any Lender or any Issuing Bank or any Governmental
Authority on account of any Lender or the Issuing Bank, pursuant to Section 2.20, then such Lender
or such Issuing Bank shall use reasonable efforts (which shall not require such Lender or such
Issuing Bank to incur an unreimbursed loss or unreimbursed cost or expense or
otherwise take any action inconsistent with its internal policies or legal or regulatory
restrictions or suffer any disadvantage or burden reasonably deemed by it to be significant) (x) to
file any certificate or document reasonably requested in writing by the Borrower or (y) to assign
its rights and delegate and transfer its obligations hereunder to another of its offices, branches
or affiliates, if such filing or assignment would reduce or eliminate its claims for compensation
under Section 2.14 or enable it to withdraw its notice pursuant to Section 2.15 or would reduce or
eliminate amounts payable pursuant to Section 2.20, as the case may be, in the future. The
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or any
Issuing Bank in connection with any such filing or assignment, delegation and transfer.

     SECTION
2.22. Swingline Loans. (a) Swingline Commitment. Subject to the terms and
conditions hereof and relying upon the representations and warranties set forth herein, the
Swingline Lender agrees to make loans to the Borrower, at any time and from time to time after the
Closing Date, and until the earlier of the latest Revolving Credit Maturity Date at such time and
the termination of the Revolving Credit Commitments in accordance with the terms hereof
(provided that the agreement of the Swingline Lender to make Swingline Loans shall not
extend beyond the date specified in clause (i) of the definition of “Revolving Credit Maturity
Date” without the written consent of the Swingline Lender), in an aggregate principal amount at any
time outstanding that will not result in (i) the aggregate principal amount of all Swingline Loans
exceeding $50,000,000 in the aggregate, (ii) the Swingline Loans exceeding the amount of available
Revolving Credit Commitments whose applicable Revolving Credit Maturity Date is 15 days after such
Swingline Loan is (or is to be) made or (iii) the Aggregate Revolving Credit Exposure, after giving
effect to any Swingline Loan, exceeding the Total Revolving Credit Commitment. Each Swingline Loan
shall be in a principal amount that is an integral multiple of $500,000. The Swingline Commitment
may be terminated or reduced from time to time as provided herein. Within the foregoing limits,
the Borrower may borrow, pay or prepay, without premium or penalty, and reborrow Swingline Loans
hereunder, subject to the terms, conditions and limitations set forth herein.

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     (b) Swingline Loans. The Borrower shall notify the Administrative Agent by fax, or by
telephone (confirmed by fax), not later than 10:00 a.m., New York City time, on the day of a
proposed Swingline Loan to be made to it. Such notice shall be delivered on a Business Day, shall
be irrevocable and shall refer to this Agreement and shall specify the requested date (which shall
be a Business Day) and amount of such Swingline Loan. The Administrative Agent will promptly
advise the Swingline Lender of any notice received from the Borrower pursuant to this paragraph
(b). The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a
credit to the general deposit account of the Borrower with the Swingline Lender by no later than
3:00 p.m. on the date such Swingline Loan is so requested.

     (c) Prepayment. The Borrower shall have the right at any time and from time to time
to prepay any Swingline Loan, in whole or in part, upon giving written or fax notice (or telephone
notice promptly confirmed by written or fax notice) to the Swingline Lender and to the
Administrative Agent before 12:00 (noon), New York City time, on the date of prepayment at the
Swingline Lender’s address for notices specified in the Lender Addendum delivered by the Swingline
Lender. All principal payments of Swingline Loans shall be accompanied by accrued interest on the
principal amount being repaid to the date of payment.

     (d) Interest. Each Swingline Loan shall be an ABR Loan and, subject to the provisions
of Section 2.07, shall bear interest as provided in Section 2.06(a).

     (e) Participations. The Swingline Lender may by written notice given to the
Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the
Revolving Credit Lenders to acquire participations on such Business Day in all or a portion of the
Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in
which Revolving Credit Lenders will participate. The Administrative Agent will, promptly upon
receipt of such notice, give notice to each Revolving Credit Lender, specifying in such notice such
Lender’s Pro Rata Percentage of such Swingline Loan or Loans. In furtherance of the foregoing,
each Revolving Credit Lender hereby absolutely and unconditionally agrees, upon receipt of notice
as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender,
such Revolving Credit Lender’s Pro Rata Percentage of such Swingline Loan or Loans. Each Revolving
Credit Lender acknowledges and agrees that its obligation to acquire participations in Swingline
Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default or an Event of
Default, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever. Each Revolving Credit Lender shall comply with its obligation under this
paragraph by wire transfer of immediately available funds, in the same manner as provided in
Section 2.02(c) with respect to Loans made by such Lender (and Section 2.02(c) shall apply,
mutatis mutandis, to the payment obligations of the Lenders under this Section) and the
Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from
the Lenders. The Administrative Agent shall notify the Borrower of any participations in any
Swingline Loan acquired pursuant to this paragraph and thereafter payments in respect of such
Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any
amounts received by the Swingline Lender from the Borrower (or other party on behalf of the
Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a
sale of participations therein shall be promptly remitted to the Administrative Agent; any such
amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent
to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline
Lender, as their interests may appear. The purchase of participations in a Swingline Loan pursuant
to this paragraph shall not relieve the Borrower (or other party liable for obligations of the
Borrower) of any default in the payment thereof.

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     SECTION
2.23. Letters of Credit. (a) General. Subject to the terms and conditions hereof,
(i) each Issuing Bank agrees to issue, upon the Borrower’s request, a Letter of Credit in such form
as may be reasonably approved from time to time by the Issuing Bank at any time and from time to
time while the Revolving Credit Commitments remain in effect, provided that the agreement
of the Issuing Bank to issue Letters of Credit shall not extend beyond the date specified in clause
(i) of the definition of “Revolving Credit Maturity Date” without the written consent of the
Issuing Bank, (ii) as described in the Third Amendment Agreement, all Revolving Letters of Credit
under and as defined in the Second Restated Credit Agreement that were outstanding immediately
prior to the Third Restatement Date (if any) have been deemed to be Letters of Credit issued under
this Agreement and (iii) as described in the Third Amendment Agreement, the obligations of the
Borrower with respect to all Funded Letters of Credit under and as defined in the Second Restated
Credit Agreement that were outstanding immediately prior to the Third Restatement Date (if any)
have, without any further action on the part of any Person, automatically been assigned to the
Funded L/C SPV in their entirety and, as of the Third Restatement Date, constitute obligations
solely of the Funded L/C SPV pursuant to and in accordance with the terms and provisions of one or
more Cash Collateralized Letter of Credit Facilities (other than obligations of (A) the Borrower
with respect to the Funded L/C SPV Guarantee and (B) the Borrower and the Subsidiary Guarantors
with respect to any reimbursement agreement of the Borrower and/or any Subsidiary
Guarantor in favor of the Funded L/C SPV with respect to any amounts drawn on letters of
credit issued for the benefit of the Borrower or any of its Subsidiaries under Cash Collateralized
Letter of Credit Facilities), in the case of clause (i), for the Borrower’s account or for the
account of any of the Subsidiary Guarantors or for the account of any other Subsidiary (other than
the Funded L/C SPV) or any Minority Investment; provided that if such Letter of Credit is
being issued for the account of a Subsidiary Guarantor or other Subsidiary (other than the Funded
L/C SPV), the Borrower and such Subsidiary Guarantor or such other Subsidiary (other than the
Funded L/C SPV), as the case may be, shall be co-applicants with respect to such Letter of Credit.
This Section shall not be construed to impose an obligation upon any Issuing Bank to issue any
Letter of Credit that is inconsistent with the terms and conditions of this Agreement.

Notwithstanding the foregoing, no Issuing Bank is under any obligation to issue any Letter of
Credit if at the time of such issuance:

     (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms enjoin or restrain such Issuing Bank from issuing such Letter of Credit or any
requirement of law applicable to such Issuing Bank or any request or directive (whether or
not having the force of law) from any Governmental Authority with jurisdiction over such
Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance
of letters of credit generally or such Letter of Credit in particular or shall impose upon
such Issuing Bank with respect to such Letter of Credit any restriction or reserve or
capital requirement (for which such Issuing Bank is not otherwise compensated hereunder)
not in effect with respect to such Issuing Bank on the Closing Date, or any unreimbursed
loss, cost or expense which was not applicable or in effect with respect to such Issuing
Bank as of the Closing Date and which such Issuing Bank reasonably and in good faith deems
material to it; or

     (ii) such Issuing Bank shall have received from the Borrower or the Administrative
Agent prior to the issuance of such Letter of Credit notice that the issuance of such
Letter of Credit is not permitted under this Agreement.

     (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. In order
to request the issuance of a Letter of Credit (or to amend, renew or extend an existing Letter

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of Credit), the Borrower shall hand deliver or fax or electronic communication (including through the
Internet or other electronic platform) to the Issuing Bank and the Administrative Agent (no less
than three Business Days (or such shorter period of time acceptable to the Issuing Bank) in advance
of the requested date of issuance, amendment, renewal or extension) a notice requesting the
issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or
extended, the date of issuance, amendment, renewal or extension, the date on which such Letter of
Credit is to expire (which shall comply with paragraph (c) below), the amount of such Letter of
Credit, the name and address of the beneficiary thereof and such other information as shall be
reasonably necessary to prepare such Letter of Credit. The Issuing Bank shall promptly (i) notify
the Administrative Agent in writing of the amount and expiry date of each Letter of Credit issued
by it and (ii) provide a copy of such Letter of Credit (and any amendments, renewals or extensions
thereof) to the Administrative Agent. A Letter of Credit shall be issued, amended, renewed or
extended only if, and upon issuance, amendment, renewal or extension of each such Letter of Credit
the Borrower shall be deemed to represent and warrant that, after giving effect to such issuance,
amendment, renewal or extension, the Aggregate Revolving Credit Exposure shall not exceed the Total
Revolving Credit Commitment and that the other conditions expressly set forth herein are satisfied
in respect thereto. It is understood and agreed that the Revolving L/C Exposure in respect of
Letters of Credit issued by Deutsche Bank AG, New York Branch pursuant to this Agreement shall not
exceed $300,000,000 at any time outstanding without the
prior written consent of Deutsche Bank AG, New York Branch, and Deutsche Bank AG, New York
Branch shall have no obligation to issue a Letter of Credit if the foregoing limitation would be
exceeded.

     (c) Expiration Date. Each Letter of Credit shall expire at the close of business on
the earlier of (i) the date one year after the date of the issuance of such Letter of Credit and
(ii) the date that is five Business Days prior to the latest applicable Revolving Credit Maturity
Date with respect to which the aggregate amount of Revolving Credit Commitments maturing on or
after such Revolving Credit Maturity Date shall equal or exceed the Revolving L/C Exposure related
to such Letter of Credit and all other Letters of Credit expiring on or after the date thereof,
unless such Letter of Credit expires by its terms on an earlier date; provided,
however, that a Letter of Credit may, upon the request of the Borrower, include a provision
whereby such Letter of Credit shall be renewed automatically for additional consecutive periods of
12 months or less (but not beyond the date that is five Business Days prior to the applicable
Revolving Credit Maturity Date described above) unless the Issuing Bank notifies the beneficiary
thereof at least 30 days (or within such longer period as specified in such Letter of Credit) prior
to the then-applicable expiration date that such Letter of Credit will not be renewed.

     (d) Participations. By the issuance of a Letter of Credit and without any further
action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each
Revolving Credit Lender, and each such Lender hereby acquires from the Issuing Bank, a
participation in such Letter of Credit equal to such Lender’s Pro Rata Percentage of the aggregate
amount available to be drawn under such Letter of Credit, effective upon the issuance of such
Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Credit
Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the
account of the Issuing Bank, such Lender’s Pro Rata Percentage of each L/C Disbursement made by the
Issuing Bank and not reimbursed by the Borrower (or, if applicable, another party pursuant to its
obligations under any other Loan Document) forthwith on the date due as provided in Section
2.02(f). Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and
unconditional and shall not be affected by any circumstance whatsoever, including the occurrence
and continuance of a Default or an Event of Default, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever.

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     (e) Reimbursement. If the Issuing Bank shall make any L/C Disbursement in respect of
a Letter of Credit, the Borrower shall pay or cause to be paid to the Administrative Agent an
amount equal to such L/C Disbursement not later than two hours after the Borrower shall have
received notice from the Issuing Bank that payment of such draft will be made, or, if the Borrower
shall have received such notice later than 1:00 p.m., New York City time, on any Business Day, not
later than 12:00 (noon), New York City time, on the immediately following Business Day.

     (f) Obligations Absolute. The Borrower’s obligations to reimburse L/C Disbursements
as provided in paragraph (e) above shall be absolute, unconditional and irrevocable, and shall be
performed strictly in accordance with the terms of this Agreement, under any and all circumstances
whatsoever, and irrespective of:

     (i) any lack of validity or enforceability of any Letter of Credit or any Loan
Document, or any term or provision therein;

     (ii) any amendment or waiver of, or any consent to departure from, all or any of the
provisions of any Letter of Credit or any Loan Document;

     (iii) the existence of any claim, setoff, defense or other right that the Borrower,
any other party guaranteeing, or otherwise obligated with, the Borrower, any subsidiary or
other Affiliate thereof or any other Person may at any time have against the beneficiary
under any Letter of Credit, the Issuing Bank, the Administrative Agent or any Lender or any
other Person, whether in connection with this Agreement, any other Loan Document or any
other related or unrelated agreement or transaction;

     (iv) any draft or other document presented under a Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement therein being
untrue or inaccurate in any respect;

     (v) payment by the Issuing Bank under a Letter of Credit against presentation of a
draft or other document that does not comply with the terms of such Letter of Credit; and

     (vi) any other act or omission to act or delay of any kind of the Issuing Bank, any
Lender, the Administrative Agent or any other Person or any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this Section, constitute a legal or equitable discharge of the Borrower’s
obligations hereunder.

     Without limiting the generality of the foregoing, it is expressly understood and agreed that
the absolute and unconditional obligation of the Borrower hereunder to reimburse L/C Disbursements
will not be excused by the gross negligence or willful misconduct of the Issuing Bank. However,
the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to
the extent of any direct damages (as opposed to consequential damages, claims in respect of which
are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the
Borrower that are caused by the Issuing Bank’s gross negligence or willful misconduct, as
determined by a court of competent jurisdiction by final and nonappealable judgment, in determining
whether drafts and other documents presented under a Letter of Credit comply with the terms
thereof; it is understood that the Issuing Bank may accept documents that appear on their face to
be in order, without responsibility for further investigation, regardless of any notice or
information to the contrary and, in making any payment under any Letter of Credit

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(i) the Issuing Bank’s exclusive reliance on the documents presented to it under such Letter of Credit as to any
and all matters set forth therein, including reliance on the amount of any draft presented under
such Letter of Credit, whether or not the amount due to the beneficiary thereunder equals the
amount of such draft and whether or not any document presented pursuant to such Letter of Credit
proves to be insufficient in any respect, if such document on its face appears to be in order, and
whether or not any other statement or any other document presented pursuant to such Letter of
Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in
any respect whatsoever and (ii) any noncompliance in any immaterial respect of the documents
presented under such Letter of Credit with the terms thereof shall, in each case, be deemed not to
constitute willful misconduct or gross negligence of the Issuing Bank.

     (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of
Credit. The Issuing Bank shall as promptly as possible give telephonic notification, confirmed by
fax, to the Administrative Agent and the Borrower of such demand for payment and whether the
Issuing Bank has made or will make an L/C Disbursement thereunder; provided that any
failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to
reimburse the Issuing Bank and the applicable Revolving Credit Lenders with respect to any such L/C
Disbursement. The Administrative Agent shall promptly give each Revolving Credit Lender
notice thereof.

     (h) Interim Interest. If the Issuing Bank shall make any L/C Disbursement in respect
of a Letter of Credit, then, unless the Borrower shall reimburse such L/C Disbursement in full on
such date, the unpaid amount thereof shall bear interest for the account of the Issuing Bank, for
each day from and including the date of such L/C Disbursement to but excluding the earlier of the
date of payment by the Borrower or the date on which interest shall commence to accrue thereon as
provided in Section 2.02(f), at the rate per annum that would apply to such amount if such amount
were an ABR Revolving Loan.

     (i) Resignation or Removal of the Issuing Bank. Any Issuing Bank may resign at any
time by giving 30 days’ prior written notice to the Administrative Agent, the Lenders and the
Borrower, and may be removed at any time by the Borrower by notice to such Issuing Bank, the
Administrative Agent and the Lenders. Upon the acceptance of any appointment as an Issuing Bank
hereunder by a Lender that shall agree to serve as successor Issuing Bank, such successor shall
succeed to and become vested with all the interests, rights and obligations of the retiring Issuing
Bank and the retiring Issuing Bank shall be discharged from its obligations to issue additional,
extend, or increase the amount of Letters of Credit hereunder without affecting its rights and
obligations with respect to Letters of Credit previously issued by it. At the time such removal or
resignation shall become effective, the Borrower shall pay all accrued and unpaid fees pursuant to
Section 2.05(c)(ii). The acceptance of any appointment as an Issuing Bank hereunder by a successor
Lender shall be evidenced by an agreement entered into by such successor, in a form reasonably
satisfactory to the Borrower and the Administrative Agent, and, from and after the effective date
of such agreement, (i) such successor Lender shall have all the rights and obligations of the
previous Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein
and in the other Loan Documents to the term “Issuing Bank” shall be deemed to refer to such
successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as
the context shall require. After the resignation or removal of the Issuing Bank hereunder, the
retiring Issuing Bank shall remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Bank set forth in this Agreement and the other Loan Documents with
respect to Letters of Credit issued by it prior to such resignation or

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removal, but shall not be required to issue additional Letters of Credit or extend or increase the amount of Letters of
Credit then outstanding.

     (j) Cash Collateralization. If any Event of Default pursuant to clauses (b), (c), (g)
or (h) of Article VII shall occur and be continuing, or the maturity of the Loans has been
accelerated and/or the Commitments have been terminated, the Borrower shall, on the Business Day it
receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the
Loans has been accelerated, the Majority Revolving Credit Lenders) thereof and of the amount to be
deposited, deposit in an account with the Administrative Agent, for the ratable benefit of the
Lenders with Revolving L/C Exposure, an amount in cash equal to the Revolving L/C Exposure as of
such date. Such deposit shall be held, upon the occurrence of any such Event of Default, and for
so long as such Event of Default is continuing, by the Administrative Agent as collateral for the
payment and performance of the obligations of the Borrower with respect to Letters of Credit under
this Agreement. The Administrative Agent shall have exclusive dominion and control, including the
exclusive right of withdrawal, over such account. Other than any interest earned on the investment
of such deposits in Cash Equivalents, which investments shall be made by the Administrative Agent
in accordance with its internal policies applied to transactions of the size and nature provided
for in the Loan Documents, such deposits shall not bear interest. Interest or profits, if any, on
such investments shall accumulate in such account. Upon the occurrence and during the continuance
of an Event of Default pursuant to clauses (b), (c), (g) or (h) of Article
VII, or acceleration of the maturity of the Loans, and/or termination of the Commitments,
moneys in such account shall (i) automatically be applied by the Administrative Agent to reimburse
the Issuing Bank for L/C Disbursements for which it has not been reimbursed, (ii) be held for the
satisfaction of the reimbursement obligations of the Borrower for the Revolving L/C Exposure at
such time and (iii) if the maturity of the Loans has been accelerated (but subject to the consent
of the Majority Revolving Credit Lenders), be applied to satisfy the Guaranteed Obligations
hereunder. If the Borrower is required to provide an amount of cash collateral hereunder as a
result of the occurrence and during the continuance of an Event of Default pursuant to clauses (b),
(c), (g) or (h) of Article VII, or acceleration of the maturity of the Loans and/or termination of
the Commitments, such amount (to the extent not applied as aforesaid) shall be returned to the
Borrower within three Business Days after all such Events of Default have been cured or waived.

     (k) Additional Issuing Banks. The Borrower may, at any time and from time to time
with the consent of the Administrative Agent (which consent shall not be unreasonably withheld) and
such Lender, designate one or more additional Lenders to act as an issuing bank under the terms of
the Agreement. Any Lender designated as an issuing bank pursuant to this paragraph shall be deemed
to be an “Issuing Bank” (in addition to being a Lender) in respect of Letters of Credit issued or
to be issued by such Lender, and, with respect to such Letters of Credit, such term shall
thereafter apply to the other Issuing Bank and such Lender.

     SECTION 2.24 Funded L/C Collateral Accounts. (a) On the Third Restatement Date, the Funded L/C
SPV shall establish a Funded L/C Collateral Account in respect of each Cash Collateralized Letter
of Credit Facility for the purpose of cash collateralizing the Funded L/C SPV’s obligations to one
or more LC Issuers pursuant to and in accordance with the terms and provisions of the applicable
Cash Collateralized Letter of Credit Facilities. On the Third Restatement Date, the proceeds of
the Credit-Linked Deposits received by the Funded L/C SPV from the Borrower pursuant to the Funded
L/C SPV Equity Contribution shall be deposited in each such applicable Funded L/C Collateral
Account.

     (b) Each of the Borrower, the Administrative Agent and each Funded L/C Lender hereby
acknowledges and agrees that, as of the Third Restatement Date, each Funded L/C Lender shall be
deemed to have funded its Credit-Linked Deposit to the Borrower for application in the

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manner contemplated by Section 2.01(c). Notwithstanding any of the foregoing to the contrary, the
Borrower (or, in the case of fees and specified return in accordance with Section 2.24(b) of the
Second Restated Credit Agreement, the Deposit Bank or the Borrower, as applicable) shall pay to
each Funded L/C Lender holding a Credit-Linked Deposit immediately prior to the Third Restatement
Date, through the Administrative Agent, all fees accrued on such Credit-Linked Deposit pursuant to
the Second Restated Credit Agreement through the Third Restatement Date, as more fully set forth in
the Third Amendment Agreement.

     SECTION
2.25. Incremental Facilities. (a) The Borrower may, by written notice to the
Administrative Agent, elect to request (x) the establishment of one or more new term loan
commitments (the “New Term Loan Commitments”) and/or (y) prior to the latest Revolving
Credit Maturity Date at such time, an increase to the existing Revolving Credit Commitments (any
such increase, the “New Revolving Credit Commitments” and, together with the New Term Loan
Commitments, the “New Loan Commitments”), (1) in each case to effect the incurrence of
secured Indebtedness permitted to be incurred pursuant to Section 6.01(p) in an amount not in
excess of (and not in duplication of) the amount of secured Indebtedness permitted to be incurred
pursuant to Section 6.01(p) in the aggregate and not less than $50,000,000 individually (or such
lesser amount which shall be reasonably approved by the Administrative Agent or such lesser amount that shall constitute
the difference between the amount of secured Indebtedness permitted to be incurred pursuant to
Section 6.01(p) as of such date and (A) the amount of secured Indebtedness incurred pursuant to
Section 6.01(p) after the Third Restatement Date and prior to such date plus (B) all such
New Loan Commitments obtained prior to such date), and integral multiples of $5,000,000 in excess
of that amount (it being understood that any Indebtedness incurred pursuant to this Section 2.25
shall correspondingly reduce the amount of Indebtedness permitted to be incurred pursuant to
Section 6.01(p), and vice versa) plus (2) in the case of New Revolving Credit Commitments only, in
an amount not in excess of (and not in duplication of the amount of New Revolving Credit
Commitments under clause (1), but in addition thereto) $1,000,000,000 less the aggregate amount of
Revolving Credit Commitments then outstanding (or such lesser amount which shall be reasonably
approved by the Administrative Agent). Each such notice shall specify the date (each, an
“Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall
be effective, which shall be a date not less than ten Business Days after the date on which such
notice is delivered to the Administrative Agent; provided that the Borrower shall first
offer the Lenders, on a pro rata basis, the opportunity to provide all of the New Loan Commitments
prior to offering such opportunity to any other Person that is an eligible assignee pursuant to
Section 9.04(b); provided, further, that any Lender offered or approached to
provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion,
to provide a New Loan Commitment. Such New Loan Commitments shall become effective, as of such
Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such
Increased Amount Date immediately before or immediately after giving effect to such New Loan
Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of
New Term Loans or New Revolving Loans, each of the conditions set forth in Section 4.01 shall be
satisfied; (iii) the Borrower and its Subsidiaries shall be in pro forma compliance with each of
the covenants set forth in Sections 6.13 and 6.14 as of the last day of the most recently ended
fiscal quarter for which financial statements are required to be delivered pursuant to Section
5.04(a) and 5.04(b) immediately after giving effect to such New Loan Commitments and any Investment
to be consummated in connection therewith; (iv) the New Loan Commitments shall be effected pursuant
to one or more Joinder Agreements executed by the Borrower, the Lenders providing such New Loan
Commitments and the Administrative Agent, and each of which shall be recorded in the Register; (v)
the Borrower shall make any payments required pursuant to Section 2.16 in connection with the New
Loan Commitments, as applicable; (vi) the Borrower shall deliver or cause to be delivered any
customary and appropriate legal opinions or other documents reasonably requested by the

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Administrative Agent in connection with any such transaction; and (vii) the requirements set forth
in Section 9.19 shall have been satisfied. Any New Term Loans made on an Increased Amount Date
shall be designated as a separate series (a “Series”) of New Term Loans for all purposes of
this Agreement and the other Loan Documents.

     (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected,
subject to the satisfaction of the foregoing terms and conditions, (i) each of the Lenders with
Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment
(each, a “New Revolving Credit Lender”) and each of the New Revolving Credit Lenders shall
purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount
thereof (together with accrued interest), such interests in the Revolving Loans outstanding on such
Increased Amount Date as shall be necessary in order that, after giving effect to all such
assignments and purchases, such Revolving Credit Loans will be held by existing Lenders with
Revolving Credit Loans and New Revolving Credit Lenders ratably in accordance with their Revolving
Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to
the Revolving Credit Commitments, (ii) each New Revolving Credit Commitment shall be deemed for all
purposes a Revolving Credit Commitment and each loan made thereunder (a “New Revolving
Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (iii) each New Revolving Credit Lender shall become a Lender with
respect to its New Revolving Credit Commitment and all matters relating thereto.

     (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are
effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with
a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a loan
to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of
such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with
respect to its New Term Loan Commitment of such Series and the New Term Loans of such Series made
by such Lender pursuant thereto.

     (d) The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s
notice of each Increased Amount Date and in respect thereof (i) the Series of New Term Loan
Commitments and New Term Loan Lenders of such Series or the New Revolving Credit Commitments and
New Revolving Credit Lenders, as applicable, and (ii) in the case of each notice to any Lender with
Revolving Credit Loans, the respective interests in such Lender’s Revolving Credit Loans subject to
the assignments contemplated by clause (b) of this Section 2.25.

     (e) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series
shall be, except as otherwise set forth herein or in the Joinder Agreement, identical to the Term B
Loans; provided, however, that (i) the New Term Loan Maturity Date for any Series
shall be determined by the Borrower and the applicable New Term Loan Lenders and shall be set forth
in the applicable Joinder Agreement; provided that (x) the Weighted Average Life to
Maturity of all New Term Loans of any Series shall be no shorter than the Weighted Average Life to
Maturity of the Class of Term B Loans having the Latest Maturity Date of all Classes of Term B
Loans and (y) the applicable New Term Loan Maturity Date of each Series shall be no shorter than
the Latest Maturity Date of all Classes of Term B Loans and (ii) the rate of interest applicable to
the New Term Loans of each Series shall be determined by the Borrower and the applicable New Term
Loan Lenders and shall be set forth in the applicable Joinder Agreement. The terms and provisions
of the New Revolving Loans and New Revolving Credit Commitments shall be such that they shall be
identical to those of the Revolving Credit Loans and the Revolving Credit Commitments as in effect
on the Increased Amount Date with respect to such New Revolving Loans and New Revolving Credit
Commitments.

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     (f) Each Joinder Agreement may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in
the opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section
2.25.

