Document:

Exhibit 10.26

 

EXECUTION VERSION

 

CREDIT AND GUARANTY AGREEMENT

 

Dated as of August 10,
2015

 

among

 

BAYONNE ENERGY CENTER,
LLC and

BAYONNE ENERGY CENTER
URBAN RENEWAL, LLC

as Borrowers

 

BAYONNE ENERGY HOLDINGS,
LLC, ZONE J TOLLING CO., LLC, PER-D BAYONNE

HOLDINGS, LLC, PER-D BAYONNE I, INC., PER-D BAYONNE II, LLC and HUDSON

POWER HOLDINGS,
LLC,

as Guarantors

 

THE LENDERS FROM TIME
TO TIME PARTY HERETO,

 

THE ISSUING BANKS FROM
TIME TO TIME PARTY HERETO,

 

Crédit
Agricole Corporate and Investment Bank,

as Swingline Lender

 

and

 

Crédit
Agricole Corporate and Investment Bank,

as Administrative Agent

 

 

 

Joint Lead Arrangers:

 

Crédit
Agricole Corporate and Investment Bank,

ing
capital llc,

national
australia bank limited,

siemens
financial services, inc.,

suntrust
robinson humphrey, inc.

and

wells
fargo bank, n.a.

 

 

 

$300,000,000 Senior Secured
Credit Facilities

 

 

 

     

     

    

  

TABLE OF CONTENTS

 

	Section	 	Page
	 	 	 
	 	ARTICLE I	 
	 	 	 
	DEFINITIONS AND ACCOUNTING TERMS	1
	 	 	 
	Section 1.01.	Certain Defined Terms	1
	Section 1.02.	Rules of Interpretation	56
	Section 1.03.	Accounting Terms	57
	Section 1.04.	Certifications, Etc	58
	 	 	 
	 	ARTICLE II	 
	 	 	 
	AMOUNTS AND TERMS OF THE ADVANCES	58
	 	 	 
	Section 2.01.	The Advances	58
	Section 2.02.	Making the Advances	59
	Section 2.03.	Repayment of Advances	61
	Section 2.04.	Prepayments	61
	Section 2.05.	Scheduled Interest	65
	Section 2.06.	Conversion/Continuation of Advances	67
	Section 2.07.	Promissory Notes	67
	 	 	 
	 	ARTICLE III	 
	 	 	 
	LETTERS OF CREDIT	68
	 	 	 
	Section 3.01.	Letters of Credit	68
	Section 3.02.	Request for Issuance	69
	Section 3.03.	Letter of Credit Reports	70
	Section 3.04.	Drawings and Reimbursements	70
	Section 3.05.	Obligations Absolute	71
	Section 3.06.	L/C Facility Fees	73
	Section 3.07.	Replacement or Addition of an Issuing Bank	73
	 	 	 
	 	ARTICLE IV	 
	 	 	 
	COMMON PROVISIONS TO FACILITIES	74
	 	 	 
	Section 4.01.	Termination or Reduction of the Commitments	74
	Section 4.02.	Default Interest	75
	Section 4.03.	Fees	75
	Section 4.04.	Change of Circumstances	76
	Section 4.05.	Payments and Computations	79
	Section 4.06.	Taxes	81

 

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	Section 4.07.	Sharing of Payments, Etc	85
	Section 4.08.	Mitigation Obligations; Replacement of Lenders	85
	Section 4.09.	Use of Proceeds	86
	Section 4.10.	Extensions of Commitments	87
	Section 4.11.	Defaulting Lenders	89
	 	 	 
	 	ARTICLE V	 
	 	 	 
	 	CONDITIONS TO EFFECTIVENESS OF LENDING AND	 
	ISSUANCES OF LETTERS OF CREDIT	91
	 	 	 
	Section 5.01.	Conditions Precedent	91
	Section 5.02.	Conditions Precedent to Each Borrowing and Issuance	96
	Section 5.03.	Determinations Under Sections 5.01 and 5.02	97
	Section 5.04.	Notices	97
	 	 	 
	 	ARTICLE VI	 
	 	 	 
	REPRESENTATIONS AND WARRANTIES	97
	 	 	 
	Section 6.01.	Representations and Warranties	97
	 	 	 
	 	ARTICLE VII	 
	 	 	 
	COVENANTS	104
	 	 	 
	Section 7.01.	Affirmative Covenants	104
	Section 7.02.	Negative Covenants	108
	Section 7.03.	Reporting Requirements	117
	 	 	 
	 	ARTICLE VIII	 
	 	 	 
	EVENTS OF DEFAULT	121
	 	 	 
	Section 8.01.	Events of Default	121
	Section 8.02.	Actions in Respect of the Letters of Credit upon Default	125
	 	 	 
	 	ARTICLE IX	 
	 	 	 
	THE AGENTS	126
	 	 	 
	Section 9.01.	Appointment of Agents	126
	Section 9.02.	Rights of Lenders	126
	Section 9.03.	Exculpatory Provisions	126
	Section 9.04.	Reliance by Administrative Agent	127
	Section 9.05.	Delegation of Duties	128
	Section 9.06.	Resignation of Administrative Agent	128
	Section 9.07.	Non-Reliance on Administrative Agent and Other Lenders	129

 

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	Section 9.08.	Withholding Taxes	129
	Section 9.09.	Administrative Agent May File Proof of Claim	130
	Section 9.10.	Collateral Matters	130
	 	 	 
	 	ARTICLE X	 
	 	 	 
	GUARANTY	131
	 	 	 
	Section 10.01.	Guaranty; Limitation of Liability	131
	Section 10.02.	Guaranty Absolute	132
	Section 10.03.	Waivers and Acknowledgments	133
	Section 10.04.	Subrogation	134
	Section 10.05.	Subordination	134
	Section 10.06.	Continuing Guaranty; Assignments	135
	Section 10.07.	Keepwell	136
	 	 	 
	 	ARTICLE XI	 
	 	 	 
	MISCELLANEOUS	136
	 	 	 
	Section 11.01.	Notices	136
	Section 11.02.	Expenses, Indemnity; Damage Waiver	138
	Section 11.03.	Cash Collateral	140
	Section 11.04.	Set-Off	141
	Section 11.05.	Amendments and Waivers	141
	Section 11.06.	Successors and Assigns; Participations	144
	Section 11.07.	Independence of Covenants	148
	Section 11.08.	Survival of Representations, Warranties and Agreements	148
	Section 11.09.	No Waiver; Remedies Cumulative	149
	Section 11.10.	Marshalling; Payments Set Aside	149
	Section 11.11.	Severability	149
	Section 11.12.	Obligations Several; Independent Nature of Lender Parties’ Rights	149
	Section 11.13.	Headings	149
	Section 11.14.	Governing Law; Jurisdiction, Etc	150
	Section 11.15.	Waiver Of Jury Trial	150
	Section 11.16.	Confidentiality	151
	Section 11.17.	Usury Savings Clause	152
	Section 11.18.	Counterparts; Integration; Effectiveness; Electronic Execution	152
	Section 11.19.	Patriot Act	152
	Section 11.20.	Intercreditor Agreement	153
	Section 11.21.	No Other Duties	153
	Section 11.22.	Non-Recourse	153
	Section 11.23.	Other Agreements	153

 

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	SCHEDULES
	 	 	 
	Schedule I	-	Commitments; Applicable Lending Offices; Notices
	Schedule II	-	Disclosed Liens
	Schedule 6.01(a)	-	Loan Parties
	Schedule 6.01(i)	-	Adverse Proceedings
	Schedule 7.01(d)	-	Insurance Requirements
	Schedule 7.02(a)	-	Closing Date Other Permitted Liens
	Schedule 7.02(m)	-	Existing Affiliate Transactions
	 	 	 
	EXHIBITS
	 	 	 
	Exhibit A	-	Form of Assignment and Assumption
	Exhibit B-1	-	Form of Term Note
	Exhibit B-2	-	Form of Revolving Note
	Exhibit B-3	-	Form of Swingline Note
	Exhibit C-1	-	Form of Funding Notice
	Exhibit C-2	-	Form of Swingline Request
	Exhibit D	-	Form of Pledge Agreement
	Exhibit E	-	Form of Consent and Agreement
	Exhibit F	-	Form of Security Agreement
	Exhibit G	-	Form of Intercreditor Agreement
	Exhibit H	-	Subordination Terms
	Exhibit I	-	Form of Compliance Certificate
	Exhibit J	-	Form of Conversion/Continuation Notice
	Exhibit K	-	Form of Closing Date Certificate
	Exhibit L-1	-	Form of Joinder Agreement (Permitted Expansion Entity)
	Exhibit L-2	-	Form of Joinder Agreement (Swingline Lender)
	Exhibit L-3	-	Form of Joinder Agreement (Augmenting Extending Lender)
	Exhibit M-1	-	Form of U.S. Tax Compliance Certificate
	Exhibit M-2	-	Form of U.S. Tax Compliance Certificate
	Exhibit M-3	-	Form of U.S. Tax Compliance Certificate
	Exhibit M-4	-	Form of U.S. Tax Compliance Certificate
	Exhibit N	-	Form of Depositary Agreement
	Exhibit O	-	Form of Prepayment Notice
	Exhibit P-1	-	Form of L/C Credit Extension Request
	Exhibit P-2	-	Form of DSRA Letter of Credit
	Exhibit P-3	-	Form of MMRA Letter of Credit
	Exhibit P-4	-	Form of Working Capital Letter of Credit
	Exhibit Q-1	-	Form of Chadbourne & Parke LLP Opinion
	Exhibit Q-2	-	Form of McCarter & English, LLP Opinion
	Exhibit R-1	-	Form of Acceptable Reserve Guarantee (DSRA/MMRA)
	Exhibit R-2	-	Form of Acceptable Reserve Guarantee (Permitted Expansion Facility)
	Exhibit S	-	Form of Major Maintenance Funding Certificate

 

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CREDIT AND GUARANTY AGREEMENT

 

This CREDIT AND GUARANTY
AGREEMENT, dated as of August 10, 2015 (this “Agreement”), is entered into by and among BAYONNE ENERGY
CENTER, LLC, a Delaware limited liability company (“BEC”), and BAYONNE ENERGY CENTER URBAN RENEWAL, LLC,
a New Jersey limited liability company (“BECUR,” and together with BEC, the “Borrowers”),
THE GUARANTORS FROM TIME TO TIME PARTY HERETO, THE LENDERS FROM TIME TO TIME PARTY HERETO, Crédit
Agricole Corporate and Investment Bank, as Swingline Lender, Crédit Agricole
Corporate and Investment Bank, as an issuing bank (in such capacity, an “Issuing Bank”), and Crédit
Agricole Corporate and Investment Bank, as administrative agent for the Lender Parties (in such capacity, together with
any successor Administrative Agent appointed pursuant to Article IX in such capacity, the “Administrative Agent”).

 

PRELIMINARY STATEMENTS:

 

WHEREAS, BEC owns and
operates the approximately 512 MW electrical generating facility located in Bayonne, New Jersey and an undersea cable interconnecting
such facility with ConEd’s Gowanus Substation located in Brooklyn, New York (collectively, together with any Permitted Expansion
if undertaken by a Permitted Expansion Entity, the “Project”);

 

WHEREAS, BECUR is a
wholly-owned subsidiary of BEC;

 

WHEREAS, the Borrowers
have requested that the Term Lenders provide a term loan facility, the proceeds of which are to be used on the Closing Date (a) to
make a distribution to the Sponsor, and (b) to pay fees, costs and expenses in connection with the Facilities and fees, costs
and expenses in connection with the operation of the Project;

 

WHEREAS, the Borrowers
have requested that the Revolving Lenders provide a revolving loan facility with a swingline sublimit that may be used (a) for
general working capital purposes or (b) in connection with the issuance of certain letters of credit;

 

WHEREAS, the Borrowers
have requested the Issuing Bank to issue letters of credit in accordance with the terms hereof; and

 

WHEREAS, the Lenders
are willing to provide such credit facilities and the Issuing Bank is willing to issue letters of credit upon the terms and subject
to the conditions set forth herein and in the other Loan Documents.

 

NOW, THEREFORE, in
consideration of the premises and of the mutual covenants and agreements contained herein, the parties hereto hereby agree as follows:

 

Article
I

 

DEFINITIONS AND ACCOUNTING
TERMS

 

Section
1.01.         Certain Defined Terms.
As used in this Agreement (including the preamble hereto and the preliminary statements hereto), the following terms shall have
the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

 

     

     

    

  

“Acceptable
Bank” means any commercial bank or financial institution having a long-term unsecured senior debt rating of at least
A3 or better by Moody’s or A- or better by S&P.

 

“Acceptable
Letter of Credit” means an irrevocable letter of credit issued by an Acceptable Bank that has a stated maturity date
that is not earlier than the earlier of (a) 6 months after the date of issuance of such letter of credit and (b) the
Term Facility Maturity Date, and which letter of credit and all related documentation are satisfactory to the Administrative Agent,
acting reasonably. Any such letter of credit must be drawable if, (i) it is not renewed or replaced at least 15 days
prior to its stated maturity date or (ii) the issuer thereof fails to satisfy the requirements of an “Acceptable Bank”
and a replacement letter of credit has not been obtained from an Acceptable Bank within 30 days thereafter.

 

“Acceptable
Reserve Guarantee” means a guaranty provided by Sponsor in respect of (a) the Borrowers’ obligations to
fund the Debt Service Reserve Account or the Major Maintenance Reserve Account, as applicable, in the form attached hereto as Exhibit R-1
or (b) clause (c) of the definition of Permitted Expansion Facility, in the form attached hereto as Exhibit R-2;
provided that such guarantee shall cease to be an “Acceptable Reserve Guarantee” for any period that the Sponsor
does not have a long-term unsecured senior debt rating of at least Baa3 or better by Moody’s or BBB- or better by S&P
(or, if rated by both Moody’s and S&P, then at least Baa3 or better by Moody’s and BBB- or better by S&P).

 

“Acceptable
Third Party Tolling Credit Support” means, (a) with respect to DEBM or any of its Affiliates, the Centrica Guarantee
and (b) with respect to each other Third Party Power Offtaker that is required to deliver Acceptable Third Party Tolling Credit
Support in accordance with the definition of “Replacement Power Purchase Agreement,” a guarantee from a Person with
a Required Rating.

 

“Additional
Project Contract” means each agreement relating to the Project entered into by, or assigned to, a Loan Party subsequent
to the Closing Date, the breach of which by such Loan Party or the counterparty thereto could reasonably be expected to have a
Material Adverse Effect, but excluding any Contractual Obligation (a) providing for, governing or evidencing any Permitted
Debt and any related Permitted Lien for such Permitted Debt, (b) entered into to consummate any sale, lease, transfer or disposal
allowed pursuant to the Loan Documents or (c) providing for, governing or evidencing any investments permitted pursuant to
the Loan Documents.

 

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“Adjusted
Eurodollar Rate” means, for any Interest Rate Determination Date with respect to an Interest Period for Eurodollar
Rate Advances, the rate per annum obtained by dividing (and rounding upward to the next whole multiple of 1/100 of 1%)
(a) the fluctuating rate per annum equal to (i) the rate per annum determined by the Administrative Agent to be the offered
rate for deposits with a term equivalent to such Interest Period appearing on the page of the Reuters Screen which displays an
average of the London interbank offered rate administered by the ICE Benchmark Administration, determined as of approximately 11:00
A.M. (London, England time) on such Interest Rate Determination Date or (ii) if the rate in clause (i) above does
not appear on such page or service or if such page or service is not available, the rate per annum determined by the Administrative
Agent to be the offered rate for deposits with a term equivalent to such Interest Period on such other page or other service which
displays an average of the London interbank offered rate administered by the ICE Benchmark Administration, determined as of approximately 11:00
A.M. (London, England time) on such Interest Rate Determination Date or (iii) if the rates in clauses (a)(i) and
(a)(ii) are not available, the rate per annum determined by the Administrative Agent to be the average offered quotation
rate by major banks in the London interbank market for deposits of principal amounts comparable to the Eurodollar Rate Advance
for which the Adjusted Eurodollar Rate is then being determined with maturities comparable to such Interest Period by (b) an
amount equal to (i) one minus (ii) the Applicable Reserve Requirement.

 

“Administrative
Agent” has the meaning specified in the preamble hereto.

 

“Administrative
Agent’s Account” means the account of the Administrative Agent specified by the Administrative Agent in writing
to the Borrowers and the Lender Parties from time to time.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Advance”
means, individually or collectively, as the context may require, a Term Advance, a Working Capital Advance, a Swingline Advance
or an L/C Advance.

 

“Adverse
Proceeding” means any action, written claim, suit, litigation, proceeding, hearing (whether administrative, judicial
or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of the Loan Parties) at law or in
equity, or before or by any Governmental Authority or arbitrator, domestic or foreign (including any Environmental Actions), whether
pending or, to the knowledge of the Loan Parties, threatened in writing against the Loan Parties or any Property of the Loan Parties.

 

“Affected
Lenders” has the meaning specified in Section 4.04(a).

 

“Affected
Property” means, with respect to any Casualty Event or Event of Eminent Domain, the Property that has been lost,
destroyed, damaged, condemned, taken or otherwise adversely affected as a result of such Casualty Event or Event of Eminent Domain.

 

“Affiliate”
means with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, controls
or is controlled by or is under common control with the Person specified. For the purposes of this definition, “control”
(including, with correlative meanings, the terms “controlling,” “controlled by” and “under
common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by
contract or otherwise.

 

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“Agent
Parties” has the meaning specified in Section 11.01(d)(ii).

 

“Agents”
means, individually or collectively, as the context may require, the Administrative Agent, the Collateral Agent and the Depositary.

 

“Agreement”
has the meaning specified in the preamble hereto.

 

“Agreement
on Security” means the Security Agreement (if any) that is entered into by BEC and ConEd in connection with the LGIA,
providing for, among other things, the basis and methodology for determining the manner in which BEC will satisfy the requirements
under the LGIA to provide security.

 

“Anti-Corruption
Laws” means the Foreign Corrupt Practices Act of 1977 and the rules, regulations and legally enforceable requirements
thereunder, the United Kingdom Bribery Act 2010 and all laws, rules, and regulations of any jurisdiction applicable to the Loan
Parties at the relevant time concerning or relating to bribery or corruption.

 

“Anti-Terrorism
and Money Laundering Laws” means any of the following (a) Section 1 of Executive Order 13224 of September 24,
2001, Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (Title 12,
Part 595 of the US Code of Federal Regulations), (b) the Terrorism Sanctions Regulations (Title 31 Part 595 of the US Code
of Federal Regulations), (c) the Terrorism List Governments Sanctions Regulations (Title 31 Part 596 of the US Code of Federal
Regulations), (d) the Foreign Terrorist Organizations Sanctions Regulations (Title 31 Part 597 of the US Code of Federal Regulations),
(e) the USA Patriot Act of 2001 (Pub. L. No. 107-56), (f) the U.S. Money Laundering Control Act of 1986, as amended, (g) the
Bank Secrecy Act, 31 U.S.C. sections 5301 et seq., (h) Laundering of Monetary Instruments, 18 U.S.C. section 1956, (i) Engaging
in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section 1957, (j) the Financial Recordkeeping
and Reporting of Currency and Foreign Transactions Regulations (Title 31 Part 103 of the US Code of Federal Regulations), (k) any
other similar federal Government Rule having the force of law and relating to money laundering, terrorist acts or acts of war,
and (l) any regulations promulgated under any of the foregoing.

 

“Applicable
Lending Office” means, with respect to each Lender Party, such Lender Party’s Domestic Lending Office in the
case of a Base Rate Advance and such Lender Party’s Eurodollar Lending Office in the case of a Eurodollar Rate Advance.

 

“Applicable
Margin” means, with respect to any Base Rate Advances and Eurodollar Rate Advances, the applicable rate per annum
determined pursuant to the grid set forth below:

 

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	Period	 	Eurodollar Rate
 Advances	 	 	Base Rate Advances	 
	Until (but excluding) the fifth anniversary of the Closing Date	 	 	2.125	%	 	 	1.125	%
	On the date that is the fifth anniversary of the Closing Date until (and including) the Term Facility Maturity Date	 	 	2.375	%	 	 	1.375	%

  

“Applicable
Percentage” means with respect to any Lender, the percentage of the Revolving Facility represented by such Lender’s
Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based
upon the Revolving Commitments most recently in effect, giving effect to any assignments.

 

“Applicable
Reserve Requirement” means, at any time, for any Eurodollar Rate Advances, the maximum rate, expressed as a decimal,
at which reserves (including any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained
with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D) under
regulations issued from time to time by the Board of Governors or other applicable banking regulator. Without limiting the effect
of the foregoing, the Applicable Reserve Requirement shall reflect any other reserves required to be maintained by such member
banks with respect to (a) any category of liabilities which includes deposits by reference to which the applicable Adjusted
Eurodollar Rate or any other interest rate of an Advance is to be determined, or (b) any category of extensions of credit
or other assets which include Eurodollar Rate Advances. Eurodollar Rate Advances shall be deemed to constitute Eurocurrency liabilities
and as such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offsets that
may be available from time to time to the applicable Lender. The rate of interest on Eurodollar Rate Advances shall be adjusted
automatically on and as of the effective date of any change in the Applicable Reserve Requirement.

 

“Appropriate
Lender” means, at any time and without duplication, with respect to (a) the Term Facility or the Revolving Facility,
a Lender that has a Commitment or outstanding Advances with respect to such Facility at such time, (b) the Revolving Facility,
the applicable Issuing Banks and (c) the Swingline Sublimit, (i) the Swingline Lender and (ii) if the Swingline
Lender has delivered a Swingline Reimbursement Request, the Revolving Lender.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender.

 

“Asset
Sale” means a sale, lease (as lessor), sale and leaseback, assignment, conveyance, exclusive license (as licensor),
transfer or other disposition to, or any exchange of Property with, any Person, in one transaction or a series of transactions,
of all or any part of any of the Loan Parties’ Properties, whether now owned or hereafter acquired, leased or licensed, other
than any sale, lease, transfer or other disposition or exchange of Properties pursuant to sub-clause (i), (ii),
(iii), (iv), (v), (vi), or (vii) of Section 7.02(e).

 

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“Asset
Sale Proceeds” means, with respect to any Asset Sale, the Net Cash Proceeds received by any of the Loan Parties in
connection with such Asset Sale.

 

“Asset
Sale Proceeds Account” has the meaning specified in the Depositary Agreement.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender Party, on the one hand, and an Eligible
Assignee (with the consent of any Person whose consent is required by Section 11.06), on the other hand, and accepted by
the Administrative Agent, in accordance with Section 11.06 and in substantially the form of Exhibit A or any
other form approved by the Administrative Agent.

 

“Augmenting
Extending Lender” has the meaning specified in Section 4.10(a).

 

“Available
Amount” means, with respect to any Letter of Credit or any other letter of credit, at any time, the maximum amount
(whether or not such maximum amount is then in effect under such Letter of Credit or other letter of credit if such maximum amount
increases periodically pursuant to the terms of such Letter of Credit or other letter of credit) available to be drawn under such
Letter of Credit or other letter of credit at such time (assuming compliance at such time with all conditions to drawing).

 

“Available
Revolving Commitment” means with respect to any Revolving Lender at any time (a) such Lender’s Revolving
Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Working Capital Advances
and L/C Advances made by such Lender and outstanding at such time and (ii) such Lender’s Pro Rata Share of the sum of
(A) the L/C Exposure and (B) the Swingline Advances at such time.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect,
or any successor statute.

 

“Base
Case Projections” means the projections delivered pursuant to Section 5.01(a)(vii)(C), as such projections
may be updated in accordance with clause (d) of the definition of Permitted Expansion Facility.

 

“Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day; (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%; and (c) 1% plus the Adjusted
Eurodollar Rate (without giving effect to any rounding) for a one month Interest Period in effect on such day (or if such day is
not a Business Day, the immediately preceding Business Day). Any change in the Base Rate due to a change in the Prime Rate, the
Federal Funds Effective Rate or the Adjusted Eurodollar Rate shall be effective on the effective day of such change in the Prime
Rate, the Federal Funds Effective Rate or the Adjusted Eurodollar Rate, respectively.

 

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“Base
Rate Advance” means an Advance that bears interest as provided in Section 2.05(a)(i).

 

“BEC”
has the meaning specified in the preamble hereto.

 

“BECUR”
has the meaning specified in the preamble hereto.

 

“Board
of Governors” means the Board of Governors of the United States Federal Reserve System, or any successor thereto.

 

“Borrowers”
has the meaning specified in the preamble hereto.

 

“Borrowing”
means, individually or collectively, as the context may require, a Term Borrowing or a Revolving Borrowing.

 

“Budget”
has the meaning specified in Section 7.03(e).

 

“Business
Day” means (a) any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the
State of New York or is a day on which banking institutions located in such state are authorized or required by law or other governmental
action to close and (b) with respect to all notices, determinations, fundings and payments in connection with the Adjusted
Eurodollar Rate or any Eurodollar Rate Advances, the term “Business Day” shall mean any day which is a Business
Day described in clause (a) and which is also a day for trading by and between banks in Dollar deposits in the London
interbank market.

 

“Business
Interruption Insurance Proceeds” means any and all proceeds of any insurance, indemnity, warranty or guaranty payable
from time to time to any of the Loan Parties with respect to the partial or complete interruption of the operation of the business
of such Loan Party.

 

“Capital
Expenditures” means, for any period, the aggregate of all expenditures of the Borrowers during such period determined
on a Consolidated basis and without duplication that, in accordance with GAAP, are or should be included in “property,
plant and equipment” or similar items reflected in the Consolidated balance sheet of the Loan Parties or in “purchase
of property and equipment” or similar items reflected in the Consolidated statement of cash flows of the Loan Parties,
but excluding to the extent they would otherwise be included:

 

(a)          expenditures
made in connection with the replacement, substitution, restoration or repair of Property to the extent financed with (i) Insurance
Proceeds or other Cash paid to the Borrowers on account of the Casualty Event in respect of the Property being replaced, restored
or repaired or (ii) Eminent Domain Proceeds or other Cash paid to the Loan Parties on account of an Event of Eminent Domain,
in each case in accordance with the terms of the Loan Documents;

 

(b)          the
purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment to the extent that the gross
amount of such purchase price is less than any credit granted by the seller of such equipment for the equipment being traded in
at such time;

 

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(c)          the
purchase of any Property to the extent financed with Asset Sale Proceeds in accordance with the terms of the Loan Documents;

 

(d)          payments
under Capitalized Leases to the extent such Capitalized Leases are permitted under the terms of the Loan Documents;

 

(e)          expenditures
related to Major Maintenance Expenses;

 

(f)           expenditures
to the extent any Borrower has received reimbursement in cash from a Person that is not an Affiliate of any of the Borrowers and
for which no Borrower has provided or is required to provide or incur, directly or indirectly, any consideration or obligation
to such Person or any other Person; and

 

(g)          the
purchase of Property to the extent financed (directly or indirectly) with the proceeds of Cash equity contributions received by
any Borrower from Holdings prior to the consummation of such purchase, which Cash equity contributions have been contributed by
Holdings, directly or indirectly, specifically for such purpose.

 

“Capital
Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock
of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests
and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any
of the foregoing.

 

“Capitalized
Leases” means, as applied to any Person, any lease of any Property by that Person as lessee that, in conformity with
GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person.

 

“Cash”
means money, currency or a credit balance in any demand account or Deposit Account.

 

“Cash
Collateralize” means to deposit in a Controlled Account or to pledge and deposit with or deliver to the Administrative
Agent, for the benefit of one or more of the Issuing Banks or Lenders, as collateral for L/C Exposure or obligations of Lenders
to fund participations in respect of L/C Exposure, cash or Deposit Account balances or, if the Administrative Agent and each applicable
Issuing Bank shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance
satisfactory to the Administrative Agent and each applicable Issuing Bank. “Cash Collateral” shall have
a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“Cash
Equivalents” means any of the following:

 

(a)          readily
marketable direct obligations of the Government of the United States or any agency or instrumentality thereof, or obligations unconditionally
guaranteed by the full faith and credit of the Government of the United States, in each case maturing within one year from the
date of acquisition thereof;

 

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(b)          securities
issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality
thereof having maturities of not more than one year from the date of acquisition thereof and, at the time of acquisition, having
a rating of AA- or higher from S&P or Aa3 or higher from Moody’s (or, at any time that neither S&P nor Moody’s
rates such obligations, an equivalent rating from another nationally recognized rating service);

 

(c)          investments
in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, a rating
of at least A-1 or P-1 from either S&P or Moody’s (or, at any time that neither S&P nor Moody’s rates such
obligations, an equivalent rating from another nationally recognized rating service);

 

(d)          investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 270 days from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, the Administrative Agent
or any of its Affiliates or any domestic office of any commercial bank organized under the laws of the United States of America,
any State thereof, any country that is a member of the OECD or any political subdivision thereof, that has a combined capital and
surplus and undivided profits of not less than $500,000,000;

 

(e)          fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above
and entered into with a financial institution satisfying the criteria of clause (d) above;

 

(f)          investments
in “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as
amended, substantially all of whose assets are (i) invested in investments of the type described in clauses (a) through
(e) above or (ii) rated the highest category by S&P or Moody’s; and

 

(g)          Cash.

 

“Casualty
Event” means a casualty event that causes all or a portion of the Property of any of the Loan Parties to be damaged,
destroyed or rendered unfit for normal use for any reason whatsoever, other than (a) ordinary use and wear and tear, (b) any
Event of Eminent Domain or (c) any casualty event in respect of which any Loan Party reasonably expects to receive Insurance
Proceeds of less than $7,500,000 or, with respect only to Section 7.03(l)(ii), $2,000,000.

 

“Centrica
Guarantee” means the guarantee, dated as of June 12, 2014, delivered by Centrica plc in favor of BEC in connection
with the DEBM Power Purchase Agreements.

 

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“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request,
rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that, notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed
to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Change
of Control” means either (a) Sponsor and a Qualified Owner (if any) shall, collectively, fail to own, directly
or indirectly, more than 50% of the Capital Stock in Holdings or (b) Holdings shall fail to own, directly or indirectly, 100%
of the Capital Stock in each other Loan Party; provided that, for the avoidance of doubt, no Change of Control shall be
deemed to have occurred in clause (b) above as a result of a liquidation, dissolution, merger or consolidation of any
Loan Party undertaken in accordance with Section 7.02(d).

 

“Class”,
when used in reference to any Advance or Borrowing, refers to whether such Advance, or the Advances constituting such Borrowing,
are Term Advances, Working Capital Advances, Swingline Advances or L/C Advances; when used in reference to any Commitment, refers
to whether such Commitment is a Term Commitment, Revolving Commitment or L/C Commitment; and when used in reference to any Letter
of Credit, refers to whether such Letter of Credit is a Working Capital Letter of Credit, MMRA Letter of Credit or DSRA Letter
of Credit.

 

“Closing
Date” means the date on which the conditions precedent set forth in Section 5.01 have been satisfied or waived
in accordance with Section 11.05.

 

“Closing
Date Certificate” means a Closing Date Certificate in substantially the form of Exhibit K.

 

“Collateral”
means all Property (including Capital Stock) of the Loan Parties, now owned or hereafter acquired, other than the Excluded Assets,
which is intended to be subject to the security interests or Liens granted pursuant to any of the Collateral Documents.

 

“Collateral
Account” has the meaning specified in the Depositary Agreement.

 

“Collateral
Agent” means Wells Fargo Bank, NA, in its capacity as First Lien Collateral Agent, together with any successor “First
Lien Collateral Agent” appointed pursuant to the Intercreditor Agreement.

 

“Collateral
Documents” means the Security Agreement, the Pledge Agreement, the Depositary Agreement (and any agreement entered
into, or required to be delivered, by any Loan Party pursuant to the terms of the Security Agreement in order to perfect the Lien
created on any Property pursuant thereto (including any Uniform Commercial Code financing statements), the Mortgages, each
Consent and Agreement, and each other agreement that creates or purports to create a Lien in favor of the Collateral Agent for
the benefit of the First Lien Secured Parties.

 

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“Commitment”
means, individually or collectively, as the context may require, a Term Commitment, a Revolving Commitment or an L/C Commitment.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor thereto.

 

“Commodity
Hedge and Power Sale Agreement” means any agreement (including each confirmation entered into pursuant to any ISDA
master agreement) providing for any swap, cap, collar, put, call, floor, future, option, spot, forward, power purchase and sale
agreement (including, but not limited to, option and heat rate options), fuel purchase and sale agreement, tolling agreement, capacity
purchase agreement, emissions credit purchase or sale agreement, power transmission agreement, fuel transportation agreement, fuel
storage agreement, netting agreement or similar agreement, in each case entered into in respect of any commodity, including any
energy management agreements having any such characteristics, other than, for the avoidance of doubt, any energy management agreement
that solely establishes an agency function for the party or parties thereto, and any agreement providing for credit support for
any of the foregoing, in all cases whether settled financially or physically.

 

“Commodity
Hedge Counterparty” means any Person (or any Person whose obligations under the applicable Permitted Commodity Hedge
and Power Sale Agreement are guaranteed by a Person) (a) that is, as of the date of the applicable Permitted Commodity Hedge
and Power Sale Agreement, (i) a commercial bank, insurance company or other similar financial institution or any Affiliate
thereof, (ii) a public utility or the NYISO or a reputable exchange (e.g., InterContinental Exchange), or (iii) in the
business of selling, marketing, purchasing, transporting, storing or distributing electric energy, capacity, ancillary services,
fuel, oil, gas, or emissions credits, and (b) that has (or whose obligations under the applicable Permitted Commodity Hedge
and Power Sale Agreement are guaranteed by an entity that has), at the time the applicable Permitted Commodity Hedge and Power
Sale Agreement is entered into, a Required Rating.

 

“Compliance
Certificate” means a Compliance Certificate substantially in the form of Exhibit I.

 

“ConEd”
means Consolidated Edison Company of New York, Inc., a New York corporation.

 

“ConEd
Easement” means the Easement Grant, dated August 6, 2010, between BEC and ConEd, as amended by that certain
Amendment to Easement Grant, dated September 27, 2012.

 

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“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes.

 

“Consents
and Agreement” means each Consent and Agreement executed by a Third Party Power Offtaker (and, if applicable, the
counterparty to the corresponding Acceptable Third Party Tolling Credit Support) or delivered in accordance with clause (h)
of the definition of Permitted Expansion Facility, in each case substantially in the form of Exhibit E.

 

“Consolidated”
refers to the consolidation of accounts in accordance with GAAP.

 

“Contractual
Obligations” means, as applied to any Person, any provision of any Capital Stock issued by such Person or of any
indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which such Person is a party or by
which it or any of its Properties is bound.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Controlled
Account” means each Deposit Account and each securities account that is subject to an account control agreement in
form and substance satisfactory to the Administrative Agent and each applicable Issuing Bank.

 

“Conversion,”
“Convert” and “Converted” each refer to a conversion of Advances of one Type
into Advances of the other Type pursuant to Section 2.06 or 4.04.

 

“Conversion/Continuation
Notice” means a Conversion/Continuation Notice substantially in the form of Exhibit J.

 

“Core
Contract” means each of the Third Party Power Purchase Agreements, the LTSA and, for as long as any DEBM Power Purchase
Agreement is in place, the Centrica Guarantee.

 

“Credit
Date” means the date of a Credit Extension.

 

“Credit
Extension” means the making of any Advance or the issuance of a Letter of Credit.

 

“DB
Account” means the account maintained by BEC with Deutsche Bank Trust Company Americas (account number: SB3747.1).

 

“DEBM”
means Direct Energy Business Marketing, LLC.

 

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“DEBM
Power Purchase Agreements” means, collectively, (a) that certain Contract for the Sale and Purchase of Capacity,
Energy and Ancillary Services, dated as of September 30, 2010, between DEBM, as assignee of Hess, and BEC, as amended by that
certain Amendment to Contract for the Sale and Purchase of Capacity, Energy and Ancillary Services, dated as of June 12, 2014
and (b) that certain Second Contract for the Sale and Purchase of Capacity, Energy and Ancillary Services, dated as of September 30,
2010, between DEBM, as assignee of Hess, and BEC, as amended by that certain Amendment to Second Contract for the Sale and Purchase
of Capacity, Energy and Ancillary Services, dated as of June 12, 2014.

 

“Debt”
means, as applied to any Person and without duplication:

 

(a)          all
Debt for Borrowed Money;

 

(b)          that
portion of obligations with respect to Capitalized Leases that is properly classified as a liability on a balance sheet in conformity
with GAAP;

 

(c)          all
obligations of such Person evidenced by notes, bonds, debentures, drafts or other similar instruments representing extensions of
credit whether or not representing obligations for borrowed money;

 

(d)          any
obligation owed for all or any part of the deferred purchase price of property or services (excluding any such obligations incurred
under ERISA), which purchase price is due more than six months from the date of incurrence of the obligation in respect thereof;

 

(e)          all
indebtedness secured by any Lien on any Property owned or held by such Person regardless of whether the indebtedness secured thereby
shall have been assumed by such Person or is nonrecourse to the credit of that Person;

 

(f)           the
face amount of any letter of credit issued for the account of such Person or as to which such Person is otherwise liable for reimbursement
of drawings;

 

(g)          the
direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making,
discounting with recourse or sale with recourse by such Person of the obligation of another;

 

(h)          any
obligation of such Person, the primary purpose or intent of which is to provide assurance to an obligee that the obligation of
the obligor thereof will be paid or discharged, or any agreement relating thereto will be complied with, or the holders thereof
will be protected (in whole or in part) against loss in respect thereof;

 

(i)           any
liability of such Person for an obligation of another through any agreement (contingent or otherwise) (i) to purchase, repurchase
or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of such obligation
(whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (ii) to maintain the solvency
or any balance sheet item, level of income or financial condition of another if, in the case of any agreement described under sub-clause (i)
or (ii) of this clause (i), the primary purpose or intent thereof is as described in clause (h)
above; and

 

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(j)          all
obligations of such Person in respect of any exchange-traded or over- the-counter derivative transaction, including any Interest
Rate Hedge or Commodity Hedge and Power Sale Agreement, whether entered into for hedging or speculative purposes;

 

provided
that in no event shall (A) deferred compensation arrangements, (B) earn-out, non-compete or consulting obligations, (C) earn
out obligations until such obligations are earned or mature in accordance with GAAP, (D) deemed Debt pursuant to GAAP or (E) working
capital or other adjustments to purchase price or indemnification obligations under purchase agreements, in each case, constitute
Debt of a Person for the purposes of Section 7.02(b); provided further that in no event shall (1) intercompany
debt permitted under Section 7.02(b)(vii) or (2) Debt in respect of Interest Rate Hedges or Commodity Hedge and Power
Sale Agreements, in each case, constitute Debt of a Person for the purposes of Section 8.01(f).

 

“Debt
for Borrowed Money” means of any Person, at any date of determination, the sum, without duplication, of (a) all
items that, in accordance with GAAP, would be classified as indebtedness on a Consolidated balance sheet of such Person at such
date, and (b) all obligations of such Person under acceptance, letter of credit or similar facilities at such date, but excluding
Debt in respect of Capitalized Leases and purchase money debt.

 

“Debt
Obligation” means any obligation for which the Borrower has issued debt instruments in the financial markets and
for which such debt instruments are normally rolled over or refinanced in the financial markets upon maturity.

 

“Debt
Proceeds” means, with respect to the incurrence or issuance of any Debt by any of the Loan Parties (other than Debt
permitted to be incurred or issued pursuant to Section 7.02(b)), the Net Cash Proceeds received by any of the Loan Parties
in connection with such incurrence or issuance.

 

“Debt
Service” means, for any period, the sum of (a) Interest Expense, all fronting fees, commitment fees and letter
of credit participation fees and similar fees payable by the Loan Parties (including under Section 3.06(a) and Section
4.03(a) of this Agreement) under the Loan Documents and under any Permitted Expansion Facility secured by a Permitted Lien
on the Collateral under the Collateral Documents, and all Ordinary Course Settlement Payments under Interest Rate Hedges and (b) all
scheduled principal amounts paid or payable pursuant to Section 2.03(a) or any Permitted Expansion Facility; provided,
however, that (i) Debt Service for the Measurement Period ending on September 30, 2015 shall be deemed to be the product
of four times the sum of (A) the Debt Service for the Fiscal Quarter then ending plus (B) $2,396,578.47; (ii) Debt
Service for the Measurement Period ending on December 31, 2015 shall be deemed to be the product of two times the sum of (A) the
Debt Service for the Fiscal Quarter then ending plus (B) the sum of the amounts set forth in clauses (i)(A) and (i)(B), (iii) Debt
Service for the Measurement Period ending on March 31, 2016 shall be deemed to be the product of four thirds times the sum of (A) the
Debt Service for the Fiscal Quarter then ending and (B) the sum of the amounts set forth in clauses (ii)(A) and (ii)(B), and
(iv) Debt Service for the Measurement Period ending on June 30, 2016 shall be deemed to be the sum of (A) the Debt Service
for the Fiscal Quarter then ending and (B) the sum of the amounts set forth in clauses (iii)(A) and (iii)(B).

 

     14

     

    

  

“Debt
Service Coverage Ratio” means, for any Measurement Period, the ratio of (a) Operating Cash Available for Debt
Service for such Measurement Period to (b) Debt Service for such Measurement Period.

 

“Debt
Service Reserve Account” has the meaning specified in the Depositary Agreement.

 

“Debt
Service Reserve Requirement” means on any date of determination, an amount equal to 100% of the sum of the reasonably
anticipated aggregate (a) scheduled principal and interest on the Term Facility, (b) interest on the Revolving Facility
and (c) fees pursuant to Section 3.06 and Section 4.03(a), in each case, payable during the following six (6) month
period occurring after such date of determination, net of (or plus) Ordinary Course Settlement Payments under Hedge Agreements
that are reasonably expected to be made or received during such six-month period.

 

“Debtor
Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar
debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.

 

“Default”
means any Event of Default or a condition or event that, after notice or lapse of time or both, would constitute an Event of Default.

 

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“Defaulting
Lender” means, subject to Section 4.11(b), any Lender that (a) has failed to (i) fund all or any
portion of its Advance within two (2) Business Days of the date such Advances were required to be funded hereunder unless such
Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s determination
that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall
be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank,
the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation
in Letters of Credit or Swingline Advances) within two (2) Business Days of the date when due, (b) has notified the Borrowers,
the Administrative Agent or any Issuing Bank or the Swingline Lender in writing that it does not intend to comply with its funding
obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s
obligation to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition
precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such
writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request
by the Administrative Agent or the Borrowers, to confirm in writing to the Administrative Agent and the Borrowers that it will
comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant
to this clause (c) upon receipt of such written confirmation by the Administrative Agent and BEC), or (d) has,
or has a direct or indirect parent company that has, other than via an Undisclosed Administration, (i) become the subject
of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including
the Federal Deposit Insurance Corporation or any other state or federal or national regulatory authority acting in such a capacity;
provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest
in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest
does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender
is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 4.11) upon delivery
of written notice of such determination to the Borrowers, each Issuing Bank, the Swingline Lender and each Lender.

 

“Deposit
Account” means a demand, time, savings, checking, passbook or like account with a bank, savings and loan association,
credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

 

“Depositary”
Wells Fargo Bank, NA, in its capacity as depositary, together with any successor depositary appointed pursuant to the Depositary
Agreement.

 

“Depositary
Accounts” has the meaning specified in the Depositary Agreement.

 

“Depositary
Agreement” means a depositary agreement in substantially the form of Exhibit N, dated as of the date
hereof, among the Borrowers, each Guarantor party thereto, the Administrative Agent, the Collateral Agent, and the Depositary.

 

“Disposition”
means any sale, assignment, transfer, conveyance or other disposition.

 

“Distribution
Account” has the meaning specified in the Depositary Agreement.

 

“Distribution
Conditions” means, as of any Distribution Date:

 

(a)          no
Default or Event of Default shall have occurred and be continuing or would occur as a consequence of such Restricted Payment;

 

(b)          the
outstanding principal amount of all L/C Advances in respect of any MMRA Letter of Credit and any DSRA Letter of Credit shall have
been repaid in full and there are no unreimbursed outstanding Drawing Payments in respect of any MMRA Letter of Credit or any DSRA
Letter of Credit;

 

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(c)          as
calculated on such Distribution Date, the Debt Service Coverage Ratio for the applicable Measurement Period ending on the Quarterly
Date immediately preceding such Distribution Date is not less than 1.20 to 1.00;

 

(d)          the
amount then on deposit in or credited to the Debt Service Reserve Account plus the aggregate Available Amount under all issued
DSRA Letters of Credit held by the Collateral Agent plus the available amount under any Acceptable Reserve Guarantee issued in
respect of the Debt Service Reserve Requirement as of such Quarterly Date equals the Debt Service Reserve Requirement at such time;

 

(e)          the
amount then on deposit in or credited to the Major Maintenance Reserve Account plus the aggregate Available Amount under all issued
MMRA Letters of Credit held by the Collateral Agent plus the available amount under any Acceptable Reserve Guarantee issued in
respect of the Major Maintenance Reserve Requirement as of such Quarterly Date equals the Major Maintenance Reserve Requirement
at such time;

 

(f)           Any
debt service reserve account, major reserve account and any other reserve account established under any Permitted Expansion Facility
Debt Document shall be funded in accordance with such Permitted Expansion Facility Debt Document; and

 

(g)          BEC
shall have delivered to the Administrative Agent, at least two (2) Business Days prior to such Distribution Date, a certificate
of a Responsible Officer stating that each of the foregoing conditions set forth in clauses (a) through (f) above
shall be satisfied as of such Distribution Date and setting out in reasonable detail the calculation for computing the Debt Service
Coverage Ratio for the relevant period.

 

“Distribution
Date” has the meaning specified in the Depositary Agreement.

 

“Distribution
Reserve Account” has the meaning specified in the Depositary Agreement.

 

“Dollars”
and the sign “$” mean the lawful currency of the United States of America.

 

“Domestic
Lending Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Domestic
Lending Office” opposite its name on Schedule I or in the Assignment and Assumption pursuant to which it
became a Lender Party, as the case may be, or such other office of such Lender Party as such Lender Party may from time to time
specify to the Borrowers and the Administrative Agent.

 

“Drawing
Payment” means a payment by an Issuing Bank of all or any part of the Available Amount in conjunction with a drawing
on a Letter of Credit by the beneficiary thereof.

 

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“DSRA
Letter of Credit” shall have the meaning ascribed thereto in Section 3.01(a)(ii).

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 11.06(b)(iii), (v)
and (vi) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)).

 

“Eminent
Domain Proceeds” means, with respect to any Event of Eminent Domain, the Net Cash Proceeds received by any of the
Loan Parties in connection with such Event of Eminent Domain.

 

“Employee
Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA (a) which
is or was adopted, sponsored, maintained or contributed to by, or required to be contributed by any of the Loan Parties or any
of their respective ERISA Affiliates or (b) with respect to or in connection with any of the Loan Parties could have any actual
or contingent liability by reason of any Person having been an ERISA Affiliate at any applicable time within the past six (6) years.

 

“Energy
Manager” means DEBM, in its capacity as the manager under the Energy Services Agreement or any other energy manager
providing services under any Replacement Power Purchase Agreement.

 

“Energy
Services Agreement” means the Energy Services Agreement, dated as of September 30, 2010, between BEC and DEBM,
as assignee of Hess, as amended by the Amendment to Energy Services Agreement, dated June 12, 2014.

 

“Environmental
Action” means any claim, action, suit, proceeding, or demand by any Governmental Authority or any other Person, or
any notice of investigation, violation, order or directive of any Governmental Authority, arising (a) pursuant to or in connection
with any actual or alleged violation of Environmental Law; (b) in connection with any Hazardous Material or any actual or
alleged Hazardous Materials Activity; or (c) in connection with any actual or alleged damage, injury, threat or harm from
Hazardous Materials to human health, safety or the environment (including natural resources).

 

“Environmental
Law” means any foreign, federal or state (or any subdivision of any of them) statutes, ordinances, orders, rules,
regulations, judgments, Governmental Authorizations, common law, or any other legally enforceable requirements of Governmental
Authorities relating to (a) protection of the environment or to any Hazardous Materials Activity, (b) occupational safety
and health (to the extent related to exposure to Hazardous Materials) or (c) the protection of plant or animal health or welfare,
in any manner applicable to any of the Loan Parties or any of their respective Properties.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor thereto.