     SECTION 2.26. Incremental Refinancing Facilities. (a) The Borrower may by written notice to the
Administrative Agent elect to request the establishment of one or more new tranches of (i) Term
Loan Commitments (the “Refinancing Term Loan Commitments”), in an aggregate amount not less
than $50,000,000 individually (or such lesser amount which shall be reasonably approved by the
Administrative Agent), and integral multiples of $5,000,000 in excess of that amount, the proceeds
of which shall be used solely to repay the Term B Loans or Credit-Linked Deposits as required by
Section 2.13(c) and (ii) Revolving Credit Commitments (the “Refinancing Revolving Credit
Commitments” and, together with the Refinancing Term Loan Commitments, the “Refinancing
Loan Commitments”), in an aggregate amount not less than $50,000,000 individually (or such
lesser amount which shall be reasonably approved by the Administrative Agent), and integral
multiples of $5,000,000 in excess of that amount, the proceeds of which shall be used solely to
permanently replace Revolving Credit Commitments. Each such notice shall specify the date (each, a
“Refinancing Amount Date”) on which the Borrower proposes that the Refinancing Loan
Commitments shall be effective, which shall be a date not less than ten Business Days after the
date on which such notice is delivered to the Administrative Agent. Such Refinancing Loan
Commitments shall become effective as of such Refinancing Amount Date; provided that (i) no
Default or Event of Default shall exist on such Refinancing Amount Date immediately before or
immediately after giving effect to such Refinancing Loan Commitments, as applicable; (ii) both
before and after giving effect to the making of any Refinancing Term Loans or Refinancing Revolving
Loans, each of the conditions set forth in Section 4.01 shall be satisfied in respect of any such
Refinancing Term Loans or Refinancing Revolving Loans; (iii) the Borrower and its Subsidiaries
shall be in pro forma compliance with each of the covenants set forth in Sections 6.13 and 6.14 as
of the last day of the most recently ended fiscal quarter for which financial statements are
required to be delivered pursuant to Section 5.04(a) and 5.04(b) immediately after giving effect to
such Refinancing Loan Commitments; (iv) the Refinancing Loan Commitments shall be effected pursuant
to one or more Joinder Agreements executed by the Borrower, the Lenders providing such Refinancing
Loan Commitments and the Administrative Agent, and each of which shall be recorded in the Register;
(v) the Borrower shall make any payments required pursuant to Section 2.16 (which payment may be
financed with proceeds of the Refinancing Term Loans or Refinancing Revolving Loans) and shall pay
all fees and expenses due and payable to the Agents and the Lenders in connection with the
Refinancing Loan Commitments, as applicable; (vi) the Borrower shall deliver or cause to be
delivered any customary and appropriate legal opinions or other documents reasonably requested by
the Administrative Agent in connection with any such transaction; and (vii) the requirements set
forth in Section 9.19 shall have been satisfied. Any Refinancing Term Loans made on a Refinancing
Amount Date shall be designated as a separate series (a “Refinancing Series”) of
Refinancing Term Loans for all purposes under this Agreement and the other Loan Documents.

     (b) The terms and provisions of any Term B Loans made under the Refinancing Term Loan
Commitments shall be such that, except as otherwise set forth herein or in the Joinder Agreement,
they shall be identical to those of the existing Term B Loans; provided, however,
that (i) (x) the Weighted Average Life to Maturity of all Refinancing Term Loans of any Refinancing
Series shall be no shorter than the Weighted Average Life to Maturity of the applicable Class of
Term B Loans or Credit-Linked Deposits being refinanced

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and (y) the applicable Refinancing Term
Loan Maturity Date of each Refinancing Series shall be no shorter than the Latest Maturity
Date of all Classes of Term B Loans or Credit-Linked Deposits, as applicable, being refinanced
and (ii) the rate of interest applicable to the Refinancing Term Loans of each Refinancing Series
shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each
applicable Joinder Agreement.

     (c) On any Refinancing Amount Date on which any Refinancing Term Loan Commitments of any
Refinancing Series are effective, subject to the satisfaction of the foregoing terms and
conditions, (i) each Lender with a Refinancing Term Loan Commitment (each, a “Refinancing Term
Loan Lender”) of any Refinancing Series shall make a Loan to the Borrower (a “Refinancing
Term Loan”) in an amount equal to its Refinancing Term Loan Commitment of such Refinancing
Series and (ii) each Refinancing Term Loan Lender of any Refinancing Series shall become a Lender
hereunder with respect to the Refinancing Term Loan Commitment of such Refinancing Series and the
Refinancing Term Loans of such Refinancing Series made pursuant thereto.

     (d) The terms and provisions of any Refinancing Revolving Loans and Refinancing Revolving
Credit Commitments shall be such that, except as otherwise set forth herein or in the Joinder
Agreement, they shall be identical to those of the Revolving Loans and the Revolving Credit
Commitments as in effect on the Refinancing Amount Date with respect to such Refinancing Revolving
Loans and Refinancing Revolving Credit Commitments; provided, however, that (i) the
applicable maturity date of such Refinancing Revolving Loans shall be no shorter than the final
maturity of the Revolving Credit Commitments being refinanced and (ii) the rate of interest
applicable to such Refinancing Revolving Loans shall be determined by the Borrower and the
applicable new Lenders and shall be set forth in each applicable Joinder Agreement.

     (e) On any Refinancing Amount Date on which any Refinancing Revolving Credit Commitments are
effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with
a Refinancing Revolving Credit Commitment (each, a “Refinancing Revolving Credit Lender”)
shall commit to make Revolving Loans to the Borrower (“Refinancing Revolving Loans”) in an
amount equal to its Refinancing Revolving Credit Commitment, and (ii) each Refinancing Revolving
Credit Lender shall become a Lender hereunder with respect to the Refinancing Revolving Credit
Commitment.

     (f) Each Joinder Agreement may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in
the opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section
2.26.

     SECTION 2.27. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary,
if any Revolving Credit Lender becomes a Defaulting Lender and if any Swingline Exposure or
Revolving L/C Exposure exists at the time such Revolving Credit Lender becomes a Defaulting Lender
then so long as such Swingline Exposure or Revolving L/C Exposure exists:

     (a) all or any part of the Swingline Exposure and Revolving L/C Exposure of such Defaulting
Lender shall, for so long as such Swingline Exposure and Revolving L/C Exposure is outstanding, be
reallocated among the non-Defaulting Revolving Credit Lenders in accordance with their respective
Pro Rata Percentages but only to the extent the sum of all non-Defaulting Revolving Credit Lenders’
Revolving Credit Exposures plus such Defaulting Lender’s Swingline
Exposure and Revolving L/C Exposure does not exceed the total of all non-Defaulting Revolving
Credit Lenders’ Revolving Credit Commitments;

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     (b) if the reallocation described in clause (a) above cannot, or can only partially, be
effected, the Borrower shall, within one Business Day following notice by the Administrative Agent
(i) first, prepay such Swingline Loans and (ii) second, cash collateralize for the benefit of the
Issuing Bank only the Borrower’s obligations corresponding to such Defaulting Lender’s Revolving
L/C Exposure (after giving effect to any partial reallocation pursuant to clause (a) above) in
accordance with the procedures set forth in Section 2.23(j) for so long as such Revolving L/C
Exposure is outstanding; and

     (c) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required
to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase any
Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the
Revolving Credit Commitments of the non-Defaulting Lenders and/or cash collateral will be provided
by the Borrower in accordance with clauses (a) and (b) above, and participating interests in any
such newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated
among non-Defaulting Lenders in a manner consistent with clause (a) (and such Defaulting Lender
shall not participate therein).

     If (i) an event of the type described in clause (g) or (h) of Article VII shall occur with
respect to the parent company of any Lender after the Third Restatement Date and for so long as
such event shall continue or (ii) the Swingline Lender or such Issuing Bank has a good faith and
reasonable belief that any Lender has defaulted in fulfilling its obligations generally under other
agreements in which it commits to extend credit, then, in the case of each of clauses (i) and (ii),
the Swingline Lender shall not be required to fund any Swingline Loan and such Issuing Bank shall
not be required to issue, amend or increase any Letter of Credit unless the Swingline Lender or the
Issuing Bank, as the case may be, shall be satisfied that the provisions of clauses (a) and (b)
above shall defease any risk in respect of such Lender hereunder or otherwise shall have entered
into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender or the
Issuing Bank, as the case may be, to defease any risk in respect of such Lender hereunder.

     In the event that the Administrative Agent, the Borrower, the Issuing Banks and the Swingline
Lender each agrees that a Defaulting Lender has adequately remedied all matters that caused such
Lender to be a Defaulting Lender, then the Swingline Exposure and the Revolving L/C Exposure of the
Revolving Credit Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving
Credit Commitment and on such date such Lender shall purchase at par such of the Loans of the other
Revolving Credit Lenders (other than Swingline Loans) as the Administrative Agent shall determine
may be necessary in order for such Lender to hold such Loans in accordance with its Pro Rata
Percentage.

ARTICLE III.

Representations and Warranties

     The Borrower represents and warrants to the Arrangers, the Administrative Agent, the
Collateral Agent, each of the Issuing Banks and each of the Lenders that:

     SECTION 3.01. Organization; Powers. The Borrower and each of the Subsidiaries (a) is duly organized
or formed, validly existing and in good standing under the laws of the jurisdiction of its
organization or formation,
(b) has all requisite power and authority, and the legal right, to own and operate its
property and assets, to lease the property it operates as lessee and to carry on its business as
now conducted and, except to the extent the failure to do so could not reasonably be expected to
result in a Material Adverse Effect, as proposed to be conducted, (c) is qualified to do business
in, and is in good standing in, every jurisdiction where such

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qualification is required, except
where the failure so to qualify, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect and (d) has the power and authority, and the legal right, to
execute, deliver and perform its obligations under this Agreement, each of the other Loan
Documents, the Senior Note Documents, the Acquisition Documentation and each other agreement or
instrument contemplated hereby or thereby to which it is or will be a party, including, in the case
of the Borrower, to borrow hereunder and to issue the Senior Notes under the Senior Note Documents,
in the case of each Loan Party, to grant the Liens contemplated to be granted by it under the
Security Documents and, in the case of each Subsidiary Guarantor, to Guarantee the Guaranteed
Obligations hereunder as contemplated by the Guarantee and Collateral Agreement.

     SECTION 3.02. Authorization; No Conflicts. The Transactions (a) have been duly authorized by all
requisite corporate, partnership or limited liability company and, if required, stockholder,
partner or member action and (b) will not (i) violate (A) any applicable provision of any material
law, statute, rule or regulation, or of the certificate or articles of incorporation or other
constitutive documents or by-laws of the Borrower or any Subsidiary, (B) any order of any
Governmental Authority or arbitrator or (C) any provision of any indenture or any material
agreement or other material instrument to which the Borrower or any Subsidiary is a party or by
which any of them or any of their property is or may be bound, (ii) be in conflict with, result in
a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give
rise to any right to accelerate or to require the prepayment, repurchase or redemption of any
obligation under any such indenture or material agreement or other material instrument or (iii)
result in the creation or imposition of any Lien upon or with respect to any property or assets now
owned or hereafter acquired by the Borrower or any other Loan Party (other than Liens created under
the Security Documents).

     SECTION 3.03. Enforceability. This Agreement has been duly executed and delivered by the Borrower
and constitutes, and each other Loan Document when executed and delivered by each Loan Party party
thereto will constitute, a legal, valid and binding obligation of such Loan Party enforceable
against such Loan Party, in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or other laws now or hereafter in
effect relating to creditors’ rights generally and (including with respect to specific performance)
subject to general principles of equity, regardless of whether considered in a proceeding in equity
or at law, and to the discretion of the court before which any proceeding therefor may be brought.

     SECTION 3.04. Governmental Approvals. No action, consent or approval of, registration or filing
with, notice to, or any other action by, any Governmental Authority is or will be required in
connection with the Transactions, except for (a) the filing of UCC financing statements and filings
with the United States Patent and Trademark Office and the United States Copyright Office, (b)
recordation of the Mortgages, (c) such other actions specifically described in Section 3.19, (d)
any immaterial actions, consents, approvals, registrations or filings or (e) such as have been made
or obtained and are in full force and effect.

     SECTION 3.05. [Reserved].

     SECTION 3.06. No Material Adverse Change. At any time after the Closing Date, no event, change or
condition has occurred that has had, or could reasonably be expected to have, a Material Adverse
Effect, since the Closing Date.

     SECTION 3.07. Title to Properties; Possession Under Leases. (a) The Borrower and the other Loan
Parties have good and marketable title to, valid leasehold interests in, or a license

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or other
right to use, all their respective material properties and material assets that are included in the
Collateral (including all Mortgaged Property) and including valid rights, title and interests in or
rights to control or occupy easements or rights of way used in connection with such properties and
assets (“Easements”), free and clear of all Liens or other exceptions to title other than
Permitted Liens and minor defects in title that, in the aggregate, are not substantial in amount
and do not materially detract from the value of the property subject thereto or interfere with its
ability to conduct its business as currently conducted or to utilize such properties and assets for
their intended purposes.

     (b) Except as set forth in Schedule 3.07 or where the failure to do so could not reasonably be
expected to result in a Material Adverse Effect, (i) each of the Loan Parties has complied with all
material obligations under all material leases to which it is a party and all such material leases
are in full force and effect and (ii) each of the Loan Parties enjoys peaceful and undisturbed
possession under all such material leases.

     (c) Except as set forth in Schedule 3.07, none of the Borrower or any of the other Loan
Parties has received any notice of, nor has any knowledge of, any pending or contemplated
condemnation proceeding affecting the Mortgaged Properties or any sale or disposition thereof in
lieu of condemnation (i) as of the Third Restatement Date or (ii) at any time thereafter, which in
the case of clause (ii) has had, or could reasonably be expected to have, a Material Adverse
Effect.

     (d) Except as set forth on Schedule 3.07, as of the Third Restatement Date none of the
Borrower or any of the Subsidiaries is obligated under any right of first refusal, option or other
contractual right to sell, assign or otherwise dispose of any Mortgaged Property or any interest
therein.

     SECTION 3.08. Subsidiaries. Schedule 3.08 sets forth as of the Third Restatement Date a list of all
Subsidiaries, including each Subsidiary’s exact legal name (as reflected in such Subsidiary’s
certificate or articles of incorporation or other constitutive documents) and jurisdiction of
incorporation or formation and the percentage ownership interest of the Borrower (direct or
indirect) therein, and identifies each Subsidiary that is a Loan Party. As of the Third
Restatement Date, the shares of capital stock or other Equity Interests so indicated on Schedule
3.08 are owned by the Borrower, directly or indirectly, free and clear of all Liens (other than
Liens created under the Security Documents and, in the case of Equity Interests (other than Pledged
Securities), Permitted Liens, and in respect of Pledged Securities, the Permitted Liens set forth
in clause (h) of the definition thereof) and all such shares of capital stock are fully paid, and
to the extent issued by a corporation, non-assessable.

     SECTION 3.09. Litigation; Compliance with Laws. (a) Except as set forth on Schedule 3.09, there
are no actions, suits or proceedings at law or in equity or by or before any arbitrator or
Governmental Authority now pending or, to the knowledge of the Borrower, threatened against the
Borrower or any Subsidiary or any business, property or material rights of the Borrower or any
Subsidiary (i) that, as of the Third Restatement Date, involve any Loan Document or the
Transactions or, at any time thereafter, involve any Loan Document or the Transactions and which
could reasonably be expected to be material and adverse to the interests of the Borrower and its
Subsidiaries, taken as a whole, or the Lenders, or (ii) as to which there is a reasonable
possibility of an adverse determination and that, if adversely determined, could reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Effect.

     (b) Except as set forth on Schedule 3.09, none of the Borrower or any of the Subsidiaries or
any of their respective material properties or assets is in violation of any law, rule

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or
regulation (including any zoning, building, ordinance, code or approval or any building permits),
or is in default with respect to any judgment, writ, injunction, decree or order of any
Governmental Authority, where such violation or default, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect (but not including, in each case, any
Environmental Law which is the subject of Section 3.17 or any energy regulation matter which is the
subject of Section 3.23).

     (c) Permits are in effect for each Mortgaged Property as currently constructed.

     SECTION 3.10. Agreements. None of the Borrower or any of the Subsidiaries is in default under any
provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other
material agreement or instrument to which it is a party or by which it or any of its properties or
assets are or may be bound, where such default, individually or in the aggregate, could reasonably
be expected to result in a Material Adverse Effect.

     SECTION 3.11. Federal Reserve Regulations. (a) None of the Borrower or any of the Subsidiaries is
engaged principally, or as one of its material activities, in the business of extending credit for
the purpose of buying or carrying Margin Stock.

     (b) No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly
or indirectly, and whether immediately, incidentally or ultimately, for purchasing or carrying
Margin Stock or for the purpose of purchasing, carrying or trading in any securities under such
circumstances as to involve the Borrower in a violation of Regulation X or to involve any broker or
dealer in a violation of Regulation T. No Indebtedness being reduced or retired out of the
proceeds of any Loans or Letters of Credit was or will be incurred for the purpose of purchasing or
carrying any Margin Stock. Following the application of the proceeds of the Loans and the Letters
of Credit, Margin Stock will not constitute more than 25% of the value of the assets of the
Borrower and the Subsidiaries. None of the transactions contemplated by this Agreement will
violate or result in the violation of any of the provisions of the Regulations of the Board,
including Regulation T, U or X. If requested by any Lender or the Administrative Agent, the
Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing
effect in conformity with the requirements of FR Form G-3 or FR Form U-1 referred to in Regulation
U.

     SECTION 3.12. Investment Company Act. None of the Borrower or any of the Subsidiaries is an
“investment company” as defined in, and subject to registration under, the Investment Company Act
of 1940, as amended from time to time.

     SECTION 3.13. Use of Proceeds. The Borrower will use the proceeds of the Revolving Loans and the
Swingline Loans for the ongoing working capital requirements, the payment of fees and expenses
related to the Transactions and general corporate purposes of the Borrower and the Subsidiaries.
The Borrower will request the issuance of Letters of Credit solely for the working capital
requirements and general corporate purposes of (i) the Borrower and the Subsidiary Guarantors or
(ii) any other Subsidiary (other than the Funded L/C SPV), including to support Commodity Hedging
Obligations. The Borrower will use the proceeds of the Credit-Linked Deposits on the Third
Restatement Date to make the Funded L/C SPV Equity Contribution to the Funded L/C SPV and the
Funded L/C SPV shall deposit such proceeds in the Funded L/C Collateral Accounts as described
herein for the purpose of cash collateralizing the Funded L/C SPV’s obligations to one or more LC
Issuers pursuant to and in accordance with the terms and provisions of Cash Collateralized Letter
of Credit Facilities.

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     SECTION 3.14. Tax Returns. The Borrower and each of the Subsidiaries has timely filed or timely
caused to be filed all material Federal, state, local and foreign tax returns or materials required
to have been filed by it and all such tax returns are correct and complete in all material
respects. The Borrower and each of the Subsidiaries has timely paid or caused to be timely paid
all material Taxes due and payable by it and all assessments received by it, except Taxes that are
being contested in good faith by appropriate proceedings and for which the Borrower or such
Subsidiary, as applicable, shall have set aside on its books adequate reserves in accordance with
GAAP or except where the failure to do so could not reasonably be expected to result in a Material
Adverse Effect. The Borrower has made adequate provision in accordance with GAAP for all Taxes
accrued and not yet due and payable. Except as permitted in clause (bb) of the definition of
“Permitted Liens”, no Lien for Taxes has been filed (except for Taxes not yet delinquent that are
being contested in good faith by appropriate proceedings), and to the knowledge of the Borrower and
each of the Subsidiaries, based on the receipt of written notice, no claim is being asserted, with
respect to any Tax. Neither the Borrower nor any of the Subsidiaries (a) intends to treat the
Loans, the Transactions or any of the other transactions contemplated by any Loan Document or the
Acquisition as being a “reportable transaction” (within the meaning of Treasury Regulation Section
1.6011-4) or (b) is aware of any facts or events that would result in such treatment.

     SECTION 3.15. No Material Misstatements. No written information, report, financial statement,
exhibit or schedule furnished by or on behalf of the Borrower or any Subsidiary to the Arrangers,
the Administrative Agent or any Lender for use in connection with the Transactions or the other
transactions contemplated by the Loan Documents or in connection with the negotiation of any Loan
Document or included therein or delivered pursuant thereto contained, contains or will contain (as
of the date of its delivery to the Arrangers, the Administrative Agent or any Lender or, as
modified or supplemented, as of the Closing Date or the Third Restatement Date) any material
misstatement of fact or omitted, omits or will omit to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were, are or will be
made, not misleading; provided that to the
extent any such written information, report, financial statement, exhibit or schedule was
based upon or constitutes a forecast or projection (including pro forma financial statements) or is
information of a general economic or market nature, the Borrower represents only that it acted in
good faith and upon assumptions believed to be reasonable at the time, it being understood that
projections are subject to significant uncertainties and contingencies, many of which are beyond
the control of the Borrower and the Subsidiaries, and that no assurance can be given that such
projections will be realized.

     SECTION 3.16. Employee Benefit Plans. Except as could not reasonably be expected to result in a
Material Adverse Effect, the Borrower and each ERISA Affiliate is in compliance with the applicable
provisions of ERISA and, in respect of the Benefit Plans and Multiemployer Plans, the Tax Code and
the regulations and published interpretations thereunder. No ERISA Event has occurred or is
reasonably expected to occur that, when taken together with all other such ERISA Events, could
reasonably be expected to result in a Material Adverse Effect.

     SECTION 3.17. Environmental Matters. (a) Except as set forth in Schedule 3.17 or except with
respect to any matters that, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, none of the Borrower or any of the Subsidiaries:

          (i) has failed to comply with any Environmental Law or to take all actions necessary
to obtain, maintain, renew and comply with any permit, license, registration or other
approval required under Environmental Law;

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          (ii) has become a party to any administrative or judicial proceeding, or possesses
knowledge of any such proceeding that has been threatened, that could result in the
termination, revocation or modification of any permit, license, registration or other
approval required under Environmental Law;

          (iii) possesses knowledge that the Borrower or any of the Subsidiaries has become
subject to any Environmental Liability on any Mortgaged Property (A) is subject to any Lien
imposed pursuant to Environmental Law or (B) contains Hazardous Materials of a form or type
or in a quantity or location that could reasonably be expected to result in any
Environmental Liability;

          (iv) has received written notice of any claim or threatened claim, with respect to any
Environmental Liability other than those which have been fully and finally resolved and for
which no obligations remain outstanding; or

          (v) possesses knowledge of any facts or circumstances that could reasonably be
expected to result in any Environmental Liability or could reasonably be expected to
materially interfere with or prevent continued material compliance with Environmental Laws
in effect as of the First Restatement Date and the date of each Credit Event by the
Borrower or the Subsidiaries.

     (b) Since the Third Restatement Date, there has been no change in the status of the matters
disclosed on Schedule 3.17 that, individually or in the aggregate, has resulted in, or could
reasonably be expected to result in, a Material Adverse Effect.

     The representations and warranties in this Section 3.17 are the sole representations and
warranties in any Loan Document with respect to environmental matters, including without
limitation, those relating to Environmental Law or Hazardous Materials.

     SECTION 3.18. Insurance. Schedule 3.18 sets forth a true, complete and correct description of all
material insurance coverage maintained by or on behalf of the Borrower and the Subsidiaries as of
the Third Restatement Date. As of the Third Restatement Date, such insurance is in full force and
effect and all premiums that are due and owed have been duly paid. The Borrower and the
Subsidiaries are insured by financially sound insurers (subject to the proviso in Section 5.02) and
such insurance is in such amounts and covering such risks and liabilities (and with such
deductibles, retentions and exclusions) as are maintained by companies of a similar size operating
in the same or similar businesses.

     SECTION 3.19. Security Documents. (a) The Guarantee and Collateral Agreement is effective to
create in favor of the Collateral Trustee, for the ratable benefit of the Secured Parties, a legal,
valid, binding and enforceable security interest in the Collateral described therein and proceeds
thereof (other than money not constituting identifiable proceeds of any Collateral), subject to
applicable insolvency, bankruptcy, reorganization, moratorium, fraudulent transfer and other laws
now or hereafter in effect generally affecting rights of creditors and (including with respect to
specific performance) principles of equity, whether considered in a proceeding in equity or in law
and to the discretion of the court before which any proceeding therefor may be brought, and (i) in
the case of the Pledged Securities, upon the earlier of (A) when such Pledged Securities are
delivered to the Collateral Trustee and (B) when financing statements in appropriate form are filed
in the offices specified on Schedule 3.19(a), (ii) in the case of Deposit Accounts not constituting
Excluded Perfection Assets or Counterparty Accounts, by the execution and delivery of control
agreements providing for “control” as described in Section 9-104 of the UCC, (iii) in the case of
Securities Accounts not constituting Excluded Perfection Assets or

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Counterparty Accounts, upon the
earlier of (A) the filing of financing statements in the offices specified on Schedule 3.19(a) and
(B) the execution and delivery of control agreements providing for “control” as described in
Section 9-106 of the UCC and (iv) in the case of all other Collateral described therein (other than
Excluded Perfection Assets, Intellectual Property Collateral, money not credited to a Deposit
Account or letter of credit rights not constituting supporting obligations), when financing
statements in appropriate form are filed in the offices specified on Schedule 3.19(a), the
Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, all right, title and
interest of the Secured Parties in such Collateral and proceeds thereof, as security for the
Guaranteed Obligations hereunder, in each case prior and superior to the rights of any other Person
(except, in the case of all Collateral other than Pledged Securities in the possession of the
Collateral Trustee, with respect to Permitted Liens, and in respect of Pledged Securities in the
possession of the Collateral Trustee, the Permitted Liens set forth in clauses (h) and (ff) of the
definition thereof).

     (b) Each Intellectual Property Security Agreement is effective to create in favor of the
Collateral Trustee, for the ratable benefit of the Secured Parties, a legal, valid, binding and
enforceable security interest in the Intellectual Property Collateral described therein and
proceeds thereof (other than money not constituting identifiable proceeds of any Intellectual
Property Collateral), subject to applicable insolvency, bankruptcy, reorganization, moratorium,
fraudulent transfer and other laws now or hereafter in effect generally affecting rights of
creditors and (including with respect to specific performance) principles of equity, whether
considered in a proceeding in equity or in law and to the discretion of the court before which any
proceeding
therefor may be brought. When each Intellectual Property Security Agreement is filed in the
United States Patent and Trademark Office and the United States Copyright Office, respectively,
together with financing statements in appropriate form filed in the offices specified in Schedule
3.19(a), in each case within the time period prescribed by applicable law, such Intellectual
Property Security Agreement shall constitute a fully perfected Lien on, and security interest in
(if and to the extent perfection may be achieved by such filings), all right, title and interest of
the grantors thereunder in the Intellectual Property Collateral, as security for the Guaranteed
Obligations hereunder, in each case prior and superior in right to any other Person (except with
respect to Permitted Liens) (it being understood that subsequent recordings in the United States
Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a
Lien on registered trademarks, trademark applications, patents, patent applications, copyright
registrations and copyright applications acquired by the grantors after the Closing Date).

     (c) Each of the Mortgages is effective to create in favor of the Collateral Trustee, for the
ratable benefit of the Secured Parties, a legal, valid, binding, subsisting and enforceable Lien
on, and security interest in all of the Loan Parties’ right, title and interest in and to the
Mortgaged Property described therein and proceeds thereof (other than money not constituting
identifiable proceeds of any Mortgaged Property), subject to applicable insolvency, bankruptcy,
reorganization, moratorium, fraudulent transfer and other laws now or hereafter in effect generally
affecting rights of creditors and (including with respect to specific performance) principles of
equity, whether considered in a proceeding in equity or in law, and to the discretion of the court
before which any proceeding therefor may be brought. When the Mortgages are filed in the offices
specified on Schedule 3.19(c), each such Mortgage shall constitute a fully perfected Lien on, and
security interest in, all right, title and interest of the grantors thereof in such Mortgaged
Property and proceeds thereof, as security for the Guaranteed Obligations hereunder, in each case
prior and superior in right to any other Person (except Liens expressly permitted by clauses (f),
(h), (i), (j), (k) (solely to the extent that such Lien relating to such Permitted Refinancing
Indebtedness was permitted prior to such refinancing by clause (f), (h), (i), (j), (n) or (p)),
(n), (p), (q)(ii), (ee) and (ff) of the definition of “Permitted Liens”).

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     SECTION 3.20. Location of Real Property. Schedule 3.20 lists completely and correctly as of the
Third Restatement Date all real property owned or leased by the Borrower and the other Loan Parties
and all real property to which the Borrower and the other Loan Parties have an interest via
easement, license or permit and, in each case, the addresses thereof, indicating for each parcel
whether it is owned or leased. As of the Third Restatement Date, the Borrower and the other Loan
Parties own in fee or have valid leasehold or easement interests in, as the case may be, all the
real property set forth on Schedule 3.20.

     SECTION 3.21. Labor Matters. As of the Third Restatement Date, there are no strikes, lockouts or
slowdowns against the Borrower or any Subsidiary pending or, to the knowledge of the Borrower,
threatened. The hours worked by and payments made to employees of the Borrower and the
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable
Federal, state, material local or material foreign law applicable to such matters in any material
respect. All payments due from the Borrower or any Subsidiary, or for which any claim may be made
against the Borrower or any Subsidiary, on account of wages and employee health and welfare
insurance and other benefits, have been paid or accrued as a liability on the books of the Borrower
or such Subsidiary, except as could not reasonably be expected to have a Material Adverse Effect.
The consummation of the Transactions will not give rise to any right of termination or right of
renegotiation on the part of any union under any collective bargaining agreement to which the
Borrower or any Subsidiary is bound.