 

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“ERISA
Affiliate” means, as applied to any Person, (a) any corporation which is a member of a controlled group of corporations
within the meaning of Section 414(b) of the Internal Revenue Code of which that Person is a member; (b) any trade or
business (whether or not incorporated) which is a member of a group of trades or businesses under common control within the meaning
of Section 414(c) of the Internal Revenue Code of which that Person is a member; and (c) solely for the purpose of the
funding requirements of Section 412 of the Internal Revenue Code or Section 302 of ERISA, any member of an affiliated
service group within the meaning of Section 414(m) or (o) of the Internal Revenue Code of which that Person, any corporation
described in clause (a) above or any trade or business described in clause (b) above is a member.

 

“ERISA
Event” means (a) a “reportable event” within the meaning of Section 4043 of ERISA and
the regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision for 30-day notice
to the PBGC has been waived by regulation as in effect on the date hereof); (b) the failure to meet the minimum funding standard
of Section 412 of the Internal Revenue Code with respect to any Pension Plan (whether or not waived in accordance with Section 412(c)
of the Internal Revenue Code) or the failure to make by its due date a required installment under Section 430(j) of the Internal
Revenue Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (c) the
provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate
such plan in a distress termination described in Section 4041(c) of ERISA; (d) the withdrawal by any of the Loan Parties
or any of their respective ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of
any such Pension Plan resulting in liability to any of the Loan Parties or any of their respective Affiliates pursuant to Section 4063
or 4064 of ERISA; (e) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of
any event or condition which could reasonably be expected to constitute grounds under ERISA for the termination of, or the appointment
of a trustee to administer, any Pension Plan; (f) the imposition of liability on any of the Loan Parties or any of their respective
ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c)
of ERISA; (g) the withdrawal of any of the Loan Parties or any of their respective ERISA Affiliates in a complete or partial
withdrawal (within the meaning of Sections 4203 or 4205 of ERISA) from any Multiemployer Plan if there is any potential
liability therefor, or the receipt by any of the Loan Parties or any of their respective ERISA Affiliates of notice from any Multiemployer
Plan that it is in reorganization or insolvency pursuant to Section 4245 of ERISA, or that it intends to terminate or has
terminated under Section 4041A or 4042 of ERISA; (h) the assertion of a material claim (other than routine claims
for benefits) against any Employee Benefit Plan (other than a Multiemployer Plan) or the assets thereof, or against any of the
Loan Parties or any of their respective ERISA Affiliates in connection with any Employee Benefit Plan; (i) the imposition
of a Lien pursuant to Section 430(k) of the Internal Revenue Code or pursuant to ERISA with respect to any Pension Plan; (j) the
occurrence of a non-exempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA)
which could reasonably be expected to result in liability to any of the Loan Parties or any of their respective ERISA Affiliates;
(k) a Pension Plan is, or is expected to be, in “at risk” status within the meaning of Section 430(i)(4)
of the Code or Section 303(i)(4) of ERISA; or (l) a Multiemployer Plan is in “endangered status” (under Section 432(b)(1)
of the Code or Section 305(b)(1) of ERISA) or “critical status” (under Section 432(b)(2) of the Code or Section 305(b)(2)
of ERISA).

 

     19

     

    

  

“Eurodollar
Lending Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Eurodollar
Lending Office” opposite its name on Schedule I or in the Assignment and Assumption pursuant to which it
became a Lender Party (or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender Party
as such Lender Party may from time to time specify to the Borrowers and the Administrative Agent.

 

“Eurodollar
Rate Advance” means an Advance that bears interest as provided in Section 2.05(a)(ii).

 

“Event
of Abandonment” means the operation of the Project shall have been abandoned for a period of at least 45 consecutive
days (it being acknowledged that a Casualty Event, Event of Eminent Domain, a force majeure event, an outage, or any other event
which is not caused by a Loan Party shall be deemed to not be an “Event of Abandonment”).

 

“Event
of Eminent Domain” means any action, series of actions, omissions or series of omissions by any Governmental Authority
(a) by which such Governmental Authority appropriates, confiscates, condemns, expropriates, nationalizes, seizes or otherwise
takes all or a material portion of the Property of any of the Loan Parties (including any Capital Stock of any of the Loan Parties)
or (b) by which such Governmental Authority assumes custody or control of the Property (other than immaterial portions of
such Property) or business operations of any of the Loan Parties or any Capital Stock of any of the Loan Parties other than any
such action, series of actions, omissions or series of omissions in respect of which any Borrower or any other Loan Party reasonably
expects to receive Eminent Domain Proceeds of $7,500,000 (or, with respect only to Section 7.03(l)(ii), $2,000,000) or less
in the aggregate for all such actions, series of actions, omissions or series of omissions during the term of this Agreement.

 

“Events
of Default” has the meaning specified in Section 8.01.

 

“EWG”
means an exempt wholesale generator within the meaning of Section 1262(6) of PUHCA, and FERC’s implementing regulations
thereof at 18 C.F.R. Part 366.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.

 

“Excluded
Assets” has the meaning specified in the Intercreditor Agreement.

 

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“Excluded
Swap Obligation” means, with respect to any Guarantor at any time, any Swap Obligation, if, and to the extent that,
all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap
Obligation (or any guarantee thereof) is illegal at such time under the Commodity Exchange Act or any rule, regulation or order
of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (or
any regulations promulgated thereunder) at the time such guarantee or grant of a security interest becomes effective with respect
to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion
shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest
is or becomes illegal.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and
branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal
withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in an
Advance or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Advance
or Commitment (other than pursuant to an assignment request by the Borrowers under Section 4.08(b)) or (ii) such Lender
changes its lending office, except in each case to the extent that, pursuant to Section 4.06, amounts with respect to such
Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with
Section 4.06(g) and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

“Expansion
EPC Agreement” means the agreement described in clause (b) of the definition of “Permitted Expansion Facility”.

 

“Expansion
FNTP” means a full notice to proceed delivered by a Loan Party to the counterparty to an Expansion EPC Agreement
or an Expansion Turbine Supply Agreement, as the case may be, instructing such counterparty to perform all obligations under such
Expansion EPC Agreement or Expansion Turbine Supply Agreement.

 

“Expansion
Turbine Supply Agreement” means an agreement providing for the sale of the turbines to be used in the construction
of the Permitted Expansion.

 

“Extending
Lender” has the meaning specified in Section 4.10(a).

 

“Facility”
means, individually or collectively, as the context may require, the Term Facility and the Revolving Facility.

 

     21

     

    

  

“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or
official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code.

 

“Federal
Funds Effective Rate” means for any day, the rate per annum (expressed, as a decimal, rounded upwards, if
necessary, to the next higher 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day; provided that, (a) if such day is not a Business Day, the
Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published
on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal
Funds Effective Rate for such day shall be the average rate charged to the Administrative Agent (in the case of any Advances),
in its capacity as a Lender, on such day on such transactions as determined by the Administrative Agent.

 

“Fee
Letters” means (a) the fee letter, dated as of the date hereof, between the Borrowers and Crédit Agricole
Corporate and Investment Bank, (b) the fee letter, dated as of the date hereof, between the Borrowers and ING Capital LLC, (c)
the fee letter, dated as of the date hereof, between the Borrowers and National Australia Bank Limited, (d) the fee letter, dated
as of the date hereof, between the Borrowers and Siemens Financial Services, Inc., (e) the fee letter, dated as of the date hereof,
between the Borrowers and SunTrust Robinson Humphrey, Inc. and SunTrust Bank, (f) the fee letter, dated as of the date hereof,
between the Borrowers and Wells Fargo Bank, N.A., (g) the fee letter, dated as of the date hereof, between the Borrowers and the
Administrative Agent, and (g) the fee letter, dated July 31, 2015, between BEC and the Collateral Agent.

 

“FERC”
means the Federal Energy Regulatory Commission, and any successor.

 

“Financial
Officer” in respect of any Person, means the chief executive officer, president, general manager, chief financial
officer, chief accounting officer, vice-president, controller, treasurer or assistant treasurer of such Person, or to the extent
such Person is member managed, its parent company.

 

“Financial
Officer Certification” means, with respect to the financial statements for which such certification is required,
the certification of a Financial Officer of BEC that such financial statements fairly present, in all material respects, the financial
condition of the Loan Parties as at the dates indicated and the results of their operations and their cash flows for the periods
indicated, subject to changes resulting from audit and normal year-end adjustments and, in the case of unaudited financial statements,
the absence of footnotes.

 

“First
Lien Secured Parties” has the meaning specified in the Intercreditor Agreement.

 

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“Fiscal
Quarter” means a fiscal quarter of any Fiscal Year.

 

“Fiscal
Year” means a fiscal year of the Loan Parties ending on December 31 of each calendar year; provided that
for purposes of Section 7.03(c), the initial Fiscal Year of the Loan Parties shall be the period commencing on April 1,
2015 and ending on December 31, 2015.

 

“Fitch”
means Fitch Ratings Ltd., or any successor to the rating agency business thereof.

 

“Flood
Notice” has the meaning set forth in Section 5.01(e)(ii).

 

“Foreign
Lender” means (a) if either Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if
either Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that
in which either Borrower is resident for tax purposes.

 

“FPA”
means the Federal Power Act, as amended to the date hereof and from time to time hereafter, and any successor statute, and all
implementing regulations of FERC thereunder.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Bank, such Defaulting
Lender’s Applicable Percentage of the outstanding L/C Exposure with respect to Letters of Credit issued by such Issuing Bank
other than L/C Exposure as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders
or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender from and after delivery
of a Swingline Reimbursement Request, such Defaulting Lender’s Applicable Percentage of outstanding Swingline Advances included
in any Swingline Reimbursement Request made by the Swingline Lender other than Swingline Advances as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

 

“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“Funding
Notice” has the meaning specified in Section 2.02(a).

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, as in effect from time to time.

 

     23

     

    

  

“Governmental
Authority” means the government of the United States of America or any other nation, or of 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 or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank).

 

“Governmental
Authorization” means any authorization, approval, consent, franchise, license, covenant, order, ruling, permit, certification,
exemption, registration, notice, declaration or similar right, undertaking or other action of, to or by, or any filing, qualification
or registration with, any Governmental Authority.

 

“Growth
Capital Expenditures” means all Capital Expenditures (other than Permitted Expansion Capital Expenditures) the Loan
Parties reasonably believe are needed for, or will improve the value of, the Project funded with amounts available pursuant to
Section 3.9(b) of the Depositary Agreement or amounts on deposit in the Distribution Account.

 

“Guaranteed
Documents” means the Loan Documents and the Hedge Agreements.

 

“Guaranteed
Parties” means the Lender Parties and the Hedge Banks.

 

“Guaranteed
Obligations” has the meaning specified in Section 10.01(a).

 

“Guarantors”
means (a) Bayonne Energy Holdings, LLC, PER-D Bayonne Holdings, LLC, Per-D Bayonne I, Inc., PER-D Bayonne II, LLC, Hudson Power
Holdings, LLC, Zone J Tolling and any Permitted Expansion Entity, in each case, subject to the right of each Guarantor to liquidate,
dissolve, merge and consolidate in accordance with Section 7.02(d), and (b) with respect to the payment and performance
by each Specified Loan Party of its obligations under its Guaranty with respect to all Swap Obligations, the Borrower.

 

“Guaranty”
means the guaranty of the Guarantors set forth in Article X.

 

“Hazardous
Materials” means (a) any petrochemical or petroleum products, oil, waste oil, asbestos in any form that is or
could become friable, urea formaldehyde foam insulations, toxic mold, lead-based paint, greenhouse gases, and polychlorinated biphenyls;
(b) any products, mixtures, compounds, materials, wastes or substances, air emissions, toxic substances, wastewater discharges
and any chemical, material, waste or substance that may give rise to liability pursuant to, or is listed or regulated under, or
the human exposure to which or the Release of which is controlled or limited by Environmental Laws; and (c) any materials,
wastes or substances defined in Environmental Laws as “hazardous,” “toxic,” “pollutant,”
or “contaminant,” or words of similar meaning or regulatory effect.

 

     24

     

    

  

“Hazardous
Materials Activity” means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous
Materials, including the generation, use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened
Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation,
disposal, disposition or handling of any Hazardous Materials, and any investigation, corrective action or response action with
respect to any of the foregoing.

 

“Hedge
Agreement” means any Interest Rate Hedge entered into by a Loan Party, to the extent permitted under Section 7.02(b)(vi)
with a Person that, at the time such Interest Rate Hedge is entered into, is a Hedge Bank.

 

“Hedge
Bank” means any Person that is either a Lender, Joint Lead Arranger or an Affiliate thereof.

 

“Hedge
Termination Proceeds” means a termination payment received by a Loan Party in Cash in excess of $3,000,000 in respect
an Interest Rate Hedge.

 

“Hedge
Termination Proceeds Account” has the meaning specified in the Depositary Agreement.

 

“Hess”
means Hess Corporation.

 

“Highest
Lawful Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted
for, charged, or received under the laws applicable to any Lender Party which are presently in effect or, to the extent allowed
by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate
than applicable laws now allow.

 

“Holdings”
means AL Bayonne Holdings, LLC, a Delaware limited liability company.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitee”
has the meaning specified in Section 11.02(b).

 

“Independent
Engineer” means E3 Consulting or any successor consultant appointed by the Administrative Agent and, so long as no
Event of Default has occurred and is continuing, reasonably acceptable to the Borrower.

 

“Initial
Operating Budget” has the meaning specified in Section 5.01(a)(vii)(B).

 

“Insurance
Consultant” means Moore McNeil, LLC or any successor consultant appointed by the Administrative Agent and, so long
as no Event of Default has occurred and is continuing, reasonably acceptable to the Borrower.

 

“Insurance
Proceeds” means, with respect to any Casualty Event, the Net Cash Proceeds received by any of the Loan Parties from
time to time with respect to such Casualty Event.

 

     25

     

    

  

“Insurance
Proceeds Account” has the meaning specified in the Depositary Agreement.

 

“Intellectual
Property” means the following intellectual property rights, both statutory and common law rights, if applicable:
(a) copyrights, registrations and applications for registration thereof, (b) trademarks, service marks, trade names,
slogans, domain names, logos, trade dress and registrations and applications of registrations thereof, (c) patents, as well
as any reissued and reexamined patents and extensions corresponding to the patents and any patent applications, as well as any
related continuation, continuation in part and divisional applications and patents issuing therefrom and (d) trade secrets
and confidential information, including ideas, designs, concepts, compilations of information, methods, techniques, procedures,
processes and other know-how, whether or not patentable.

 

“Intercreditor
Agreement” means a collateral agency and intercreditor agreement in substantially the form of Exhibit G,
among Holdings, each Loan Party, the Collateral Agent, the Administrative Agent, and each other Person party thereto.

 

“Interest
Expense” means, for any period, total interest expense (including that portion attributable to Capitalized Leases
in accordance with GAAP, taking into account any net costs or net payments made or received by any of the Loan Parties under any
Interest Rate Hedges) of the Loan Parties, including all commissions, discounts and other fees and charges owed with respect to
Letters of Credit, but excluding, however, any amount not payable in Cash, in each case for such period.

 

“Interest
Payment Date” means, with respect to (a) any Base Rate Advance (including each Swingline Advance) or any fees,
each March 31, June 30, September 30 and December 31 of each year, commencing on the first such date to occur
after the Closing Date and the final maturity date of such Advance; and (b) any Eurodollar Rate Advance, the last day of each
Interest Period applicable to such Advance; provided that in the case of each Interest Period of longer than three months
“Interest Payment Date” shall also include each date that is three months, or an integral multiple thereof,
after the commencement of such Interest Period.

 

“Interest
Period” means, in connection with a Eurodollar Rate Advance, an interest period of one, two, three or six months,
as selected by BEC in its Funding Notice or Conversion/Continuation Notice, (a) initially, commencing on the Closing Date,
the date of any Eurodollar Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance,
as the case may be; and (b) thereafter, commencing on the day on which the immediately preceding Interest Period expires;
provided that, (i) if an Interest Period would otherwise expire on a day that is not a Business Day, such Interest
Period shall expire on the next succeeding Business Day unless no further Business Day occurs in such month, in which case such
Interest Period shall expire on the immediately preceding Business Day, (ii) any Interest Period that begins on the last Business
Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such
Interest Period) shall, subject to sub-clause (iii) and sub-clause (iv) of this definition, end on the
last Business Day of a calendar month, (iii) no Interest Period with respect to any portion of the Term Facility shall extend
beyond the Term Facility Maturity Date and (iv) no Interest Period with respect to any portion of the Working Capital Advances
or the L/C Advances shall extend beyond the Revolving Facility Maturity Date.

 

     26

     

    

  

“Interest
Rate Determination Date” means, with respect to any Interest Period, the date that is two Business Days prior to
the first day of such Interest Period.

 

“Interest
Rate Hedge” means, individually or collectively, as the context may require, each interest rate swap agreement, interest
rate cap agreement, interest rate collar agreement, interest rate hedging agreement or other similar agreement or arrangement,
each of which is for the purpose of hedging the interest rate exposure under this Agreement or any Permitted Expansion Facility.

 

“Internal
Revenue Code” means the Internal Revenue Code of 1986, and the regulations thereunder, in each case as amended,
reformed or otherwise modified from time to time.

 

“Investment”
means (a) any direct or indirect purchase or other acquisition by any of the Loan Parties of, or of a beneficial interest
in, any of the Securities of any other Person; (b) any direct or indirect redemption, retirement, purchase or other acquisition
for value, by any Loan Party from any Person, of any Capital Stock of such Person; and (c) any direct or indirect loan, advance
(other than advances to employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the
ordinary course of business) or capital contributions by any of the Loan Parties to any other Person, including all indebtedness
and accounts receivable from that other Person that are not current assets or did not arise from sales to that other Person in
the ordinary course of business. The amount of any Investment shall be the original cost of such Investment plus the cost
of all additions thereto, without any adjustments for increases or decreases in value, or write ups, write downs or write offs
with respect to such Investment.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISDA”
means International Swaps and Derivatives Association, Inc.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance of
such Letter of Credit).

 

“Issuing
Bank” means Crédit Agricole Corporate and Investment Bank and each other Acceptable Bank appointed as an Issuing
Bank pursuant to Section 3.07 or to which any L/C Commitment or portion thereof is assigned in accordance with Section
11.06 so long as such Person expressly agrees to perform in accordance with their terms all of the obligations that by the
terms of this Agreement are required to be performed by it as an Issuing Bank and notifies the Administrative Agent of its Applicable
Lending Office and the amount of its L/C Commitment (which information shall be recorded by the Administrative Agent in the Register),
for so long as such Person shall have an L/C Commitment.

 

     27

     

    

  

“Joinder
Agreement” means an agreement substantially in the form of Exhibit L-1, L-2 or L-3, as
applicable.

 

“Joint
Lead Arrangers” means, individually or collectively, as the context may require, Crédit Agricole Corporate
and Investment Bank, ING Capital LLC, National Australia Bank Limited, Siemens Financial Services, Inc., SunTrust Robinson Humphrey,
Inc. and Wells Fargo Bank, N.A.

 

“Joint
Venture” means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other
legal form; provided that in no event shall any corporate Subsidiary of any Person be considered to be a Joint Venture to
which such Person is a party.

 

“L/C
Advance” has the meaning specified in Section 3.04(b).

 

“L/C
Commitment” means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s
name on Schedule I hereto or, if such Issuing Bank has entered into one or more Assignment and Assumptions, set forth
for such Issuing Bank in the Register maintained by the Administrative Agent as such Issuing Bank’s “L/C Commitment,”
as such amount may be reduced at or prior to such time pursuant to Section 4.01; provided, that the aggregate amount
of all L/C Commitments shall not exceed the Total L/C Commitment.

 

“L/C
Credit Extension Request” has the meaning specified in Section 3.02.

 

“L/C
Exposure” means, at any time, the sum of (a) the aggregate Available Amount of all Letters of Credit issued
and outstanding at such time, plus (b) the aggregate amount of all outstanding and unreimbursed Drawing Payments. For all
purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still
be drawn thereunder by any reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be outstanding
in the amount so remaining available to be drawn.

 

“L/C
Related Documents” has the meaning specified in Section 3.05(a).

 

“Lender
Party” means, individually or collectively, as the context may require, any Lender or any Issuing Bank.

 

“Lenders”
means the banks, financial institutions and other institutional lenders listed on the signature pages hereof as the Term Lenders
and the Revolving Lenders and each Person that shall become a Lender hereunder pursuant to an Assignment and Assumption for so
long as such Person shall be a party to this Agreement. Unless the context requires otherwise, the term “Lenders”
includes the Swingline Lenders.

 

     28

     

    

  

“Letter
of Credit” means, individually or collectively, as the context may require, a Working Capital Letter of Credit, a
MMRA Letter of Credit or a DSRA Letter of Credit.

 

“LGIA”
means that certain Amended and Restated Large Generator Interconnection Agreement, dated as of October 16, 2013, by and among NYISO,
ConEd and BEC (including all appendices thereto) and, to the extent applicable, the Agreement on Security.

 

“Lien”
means (a) any lien, mortgage, deed of trust, deed to secure debt, pledge, collateral assignment, security interest, charge
or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention
agreement, and any lease or license in the nature thereof) and any option, trust or other preferential arrangement having the practical
effect of any of the foregoing and (b) in the case of Securities, any purchase option, call or similar right of a third party
with respect to such Securities. For the avoidance of doubt, “Lien” shall not include any netting or set-off
arrangements under any Contractual Obligation (other than any Contractual Obligation constituting Debt for Borrowed Money or having
the effect of Debt for Borrowed Money) otherwise permitted under the terms of this Agreement.

 

“Loan
Documents” means, individually or collectively, as the context may require, (a) this Agreement, (b) the
Notes (if any), (c) the Intercreditor Agreement, (d) the Collateral Documents and (e) the Fee Letter, in each case,
as amended, amended and restated, supplemented and/or otherwise modified from time to time.

 

“Loan
Parties” means the Borrowers and the Guarantors.

 

“LTSA”
means that certain Long Term Service Agreement, dated November 12, 2009, and entered into by and between BEC and Siemens Contractor
(as assignee of RR Contractor pursuant to the Siemens Novation Agreement).

 

“Major
Maintenance Event” means the occurrence of an overhaul of, or a major maintenance procedure for, the Project or any
part thereof which requires significant disassembly or shutdown of the Project.

 

“Major
Maintenance Expenses” means all costs (other than administrative costs and costs incurred in connection with the
normal maintenance of the Project) incurred by any Loan Party in accordance with Prudent Industry Practice for any overhaul of,
or major maintenance procedure for, the Project or any part thereof which requires significant disassembly or shutdown of the Project
(excluding any such costs that are payable by other Persons under warranty or similar agreements or insurance policies) and all
expenditures related to long term service agreements (including the LTSA), hot gas path agreements or parts or services agreements
to the extent such agreements are in effect on the Closing Date or are otherwise entered into in accordance with the terms hereof;
provided that (a) all Capital Expenditures and all expenditures referred to in clauses (a) through (d) and
clauses (f) through (g) of the definition of “Capital Expenditures” and (b) all other
maintenance work, in each case, shall be deemed to not be Major Maintenance Expenses for purposes of this Agreement.

 

     29

     

    

  

“Major
Maintenance Reserve Account” has the meaning specified in the Depositary Agreement.

 

“Major
Maintenance Reserve Requirement” means the aggregate of the following amounts calculated with respect to each Major
Maintenance Event:

 

(a)          if
the Projected Major Maintenance Event Expense in respect of a Major Maintenance Event is expected to be equal to or greater than
$1,000,000 but less than $10,000,000 and the LTSA has not terminated, an amount equal to such Projected Major Maintenance Event
Expense, multiplied by the difference of 1 minus a fraction, (i) the numerator of which is the number of Quarterly Dates to
occur before such Major Maintenance Event (excluding the Quarterly Date on which such calculation is made) and (ii) the denominator
of which is four; provided that if the numerator in clause (i) is four or more, the Major Maintenance Reserve Requirement
for such Major Maintenance Event shall be zero;

 

(b)          if
the Projected Major Maintenance Event Expense in respect of a Major Maintenance Event is expected to be equal to or greater than
$10,000,000 and the LTSA has not terminated, an amount equal to such Projected Major Maintenance Event Expense, multiplied by the
difference of 1 minus a fraction, (i) the numerator of which is the number of Quarterly Dates to occur before such Major Maintenance
Event (excluding the Quarterly Date on which such calculation is made) and (ii) the denominator of which is eight; provided
that if the numerator in clause (i) is eight or more, the Major Maintenance Reserve Requirement for such Major Maintenance
Event shall be zero; and

 

(c)          if
the Projected Major Maintenance Event Expense in respect of a Major Maintenance Event is expected to be equal to or greater than
$1,000,000 and the LTSA has terminated, an amount equal to such Projected Major Maintenance Event Expense, multiplied by the difference
of 1 minus a fraction, (i) the numerator of which is the number of Quarterly Dates to occur before such Major Maintenance
Event (excluding the Quarterly Date on which such calculation is made) and (ii) the denominator of which is twenty; provided
that if the numerator in clause (i) is twenty or more, the Major Maintenance Reserve Requirement for such Major Maintenance
Event shall be zero.