     SECTION 3.22. Intellectual Property. Except as could not reasonably be expected to result in a
Material Adverse Effect, the Borrower and each of the Subsidiaries owns, or is licensed or
otherwise has the right to use, all trademarks, tradenames, copyrights, patents and other
intellectual property material to its business, and the use thereof by the Borrower and the
Subsidiaries does not infringe upon the rights of any other Person.

     SECTION 3.23. Energy Regulation. (a) The Borrower and any Subsidiary Guarantor that is a holding
company as such term is defined in PUHCA is exempt in accordance with 18 CFR § 366.3 from the
accounting, record-retention and reporting requirements of PUHCA.

     (b) The Borrower is not subject to regulation as a “public utility” as such term is defined in
the FPA. Each Subsidiary Guarantor that is subject to regulation as a “public utility” as such
term is defined in the FPA and that makes sales of energy or capacity that are not pursuant to a
state regulatory authority’s implementation of PURPA has an order from the FERC, which order is not
subject to any pending challenge, investigation, complaint, or other proceeding, except as could
not reasonably be expected to result in a Material Adverse Effect and other than generic
proceedings generally applicable in the industry, (x) authorizing such Subsidiary Guarantor to
engage in wholesale sales of electricity and, to the extent permitted under its market-based rate
tariff, other transactions at market-based rates and (y) granting such waivers and blanket
authorizations as are customarily granted to entities with market-based rate authority, including
blanket authorizations to issue securities and to assume liabilities pursuant to Section 204 of the
FPA. With respect to each Subsidiary Guarantor described in the preceding sentence, except as
could not reasonably be expected to result in a Material Adverse Effect and except as set forth on
Schedule 3.23(b), the FERC has not imposed any rate caps, mitigation measures, or other limits on
market-based sales of power by that Subsidiary Guarantor, other than (i) rate caps and mitigation
measures generally applicable to similarly situated marketers or generators selling electricity,
ancillary services or other services at wholesale at market-based rates in the geographic market
where such Subsidiary Guarantor conducts its business, and (ii) the restrictions imposed on
Cabrillo Power I LLC, Cabrillo Power II LLC, Devon Power LLC, Middletown Power LLC, Montville Power
LLC, Norwalk Power LLC, and Connecticut Jet

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Power LLC pursuant to those entities’ “reliability must
run” agreements and/or other agreements/arrangements with the independent system operators, or
other similar arrangements.

     (c) Each Subsidiary Guarantor of the Borrower participating in the wholesale or retail power
market in ERCOT has registered with the PUCT to sell electricity at wholesale or retail
market-based rates, and, except as could not reasonably be expected to result in a Material Adverse
Effect, the PUCT has not imposed any specific rate cap or mitigation measure (other than generic
proceedings generally applicable in the industry). To its knowledge, as of the Third Restatement
Date, the rates charged by such Subsidiary Guarantor are not subject to any pending challenge or
investigation.

     (d) Except as could not reasonably be expected to result in a Material Adverse Effect and
except as set forth on Schedule 3.23(d), there are no complaint proceedings pending with the FERC
or the PUCT seeking abrogation or modification or refunds, or otherwise investigating the rates,
terms or conditions, of a sale of power by the Borrower or its Subsidiary Guarantors.

     (e) Except as could not reasonably be expected to result in a Material Adverse Effect, each of
the Borrower and each of the Subsidiary Guarantors, as applicable, has filed or caused to be filed
with the applicable state or local utility commission or regulatory bodies, ERCOT and the FERC all
forms, applications, notices, statements, reports and documents (including all exhibits and
amendments thereto) required to be filed by it under all Applicable Laws, including PUHCA, the FPA
and state utility laws and the respective rules thereunder, all of which complied with the
applicable requirements of the appropriate act and rules, regulations and orders thereunder in
effect on the date each was filed.

     (f) None of the Borrower or any of the Subsidiary Guarantors is subject to any material state
laws or material regulations respecting rates or the financial or organizational regulation of
utilities, other than (i) with respect to those Subsidiary Guarantors that are QFs, such state
regulations contemplated by 18 C.F.R. Section 292.602(c), (ii) “lightened regulation” by the New
York State Public Service Commission (the “NYPSC”) of the type described in the NYPSC’s
order issued on September 23, 2004 in Case 04-E-0884, (iii) the assertion of jurisdiction by the
State of California over maintenance and operating standards of all generating facilities pursuant
to SB 39XX and (iv) with respect to Subsidiary Guarantors that are Texas retail electric providers,
regulations issued by the PUCT. Other than the approval of the NYPSC, which was granted by an
order issued in Case 05-E-1528 (February 10, 2006), no approval is required to be obtained in
connection with the Transactions by Borrower or its Subsidiary Guarantors from the PUCT, the FERC,
or any other state or federal Governmental Authority with jurisdiction over the energy sales or
financing arrangements of the Borrower and its Subsidiary Guarantors.

     (g) As of the Third Restatement Date, each Facility identified as a “QF” in Schedule 3.23(g)
is a QF under PURPA and the current rules and regulations promulgated thereunder. As of the Third
Restatement Date, each person identified as an “EWG” in Schedule 3.23(g) is an “exempt wholesale
generator” within the meaning of PUHCA and the Energy Policy Act of 2005, as amended. As of the
Third Restatement Date, each person identified as a FUCO in Schedule 3.23(g) is a “foreign utility
company” within the meaning of PUHCA. As of the Third Restatement Date, each person identified as
a “REP” in Schedule 3.23(g) is a “retail electric provider” under the Texas Public Utility
Regulatory Act and the rules and regulations promulgated thereunder.

     SECTION 3.24. Solvency. Immediately after the consummation of the Transactions that occurred on the
Closing Date, the First Restatement Date and the Second Restatement Date

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and the Transactions to
occur on the Third Restatement Date and immediately following the making of each Loan (or other
extension of credit hereunder) and after giving effect to the application of the proceeds of each
Loan (or other extension of credit hereunder), (a) the fair value of the assets of the Loan
Parties, taken as a whole, at a fair valuation, taking into account the effect of any indemnities,
contribution or subrogation rights, will exceed their debts and liabilities, subordinated,
contingent or otherwise; (b) the present fair saleable value of the property of the Loan Parties,
taken as a whole, taking into account the effect of any indemnities, contribution or subrogation
rights, will be greater than the amount that will be required to pay the probable liability of
their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other
liabilities become absolute and matured; (c) the Loan Parties, taken as a whole, will be able to
pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become absolute and matured; and (d) the Loan Parties, taken as a whole, will not have
unreasonably small capital with which to conduct the business in which they are engaged as such
business is now conducted
and is proposed to be conducted following the Closing Date, the First Restatement Date, the
Second Restatement Date and the Third Restatement Date.

     SECTION 3.25. Liabilities and Obligations of Funded L/C SPV. The Funded L/C SPV has no material
liability or other obligation (including Indebtedness, Guarantees, contingent liabilities and
liabilities for taxes) other than its obligations to one or more LC Issuers pursuant to and in
accordance with the terms and provisions of Cash Collateralized Letter of Credit Facilities and
liabilities and obligations reasonably related, ancillary or incidental to any Cash Collateralized
Letter of Credit Facility.

ARTICLE IV.

Conditions of Lending

     The obligations of the Lenders to make Loans and the obligations of the Issuing Banks to issue
Letters of Credit hereunder are subject to the satisfaction (or waiver in accordance with Section
9.08) of the following conditions:

     SECTION 4.01. All Credit Events. On the date of each Borrowing on or after the Closing Date,
including each Borrowing of a Swingline Loan, on the date of each issuance, amendment, extension or
renewal of a Letter of Credit on or after the Closing Date and on the Third Restatement Date (each
such event being called a “Credit Event”):

     (a) The Administrative Agent shall have received a notice of such Borrowing as required by
Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.03) or, in
the case of the issuance, amendment, extension or renewal of a Letter of Credit, the Issuing Bank
and the Administrative Agent shall have received a notice requesting the issuance, amendment,
extension or renewal of such Letter of Credit as required by Section 2.23(b) or, in the case of the
Borrowing of a Swingline Loan, the Swingline Lender and the Administrative Agent shall have
received a notice requesting such Swingline Loan as required by Section 2.22(b).

     (b) The representations and warranties set forth in each Loan Document shall be true and
correct in all material respects on and as of the date of such Credit Event with the same effect as
though made on and as of such date, except to the extent such representations and warranties
expressly relate to an earlier date, in which case such representations and warranties shall be
true and correct in all material respects on and as of such earlier date; provided that,
with respect to any Credit Event occurring on the Closing Date only, any breach of any such
representation or warranty shall not constitute a failure of this condition unless it constitutes a
breach of (i) a representation or

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warranty made in the Purchase Agreement by the Target that is
material to the interests of the Lenders but only to the extent that the Borrower has the right to
terminate its obligations under the Purchase Agreement as a result of a breach of such
representation or warranty in the Purchase Agreement and (ii) a representation or warranty of the
Borrower set forth in any of Sections 3.01, 3.02, 3.03, 3.05 (solely with respect to financial
statements of the Borrower and its consolidated Subsidiaries), 3.11, 3.12, 3.15 and 3.25 hereof.

     (c) The Borrower and each other Loan Party shall be in compliance with all the terms and
provisions set forth in each Loan Document on its part to be observed or performed, and, at the
time of and immediately after such Credit Event, no Event of Default or Default shall
have occurred and be continuing; provided that, with respect to any Credit Event
occurring on the Closing Date only, any Default or Event of Default arising from the breach of any
representation or warranty set forth in the Loan Documents shall not constitute a failure of this
condition unless it constitutes a breach of (i) a representation or warranty made in the Purchase
Agreement by the Target that is material to the interests of the Lenders but only to the extent
that the Borrower has the right to terminate its obligations under the Purchase Agreement as a
result of a breach of such representation or warranty in the Purchase Agreement and (ii) a
representation or warranty of the Borrower set forth in any of Sections 3.01, 3.02, 3.03, 3.05
(solely with respect to financial statements of the Borrower and its consolidated Subsidiaries),
3.11, 3.12, 3.15 and 3.25 hereof.

     (d) After giving effect to such Credit Event, the Aggregate Revolving Credit Exposure shall
not exceed the Total Revolving Credit Commitment.

     Each Credit Event shall be deemed to constitute a representation and warranty by the Borrower
on the date of such Credit Event as to the matters specified in paragraphs (b), (c) and (d) of this
Section 4.01.

     SECTION 4.02. Conditions Precedent to Third Restatement Date. On the Third Restatement Date:

     (a) The Administrative Agent shall have received, on behalf of itself, the Lenders and the
Issuing Bank, a favorable written opinion of (i) Kirkland & Ellis LLP, counsel for the Borrower and
the Subsidiaries, in form and substance reasonably satisfactory to the Administrative Agent, and
(ii) each local counsel to the Borrower and the Subsidiaries as the Administrative Agent may
reasonably request, in each case (A) dated the Third Restatement Date, (B) addressed to the
Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders and (C) covering such
corporate, security interest and related matters relating to the Loan Documents and the
Transactions as the Administrative Agent shall reasonably request and which are customary for
transactions of the type contemplated herein.

     (b) The Administrative Agent shall have received (i) a copy of the certificate or articles of
incorporation or other formation documents, including all amendments thereto, of each Loan Party,
certified as of a recent date by the Secretary of State of the state of its organization and a
certificate as to the good standing of each Loan Party as of a recent date, from such Secretary of
State; provided that in lieu of delivering certificates or articles of incorporation for
each Loan Party, the Borrower may deliver a certificate of a duly authorized officer certifying
that there have been no amendments to those certificates or articles of incorporation previously
delivered to the Administrative Agent in connection with the Second Restated Credit Agreement; (ii)
a certificate of the Secretary or Assistant Secretary of each Loan Party dated the Third
Restatement Date and certifying (A) that attached thereto is a true and complete copy of the
by-laws of such Loan Party as in effect on the Third Restatement Date and at all times since a date

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prior to the date of the resolutions described in clause (B) below; provided that in lieu
of delivering by-laws for each Loan Party, the Borrower may deliver a certificate of a duly
authorized officer certifying that there have been no amendments to those by-laws previously
delivered to the Administrative Agent in connection with the Second Restated Credit Agreement, (B)
that attached thereto is a true and complete copy of resolutions duly adopted by the Board of
Directors of such Loan Party authorizing the execution, delivery and performance of the Loan
Documents to which such Person is a party and, in the case of the Borrower, the borrowings
hereunder, and that such resolutions have not been modified, rescinded or amended and are in full
force and effect, (C) that the certificate or articles of incorporation or other formation
documents of such Loan Party have not been amended since the date of the last amendment thereto
shown on
the certificate of good standing furnished pursuant to clause (i) above and (D) as to the
incumbency and specimen signature of each officer executing any Loan Document or any other document
delivered in connection herewith on behalf of such Loan Party; (iii) a certificate of another
officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary
executing the certificate pursuant to clause (ii) above; and (iv) if requested, documentation and
other information required by bank regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the USA Patriot Act (title III of Pub. L.
107-56 (signed into law October 26, 2001)).

     (c) The Administrative Agent shall have received a certificate, dated the Third Restatement
Date and signed by a Financial Officer of the Borrower, confirming compliance with the conditions
precedent set forth in paragraphs (b), (c) and (d) of Section 4.01.

     (d) The Administrative Agent shall have received (i) this Agreement, executed and delivered by
a duly authorized officer of the Borrower, (ii) the Third Amendment Reaffirmation Agreement,
executed and delivered by a duly authorized officer of the Borrower and each Subsidiary Guarantor,
(iii) the Third Amendment Agreement, executed and delivered by a duly authorized officer of the
Borrower and each Subsidiary Guarantor in form and substance reasonably satisfactory to the
Administrative Agent and (iv) the Collateral Trust Agreement executed and delivered by a duly
authorized officer of the Borrower, each Subsidiary Guarantor and the Collateral Trustee.

     (e) The Borrower shall have paid all fees and reasonable, documented out-of-pocket costs and
expenses (including reasonable legal fees and expenses of Latham & Watkins LLP, counsel to the
Administrative Agent, and one local counsel to the Administrative Agent per relevant jurisdiction
and their technical and other non-financial advisors, title premiums, survey charges and recording
taxes and fees) and other compensation accrued and payable as of such date to the Administrative
Agent as separately agreed by the Borrower and the Administrative Agent.

     (f) The Administrative Agent shall have received the results of a recent Lien and judgment
search in each relevant jurisdiction with respect to the Borrower and the Subsidiary Guarantors or
Subsidiaries that shall otherwise have material assets that are included in the Collateral, and
such search shall reveal no Liens on any of the assets of the Borrower or any of such Subsidiaries
except, in the case of assets other than Pledged Securities in the possession of the Collateral
Trustee, for Permitted Liens, and in respect of Pledged Securities in the possession of the
Collateral Trustee, the Permitted Liens set forth in clauses (h) and (ff) of the definition
thereof.

     (g) The Administrative Agent shall have received a solvency certificate from a Financial
Officer of the Borrower, in form and substance reasonably satisfactory to each Arranger, supporting
the conclusions that after giving effect to the Transactions, the Borrower

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will not be insolvent or
be rendered insolvent by the Indebtedness incurred in connection therewith, or be left with
unreasonably small capital with which to engage in its businesses, or have incurred debts beyond
its ability to pay such debts as they mature.

     (h) The Administrative Agent shall be reasonably satisfied that the conditions set forth in
Section 4 of the Third Amendment Agreement shall have been satisfied.

     (i) The Administrative Agent shall be reasonably satisfied that (i) the Borrower shall have
contributed the proceeds of the Credit-Linked Deposits to the Funded L/C SPV pursuant to the Funded
L/C SPV Equity Contribution, (ii) the Borrower shall have pledged and granted, or
shall have caused its Subsidiaries to pledge and grant, a first-priority security interest in
the Equity Interests of the Funded L/C SPV owned directly or indirectly by the Borrower to the
Collateral Trustee, for the benefit of the Secured Parties, and (iii) the Funded L/C SPV shall have
entered into one or more Cash Collateralized Letter of Credit Facilities with one or more LC
Issuers in an aggregate amount equal to or in excess of the aggregate face amount of all Funded
Letters of Credit (as defined in the Second Restated Credit Agreement) outstanding as of the Third
Restatement Date.

ARTICLE V.

Affirmative Covenants

     The Borrower covenants and agrees with each Lender that so long as this Agreement shall remain
in effect and until the Commitments have been terminated and the principal of and interest on each
Loan, all Fees and all other expenses or amounts payable under any Loan Document (other than
indemnification and other contingent obligations in each case not then due and payable) shall have
been paid in full and all Letters of Credit have been canceled or have expired and all amounts
drawn thereunder have been reimbursed in full or reimbursement thereof shall have been
cash-collateralized in an amount equal to 103% of the Revolving L/C Exposure as of such time, the
Borrower will, and will cause each of the Subsidiaries to:

     SECTION 5.01. Corporate Existence. Subject to Section 6.04 hereof, and only with respect to the
Borrower and its Restricted Subsidiaries, do or cause to be done all things necessary to preserve
and keep in full force and effect (a) its corporate existence, and the corporate, partnership or
other existence of each of its subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Borrower or any such subsidiary;
and (b) the rights (charter and statutory), licenses and franchises of the Borrower and its
subsidiaries, except where the failure to so preserve and keep could not reasonably be expected to
result in a Material Adverse Effect; provided, however, that neither the Borrower
nor any Restricted Subsidiary shall be required to preserve any such right, license or franchise,
or the corporate, partnership or other existence of any of its subsidiaries, if the Borrower or
such Restricted Subsidiary shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Borrower and its subsidiaries, taken as a whole, and that the
loss thereof could not reasonably be expected to result in a Material Adverse Effect.

     SECTION 5.02. Insurance.

     (a) Except to the extent any such insurance is not generally available in the marketplace from
commercial insurers, keep its properties that are of an insurable character adequately insured in
accordance with industry standards at all times by financially sound insurers (provided,
however, that there shall be no breach of this Section 5.02 if any such insurer becomes
financially unsound and such Loan Party obtains reasonably promptly insurance

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coverage from a
different financially sound insurer), which, in the case of any insurance on any Mortgaged
Property, are licensed to do business in the States where the applicable Mortgaged Property is
located; maintain such other insurance, to such extent and against such risks (and with such
deductibles, retentions and exclusions), in each case as is customary with companies of a similar
size operating in the same or similar businesses; maintain such other insurance as may be
required by law; and maintain such other insurance as otherwise required by the Security
Documents.

     (b) If any Mortgaged Property is required to be insured pursuant to the Flood Disaster
Protection Act of 1973 or the National Flood Insurance Act of 1968, and the regulations promulgated
thereunder, because it is located in an area which has been identified by the Secretary of Housing
and Urban Development as a “special flood hazard area,” provide, maintain and keep in force at all
times (subject, in each case, to the terms and conditions of Section 5.09(b)) flood insurance
covering such Mortgaged Property in an amount not less than the lesser of (i) the outstanding
principal amount of Indebtedness secured by the applicable Mortgage or (ii) the maximum amount of
coverage made available with respect to the particular type of property under the National Flood
Insurance Act of 1968, as amended by the Flood Disaster Protection Act of 1973 (or any greater
limits to the extent required by applicable law from time to time).

     SECTION 5.03. Taxes. Pay, and cause each of its Subsidiaries to pay, prior to delinquency, all
material Taxes, assessments, and governmental levies except such as are contested in good faith and
by appropriate proceedings and where the Borrower or the relevant Subsidiary shall have set aside
on its books adequate reserves with respect thereto in accordance with GAAP and such contest
operates to suspend collection of the contested obligation, tax, assessment or charge and
enforcement of a Lien.

     SECTION 5.04. Financial Statements, Reports, etc. In the case of the Borrower, furnish to the
Administrative Agent for distribution to each Lender:

     (a) within 90 days after the end of each fiscal year, its consolidated balance sheet and
related statements of income, stockholders’ equity and cash flows showing the financial condition
as of the close of such fiscal year of the Borrower and its consolidated Subsidiaries at such time
and the results of its operations and the operations of such Subsidiaries during such year,
together with comparative figures for the immediately preceding fiscal year (or, in the case of the
fiscal year ending December 31, 2005, the comparable period of more than twelve months ending
December 31, 2004), all audited by KPMG LLP or other independent public accountants of recognized
national standing and accompanied by an opinion of such accountants reasonably satisfactory to the
Administrative Agent (which shall not be qualified in any material respect, except for
qualifications relating to accounting changes (with which such independent public accountants shall
concur) in response to FASB releases or other authoritative pronouncements) to the effect that such
consolidated financial statements fairly present the financial condition and results of operations
of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied;

     (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal
year, its unaudited consolidated balance sheet and related statements of income, stockholders’
equity and cash flows showing the financial condition as of the close of such fiscal quarter of the
Borrower and its consolidated Subsidiaries at such time and the results of its operations and the
operations of such Subsidiaries during such fiscal quarter and the then elapsed portion of the
fiscal year, and comparative figures for the same periods in the immediately preceding fiscal year,
all certified by one of its Financial Officers to the effect that such financial statements, while
not examined by independent public accountants, reflect in the opinion of the Borrower all

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adjustments necessary to present fairly in all material respects the financial condition and
results
of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis as of
the end of and for such periods in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes;

     (c) (i) concurrently with any delivery of financial statements under paragraph (a) above for
the year ended December 31, 2006 and each year thereafter, a letter from the accounting firm
rendering the opinion on such statements (which letter may be limited to accounting matters and
disclaim responsibility for legal interpretations) stating whether, in connection with their audit
examination, anything has come to their attention which would cause them to believe that any
Default or Event of Default existed on the date of such financial statements and if such a
condition or event has come to their attention and (ii) concurrently with any delivery of financial
statements under paragraph (a) or (b) above for the quarter ended June 30, 2006 and each quarter
and/or year thereafter, a certificate of a Financial Officer of the Borrower (A) certifying that no
Event of Default or Default has occurred or, if such an Event of Default or Default has occurred,
specifying the nature and extent thereof and any corrective action taken or proposed to be taken
with respect thereto, (B) setting forth computations in reasonable detail as is reasonably
satisfactory to the Administrative Agent demonstrating compliance with the covenants contained in
Sections 6.13 and 6.14 and setting forth the Borrower’s calculation of Excess Cash Flow,
Consolidated EBITDA and Capital Expenditures made by the Borrower and the Restricted Subsidiaries
(other than any Excluded Subsidiaries) (1) in the case of the fiscal year ending December 31, 2006
(and together with the certificate required by paragraph (a) above), for the fiscal year then ended
and the Available Amount as at the end of such fiscal year and (2) in the case of each ECF Period
ending thereafter (and together with the certificate required by paragraph (a) above if the
applicable ECF Period is a fiscal year, or together with the certificate required by paragraph (b)
in all other cases), for the applicable ECF Period and the Available Amount as at the end of the
applicable ECF Period (and in any event for each applicable fiscal year ending thereafter and the
Available Amount as at the end of such fiscal year) and (C) disclosing any Asset Sale or Recovery
Event (other than any Asset Sale or Recovery Event not subject to the mandatory prepayment
provisions set forth in Section 2.13(b)(i) pursuant to the first proviso of the definition of Net
Cash Proceeds) that was consummated in the preceding fiscal quarter and specifying the nature
thereof and the use of proceeds with respect thereto;

     (d) within 30 days following the commencement of each fiscal year of the Borrower, a detailed
consolidated budget for such fiscal year (including a projected consolidated balance sheet and
related statements of projected operations and cash flows as of the end of and for such fiscal year
and setting forth the assumptions used for purposes of preparing such budget) and, promptly when
available, any significant revisions of such budget;

     (e) promptly after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the
Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the
functions of said Commission, or with any domestic national securities exchange, or distributed to
its shareholders generally, as the case may be;

     (f) promptly after the receipt thereof by the Borrower or any of the Subsidiaries, a copy of
any “management letter” received by any such Person from its certified public accountants and the
management’s response thereto; and

     (g) promptly, from time to time, such other information regarding the operations, business
affairs and financial condition of the Borrower or any Subsidiary, or compliance with

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the terms of any Loan Document, as the Administrative Agent or any Lender (acting through the
Administrative Agent) may reasonably request.

     SECTION 5.05. Litigation and Other Notices. Furnish to the Administrative Agent written notice of
the following promptly after the Borrower obtains knowledge thereof:

     (a) any Event of Default or Default, specifying the nature and extent thereof and the
corrective action (if any) taken or proposed to be taken with respect thereto;

     (b) the filing or commencement of any action, suit or proceeding, whether at law or in equity
or by or before any arbitrator or Governmental Authority, against the Borrower or any Subsidiary
that could reasonably be expected to result in a Material Adverse Effect;

     (c) the occurrence of any ERISA Event that could reasonably be expected to result in a
Material Adverse Effect; and

     (d) any development that has resulted in, or could reasonably be expected to result in, a
Material Adverse Effect.

     SECTION 5.06. Information Regarding Collateral. (a) Furnish, and will cause each Loan Party to
furnish, to each of the Administrative Agent, the Collateral Agent and the Collateral Trustee
prompt written notice of (i) any change (A) in any Loan Party’s corporate name as set forth in its
certificate of incorporation, certificate of formation or other relevant organizational documents,
(B) any office or facility (other than any location within the control of the Administrative Agent,
the Collateral Agent or the Collateral Trustee) at which material portions of Collateral owned by
it are located (including the establishment of any such new office or facility), (C) in any Loan
Party’s corporate structure or (D) in any Loan Party’s Federal Taxpayer Identification Number; (ii)
any formation or acquisition after the Closing Date of any Subsidiary that is not an Excluded
Subsidiary; (iii) any sale, transfer, lease, issuance or other disposition (by way of merger,
consolidation, operation of law or otherwise) after the Closing Date of any Equity Interests of any
Subsidiary that is not an Excluded Subsidiary to any Person other than the Borrower or another
Subsidiary; and (iv) any Subsidiary that is an Excluded Subsidiary as of the Closing Date or at any
time thereafter ceasing to be an Excluded Subsidiary. The Borrower agrees not to effect or permit
any change referred to in the preceding sentence unless a reasonable period has been provided (such
period to be at least 3 Business Days) for making all filings under the UCC or otherwise and taking
all other actions, in each case that are required in order for the Collateral Trustee to continue
at all times following such change to have a valid, legal and perfected (subject to the limitations
set forth in Section 3.19) security interest in all the Collateral (other than any Excluded
Perfection Assets). The Borrower also agrees promptly to notify each of the Administrative Agent,
the Collateral Agent and the Collateral Trustee if any material portion of the Collateral is
damaged or destroyed.

     (b) In the case of the Borrower, each year, at the time of delivery of the annual financial
statements with respect to the preceding fiscal year pursuant to Section 5.04(a), deliver to the
Administrative Agent a certificate of a Financial Officer of the Borrower setting forth (i) the
information required pursuant to Section I of the Perfection Certificate or confirming that there
has been no change in such information since the date of the Perfection Certificate delivered on
the Third Restatement Date or the date of the most recent certificate delivered pursuant to this
Section and (ii) any liquidation or dissolution during such preceding fiscal year of any
Subsidiary other than an Excluded Subsidiary.

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     SECTION 5.07. Maintaining Records; Access to Properties and Inspections; Environmental Assessments.
(a) Keep, and cause each Subsidiary to keep, proper books of record and account in which full,
true and correct entries in conformity with GAAP and all applicable requirements of law are made of
all financial operations. No more than once in any fiscal year (except if an Event of Default has
occurred and is continuing) the Borrower will, and will cause each of its subsidiaries to, permit,
if requested by the Administrative Agent, any representatives designated by the Administrative
Agent or any Lender to visit and inspect the financial records and the properties of the Borrower
or any of its Subsidiaries at reasonable times and as reasonably requested and to make extracts
from and copies of such financial records, and permit any representatives designated by the
Administrative Agent or any Lender to discuss the affairs, finances and condition of the Borrower
or any of its Subsidiaries with the officers thereof and independent accountants therefor.

     (b) At its election, the Administrative Agent may retain, or require the Borrower to retain,
an independent engineer or environmental consultant to conduct an environmental assessment of any
Mortgaged Property or facility of the Borrower or any Subsidiary. Any such environmental
assessments conducted pursuant to this paragraph (b) shall be at the Borrower’s sole cost and
expense only if conducted following the occurrence of (i) an Event of Default or (ii) any event,
circumstance or condition that could reasonably be expected to result in an Event of Default, in
the case of each of clause (i) and (ii) that concerns or relates to any Environmental Liabilities
of the Borrower or any Subsidiary; provided that the Borrower shall only be responsible for
such costs and expenses to the extent that such environmental assessment is limited to that which
is reasonably necessary to assess the subject matter of such Event of Default or such event,
circumstance or condition that could reasonably be expected to result in an Event of Default. In
addition, environmental assessments conducted pursuant to this paragraph (b) shall not be conducted
more than once every twelve months with respect to any parcel of Mortgaged Property or any single
facility of the Borrower or any Subsidiary unless such environmental assessments are conducted
following the occurrence of (i) an Event of Default or (ii) any event, circumstance or condition
that could reasonably be expected to result in an Event of Default, in the case of each of clause
(i) and (ii) that concerns or relates to any Environmental Liabilities of the Borrower or any
Subsidiary. The Borrower shall, and shall cause each of the Subsidiaries to, reasonably cooperate
in the performance of any such environmental assessment and permit any such engineer or consultant
designated by the Administrative Agent to have reasonable access to each property or facility at
reasonable times and after reasonable notice to the Borrower of the plans to conduct such an
environmental assessment. Environmental assessments conducted under this paragraph (b) shall be
limited to visual inspections of the Mortgaged Property or facility, interviews with
representatives of the Borrower or facility personnel, and review of applicable records and
documents pertaining to the property or facility.

     (c) In the event that the Administrative Agent reasonably believes that Hazardous Materials
have been Released or are threatened to be Released on any Mortgaged Property or other facility of
the Borrower or any Subsidiary or that any such property or facility is not being operated in
compliance with applicable Environmental Law, in each case where the Release, threatened Release or
failure to comply has resulted in, or could reasonably be expected to result in, a material
Environmental Liability of the Borrower any of the Subsidiaries, the Administrative Agent may, at
its election and after reasonable notice to the Borrower, retain, or require the Borrower to
retain, an independent engineer or other qualified environmental consultant to
reasonably assess the subject matter of such Release, threatened Release or failure to comply
with applicable Environmental Law. Such environmental assessments may include detailed visual
inspections of the Mortgaged Property or facility, including any and all storage areas, storage
tanks, drains, dry wells and leaching areas, and the taking of soil samples, surface water samples
and groundwater samples as well as such other reasonable investigations or analyses in each case

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as
are reasonable and necessary to assess the subject matter of the Release, threatened Release or
failure to comply. The Borrower shall, and shall cause each of the Subsidiaries to, reasonably
cooperate in the performance of any such environmental assessment and permit any such engineer or
consultant designated by the Administrative Agent to have reasonable access to each property or
facility at reasonable times and after reasonable notice to the Borrower of the plans to conduct
such an environmental assessment. All environmental assessments conducted pursuant to this
paragraph (c) shall be at the Borrower’s sole cost and expense.

     SECTION 5.08. Use of Proceeds. Use the proceeds of the Loans and request the issuance of Letters of
Credit only for the purposes set forth in Section 3.13.

     SECTION 5.09. Additional Collateral, etc. (a) With respect to any Collateral acquired after the
Closing Date or with respect to any property or asset which becomes Collateral pursuant to the
definition thereof after the Closing Date or, in the case of inventory or equipment that is part of
the Collateral, any material Collateral moved after the Closing Date by the Borrower or any other
Loan Party (other than any Collateral described in paragraphs (b), (c) or (d) of this Section) as
to which the Collateral Trustee, for the benefit of the Secured Parties, does not have a perfected
security interest, promptly (and, in any event, within 20 Business Days following the date of such
acquisition or designation) (i) execute and deliver to the Administrative Agent, the Collateral
Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement or such
other Security Documents as the Collateral Agent or the Collateral Trustee, as the case may be,
deems necessary or reasonably advisable to grant to the Collateral Trustee, for the benefit of the
Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or
reasonably requested by the Administrative Agent to grant to the Collateral Trustee, for the
benefit of the Secured Parties, a perfected (subject to the limitations set forth in Section 3.19)
first priority security interest in such Collateral (other than any Excluded Perfection Assets and,
except with respect to Pledged Securities in the possession of the Collateral Trustee, subject to
Permitted Liens, and in respect of Pledged Securities in the possession of the Collateral Trustee,
the Permitted Liens set forth in clauses (h) and (ff) of the definition thereof), including the
filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and
Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent, the
Collateral Agent or the Collateral Trustee (it being understood and agreed that no Control
Agreements shall be required pursuant to this paragraph in respect of any Counterparty Accounts).

     (b) With respect to any fee interest in any Collateral consisting of real property or any
lease of Collateral consisting of real property acquired or leased after the Closing Date by the
Borrower or any other Loan Party or which becomes Collateral pursuant to the definition thereof
(other than any Excluded Perfection Assets), promptly (and, in any event, within 60 days following
the date of such acquisition or such longer period as consented to by the Administrative Agent in
its sole discretion) (i) execute and deliver a first priority Mortgage in favor of the Collateral
Trustee, for the benefit of the Secured Parties, covering such real property and complying with the
provisions herein and in the Security Documents, (ii) provide the Secured
Parties with (A) title and extended coverage insurance (or, if approved by the Administrative
Agent in its sole discretion, a UCC title insurance policy) covering such real property in an
amount at least equal to the purchase price of such real property (or such other amount as shall be
reasonably specified by the Administrative Agent, the Collateral Agent or the Collateral Trustee,
which may be the value of the generation assets, if applicable, situated thereon), together
with
such endorsements as are reasonably required by the Administrative Agent, the Collateral Agent or
the Collateral Trustee and are obtainable in the State in which such Mortgaged Property is located,
as well as a current ALTA survey thereof complying with the requirements set forth in Schedule
5.09(b) and all of the other provisions herein and in the Security Documents, together

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with a
surveyor’s certificate and (B) any consents or estoppels reasonably deemed necessary or advisable
by the Administrative Agent, the Collateral Agent or the Collateral Trustee in connection with such
Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative
Agent, the Collateral Agent and the Collateral Trustee, (iii) if any such Collateral (other than
any Excluded Perfection Assets) consisting of fee-owned real property is required to be insured
pursuant to the Flood Disaster Protection Act of 1973 or the National Flood Insurance Act of 1968,
and the regulations promulgated thereunder, because it is located in an area which has been
identified by the Secretary of Housing and Urban Development as a “special flood hazard area,”
deliver to the Administrative Agent (A) a policy of flood insurance that (1) covers such Collateral
and (2) is written in an amount reasonably satisfactory to the Administrative Agent, (B) a “life of
loan” standard flood hazard determination with respect to such Collateral and (C) a confirmation
that the Borrower or such other Loan Party has received the notice requested pursuant to Section
208(e)(3) of Regulation H of the Board, (iv) if reasonably requested by the Administrative Agent,
deliver to the Administrative Agent, the Collateral Agent and the Collateral Trustee legal opinions
relating to the matters described above, which opinions shall be in form and substance, and from
counsel, reasonably satisfactory to the Administrative Agent, the Collateral Agent and the
Collateral Trustee and (v) deliver to the Administrative Agent a notice identifying the
consultant’s reports, environmental site assessments or other documents relied upon by the Borrower
or any other Loan Party to determine that any such real property included in such Collateral does
not contain Hazardous Materials of a form or type or in a quantity or location that could, or to
determine that the operations on any such real property included in such Collateral is in
compliance with Environmental Law except to the extent any non-compliance could not, reasonably be
expected to result in a material Environmental Liability.

     (c) With respect to any new Subsidiary (other than an Unrestricted Subsidiary or an Excluded
Subsidiary) created or acquired after the Closing Date (which, for the purposes of this paragraph,
shall include any existing Subsidiary that ceases to be an Unrestricted Subsidiary, an Excluded
Foreign Subsidiary or an Excluded Project Subsidiary) by the Borrower or any of the Subsidiaries,
promptly (and, in any event, within 20 days following such creation or the date of such
acquisition), (i) execute and deliver to the Administrative Agent, the Collateral Agent and the
Collateral Trustee such amendments to the Guarantee and Collateral Agreement as the Administrative
Agent, the Collateral Agent or the Collateral Trustee deems necessary or reasonably advisable to
grant to the Collateral Trustee, for the benefit of the Secured Parties, a valid, perfected first
priority security interest in the Equity Interests in such new Subsidiary that are owned by the
Borrower or any of the Subsidiaries, (ii) deliver to the Collateral Trustee the certificates, if
any, representing such Equity Interests, together with undated instruments of transfer or stock
powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such
Subsidiary, as the case may be, (iii) cause such new Subsidiary that is not an Excluded Subsidiary
or an Unrestricted Subsidiary (A) to become a party to the Guarantee and Collateral Agreement to,
among other things, provide Guarantees of the Guaranteed Obligations hereunder, the Collateral
Trust Agreement and the Intellectual Property Security Agreements and (B) to take such actions
necessary or reasonably requested by the Administrative Agent to grant
to the Collateral Trustee, for the benefit of the Secured Parties, a perfected (subject to the
limitations set forth in Section 3.19) first priority security interest (except with respect to
Pledged Securities, subject to Permitted Liens, and in respect of Pledged Securities, the Permitted
Liens in clause (h) of the definition thereof) in the Collateral described in the Guarantee and
Collateral Agreement and the Intellectual Property Security Agreement with respect to such new
Subsidiary that is not an Excluded Subsidiary, including the recording of instruments in the United
States Patent and Trademark Office and the United States Copyright Office (but not in any
intellectual property offices in any jurisdiction outside the United States), the execution and
delivery by all necessary Persons of Control Agreements (other than with respect to any
Counterparty Accounts)

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and the filing of UCC financing statements in such jurisdictions as may be
required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by
the Administrative Agent, the Collateral Agent or the Collateral Trustee and (iv) deliver to the
Administrative Agent, the Collateral Agent and the Collateral Trustee, if reasonably requested,
legal opinions relating to the matters described above, which opinions shall be in form and
substance, and from counsel, reasonably satisfactory to the Administrative Agent, the Collateral
Agent and the Collateral Trustee.

     (d) With respect to any new Excluded Foreign Subsidiary (other than an Unrestricted Subsidiary
or an Excluded Subsidiary pursuant to clause (ii) or (iii) of the definition thereof that is a
subsidiary of an Excluded Foreign Subsidiary) created or acquired after the Closing Date by the
Borrower or any of its Subsidiaries, promptly (and, in any event, within 25 days following such
creation or the date of such acquisition) (i) execute and deliver to the Administrative Agent, the
Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral
Agreement as the Administrative Agent, the Collateral Agent or the Collateral Trustee deems
necessary or advisable in order to grant to the Collateral Trustee, for the benefit of the Secured
Parties, a perfected first priority security interest in the Equity Interests in such new Excluded
Foreign Subsidiary that is directly owned by the Borrower or any of its Domestic Subsidiaries
(provided that in no event shall more than 66% of the total outstanding voting first-tier
Equity Interests in any such new Excluded Foreign Subsidiary be required to be so pledged), (ii)
deliver to the Collateral Trustee the certificates representing such Equity Interests, together
with undated instruments of transfer or stock powers, in blank, executed and delivered by a duly
authorized officer of the Borrower or such Domestic Subsidiary, as the case may be, and take such
other action as may be necessary or, in the reasonable opinion of the Administrative Agent, the
Collateral Agent or the Collateral Trustee, desirable to perfect the security interest of the
Collateral Trustee thereon and (iii) deliver to the Administrative Agent, the Collateral Agent and
the Collateral Trustee, if reasonably requested, legal opinions (which may be delivered by in-house
counsel if admitted in the relevant jurisdiction) relating to the matters described above, which
opinions shall be in form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent, the Collateral Agent and the Collateral Trustee.

     SECTION 5.10. Further Assurances. (a) From time to time duly authorize, execute and deliver, or
cause to be duly authorized, executed and delivered, such additional instruments, certificates,
financing statements, agreements or documents, and take all such actions (including filing UCC and
other financing statements), as the Administrative Agent, the Collateral Agent or the Collateral
Trustee may reasonably request, for the purposes of implementing or effectuating the provisions of
this Agreement and the other Loan Documents, or perfecting or renewing the rights of the
Administrative Agent, the Collateral Agent, the Issuing Bank, the Collateral Trustee and the
Secured Parties with respect to the Collateral (or with respect to any additions thereto or
replacements or proceeds or products thereof or with respect to any other property or assets
hereafter acquired by the Borrower or any Subsidiary which assets or property may be deemed to
be part of the Collateral), as applicable, pursuant hereto or thereto. Upon the exercise by
the Administrative Agent, the Collateral Agent, the Issuing Bank, the Collateral Trustee or any
Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan
Documents which requires any consent, approval, recording, qualification or authorization of any
Governmental Authority, the Borrower will execute and deliver, or will cause the execution and
delivery of, all applications, certifications, instruments and other documents and papers that the
Administrative Agent, the Collateral Agent, the Issuing Bank, the Collateral Trustee or such Lender
may be required to obtain from the Borrower or any of the Subsidiaries for such governmental
consent, approval, recording, qualification or authorization.

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     On or prior to the 45th day after the date any additional Deposit Account,
Securities Account or Commodities Account is opened after the Closing Date (except to the extent
any such account is an Excluded Asset, an Excluded Perfection Asset or a Counterparty Account), at
its sole expense, with respect to any such Deposit Account, Securities Account or Commodities
Account, each applicable Subsidiary Guarantor shall take any actions required for the Collateral
Trustee to obtain “control” (within the meaning of the applicable Uniform Commercial Code) with
respect thereto, including executing and delivering and causing the relevant depositary bank or
securities intermediary to execute and deliver a Control Agreement in form and substance reasonably
satisfactory to the Collateral Trustee.

     SECTION 5.11. Ownership of Funded L/C SPV. At all times own, pledge and grant a first-priority
security interest to the Collateral Trustee, for the benefit of the Secured Parties, in 100% of the
Equity Interests of the Funded L/C SPV owned directly or indirectly by the Borrower (other than any
preferred interests owned by any LC Issuer or other Persons on behalf of, or at the request of, any
LC Issuer in connection with Cash Collateralized Letter of Credit Facilities).

ARTICLE VI.

Negative Covenants

     The Borrower covenants and agrees with each Lender that, so long as this Agreement shall
remain in effect and until the Commitments have been terminated and the principal of and interest
on each Loan, all Fees and all other expenses or amounts payable under any Loan Document (other
than indemnification and other contingent obligations in each case not then due and payable) shall
have been paid in full and all Letters of Credit have been cancelled or have expired and all
amounts drawn thereunder have been reimbursed in full or reimbursement thereof shall have been
cash-collateralized in an amount equal to 103% of the Revolving L/C Exposure as of such time, the
Borrower will not, nor will it cause or permit any of its Restricted Subsidiaries to:

     SECTION 6.01. Indebtedness and Preferred Stock. Directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise,
with respect to (collectively, “incur”) any Indebtedness, and the Borrower will not issue
any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares
of preferred stock except for:

     (a) (i) the incurrence by the Borrower (and the Guarantee thereof by the Subsidiary
Guarantors) of the Indebtedness created (and the reimbursement obligations with respect to Letters
of Credit issued) under the Loan Documents and any Revolver Refinancing Indebtedness
and (ii) the incurrence by the Funded L/C SPV of Indebtedness and other obligations pursuant
to and in accordance with Cash Collateralized Letter of Credit Facilities providing for the
issuance of an aggregate face amount of letters of credit thereunder not to exceed $1,300,000,000
(plus any fees, costs and interest (if any) accrued thereon) at any time outstanding, the Funded
L/C SPV Guarantee by the Borrower in respect of any such Cash Collateralized Letter of Credit
Facility and any actual or contingent reimbursement obligations of the Borrower and its
Subsidiaries to the Funded L/C SPV with respect to any amounts drawn on letters of credit issued
for the benefit of the Borrower or any of its Subsidiaries under Cash Collateralized Letter of
Credit Facilities;

     (b) the incurrence by the Borrower and its Restricted Subsidiaries of the Existing
Indebtedness;

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     (c) the incurrence by the Borrower and the Subsidiary Guarantors of Indebtedness
represented by the Senior Notes issued on or prior to the First Restatement Date and the related
Guarantees of the Subsidiary Guarantors thereof;

     (d) the incurrence by the Borrower or any of its Restricted Subsidiaries of Indebtedness
represented by Attributable Debt, Capital Lease Obligations, mortgage financings or purchase money
obligations, in each case, incurred for the purpose of financing all or any part of the purchase
price or cost of design, construction, installation or improvement or lease of property (real or
personal), plant or equipment used in the business of the Borrower or any of its Restricted
Subsidiaries or incurred within 270 days after any of the foregoing, in an aggregate principal
amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance, replace,
defease or discharge any Indebtedness incurred pursuant to this clause (d), not to exceed
$800,000,000 at any time outstanding;

     (e) the incurrence by the Borrower or any of its Restricted Subsidiaries of Permitted
Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund,
refinance, replace, defease or discharge Indebtedness (other than intercompany Indebtedness) that
was permitted by this Agreement to be incurred under clauses (b), (c), (d), (e), (k), (m), clause
(B) of clause (p), (q), (r), (s) or (y) of this Section 6.01; provided that, in the case of
any Permitted Refinancing Indebtedness incurred in respect of Permitted Notes Indebtedness that was
permitted to be incurred under clause (y) of this Section 6.01, the covenants, events of default
and other terms of such Permitted Refinancing Indebtedness (other than fees, discounts, interest
rates and redemption premiums) shall not be more restrictive to the Borrower and the Restricted
Subsidiaries, in all material respects, and taken as a whole, than those in this Agreement;

     (f) the incurrence by the Borrower and the Restricted Subsidiaries of unsecured intercompany
Indebtedness; provided, however, that (A) if the Borrower or any Subsidiary
Guarantor is the obligor on such Indebtedness and the payee is not the Borrower or a Subsidiary
that is a Subsidiary Guarantor, such Indebtedness must be expressly subordinated to the prior
payment in full in cash of all Guaranteed Obligations hereunder (which subordination may be
pursuant to an Affiliate Subordination Agreement or any other agreement containing terms with
respect to the subordination of the obligations thereunder that are substantially the same as the
Affiliate Subordination Agreement or are otherwise reasonably acceptable to the Administrative
Agent, in each case, executed and delivered by both the applicable borrower and lender); and
(B)(x) any subsequent issuance or transfer of Equity Interests that results in any such
Indebtedness being held by a Person other than the Borrower or a Restricted Subsidiary and (y) any
sale or other transfer of any such Indebtedness to a Person that is not either the Borrower or a
Restricted Subsidiary will be deemed, in each case, to constitute an incurrence of such
Indebtedness by the Borrower or such Restricted Subsidiary, as the case may be, that was not
permitted by this clause (f);

     (g) the issuance by any of the Borrower’s Restricted Subsidiaries to the Borrower or to any of
its other Restricted Subsidiaries of shares of preferred stock; provided, however,
that (i) any subsequent issuance or transfer of Equity Interests that results in any such preferred
stock being held by a Person other than the Borrower or a Restricted Subsidiary and (ii) any sale
or other transfer of any such preferred stock to a Person that is not either the Borrower or a
Restricted Subsidiary will be deemed, in each case, to constitute an issuance of such preferred
stock by such Restricted Subsidiary that was not permitted by this clause (g);

     (h) the incurrence by the Borrower or any of its Restricted Subsidiaries of Commodity Hedging
Obligations, Eligible Commodity Hedging Obligations and Interest Rate/Currency Hedging Obligations;

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     (i) the Guarantee by (i) the Borrower or any of the Subsidiary Guarantors of Indebtedness of
the Borrower or a Restricted Subsidiary that was permitted to be incurred by another provision of
this Section 6.01 (other than clause (m) and (w)); (ii) any of the Excluded Project Subsidiaries of
Indebtedness of any other Excluded Project Subsidiary or of any Minority Investment and (iii) any
of the Excluded Foreign Subsidiaries of Indebtedness of any other Excluded Foreign Subsidiary;
provided that, in each such case, if the Indebtedness being guaranteed is subordinated to
the Guaranteed Obligations hereunder, then the Guarantee shall be subordinated to the same extent
as the Indebtedness guaranteed;

     (j) the incurrence by the Borrower or any of its Restricted Subsidiaries of Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument (except in the case of daylight overdrafts) inadvertently drawn against insufficient
funds, so long as such Indebtedness is covered within five Business Days;

     (k) [reserved];

     (l) the incurrence by the Borrower or any of its Restricted Subsidiaries of Indebtedness in
respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptance and
performance and surety bonds provided by the Borrower or a Restricted Subsidiary in the ordinary
course of business;

     (m) the incurrence of Additional Non-Recourse Indebtedness by any Excluded Project Subsidiary;

     (n) the incurrence of Indebtedness that may be deemed to arise as a result of agreements of
the Borrower or any Restricted Subsidiary providing for indemnification, adjustment of purchase
price or any similar obligations, in each case, incurred in connection with the acquisition or
disposition of any business, assets or Equity Interests of any Subsidiary or any business, assets
or Equity Interests acquired by the Borrower or any Restricted Subsidiary; provided that in
the case of any such disposition the aggregate maximum liability associated with such provisions
may not exceed the gross proceeds (including non-cash proceeds) of such disposition;

     (o) the incurrence by the Borrower or any Restricted Subsidiary of Indebtedness represented by
letters of credit, guarantees of Indebtedness or other similar instruments to the extent (A) such
instruments, including instruments supporting Commodity Hedging Obligations or Interest
Rate/Currency Hedging Obligations, are cash collateralized and (B) the Borrower or such Restricted
Subsidiary would not have been prohibited from expending the funds used to cash collateralize such
instrument directly under the terms of this Agreement;

     (p) the incurrence by the Borrower and/or any of its Restricted Subsidiaries of Indebtedness
prior to the Third Restatement Date pursuant to Section 6.01(p) of the Second Restated Credit
Agreement that is outstanding on the Third Restatement Date and of (A) additional Indebtedness
thereafter if (1) such Indebtedness does not mature, and is not subject to mandatory repurchase,
redemption or amortization (other than pursuant to customary asset sale or change of control
provisions requiring redemption or repurchase and other than amortization payments of up to 1% of
the initial principal amount per annum) prior to the date that is six months after the Latest
Maturity Date of all Classes of Loans or Commitments then outstanding, provided,
however, that the restrictions in this Section 6.01(p)(A)(1) shall not apply to any
Indebtedness in the form of Letters of Credit, any other letters of credit and any Indebtedness
that is secured by any assets of the Borrower or any Restricted Subsidiary, (2) no Default or Event
of Default exists immediately prior to, or would exist immediately after giving effect to, the

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incurrence of such Indebtedness, (3) the Consolidated Leverage Ratio for the Borrower’s most
recently ended Test Period for which financial statements are publicly available immediately
preceding the date on which such additional Indebtedness is incurred would have been no more than
5.25 to 1.00 (or, at any time after December 31, 2007, 5.00 to 1.00), determined on a pro forma
basis (including a pro forma application of the net proceeds therefrom and giving pro forma effect
to any transactions (including any acquisitions and any Consolidated EBITDA resulting therefrom) in
connection with such additional Indebtedness consummated substantially contemporaneously with the
incurrence of such additional Indebtedness), as if such additional Indebtedness (and any other
Indebtedness incurred during such Test Period or from the end of such Test Period through the date
on which such calculation is made) had been incurred, and such transactions had been consummated,
at the beginning of the applicable Test Period and was outstanding on such calculation date and (4)
the Consolidated Interest Coverage Ratio for the Borrower’s most recently ended Test Period for
which financial statements are publicly available immediately preceding the date on which such
additional Indebtedness is incurred, would have been at least 2.00 to 1.00 determined on a pro
forma basis (including a pro forma application of the net proceeds therefrom and giving pro forma
effect to any transactions (including any acquisitions and any Consolidated EBITDA resulting
therefrom) in connection with such additional Indebtedness consummated substantially
contemporaneously with the incurrence of such additional Indebtedness), as if such additional
Indebtedness (and any other Indebtedness incurred during such Test Period or from the end of such
Test Period through the date on which such calculation is made), and such transactions had been
consummated, had been incurred at the beginning of the applicable Test Period and (B) additional
Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time
outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance,
replace, defease or discharge any Indebtedness incurred pursuant to this clause (p)(B), not to
exceed $250,000,000; provided that in the case of any incurrence of any Indebtedness
pursuant to subclause (A) or (B) of this clause (p), (x) the Borrower shall be in compliance as of
the date of such incurrence, on a pro forma basis after giving effect to the incurrence of such
Indebtedness, with the covenants set forth in Sections 6.13 and 6.14, as if such Indebtedness (and
any other Indebtedness incurred during such Test Period or from the end of such Test Period through
the date such calculation is made) had been incurred on the first day of the applicable Test
Period; and (y) no more than the greater of (1) $750,000,000 and (2) an amount equal to the
Consolidated EBITDA of the Borrower for the period of four consecutive fiscal quarters most
recently ended on or prior to the date on which such Indebtedness is incurred multiplied by
25% (less, in the case of each of clause (1) and clause (2), the aggregate principal amount of any
New Loan Commitments obtained pursuant to clause (a)(1) of Section 2.25) in aggregate principal
amount of Indebtedness incurred pursuant to this clause (p) may be secured by first priority and/or
second priority Liens on the Collateral, and any such Liens must be granted in favor of the
Collateral Trustee in the manner set forth in, and be otherwise subject to (and in compliance
with), the Collateral Trust Agreement; and provided, further that in connection
with the incurrence of Indebtedness secured by first priority Liens pursuant to this clause (p),
the requirements of Section 9.19 shall have been satisfied to the extent applicable;

     (q) the incurrence of Indebtedness of a Person or Indebtedness attaching to assets of a Person
that, in either case, becomes a Restricted Subsidiary or Indebtedness attaching to assets that are
acquired by the Borrower or any Restricted Subsidiary, in each case after the Closing Date as the
result of a Permitted Acquisition; provided that (i) such Indebtedness existed at the time
such Person became a Restricted Subsidiary or at the time such assets were acquired and, in each
case, was not created in anticipation thereof, (ii) such Indebtedness is not guaranteed in any
respect by the Borrower or any Restricted Subsidiary (other than any such Person that so becomes a
Restricted Subsidiary) except to the extent that such Guarantee is permitted to be incurred (and is
so incurred) pursuant to clause (p) of this Section 6.01 and (iii)(A) the Equity Interests of such

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Person are pledged to the Administrative Agent to the extent required under Section 5.09 and
(B) such Person executes a supplement to each of the Security Documents (or alternative guarantee
and security arrangements in relation to the Obligations) to the extent required under Section
5.09;

     (r) the incurrence by the Borrower or any Restricted Subsidiary of Indebtedness to finance a
Permitted Acquisition; provided that (i) such Indebtedness is not guaranteed in any respect
by any Restricted Subsidiary (other than any Person acquired (the “acquired Person”) as a
result of such Permitted Acquisition) or by the Borrower except to the extent that such Guarantee
is permitted to be incurred (and is so incurred) pursuant to clause (p) of this Section 6.01, and
(ii)(A) the Borrower pledges the Equity Interests of such acquired Person to the Administrative
Agent to the extent required under Section 5.09 and (B) such acquired Person executes a supplement
to the Security Documents (or alternative guarantee and security arrangements in relation to the
Obligations) to the extent required under Section 5.09;

     (s) the incurrence by the Borrower and/or any of its Restricted Subsidiaries of unsecured
Indebtedness, in each case, (i) that does not mature, and is not subject to mandatory repurchase,
redemption or amortization (other than pursuant to customary asset sale or change of control
provisions requiring redemption or repurchase) prior to the date that is six months after the
Latest Maturity Date of all Classes of Loans or Commitments then outstanding, (ii) that is not
exchangeable or convertible into Indebtedness of the Borrower (other than other Indebtedness
permitted by this clause (s)) or any Restricted Subsidiary or any preferred stock or other Equity
Interest and (iii) solely to the extent the Net Cash Proceeds thereof are used to prepay Term B
Loans pursuant to and to the extent required by Section 2.13(c);

     (t) the incurrence by the Borrower or any Restricted Subsidiary of Indebtedness consisting of
(i) obligations to pay insurance premiums or (ii) take-or-pay obligations contained in supply
agreements, in each case arising in the ordinary course of business and not in connection with the
borrowing of money or Hedging Agreements;

     (u) the issuance by any of the Excluded Subsidiaries of shares of preferred stock the proceeds
of which are used solely to finance the development, construction or acquisition by such Subsidiary
of fixed or capital assets useful in the conduct of the Permitted Business;