 

“Margin
Stock” has the meaning specified in Regulation U.

 

“Market
Consultant” means Charles River Associates, or any other market consultant satisfactory to the Borrowers and the
Required Lenders.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, operations, properties, assets or condition
(financial or otherwise) of the Loan Parties taken as a whole, (b) the ability of the Loan Parties, taken as a whole, to fully
and timely perform their material Obligations under the Loan Documents, (c) the validity or enforceability of any Loan Document
or (d) the rights, remedies or benefits available to any Agent or the Lender Parties, under any of the Loan Documents.

 

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“Material
Project Document” means each Core Contract, the Energy Services Agreement, the Transco Service Agreement, the Transco
Interconnection Agreement, the LGIA, the O&M Agreement, the Site Lease, the Sublease Agreement, the ConEd Easement and each
Additional Project Contract.

 

“MBR
Authority” means authorization by FERC pursuant to Section 205 of the FPA to sell electric energy, capacity
and specified ancillary services at wholesale in interstate commerce at market-based rates, acceptance by FERC of a tariff describing
such authorized sales and setting forth any conditions or limitations relating thereto, and granting such regulatory waivers and
blanket authorizations as are customarily granted by FERC to entities with market-based rate authority, including blanket authorization
pursuant to Section 204 of the FPA to issue securities and assume liabilities.

 

“Measurement
Period” means each period of four consecutive Fiscal Quarters of the Borrowers.

 

“Minimum
Collateral Amount” means, at any time, with respect to Cash Collateral consisting of cash or deposit account balances,
an amount equal to 103% of the aggregate Available Amount of all Letters of Credit issued and outstanding at such time of all Issuing
Banks with respect to Letters of Credit issued and outstanding at such time.

 

“MMRA
Letter of Credit” shall have the meaning ascribed thereto in Section 3.01(a)(iii).

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Mortgaged
Property” has the meaning specified in the Mortgages.

 

“Mortgages”
means, collectively, the New Jersey BECUR Mortgage, the New Jersey BEC Mortgage and the New York BEC Mortgage.

 

“Multiemployer
Plan” means any Employee Benefit Plan which is a “multiemployer plan” as defined in Section 3(37)
of ERISA.

 

“MW”
means a megawatt (or 1,000 kilowatts) of electric generation capacity.

 

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“Net
Cash Proceeds” means:

 

(a)          with
respect to any Asset Sale, the excess, if any, of (i) the sum of Cash and Cash Equivalents received by the Loan Parties in
connection with such Asset Sale (including Business Interruption Insurance Proceeds, or payments in lieu thereof, any Cash or Cash
Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as
and when so received and including any proceeds received as a result of unwinding any related Interest Rate Hedge in connection
with such related transaction) minus (ii) the sum of (A) the reasonable out-of-pocket costs, fees, commissions, premiums
and expenses (including legal fees and expenses) incurred by the Loan Parties in connection with such Asset Sale to the extent
such amounts were not deducted in determining the amount referred to in sub-clause (i), (B) federal, state, provincial,
foreign and local Taxes reasonably estimated (on a Consolidated basis) to be actually payable by the Loan Parties (or their respective
beneficial owner) within the current or the immediately succeeding tax year as a result of any gain recognized in connection therewith
to the extent such amounts were not deducted in determining the amount referred to in sub-clause (i), (C) the
principal amount, premium or penalty, if any, and interest, breakage costs or other amounts of any Debt (other than Debt under
the Transaction Documents) that is secured by the Property subject to such Asset Sale and is required to be repaid in connection
with such Asset Sale, to the extent such amounts were not deducted in determining the amount referred to in sub-clause (i),
(D) any costs associated with unwinding any related Interest Rate Hedge in connection with such transaction and (E) a
reasonable reserve determined by a Financial Officer of BEC in its reasonable business judgment and to the extent required under
the applicable purchase agreement for any purchase price adjustments (including working capital adjustments or adjustments attributable
to seller’s indemnities and representations and warranties to purchaser in respect of such Asset Sale) expressly contemplated
by the purchase agreement relating to such Asset Sale;

 

(b)          with
respect to the incurrence or issuance of any Debt by the Loan Parties, the excess if any, of (i) the sum of the Cash and Cash
Equivalents received by the Loan Parties in connection with such incurrence or issuance (including any proceeds received as a result
of unwinding any related Interest Rate Hedge in connection with such related transaction) over (ii) the underwriting discounts
and commissions or other similar payments, and other reasonable out of pocket costs, fees, commissions, premiums and expenses (including
legal fees and expenses and any costs associated with unwinding any related Interest Rate Hedge in connection with such transaction)
incurred by the Loan Parties in connection with such incurrence or issuance to the extent such amounts were not deducted in determining
the amount referred to in sub-clause (i); and

 

(c)          with
respect to any proceeds of or under any casualty or property insurance, indemnity, condemnation awards, warranty or guaranty (other
than Business Interruption Insurance Proceeds) received by the Loan Parties in connection with the occurrence of any Casualty Event
or Event of Eminent Domain, the excess, if any, of (i) the sum of Cash and Cash Equivalents received by the Loan Parties in
connection with such Casualty Event or Event of Eminent Domain (including any proceeds received as a result of unwinding any related
Interest Rate Hedge in connection with such related transaction) over (ii) the sum of (A) the reasonable out-of-pocket
costs and expenses (including legal fees and expenses) incurred by the Loan Parties in connection with the collection, enforcement,
negotiation, consummation, settlement, proceedings, administration or other activity related to the receipt or collection of the
relevant proceeds to the extent such amounts were not deducted in determining the amount referred to in sub-clause (i),
(B) any costs associated with unwinding any related Interest Rate Hedge in connection with such transaction and (C) federal,
state, provincial, foreign and local Taxes reasonably estimated (on a Consolidated basis) to be actually payable by the Loan Parties
(or their respective beneficial owner) within the current or the immediately succeeding tax year as a result of any gain recognized
in connection therewith.

 

     32

     

    

  

“New
Jersey BEC Mortgage” means that certain Mortgage, Leasehold Mortgage, Assignment of Rents, Security Agreement and
Fixture Filing, dated as of the Closing Date, executed by BEC in favor of the Collateral Agent on behalf of the Secured Parties.

 

“New
Jersey BECUR Mortgage” means that certain Mortgage, Leasehold Mortgage, Assignment of Rents, Security Agreement and
Fixture Filing, dated as of the Closing Date, executed by BECUR in favor of the Collateral Agent on behalf of the Secured Parties.

 

“New
York BEC Mortgage” means that certain Mortgage, Assignment of Rents, Security Agreement and Fixture Filing, dated
as of the Closing Date, executed by BEC in favor of the Collateral Agent on behalf of the Secured Parties.

 

“NFIP”
has the meaning set forth in Section 5.01(e)(ii).

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval
of all affected Lenders in accordance with the terms of Section 11.05(b) and (b) has been approved by the Required
Lenders.

 

“Non-Defaulting
Lender” means, at any time, a Lender that is not a Defaulting Lender.

 

“Non-Extending
Lender” has the meaning specified in Section 4.10(a).

 

“Note”
means, individually or collectively, as the context may require, a Term Note, a Revolving Note or a Swingline Note.

 

“Notice”
means, individually or collectively, as the context may require, a Funding Notice, an L/C Credit Extension Request or a Conversion/Continuation
Notice.

 

“Notice
of Termination” has the meaning specified in Section 3.01(b).

 

“NYISO”
means the New York Independent System Operator, or any successor.

 

“NYISO
Installed Capacity Market” means the market administered by the NYISO in which “Unforced Capacity” under
the NYISO Rules or variations of such capacity product are sold and purchased pursuant to the NYISO Rules.

 

“NYISO
Markets” means those markets administered by the NYISO from time to time, which include, but are not limited to,
the Day-Ahead Market, Hour Ahead Market, Real-Time Market, Ancillary Services Market, and NYISO Installed Capacity Market.

 

“NYISO
Rules” means the NYISO Tariff and all NYISO manuals, rules, procedures, agreements or other documents relating to
operations in NYISO electric markets and to sales of capacity, energy and ancillary services as such govern the participation of
market participants with respect thereto in the NYISO Markets, as in effect from time to time.

 

     33

     

    

  

“NYISO
Tariff” means, as applicable, the NYISO Open Access Transmission Tariff and/or the NYISO Market Administration and
Control Area Services Tariff or any other FERC-approved tariff applicable to the NYISO.

 

“O&M
Agreement” means that certain Operating and Maintenance Agreement, dated as of June 15, 2010, between EthosEnergy
Power Plant Services, LLC (as successor to Wood Group Power Operations, Inc.) and BEC, as amended by the Amendment to Operating
and Maintenance Agreement, dated April 25, 2012.

 

“Obligation”
means all obligations of every nature of each Loan Party (including obligations from time to time owed to any Agent (including
former Agents) or any Lender Party, from time to time under any Loan Document), whether for principal, interest (including interest
which, but for the filing of a petition in bankruptcy with respect to such Loan Party, would have accrued on any Obligation, whether
or not a claim is allowed against such Loan Party for such interest in the related bankruptcy proceeding), reimbursement of amounts
drawn under Letters of Credit, fees, expenses, indemnification or otherwise, provided that, as used herein with respect
to an obligation of a Loan Party hereunder or under any other Loan Document, the term “Obligation” shall not include
(or be construed to include) Commodity Hedge Provider First Lien Obligations, Commodity Hedge Provider Second Lien Obligations
or First Lien Obligations in respect of First Lien Secured Interest Rate Hedges, First Lien Interest Rate Hedge Guaranties or any
Permitted Expansion Facility Debt Document (as each such term is defined in the Intercreditor Agreement).

 

“OECD”
means the Organization for Economic Cooperation and Development.

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

“OFAC
Laws” means any laws, regulations, and executive orders relating to the economic sanctions programs administered
by OFAC, including without limitation, the International Emergency Economic Powers Act, 50 U.S.C. sections 1701 et seq.; the Trading
with the Enemy Act, 50 App. U.S.C. sections 1 et seq.; and the Office of Foreign Assets Control, Department of the Treasury Regulations,
31 C.F.R. Parts 500 et seq. (implementing the economic sanctions programs administered by OFAC).

 

“OFAC
SDN List” means the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC.

 

“Operating
Agreement” means, with respect to (a) BEC, that certain Amended and Restated Limited Liability Company Agreement
of Bayonne Energy Center, LLC, dated as of August 19, 2014, among the Members and (b) BECUR, that certain Amended and Restated
Operating Agreement of Bayonne Energy Center Urban Renewal, LLC, dated as of November 19, 2009, as amended by the First Amendment
thereto dated as of August 19, 2014, entered into by BEC.

 

     34

     

    

  

“Operating
& Maintenance Expenses” means all costs and expenses incurred in connection with the operation and maintenance
of the Project (in each case incurred or projected to be incurred by the Loan Parties and not reimbursed by any other Person, except
if the proceeds of such reimbursement are deposited into the Revenue Account), including, without limitation: (a) expenses
of administering and operating the Project and of maintaining the Project in good repair and operating condition consistent with
the Material Project Documents and Prudent Industry Practices (including fuel costs, transportation costs, fuel storage costs,
any fees due and payable under the Material Project Documents, and deposits of cash collateral with third parties to the extent
the same is a Permitted Lien) and reasonable general and administrative expenses, including expenditures incurred to keep the Collateral
free and clear of all Liens (other than Permitted Liens), (b) direct operating and maintenance costs of the Project, including
payments under any parts agreement, payments for spare parts, equipment, materials, utilities, repair and routine maintenance services,
Unreserved Major Maintenance Expenses and other Major Maintenance Expenses to the extent funds on deposit in the Major Maintenance
Reserve Account, any major maintenance reserve account established under the terms of any Permitted Expansion Facility, or any
MMRA Reserve LC or an Acceptable Reserve Guarantee in respect thereof, are not sufficient to pay the same, (c) insurance costs
in respect of the Project, (d) taxes payable by any Loan Party excluding taxes based on net income (“Income Taxes”)
of any Loan Party (provided, that if such Loan Party becomes subject to Income Taxes as a result of a change in law, regulation
or administrative practice after the date hereof, then such Income Taxes shall constitute Operating & Maintenance Expenses),
(e) Ordinary Course Settlement Payments and any interest in respect thereof paid by any Loan Party under any Permitted Commodity
Hedge and Power Sale Agreement, (f) costs, expenses and fees attendant to obtaining and maintaining in effect any Governmental
Authorization, (g) payments in respect of Permitted Debt (other than as excluded pursuant to clause (iii) below), (h) legal,
accounting and other professional fees and expenses attendant to any of the foregoing items, and (i) administrative fees (including
fees, costs and expenses and indemnification payments permitted to be paid from the Revenue Account pursuant to Section 3.2(c)(ii)
of the Depositary Agreement); provided that all of the foregoing costs and expenses shall be determined on a cash basis
and shall not include depreciation, amortization and other non-cash items; provided, further, that “Operating
& Maintenance Expenses” shall not include (i) payments of any kind to Holdings or any Affiliate thereof (other than
amounts payable by a Loan Party to its Affiliates (including the Loan Parties and Holdings) pursuant to Material Project Documents
or otherwise permitted pursuant to Section 7.02(m) and the other provisions of the Loan Documents (including this definition
of Operating & Maintenance Expenses)), (ii) payments of Major Maintenance Expenses from the Major Maintenance Reserve
Account, any major maintenance reserve established under the terms of any Permitted Expansion Facility, a MMRA Letter of Credit
or an Acceptable Reserve Guarantee in respect thereof, (iii) amounts payable under the Loan Documents, any Permitted Expansion
Facility, Interest Rate Hedges or any Debt for Borrowed Money, (iv) amounts payable to any First Lien Secured Party or any
Second Lien Secured Party to the extent such payment obligation is secured by a Permitted Lien, (v) Growth Capital Expenditures
and any Permitted Expansion Capital Expenditures or (vi) amounts paid with proceeds on deposit in the Asset Sale Proceeds
Account or the Insurance Proceeds Account.

 

     35

     

    

  

“Operating
Cash Available for Debt Service” means, for any Measurement Period, (a) all Revenues during such period minus
(b) the sum computed, without duplication, of all Operating & Maintenance Expenses paid pursuant to Section 3.2(c)(i)
of the Depositary Agreement during such period; provided that (i) Operating Cash Available for Debt Service for the
Fiscal Quarter that ended on December 31, 2014 shall be deemed to be $16,238,352, (ii) Operating Cash Available for Debt Service
for the Fiscal Quarter that ended on March 31, 2015 shall be deemed to be $9,568,734, and (iii) Operating Cash Available for
Debt Service for the Fiscal Quarter that ended on June 30, 2015 shall be deemed to be $8,847,512.

 

“Ordinary
Course Settlement Payments” has the meaning specified in the Intercreditor Agreement.

 

“Organizational
Documents” means (a) with respect to the Borrowers, their respective Operating Agreements, (b) with respect
to any corporation, its certificate or articles of incorporation or organization, as amended, and its by-laws, as amended, (c) with
respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended,
(d) with respect to any general partnership, its partnership agreement, as amended, and (e) with respect to any limited
liability company, its articles of organization, as amended, and its operating agreement, as amended. In the event any term or
condition of this Agreement or any other Loan Document requires any Organizational Document to be certified by a secretary of state
or similar governmental official, the reference to any such “Organizational Document” shall only be to a document
of a type customarily certified by such governmental official.

 

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Advance
or Loan Document).

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 4.08(b)).

 

“Participant”
has the meaning specified in Section 11.06(d).

 

“Participant
Register” has the meaning specified in Section 11.06(d).

 

     36

     

    

  

“Patriot
Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism (USA PATRIOT ACT) of 2001, and the rules and regulations promulgated thereunder from time to
time in effect.

 

“PBGC”
means the Pension Benefit Guaranty Corporation, or any successor thereto.

 

“Pension
Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is or was subject to Title IV
or ERISA, Section 412 of the Internal Revenue Code or Section 302 of ERISA.

 

“Permitted
Account Investments” means Cash or Cash Equivalents.

 

“Permitted
Capital Expenditures” means (a) Required Capital Expenditures, (b) Capital Expenditures funded solely by
(i) Cash equity contributions received by any Borrower from Holdings, which Cash equity contributions have been contributed by
Holdings, directly or indirectly, specifically for such purpose, (ii) proceeds of Subordinated Debt received by any Loan Party
specifically for such purpose or (iii) amounts on deposit in the Distribution Account, (c) Growth Capital Expenditures and
(d) Permitted Expansion Capital Expenditures.

 

“Permitted
Commodity Hedge and Power Sale Agreement” means (a) any Power Purchase Agreement and (b) any other Commodity
Hedge and Power Sale Agreement entered into from time to time by any of the Loan Parties with any Person for non-speculative purposes
(it being acknowledged that any Commodity Hedge and Power Sale Agreement entered into in connection with any Permitted Trading
Activity shall be deemed to be a Permitted Commodity Hedge and Power Sale Agreement).

 

“Permitted
Debt” means any Debt permitted to be incurred by a Loan Party, in accordance with Section 7.02(b).

 

“Permitted
Expansion” means an up to approximately 150MW expansion of the Project through the development, construction, ownership,
leasing, operation and maintenance of one or more additional generating units undertaken by a Permitted Expansion Entity or an
Affiliate of the Loan Parties.

 

“Permitted
Expansion Capital Expenditures” means all Capital Expenditures the Loan Parties reasonably believe are necessary
for the development, construction, ownership, leasing, operation and maintenance of the Permitted Expansion.

 

“Permitted
Expansion Conditions” means each condition set forth in the proviso of the definition of “Permitted Expansion
Facility”.

 

“Permitted
Expansion Entity” means (a) a Guarantor existing as of the Closing Date or (b) a Person that (i) is
a special purpose vehicle that has no Debt other than Permitted Debt, (ii) all of the Capital Stock of such Person is acquired
by Holdings or a Guarantor and becomes “Pledged Equity Interests” under the Security Agreement or “Collateral”
under the Pledge Agreement and (iii) has acceded to this Agreement and each other applicable Loan Document though the execution
and delivery by such Person of a Joinder Agreement.

 

     37

     

    

  

“Permitted
Expansion Facility” means Debt incurred by a Permitted Expansion Entity to finance the development, construction,
ownership, leasing, operation and maintenance of the Permitted Expansion; provided that:

 

(a)          all
material Governmental Authorizations required on behalf of the Loan Parties or for the benefit of the Project (including the Permitted
Expansion), given the current stage of the Permitted Expansion, shall have been duly obtained and validly issued and shall be in
full force and effect;

 

(b)          the
Permitted Expansion Entity shall have executed a fixed-price, date-certain engineering, procurement and construction agreement
on commercially reasonable terms (including performance guarantees, liquidated damages and credit support, if applicable) with
a contractor that has previously demonstrated the capability to construct facilities of similar size as the Permitted Expansion,
in each case as confirmed by the Independent Engineer;

 

(c)          the
Loan Parties have sufficient funds available from a combination of (i) actual Project Revenues then on deposit in the Revenue
Account and available for application in accordance with Section 3.2(c)(xi) of the Depositary Agreement, (ii) amounts
committed by the lenders under the Permitted Expansion Facility (which amounts shall not exceed the lesser of (x) 60% of the
total construction costs with respect to the Permitted Expansion and (y) $75,000,000) and (iii) equity contributions
that have been committed and supported by satisfactory credit support (which credit support may include an Acceptable Reserve Guarantee
or an Acceptable Letter of Credit) to pay all projected project costs and contingencies for the construction of such Permitted
Expansion as and when they become due and payable, as confirmed by the Independent Engineer;

 

(d)          the
Administrative Agent shall have received updated Base Case Projections which, pro-forma for the Permitted Expansion and related
Permitted Expansion Facility, result in minimum and average Debt Service Coverage Ratios of at least 2.50 to 1.00 through the Term
Facility Maturity Date plus a 15-year notional amortization period after the Term Facility Maturity Date and which Base Case Projections
shall have been reviewed and confirmed by the Independent Engineer and the Market Consultant;

 

(e)          the
Administrative Agent shall have received a report from the Independent Engineer confirming that the design, construction and operation
of the Permitted Expansion (including the Material Project Documents executed and/or amended in connection therewith) could not
reasonably be expected to have any adverse technical impact to, or otherwise adversely affect in any material respect the capacity,
operation or maintenance of the Project or otherwise result in the occurrence of a Material Adverse Effect;

 

     38

     

    

  

(f)           no
Default has occurred and is continuing and the implementation of the Permitted Expansion and the other Contractual Obligations
entered into, or to be entered into, in connection therewith by any Loan Party could not reasonably be expected to cause a Default;

 

(g)          the
implementation of the Permitted Expansion and the other Contractual Obligations entered into, or to be entered into, in connection
therewith by any Loan Party are acceptable to the Independent Engineer;

 

(h)          the
Loan Parties shall have used commercially reasonable efforts to deliver to the Collateral Agent a fully executed Consent and Agreement
(to the extent available at the relevant time) with respect to each Material Project Document executed in connection with the Permitted
Expansion;

 

(i)           the
Collateral, and the security interests therein granted to the Collateral Agent pursuant to the Collateral Documents, will not be
impaired;

 

(j)           one
or more of the Loan Parties shall have entered into Interest Rate Hedges for at least 75% of the Permitted Expansion Facility (based
on the notional amount of the projected drawings of the construction and term loan portions of the Permitted Expansion Facility)
through the date that is one year prior to the Term Facility Maturity Date;

 

(k)          the
final maturity date of the Permitted Expansion Facility shall not be earlier than the Term Facility Maturity Date and the weighted
average life to maturity of the Permitted Expansion Facility shall be not less than the weighted average life to maturity of the
Term Loans;

 

(l)           the
Borrowers’ insurance program shall have been amended (or separate policies obtained) to provide appropriate coverage for
the construction and operation of the Permitted Expansion;

 

(m)         the
parties to the agreement evidencing such Debt (or an agent or trustee on their behalf) shall become a party to the Intercreditor
Agreement and shall be bound by the obligations of a First Lien Secured Party thereunder;

 

(n)          the
Borrowers reasonably believe that, upon the projected commercial operation date of the Permitted Expansion, (i) the ratio
of (A) the outstanding principal amount of the Term Facility plus the outstanding principal amount of the term loan component
of the Permitted Expansion Facility to (B) the capacity of the Project in MW (including the Permitted Expansion), will be
less than or equal to (ii) the ratio of (A) the outstanding principal amount of the Term Facility to (B) the capacity
of the Project in MW (excluding the Permitted Expansion), in each case determined as of the projected commercial operation date
of the Permitted Expansion;

 

(o)          the
Borrowers reasonably believe that, on the Term Facility Maturity Date, (i) the ratio of (A) the outstanding principal
amount of the Term Facility plus the outstanding principal amount of the term loan component of the Permitted Expansion Facility
to (B) the capacity of the Project in MW (including the Permitted Expansion), will be less than or equal to (ii) the
ratio of (A) the outstanding principal amount of the Term Facility to (B) the capacity of the Project in MW (excluding
the Permitted Expansion), in each case projected for the Term Facility Maturity Date;

 

     39

     

    

  

(p)          the
outstanding principal amount of all L/C Advances in respect of any MMRA Letter of Credit and any DSRA Letter of Credit shall have
been repaid in full and there are no unreimbursed outstanding Drawing Payments in respect of any MMRA Letter of Credit or any DSRA
Letter of Credit;

 

(q)          the
Administrative Agent shall have received (i) if BEC has exercised its rights under the Site Lease Option Agreement, a copy of the
recorded memorandum of any Lease (as defined in the Site Lease Option Agreement), and (ii) a mortgage that provides a perfected
first priority (subject to Permitted Liens) security interest on real property interests on which the Permitted Expansion is or
is to be constructed, in favor of the Collateral Agent for the benefit of the First Lien Secured Parties and copies of any legal
opinion, title policy, survey or other document (if any) delivered to the agents or lenders under any Permitted Expansion Facility
in connection with such mortgage, each of such mortgage or other such document in form and substance satisfactory to such agents
or lenders; and

 

(r)           the
Administrative Agent shall have received (i) from the Borrowers, a certificate with respect to the matters in clauses (a),
(c), (f), (i), (j), (k) (l), (n), and (o) above, and attaching copies of
the Contractual Obligation described in clause (b) above and updated Base Case Projections, (ii) from the Independent
Engineer, a certificate with respect to the matters in clause (b), (c), (d) and (e) above, (iii) from
the Market Consultant, a certificate with respect to the pricing and related matters in the updated Base Case Projections, and
(iv) from the Insurance Consultant, a certificate with respect to the matters in clause (l) above.