     (v) the incurrence by the Borrower or any Restricted Subsidiary of Environmental CapEx Debt or
Necessary CapEx Debt, in an aggregate principal amount not to exceed $400,000,000 at any time
outstanding; provided that, prior to the incurrence of any such Environmental CapEx Debt or
Necessary CapEx Debt, the Borrower shall deliver to the Administrative Agent an officers’
certificate designating such Indebtedness as Environmental CapEx Debt or Necessary CapEx Debt, as
applicable;

     (w) [reserved];

     (x) Indebtedness consisting of representations, warranties, covenants and indemnities made by,
and repurchase, payment and other obligations of, the Borrower or any Restricted Subsidiary in
connection with a South Central Securitization permitted by Section 6.04; provided that
such representations, warranties, covenants, indemnities and repurchase, payment and other
obligations are of the type customarily included in securitizations of accounts receivable intended
to constitute true sales of such accounts receivable to a securitization vehicle;

     (y) the incurrence by the Borrower or any of its Restricted Subsidiaries of Indebtedness in
respect of Permitted Notes (such Indebtedness, “Permitted Notes Indebtedness”);

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provided, that (i) 100% of the Net Cash Proceeds of such Permitted Notes Indebtedness
shall be applied to permanently prepay then existing Term B Loans or Credit-Linked Deposits (such
prepaid Term B Loans or Credit-Linked Deposits, the “Credit Agreement Refinanced Debt”) in
accordance with Section 2.13(c), (ii) such Permitted Notes Indebtedness shall not mature, and is
not subject to mandatory repurchase, redemption or amortization (other than pursuant to customary
asset sale or change of control provisions requiring redemption or repurchase) prior to the date
that is six month after the Latest Maturity Date of all Classes of Loans or Commitments included in
the Credit Agreement Refinanced Debt, (iii) such Permitted Notes Indebtedness is not exchangeable
or convertible into Indebtedness of the Borrower or any Restricted Subsidiary (other than other
Indebtedness permitted by this clause (y)), (iv) such Permitted Notes Indebtedness shall not be
guaranteed by any Person other than a Loan Party and the terms of such Guarantees shall, in all
material respects, and taken as a whole, not be materially more favorable to the holders of such
Permitted Notes Indebtedness than the terms of the Guarantees under the Guarantee and Collateral
Agreement are to the Secured Parties, (v) no Default or no Event of Default exists immediately
prior to, or would exist immediately after giving effect to, the incurrence of such Permitted Notes
Indebtedness, (vi) the covenants, events of default and other terms of such Permitted Notes
Indebtedness (other than fees, discounts, interest rates and redemption premiums) shall not, in all
material respects, and taken as a whole, be more restrictive to the Borrower and the Restricted
Subsidiaries than those in this Agreement and (vii) if such Permitted Notes Indebtedness is secured
by first priority or second priority Liens on all or a portion of the Collateral, any such Liens
must be granted in favor of the Collateral Trustee in the manner set forth in, and be otherwise
subject to (and in compliance with), the Collateral Trust Agreement (and the obligations in respect
thereof shall not be secured by Liens on any assets of the Borrower and the Restricted
Subsidiaries, other than assets constituting all or a portion of the Collateral); and
provided, further, that in connection with the incurrence of Permitted Notes
secured by first priority Liens pursuant to this clause (y), the requirements of Section 9.19 shall
have been satisfied to the extent applicable; and

     (z) the incurrence by the Borrower or any Restricted Subsidiary of Indebtedness evidenced by
or in support of any Tax-Exempt Bonds and any Guarantee thereof by the Borrower or any Restricted
Subsidiary; provided, that (i) to the extent that the aggregate principal amount of such
Tax-Exempt Bonds at any time outstanding shall exceed $500,000,000, the Borrower shall permanently
prepay then existing Term B Loans and/or Credit-Linked Deposits in accordance with Section 2.13(c)
in an aggregate amount equal to the excess of the aggregate principal amount of such Tax-Exempt
Bonds over $500,000,000, (ii) such Tax-Exempt Bonds shall not mature, and shall not be subject to
mandatory repurchase, redemption or amortization (other than pursuant to customary asset sale or
change of control provisions requiring redemption or repurchase) prior to the date that is six
month after the Latest Maturity Date of all Classes of Loans or Commitments then outstanding, (iii)
such Tax-Exempt Bonds shall not be guaranteed by any Person other than a Loan Party and the terms
of such Guarantees shall, in all material respects, and taken as a whole, not be materially more
favorable to the holders of such Tax-Exempt Bonds than the terms of the Guarantees under the
Guarantee and Collateral Agreement are to the Secured Parties, (iv) no Default or no Event of
Default exists immediately prior to, or would exist immediately after giving effect to, the
incurrence of such Tax-Exempt Bonds, (v) the covenants, events of default and other terms of such
Tax-Exempt Bonds (other than fees, discounts, interest rates and redemption premiums) shall not, in
all material respects, and taken as a whole, be more restrictive to the Borrower and the Restricted
Subsidiaries than those in this Agreement and (vi) if such Tax-Exempt Bonds are secured either (x)
they are secured only by the Facility with respect to which such Tax-Exempt Bonds shall relate (and
related assets of the obligor thereunder) and not by any Collateral or (y) they are secured by
Liens granted in favor of the Collateral Trustee in the manner set forth in, and be otherwise
subject to (and in compliance with), the Collateral Trust Agreement (and the obligations in respect
thereof shall not be secured

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by Liens on any assets of the Borrower and the Restricted Subsidiaries, other than assets
constituting all or a portion of the Collateral), provided that in connection with the
incurrence of Tax-Exempt Bonds secured as described in clause (y) above, the requirements of
Section 9.19 shall have been satisfied to the extent applicable.

     SECTION 6.02. Liens. Directly or indirectly, create, incur, assume or suffer to exist any Lien of
any kind on any asset now owned or hereafter acquired, except Permitted Liens.

     SECTION 6.03. Limitation on Sale and Leaseback Transactions. Enter into any sale and leaseback
transaction; provided that the Borrower or any Restricted Subsidiary (other than the Funded
L/C SPV) may enter into a sale and leaseback transaction if (a) the Borrower or that Restricted
Subsidiary, as applicable, could have (i) incurred Indebtedness in an amount equal to the
Attributable Debt (if any) relating to such sale and leaseback transaction under Section 6.01(d)
hereof and (ii) incurred a Lien to secure such Indebtedness (if any) or other obligations
associated with such transaction pursuant to the provisions of Section 6.02 hereof; (b) the gross
cash proceeds of that sale and leaseback transaction are at least equal to the Fair Market Value of
the property that is subject of that sale and leaseback transaction (unless such transaction is a
Permitted Tax Lease or a Permitted Environmental Control Lease); and (c) in the event that such
sale and leaseback transaction constitutes an Asset Sale, the transfer of assets in that sale and
leaseback transaction is permitted by Section 6.04, and the Borrower applies the proceeds of such
transaction in compliance with Section 2.13(b), if and to the extent required thereby;

     SECTION 6.04. Mergers, Consolidations and Sales of Assets. (a) (x) Merge into or consolidate with
any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or
dissolve, or (y) sell, transfer, lease, issue or otherwise dispose of (in one transaction or in a
series of transactions) all or substantially all of the assets (whether now owned or hereafter
acquired) of the Borrower, except that if at the time thereof and immediately after giving effect
thereto no Event of Default or Default shall have occurred and be continuing (i) any Restricted
Subsidiary (other than the Funded L/C SPV) may merge into the Borrower in a transaction in which
the Borrower is the surviving corporation, (ii) any Restricted Subsidiary (other than the Funded
L/C SPV) may merge into or consolidate with any other Restricted Subsidiary in a transaction in
which the surviving entity is a Restricted Subsidiary and no Person other than the Borrower or a
Restricted Subsidiary receives any consideration (provided that if any party to any such
transaction is (A) a Loan Party, the surviving entity of such transaction shall be a Loan Party,
(B) a Domestic Subsidiary, the surviving entity of such transaction shall be a Domestic Subsidiary
and (C) a Core Collateral Subsidiary, the surviving entity shall be a Core Collateral Subsidiary),
(iii) any merger or consolidation of a Restricted Subsidiary (other than the Funded L/C SPV) will
be permitted in connection with an Investment permitted by Section 6.05(g), 6.05(j) or 6.05(l) and
(iv) any Restricted Subsidiary (other than a Core Collateral Subsidiary and the Funded L/C SPV) may
liquidate or dissolve or, solely for purposes of reincorporating in a different jurisdiction, merge
if the Borrower determines in good faith that such liquidation or dissolution or merger is in the
best interests of the Borrower and could not reasonably be expected to result in a Material Adverse
Effect.

     (b) Consummate any Asset Sale (notwithstanding that it may be otherwise permitted under
paragraph (a) above) (including a Sale of Collateral and a Sale of Core Collateral) (other than in
respect of a sale of the South Central Securitization Assets which shall be permitted
regardless of whether the requirements of this Section 6.04(b) are satisfied so long as the
requirements of clause (d) of this Section 6.04 shall be satisfied) unless (i) other than in the
case of a Permitted Tax Lease or a Permitted Environmental Control Lease, the Borrower (or the
Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at
least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise

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disposed of; (ii) other than in the case of a Permitted Tax Lease, a Permitted Environmental
Control Lease, a Permitted Asset Swap or the sale of equity interests of an Excluded Project
Subsidiary that is made in connection with the conversion of a convertible note of such Excluded
Project Subsidiary (or portion thereof) into such equity interest (provided that the
consideration received at the time of such note was issued shall have satisfied the requirements of
this clause (ii)), at least 75% of the consideration received in the Asset Sale by the Borrower or
such Restricted Subsidiary is in the form of cash (for purposes of this provision, any securities,
notes or other obligations received by the Borrower or any such Restricted Subsidiary from such
transferee that are converted by the Borrower or such Restricted Subsidiary into cash within 180
days of the receipt of such securities, notes or other obligations, to the extent of the cash
received in that conversion will be deemed to be cash); (iii) the Borrower shall apply the Net Cash
Proceeds received therefrom in accordance with Section 2.13(b) to the extent required thereby;
(iv) any consideration in excess of $15,000,000 received by the Borrower or any Subsidiary
Guarantor in connection with such Asset Sale pursuant to this paragraph (b) that is in the form of
Indebtedness shall be pledged to the Collateral Agent pursuant to Section 5.09; (v) with respect to
any such Asset Sale (or series of related Asset Sales) in an aggregate amount in excess of
$50,000,000, the Borrower shall be in compliance, on a pro forma basis after giving effect to such
Asset Sale, with the covenants set forth in Sections 6.13 and 6.14, as if such Asset Sale had
occurred on the first day of the applicable Test Period; and (vi) after giving effect to any such
Asset Sale, no Default or Event of Default shall have occurred and be continuing.

     (c) In the case of the Borrower, at any time own, either directly or indirectly or through one
or more Loan Parties, beneficially and of record, less than all of the Equity Interests in any Core
Collateral Subsidiary (other than such Equity Interests constituting Excluded Core Collateral) and
less than all of the Equity Interests in the Funded L/C SPV (other than any preferred interests
owned by any LC Issuer or other Persons on behalf of, or at the request of, any LC Issuer in
connection with Cash Collateralized Letter of Credit Facilities).

     (d) The Borrower or any Restricted Subsidiary may sell South Central Securitization Assets to
a Securitization Vehicle in a South Central Securitization; provided that (i) each such
South Central Securitization is effected on market terms, (ii) the aggregate amount of the Sellers’
Retained Interests in such South Central Securitization does not exceed an amount at any time
outstanding that is customary for similar transactions, (iii) the proceeds to each such
Securitization Vehicle from the issuance of Third Party Securities are applied by such
Securitization Vehicle substantially simultaneously with receipt thereof to the purchase from the
Borrower or Restricted Subsidiaries of South Central Securitization Assets, and (iv) Seller’s
Retained Interests in respect of each such Securitization Vehicle shall be pledged in favor of the
Secured Parties pursuant to the Security Documents; provided that no such pledge shall be
required under this clause (iv) to the extent that such pledge is prohibited by the governing
documentation with respect to the applicable South Central Securitization; provided
further that the Borrower or the applicable Restricted Subsidiary shall have used its
commercially reasonable efforts to avoid such prohibition in such governing documentation.

     SECTION 6.05. Limitation on Investments. Make any Investment except for:

     (a) extensions of trade credit, asset purchases (including purchases of inventory, supplies
and materials), the licensing of intellectual property and contribution of intellectual property
pursuant to joint marketing arrangements with other Persons;

     (b) Cash Equivalents;

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     (c) loans and advances to officers, directors and employees of the Borrower or any of its
Restricted Subsidiaries (i) to finance the purchase of Capital Stock of the Borrower
(provided that the amount of such loans and advances used to acquire such Capital Stock
shall be contributed to the Borrower in cash as common equity), (ii) for reasonable and customary
business related travel expenses, moving expenses and similar expenses, and (iii) for additional
purposes not contemplated by subclause (i) or (ii) above in an aggregate principal amount at any
time outstanding with respect to this clause (iii) not exceeding $5,000,000 in any fiscal year
(with unused amounts in any such period being carried-forward to any succeeding fiscal year);

     (d) Investments existing on the Closing Date and any extensions, renewals or reinvestments
thereof, so long as the aggregate amount of all Investments pursuant to this clause (d) is not
increased at any time above the amount of such Investments existing on the Closing Date;

     (e) Investments in Hedging Obligations to the extent not prohibited by Section 6.01;

     (f) Investments received in connection with the bankruptcy or reorganization of trade
creditors, trade counterparties, suppliers or customers and in settlement of delinquent obligations
of, and other disputes with, customers;

     (g) Investments to the extent that payment for such Investments is made with Capital Stock of
the Borrower;

     (h) Investments in any Restricted Subsidiary, as valued at the Fair Market Value of such
Investment at the time each such Investment is made, in an aggregate amount that, at the time such
Investment is made, would not exceed the Retained Prepayment Amount at such time;

     (i) Investments (including in the form of loans) in the Borrower or any Subsidiary Guarantor;

     (j) Investments constituting Permitted Acquisitions;

     (k) Investments made to repurchase or retire common stock of the Borrower owned by any
employee stock ownership plan or key employee, directors and officers, or other stock ownership
plans of the Borrower;

     (l) (i) additional Investments (including Investments in Excluded Subsidiaries, Minority
Investments and Unrestricted Subsidiaries) and (ii) Investments in joint ventures or similar
entities that do not constitute Restricted Subsidiaries, in each case as valued at the Fair Market
Value of such Investment at the time each such Investment is made,

               (A) (1) to the extent such Investments exist on the Third Restatement Date and were made
pursuant to Section 6.05(l)(A) or 6.05(l)(B) of the Second Restated Credit
Agreement prior to the Third Restatement Date (and so reduced the Available Amount at the time
made) plus (2) additional Investments on or after the Third Restatement Date in an aggregate amount
that, at the time such Investment is made, would not exceed the sum of (x) $500,000,000
plus (y) the Available Amount at such time plus (z) to the extent such amounts do
not increase the Available Amount, an amount equal to any repayments, interest, returns, profits,
distributions, income and similar amounts actually received in cash in respect of any such
Investment (which amount shall not exceed the amount of such Investment valued at the Fair Market
Value of such Investment at the time such Investment was made) plus an amount equal to any letters
of credit, guarantees and other contingent credit support that constitute Investments that were
made

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pursuant to this clause (l) to the extent such letters of credit, guarantees or other
contingent credit support are cancelled, expire or are otherwise terminated except to the extent of
any payment being required thereon, and/or

               (B) in the case of Investments described in clause (l)(ii) above only that are made by the
Borrower or any Restricted Subsidiary (other than any Excluded Subsidiary), in an aggregate amount
that, at the time such Investment is made, would be permitted to be expended as a Capital
Expenditure under Section 6.12, to the extent that (x) the applicable joint venture owns an
interest in assets the addition of which would have been a Capital Expenditure if acquired or
constructed, and owned, directly by the Borrower or a Restricted Subsidiary (other than any
Excluded Subsidiary) and (y) the ability of the Borrower and/or one or more Restricted Subsidiaries
to receive cash flows attributable to its interest therein at the time of determination are not
prohibited by contract, Applicable Law or otherwise;

               provided, however, that the face amount of any Letters of Credit and letters
of credit under Cash Collateralized Letter of Credit Facilities issued for the benefit of a
Subsidiary of the Borrower that (x) is not a Subsidiary Guarantor or (y) is a Minority Investment
(whether constituting an Investment or not) shall, only for as long as such Letter of Credit or
letter of credit, as applicable, is outstanding (to the extent of such outstanding amount), reduce
the amount of Investments permitted to be made under this Section 6.05(l) by an amount equal to the
face amount of such Letters of Credit and letters of credit.

     (m) additional Investments in any Minority Investment or any Excluded Subsidiary by another
Excluded Subsidiary, other than any such Investments made with the proceeds of Non-Recourse
Indebtedness; provided, however, that (i) Investments in an Excluded Subsidiary or
Minority Investment with the proceeds of Non-Recourse Indebtedness by another Excluded Subsidiary
that is a direct or indirect parent of such Excluded Subsidiary or Minority Investment shall be
permitted and (ii) Investments in an Excluded Subsidiary or Minority Investment with the proceeds
of Non-Recourse Indebtedness by another Excluded Subsidiary that is formed solely for the purposes
of incurring such Non-Recourse Indebtedness, that has no other assets other than de minimis assets
and that has the same direct parent as such Excluded Subsidiary or Minority Investment shall be
permitted;

     (n) the Acquisition Transactions;

     (o) the contribution of any one or more of the Specified Facilities to a Restricted Subsidiary
that is not a Loan Party;

     (p) Investments that are received in consideration of the contribution by the Borrower or a
Restricted Subsidiary of assets (other than cash, Cash Equivalents or Core Collateral), valued at
the Fair Market Value of such Investment at the time such Investment is made, in an aggregate
amount that, at the time such Investment is made, would not exceed the Fair Market Value of the sum
of (i) to the extent such amounts do not increase the Available
Amount, all Capital Stock of the Borrower, paid as consideration in connection with a
Permitted Acquisition (valued at the time of consummation of such Permitted Acquisition)
consummated after the Closing Date and on or prior to the date of such Investment so long as all
Equity Interests and other assets that were acquired by the Borrower or a Restricted Subsidiary
through such Permitted Acquisition have been pledged to the Collateral Agent to the extent required
under Section 5.09 (provided that such acquired assets shall not be Excluded Assets
pursuant to clauses (viii) or (xiii) of the definition thereof) and (ii) to the extent such amounts
do not increase the Available Amount, all assets that (A) were distributed, without consideration
(other than nominal consideration to the extent required under applicable law), by an Excluded
Subsidiary (other than

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the Funded L/C SPV) or Minority Investment to the Borrower or a Subsidiary
Guarantor after the Closing Date (valued at the time of such distribution) or (B) were owned at the
time by an Excluded Subsidiary or Unrestricted Subsidiary that became a Subsidiary Guarantor after
the Closing Date and that have been pledged to the Collateral Agent to the extent required by
Section 5.09 (valued at the time of such guarantee); provided that any amounts specified to
in clauses (i) and (ii) above shall not be used to increase any amounts set forth in the other
clauses of this Section 6.05 (it being understood that any amounts specified in clauses (i) and
(ii) above may be combined with amounts set forth in other clauses of this Section 6.05 to the
extent such combination does not result in duplication);

     (q) (i) Investments permitted under Section 6.06 and (ii) Guarantees permitted under Section
6.01 (including the Funded L/C SPV Guarantee);

     (r) Investments consisting of Seller’s Retained Interests in a South Central Securitization
permitted by Section 6.04 and any servicing fees and other similar rights related to the South
Central Securitization permitted by Section 6.04;

     (s) Investments pursuant to transactions described Section 6.08(b)(xix);

     (t) the acquisition or ownership by the Borrower or any Subsidiary of any interest in STP
Nuclear Operating Company and/or any nuclear insurance mutual, association, fund or syndicate
(including American Nuclear Insurers and/or Nuclear Electric Insurance Limited) relating to any
nuclear Facility of the Borrower or such Subsidiary; and

     (u) (i) the Funded L/C SPV Equity Contribution, (ii) Investments in the Funded L/C SPV in an
amount not to exceed any fees (including fronting, issuance, amendment and other similar fees),
interest, costs and expenses incurred from time to time by the Funded L/C SPV under Cash
Collateralized Letter of Credit Facilities, (iii) so long as no Default or Event of Default exists
or would exist after giving effect thereto, Investments in the Funded L/C SPV in an amount equal to
any amounts actually received in cash in respect of the Investment resulting from the Funded L/C
SPV Equity Contribution by the Borrower or any Subsidiary Guarantor from the Funded L/C SPV and
(iv) Investments constituting an actual or contingent reimbursement obligation of the Borrower or
any of its Subsidiaries to the Funded L/C SPV with respect to any amounts drawn on letters of
credit issued for the benefit of the Borrower, any of its Subsidiaries or any Minority Investments
under Cash Collateralized Letter of Credit Facilities.

     SECTION 6.06. Limitation on Dividends. Declare or pay any dividends (other than dividends payable
solely in its Capital Stock) or return any capital to its shareholders or make any other
distribution, payment or delivery of property or cash to its shareholders as such, or redeem,
retire, purchase or otherwise acquire, directly or indirectly, for consideration, any shares of any
class of its Capital Stock or the Capital Stock of any direct or indirect parent of the Borrower
now or hereafter outstanding (or any
options or warrants or stock appreciation rights issued with respect to any of its Capital
Stock), or permit any of the Restricted Subsidiaries to purchase or otherwise acquire for
consideration (other than in connection with an Investment permitted by Section 6.05 (except for
any such Investment involving the purchase of Capital Stock of the Borrower from shareholders of
the Borrower) any shares of any class of the Capital Stock of the Borrower now or hereafter
outstanding (or any options or warrants or stock appreciation rights issued with respect to any of
its Capital Stock) (all of the foregoing “Dividends”); provided that so long as no
Default or Event of Default exists or would exist after giving effect thereto:

     (a) the Borrower may redeem in whole or in part any of its Capital Stock for another class of
Capital Stock or rights to acquire its Capital Stock or with proceeds from substantially

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concurrent
equity contributions or issuances of new shares of its Capital Stock; provided that such
other class of Capital Stock contains terms and provisions at least as advantageous to the Lenders
in all material respects as those contained in the Capital Stock redeemed thereby;

     (b) the Borrower may repurchase shares of its Capital Stock (or any options or warrants or
stock appreciation rights issued with respect to any of its Capital Stock) held by current or
former officers, directors and employees of the Borrower and its Subsidiaries in an aggregate
amount not to exceed (i) $10,000,000 in any fiscal year and (ii) $50,000,000 in the aggregate from
and after the Closing Date, so long as such repurchase is pursuant to, and in accordance with the
terms of, management and/or employee stock plans, stock subscription agreements, employment
agreements or shareholder agreements or termination agreements;

     (c) in addition to clause (d) below, the Borrower or any Restricted Subsidiary may declare and
make distributions on its Capital Stock at any time or pay other Dividends; provided that
the aggregate amount of such distributions or Dividends paid by the Borrower and any such
Restricted Subsidiary on or after the Third Restatement Date pursuant to this clause (c) shall not
exceed the Available Amount at the time of such distribution or Dividend;

     (d) in addition to clause (c) above, the Borrower (i) may declare and make distributions on
its Preferred Stock pursuant to the terms of such Preferred Stock (as in effect on the Closing
Date), (ii) may redeem in whole or in part any of its Preferred Stock with proceeds from
substantially concurrent equity contributions or issuances of new shares of its Capital Stock
(other than Disqualified Stock) and (iii) may redeem in whole or in part any of its Sponsor
Preferred Stock with the Net Cash Proceeds from Asset Sales but only to the extent such Net Cash
Proceeds were first offered to and declined by Term Lenders in accordance with the provisions of
Section 2.13(e) and (f) and not otherwise used for purposes set forth in the definition of
“Retained Prepayment Amount”;

     (e) any Restricted Subsidiary may pay any Dividend (or, in the case of any partnership or
limited liability company, any similar distribution) to (i) any Loan Party or (ii) the holders of
its Equity Interests on a pro rata basis;

     (f) the Borrower may make payments to holders of the Borrower’s Capital Stock in lieu of the
issuance of fractional shares of its Capital Stock; and

     (g) the Borrower may enter into transactions for the purchase, redemption, acquisition,
cancellation or other retirement for a nominal value per right of any rights granted to all the
holders of Capital Stock of the Borrower pursuant to any shareholders’ rights plan adopted for the
purpose of protecting shareholders from takeover tactics; provided that any such purchase,
redemption, acquisition, cancellation or other retirement of such rights is not for the purpose of
evading the limitations of this covenant (all as determined in good faith by the Board of
Directors of the Borrower).

     SECTION 6.07. Limitations on Debt Payments; Restrictive Agreements. (a) Make any distribution,
whether in cash, property, securities or a combination thereof, other than regularly scheduled
payments of principal, fees and interest as and when due (to the extent not prohibited by
applicable subordination provisions and whether or not such regularly scheduled payments may at the
obligor’s option be paid in kind or in other securities), in respect of, or pay, or offer or commit
to pay, or directly or indirectly redeem, repurchase, retire or otherwise acquire for
consideration, any Indebtedness (other than intercompany Indebtedness of the Borrower and the
Subsidiaries), except (i) the payment of the Indebtedness created hereunder, (ii) the incurrence of
Indebtedness under Section 6.01 which refinances other Indebtedness that was incurred under

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Section 6.01 (and in connection with such refinancing the payment of any interest, fees and
premiums payable in respect of the principal being refinanced) and any payments made in connection
with the replacing or repricing of certain Commodity Hedging Agreements described in subclause
(iii) of clause (b) of the definition of “Transactions”, (iii) the payment of secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of, or a Recovery Event with respect
to, the property or assets securing such Indebtedness, (iv) the payment of Non-Recourse
Indebtedness or Indebtedness permitted by Section 6.01(p) of an Excluded Subsidiary with internally
generated cash flow of such Excluded Subsidiary or with the proceeds of Investments made pursuant
to and in accordance with Section 6.05(e), 6.05(g), 6.05(h), 6.05(l), 6.05(m), 6.05(p) or 6.05(s),
(v) any such payment or distribution on or after the Third Restatement Date in an aggregate amount
not in excess of the Available Amount at the time of such payment or distribution, (vi) the payment
of Indebtedness in connection with the Acquisition Transactions, (vii) any such payment or
distribution in an aggregate amount not in excess of the Retained Prepayment Amount at the time of
such payment or distribution, (viii) the payment of Non-Recourse Indebtedness of any Restricted
Subsidiary if the Lien on such property or assets of such Restricted Subsidiary securing such
Non-Recourse Indebtedness shall be released and such property or assets shall become Collateral and
shall be pledged to the Collateral Agent, (ix) any such payment of Senior Debt if the Consolidated
First Lien Senior Secured Leverage Ratio for the Borrower’s most recently ended Test Period for
which financial statements are publicly available immediately preceding the date of such payment
would have been no more than 1.50 to 1.00, determined on a pro forma basis, as if such payment had
been made at the beginning of the applicable Test Period and (x) the payment of any drawing with
respect to a letter of credit issued under a Cash Collateralized Letter of Credit Facility by the
Funded L/C SPV (including from the Funded L/C Collateral Accounts) or any other Indebtedness
thereunder.

     (b) Enter into, incur or permit to exist any agreement or other arrangement that prohibits,
restricts or imposes any condition upon the ability of the Borrower or any Restricted Subsidiary
other than an Excluded Subsidiary to create, incur or permit to exist any Lien upon any of its
property or assets in favor of the Secured Parties securing the Guaranteed Obligations (it being
understood that any agreement that contains general prohibitions or restrictions on the existence
of Liens but expressly permits Liens in favor of the Secured Parties securing the Guaranteed
Obligations shall not be prohibited or otherwise limited by the covenant contained in this Section
6.07(b)); provided that the foregoing shall not apply to (i) restrictions and conditions
imposed by law, (ii) customary restrictions and conditions contained in agreements relating to the
purchase or sale of a Restricted Subsidiary or asset pending such purchase or sale;
provided such restrictions and conditions apply only to the Restricted Subsidiary or asset
that is to be purchased or sold and such purchase or sale is permitted hereunder,
(iii) restrictions and conditions on property and assets that constitute Excluded Assets,
(iv) restrictions or conditions existing on the
Closing Date, but shall apply to any extension or renewal of, or any amendment or modification
expanding the scope of, any such restriction or condition in any material respect, (v) restrictions
or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement
if such restrictions or conditions apply only to the property or assets securing such Indebtedness
and such property or assets constitute Excluded Assets, (vi) restrictions or conditions imposed by
any agreement relating to any Indebtedness incurred by a Restricted Subsidiary prior to the date on
which such Restricted Subsidiary was acquired by the Borrower or another Restricted Subsidiary if
such conditions or restrictions relate only to the property or assets of such Restricted Subsidiary
and its subsidiaries (provided that such restriction or condition is not created in
contemplation of or in connection with such Person becoming a Restricted Subsidiary), but shall
apply to any extension or renewal thereof, or any amendment or modification thereto only if it does
not expand the scope of any such restriction or condition in any material respect,
(viii) restrictions in connection with sale and leaseback transactions permitted by Section 6.03,
but only with respect to the assets subject to such transactions;

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(ix) customary provisions in
joint venture, stockholder, membership, limited liability company or partnership agreements or
organizational documents relating to joint ventures or partnerships or owners, participation,
shared facility or other similar agreements relating to Project Interests and (x) customary
provisions (including negative pledges) in leases, licenses, permits and other contracts
restricting the assignment thereof (whether for collateral purposes or otherwise) or otherwise
restricting or affecting the property subject thereto.

     (c) Directly or indirectly, create or permit to exist or become effective any consensual
encumbrance or restriction on the ability of any Restricted Subsidiary (other than an Excluded
Subsidiary) to (i) pay dividends or make any other distributions on its Capital Stock to the
Borrower or any of its Restricted Subsidiaries, or with respect to any other interest or
participation in, or measured by, its profits, or pay any Indebtedness owed to the Borrower or any
of its Restricted Subsidiaries; (ii) make loans or advances to the Borrower or any of its
Restricted Subsidiaries; or (iii) transfer any of its properties or assets to the Borrower or any
of its Restricted Subsidiaries. The restrictions in this Section 6.07(c) will not apply to
encumbrances or restrictions existing under or by reason of:

     (i) agreements governing Existing Indebtedness as in effect on the Closing Date and
the Senior Notes as in effect on the First Restatement Date and any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings of those agreements; provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings
are no more restrictive, taken as a whole, with respect to such dividend and other payment
restrictions than those contained in those agreements on the Closing Date;

     (ii) any Loan Document and the loan documentation with respect to any Revolver
Refinancing Indebtedness (provided that such restrictions and conditions, when
taken as a whole, are the same in all material respects as (or less restrictive than) those
contained herein);

     (iii) applicable law, rule, regulation or order;

     (iv) customary non-assignment provisions in contracts, agreements, leases, permits and
licenses;

     (v) purchase money obligations for property acquired and Capital Lease Obligations
that impose restrictions on the property purchased or leased of the nature described in
clause (iii) of this Section 6.07(c);

     (vi) any agreement for the sale or other disposition of the stock or assets of a
Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending
the sale or other disposition;

     (vii) Permitted Refinancing Indebtedness; provided that the restrictions
contained in the agreements governing such Permitted Refinancing Indebtedness are not
materially more restrictive, taken as a whole, than those contained in the agreements
governing the Indebtedness being refinanced;

     (viii) Liens permitted to be incurred under the provisions of Section 6.02 that limit
the right of the debtor to dispose of the assets subject to such Liens;

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     (ix) provisions limiting the disposition or distribution of assets or property in
joint venture agreements, ownership, participation, shareholders, partnership or limited
liability company agreements relating to Project Interests, asset sale agreements,
sale-leaseback agreements, stock sale agreements, agreements governing Non-Recourse
Indebtedness and other similar agreements, which limitation is applicable only to the
assets that are the subject of such agreements;

     (x) restrictions on cash or other deposits or net worth or other similar requirements
imposed by customers under contracts entered into in connection with a Permitted Business;

     (xi) restrictions or conditions contained in any trading, netting, operating,
construction, service, supply, purchase, sale or similar agreement to which the Borrower or
any Restricted Subsidiary is a party entered into in connection with a Permitted Business;
provided that such agreement prohibits the encumbrance of solely the property or
assets of the Borrower or such Restricted Subsidiary that are the subject of that
agreement, the payment rights arising thereunder and/or the proceeds thereof and not of any
other asset or property of the Borrower or such Restricted Subsidiary or the assets or
property of any other Restricted Subsidiary;

     (xii) any instrument governing Indebtedness or Capital Stock of a Person acquired by
the Borrower or any of its Restricted Subsidiaries as in effect at the time of such
acquisition (except to the extent such Indebtedness or Capital Stock was incurred in
connection with or in contemplation of such acquisition), which encumbrance or restriction
is not applicable to any Person, or the properties or assets of any Person, other than the
Person, or the property or assets of the Person, so acquired; provided that, in the
case of Indebtedness, such Indebtedness was permitted by the terms of this Agreement to be
incurred;

     (xiii) Indebtedness of a Restricted Subsidiary existing at the time it became a
Restricted Subsidiary if such restriction was not created in connection with or in
anticipation of the transaction or series of transactions pursuant to which such Restricted
Subsidiary became a Restricted Subsidiary or was acquired by the Borrower;

     (xiv) with respect to clause (iii) of this Section 6.07(c) only, restrictions
encumbering property at the time such property was acquired by the Borrower or any of
its Restricted Subsidiaries, so long as such restriction relates solely to the
property so acquired and was not created in connection with or in anticipation of such
acquisition; and

     (xv) any encumbrance or restriction of the type referred to in clauses (i), (ii) or
(iii) of this Section 6.07(c) (except to the extent that any of clauses (A) through (N) of
this Section 6.07(c) refers or applies only to certain of such clauses (i), (ii) or (iii),
and, in such case, only to such applicable clause), imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings of the contracts, instruments or obligations referred to in clauses (A)
through (N) of this Section 6.07(c); provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings
are, when taken as a whole, in the good faith judgment of the Chief Financial Officer of
the Borrower, no more restrictive with respect to such dividend and other payment
restrictions than those contained in the dividend or other payment restrictions prior to
such amendment,

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modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing.

     SECTION 6.08. Transactions with Affiliates. (a) Make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from,
or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance
or guarantee with, or for the benefit of, any Affiliate of the Borrower (each, an “Affiliate
Transaction”), unless (i) the Affiliate Transaction is on terms that are no less favorable to
the Borrower (as reasonably determined by the Borrower) or the relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Borrower or such Restricted
Subsidiary with an unrelated Person; and (ii) the Borrower delivers to the Administrative Agent
with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate Fair Market Value consideration in excess of $75,000,000, a resolution of the Board of
Directors of the Borrower attached to an officers’ certificate certifying that such Affiliate
Transaction complies with clause (i) of this Section and that such Affiliate Transaction has been
approved by a majority of the disinterested members of such Board of Directors.

     (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will
not be subject to the provisions of this Section:

     (i) any employment agreement or director’s engagement agreement, employee benefit
plan, officer and director indemnification agreement or any similar arrangement entered
into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of
business or approved by the Board of Directors of the Borrower in good faith;

     (ii) transactions between or among the Loan Parties;

     (iii) transactions between or among Excluded Subsidiaries, and any Guarantee,
guarantee and/or other credit support provided by the Borrower and/or any Restricted
Subsidiary in respect of any Subsidiary or any Minority Investment so long as all holders
of Equity Interests in such Minority Investment (including the Borrower or Restricted
Subsidiary, as applicable) shall participate directly or indirectly in such applicable
Guarantee, guarantee and/or other credit support or shall provide a commitment in respect
of any related obligation, in each case, on a pro rata basis relative
to their Equity Interests in such Minority Investment; provided that any such
transaction shall be fair and reasonable and beneficial to the Borrower and its Restricted
Subsidiaries (taken as a whole) and consistent with Prudent Industry Practice;

     (iv) payment of reasonable fees and other compensation to directors who are not
otherwise Affiliates of the Borrower;

     (v) any issuance of Equity Interests (other than Disqualified Stock) of the Borrower
or its Restricted Subsidiaries to Affiliates of the Borrower;

     (vi) Investments or Dividends that do not violate Section 6.05 or 6.06 hereof;

     (vii) any agreement in effect as of the Closing Date or any amendment thereto or
replacement thereof and any transaction contemplated thereby or permitted thereunder, so
long as any such amendment or replacement agreement taken as a whole is not more

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disadvantageous to the Lenders than the original agreement as in effect on the Closing
Date;

     (viii) payments or advances to employees or consultants that are incurred in the
ordinary course of business or that are approved by the Board of Directors of the Borrower
in good faith;

     (ix) the existence of, or the performance by the Borrower or any of its Restricted
Subsidiaries of its obligations under the terms of, any stockholders agreement (including
any registration rights agreement or purchase agreement related thereto) to which it is a
party as of the Closing Date and any similar agreements which it may enter into thereafter;
provided, however, that the existence of, or the performance by the
Borrower or any of its Restricted Subsidiaries of obligations under, any future amendment
to any such existing agreement or under any similar agreement entered into after the
Closing Date shall only be permitted by this clause (ix) to the extent that the terms of
any such amendment or new agreement are not otherwise more disadvantageous to the Lenders
than such existing agreement in any material respect;

     (x) transactions permitted by, and complying with, the provisions of Section 6.04(a);

     (xi) transactions with customers, clients, suppliers, joint venture partners or
purchasers or sellers of goods or services, in each case, in the ordinary course of
business (including pursuant to joint venture agreements) and otherwise in compliance with
the terms of this Agreement that are fair to the Borrower and its Restricted Subsidiaries,
in the reasonable determination of the Board of Directors of the Borrower or the senior
management thereof, or are on terms not materially less favorable taken as a whole as might
reasonably have been obtained at such time from an unaffiliated party;

     (xii) any repurchase, redemption or other retirement of Capital Stock of the Borrower
held by employees of the Borrower or any of its Subsidiaries at a price not in excess of
the Fair Market Value thereof;

     (xiii) the Acquisition Transactions;

     (xiv) back-to-back transactions, O&M agreements and construction management
agreements, technical and other service agreements, in each case between the Borrower or
any Restricted Subsidiaries and any other Restricted Subsidiaries entered
into in the ordinary course of business and otherwise in compliance with the terms of
this Agreement that are on terms no less favorable to the relevant Restricted Subsidiary
(as reasonably determined by it) than those that would have been obtained in a comparable
transaction by such Restricted Subsidiary with an unrelated Person;

     (xv) transactions relating to management, administrative or technical services between
the Borrower and its Restricted Subsidiaries, or between Restricted Subsidiaries;

     (xvi) [reserved];

     (xvii) the issuance of Letters of Credit hereunder, or letters of credit pursuant to
other financing facilities, to support the obligations of any Excluded Subsidiary, and the
issuance of letters of credit under Cash Collateralized Letter of Credit Facilities to
support the obligations of the Borrower or any Subsidiary (and any reimbursement

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agreement
of the Borrower and/or any Subsidiary Guarantor in favor of the Funded L/C SPV with respect
to any amounts drawn on letters of credit issued for the benefit of the Borrower or any of
its Subsidiaries under Cash Collateralized Letter of Credit Facilities) and the Funded L/C
SPV Guarantee;

     (xviii) any South Central Securitization permitted by Section 6.04;

     (xix) back-to-back transactions, energy management or energy marketing services
agreements and agency agreements in each case between NRG Power Marketing and any
Restricted Subsidiary entered into in the ordinary course of business and otherwise in
compliance with the terms of this Agreement that are on terms no less favorable to NRG
Power Marketing (as reasonably determined by it) than those that would have been obtained
in a comparable transaction by NRG Power Marketing with an unrelated person;

     (xx) any tax sharing agreement between or among the Borrower and its Subsidiaries so
long as such tax sharing agreement is on fair and reasonable terms with respect to each
participant therein; and

     (xxi) any agreement to do any of the foregoing.

     SECTION 6.09. Business Activities; Limitations on Funded L/C SPV. (a) Fundamentally and
substantively alter the character of the business of the Borrower and its Subsidiaries, taken as a
whole, from the Permitted Business.

     (b) The Funded L/C SPV shall have (i) no business operations or activities other than in
respect of the issuance of letters of credit under Cash Collateralized Letter of Credit Facilities
and making payments or distributions to the Borrower and its Subsidiaries as permitted therein (and
activities reasonably related thereto including the posting of cash collateral therefor), (ii) no
properties or assets other than the Funded L/C Collateral Accounts and all cash, Cash Equivalents,
other securities or investments comparable to Cash Equivalents and other funds and investments held
therein, any contractual reimbursement rights granted by Affiliates of the Funded L/C SPV in favor
of the Funded L/C SPV and other assets of de minimis value and (iii) no Indebtedness or other
obligations other than obligations pursuant to and in accordance with Cash Collateralized Letter of
Credit Facilities providing for the issuance of an aggregate face amount of letters of credit
thereunder not to exceed $1,300,000,000 at any time outstanding and
liabilities and obligations reasonably related, ancillary or incidental to any Cash
Collateralized Letter of Credit Facility.

     SECTION 6.10. Other Indebtedness and Agreements. Other than any waiver, supplement, modification or
amendment of any agreements related to Material Indebtedness to be entered into on the Third
Restatement Date in connection with the Transactions, permit any waiver, supplement, modification
or amendment of (a) any indenture, instrument or agreement pursuant to which any Material
Indebtedness of the Borrower or any of the Subsidiaries (other than in respect of any Specified
Hedging Agreement and any Cash Collateralized Letter of Credit Facility and Material Indebtedness
between the Borrower and its Subsidiaries or between Subsidiaries) is outstanding or (b) any
indenture, instrument or agreement governing any Permitted Note Indebtedness, in any case, if the
effect of such waiver, supplement, modification or amendment would materially increase the
obligations of the obligors or confer additional material rights on the holder of such Indebtedness
in a manner materially adverse to the Borrower and the Subsidiaries, taken as a whole, or the
Lenders; provided that any such modification or amendment of any such indenture, instrument
or agreement shall not be prohibited by this Section

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solely to the extent it has been effectuated
to allow for the incurrence of additional Indebtedness thereunder in compliance with Section 6.01.

     SECTION 6.11. Designation of Restricted and Unrestricted Subsidiaries and Excluded Subsidiaries.
(a) The Board of Directors of the Borrower (or any committee expressly authorized by the Board of
Directors of the Borrower) may designate any Restricted Subsidiary (other than any Subsidiary
constituting or owning Core Collateral and other than the Funded L/C SPV) to be an Unrestricted
Subsidiary if that designation would not cause a Default or Event of Default. If a Restricted
Subsidiary (other than an Excluded Subsidiary that becomes an Excluded Subsidiary after the Closing
Date) is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all
outstanding Investments owned by the Borrower and its Restricted Subsidiaries in the Subsidiary
designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of
the designation and, except with respect to Investments that were made pursuant to and in
accordance with Section 6.05(e), 6.05(g) or 6.05(m), will reduce the amount available for
Investments under Sections 6.05(h) (if applicable), 6.05(l) or 6.05(p). Such designation will only
be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of the
Borrower may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that
redesignation would not cause a Default or Event of Default.

     (b) Subject to the consent of the Board of Directors of the Borrower (or any committee
expressly authorized by the Board of Directors of the Borrower) in the case of any Subsidiary
Guarantor having a Fair Market Value in excess of $200,000,000, the Borrower may designate any
Subsidiary Guarantor (other than any Subsidiary constituting or owning Core Collateral) to be an
Excluded Subsidiary if that designation would not cause a Default or Event of Default. If a
Subsidiary Guarantor is designated as an Excluded Subsidiary, the aggregate Fair Market Value of
all outstanding Investments owned by the Borrower and its Restricted Subsidiaries in the Subsidiary
Guarantor designated as an Excluded Subsidiary will be deemed to be an Investment made as of the
time of the designation and, except with respect to Investments constituting Specified Facilities
and Investments that were made pursuant to and in accordance with Section 6.05(e), 6.05(g) or
6.05(m), will reduce the amount available for Investments under Section 6.05(h) (if applicable),
6.05(l) or 6.05(p). Such designation will only be permitted if the
Investment would be permitted at that time and if the Excluded Subsidiary otherwise meets the
definition of an Excluded Subsidiary.

     SECTION 6.12. Capital Expenditures. Permit the aggregate amount of Capital Expenditures (including
any Investments made pursuant to Section 6.05(l)(ii)(B)) made by the Borrower and the Restricted
Subsidiaries (other than any Excluded Subsidiaries, which shall not be subject to this Section
6.12) in any fiscal year to exceed $650,000,000 (such amount, the “Permitted Capital
Expenditure Amount”); provided that, notwithstanding the foregoing, additional Capital
Expenditures may be made at any time in an aggregate amount not to exceed the sum of (a) with
respect to any Capital Expenditures made on or after the Third Restatement Date the Available
Amount at the time of such Capital Expenditure and (b) the Retained Prepayment Amount at the time
of such Capital Expenditure. To the extent that Capital Expenditures made by the Borrower and the
Restricted Subsidiaries (other than any Excluded Subsidiaries) during any fiscal year (including
any Investments made pursuant to Section 6.05(l)(ii)(B)) are less than the Permitted Capital
Expenditure Amount for such fiscal year (1) 100% of such unused amount (the “Carry Forward
Amount”) may be carried forward to the first succeeding fiscal year and utilized to make
Capital Expenditures in such first succeeding fiscal year in the event the Permitted Capital
Expenditure Amount set forth above for such first succeeding fiscal year has been used and (2) 100%
of any unused Carry Forward Amount from such first succeeding fiscal year may be carried forward to
the second succeeding fiscal year and

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utilized to make Capital Expenditures in such second
succeeding fiscal year in the event the Permitted Capital Expenditure Amount set forth above for
such second succeeding fiscal year has been used.

     SECTION 6.13. Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio
as of the last day of any Test Period ending after December 31, 2007 to be less than 1.75 to 1.00.

     SECTION 6.14. Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the last
day of any Test Period ending after December 31, 2007 to be greater than 6.00 to 1.00.

     SECTION 6.15. Fiscal Year. With respect to the Borrower, change its fiscal year-end to a date other
than December 31.

ARTICLE VII.

Events of Default

     In case of the happening of any of the following events (“Events of Default”):

     (a) any representation or warranty made or deemed made in or in connection with any Loan
Document (other than those specified in clause (l) below) or the Borrowings or issuances of Letters
of Credit hereunder, or any representation, warranty, statement or information contained in any
report, certificate, financial statement or other instrument furnished in connection with or
pursuant to any Loan Document by any Loan Party, shall prove to have been false or misleading in
any material respect when so made, deemed made or furnished;

     (b) default shall be made in the payment of any principal of any Loan or the reimbursement
with respect to any L/C Disbursement when and as the same shall become due and payable, whether at
the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or
otherwise;

     (c) default shall be made in the payment of any interest on any Loan or any L/C Disbursement
or any Fee or any other amount (other than an amount referred to in (b) above) due under any Loan
Document, when and as the same shall become due and payable, and such default shall continue
unremedied for a period of five Business Days;

     (d) default shall be made in the due observance or performance by the Borrower or any
Subsidiary of any covenant, condition or agreement contained in Section 5.01(a), 5.05, 5.08 or 5.11
or in Article VI;

     (e) default shall be made in the due observance or performance by the Borrower or any
Subsidiary of any covenant, condition or agreement contained in any Loan Document (other than those
specified in clauses (b), (c) or (d) above or clause (l) below) and such default shall continue
unremedied for a period of 45 days after notice thereof from the Administrative Agent, the
Collateral Agent, the Collateral Trustee or any Lender to the Borrower;

     (f) (i) the Borrower or any Restricted Subsidiary shall (A) fail to pay any principal or
interest, regardless of amount, due in respect of any Material Indebtedness, when and as the same
shall become due and payable, or (B) any other event or condition occurs that results in any
Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits

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(with
or without the giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to
become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity; provided that clause (B) shall not apply to secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness; provided, further that clauses (A) and (B) shall not apply to
(1) Designated Non-Recourse Indebtedness and (2) any other Non-Recourse Indebtedness of the
Borrower and the Restricted Subsidiaries (except to the extent that the Borrower or any of the
Restricted Subsidiaries that are not parties to such Non-Recourse Indebtedness becomes directly or
indirectly liable, including pursuant to any contingent obligation, for any such Indebtedness that
is Indebtedness for borrowed money thereunder and such liability, individually or in the aggregate,
exceeds $100,000,000) or (ii) the Funded L/C SPV shall (A) fail to pay any principal, reimbursement
obligations, fees or interest, regardless of amount, due in respect of any Cash Collateralized
Letter of Credit Facility, when and as the same shall become due and payable, or (B) any other
event or condition occurs that results in any Cash Collateralized Letter of Credit Facility
becoming due prior to its scheduled maturity or that enables or permits (with or without the giving
of notice, the lapse of time or both) the LC Issuer(s) thereunder or any trustee or agent on its or
their behalf to cause such Cash Collateralized Letter of Credit Facility to become due, or to
require the prepayment, repurchase, redemption, termination or defeasance thereof, prior to its
scheduled maturity and such event or condition pursuant to this clause (B) shall continue
unremedied for a period of five Business Days;

     (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that
(i) is for relief against the Borrower or any of its Restricted Subsidiaries (other than the Exempt
Subsidiaries) that is a Significant Subsidiary or any group of Restricted Subsidiaries (other than
the Exempt Subsidiaries) that, taken together, would constitute a Significant Subsidiary in an
involuntary case; (ii) appoints a custodian of the Borrower or any of its Restricted Subsidiaries
(other than the Exempt Subsidiaries) that is a Significant Subsidiary or
any group of Restricted Subsidiaries (other than the Exempt Subsidiaries) that, taken
together, would constitute a Significant Subsidiary or for all or substantially all of the property
of the Borrower or any of its Restricted Subsidiaries (other than the Exempt Subsidiaries) that is
a Significant Subsidiary or any group of Restricted Subsidiaries (other than the Exempt
Subsidiaries) that, taken together, would constitute a Significant Subsidiary; or (iii) orders the
liquidation of the Borrower or any of its Restricted Subsidiaries (other than the Exempt
Subsidiaries) that is a Significant Subsidiary or any group of Restricted Subsidiaries (other than
the Exempt Subsidiaries) that, taken together, would constitute a Significant Subsidiary; and, in
each of clauses (i), (ii) or (iii), the order or decree remains unstayed and in effect for 60
consecutive days;

     (h) the Borrower or any of its Restricted Subsidiaries (other than the Exempt Subsidiaries)
that is a Significant Subsidiary or any group of Restricted Subsidiaries (other than the Exempt
Subsidiaries) that, taken together, would constitute a Significant Subsidiary, pursuant to or
within the meaning of Bankruptcy Law (i) commences a voluntary case; (ii) consents to the entry of
an order for relief against it in an involuntary case; (iii) consents to the appointment of a
custodian of it or for all or substantially all of its property; (iv) makes a general assignment
for the benefit of its creditors; or (v) generally is not paying its debts as they become due;

     (i) one or more judgments for the payment of money in an aggregate amount in excess of
$100,000,000 (excluding therefrom any amount covered by insurance) shall be rendered against the
Borrower or any Restricted Subsidiary or any combination thereof and the same shall remain
undischarged for a period of 60 consecutive days during which execution shall not be effectively
stayed, or any action shall be legally taken by a judgment creditor to levy upon assets

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or
properties of the Borrower or any of its Restricted Subsidiaries to enforce any such judgment;
provided that this clause (i) shall not apply to (A) Designated Non-Recourse Indebtedness
and (B) any other Non-Recourse Indebtedness of the Borrower and the Restricted Subsidiaries (except
to the extent that the Borrower or any of the Restricted Subsidiaries that are not parties to such
Non-Recourse Indebtedness becomes directly or indirectly liable, including pursuant to any
contingent obligation, for any such Indebtedness that is Indebtedness for borrowed money thereunder
and such liability, individually or in the aggregate, exceeds $100,000,000);

     (j) an ERISA Event shall have occurred that, when taken together with all other such ERISA
Events, could reasonably be expected to result in liability of the Borrower and its ERISA
Affiliates in an aggregate amount exceeding $75,000,000; provided, however, that
the parties acknowledge and agree that that certain Irrevocable Standby Letter of Credit (or any
renewal, extension or replacement thereof that does not increase the face amount thereof) issued by
the Sumitomo Mitsui Banking Corporation in favor of the Benefits Committee of the Texas Genco
Retirement Plan, dated as of June 28, 2005, for an amount not exceeding $54,900,000, shall not be
deemed to be a liability for purposes of determining whether the $75,000,000 threshold set in this
clause (j) of Article VII is exceeded (but that any other letter of credit or other security
provided pursuant to Section 401(a)(29) of the Tax Code that constitutes an ERISA Event shall be
deemed to be a liability for purposes of this Article VII);

     (k) except as permitted by this Agreement or as a result of the discharge of such Subsidiary
Guarantor in accordance with the terms of the Loan Documents, any Guarantee by a Significant
Subsidiary (or group of Subsidiaries that taken as a whole would be deemed a Significant
Subsidiary) under the Guarantee and Collateral Agreement shall be held by a final decision issued
in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in
full force and effect or any Subsidiary Guarantor (or any group of Subsidiary Guarantors) that
constitutes a Significant Subsidiary shall deny or disaffirm in writing its or their obligations
under its or their Guarantee(s) under the Guarantee and Collateral Agreement;

     (l) material breach by the Borrower or any of its Restricted Subsidiaries of any material
representation or warranty or covenant, condition or agreement in the Security Documents, the
repudiation by the Borrower or any of its Restricted Subsidiaries of any of its material
obligations under any of the Security Documents or the unenforceability of any of the Security
Documents against the Borrower or any of its Restricted Subsidiaries for any reason with respect to
Collateral having an aggregate Fair Market Value of $100,000,000 or more in the aggregate; or

     (m) there shall have occurred a Change of Control;

then, and in every such event (other than an event with respect to the Borrower described in
paragraph (g) or (h) above), and at any time thereafter during the continuance of such event either
or both of the following actions may be taken: (i) the Administrative Agent may with the consent of
the Majority Revolving Credit Lenders, and at the request of the Majority Revolving Credit Lenders
shall, by notice to the Borrower, terminate forthwith the Revolving Credit Commitments and the
Swingline Commitment and (ii) the Administrative Agent may with the consent of the Required
Lenders, and at the request of the Required Lenders shall, by notice to the Borrower, declare the
Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal
of the Loans so declared to be due and payable, together with accrued interest thereon and any
unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other
Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any
other notice of any kind, all of which are hereby expressly waived by the Borrower, anything
contained herein or in any other Loan Document to the

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contrary notwithstanding, and the
Administrative Agent and the Collateral Agent shall have the right to take all or any actions and
exercise any remedies available to a secured party under the Security Documents or applicable law
or in equity; and in any event with respect to an event in respect of the Borrower described in
paragraph (g) or (h) above, the Revolving Credit Commitments, and the Swingline Commitment shall
automatically terminate and the principal of the Loans then outstanding, together with accrued
interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued
hereunder and under any other Loan Document, shall automatically become due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived by the Borrower, anything contained herein or in any other Loan Document to the contrary
notwithstanding, and the Administrative Agent and the Collateral Agent shall have the right to take
all or any actions and exercise any remedies available to a secured party under the Security
Documents or applicable law or in equity.

     Without limitation of, and after giving effect to, Section 6.7 of the Guarantee and Collateral
Agreement and Section 3.4 of the Collateral Trust Agreement, all proceeds received by the
Administrative Agent or the Collateral Agent, as the case may be, either from the Collateral
Trustee or any other Person in respect of any sale of, collection from, or other realization upon
all or any part of the Collateral under any Security Document shall be held by the Administrative
Agent or the Collateral Agent as Collateral for, and applied in full or in part by the
Administrative Agent or the Collateral Agent against, the applicable Guaranteed Obligations
hereunder then due and owing in the following order of priority: first, to the ratable
payment of (a) all costs and expenses of such sale, collection or other realization, including
reasonable and documented fees, costs and expenses of the Agents and their agents and counsel, and
all other expenses, liabilities and advances made or incurred by the Agents in connection
therewith, and all amounts in each case for which such Agents are entitled to payment,
reimbursement or indemnification under the Loan Documents (in their capacity as such), and to the
payment of all costs and expenses paid or incurred by the Agents in connection with the exercise of
any right or remedy under the Loan Documents, all in accordance with the terms of the Loan
Documents, (b) any principal and
interest owed to the Administrative Agent in respect of outstanding Revolving Loans advanced
on behalf of any Lender by the Administrative Agent for which the Administrative Agent has not then
been reimbursed by such Lender or the Borrower, (c) any principal and interest owed to the
Swingline Lender in respect of outstanding Swingline Loans that have not been repaid and (d) any
amounts owed to the Issuing Bank under a Letter of Credit issued by it for which it has not then
been reimbursed by any Lender or the Borrower; second, to the extent of any excess
proceeds, to the payment of all other Guaranteed Obligations hereunder for the ratable benefit of
the holders thereof; and third, to the extent of any excess proceeds, to the payment to or
upon the order of the applicable Loan Party or to whosoever may be lawfully entitled to receive the
same or as a court of competent jurisdiction may direct.