 

“Permitted
Expansion Facility Debt Document” has the meaning specified in the Intercreditor Agreement.

 

“Permitted
Investment” means, with respect to any Asset Sale, Casualty Event or Event of Eminent Domain, the application of
any related Net Cash Proceeds to the purchase of any Property useful in the business of any Loan Party or the Project in accordance
with the terms of the Transaction Documents.

 

“Permitted
Liens” means:

 

(a)          Liens
for Taxes, to the extent not required to be paid pursuant to Section 7.01(b);

 

(b)          statutory
or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction contractors or other
like Liens arising in the ordinary course of business which secure amounts not overdue for a period of more than 90 days or if
more than 90 days overdue, are unfiled and no other action has been taken to enforce such Lien or which are being contested in
good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable
Person in accordance with GAAP to the extent required by GAAP;

 

     40

     

    

  

(c)          Liens
incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types
of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds (other than bonds related
to judgment or litigation to the extent such judgment or litigation constitutes a Default), bids, leases, government contracts,
trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment
of Debt for Borrowed Money or other Debt), so long as no foreclosure, sale or similar proceedings have been commenced with respect
to any material portion of Property of the Loan Parties;

 

(d)          easements,
rights-of-way, restrictions, title imperfections, encroachments, other minor defects or irregularities in title and similar matters
(including with respect to the real property where the Permitted Expansion is or is to be constructed) if the same do not materially
detract from the operation or use of the Project in the ordinary conduct of the business of the Loan Parties (taken as a whole);

 

(e)          any
interest or title of a lessor or sublessor under any lease of real estate permitted hereunder;

 

(f)           Liens
solely on any cash earnest money deposits made by any of the Loan Parties in connection with any letter of intent or purchase agreement
permitted hereunder;

 

(g)          purported
Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property
entered into in the ordinary course of business;

 

(h)          Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods;

 

(i)           encumbrances
on real property in the nature of any zoning restrictions, building and land use laws, ordinances, orders, decrees, restrictions
or any other conditions imposed by any Governmental Authority on any Real Estate Asset, if the same does not have a materially
adverse effect on the operation or use of the Project in the ordinary conduct of the business of the Loan Parties;

 

(j)           non-exclusive
outbound licenses of patents, copyrights, trademarks and other Intellectual Property rights granted by any of the Loan Parties
in the ordinary course of business and not interfering in any respect with the ordinary conduct of or materially detracting from
the value of the business of such Loan Party;

 

(k)          all
exceptions disclosed in any Mortgage or in any survey made available to the Administrative Agent prior to the Closing Date or,
with respect to the real property where the Permitted Expansion is or is to be constructed, exceptions disclosed in any mortgage
or survey delivered pursuant to clause (q)(ii) in the definition of “Permitted Expansion Facility”;

 

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(l)           Liens
under the Collateral Documents; provided that (i) such Liens only secure (A) Debt permitted under sub-clause (i)
of Section 7.02(b), (B) subject to the limitations set forth in the Intercreditor Agreement, obligations under Permitted
Secured Commodity Hedge and Power Sale Agreements and/or (C) obligations under Hedge Agreements, (ii) subject to Section 5.6
of the Intercreditor Agreement, such Liens shall be subject to the terms of the Intercreditor Agreement, and (iii) subject
to the terms of the Intercreditor Agreement, any lender or issuing bank (or any agent or trustee thereof) with respect to such
Debt and any Commodity Hedge Counterparty party to any such Permitted Secured Commodity Hedge and Power Sale Agreement or any Hedge
Bank party to any such Hedge Agreement shall have become a party to the Intercreditor Agreement as, and shall have the obligations
of, a First Lien Secured Party thereunder;

 

(m)         Liens
under the Second Lien Collateral Documents (if any); provided that (i) such Liens only secure Debt permitted under
sub-clause (ii) of Section 7.02(b), (ii) such Liens shall be subject to the terms of the Intercreditor
Agreement, and (iii) any Commodity Hedge Counterparty party to any such Permitted Secured Commodity Hedge and Power Sale Agreement
shall have become a party to the Intercreditor Agreement as, and shall have the obligations of, a Second Lien Secured Party thereunder;

 

(n)          any
Lien with respect to the Properties of any Loan Party that arose under Prudent Industry Practices on or prior to the Closing Date
not otherwise permitted pursuant to this definition of “Permitted Liens” and which are set forth on Schedule 7.02(a);

 

(o)          purchase
money Liens upon or in real property or equipment acquired or held by any of the Loan Parties in the ordinary course of business
securing the purchase price of such property or equipment or to secure Debt incurred solely for the purpose of financing the acquisition,
construction or improvement of any such property or equipment to be subject to such Liens, or Liens existing on any such property
or equipment at the time of acquisition (other than any such Liens created in contemplation of such acquisition that do not secure
the purchase price), or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount; provided
that no such Lien shall extend to or cover any property other than the property or equipment being acquired, constructed or improved,
and no such extension, renewal or replacement shall extend to or cover any property not theretofore subject to the Lien being extended,
renewed or replaced; provided further that the aggregate principal amount of the Debt secured by Liens permitted
by this clause (o) shall not exceed the amount permitted under Section 7.02(b)(iii) at any time outstanding;

 

(p)          Liens
arising under Capitalized Leases permitted under Section 7.02(b)(iv); provided that no such Lien shall extend to
or cover any Collateral or Property other than the Property subject to such Capitalized Leases;

 

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(q)          Liens
encumbering (i) to the extent pledged to an energy manager or fuel supplier on customary terms, accounts receivable (and accounts
into which the proceeds of such accounts receivable are deposited) owed by NYISO or any other Person to any Loan Party for the
purchase of electric energy and other related products or services, or (ii) margin, clearing or similar accounts with or on
behalf of brokers, credit clearing organizations, independent system operators, regional transmission organizations, pipelines,
state agencies, federal agencies, futures contract brokers, exchanges related to the trading of energy (including the Intercontinental
Exchange), or issuers of surety bonds and any proceeds thereof in an aggregate amount not to exceed $20,000,000 at any time with
respect to this clause (q);

 

(r)           Liens
securing judgments (for the payment of money not constituting a Default under Section 8.01(h)), or securing appeal or other
surety bonds related to such judgments;

 

(s)          Liens
arising by virtue of any statutory or common law provision relating to bankers’ liens, rights of set-off or similar rights;

 

(t)           Liens
or pledges of deposits of Cash or Cash Equivalents securing deductibles, self-insurance, co-payment, co-insurance, retentions or
similar obligations to providers or property, casualty or liability insurance in the ordinary course of business;

 

(u)          any
Liens with respect to the Properties of any Loan Party that arise under Contractual Obligations of any Loan Party as in effect
on the Closing Date and are disclosed on Schedule II;

 

(v)          any
easements or rights of way provided for in the Site Lease, as and to the extent contemplated thereunder on the Closing Date;

 

(w)          Liens
over cash collateral created for the benefit of ConEd pursuant to the terms and conditions set forth in the LGIA (including, if
applicable, the Agreement on Security); and

 

(x)           Liens
consisting of an agreement to Dispose of any property in a Disposition permitted hereunder solely to the extent that such investment
or Disposition would have been permitted on the date of the creation of such Lien.

 

“Permitted
Secured Commodity Hedge and Power Sale Agreement” means any Permitted Commodity Hedge and Power Sale Agreement permitted
to be entered under Section 7.02(k) that by its terms is required to be secured by a Lien under the Collateral Documents
and/or the Second Lien Collateral Documents and is entered into with any Person that is a Commodity Hedge Counterparty as of the
time entered into.

 

“Permitted
Trading Activity” means:

 

(a)          the
daily or forward purchase and/or sale, or other acquisition or disposition of wholesale or retail electric energy, capacity, ancillary
services, transmission rights, emissions allowances, weather derivatives and/or related commodities, in each case, whether physical
or financial;

 

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(b)          the
daily or forward purchase and/or sale, or other acquisition or disposition of fuel, mineral rights and/or related commodities,
including, swaps, options and swaptions, in each case, whether physical or financial;

 

(c)          electric
energy-related tolling transactions, as seller or tolling services;

 

(d)          price
risk management activities or services;

 

(e)          other
similar electric industry activities or services; or

 

(f)           additional
services as may be consistent with Prudent Industry Practice from time to time in support of the marketing and trading related
to the Property of any of the Loan Parties,

 

in each case,
to the extent such activity is conducted in the ordinary course of business of any of the Loan Parties (it being acknowledged and
agreed that the transactions evidenced by the Power Purchase Agreements shall be deemed to be transactions which constitute “Permitted
Trading Activities”).

 

“Person”
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts,
business trusts or other organizations, whether or not legal entities, and Governmental Authorities.

 

“Platform”
has the meaning specified in Section 11.01(d)(i).

 

“Pledge
Agreement” means a Pledge Agreement in substantially the form of Exhibit D among Holdings and the Collateral
Agent.

 

“Pledged
Debt” has the meaning specified in the Security Agreement.

 

“Post-Petition
Interest” has the meaning specified in Section 10.05(b).

 

“Power
Purchase Agreements” means the Zone J Power Purchase Agreements and the DEBM Power Purchase Agreements; provided
that if any Replacement Power Purchase Agreement is entered into upon the termination prior to its stated term of any Zone J Power
Purchase Agreement or DEBM Power Purchase Agreement, such Replacement Power Purchase Agreement shall be deemed to replace such
Zone J Power Purchase Agreement or DEBM Power Purchase Agreement, as the case may be, as a Power Purchase Agreement for all purposes
of this Agreement.

 

“Primary
Site” means the real property described in the Site Lease.

 

“Prime
Rate” means the rate of interest per annum published in the Wall Street Journal Eastern Edition as the “prime
rate” for such day and if the Wall Street Journal Eastern Edition does not publish such rate on such day, then such
rate as most recently published prior to such day, or if for any reason such rate is no longer published or available, the rate
publicly announced from time to time by Administrative Agent (or another Lender or another LC Issuing Bank (which agrees in writing
to have its rates so used), selected by Administrative Agent) as its prime rate.

 

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“Pro
Rata Share” means, with respect to any amount, (a) with respect to any Revolving Lender at any time and with
respect to the Revolving Facility or any Swingline Advance, the product of such amount multiplied by a fraction the numerator
of which is the amount of such Lender’s Revolving Commitment at such time and the denominator of which is the aggregate amount
of the Revolving Lenders’ Revolving Commitments at such time, (b) with respect to any Term Lender at any time and with
respect to the Term Facility, the product of such amount multiplied by a fraction the numerator of which is the amount of
Advances owed to such Term Lender under the Term Facility at such time and the denominator of which is the aggregate amount of
the Advances then outstanding and owed to all Term Lenders under the Term Facility at such time and (c) with respect to any
Issuing Bank at any time and with respect to the Revolving Facility, the product of such amount multiplied by a fraction
the numerator of which is the amount of such Issuing Bank’s L/C Commitment at such time and the denominator of which is the
aggregate amount of L/C Commitments of all Issuing Banks at such time.

 

“Project”
has the meaning specified in the preliminary statements hereto.

 

“Project
Revenues” has the meaning specified in the Depositary Agreement.

 

“Projected
Major Maintenance Event Expense” means, in respect of a Major Maintenance Event, the Major Maintenance Expenses the
Loan Parties reasonably expect to incur with respect to such Major Maintenance Event.

 

“Property”
means any right or interest in or to any asset or property of any kind whatsoever (including Capital Stock), whether real, personal
or mixed and whether tangible or intangible.

 

“Prudent
Industry Practice” means those practices, methods, techniques, specifications and standards of safety and performance,
as they may be modified from time to time, that (a) are generally accepted in the electric generating and transmission industry
as good, safe and prudent engineering practices in connection with the design, construction, operation, maintenance, repair or
use of electric generating and transmission facilities which are similar to the Project and (b) are otherwise in compliance
in all material respects with applicable law and Governmental Authorizations. Prudent Industry Practice is not intended to be limited
to the optimum practice, method or act to the exclusion of all others, but rather to be acceptable practices, methods or acts generally
accepted in the region or as required by any Governmental Authority or standards setting agency including but not limited to FERC,
the North American Electric Reliability Corporation and NYISO.

 

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“PUHCA”
means the Public Utility Holding Company Act of 2005, as amended from time to time hereafter, and any successor statute, and
the implementing regulations of FERC.

 

“Qualified
ECP Guarantor” shall mean, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies
at such time as an “eligible contract participant” under the Commodity Exchange Act and can cause another person to
qualify as an “eligible contract participant” at such time under §1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Qualified
Owner” means any Person that (a) either (i) is (or is the Subsidiary of) a Person that owns or manages
(or has owned or has managed within the past three years) electric generating facilities totaling at least 500MW or (ii) has
engaged an operator that is experienced in the business of generation of electricity by and from facilities totaling at least 500MW
and (b) either (i) has a long-term unsecured senior debt rating of at least Baa3 or better by Moody’s or BBB- or
better by S&P or BBB- or better by Fitch (or is an Affiliate of such a Person who provides a guarantee of such Person’s
obligations) or (ii) is a Person that has a tangible net worth or assets under management of at least $300,000,000; provided
that for any Person to be a Qualified Owner, such Person shall also be subject to satisfaction of applicable, and uniformly applied,
“know your customer” requirements of the Lenders.

 

“Quarterly
Date” means the last Business Day of March, June, September and December of each year.

 

“Real
Estate Assets” means, at any time of determination, any fee or leasehold interest, easement, consent, permit or license,
then owned or held by the Borrowers in any real property.

 

“Recipient”
means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.

 

“Redeployment
Notice” means a written notice executed by a Responsible Officer of BEC in connection with the receipt of Hedge Termination
Proceeds stating that (a) no Event of Default has occurred and is continuing and the Hedge Termination Proceeds, in respect
of which such notice is being delivered have been deposited in the Hedge Termination Proceeds Account for further application in
accordance with Section 3.10 of the Depositary Agreement and (b) that BEC intends and expects to reinvest all or a portion
of such Hedge Termination Proceeds, to replace the terminated Interest Rate Hedge.

 

“Reduction
Amount” has the meaning specified in Section 2.04(b)(viii).

 

“Register”
has the meaning specified in Section 11.06(c).

 

“Regulation D”
means Regulation D of the Board of Governors, as in effect from time to time.

 

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“Regulation U”
means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time.

 

“Reinvestment
Notice” means a written notice executed by a Responsible Officer of BEC in connection with the occurrence of any
Asset Sale, Casualty Event or Event of Eminent Domain stating that (a) no Event of Default has occurred and is continuing
and the Asset Sale Proceeds, Insurance Proceeds or Eminent Domain Proceeds in respect of which such notice is being delivered have
been deposited in the Asset Sale Proceeds Account (in respect of Asset Sale Proceeds) or Insurance Proceeds Account (in respect
of Insurance Proceeds or Eminent Domain Proceeds) for further application in accordance with Section 2.04(b)(i) or (iv) of
the Depositary Agreement and (b) that BEC intends and expects to reinvest all or a portion of such Asset Sale Proceeds, Insurance
Proceeds or Eminent Domain Proceeds to make a Permitted Investment.

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping,
leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of
any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous
Material through the air, soil, surface water or groundwater.

 

“Removal
Effective Date” shall have the meaning specified in Section 9.06(b).

 

“Repair
Notice” has the meaning given to it in the Intercreditor Agreement.

 

“Repayment
Event” means the repayment in full of all of the outstanding principal amount of the Advances and all other Obligations
(other than contingent obligations) due and payable under the Loan Documents, the termination of all Commitments and the termination
and cancellation of all Letters of Credit (unless such Letters of Credit are Cash Collateralized).

 

“Replacement
Power Purchase Agreement” means an agreement for the sale of capacity, energy and ancillary services entered into
by BEC following the termination of a Third Party Power Purchase Agreement prior to its scheduled expiry date; provided
that (a) such new agreement has a term ending no earlier than the scheduled expiry date of the terminated Third Party Power
Purchase Agreement, (b) taken as a whole, such new agreement is no less favorable to the Loan Parties than the terminated
agreement, including with respect to the terms and conditions relating to coordination with the Energy Manager and the other Power
Purchase Agreements, collateral, termination, damages, pricing and payment provisions, as set forth in the terminated Third Party
Power Purchase Agreement (it being understood and agreed, without limitation of the foregoing, that the economics under such new
agreement shall be at least as favorable to BEC as contained in the terminated Third Party Power Purchase Agreement), and (c) either
(i) the counterparty entering into such new agreement has a Required Rating or (ii) the counterparty to such new agreement
delivers a guaranty from a Person that has a Required Rating in respect of all obligations of such counterparty thereunder.

 

     47

     

    

  

“Required
Capital Expenditures” means all Capital Expenditures reasonably necessary to permit any Loan Party, to (a) operate
or maintain the Project in accordance with Prudent Industry Practices (including the purchase of assets in the ordinary course
of business as reasonably required in connection with the operation and maintenance of the Project in accordance with the Operation
and Maintenance Agreement) or (b) to comply with applicable law (including any Environmental Laws).

 

“Required
Lenders” means, at any time, Lenders owed or holding more than 50% of the sum of (without duplication) (a) the
aggregate principal amount of the Advances (other than Swingline Advances) outstanding at such time plus (b) the aggregate
amount of all Unused Revolving Commitments at such time; provided that, if any Lender shall be a Defaulting Lender at such
time, there shall be excluded from the determination of Required Lenders at such time (i) the aggregate principal amount of
the Advances owing to such Lender (in its capacity as a Lender) and outstanding at such time, and (ii) such Lender’s
Pro Rata Share of the aggregate amount of all Unused Revolving Commitments outstanding at such time.

 

“Required
Rating” means:

 

(a)          with
respect to a Person described in clause (a)(i) of the definition of Commodity Hedge Counterparty, the unsecured senior debt
obligations of such Person (or of the guarantor of such Person) are rated at least A3 by Moody’s and at least A- by S&P;
provided that if, as of any date of determination, such Person (or of the guarantor of such Person) does not have any rating
for its unsecured senior debt obligations, then such Person’s corporate issuer rating shall be at least A3 by Moody’s
and at least A- by S&P;

 

(b)          with
respect to a Person described in clause (a)(ii) or (a)(iii) of the definition of Commodity Hedge Counterparty, the unsecured senior
debt obligations of such Person (or of the guarantor of such Person) are rated at least Baa3 by Moody’s and at least BBB-
by S&P; provided that if, as of any date of determination, such Person (or of the guarantor of such Person) does not
have any rating for its unsecured senior debt obligations, then such Person’s corporate issuer rating shall be at least Baa3
by Moody’s and at least BBB- by S&P; and

 

(c)          with
respect to the counterparty to a Replacement Power Purchase Agreement, the unsecured senior debt obligations of such Person (or
of the guarantor of such Person) are rated not lower than the lesser of (i) A3 by Moody’s, (ii) A- by S&P and
(iii) the rating of the unsecured senior debt obligations of the counterparty (or its guarantor, whichever is higher) to the
Third Party Power Purchase Agreement being replaced at the time of replacement; provided that in no event shall such Person
have unsecured senior debt obligations rated less than Baa3 by Moody’s, BBB- by S&P or BBB- by Fitch at the time the
Replacement Power Purchase Agreement is executed.

 

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“Resignation
Effective Date” shall have the meaning specified in Section 9.06(a).

 

“Responsible
Officer” means, as to any Person, any individual holding the position of chairman of the board (if an officer), president,
chief executive officer or one of its vice presidents and such Person’s treasurer or chief financial officer or any other
Person duly authorized to act on behalf of such Person.

 

“Restricted
Payment” means (a) any dividend or other distribution, direct or indirect, on account of any shares of any class
of stock of the Borrowers now or hereafter outstanding, except a dividend payable solely in shares of that class of stock to the
holders of that class; (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for
value, direct or indirect, of any shares of any class of stock of the Borrowers now or hereafter outstanding; (c) any payment
made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class
of stock of the Borrowers now or hereafter outstanding; (d) management or similar fees payable to any Guarantor, Holdings,
Sponsor or any of their respective Affiliates; and (e) any payment or prepayment of principal of, premium, if any, or interest
on, or redemption, purchase, retirement, defeasance (including in substance or legal defeasance), sinking fund or similar payment
with respect to, any Debt owed by the Loan Parties to any of its Affiliates.

 

“Revenue
Account” has the meaning specified in the Depositary Agreement.

 

“Revenues”
means, for any Measurement Period, without duplication, all amounts received in the Revenue Account during such period (including
interest earned or Permitted Account Investments held in the Collateral Accounts to the extent deposited into the Revenue Account)
excluding (a) all Working Capital Advances or Swingline Advances deposited into the Revenue Account in accordance with Section 3.2(a)(i)
of the Depositary Agreement, and (b) any transfers from the Debt Service Reserve Account or any other Collateral Account to
the Revenue Account pursuant to Section 3.5 or Section 3.11 of the Depositary Agreement (other than interest earned or
Permitted Account Investments held in the Collateral Accounts to the extent deposited into the Revenue Account).

 

“Revolving
Borrowing” means a borrowing consisting of simultaneous Working Capital Advances or L/C Advances of the same Type
made by the Revolving Lenders.

 

“Revolving
Commitment” means, with respect to any Revolving Lender at any time, the amount set forth opposite such Lender’s
name on Schedule I under the caption “Revolving Commitment” or, if such Lender has entered into one or
more Assignment and Assumptions, set forth for such Lender in the Register maintained by the Administrative Agent as such Lender’s
“Revolving Commitment,” as such amount may be reduced at or prior to such time pursuant to Section 2.04(b)
or 4.01.

 

“Revolving
Facility” means, at any time, (a) the Total Revolving Commitment; or (b) the Working Capital Advances, the L/C
Advances and Swingline Advances at such time.

 

     49

     

    

 

“Revolving
Facility Maturity Date” means the earlier of (a) the date that is seven years after the Closing Date and (b) the
date of termination in whole of the Revolving Commitments pursuant to Section 4.01 or 8.01.

 

“Revolving
Lender” means any Lender that has a Revolving Commitment.

 

“Revolving
Note” means a promissory note of the Borrowers payable to any Revolving Lender, in substantially the form of Exhibit B-2,
evidencing the indebtedness of the Borrowers to such Lender resulting from the Working Capital Advances and L/C Advances made by
such Lender, as amended.

 

“RR
Contractor” means Rolls-Royce Energy Systems, Inc.

 

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

 

“Sanctions”
means economic or financial sanctions, restrictive measures or trade embargoes imposed, administered or enforced from time to time
by any Governmental Authority (including, but not limited to, OFAC, the U.S. Department of State and the U.S. Department of Commerce),
the United Nations Security Council, the European Union or Her Majesty’s Treasury.

 

“Sanctioned
Country” shall mean any country or territory to the extent that such country or territory is the subject of
comprehensive countrywide or territory-wide Sanctions Laws administered, enacted, or enforced by any Governmental Authority that
broadly prohibits dealings with such country or territory, including without limitation (i) those administered or enforced
by OFAC pursuant to the International Economic Powers Act, the United States’ Trading with the Enemy Act, and (ii) any
of the foreign assets control regulations administered or enforced by the United Nations Security Council, the European Union or
Her Majesty’s Treasury. Without limiting the definition, the Sanctioned Countries as of the date hereof are Burma, Crimea,
Cuba, the Islamic Republic of Iran, North Korea, Sudan, and Syria.