     Notwithstanding anything to the contrary contained in this Article VII, in the event that the
Borrower fails to comply with the requirements of Sections 6.13 or 6.14, until the expiration of
the 10th day subsequent to the date the certificate calculating such compliance is
required to be delivered pursuant to Section 5.04(c), the Borrower shall have the right to issue
Permitted Cure Securities for cash or otherwise receive cash contributions to the capital of the
Borrower (collectively, the “Cure Right”), and upon the receipt by the Borrower of such
cash (the “Cure Amount”) pursuant to the exercise by the Borrower of such Cure Right
compliance with Sections 6.13 and 6.14 shall be recalculated giving effect to the following pro
forma adjustments:

     (i) Consolidated EBITDA shall be increased, solely for the purpose of measuring
compliance with Sections 6.13 and 6.14 and not for any other purpose under this Agreement,
by an amount equal to the Cure Amount; and

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     (ii) if, after giving effect to the foregoing recalculations, the Borrower shall then
be in compliance with the requirements of Sections 6.13 and 6.14, the Borrower shall be
deemed to have satisfied the requirements of Sections 6.13 and 6.14 as of the relevant date
of determination with the same effect as though there had been no failure to comply
therewith at such date, and the applicable breach or default of Sections 6.13 and 6.14 that
had occurred shall be deemed cured for the purposes of this Agreement.

     Notwithstanding anything herein to the contrary, (a) in each four-fiscal-quarter period there
shall be at least one fiscal quarter in which the Cure Right is not exercised, (b) in each
eight-fiscal-quarter period, there shall be a period of at least four consecutive fiscal quarters
during which the Cure Right is not exercised and (c) the Cure Amount shall be no greater than the
amount required for purposes of complying with Sections 6.13 and 6.14 as of the relevant date of
determination.

ARTICLE VIII.

The Agents and the Arrangers

     Each of the Lenders and the Issuing Banks hereby irrevocably appoints each of the
Administrative Agent and the Collateral Agent (for purposes of this Article VIII, the
Administrative Agent and the Collateral Agent are referred to collectively as the “Agents”)
its agent and authorizes the Agents to take such actions on its behalf and to exercise such powers
as are delegated to such Agent by the terms of the Loan Documents, together with such actions and
powers as are reasonably incidental thereto. Without limiting the generality of the foregoing, the
Agents are hereby expressly authorized by the Lenders to execute any and all documents (including
releases and the Collateral Trust Agreement) with respect to the Collateral and the rights of the
Secured Parties with respect thereto, and to appoint the Collateral Trustee as their agent in
respect of the Collateral Trust Agreement and the other Security Documents, in each case
as contemplated by and in accordance with the provisions of this Agreement and the Security
Documents. The Collateral Trustee has been expressly authorized and directed by the Lenders to
execute the Collateral Trust Agreement and the other Security Documents (and any other documents
contemplated thereby), in each case, on the Closing Date and the First Restatement Date. Each of
the Lenders and the Issuing Banks hereby agrees to be bound by the priority of the security
interests and allocation of the benefits of the Collateral and proceeds thereof set forth in the
Security Documents. In addition, each of the Lenders acknowledges the Credit Agreement Parallel
Debt (as defined in the Collateral Trust Agreement) that has been created in the Collateral Trust
Agreement in favor of the Collateral Trustee.

     Each bank serving as an Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such
bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of
business with the Borrower or any Subsidiary or any Affiliate thereof as if it were not an Agent
hereunder.

     No Agent shall have any duties or obligations except those expressly set forth in the Loan
Documents. Without limiting the generality of the foregoing, (a) no Agent shall be subject to any
fiduciary or other implied duties, regardless of whether a Default or an Event of Default has
occurred and is continuing, (b) no Agent shall have any duty to take any discretionary action or
exercise any discretionary powers, except discretionary rights and powers expressly contemplated
hereby that the Administrative Agent or the Collateral Agent is required to exercise as directed in
writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 9.08), and (c) except as expressly
set

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forth in the Loan Documents, no Agent shall have any duty to disclose, nor shall it be liable
for the failure to disclose, any information relating to the Borrower or any of the Subsidiaries
that is communicated to or obtained by the bank serving as any Agent or any of its Affiliates in
any capacity. The Administrative Agent and the Collateral Agent shall not be liable for any action
taken or not taken by it with the consent or at the request of the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 9.08), in each case, in the absence of its own gross negligence or willful misconduct, as
determined by a court of competent jurisdiction by final and nonappealable judgment. No Agent
shall be deemed to have knowledge of any Default or Event of Default unless and until written
notice thereof is given to such Agent by the Borrower or a Lender, and no Agent shall be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with any Loan Document, (ii) the contents of any
certificate, report or other document delivered thereunder or in connection therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set
forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any
Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any
condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt
of items expressly required to be delivered to such Agent.

     Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent may
also rely upon any statement made to it orally or by telephone and believed by it to have been made
by the proper Person, and shall not incur any liability for relying thereon. Each Agent may
consult with legal counsel (who may be counsel for the Borrower), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts.

     Each Agent may perform any and all of its duties and exercise its rights and powers by or
through any one or more sub-agents appointed by it. Each Agent and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent
and to the Related Parties of each Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Agent.

     Subject to the appointment and acceptance of a successor Agent as provided below, each Agent
may resign at any time by notifying the Lenders, the Issuing Banks and the Borrower. Upon any such
resignation of the Administrative Agent or the Collateral Agent, the Required Lenders shall have
the right to appoint a successor, subject to the Borrower’s approval (not to be unreasonably
withheld or delayed) so long as no Default or Event of Default shall have occurred and be
continuing. If no successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after the retiring Agent gives notice of its resignation,
then the retiring Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor
Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank.
Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall
succeed to and become vested with all the rights, powers, privileges and duties of the retiring
Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. The
fees payable by the Borrower to a successor Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After an Agent’s
resignation hereunder, the provisions of this Article and Section 9.05 shall continue in effect for
the benefit of such retiring Agent, its sub-agents and their respective

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Related Parties in respect
of any actions taken or omitted to be taken by any of them while acting as Agent.

     Each of the Syndication Agents, the Documentation Agents and each Arranger, in its capacity as
such, shall have no duties or responsibilities, and shall incur no liability, under this Agreement
or any other Loan Document.

     Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent, the Collateral Agent, the Syndication Agents, the Documentation Agents, the
Arrangers, or any other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
also acknowledges that it will, independently and without reliance upon the Administrative Agent,
the Collateral Agent, the Arrangers, the Syndication Agents, the Documentation Agents or any other
Lender and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this
Agreement or any other Loan Document, any related agreement or any document furnished hereunder or
thereunder.

     To the extent required by any applicable law, the Administrative Agent may withhold from any
interest payment to any Lender an amount equivalent to any applicable withholding tax. If the
Internal Revenue Service or any other Governmental Authority asserts a claim that the
Administrative Agent did not properly withhold tax from amounts paid to or for the account of any
Lender because the appropriate form was not delivered or was not properly executed or because such
Lender failed to notify the Administrative Agent of a change in circumstance which rendered the
exemption from, or reduction of, withholding tax ineffective or for any other reason, such Lender
shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the
Administrative Agent as tax or otherwise, including any penalties or interest and
together with all expenses (including legal expenses, allocated internal costs and
out-of-pocket expenses) incurred.

ARTICLE IX.

Miscellaneous

     SECTION 9.01. Notices. (a) Notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail, sent by fax or by any other telecommunication device capable of creating a written
record (including electronic mail), as follows:

     (i) if to the Borrower, to it at NRG Energy, Inc., 211 Carnegie Center, Princeton, NJ
08540, Attention of Treasurer, Chief Financial Officer and General Counsel (Fax No.
609-524-4501); with a copy to Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY
10022, Attention of Andres Mena (Tel No. 212-446-4737; Fax No. 212-446-6460; Email:
andres.mena@kirkland.com); with a copy to Kirkland & Ellis LLP, 300 North LaSalle St.,
Chicago, IL 60654, Attention of Gerald Nowak (Tel No. 312-862-2075; Fax No. 312-862-2200;
Email: gerald.nowak.@kirkland.com);

     (ii) if to the Administrative Agent, to Citicorp North America Inc., 2 Penns Way,
Suite 100, New Castle, DE 19720, Attention of David Foster (Tel No. 302-894-6065; Fax No.
212-994-0961; Email: david.g.foster@citi.com);

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     (iii) if to the Collateral Agent, to Citicorp North America Inc., 388 Greenwich
Street, 34th Floor, New York, NY 10013, Attention of Joshua Copenhaver (Tel No.
212-816-3146; Fax No. 646-352-0861; Email: joshua.copenhaver@citi.com) and Frederic
Chapados (Tel No. 212-816-6547; Fax No. 646-688-1813; Email: frederic.chapados@citi.com);
and

     (iv) if to a Lender, to it at its address (or fax number) set forth in the Lender
Addendum or the Assignment and Acceptance pursuant to which such Lender shall have become a
party hereto.

     (b) All notices and other communications given to any party hereto in accordance with the
provisions of this Agreement shall be deemed to have been given (i) on the date of receipt if
delivered by hand or overnight courier service or sent by fax, (ii) on the date five Business Days
after dispatch by certified or registered mail if mailed, (iii) on the date on which such notice or
other communication has been made generally available on an Approved Electronic Platform, Internet
website or similar telecommunication device to the class of Person(s) being notified (regardless of
whether any such Person must accomplish, and whether or not any such Person shall have
accomplished, any action prior to obtaining access to such items, including registration,
disclosure of contact information, compliance with a standard user agreement or undertaking a duty
of confidentiality) and such Person has been notified in respect of such posting that a
communication has been posted to such Approved Electronic Platform, Internet website or similar
telecommunication device if delivered by posting to such Approved Electronic Platform, Internet
website or similar telecommunication device requiring that a user have prior access to such
Approved Electronic Platform, Internet website or similar telecommunication device or (iv) on the
date on which transmitted to an electronic mail address (or by another means of electronic
delivery) if delivered by electronic mail or any other
telecommunications device, in the case of each of clauses (i) – (iv), delivered, sent or
mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with
the latest unrevoked direction from such party given in accordance with this Section 9.01;
provided, however, that notices and other communications to the Administrative
Agent pursuant to Article II or Article VIII shall not be effective until received by the
Administrative Agent.

     (c) Notwithstanding Sections 9.01(a) and 9.01(b) (unless the Administrative Agent requests
that the provisions of Sections 9.01(a) and 9.01(b) be followed) and any other provision in this
Agreement or any other Loan Document providing for the delivery of any Approved Electronic
Communication by any other means, the Loan Parties shall deliver all Approved Electronic
Communications to the Administrative Agent by properly transmitting such Approved Electronic
Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to
oploanswebadmin@citigroup.com or such other electronic mail address (or similar means of electronic
delivery) as the Administrative Agent may notify to the Borrower. Nothing in this Section 9.01(c)
shall prejudice the right of the Administrative Agent or any Lender to deliver any Approved
Electronic Communication to any Loan Party in any manner authorized in this Agreement or to request
that the Borrower effect delivery in such manner.

     (d) Posting of Approved Electronic Communications. (i) Each Lender and each Loan
Party agree that the Administrative Agent may, but shall not be obligated to, make the Approved
Electronic Communications available to the Lenders by posting such Approved Electronic
Communications on IntraLinksTM or a substantially similar electronic platform chosen by the
Administrative Agent to be its electronic transmission system (the “Approved Electronic
Platform”).

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     (ii) Although the Approved Electronic Platform and its primary web portal are secured
with generally-applicable security procedures and policies implemented or modified by the
Administrative Agent from time to time (including, as of the Third Restatement Date, a dual
firewall and a User ID/Password Authorization System) and the Approved Electronic Platform
is secured through a single-user-per-deal authorization method whereby each user may access
the Approved Electronic Platform only on a deal-by-deal basis, each Lender and each Loan
Party acknowledges and agrees that the distribution of material through an electronic
medium is not necessarily secure and that there are confidentiality and other risks
associated with such distribution. In consideration for the convenience and other benefits
afforded by such distribution and for the other consideration provided hereunder, the
receipt and sufficiency of which is hereby acknowledged, each Lender and each Loan Party
hereby approves distribution of the Approved Electronic Communications through the Approved
Electronic Platform and understands and assumes the risks of such distribution.

     (iii) THE APPROVED ELECTRONIC PLATFORM AND THE APPROVED ELECTRONIC COMMUNICATIONS ARE
PROVIDED “AS IS” AND “AS AVAILABLE”. NONE OF THE ADMINISTRATIVE AGENT NOR ANY OF ITS
AFFILIATES WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC
COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM AND EACH EXPRESSLY DISCLAIMS ANY
LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED
ELECTRONIC PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING,
WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS
MADE
BY THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES IN CONNECTION WITH THE APPROVED
ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.

     (iv) Each Lender and each Loan Party agree that the Administrative Agent may, but
(except as may be required by applicable law) shall not be obligated to, store the Approved
Electronic Communications on the Approved Electronic Platform in accordance with the
Administrative Agent’s generally-applicable document retention procedures and policies.

     SECTION 9.02. Survival of Agreement. All covenants, agreements, representations and warranties made
by the Borrower herein and in the certificates or other instruments prepared or delivered in
connection with or pursuant to this Agreement or any other Loan Document shall be considered to
have been relied upon by the Lenders and the Issuing Banks and shall survive the making by the
Lenders of the Loans and the issuance of Letters of Credit by the Issuing Bank, regardless of any
investigation made by the Lenders or the Issuing Banks or on their behalf, and shall continue in
full force and effect (but such representations and warranties shall be deemed made by the Borrower
only at such times and as of such dates as set forth in Section 4.01(b)) as long as the principal
of or any accrued interest on any Loan or any Fee or any other amount payable (other than
indemnification and other contingent obligations that are not then due and payable) under this
Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is
outstanding and so long as the Commitments have not been terminated. The provisions of Sections
2.14, 2.16, 2.20, 2.21 and 9.05 shall remain operative and in full force and effect regardless of
the expiration of the term of this Agreement, the consummation of the transactions contemplated
hereby, the repayment of any of the Loans, the expiration of the

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Commitments, the expiration of any
Letter of Credit, the invalidity or unenforceability of any term or provision of this Agreement or
any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the
Collateral Agent, any Lender or the Issuing Bank.

     SECTION 9.03. Binding Effect. This Agreement shall become effective in accordance with the
provisions of the Third Amendment Agreement.

     SECTION 9.04. Successors and Assigns. (a) Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the permitted successors and assigns of such
party; and all covenants, promises and agreements by or on behalf of the Borrower, the
Administrative Agent, the Collateral Agent, the Issuing Banks or the Lenders that are contained in
this Agreement shall bind and inure to the benefit of their respective successors and assigns.

     (b) Each Lender may assign to one or more assignees all or a portion of its interests, rights
and obligations under this Agreement (including all or a portion of its Commitment and the Loans or
Credit-Linked Deposits at the time owing to it); provided, however, that
(i)(x) except in the case of an assignment of a Term B Loan or a Credit-Linked Deposit to a Lender
or an Affiliate or Related Fund of a Lender, the Administrative Agent (and, in the case of any
assignment of a Revolving Credit Commitment, the Issuing Bank, the Swingline Lender and the
Borrower) must give its prior written consent to such assignment (which consent shall not be
unreasonably withheld or delayed); provided that the consent of the Borrower shall not be
required to any such assignment (1) during the continuance of any Event of Default, (2) during
the initial syndication of the Loans and the Commitments or (3) to a Lender or an Affiliate or
Related Fund of a Lender), and the Borrower shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within five
Business Days after having received notice thereof, and (y) except in the case of an assignment to
a Lender or an Affiliate or Related Fund of a Lender, the amount of the Commitment, Loan or
Credit-Linked Deposit of the assigning Lender subject to each such assignment (determined as of the
date the Assignment and Acceptance with respect to such assignment is delivered to the
Administrative Agent) shall not be less than (A) $2,500,000 in the case of any assignment of a
Revolving Credit Commitment or (B) $1,000,000 in the case of any assignment of a Term B Loan or a
Credit-Linked Deposit (or, in each case, if less, the entire remaining amount of such Lender’s
Commitment, Loans or Credit-Linked Deposits, as the case may be and Related Funds shall be
aggregated for this purpose), (ii) the parties to each such assignment shall execute and deliver to
the Administrative Agent an Assignment and Acceptance (such Assignment and Acceptance to be (x)
electronically executed and delivered to the Administrative Agent via an electronic settlement
system then acceptable to the Administrative Agent, which shall initially be the settlement system
of ClearPar, LLC, or (y) manually executed and delivered), together with a processing and
recordation fee of $3,500 (which shall be payable by either the assignor or the assignee, as they
may agree), provided, however, that no such processing and recordation fee shall be payable in
connection with assignments made by a Lender to an affiliate thereof and (iii) the assignee, if it
shall not be a Lender immediately prior to the assignment, shall deliver to the Administrative
Agent an Administrative Questionnaire. No Lender is permitted to assign all or any portion of its
interests, rights or obligations under this Agreement (including all or a portion of its Commitment
and the Loans or Credit-Linked Deposits at any time owing to it) except as specifically set forth
in the immediately preceding sentence and any purported assignment not in conformity therewith
shall be null and void. Upon acceptance and recording pursuant to paragraph (e) of this
Section 9.04, from and after the effective date specified in each Assignment and Acceptance, (A)
the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such

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Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement and
(B) the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case
of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall
continue to be entitled to the benefits and obligations of Sections 2.14, 2.16, 2.20, 2.21 and
9.05, as well as to any Fees accrued for its account and not yet paid). Notwithstanding the
foregoing (but subject to the consent rights set forth in the first sentence of this Section
9.04(b)), an assignment by a Lender to one of its Affiliates or Related Funds will be effective,
valid, legal and binding without regard to whether the assignor has delivered an Assignment and
Acceptance or Administrative Questionnaire to the Administrative Agent (and the acceptance and
recordation thereof under paragraph (e) of this Section shall not be required); provided
that the Administrative Agent and the Borrower shall be entitled to deal solely with the assignor
unless and until the date that an Assignment and Acceptance and Administrative Questionnaire have
been delivered to the Administrative Agent with respect to the applicable assignee.

     (c) By executing and delivering (to the Administrative Agent or the assigning Lender in the
case of an assignment by a Lender to one of its Affiliates or Related Funds pursuant to the last
sentence of paragraph (b) of this Section) an Assignment and Acceptance, the assigning Lender
thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and
the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and
beneficial owner of the interest being assigned thereby free and clear of any adverse claim and
that its Term Loan Commitment, Revolving Credit Commitment, and the outstanding balances of its
Term B Loans, Revolving Loans and Credit-Linked Deposits, in each case without
giving effect to assignments thereof which have not become effective, are as set forth in such
Assignment and Acceptance, (ii) except as set forth in (i) above, such assigning Lender makes no
representation or warranty and assumes no responsibility with respect to any statements, warranties
or representations made in or in connection with this Agreement, or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan
Document or any other instrument or document furnished pursuant hereto, or the financial condition
of the Borrower or any Subsidiary or the performance or observance by the Borrower or any
Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other
instrument or document furnished pursuant hereto; (iii) such assignee represents and warrants that
it is legally authorized to enter into such Assignment and Acceptance; (iv) such assignee confirms
that it has received a copy of this Agreement, together with copies of the most recent financial
statements referred to in Section 3.05(a) or delivered pursuant to Section 5.04 and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into such Assignment and Acceptance; (v) such assignee will independently and without
reliance upon the Administrative Agent, the Collateral Agent, the Syndication Agents, the
Documentation Agents, the Arrangers, such assigning Lender or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under this Agreement; (vi) such assignee appoints and
authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its
behalf and to exercise such powers under this Agreement as are delegated to the Administrative
Agent and the Collateral Agent, respectively, by the terms hereof, together with such powers as are
reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance
with their terms all the obligations which by the terms of this Agreement are required to be
performed by it as a Lender.

     (d) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices in the City of New York a copy of each Assignment and Acceptance
delivered to it and one or more registers for the recordation of the names and addresses of the
Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). The entries in the

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Register shall be
conclusive absent manifest error and the Borrower, the Administrative Agent, the Issuing Bank, the
Collateral Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the
Borrower, the Issuing Bank, the Collateral Agent and any Lender, at any reasonable time and from
time to time upon reasonable prior notice. In the case of any assignment made in accordance with
the last sentence of paragraph (b) of this Section that is not reflected in the Register, the
assigning Lender shall maintain a comparable register reflecting such assignment.

     (e) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning
Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee
(unless the assignee shall already be a Lender hereunder) and, if required, the written consent of
the Swingline Lender, the Issuing Banks and the Administrative Agent to such assignment, the
Administrative Agent shall (i) accept such Assignment and Acceptance, (ii) record the information
contained therein in the Register and (iii) give prompt notice thereof to the Lenders, the Issuing
Bank, the Swingline Lender and the Borrower. No assignment shall be effective unless it has been
recorded in the Register as provided in this paragraph (e). Notwithstanding the foregoing, an
assignment by a Lender to an Affiliate or Related Fund pursuant to the last sentence of paragraph
(b) of this Section shall not be required to be recorded in the Register to be effective;
provided that (i) such assignment is recorded in a comparable register maintained by the
assignor as provided in paragraph (b) of this Section and (ii) the
Administrative Agent and the Borrower shall be entitled to deal solely and directly with the
assignor unless and until the date that an Assignment and Acceptance and Administrative
Questionnaire have been delivered to the Administrative Agent with respect to the applicable
assignee.

     (f) Each Lender may without the consent of the Borrower, the Swingline Lender, the Issuing
Banks or the Administrative Agent sell participations to one or more banks or other entities in all
or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans and Credit-Linked Deposits owing to it); provided,
however, that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations, (iii) the participating banks or other entities shall be entitled to the benefit
of the cost protection provisions and related obligations contained in Sections 2.14, 2.16, 2.20
and 2.21 to the same extent as if they were Lenders (but, with respect to any particular
participant, to no greater extent than the Lender that sold the participation to such participant)
and (iv) the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall continue
to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement, and such Lender shall retain the sole right to enforce the
obligations of the Borrower relating to the Loans or L/C Disbursements and to approve any
amendment, modification or waiver of any provision of this Agreement (other than amendments,
modifications or waivers decreasing any fees payable hereunder or the amount of principal of or the
rate at which interest is payable on the Loans, extending any scheduled principal payment date or
date fixed for the payment of interest on the Loans or the Credit-Linked Deposits, increasing or
extending the Commitments or releasing any Subsidiary Guarantor or all or substantially all of the
Collateral).

     (g) Any Lender or participant may, in connection with any assignment, pledge or participation
or proposed assignment, pledge or participation pursuant to this Section 9.04, disclose to the
assignee or participant or proposed assignee or participant any information relating to the
Borrower furnished to such Lender by or on behalf of the Borrower; provided that, prior to

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any such disclosure of information designated by the Borrower as confidential, each such assignee
or participant or proposed assignee or participant shall execute an agreement whereby such assignee
or participant shall agree (subject to customary exceptions) to preserve the confidentiality of
such confidential information on terms no less restrictive than those applicable to the Lenders
pursuant to Section 9.16.

     (h) Any Lender may, without the consent of the Borrower or the Administrative Agent, at any
time assign all or any portion of its rights under this Agreement to secure extensions of credit to
such Lender or in support of obligations owed by such Lender, and, in the case of any Lender that
is a fund that invests in bank loans, such Lender may collaterally assign all or any portion of its
rights under this Agreement to any holder of, trustee for, or other representative of any holders
of, obligations owed or securities issued by such fund as security for such obligations or
securities; provided that no such assignment described in this clause (h) shall release a
Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a
party hereto.

     (i) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such
in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower,
the option to provide to the Borrower all or any part of any Loan that such Granting Lender would
otherwise be obligated to make to the Borrower pursuant to this Agreement; provided
that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and
(ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any
part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms
hereof. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting
Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party
hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation
under this Agreement (all liability for which shall remain with the Granting Lender). In
furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the
termination of this Agreement) that, prior to the date that is one year and one day after the
payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it
will not institute against, or join any other Person in instituting against, such SPC any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of
the United States or any State thereof. In addition, notwithstanding anything to the contrary
contained in this Section 9.04, any SPC may (i) with notice to, but without the prior written
consent of, the Borrower and the Administrative Agent and without paying any processing fee
therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any
financial institutions (consented to by the Borrower and Administrative Agent) providing liquidity
and/or credit support to or for the account of such SPC to support the funding or maintenance of
Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to
any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or
liquidity enhancement to such SPC.

     (j) The Borrower shall not assign or delegate any of its rights or duties hereunder without
the prior written consent of the Administrative Agent, each Issuing Bank and each Lender, and any
attempted assignment without such consent shall be null and void.

     SECTION 9.05. Expenses; Indemnity. (a) The Borrower agrees to pay all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, the Arrangers,
the Syndication Agents, the Issuing Banks and the Swingline Lender, including the reasonable fees,
charges and disbursements of Latham & Watkins LLP, counsel for the Administrative Agent and the
Collateral Agent, in connection with the syndication of the

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credit facilities provided for herein
and the preparation and administration of this Agreement and the other Loan Documents or in
connection with any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions hereby or thereby contemplated shall be consummated); provided
that the Borrower shall not be responsible for the reasonable fees, charges and disbursements of
more than one separate law firm (in addition to one local counsel per relevant jurisdiction or
special counsel, including special workout or regulatory counsel) pursuant to its obligations under
this sentence only. The Borrower also agrees to pay all documented out-of-pocket expenses incurred
by the Administrative Agent, the Collateral Agent, the Syndication Agents, the Documentation
Agents, the Arrangers, the Issuing Banks or any Lender in connection with the enforcement or
protection of its rights in connection with this Agreement and the other Loan Documents or in
connection with the Loans or Credit-Linked Deposits made or Letters of Credit issued hereunder,
including the fees, charges and disbursements of Latham & Watkins LLP, counsel for the
Administrative Agent and the Collateral Agent, and, in connection with any such enforcement or
protection, the fees, charges and disbursements of any other counsel (including special workout
counsel) for the Administrative Agent, the Collateral Agent, the Syndication Agents, the
Documentation Agents, the Arrangers, the Issuing Banks or any Lender.

     (b) The Borrower agrees to indemnify the Administrative Agent, the Collateral Agent, the
Syndication Agents, the Documentation Agents, CGMI, the Arrangers, each Lender, the Issuing Banks
(including, for the avoidance of doubt, any Issuing Bank in its capacity as
Issuing Bank with respect to Funded Letters of Credit under and as defined in the Second
Restated Credit Agreement), the Deposit Bank and each Related Party of any of the foregoing Persons
(each such Person being called an “Indemnitee”) against, and to hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses, including
reasonable and documented counsel fees, charges and disbursements, incurred by or asserted against
any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or
delivery of this Agreement (including the 2005 Credit Agreement and all amendments thereof) or any
other Loan Document or any agreement or instrument contemplated thereby, the performance by the
parties thereto of their respective obligations thereunder (including the undertaking of each
Indemnitee under Section 9.23) or the consummation of the Transactions and the other transactions
contemplated thereby, (ii) the use of the proceeds of the Loans or Credit-Linked Deposits or
issuance of Letters of Credit, (iii) any claim, litigation, investigation or proceeding relating to
any of the foregoing, whether or not any Indemnitee is a party thereto, or (iv) any actual or
alleged presence or Release of Hazardous Materials, or any non-compliance with Environmental Law,
on any property owned or operated by the Borrower or any of the Subsidiaries, or any Environmental
Liability related in any way to the Borrower or any of the Subsidiaries; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses are determined by a court of competent jurisdiction by
final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnitee.

     (c) To the extent that the Borrower fails to pay any amount required to be paid by them to the
Administrative Agent, the Collateral Agent, the Syndication Agents, CGMI, the Arrangers, the
Issuing Banks, the Deposit Bank or the Swingline Lender under paragraph (a) or (b) of this Section,
each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent, the
Syndication Agents, CGMI, the Arrangers, the Issuing Banks, the Deposit Bank or the Swingline
Lender, as the case may be, such Lender’s pro rata share (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against the Administrative Agent,
the Collateral Agent, the Syndication Agents, CGMI, the Arrangers, the

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Issuing Banks, the Deposit
Bank or the Swingline Lender in its capacity as such. For purposes hereof, a Lender’s “pro rata
share” shall be determined based upon its share of the sum of the Aggregate Revolving Credit
Exposure, outstanding Term B Loans and Credit-Linked Deposits and unused Commitments at the time.