 

“Sanctions
Laws” shall mean the economic sanctions laws, regulations, rules, embargoes or restrictive measures promulgated or
administered by any Governmental Authority, including without limitation the sanctions and other restrictive measures applied by
OFAC, the US Department of State, the European Union (and its member states) in pursuit of the Common Foreign and Security Policy
objectives set out in the Treaty on European Union or Her Majesty’s Treasury.

 

“Sanctions
Target” means any Person: (a) that is the subject or target of any Sanctions; (b) listed in the annex to, or otherwise
subject to the provisions of, the Executive Order No. 13224 of September 23, 2001, entitled Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism; (c) named in any Sanctions-related list maintained by OFAC,
the U.S. Department of State, the U.S. Department of Commerce or the U.S. Department of the Treasury, including the “Specially
Designated National and Blocked Person” list; (c) located, organized or resident in a Sanctioned Country that is, or whose
government is, the subject or target of Sanctions; (d) which otherwise is, by public designation of the United Nations Security
Council, the European Union or Her Majesty’s Treasury, the subject or target of any Sanction; (e) with which any party to
the Loan Documents is prohibited from dealing or otherwise engaging in any transaction by any Sanctions Laws; or (f) 25% or more
owned or otherwise Controlled by any such Person or Persons described in the foregoing clauses (a)-(f).

 

     50

     

    

  

“Sanctions
Violation” has the meaning provided in Section 7.03(n).

 

“Second
Lien Collateral Documents” has the meaning specified in the Intercreditor Agreement.

 

“Second
Lien Secured Parties” has the meaning specified in the Intercreditor Agreement.

 

“Secured
Parties” has the meaning specified in the Intercreditor Agreement.

 

“Securities”
means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit
sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured,
convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any
certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or
any right to subscribe to, purchase or acquire, any of the foregoing.

 

“Security
Agreement” means a Security Agreement in substantially the form of Exhibit F among the Borrowers, Guarantors
and the Collateral Agent.

 

“Shared
Facilities Agreement” means any Contractual Obligation pursuant to which a counterparty is granted the right to use,
or otherwise share in the benefits of, an asset in connection with such counterparty’s development, construction, acquisition,
ownership, leasing, operation and maintenance of the Permitted Expansion.

 

“Siemens
Contractor” means Siemens Energy, Inc.

 

“Siemens
Novation Agreement” means that certain Novation Agreement, dated as of January 12, 2015, among RR Contractor, Siemens
Contractor and BEC

 

“Site
Lease” means that certain Site Lease, dated as of June 4, 2010, entered into among BECUR and Hess, as amended
by that certain Amendment to Site Lease, dated as of September 30, 2010.

 

“Site
Lease Option Agreement” means that certain Site Lease Option Agreement, dated as of July 28, 2015, entered into between
IMTT-BC, a general partnership organized and existing under the laws of the State of Delaware, and BEC.

 

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“Solvent”
or “Solvency” means, with respect to the Loan Parties (taken as a whole), that, as of the date of determination,
both (a) (i) the sum of the Loan Parties’ Debt (including contingent liabilities) does not exceed the present fair saleable
value of the Loan Parties’ present assets; (ii) the Loan Parties’ capital is not unreasonably small in relation
to their business as contemplated on the applicable date of determination; and (iii) the Loan Parties have not incurred and
do not intend to incur, or believe (nor should they reasonably believe) that they will incur, Debt beyond their ability to pay
such Debt as they become due (whether at maturity or otherwise); and (b) the Loan Parties are “solvent”
within the meaning given that term and similar terms under the Bankruptcy Code and applicable laws relating to fraudulent transfers
and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount
that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under
GAAP).

 

“Specified
Loan Party” means any Loan Party that is not an “eligible contract participant” under the Commodity Exchange
Act (determined prior to giving effect to Section 10.07).

 

“Sponsor”
means Macquarie Infrastructure Corporation.

 

“Sponsor-Related
Party” means the Sponsor and any other Person (including a Qualified Owner) that directly or indirectly owns more
than 10% of the Capital Stock in Holdings, and any Affiliate of the Sponsor or such other Person, but shall exclude any Loan Party.

 

“Subordinated
Debt” means loans made to a Loan Party by any Person that is not a Loan Party, which loans are permitted under Section
7.02(b)(xii).

 

“Subordinated
Obligations” has the meaning specified in Section 10.05.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, association, Joint Venture or other
business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled
(without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers,
trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and
policies thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person or a combination thereof; provided that, in determining the percentage of ownership interests of any Person
Controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person
shall be deemed to be outstanding.

 

“Sublease
Agreement” means the Sublease Agreement, dated as of June 4, 2010, between BEC and BECUR, as amended on June 12,
2014.

 

“Substitute
Advances” means with respect to a Class of Advances, as certified by any Lender to the Borrowers, a reasonable alternative
basis for making available or, as the case may be, maintaining such Lender’s outstanding Pro Rata Share of Advances of such
Class of Advances, including alternative interest periods, alternative types of Advances, alternative currencies or alternative
rates of interest, provided that the margin above the cost of funds to such Lender is no greater than the margin otherwise
payable to such Lender pursuant to this Agreement.

 

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“Swap
Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract
or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Swingline
Advance” shall have the meaning ascribed thereto in Section 2.01(c).

 

“Swingline
Lender” means Crédit Agricole Corporate and Investment Bank, in its capacity as lender of Swingline Advances
hereunder, or such other Lender as the Borrower may from time to time designate as the Swingline Lender (and which agrees in writing
to be so designated) and that has executed (a) a Joinder Agreement and (b) an Accession Agreement with respect to the
Intercreditor Agreement.

 

“Swingline
Maturity Date” means, with respect to any Swingline Advance, the earlier of (a) the fifth Business Days after
such Swingline Advance is made and (b) the Revolving Facility Maturity Date.

 

“Swingline
Note” means a promissory note of the Borrowers payable to the Swingline Lender, in substantially the form of Exhibit B-3,
evidencing the indebtedness of the Borrowers to such Lender resulting from the Swingline Advances, as amended.

 

“Swingline
Request” has the meaning specified in Section 2.02(b).

 

“Swingline
Reimbursement Request” has the meaning specified in Section 2.02(b).

 

“Swingline
Sublimit” means an amount equal to the lesser of $5,000,000.

 

“Taxes”
means any present and future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed
by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term
Advance” has the meaning specified in Section 2.01(a).

 

“Term
Borrowing” means an extension and borrowing consisting of Term Advances of the same Type made by the Term Lenders
pursuant to Section 2.01(a).

 

“Term
Commitment” means, with respect to any Term Lender at any time, the amount set forth opposite such Lender’s
name on Schedule I under the caption “Term Commitment” or, if such Lender has entered into one of more
Assignment and Assumptions, set forth for such Lender in the Register maintained by the Administrative Agent as such Lender’s
“Term Commitment,” as such amount may be reduced at or prior to such time pursuant to Section 2.03, Section
2.04, or Section 4.01.

 

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“Term
Facility” means, at any time, the aggregate amount of the Term Lenders’ Term Commitments or Term Advances at
such time.

 

“Term
Facility Maturity Date” means the date that is seven years after the Closing Date.

 

“Term
Lender” means any Lender that has a Term Commitment.

 

“Term
Note” means a promissory note of the Borrowers payable to any Term Lender, in substantially the form of Exhibit B-1,
evidencing the indebtedness of the Borrowers to such Lender resulting from the Term Advances made by such Lender, as amended.

 

“Third
Party Power Offtaker” means each counterparty to a Third Party Power Purchase Agreement.

 

“Third
Party Power Purchase Agreement” means each of the DEBM Power Purchase Agreements and any Replacement Power Purchase
Agreements therefor.

 

“Title
Company” means Fidelity National Title Insurance Company.

 

“Title
Policy” means the American Land Title Association 2006 Form Lender’s Fee and Leasehold Policy of title
insurance or such other form as is acceptable to the Lenders or a binding marked commitment to issue such policy dated as of the
Closing Date and to be re-dated the date of recording of the Mortgages issued by each Title Company, each such policy in an amount
acceptable to the Lenders insuring the Lien in favor of the Collateral Agent for the benefit of the Secured Parties created by
the Mortgages, subject only to those exceptions approved by the Lenders and containing such endorsements and affirmative assurances
as the Lenders shall reasonably require and which are reasonably obtainable from title companies in the States of New York and
New Jersey.

 

“Total
Credit Exposure” means, as to any Lender at any time, the unused Commitments, L/C Exposure and outstanding Term Advances,
Swingline Advances, L/C Advances or Working Capital Advances of such Lender at such time.

 

“Total
L/C Commitment” means, at any time, $25,000,000 or, if less, the aggregate amount of the Revolving Commitments at
such time.

 

“Total
Loss” means (a) the complete destruction of Affected Property, (b) the destruction of Affected Property
irretrievably beyond repair or (c) the destruction of Affected Property such that the insured may claim the whole amount of
any insurance policy covering Affected Property upon abandoning such Affected Property to the insurance underwriters therefor,
in each case described in clause (a), (b) or (c), that involves Affected Property that constitutes
all or substantially all of the Project.

 

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“Total
Revolving Commitment” means at any time the aggregate amount of the Revolving Lenders’ Revolving Commitments
at such time; provided that the aggregate amount of all Revolving Commitments shall not exceed $25,000,000.

 

“Transaction
Documents” means, individually or collectively, as the context may require, the Loan Documents and the Material Project
Documents.

 

“Transco”
means Transcontinental Gas Pipe Line Company, LLC, a Delaware limited liability company.

 

“Transco
Interconnection Agreement” means that certain Interconnect and Delivery Lateral Reimbursement and Operating Agreement,
by and between BEC and Transco, dated as of April 15, 2009, as amended by Amendment to Interconnect and Delivery Lateral Reimbursement
and Operating Agreement, dated June 8, 2009, and Second Amendment to Interconnect and Delivery Lateral Reimbursement and Operating
Agreement, dated September 25, 2009.

 

“Transco
Service Agreement” means that certain Service Agreement, dated March 11, 2010, by and between BEC and Transco as
amended by Amendment to Service Agreement, dated ___, 2012, by and between Transco and BEC.

 

“Type”
refers to the distinction between Advances bearing interest at the Base Rate and Advances bearing interest at the Adjusted Eurodollar
Rate.

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that if, with respect
to any filing statement or by reason of any provisions of law, the perfection or the effect of perfection or non-perfection of
the security interests granted to the Collateral Agent pursuant to the applicable Collateral Document is governed by the Uniform Commercial
Code as in effect in a jurisdiction of the United States other than New York, UCC means the Uniform Commercial Code as in
effect from time to time in such other jurisdiction for purposes of the provisions of each Loan Document and any filing statement
relating to such perfection or effect of perfection or non-perfection.

 

“Undisclosed
Administration” means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator
under or based on the law in the country where such Lender or its direct or indirect parent company is subject to home jurisdiction
supervision if applicable law requires that such appointment is not to be publicly disclosed.

 

“Unreserved
Major Maintenance Expenses” means (a) if the Projected Major Maintenance Expense in respect of a Major Maintenance
Event is not (and, at the time of delivery of the most recent Major Maintenance Funding Certificate, was not expected to be) equal
to or greater than $1,000,000, all Major Maintenance Expenses in respect of such Major Maintenance Event and (b) any Major
Maintenance Expenses to the extent funds on deposit in the Major Maintenance Reserve Account are insufficient to pay such Major
Maintenance Expenses.

 

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“Unused
L/C Commitment” means with respect to any Issuing Bank at any time (a) such Issuing Bank’s Pro Rata Share
of the Total L/C Commitments at such time minus (b) such Issuing Bank’s Pro Rata Share of the sum of (i) the
aggregate principal amount of all Working Capital Advances and L/C Advances made or deemed made and outstanding at such time, (ii) the
aggregate principal amount of all Swingline Advances outstanding at such time and (iii) the L/C Exposure at such time.

 

“Unused
Revolving Commitment” means with respect to any Revolving Lender at any time (a) such Lender’s Revolving
Commitment at such time minus (b) the sum of the aggregate principal amount of all outstanding Working Capital Advances
made or deemed made by such Lender.

 

“Unused
Swingline Capacity” means, with respect to the Swingline Lender, at any time an amount equal to the lesser of (a) the
Swingline Sublimit at such time minus the principal amount of all Swingline Advances at such time and (b) the Total
Revolving Commitment minus the sum of (i) the aggregate principal amount of all outstanding Working Capital Advances
made or deemed made at such time, (ii) the aggregate principal amount of all outstanding Swingline Advances at such time,
(iii) the aggregate principal amount of all L/C Advances and (iv) the aggregate of each Lender’s L/C Exposure at such
time.

 

“Withholding
Agent” means any Loan Party and the Administrative Agent.

 

“Working
Capital Advance” shall have the meaning ascribed thereto in Section 2.01(b).

 

“Working
Capital Letter of Credit” shall have the meaning ascribed thereto in Section 3.01(a)(i).

 

“Zone
J Power Purchase Agreements” means, collectively, (a) that certain Amended and Restated Contract for the Sale
and Purchase of Capacity, Energy and Ancillary Services, dated as of August 19, 2014, between Zone J Tolling and BEC and (b) Second
Amended and Restated Contract for the Sale and Purchase of Capacity, Energy and Ancillary Services, as of August 19, 2014, between
Zone J Tolling and BEC.

 

“Zone
J Tolling” means Zone J Tolling Co., LLC, a Delaware limited liability company.

 

Section
1.02.         Rules of Interpretation.
Except as otherwise expressly provided, the following rules of interpretation shall apply to this Agreement and the other Loan
Documents:

 

(a)          the
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined;

 

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(b)          whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms;

 

(c)          the
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”;

 

(d)          the
word “will” shall be construed to have the same meaning and effect as the word “shall”;

 

(e)          unless
the context requires otherwise, any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein or therein) and shall include any appendices,
schedules, exhibits, clarification letters, side letters and disclosure letters executed in connection therewith;

 

(f)           any
reference herein to any Person shall be construed to include such Person’s successors and assigns to the extent permitted
under the Loan Documents and, in the case of any Governmental Authority, any Person succeeding to its functions and capacities;

 

(g)          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 hereof;

 

(h)          all
references herein to Articles, Sections, Appendices, Exhibits and Schedules shall be construed to refer to Articles and Sections
of, and Appendices, Exhibits and Schedules to, this Agreement; and

 

(i)           the
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any
and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

Section
1.03.         Accounting Terms.

 

(a)          All
accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP, as in effect from time to time, except as otherwise specifically prescribed herein.

 

(b)          If
at any time any change in GAAP or the application thereof would affect the computation of any requirement set forth in any Loan
Document, and either BEC or the Required Lenders through the Administrative Agent shall so request, the Administrative Agent and
BEC shall negotiate in good faith to amend such requirement to preserve the original intent thereof in light of such change in
GAAP or the application thereof (subject to the approval of the Administrative Agent not to be unreasonably withheld, conditioned
or delayed); provided that, until so amended, (i) such requirement shall continue to be computed in accordance with
GAAP or the application thereof prior to such change therein and (ii) BEC shall provide to the Administrative Agent and the
Lenders a written reconciliation in form and substance reasonably satisfactory to the Administrative Agent, between calculations
of such ratio or requirement made before and after giving effect to such change in GAAP or the application thereof.

 

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Section
1.04.         Certifications, Etc..
All certifications, notices, declarations, representations, warrants and statements made by any officer, director or employee
or a Loan Party pursuant to or in connection with this Agreement shall be made in such person’s capacity as officer, director
or employee on behalf of such Loan Party and not in such person’s individual capacity.

 

Article
II

 

AMOUNTS AND TERMS
OF THE ADVANCES

 

Section
2.01.         The Advances.

 

(a)          The
Term Advances.

 

(i)          Each
Term Lender severally agrees, on the terms and conditions hereinafter set forth, to make a single advance (a “Term
Advance”) to the Borrowers in an amount not to exceed such Lender’s Term Commitment at such time and $275,000,000
in the aggregate for all Term Advances.

 

(ii)         The
Term Borrowing shall consist of Term Advances made simultaneously by the Term Lenders ratably according to their Term Commitments.
Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be re-borrowed.

 

(b)          The
Working Capital Advances. Each Revolving Lender severally agrees, on the terms and conditions hereinafter set forth, to make
advances (each a “Working Capital Advance”) to the Borrowers from time to time on any Business Day during
the period from the Closing Date until the Revolving Facility Maturity Date in an amount for each such Advance not to exceed such
Lender’s Available Revolving Commitment at such time. Each such Revolving Borrowing shall be in an aggregate amount of $1,000,000
or an integral multiple of $500,000 in excess thereof (other than a Borrowing the proceeds of which shall be used solely to Cash
Collateralize Letters of Credit or to repay L/C Advances) and shall consist of Working Capital Advances made simultaneously by
the Revolving Lenders ratably according to their Revolving Commitments. Within the limits of each Revolving Lender’s Available
Revolving Commitment in effect from time to time, the Borrowers may borrow under this Section 2.01(b), prepay pursuant to
Section 2.04(a) and re-borrow under this Section 2.01(b).

 

(c)          The
Swingline Advances. The Swingline Lender may, in its sole discretion (and without any obligation to do so), on the terms and
conditions hereinafter set forth, make advances (each a “Swingline Advance”) to the Borrowers from time
to time on any Business Day during the period from the Closing Date until the Revolving Facility Maturity Date in an amount for
each such Advance not to exceed the Unused Swingline Capacity at such time. Each such Swingline Advance shall be in an aggregate
amount of $1,000,000 or an integral multiple of $500,000 in excess thereof. All Swingline Advances shall be Base Rate Advances.
Within the limit of the Unused Swingline Capacity in effect from time to time, the Borrowers may borrow under this Section 2.01(c),
repay pursuant to Section 2.03(c), prepay pursuant to Section 2.04(a) and re-borrow under this Section 2.01(c).

 

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Section
2.02.         Making the Advances.

 

(a)          Except
as provided in clause (b) below, clause (c) below or Section 3.04, each Borrowing shall be made on irrevocable
notice, given not later than 12:00 (noon) (New York City time) on the third Business Day prior to the date of the proposed
Borrowing, in the case of a Borrowing consisting of Eurodollar Rate Advances, or the first Business Day prior to the date of the
proposed Borrowing (or, in the case of the initial Borrowing, on the date of such Borrowing), in the case of a Borrowing consisting
of Base Rate Advances, by BEC to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereof by
telecopier or electronic communication. Each such irrevocable notice of a Borrowing (a “Funding Notice”)
shall be by telephone, confirmed promptly in writing, including by telecopier or electronic communication, in substantially the
form of Exhibit C-1, specifying therein the requested (i) date of such Borrowing, (ii) Facility under which
such Borrowing is to be made, (iii) Type of Advances comprising such Borrowing, (iv) aggregate amount of such Borrowing
and (v) in the case of a Borrowing consisting of Eurodollar Rate Advances, initial Interest Period for each such Advance.
Each Appropriate Lender shall, before 12:00 (noon) (New York City time) on the date of such Borrowing, make available by wire
transfer for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account,
in same day funds, such Lender’s ratable portion of such Borrowing, in accordance with the respective Commitments under the
applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s receipt of such funds
and upon fulfillment or waiver of the applicable conditions set forth in Article V, the Administrative Agent will make such
funds available to the Borrowers by crediting the Revenue Account or as otherwise directed by BEC.

 

(b)          Borrowing
under the Swingline Sublimit shall be made on irrevocable notice, given not later than 12:00 (noon) (New York City time) on
the day of the proposed Swingline Advance. Each such irrevocable notice of a Swingline Advance under the Swingline Sublimit (a
“Swingline Request”) shall be by telephone, confirmed promptly in writing, including by telecopier or
electronic communication, in substantially the form of Exhibit C-2, specifying therein the requested (i) date
of such Swingline Advance and (ii) the aggregate amount of such Swingline Advance. The Swingline Lender shall, before 3:00
P.M. (New York City time) on the date of such Borrowing of Swingline Advances, make available by wire transfer for the account
of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account, in same day funds, such
Swingline Advance, in accordance with the Swingline Lender’s Commitment (the “Swingline Advance”).
After the Administrative Agent’s receipt of such funds and upon fulfillment or waiver of the applicable conditions set forth
in Article V, the Administrative Agent will make such funds available to the Borrowers by crediting the Revenue Account
or as otherwise directed by BEC. The Swingline Lender may, by written notice (such notice, a “Swingline Reimbursement
Request”) given to the Administrative Agent not later than 12:00 (noon) (New York City time) on any Business Day,
require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Advances outstanding.
The Swingline Reimbursement Request shall specify the aggregate amount of Swingline Advances in which Revolving Lenders will participate.
Each Revolving Lender hereby absolutely and unconditionally agrees, from and after delivery of a Swingline Reimbursement Request
to make Working Capital Advances to the Administrative Agent, for the account of the Swingline Lender, such Revolving Lender’s
Pro Rata Share of each such Swingline Advance within one (1) Business Day after receiving notice. Each such Working Capital Advance
shall be made without any offset, abatement, withholding or reduction whatsoever. Each such Working Capital Advance by a Revolving
Lender under this Section 2.02(b) shall be made as provided in Section 4.05 (and Section 4.05 shall apply,
mutatis mutandis, to the payment obligations of the Lenders hereunder (including the obligation to pay interest to the Swingline
Lender in respect of late payments by such Lender)), and the Administrative Agent shall promptly pay to the Swingline Lender the
amounts so received by it from the applicable Lenders. In the event the Swingline Lender shall have been reimbursed by the applicable
Lenders in accordance with this Section 2.02(b) for all or any portion of any unreimbursed Swingline Advance, the Swingline
Lender shall distribute to each applicable Lender which has paid all amounts payable by it under this Section 2.02(b) such
Lender’s Pro Rata Share of all principal amounts subsequently received by the Swingline Lender from the Borrowers in reimbursement
of such applicable Swingline Advance when such payments are received

 

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(c)          Unless
the Administrative Agent shall have received notice from an Appropriate Lender prior to the date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s ratable 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 clause (a) or (b) above and the Administrative Agent may, in reliance upon such assumption, make available
to the Borrowers on such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable
portion available to the Administrative Agent, the Administrative Agent shall be entitled to recover such corresponding amount
on demand from such Lender together with interest thereon, for each day from such date of Borrowing until the date such amount
is paid to the Administrative Agent, at the customary rate set by the Administrative Agent for the correction of errors among banks
for three Business Days and thereafter at the Base Rate. If such Lender does not pay such corresponding amount forthwith upon the
Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrowers and the Borrowers shall
immediately pay such corresponding amount to the Administrative Agent together with interest thereon, for each day from the date
of such Borrowing until the date such amount is paid to the Administrative Agent, at the rate payable hereunder for Base Rate Advances
under the relevant Facility.

 

(d)          The
failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation,
if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any
other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. Nothing in this Section 2.02
shall prejudice any rights that the Borrowers may have against a Defaulting Lender.

 

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Section
2.03.         Repayment of Advances.

 

(a)          Term
Advances. The Borrowers shall repay to the Administrative Agent for the ratable account of the Term Lenders the outstanding
principal amount of Term Advances on each Quarterly Date prior to the Term Facility Maturity Date in an amount equal to (i) $1,500,000
for the Quarterly Date that is September 30, 2015) and (ii) $2,500,000 for each Quarterly Date thereafter; provided
that, in each case, such amount shall be reduced as a result of the application of prepayments in accordance with Section 2.04);
provided, further, that all outstanding Term Advances shall be repaid on the Term Facility Maturity Date.

 

(b)          Working
Capital Advances and L/C Advances. The Borrowers shall repay to the Administrative Agent for the ratable account of the Revolving
Lenders on the Revolving Facility Maturity Date the aggregate principal amount of any Working Capital Advances and any L/C Advances
then outstanding.

 

(c)          Swingline
Advances. The Borrowers shall repay to the Administrative Agent for the account of the Swingline Lender the principal amount
of each Swingline Advance on its Swingline Maturity Date.

 

Section
2.04.         Prepayments.

 

(a)          Optional.

 

(i)          The
Borrowers may, upon at least one Business Day’s irrevocable written notice in the case of Base Rate Advances and three Business
Days’ irrevocable written notice in the case of Eurodollar Rate Advances, in each case substantially in the form of Exhibit O
to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given
the Borrowers shall, prepay the outstanding aggregate principal amount of the Advances composing part of the same Borrowing, in
whole or ratably in part, together with accrued and unpaid interest to the date of such prepayment on the aggregate principal amount
prepaid; provided that (1) each partial prepayment (other than prepayments of L/C Advances) shall be in an aggregate
principal amount of $1,000,000 or an integral multiple of $500,000 in excess thereof, (2) if any prepayment of a Eurodollar
Rate Advance is made on a date other than the last day of an Interest Period for such Advance, the Borrowers shall also pay any
amounts owing pursuant to Section 11.02(g) and (3) if such notice is given in connection with a refinancing in respect
of all or a portion of the Facilities, then the Borrowers may revoke such notice at any time if such Refinancing cannot be consummated
as and when originally expected by the Borrowers.

 

(ii)         Each
voluntary or optional prepayment of the Term Advances shall be applied pro rata against subsequent scheduled payments of
principal due on each Quarterly Date thereafter. Each voluntary or optional prepayment of the Working Capital Advances, the Swingline
Advances or the L/C Advances shall be applied as directed by the Borrowers. Considering each Facility being prepaid separately,
any prepayment thereof shall be applied first to Base Rate Advances to the fullest extent thereof before any application to Eurodollar
Rate Advances, in each case in a manner which minimizes the amount of any payments to be made by the Borrowers pursuant to Section
11.02(g).

 

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(iii)        Notice
required to be given under this clause (a) (A) must be given by 12:00 (noon) (New York City time) on the
date required, and (B) may be given in writing or by telephone; provided that, if notice is given by telephone, it
must be promptly confirmed in writing to the Administrative Agent (and the Administrative Agent will promptly transmit such telephonic
or original notice by telecopier or telephone to each Appropriate Lender).

 

(b)          Mandatory.

 

(i)          (A)
If within three Business Days of the date of receipt of any Asset Sale Proceeds by any of the Loan Parties BEC shall not have delivered
a Reinvestment Notice in respect thereof, then the Borrowers shall (in each case without duplication and as contemplated by the
priorities set forth in Section 2.04(b)(viii)) (1) prepay an aggregate principal amount of the Advances composing part
of the same Borrowings, (2) Cash Collateralize any Letters of Credit then outstanding in an amount equal to the Minimum Collateral
Amount and (3) in connection with such prepayment and deposit, pay all breakage costs payable pursuant to Section 11.02(g)
and any termination payments in respect of any Hedge Agreement due and payable as a result of any such prepayment and deposit,
in an aggregate amount equal to the amount of such Asset Sale Proceeds.

 

(B)         If
BEC shall have delivered a Reinvestment Notice in respect of any Asset Sale Proceeds and such Reinvestment Notice does not apply
to all of such Asset Sale Proceeds, then on the third Business Day following the delivery of such Reinvestment Notice, the Borrowers
shall (in each case without duplication and as contemplated by the priorities set forth in Section 2.04(b)(viii)) (1) prepay
an aggregate principal amount of the Advances comprising part of the same Borrowings, (2) Cash Collateralize any Letters of
Credit then outstanding in an amount equal to the Minimum Collateral Amount and (3) in connection with such prepayment and
deposit, pay all breakage costs payable pursuant to Section 11.02(g) and any termination payments in respect of any Hedge
Agreement due and payable as a result of any such prepayment and deposit, in an aggregate amount equal to the amount of such Asset
Sale Proceeds which is not covered by such Reinvestment Notice.

 

(C)         If
BEC shall have delivered a Reinvestment Notice in respect of any Asset Sale Proceeds described in sub-clause (A) above,
then (1) the Loan Parties shall be permitted to use such Asset Sale Proceeds to make such Permitted Investment to the extent
that such Asset Sale Proceeds are applied or committed to be applied by a Loan Party to such Permitted Investment within 12 months
of such Asset Sale (and, if committed to be applied, shall be so applied within 180 days of such commitment), and (2) to the
extent that the conditions set forth in sub-clause (1) above are not satisfied, the Borrowers shall (in each case without
duplication and as contemplated by the priorities set forth in Section 2.04(b)(viii)), within three Business Days of the
failure by the Borrowers to satisfy such conditions (x) prepay an aggregate principal amount of the Advances comprising part of
the same Borrowings, (y) Cash Collateralize any Letters of Credit then outstanding in an amount equal to the Minimum Collateral
Amount and (z) in connection with such prepayment and deposit, pay all breakage costs payable pursuant to Section 11.02(g)
and any termination payments in respect of any Hedge Agreement due and payable as a result of any such prepayment and deposit,
in an aggregate amount equal to the remaining amount (if any) of such Asset Sale Proceeds not otherwise applied pursuant to sub-clause
(1).

 

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(ii)         The
Borrowers shall, within five Business Days of the receipt of any Debt Proceeds by any of the Loan Parties (in each case without
duplication and as contemplated by the priorities set forth in Section 2.04(b)(viii)), (A) prepay an aggregate principal
amount of the Advances comprising part of the same Borrowings, (B) Cash Collateralize any Letters of Credit then outstanding
in an amount equal to the Minimum Collateral Amount and (C) in connection with such prepayment and deposit, pay all breakage
costs payable pursuant to Section 11.02(g) and any termination payments in respect of any Hedge Agreement due and payable
as a result of any such prepayment and deposit, in an aggregate amount equal to such Debt Proceeds.

 

(iii)        The
Borrowers shall, within three Business Days of the receipt of any Insurance Proceeds or Eminent Domain Proceeds by any of the Loan
Parties (in each case without duplication and as contemplated by the priorities set forth in Section 2.04(b)(viii)), to
the extent required under Section 5.2 of the Intercreditor Agreement, (A) prepay an aggregate principal amount of the
Advances comprising part of the same Borrowings, (B) Cash Collateralize any Letters of Credit then outstanding in an amount
equal to the Minimum Collateral Amount and (C) in connection with such prepayment and deposit, pay all breakage costs payable
pursuant to Section 11.02(g) and any termination payments in respect of any Hedge Agreement due and payable as a result
of any such prepayment and deposit, in an aggregate amount equal to such Insurance Proceeds or Eminent Domain Proceeds.

 

(iv)         (A)
If within three Business Days of the date of receipt of Hedge Termination Proceeds in respect of an Interest Rate Hedge by any
of the Loan Parties BEC shall not have delivered a Redeployment Notice in respect thereof, then the Borrowers shall (in each case
without duplication and as contemplated by the priorities set forth in Section 2.04(b)(viii)) (1) prepay an aggregate
principal amount of the Advances composing part of the same Borrowings, (2) Cash Collateralize any Letters of Credit then
outstanding in an amount equal to the Minimum Collateral Amount and (3) in connection with such prepayment and deposit, pay
all breakage costs payable pursuant to Section 11.02(g) and any termination payments in respect of any Hedge Agreement due
and payable as a result of any such prepayment and deposit, in an aggregate amount equal to the amount of such Hedge Termination
Proceeds.

 

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(B)         If
BEC shall have delivered a Redeployment Notice in respect of any Hedge Termination Proceeds and such Redeployment Notice does not
apply to all of such Hedge Termination Proceeds, then on the third Business Day following the delivery of such Redeployment Notice,
the Borrowers shall (in each case without duplication and as contemplated by the priorities set forth in Section 2.04(b)(viii))
(1) prepay an aggregate principal amount of the Advances comprising part of the same Borrowings, (2) Cash Collateralize
any Letters of Credit then outstanding in an amount equal to the Minimum Collateral Amount and (3) in connection with such
prepayment and deposit, pay all breakage costs payable pursuant to Section 11.02(g) and any termination payments in respect
of any Hedge Agreement due and payable as a result of any such prepayment and deposit, in an aggregate amount equal to the amount
of such Hedge Termination Proceeds which is not covered by such Redeployment Notice.

 

(C)         If
BEC shall have delivered a Redeployment Notice in respect of any Hedge Termination Proceeds described in sub-clause (A)
above, then (1) the Loan Parties shall be permitted to use such Hedge Termination Proceeds to replace the terminated Interest
Rate Hedge to the extent that such Hedge Termination Proceeds are applied by a Loan Party within 180 days after receipt of such
Hedge Termination Proceeds, and (2) to the extent that the conditions set forth in sub-clause (1) above are not
satisfied, the Borrowers shall (in each case without duplication and as contemplated by the priorities set forth in Section
2.04(b)(viii)), within three Business Days of the failure by the Borrowers to satisfy such conditions (x) prepay an aggregate
principal amount of the Advances comprising part of the same Borrowings, (y) Cash Collateralize any Letters of Credit then
outstanding in an amount equal to the Minimum Collateral Amount and (z) in connection with such prepayment and deposit, pay
all breakage costs payable pursuant to Section 11.02(g) and any termination payments in respect of any Hedge Agreement due
and payable as a result of any such prepayment and deposit, in an aggregate amount equal to the remaining amount (if any) of such
Hedge Termination Proceeds not otherwise applied pursuant to sub-clause (1).

 

(v)          The
Borrowers shall, from time to time on a Business Day, prepay an aggregate principal amount of the Working Capital Advances comprising
part of the same Borrowings, Swingline Advances and the L/C Advances in an amount equal to the amount, if any, by which (A) the
sum of the aggregate principal amount of (1) the Working Capital Advances then outstanding, (2) the L/C Advances then
outstanding, (3) the Swingline Advances then outstanding and (4) the aggregate Available Amount of all Letters of Credit
then outstanding exceeds (B) the amount of the Total Revolving Commitment on such Business Day.

 

(vi)         The
Borrowers shall prepay the Term Advances outstanding as set forth in Section 3.8(b)(ii) of the Depositary Agreement.

 

(vii)        Concurrently
with each prepayment made pursuant to clauses (b)(i) through (b)(v), BEC shall deliver to the Administrative
Agent a certificate of a Responsible Officer demonstrating the calculation of the relevant amount. In the event that BEC shall
subsequently determine that the actual amount received exceeded the amount set forth in such certificate, the Borrowers shall promptly
make an additional prepayment of the Advances and BEC shall concurrently therewith deliver to the Administrative Agent in the amount
of such excess a certificate of a Responsible Officer demonstrating the derivation of such excess.

 

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(viii)      Each
prepayment made pursuant to clauses (b)(i) through (b)(iv) shall be applied ratably first, to prepay
the Term Advances in inverse order of maturity to the remaining scheduled amortization payments; second, to the prepayment
of the Swingline Advances and the Revolving Facility as set forth in clause (b)(ix) below; third, to Cash Collateralize
any Letters of Credit then outstanding and undrawn in an amount equal to the Minimum Collateral Amount; and fourth, any
amount remaining (the “Reduction Amount”) may be retained by the Borrowers and the Revolving Facility
shall be permanently reduced as set forth in Section 4.01(b); provided that the Borrowers may use a portion of any
proceeds required pursuant to clauses (b)(i) through (b)(iv) to prepay the Term Advances to prepay or repurchase
any other Debt that is secured by all or any part of the Collateral on an equal and ratable basis with the Obligations to the extent
such other Debt and the Liens securing the same are permitted hereunder and the documentation governing such other Debt requires
such a prepayment or repurchase thereof with such proceeds, in each case in an amount not to exceed the product of (A) such
proceeds and (B) a fraction, the numerator of which is the outstanding principal amount of such other Debt and the denominator
of which is the aggregate outstanding principal amount of Term Advances and such other Debt. Upon the drawing of any Letters of
Credit in respect of which funds are on deposit in any Controlled Account, such funds shall be applied to reimburse the Issuing
Banks in an amount equal to such Drawing Payment.

 

(ix)         Prepayments
of the Revolving Facility made pursuant to this clause (b) shall be applied, first, to prepay Swingline Advances
until such amounts are paid in full, and second, ratable prepayments of any Working Capital Advances and L/C Advances then
outstanding (and the Revolving Facility shall be permanently reduced as set forth in Section 4.01(b)) until such amounts
are paid in full.

 

(x)          All
prepayments under this clause (b) shall be made together with (A) accrued and unpaid interest to the date of such
prepayment on the principal amount prepaid and (B) any amounts owing pursuant to Section 11.02(g).

 

Section
2.05.         Scheduled Interest.

 

(a)          Except
as otherwise set forth herein, each Type of Advance shall bear interest on the unpaid principal amount thereof from the date made
through repayment (whether by acceleration or otherwise) thereof as follows:

 

(i)          if
a Base Rate Advance, at the Base Rate plus (except for any Swingline Advance) the Applicable Margin; or

 

(ii)         if
a Eurodollar Rate Advance, at the Adjusted Eurodollar Rate plus the Applicable Margin.

 

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(b)          The
basis for determining the rate of interest with respect to any Advance (other than Swingline Advances), and the Interest Period
with respect to any Eurodollar Rate Advance, shall be selected by the Borrowers and notified to the Administrative Agent and the
Appropriate Lenders pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be. If on any
day an Advance (other than Swingline Advances) is outstanding with respect to which a Funding Notice or Conversion/Continuation
Notice has not been delivered to the Administrative Agent in accordance with the terms hereof specifying the applicable basis for
determining the rate of interest, then for that day such Advance shall be a Base Rate Advance.

 

(c)          In
connection with Eurodollar Rate Advances, there shall be no more than eight Interest Periods outstanding at any time. In the event
BEC fails to specify between a Base Rate Advance or a Eurodollar Rate Advance in the applicable Funding Notice or Conversion/Continuation
Notice, such Advance (if outstanding as a Eurodollar Rate Advance) will be automatically Converted into a Base Rate Advance on
the last day of the then-current Interest Period for such Advance (or if outstanding as a Base Rate Advance will remain as, or
(if not then outstanding) will be made as, a Base Rate Advance). In the event BEC fails to specify an Interest Period for any Eurodollar
Rate Advance in the applicable Funding Notice or Conversion/Continuation Notice, the Borrowers shall be deemed to have selected
an Interest Period of one month. As soon as practicable after 10:00 A.M. (New York City time) on each Interest Rate Determination
Date, the Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding
upon all parties) the interest rate that shall apply to the Eurodollar Rate Advance for which an interest rate is then being determined
for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to
the Borrowers and each Appropriate Lender.

 

(d)          Except
as otherwise set forth herein, interest on each Advance (i) shall accrue on a daily basis and shall be payable in arrears
on each Interest Payment Date with respect to interest accrued on and to each such payment date; (ii) shall accrue on a daily
basis and shall be payable in arrears upon any prepayment of that Advance, whether voluntary or mandatory, to the extent accrued
on the amount being prepaid; and (iii) shall accrue on a daily basis and shall be payable in arrears at maturity of the Advances,
including final maturity of the Advances.

 

(e)          Until
each Revolving Credit Lender funds its Base Rate Advance pursuant to Section 2.02(b) to refinance such Revolving Credit
Lender’s Pro Rata Share of any Swingline Advances, interest in respect of such Applicable Revolving Credit Percentage shall
be solely for the account of the Swingline Lender.

 

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Section
2.06.         Conversion/Continuation of Advances.

 

(a)          Optional.
The Borrowers may, on any Business Day, upon provision of an irrevocable Conversion/Continuation Notice by BEC (or irrevocable
telephonic notice in lieu thereof, followed by the prompt delivery of a Conversion/Continuation Notice) to the Administrative Agent
not later than 12:00 (noon) (New York City time) on (x) in the case of a Conversion to a Base Rate Advance, the Business
Day prior to the date of the proposed Conversion and (y) in the case of a Conversion to, or a continuation of, a Eurodollar
Rate Advance, the third Business Day prior to the date of the proposed Conversion or continuation, and subject to the provisions
of Section 4.04, Convert all or any portion of the Advances (other than Swingline Advances) of one Type composing the same
Borrowing into Advances of the other Type, or, upon the expiration of any Interest Period applicable to any Eurodollar Rate Advance,
to continue all or a portion of that amount as a Eurodollar Rate Advance; provided that (i) any Conversion of Eurodollar
Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances
unless the Borrowers shall pay all amounts due under Section 11.02(g) in connection with any such Conversion, (ii) each
Conversion or continuation of Advances comprising part of the same Borrowing under any Facility shall be made ratably among the
Appropriate Lenders in accordance with their Commitments or Advances under such Facility and (iii) in the case of a Conversion
of Base Rate Advances into Eurodollar Rate Advances or continuation of Eurodollar Rate Advances, no Event of Default shall have
occurred and be continuing. Each Conversion/Continuation Notice shall be irrevocable and binding on the Borrowers. Notwithstanding
anything to the contrary herein, a Swingline Advance may not be converted to a Eurodollar Rate Advance.

 

(b)          Mandatory.
Upon the occurrence and during the continuance of any Event of Default, (i) each Eurodollar Rate Advance will automatically,
on the last day of the then-existing Interest Period therefor, Convert into a Base Rate Advance and (ii) the obligation of
the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended.

 

Section
2.07.         Promissory Notes.

 

(a)          Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers
to such Lender resulting from each Advance owing to such Lender from time to time, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder. The Borrowers agree that upon notice by any Lender to the Borrowers
(with a copy of such notice to the Administrative Agent) to the effect that a promissory note or other evidence of indebtedness
is required or appropriate in order for such Lender to evidence (whether for purposes of pledge, enforcement or otherwise) the
Advances owing to, or to be made by, such Lender, the Borrowers shall promptly execute and deliver to such Lender, with a copy
to the Administrative Agent, a Term Note, a Revolving Note and a Swingline Note, as applicable, payable to such Lender in a principal
amount equal to the Term Advances, the Working Capital Advances, the Swingline Advances and the L/C Advances, respectively, of
such Lender. All references to Notes in the Loan Documents shall mean Notes, if any, to the extent issued hereunder.

 

(b)          The
Register maintained by the Administrative Agent pursuant to Section 11.06(c) shall include a control account, and a subsidiary
account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made
hereunder, the Type of Advances comprising such Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the
terms of each Assignment and Assumption delivered to and accepted by it, (iii) the amount of any principal or interest due
and payable or to become due and payable from the Borrowers to each Lender hereunder and (iv) the amount of any sum received
by the Administrative Agent from the Borrowers hereunder and each Lender’s share thereof.

 

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(c)          Entries
made in good faith by the Administrative Agent in the Register pursuant to clause (b) above shall be conclusive evidence
of the amount of principal and interest due and payable or to become due and payable from the Borrowers, under this Agreement,
absent manifest error; provided that the failure of the Administrative Agent to make an entry, or any finding that an entry
is incorrect, which, in either case, shall be promptly corrected, in the Register shall not limit or otherwise affect the obligations
of the Borrowers under this Agreement.

 

Article
III

 

LETTERS OF CREDIT

 

Section
3.01.         Letters of Credit.

 

(a)          The
Letters of Credit.

 

(i)          Each
Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue (or cause its Affiliate that is an Acceptable
Bank to issue on its behalf) standby letters of credit, substantially in the form of Exhibit P-4, (each, a “Working
Capital Letter of Credit”) in Dollars for the account of the Borrowers from time to time on any Business Day during
the period from the Closing Date until five Business Days before the Revolving Facility Maturity Date in an Available Amount for
each such Working Capital Letter of Credit issued by such Issuing Bank not to exceed such Issuing Bank’s Unused L/C Commitment
at such time. Working Capital Letters of Credit issued hereunder shall constitute utilization of each of the aggregate Revolving
Commitments and aggregate L/C Commitments, each in an amount equal to the Available Amount of such Working Capital Letter of Credit.

 

(ii)         Each
Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue (or cause its Affiliate that is an Acceptable
Bank to issue on its behalf) standby letters of credit, substantially in the form of Exhibit P-2, (each, a “DSRA
Letter of Credit”) in Dollars for the account of the Borrowers from time to time on any Business Day during the period
from the Closing Date until five Business Days before the Revolving Facility Maturity Date in an Available Amount for each such
DSRA Letter of Credit issued by such Issuing Bank not to exceed such Issuing Bank’s Unused L/C Commitment at such time. DSRA
Letters of Credit issued hereunder shall constitute utilization of each of the aggregate Revolving Commitments and aggregate L/C
Commitments, each in an amount equal to the Available Amount of such DSRA Letter of Credit.

 

(iii)        Each
Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue (or cause its Affiliate that is an Acceptable
Bank to issue on its behalf) standby letters of credit, substantially in the form of Exhibit P-3, (each, a “MMRA
Letter of Credit”) in Dollars for the account of the Borrowers from time to time on any Business Day during the period
from the Closing Date until five Business Days before the Revolving Facility Maturity Date in an Available Amount for each such
MMRA Letter of Credit issued by such Issuing Bank not to exceed such Issuing Bank’s Unused L/C Commitment at such time. MMRA
Letters of Credit issued hereunder shall constitute utilization of each of the aggregate Revolving Commitments and aggregate L/C
Commitments, each in an amount equal to the Available Amount of such MMRA Letter of Credit.

 

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(iv)         Immediately
upon the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) by the relevant Issuing
Bank and without any further action on the part of such Issuing Bank or Revolving Lenders, each Revolving Lender shall be deemed
to have purchased, and hereby agrees to irrevocably purchase, from such Issuing Bank a participation in such Letter of Credit and
any drawings honored thereunder in an amount equal to such Revolving Lender’s Pro Rata Share of the Available Amount under
such Letter of Credit.

 

(b)          Renewal
and Termination of Letters of Credit. No Letter of Credit shall have an expiration date (including all rights of the Borrowers
or the beneficiary to require renewal) later than the fifth Business Day prior to the Revolving Facility Maturity Date and may
by its terms be renewable annually unless the relevant Issuing Bank has notified the Borrowers (with a copy to the Administrative
Agent) on or prior to the date for notice of termination set forth in such Letter of Credit, but in any event at least 30
days prior to the date of automatic renewal of its election not to renew such Letter of Credit (a “Notice of Termination”);
provided that the terms of each Letter of Credit that is automatically renewable annually (i) may, at the Borrowers’
option, (A) require the relevant Issuing Bank to give the beneficiary named in such Letter of Credit notice of any Notice
of Termination and (B) permit such beneficiary, upon receipt of such notice, to draw under such Letter of Credit prior to
the date such Letter of Credit otherwise would have been automatically renewed and (ii) shall not permit the expiration date
(after giving effect to any renewal) of such Letter of Credit in any event to be extended to a date later than five Business Days
before the Revolving Facility Maturity Date. If a Notice of Termination is given by any Issuing Bank pursuant to the immediately
preceding sentence, such Letter of Credit shall expire on the date on which it otherwise would have been automatically renewed.
Within the limits of each Letter of Credit Facility and subject to the limits referred to above, the Borrowers may request the
issuance of Letters of Credit under this Section 3.01.

 

Section
3.02.         Request for Issuance.
Each Letter of Credit shall be issued, extended, or have the Available Amount increased or decreased upon request, given not later
than 12:00 (noon) (New York City time) on the fifth Business Day (or, in the case of a DSRA Letter of Credit to be issued
on the Closing Date, the second Business Day) prior to the date of the proposed issuance, extension, increase or decrease, as
applicable, of such Letter of Credit, by BEC to the Administrative Agent, which shall give to the relevant Issuing Bank prompt
notice thereof by telecopier or electronic communication. Each such request for issuance, extension, increase or decrease of the
Available Amount of a Letter of Credit shall be in substantially the form of Exhibit P-1 (an “L/C Credit
Extension Request”), and if requested by the Issuing Bank, a Letter of Credit application in such Issuing Bank’s
standard form (“Letter of Credit Application”). No Issuing Bank shall be required to issue a Letter
of Credit prior to the satisfaction of all applicable Issuing Bank customary procedures until such time as such Issuing Bank and
the Borrowers have agreed on the form and substance of such Working Capital Letter of Credit; provided that no Issuing
Bank shall unreasonably delay the issuance of any such Working Capital Letter of Credit or unreasonably reject any provisions
required by the Borrowers to be included in or omitted from such Working Capital Letter of Credit. Each Issuing Bank will, upon
fulfillment or waiver of the applicable conditions set forth in Article V, make such Letter of Credit available to the
Borrowers at its office referred to in Section 11.01 or as otherwise agreed with the Borrowers in connection with such
issuance. Notwithstanding anything herein to the contrary, no Issuing Bank shall be under any obligation to issue any Letter of
Credit if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain
such Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank or any directive (whether or
not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or direct
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, reserve or capital requirement (for which
such Issuing Bank is not otherwise compensated hereunder), or shall impose upon such Issuing Bank any unreimbursed loss, cost
or expense (for which such Issuing Bank is not otherwise compensated hereunder).