     (d) To the extent permitted by applicable law, the Borrower shall not assert, and each hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the Transactions, any Loan, Credit-Linked Deposit or Letter of Credit or the use of the
proceeds thereof.

     (e) The provisions of this Section 9.05 shall remain operative and in full force and effect
regardless of the expiration of the term of this Agreement, the consummation of the transactions
contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, the
expiration of any Letter of Credit, the invalidity or unenforceability of any term or provision of
this Agreement or any other Loan Document, or any investigation made by or on behalf of the
Administrative Agent, the Collateral Agent, the Syndication Agents, the Documentation Agents, CGMI,
the Arrangers, any Lender, the Issuing Banks or the Deposit Bank. All amounts due under this
Section 9.05 shall be payable promptly upon written demand therefor.

     SECTION 9.06. Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Lender is hereby authorized at any time and from time to time, except to the extent prohibited by
law, to set off and apply any and all deposits (general or special, time or demand, provisional or
final) at any time held and other indebtedness at any time owing by such Lender to or for the
credit or the account of the Borrower against any of and all the obligations of the Borrower now or
hereafter existing under this Agreement and other Loan Documents held by such Lender, irrespective
of whether or not such Lender shall have made any demand under this Agreement or such other Loan
Document and although such obligations may be unmatured and shall notify the Administrative Agent
promptly of any such setoff. The rights of each Lender under this Section 9.06 are in addition to
other rights and remedies (including other rights of setoff) which such Lender may have.

     SECTION 9.07. Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF
CREDIT AND AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF CREDIT, OR IF
NO SUCH LAWS OR RULES ARE DESIGNATED, THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS MOST
RECENTLY PUBLISHED AND IN EFFECT, ON THE DATE SUCH LETTER OF CREDIT WAS ISSUED, BY THE
INTERNATIONAL CHAMBER OF COMMERCE (THE “UNIFORM CUSTOMS”) AND, AS TO MATTERS NOT GOVERNED
BY THE UNIFORM CUSTOMS, THE LAWS OF THE STATE OF NEW YORK.

     SECTION 9.08. Waivers; Amendment; Replacement of Non-Consenting Lenders. (a) No failure or delay
of the Administrative Agent, the Collateral Agent, any Lender, the Deposit Bank or the Issuing
Banks in exercising any power or right hereunder or under any other Loan Document shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or

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power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of
the Administrative Agent, the Collateral Agent, the Issuing Bank, the Deposit Bank and the Lenders
hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or
remedies that they would otherwise have. No waiver of any provision of this Agreement or any other
Loan Document or consent to any departure by the Borrower or any other Loan Party therefrom shall
in any event be effective unless the same shall be permitted by paragraph (b) below, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No notice or demand on the Borrower in any case shall entitle the Borrower to any other or
further notice or demand in similar or other circumstances.

     (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrower and the Required
Lenders; provided, however, that no such agreement shall (i) decrease or forgive
the principal amount of, or extend the maturity of or any scheduled principal payment date or date
for the payment of any interest on any Loan or any date for reimbursement of an L/C Disbursement or
extend the date on which the Credit-Linked Deposits are required to be returned in full, or waive
or excuse any such payment or any part thereof, or decrease the rate of interest
on any Loan, Credit-Linked Deposit or L/C Disbursement, without the prior written consent of
each Lender directly affected thereby, (ii) increase or extend the Commitment or decrease or extend
the date for payment of any Fees of any Lender without the prior written consent of such
Lender, (iii) amend or modify the pro rata requirements of Section 2.17, the provisions of Sections
2.02, 2.09 and 2.18 requiring ratable distribution or sharing or ratable funding, the provisions of
Section 9.04(j), the provisions of this Section or the definition of the term “Required Lenders” or
release any Subsidiary Guarantor, except in connection with a release expressly permitted under the
Loan Documents, without the prior written consent of each Lender, (iv) amend or modify the
definition of the term “Majority Revolving Credit Lenders” without the prior written consent of
each Revolving Credit Lender, (v) except upon payment in full of the Guaranteed Obligations
hereunder (except for contingent obligations or indemnities not yet accrued as of such time),
release all or substantially all of the Collateral, except in connection with a disposition
expressly permitted under the Loan Documents, without the prior written consent of each Lender,
(vi) change the provisions of any Loan Document in a manner that by its terms adversely affects the
rights in respect of payments due to Lenders holding Loans or Credit-Linked Deposits of one Class
differently from the rights of Lenders holding Loans or Credit-Linked Deposits of any other Class
without the prior written consent of Lenders holding a majority in interest of the outstanding
Loans, Credit-Linked Deposits and unused Commitments of each adversely affected Class, (vii) modify
the protections afforded to an SPC pursuant to the provisions of Section 9.04(i) without the
written consent of such SPC or (viii) waive, amend or modify the definition of “Net Cash Proceeds”
and the mandatory prepayment requirements of Section 2.13, in each case to the extent such
provisions relate to a Sale of Core Collateral, without the prior written consent of the
Supermajority Lenders; provided further that no such agreement shall amend, modify
or otherwise affect the rights or duties of the Administrative Agent, the Collateral Agent, the
Issuing Bank, the Deposit Bank or the Swingline Lender hereunder or under any other Loan Document
without the prior written consent of the Administrative Agent, the Collateral Agent, the Issuing
Bank, the Deposit Bank or the Swingline Lender, as applicable.

     (c) Each Lender grants (i) to the Administrative Agent the right (with the prior written
consent of the Borrower) to purchase all, or all of any Class, of such Lender’s Commitments and
Loans owing to it and any related promissory notes held by it and all its rights and obligations
hereunder and under the other Loan Documents and (ii) to the Borrower the right to cause an
assignment of all, or all of any Class, of such Lender’s Commitments and Loans owing to it and any
related promissory notes held by it and all its rights and obligations hereunder

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and under the
other Loan Documents to one or more eligible assignees pursuant to Section 9.04, which right may be
exercised by the Administrative Agent or the Borrower, as the case may be, if such Lender (a
“Non-Consenting Lender”) refuses to execute any amendment, modification, termination,
waiver or consent which requires the written consent of Lenders other than the Required Lenders and
to which the Required Lenders and the Borrower have otherwise agreed; provided that such
Non-Consenting Lender shall receive in connection with such purchase or assignment, payment equal
to the aggregate amount of outstanding Loans owed to such Lender, together with all accrued and
unpaid interest, fees and other amounts (other than indemnification and other contingent
obligations not yet due and payable) owed to such Lender under the Loan Documents at such time; and
provided, further, that any such assignee shall agree to such amendment,
modification, termination, waiver or consent. Each Lender agrees that if the Administrative Agent
or the Borrower, as the case may be, exercises its option under this paragraph it shall promptly
execute and deliver all agreements and documentation necessary to effectuate such assignment as set
forth in Section 9.04. The Borrower shall be entitled (but not obligated) to execute and deliver
such agreements and documentation on behalf of such Non-Consenting Lender and any such agreements
or documentation so executed by the Borrower shall be effective for all purposes of documenting an
assignment pursuant to Section 9.04.

     SECTION 9.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any
time the interest rate applicable to any Loan or Credit-Linked Deposit or participation in any L/C
Disbursement, together with all fees, charges and other amounts which are treated as interest on
such Loan or participation in such L/C Disbursement under applicable law (collectively the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be
contracted for, charged, taken, received or reserved by the Lender holding such Loan or
participation in accordance with applicable law, the rate of interest payable in respect of such
Loan or participation hereunder, together with all Charges payable in respect thereof, shall be
limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have
been payable in respect of such Loan or participation but were not payable as a result of the
operation of this Section 9.09 shall be cumulated and the interest and Charges payable to such
Lender in respect of other Loans or participations or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal
Funds Effective Rate to the date of repayment, shall have been received by such Lender.

     SECTION 9.10. Entire Agreement. This Agreement, the Second Restatement Fee Letter and the other
Loan Documents constitute the entire contract between the parties relative to the subject matter
hereof. Any other previous agreement among the parties with respect to the subject matter hereof
is superseded by this Agreement and the other Loan Documents. Nothing in this Agreement or in the
other Loan Documents, expressed or implied, is intended to confer upon any Person (other than the
parties hereto and thereto, their respective successors and assigns permitted hereunder (including
any Affiliate of the Issuing Bank that issues any Letter of Credit) and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent,
the Syndication Agents, CGMI, the Arrangers, the Issuing Banks and the Lenders) any rights,
remedies, obligations or liabilities under or by reason of this Agreement or the other Loan
Documents.

     SECTION 9.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE
OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER

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PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS,
AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11.

     SECTION 9.12. Severability. In the event any one or more of the provisions contained in this
Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and
therein shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular
provision in a particular jurisdiction shall not in and of itself affect the validity of such
provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

     SECTION 9.13. Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of
which when taken together shall constitute a single contract, and shall become effective as
provided in Section 9.03. Delivery of an executed signature page to this Agreement or of a Lender
Addendum by facsimile or other electronic transmission (including “pdf”) shall be as effective as
delivery of a manually signed counterpart of this Agreement.

     SECTION 9.14. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this Agreement.

     SECTION 9.15. Jurisdiction; Consent to Service of Process. (a) The Borrower hereby irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York
State court located in New York City, Borough of Manhattan, or Federal court of the United States
of America sitting in the Southern District of New York, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement or the other Loan
Documents (other than with respect to any action or proceeding by the Administrative Agent, the
Collateral Agent, the Borrower or any other Loan Party in respect of rights under any Security
Document governed by laws other than the laws of the State of New York or with respect to any
Collateral subject thereto), or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State or, to the extent permitted
by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right
that the Administrative Agent, the Collateral Agent, the Syndication Agents, the Documentation
Agents, CGMI, the Arrangers, the Issuing Banks or any Lender may otherwise have to bring any action
or proceeding relating to this Agreement or the other Loan Documents against the Borrower or its
properties in the courts of any jurisdiction.

     (b) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement or the other
Loan Documents in any New York State or Federal court. Each of the parties hereto

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hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court.

     (c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party
to this Agreement to serve process in any other manner permitted by law.

     SECTION 9.16. Confidentiality. Each of the Administrative Agent, the Collateral Agent, the Issuing
Banks and the Lenders agrees to maintain the confidentiality of the Information, except that
Information may be disclosed (a) to its and its Affiliates’ officers, directors, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent requested by
any regulatory authority or quasi-regulatory authority (such as the National Association of
Insurance Commissioners), (c) to the extent required by Applicable Laws or by any subpoena or
similar legal process, (d) in connection with the exercise of any remedies hereunder or under the
other Loan Documents or any suit, action or proceeding relating to the enforcement of its rights
hereunder or thereunder, (e) subject to an agreement containing provisions substantially the same
as those of this Section 9.16, to (i) any actual or prospective assignee of or participant in any
of its rights or obligations under this Agreement and the other Loan Documents, (ii) any pledgee
referred to in Section 9.04(g) or (iii) any actual or prospective counterparty (or its advisors) to
any swap or derivative transaction relating to the Borrower or any Subsidiary or any of their
respective obligations, (f) to credit insurance providers, (g) with the consent of the Borrower or
(h) to the extent such Information becomes publicly available other than as a result of a breach of
this Section 9.16. For the purposes of this Section, “Information” shall mean all
financial statements, certificates, reports, agreements and other information received from the
Borrower or its Subsidiaries and related to the Borrower or its business, other than any such
financial statements, certificates, reports, agreements and other information that was available to
the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender on a nonconfidential
basis prior to its disclosure by the Borrower; provided that, in the case of Information
received from the Borrower after the Closing Date, such information is clearly identified at the
time of delivery as confidential. Any Person required to maintain the confidentiality of
Information as provided in this Section 9.16 shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord its own confidential information.
Notwithstanding any other express or implied agreement, arrangement or understanding to the
contrary, each of the parties hereto agrees that each other party hereto (and each of its
employees, representatives or agents) are permitted to disclose to any Persons, without limitation,
the tax treatment and tax structure of the Loans and the other transactions contemplated by the
Loan Documents and all materials of any kind (including opinions and tax analyses) that are
provided to the Loan Parties, the Lenders, the Arrangers or any Agent related to such tax treatment
and tax aspects. To the extent not inconsistent with the immediately preceding sentence, this
authorization does not extend to disclosure of any other information or any other term or detail
not related to the tax treatment or tax aspects of the Loans or the transactions contemplated by
the Loan Documents.

     SECTION 9.17. Delivery of Lender Addenda. Each initial Lender shall become a party to this
Agreement by delivering to the Administrative Agent a Lender Addendum duly executed by such Lender,
the Borrower and the Administrative Agent.

     SECTION 9.18. [Reserved].

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     SECTION 9.19. Mortgage Modifications. As a condition precedent to the Borrower’s incurrence of
additional Indebtedness pursuant to Section 2.25 (other than pursuant to clause (a)(2) thereof) or
2.26 and to the extent applicable additional Indebtedness is required by its terms to be secured by
a first priority Lien pursuant to Section 6.01(p), 6.01(y) or 6.01(z)(vi)(y) on Mortgaged
Properties as provided for herein, the Borrower shall satisfy the following requirements:

     (a) the Subsidiary Guarantors shall enter into, and deliver to the Administrative Agent and
the Collateral Trustee, at the direction and in the sole discretion of the Administrative Agent
and/or the Collateral Trustee (i) in the case of additional Indebtedness incurred pursuant to
Section 2.25 or 2.26, a mortgage modification or new Mortgage, and (ii) in the case of additional
Indebtedness secured by a first priority Lien incurred pursuant to Section 6.01(p), 6.01(y) or
6.01(z)(vi)(y), a new Mortgage; in each case in proper form for recording in the relevant
jurisdiction and in a form reasonably satisfactory to the Administrative Agent;

     (b) the Borrower shall deliver a local counsel opinion in form and substance as set forth in
Section 4.02(a)(ii) of this Agreement;

     (c) the Borrower shall have caused a title company approved by the Administrative Agent to
have delivered to the Administrative Agent and the Collateral Trustee an endorsement to the title
insurance policy delivered pursuant to Section 4.01(i) of the Existing Credit Agreement or Section
5.09(b)(ii)(A), as applicable, date down(s) or other evidence reasonably satisfactory to the
Administrative Agent and/or the Collateral Trustee insuring that (i) the priority of the liens
evidenced by insuring the continuing priority of the Lien of the Mortgage as security for such
Indebtedness has not changed and (ii) confirming and/or insuring that (a) since the immediately
prior incurrence of such additional Indebtedness, there has been no change in the condition of
title and (b) there are no intervening liens or encumbrances which may then or thereafter take
priority over the Lien of the Mortgage, other than the Permitted Liens (without adding any
additional exclusions or exceptions to coverage);

     (d) with respect to each Mortgaged Property required to be insured pursuant to the Flood
Disaster Protection Act of 1973 or the National Flood Insurance Act of 1968, and the regulations
promulgated thereunder, because it is located in an area which has been identified by the Secretary
of Housing and Urban Development as a “special flood hazard area,” the Borrower or the applicable
Subsidiary Guarantor shall deliver to the Administrative Agent (i) a policy of flood insurance that
(A) covers such Mortgaged Property and (B) is written in an amount reasonably satisfactory to the
Administrative Agent, (ii) a “life of loan” standard flood hazard determination with respect to
such Collateral and (iii) a confirmation that the Borrower or such Subsidiary Guarantor has
received the notice requested pursuant to Section 208(e)(3) of Regulation H of the Board; and

     (e) the Borrower shall, upon the request of the Administrative Agent and/or the Collateral
Trustee, deliver to the approved title company, the Collateral Trustee, the Administrative Agent
and/or all other relevant third parties all other items reasonably necessary to maintain the
continuing priority of the Lien of the Mortgage as security for such Indebtedness.

     SECTION 9.20. Certain Undertakings with Respect to Securitization Vehicles.
(a) Each Secured Party, the Administrative Agent and the Collateral Agent agrees, and
shall instruct the Collateral Trustee, that, prior to the date that is one year and one day after
the payment in full of all the obligations of the Securitization Vehicle in connection with and
under the South Central Securitization, (i) the Collateral Agent and the other Secured Parties
shall not be entitled, whether before or after the occurrence of any Event of Default, to (A)
institute against, or join any other

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Person in instituting against, any Securitization Vehicle any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under the laws of the
United States or any State thereof, (B) transfer and register the capital stock of any
Securitization Vehicle or any other instrument evidencing any Seller’s Retained Interest in the
name of the Collateral Agent or a Secured Party or any designee or nominee thereof, (C) foreclose
such security interest regardless of the bankruptcy or insolvency of the Borrower or any Restricted
Subsidiary, (D) exercise any voting rights granted or appurtenant to such capital stock of any
Securitization Vehicle or any other instrument evidencing any Seller’s Retained Interest or (E)
enforce any right that the holder of any such capital stock of any Securitization Vehicle or any
other instrument evidencing any Seller’s Retained Interest might otherwise have to liquidate,
consolidate, combine, collapse or disregard the entity status of such Securitization Vehicle and
(ii) the Collateral Agent and other Secured Parties hereby waive and release any right to require
(A) that any Securitization Vehicle be in any manner merged, combined, collapsed or consolidated
with or into the Borrower or any Restricted Subsidiary, including by way of substantive
consolidation in a bankruptcy case or (B) that the status of any Securitization Vehicle as a
separate entity be in any respect disregarded. Each Secured Party, the Administrative Agent and
the Collateral Agent agree and acknowledge, and shall instruct the Collateral Trustee, that the
agent acting on behalf of the holders of securitization indebtedness of the Securitization Vehicle
is an express third party beneficiary with respect to this Section 9.20 and such agent shall have
the right to enforce compliance by the Secured Parties, the Administrative Agent, the Collateral
Agent and the Collateral Trustee with this Section.

     (b) Upon the transfer or purported transfer by the Borrower or any Restricted Subsidiary of
South Central Securitization Assets to a Securitization Vehicle in a South Central Securitization,
any Liens with respect to such South Central Securitization Assets arising under this Agreement or
any Security Document related to this Agreement shall automatically be released (and each of the
Administrative Agent and the Collateral Agent, as applicable, is hereby authorized, and shall
instruct the Collateral Trustee, to execute and enter into any such releases and other documents as
the Borrower may reasonably request in order to give effect thereto).

     SECTION 9.21. Effect of Amendment and Restatement of the Second Restated Credit Agreement. (a) On
the Third Restatement Date, the Second Restated Credit Agreement shall be amended and restated in
its entirety by this Agreement, and the Second Restated Credit Agreement shall thereafter be of no
further force and effect and shall be deemed replaced and superseded in all respects by this
Agreement, except to evidence (i) the incurrence by the Borrower of the “Obligations” under and as
defined in the Second Restated Credit Agreement (whether or not such “Obligations” are contingent
as of the Third Restatement Date), (ii) the representations and warranties made by the Borrower
prior to the Third Restatement Date (which representations and warranties made prior to the Third
Restatement Date shall not be superseded or rendered ineffective by this Agreement as they pertain
to the period prior to the Third Restatement Date) and (iii) any action or omission performed or
required to be performed pursuant to such Second Restated Credit Agreement prior to the Third
Restatement Date (including any failure, prior to the Third Restatement Date, to comply with the
covenants contained in such Second Restated Credit Agreement). The parties hereto acknowledge and
agree that (A) this Agreement and the other Loan Documents, whether executed and delivered in
connection herewith or otherwise, do not constitute a novation (other than with respect to the
obligations of the Borrower with respect to Funded Letters of Credit under and as defined in the
Second Restated Credit Agreement that were outstanding immediately prior to the Third Restatement
Date, which, as of the Third Restatement Date, constitute obligations of the Funded L/C SPV
pursuant to and in accordance with one or more Cash Collateralized Letter of Credit Facilities) or
termination of the “Obligations” under the Second Restated Credit Agreement or the other Loan
Documents as in effect prior to the Third Restatement Date and which remain

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outstanding as of the
Third Restatement Date, (B) the “Obligations” under the Second Restated Credit Agreement and the
other Loan Documents are in all respects continuing (as amended and restated hereby and which are
in all respects hereinafter subject to the terms herein) and (C) the Liens and security interests
as granted under the applicable Loan Documents securing payment of such “Obligations” are in all
respects continuing and in full force and effect and are reaffirmed hereby.

     (b) On and after the Third Restatement Date, (i) all references to the Second Restated Credit
Agreement, the First Restated Credit Agreement or the Credit Agreement in the Loan Documents (other
than this Agreement) shall be deemed to refer to the Second Restated Credit Agreement, as amended
and restated hereby, (ii) all references to any section (or subsection) of the Second Restated
Credit Agreement, the First Restated Credit Agreement or the Credit Agreement in any Loan Document
(but not herein) shall be amended to become, mutatis mutandis, references to the corresponding
provisions of this Agreement and (iii) except as the context otherwise provides, on or after the
Third Restatement Date, all references to this Agreement herein (including for purposes of
indemnification and reimbursement of fees) shall be deemed to be references to the Second Restated
Credit Agreement as amended and restated hereby.

     (c) This amendment and restatement is limited as written and is not a consent to any other
amendment, restatement or waiver or other modification, whether or not similar and, except as
expressly provided herein or in any other Loan Document, all terms and conditions of the Loan
Documents remain in full force and effect unless otherwise specifically amended hereby or by any
other Loan Document.

     (d) Except to the extent specifically amended on the Third Restatement Date, this amendment
and restatement shall not alter, modify or in any way amend the schedules and exhibits to the
Second Restated Credit Agreement (and such schedules and exhibits shall continue to be schedules
and exhibits hereto).

     (e) The Lenders hereby authorize and direct the Collateral Trustee to execute and deliver all
Security Documents and other documents or instruments necessary or advisable to effect this
amendment and restatement, including, for the avoidance of doubt, any modifications to any
Mortgages previously executed and delivered to the Collateral Trustee by any Loan Party.

     SECTION 9.22.Permitted Amendments. (a) The Borrower may, by written notice to the Administrative
Agent from time to time, make one or more offers to all Lenders of an applicable Class to make one
or more Permitted Amendments pursuant to procedures reasonably specified by the Administrative
Agent and reasonably acceptable to the Borrower. Such notice shall set forth (i) the terms and
conditions of the requested Permitted Amendments and (ii) the date on which responses from the
applicable Lenders in respect of such Permitted Amendment are required to be received (which shall
not be less than three Business Days after the date of such notice). Only those Lenders that
consent to such Permitted Amendment (the “Accepting Lenders”) will have the maturity of
their
applicable Loans and Commitments extended and be entitled to receive any increase in the
Applicable Margin and any fees (including prepayment premiums or fees), in each case, as provided
therein; provided, however, that if the initial yield on any Loans and/or
Commitments the final maturity date of which is extended pursuant to any Permitted Amendment (such
Loans and/or Commitments, collectively, the “Permitted Amendment Loans and/or Commitments”)
(as determined by the Administrative Agent to be equal to the sum of (x) the Adjusted LIBO Rate
plus the Applicable Margin applicable to the Permitted Amendment Loans and/or Commitments and (y)
if the Permitted Amendment Loans and/or Commitments are initially made at a discount or the Lenders
making the same receive a

163

 

fee directly or indirectly from the Borrower or any Subsidiary for doing
so (the amount of such discount or fee, expressed as a percentage of the Permitted Amendment Loans
and/or Commitments, being referred to herein as the “Permitted Amendment Discount”), such
Permitted Amendment Discount, divided by the lesser of (A) the average life to maturity of such
Permitted Amendment Loans and/or Commitments and (B) four, exceeds by more than 25 basis points
(the amount of such excess above 25 basis points being referred to herein as the “Permitted
Amendment Yield Differential”) the Adjusted LIBO Rate plus the Applicable Margin then in effect
for any Class of Term Loans (including, for the avoidance of doubt, the Credit-Linked Deposits)
other than the Original Maturity Term Loans and the Original Maturity Credit-Linked Deposits, then
the Applicable Margin then in effect for such Class of Term Loans, as applicable, shall
automatically be increased by the Permitted Amendment Yield Differential, effective upon the making
of the Permitted Amendment Loans and/or Commitments (and if the Applicable Margin on the Permitted
Amendment Loans and/or Commitments is subject to a leveraged-based pricing grid, appropriate
increases to the other Applicable Margins for such Class of Term Loans, as applicable, consistent
with the foregoing, shall be made).

          (b) The Borrower and each Accepting Lender shall execute and deliver to the Administrative
Agent such documentation as the Administrative Agent shall reasonably specify to evidence the
acceptance of the Permitted Amendments and the terms and conditions thereof. The Administrative
Agent shall promptly notify each Lender as to the effectiveness of each Permitted Amendment. Each
of the parties hereto hereby agrees that, upon the effectiveness of any Permitted Amendment, this
Agreement shall be deemed amended, as may be necessary or appropriate, in the opinion of the
Administrative Agent, to effect the terms and provisions of the Permitted Amendment with respect to
the Loans and Commitments of the Accepting Lenders (including any amendments necessary to treat the
Loans and Commitments of the Accepting Lenders in a manner consistent with the other Loans and
Commitments under this Agreement). Notwithstanding the foregoing, no Permitted Amendment shall
become effective under this Section 9.22 unless the Administrative Agent, to the extent so
reasonably requested by the Administrative Agent, shall have received legal opinions, board
resolutions and officer’s certificates consistent with those delivered pursuant to Section 4.02.

     SECTION 9.23.Undertaking Regarding Bankruptcy or Similar Proceeding against Funded L/C SPV.

          (a) No party hereto shall institute (and the Borrower shall cause each other Subsidiary not to
institute) against the Funded L/C SPV any voluntary or involuntary bankruptcy, reorganization,
insolvency, liquidation or similar proceeding, prior to the date that is one year and one day after
the payment in full of all outstanding obligations of the Funded L/C SPV with respect to any Cash
Collateralized Letter of Credit Facility. The agreement in the preceding sentence shall survive
the termination of the Commitments and the payment in full of the Loans, Fees and all other
expenses or amounts payable under any Loan Document.

          (b) Each Lender, the Administrative Agent and the Collateral Agent hereby agree, and shall
instruct the Collateral Trustee, that, prior to the date that is one year and one day after the
later of the payment in full of all the obligations of the Funded L/C SPV in connection with and
under Cash Collateralized Letter of Credit Facilities or the latest expiration of the letters of
credit issued thereunder, (i) the Lenders, the Administrative Agent, the Collateral Agent and the
Collateral Trustee shall not be entitled, whether before or after the occurrence of any Event of
Default, to (A) institute, or join any other Person in instituting, against the Funded L/C SPV any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under the laws of the
United States or any State thereof or (B) for so long as the Class A Membership Units of the Funded
L/C SPV are owned by any Loan Party, enforce any right that the holder of the Class A

164

 

Membership
Units of the Funded L/C SPV might otherwise have to liquidate, consolidate, combine, collapse or
disregard the entity status of the Funded L/C SPV and (ii) each Lender, the Administrative Agent
and the Collateral Agent hereby waive and release any right to require that (A) the Funded L/C SPV
be in any manner merged, combined, collapsed or consolidated with or into the Borrower, any
Subsidiary or any affiliate of the Borrower, including by way of substantive consolidation in a
bankruptcy case or (B) the status of the Funded L/C SPV as a separate entity be in any respect
disregarded. Each Lender, the Administrative Agent and the Collateral Agent agree and
acknowledge, and shall instruct the Collateral Trustee, that each LC Issuer under any Cash
Collateralized Letter of Credit Facility is an express third party beneficiary with respect to this
Section 9.23(b) and such LC Issuer shall have the right to enforce compliance by the Lenders, the
Administrative Agent, the Collateral Agent and the Collateral Trustee with this Section 9.23(b).

[Signature pages follow]

165

 

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

	 	 	 	 	 
	 	NRG ENERGY, INC.

 	 
	 	By:  	

/s/ Christopher Sotos
 	 
	 	 	Name:  	Christopher Sotos 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 

NRG Energy, Inc. Third Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	CITICORP NORTH AMERICA INC., as
Administrative Agent and Collateral Agent 

	 
	 	By:  	/s/ Kirkwood Roland
 	 
	 	 	Name:  	Kirkwood Roland 	 
	 	 	Title:  	Vice President 	 
	 

NRG Energy, Inc. Third Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK AG, NEW YORK 

BRANCH, as Issuing Bank

 	 
	 	By:  	/s/ Jack N. Leong
 	 
	 	 	Name:  	Jack N. Leong 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                  /s/ Katrina Krallitsch
 	 
	 	 	Name:  	Katrina Krallitsch 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	BANK OF AMERICA, N.A., as Issuing Bank

 	 
	 	By:  	
/s/ Partick Martin	 
	 	 	Name:  	Patrick Martin	 
	 	 	Title:  	Senior Vice President	 
	 

NRG Energy, Inc. Third Amended and Restated Credit Agreement

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