 

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Section
3.03.         Letter of Credit Reports.
Each Issuing Bank shall furnish (a) to the Administrative Agent (with a copy to the Borrowers) on the first Business Day
of each week a written report summarizing issuance and expiration dates of Working Capital Letters of Credit issued by such Issuing
Bank during the previous week and drawings during such week under all Working Capital Letters of Credit, (b) to the Administrative
Agent (with a copy to the Borrowers) on the first Business Day of each month a written report summarizing issuance and expiration
dates of Working Capital Letters of Credit issued by it, during the preceding month and drawings during such month under all such
Working Capital Letters of Credit and (c) to the Administrative Agent (with a copy to the Borrowers) on the first Business
Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding
calendar quarter of all Working Capital Letters of Credit issued by it.

 

Section
3.04.         Drawings and Reimbursements.

 

(a)          Upon
receipt from the beneficiary of any Letter of Credit of any notice of drawing under such Letter of Credit, the relevant Issuing
Bank that issued such Letter of Credit shall notify promptly the Borrowers and the Administrative Agent thereof. Not later than
5:00 P.M. (New York City time) on the Business Day following the date of any payment by any Issuing Bank under a Letter of Credit,
the Borrowers shall reimburse such Issuing Bank in an amount equal to the amount of such drawing.

 

(b)          In
the event that the Borrowers shall fail for any reason to reimburse the Issuing Bank as provided in clause (a) above
(and BEC does not notify the Administrative Agent and the relevant Issuing Bank that it intends to reimburse such Issuing Bank
for the amount of such drawing with funds other than the proceeds of L/C Advances), such Issuing Bank shall promptly notify each
Revolving Lender of the unreimbursed amount of such Drawing Payment with respect to a Letter of Credit and of such Lender’s
respective participation therein. Each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative
Agent, for the account of such Issuing Bank, such Revolving Lender’s Pro Rata Share of each such Drawing Payment on a Letter
of Credit within one (1) Business Day after receiving notice. Each such payment shall be made without any offset, abatement, withholding
or reduction whatsoever. Each Drawing Payment shall be deemed to be financed on the date on which such Drawing Payment is made
with a Revolving Borrowing (or a portion thereof) (any such Revolving Borrowing to reimburse Drawing Payment, an “L/C
Advance”) comprising Base Rate Advances of the Revolving Lenders in their respective Pro Rata Share of such Drawing
Payment, and bearing interest at the Base Rate plus the Applicable Margin then-applicable for Base Rate Advances, and the Borrowers’
obligation to reimburse such Drawing Payment shall be discharged and replaced by the resulting L/C Advance.

 

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(c)          Each
such L/C Advance by a Revolving Lender under this Section 3.04 shall be made as provided in Section 4.05
(and Section 4.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders hereunder
(including the obligation to pay interest to the Issuing Bank in respect of late payments by any Revolving Lender)), and the Administrative
Agent shall promptly pay to such Issuing Bank the amounts so received by it from the applicable Revolving Lenders.

 

(d)          In
the event an Issuing Bank shall have been reimbursed by the applicable Lenders pursuant to this Section 3.04 for all
or any portion of any unreimbursed Drawing Payment, such Issuing Bank shall distribute to each applicable Lender which has paid
all amounts payable by it under this Section 3.04 such Lender’s Pro Rata Share of all payments subsequently received
by the Issuing Bank from Borrowers in reimbursement of such applicable Drawing Payment when such payments are received.

 

Section
3.05.         Obligations Absolute.
The Obligations of the Borrowers under this Agreement and any other agreement or instrument relating to any Letter of Credit shall
be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement and such other agreement
or instrument under all circumstances, including the following:

 

(a)          any
lack of validity or enforceability of any Loan Document, any Letter of Credit or any other agreement or instrument relating thereto
(all of the foregoing being, collectively, the “L/C Related Documents”);

 

(b)          any
change in time, manner or place of payment of, or in any other term of, all or any of the Obligations of the Borrowers in respect
of any L/C Related Document or any other amendment or waiver of or any consent to departure from all or any of the L/C Related
Documents;

 

(c)          the
existence of any claim, set-off, defense or other right that the Borrowers may have at any time against any beneficiary or any
transferee of a Letter of Credit (or any Persons for which any such beneficiary or any such transferee may be acting), any Issuing
Bank or any other Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated
transaction;

 

(d)          any
draft, demand, certificate 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; or any error, omission, interruption, loss or
delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

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(e)          payment
by any Issuing Bank under a Letter of Credit against presentation of a draft, certificate or other document that does not strictly
comply with the terms of such Letter of Credit;

 

(f)           any
exchange, release or non-perfection of any Collateral or other collateral, or any release or amendment or waiver of or consent
to departure from the Guaranty or any other guarantee, for all or any of the Obligations of the Borrowers in respect of the L/C
Related Documents;

 

(g)          any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrowers or a guarantor; or

 

(h)          any
payment made by the Issuing Bank for such Letter of Credit in respect of an otherwise complying item presented after the date specified
as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such
date is authorized by the UCC or the ISP, as applicable.

 

The Administrative Agent, each Lender and
each Borrower agree that, in paying any drawing under a Letter of Credit, no Issuing Bank shall have any responsibility to obtain
any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain
or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such
document. None of the Agents, the Lenders, any Issuing Bank or any of their Affiliates and their respective officers, directors,
trustees, employees, agents or attorneys-in-fact shall be liable to any Lender for (i) any action taken or omitted in connection
herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken
or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit. Each Borrower hereby assumes all risks of the acts
or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption
is not intended to, and shall not, preclude such Borrower pursuing such rights and remedies as it may have against the beneficiary
or transferee at law or under any other agreement. None of the Agents, the Lenders, any Issuing Bank or any of their Affiliates
and their respective officers, directors, trustees, employees, agents or attorneys-in-fact, shall be liable or responsible for
any of the matters described in clauses (a) through (g) above; provided that anything in such clauses
to the contrary notwithstanding, the Borrowers may have a claim against any Issuing Bank, and any Issuing Bank may be liable to
the Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered
by the Loan Parties which were caused by such Issuing Bank’s willful misconduct or gross negligence or such Issuing Bank’s
willful or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight
draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation
of the foregoing, each 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 such Issuing Bank shall not be responsible for the
validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the
rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

 

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Section
3.06.         L/C Facility Fees.

 

(a)          Upon
the issuance of any Letter of Credit, on each Interest Payment Date occurring on or after the date thereof, the Borrowers shall
pay (i) to each Issuing Bank (solely to the extent (x) such Issuing Bank is fronting for other Lenders and (y) such
Letter of Credit has not been Cash Collateralized in accordance with this Agreement) for its own account a fronting fee in arrears
with respect to each Letter of Credit issued by such Issuing Bank which shall accrue on a daily basis at a rate per annum equal
to the product of (A) 0.125% times (B) the daily average Available Amount of such Letter of Credit during such quarter
(or portion thereof), including the first day, but excluding the last day of such quarter (or a portion thereof), times (C) a
fraction, the numerator of which is the number of days in such quarter (or a portion thereof), including the first day of such
period, but excluding the last day of such period, and the denominator of which is 360; and (ii) to the Administrative Agent
(for further credit to the ratable account of the Revolving Lenders) a participation fee in arrears which shall accrue on a daily
basis at a rate per annum equal to the product of (A) the Applicable Margin with respect to Eurodollar Rate Advances times
(B) the daily average outstanding amount of such Letter of Credit during such quarter (or portion thereof), including the
first day, but excluding the last day of such quarter (or a portion thereof), times (C) a fraction, the numerator of which
is the number of days in such quarter (or a portion thereof), including the first day of such period, but excluding the last day
of such period, and the denominator of which is 360.

 

(b)          The
Borrowers shall pay each Issuing Bank’s expenses with respect to the issuance, amendment, renewal or extension of, or the
processing of drawings under, any Letter of Credit issued by such Issuing Bank within thirty (30) days after demand by the
applicable Issuing Bank.

 

Section
3.07.         Replacement or Addition of an Issuing Bank.

 

(a)          Any
Issuing Bank may be replaced or an additional Acceptable Bank appointed as an Issuing Bank at any time by written agreement among
the Borrowers, a new Issuing Bank and the Administrative Agent (with notice to such replaced Issuing Bank); provided that,
if the replaced Issuing Bank so requests, any Letter of Credit issued by such Issuing Bank shall be replaced and cancelled prior
to the removal of such Issuing Bank and all fees and other amounts owed to such removed Issuing Bank shall be paid to it.

 

(b)          If
at any time any Issuing Bank is a Defaulting Lender, then the Borrowers may, upon ten (10) days’ prior written notice to
such Issuing Bank and the Administrative Agent, elect to (i) replace such Issuing Bank with a Person selected by the Borrowers
so long as such Person is an Eligible Assignee, is reasonably satisfactory to the Administrative Agent and agrees to act as an
Issuing Bank hereunder or (ii) cause such Issuing Bank to assign its L/C Commitment to an additional Issuing Bank selected
by the Borrowers so long as such Person is an Eligible Assignee and is reasonably satisfactory to the Administrative Agent; provided
that, if the replaced Issuing Bank so requests, any Letter of Credit issued by such Issuing Bank shall be replaced and cancelled
prior to the removal of such Issuing Bank and all fees and other amounts owed to such removed Issuing Bank shall be paid to it.

 

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(c)          From
and after the effective date of any such replacement or addition, (i) the successor or additional Issuing Bank shall have
all the rights and obligations of the Issuing Banks under this Agreement (and the Letter of Credit to be issued by it on such effective
date or thereafter) and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such
successor, additional Issuing Bank or to any previous Issuing Bank, or to such successor, additional Issuing Bank and all previous
Issuing Banks, as the context may require.

 

Section
3.08.         Applicability of ISP.
Unless otherwise expressly agreed by the relevant Issuing Bank and the Borrowers when a Letter of Credit is issued, the rules
of the ISP shall apply to each Letter of Credit (provided that, as between the Loan Parties and the Lender Parties, in the event
of any conflict or inconsistency between the terms of this Agreement and the rules of the ISP, the terms of this Agreement shall
prevail). Notwithstanding the foregoing, such Issuing Bank shall not be responsible to the Borrowers for, and such Issuing Bank’s
rights and remedies against the Borrowers shall not be impaired by, any action or inaction of such Issuing Bank required or permitted
under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including
the law or any order of a jurisdiction where such Issuing Bank or the beneficiary is located, the practice stated in the ISP,
or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association
for Finance and Trade – International Financial Services Association (BAFT-IFSA), or the Institute of International Banking
Law & Practice.

 

Article
IV

 

COMMON PROVISIONS
TO FACILITIES

 

Section
4.01.         Termination or Reduction of the Commitments.

 

(a)          Optional.
The Borrowers may, upon at least three Business Days’ prior written or telephonic notice from BEC confirmed in writing to
the Administrative Agent terminate in whole or reduce in part the unused portions of the Term Commitments and the Available Revolving
Commitments; provided that any partial reduction of a Facility (i) shall be in an aggregate amount of $1,000,000 or
an integral multiple of $500,000 in excess thereof, and (ii) shall be made ratably among the Appropriate Lenders in accordance
with their Commitments with respect to such Facility. BEC’s notice to the Administrative Agent shall designate the date (which
shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction
of the relevant Commitments shall be effective on the date specified in BEC’s notice and shall reduce the relevant Commitments
of the Appropriate Lenders proportionately in accordance with each such Appropriate Lender’s Pro Rata Share thereof.

 

(b)          Mandatory
Reductions. At such time as the Term Advances have been repaid in full, the Total Revolving Commitment shall be automatically
and permanently reduced on each date on which prepayment thereof is required to be made pursuant to Section 2.04(b)(i),
through Section 2.04(b)(iv) in an amount equal to the applicable Reduction Amount; provided that each such reduction
of the Total Revolving Commitment shall be made ratably among the Revolving Lenders in accordance with their respective Revolving
Commitments. Prior to the repayment in full of the Term Advances, no reduction shall be required in respect of the Total Revolving
Commitment as a result of any prepayment pursuant to Section 2.04(b). 

 

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Section
4.02.         Default Interest.
Upon the occurrence and during the continuance of an Event of Default under Section 8.01(a), the Borrowers shall pay interest
on (a) the unpaid principal amount of each Advance owing to each Lender Party, payable on demand at a rate that is 2% per
annum in excess of the interest rate otherwise payable under this Agreement with respect to the applicable Advances; provided
that in the case of any Eurodollar Rate Advances, upon the expiration of the Interest Period in effect at the time any such
increase in interest rate is effective, such Eurodollar Rate Advances shall thereupon become Base Rate Advances and shall thereafter
bear interest payable upon demand at a rate which is 2% per annum above the interest rate otherwise payable hereunder for
Base Rate Advances and (b) to the fullest extent permitted by applicable law, the amount of any interest, fee or other amount
payable under this Agreement or any other Loan Document to any Agent or any Lender Party that is not paid when due, from the date
such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in
full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum
required to be paid on Base Rate Advances. Payment or acceptance of the increased rates of interest provided for in this Section
4.02 is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise
prejudice or limit any rights or remedies of Administrative Agent or any Lender.

 

Section
4.03.         Fees.

 

(a)          Commitment
Fee. The Borrowers shall pay to the Administrative Agent for the account of the Revolving Lenders, a commitment fee until the
Revolving Facility Maturity Date, payable quarterly in arrears on each Interest Payment Date occurring after the Closing Date,
and on the Revolving Facility Maturity Date, at the rate of 0.50% per annum on the sum of the average daily Available
Revolving Commitment during such quarter; provided that any commitment fee accrued with respect to any of the Commitments
of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall
not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such commitment fee
shall otherwise have been due and payable by the Borrowers prior to such time; provided further that no commitment fee shall
accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Promptly upon receipt
of any commitment fee payable under this clause (a), the Administrative Agent shall promptly distribute to each Revolving
Lenders its Pro Rata Share thereof.

 

(b)          Agents’
Fees. The Borrowers shall pay to each Agent for its own account such fees as may from time to time be separately agreed between
the Borrowers and such Agent.

 

(c)          Joint
Lead Arrangers’ Fees. The Borrowers shall pay to each Joint Lead Arranger for its own account such fees as may be separately
agreed between the Borrowers and such Joint Lead Arranger.

 

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(d)          Fee
Associated with Swingline Advances. Upon the making of any Swingline Advance, on each Interest Payment Date occurring on or
after the date thereof, the Borrowers shall pay to the Administrative Agent (for further credit to the ratable account of the Revolving
Lenders) a participation fee in arrears which shall accrue on a daily basis at a rate per annum equal to the product of (i) the
Applicable Margin with respect to Eurodollar Rate Advances per annum, times (ii) the daily average outstanding principal
amount of such Swingline Advance during such quarter (or portion thereof), including the first day, but excluding the last day
of such quarter (or a portion thereof), times (iii) a fraction, the numerator of which is the number of days in such quarter (or
a portion thereof), including the first day of such period, but excluding the last day of such period, and the denominator of which
is 360.

 

Section
4.04.         Change of Circumstances.

 

(a)          Inability
to Determine Rates. If, on or before the first day of any Interest Period for any Advances, (i) Administrative Agent determines
that the Adjusted Eurodollar Rate for such Interest Period cannot be adequately and reasonably determined due to the unavailability
of funds in or other circumstances affecting the London interbank market, or (ii) Appropriate Lenders holding at least 33-1/3%
of the then outstanding Advances shall advise Administrative Agent that (A) the rates of interest for such Advances do not
adequately and fairly reflect the cost to such Lenders of making or maintaining such Advances or (B) deposits in Dollars in
the London interbank market are not available to such Lenders (as conclusively certified by each such Lender in good faith in writing
to Administrative Agent and to the Borrowers) in the ordinary course of business in sufficient amounts to make and/or maintain
their Eurodollar Rate Advances, then Administrative Agent shall immediately give notice of such condition to the Borrowers. After
the giving of any such notice and until Administrative Agent shall otherwise notify the Borrowers that the circumstances giving
rise to such condition no longer exist (which notice shall be given promptly after such circumstances cease to exist), (x) with
respect to notices given under clause (i) above, Borrowers’ right to request the making of, and the Lenders’
obligations to make or continue Eurodollar Rate Advances, shall be suspended and (y) with respect to notices given under clause (ii)
above, Borrowers’ right to request the making of, and the obligation of the Lenders advising Administrative Agent under clause (ii)
(the “Affected Lenders”), to make or continue Eurodollar Rate Advances, shall be suspended and all Advances
made or continued after the giving of such notice shall be made or continued as Substitute Advances. With respect to notices given
under clause (i) above, any Advances outstanding at the commencement of any such suspension and with respect to notices
given under clause (ii) above, any Advances of Affected Lenders outstanding at the commencement of such suspension
shall, in each case, be converted at the end of the then current Interest Period for such Advances into, at BEC’s option,
either Base Rate Advances or Substitute Advances unless Administrative Agent has notified Borrower in writing that such suspension
has then ended.

 

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(b)          Illegality.
Notwithstanding any other provision of this Agreement, if any Change in Law after the Closing Date shall make it unlawful, or any
central bank or other Governmental Authority shall assert that it is unlawful, for any Lender or its Eurodollar Lending Office
to perform its obligations hereunder to make Eurodollar Rate Advances or to continue to fund or maintain Eurodollar Rate Advances
hereunder, then, on notice thereof and demand therefor by such Lender to the Borrowers through the Administrative Agent, (i) each
Eurodollar Rate Advance under each Facility under which such Lender has a Commitment will automatically, upon such demand, Convert
into a Base Rate Advance, and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances
shall be suspended until the Administrative Agent shall notify the Borrowers that such Lender has determined that the circumstances
causing such suspension no longer exist; provided that, before making any such demand, such Lender agrees to use reasonable
efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Eurodollar Lending
Office if the making of such a designation would allow such Lender or its Eurodollar Lending Office to continue to perform its
obligations to make Eurodollar Rate Advances, to continue to fund or maintain Eurodollar Rate Advances, and would not, in the judgment
of such Lender, be otherwise disadvantageous to such Lender.

 

(c)          Increased
Costs Generally. If any Change in Law shall:

 

(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected
in the Adjusted Eurodollar Rate) or any Issuing Bank;

 

(ii)         subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through
(d) of the definition of “Excluded Taxes” and (C) Connection Income Taxes) on its loans, loan principal,
letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
or

 

(iii)        impose
on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or Advances made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing
shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Advance
or of maintaining its obligation to make any such Advance, or to increase the cost to such Lender, such Issuing Bank or such other
Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in
or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, Issuing Bank or other
Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, Issuing Bank or other
Recipient, the Borrowers will pay to such Lender, Issuing Bank or other Recipient, as the case may be, such additional amount or
amounts as will compensate such Lender, Issuing Bank or other Recipient, as the case may be, for such additional costs incurred
or reduction suffered; provided that (A) the Borrowers shall not be responsible for costs under this clause (c)
or clause (d) below incurred more than 150 days prior to receipt by the Borrowers of the demand from the affected Lender,
Issuing Bank or other Recipient, as the case may be, pursuant to this clause (c) or clause (d) below, unless
the requirement resulting in such increased costs became effective during such 150-day period and retroactively applies to
a date occurring prior to such 150-day period, in which case the Borrowers shall be responsible for all such additional amounts
described in this clause (c) or clause (d) below from and after such date of effectiveness and (B) a
Lender, Issuing Bank or other Recipient, as the case may be, claiming additional amounts under this Section 4.04 agrees
to use commercially reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate
a different Applicable Lending Office if the making of such a designation would avoid the need for, or reduce the amount of, such
increased cost that may thereafter accrue and would not, in the reasonable judgment of such Lender, Issuing Bank or other Recipient,
as the case may be, be otherwise disadvantageous to such Lender, Issuing Bank or other Recipient, as the case may be. A certificate
as to the amount of such increased cost, submitted to the Borrowers by such Lender, Issuing Bank or other Recipient, as the case
may be, shall be conclusive and binding for all purposes, absent manifest error.

 

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(d)          Capital
Requirements. If any Lender or Issuing Bank determines that any Change in Law affecting such Lender or Issuing Bank or any
lending office of such Lender or such Lender’s or Issuing Bank’s holding company, if any, regarding capital or liquidity
requirements, has or would have the effect of reducing the rate of return on such Lender’s or Issuing Bank’s capital
or on the capital of such Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement, the
Commitments of such Lender or the Advances made by, or participations in Letters of Credit or Swingline Advances held by, such
Lender, or the Letter of Credit issued by any Issuing Bank, to a level below that which such Lender or Issuing Bank or such Lender’s
or Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
or Issuing Bank’s policies and the policies of such Lender’s or Issuing Bank’s holding company with respect to
capital adequacy or liquidity, as applicable), then, from time to time, the Borrowers will pay to such Lender or Issuing Bank,
as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Bank or such Lender’s or
Issuing Bank’s holding company for any such reduction suffered.

 

(e)          Certificates
for Reimbursement. A certificate of a Lender or Issuing Bank setting forth the amount or amounts necessary to compensate such
Lender or Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of
this Section and delivered to the Borrowers, shall be conclusive absent manifest error. The Borrowers shall pay such Lender or
Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(f)          Delay
in Requests. Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section
4.04 shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided
that the Borrowers shall not be required to compensate a Lender or Issuing Bank pursuant to this Section 4.04 for any increased
costs incurred or reductions suffered more than nine months prior to the date that such Lender or Issuing Bank, as the case may
be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or
Issuing Bank’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive
effect thereof).

 

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Section
4.05.         Payments and Computations.

 

(a)          The
Borrowers shall make each payment hereunder and under the other Loan Documents, irrespective of any right of counterclaim or set-off,
not later than 12:00 (noon) (New York City time) on the day when due in Dollars to the Administrative Agent at the Administrative
Agent’s Account in same-day funds, with payments being received by the Administrative Agent after such time being deemed
to have been received on the next succeeding Business Day unless the Administrative Agent otherwise elects in its sole discretion.
The Administrative Agent will promptly thereafter cause like funds to be distributed (i) if such payment by the Borrowers
is in respect of principal, interest, commitment fees or any other Obligation then payable hereunder and under the other Loan Documents
to more than one Lender Party, to such Lender Parties for the account of their respective Applicable Lending Offices ratably in
accordance with the amounts of such respective Obligations then-payable to such Lender Parties and (ii) if such payment by
the Borrowers is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender Party for the account
of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon its acceptance
of an Assignment and Assumption and recording of the information contained therein in the Register pursuant to Section 11.06(c),
from and after the effective date of such Assignment and Assumption, the Administrative Agent shall make all payments hereunder
and under the other Loan Documents in respect of the interest assigned thereby to the assignee thereunder, and the parties to such
Assignment and Assumption shall make all appropriate adjustments in such payments for periods prior to such effective date directly
between themselves.

 

(b)          The
Borrowers hereby authorize each Lender Party and each of its Affiliates, if and to the extent payment owed to such Lender Party
is not made when due hereunder or under the other Loan Documents to charge from time to time, to the fullest extent permitted by
law, against any or all of the Borrowers’ accounts with such Lender Party or such Affiliate any amount so due.

 

(c)          All
payments in respect of the principal amount of any Advance (other than voluntary prepayments of Working Capital Advances) shall
be accompanied by payment of accrued interest on the principal amount being repaid or prepaid, and all such payments (and, in any
event, any payments in respect of any Advance on a date when interest is due and payable with respect to such Advance) shall be
applied to the payment of interest then due and payable before application to principal.

 

(d)          All
computations of interest for Base Rate Advances when the Base Rate is determined by the Prime Rate shall be made on the basis of
a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees, interest
and commissions shall be made on the basis of a 360-day year and actual days elapsed (including the first day but excluding
the last day; provided that, if an Advance is repaid on the same day on which it is made, one day’s interest shall
be paid on such Advance). Each determination by the Administrative Agent of an interest rate, fee or commission hereunder shall
be conclusive and binding for all purposes, absent manifest error.

 

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(e)          Whenever
any payment hereunder or under the other Loan Documents shall be stated to be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation
of payment of interest, commitment or letter of credit fee or commission, as the case may be; provided that, if such extension
would cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such
payment shall be made on the next preceding Business Day.

 

(f)           Unless
the Administrative Agent shall have received notice from BEC prior to the date on which any payment is due to any Lender Party
hereunder that the Borrowers will not make such payment in full, the Administrative Agent may assume that the Borrowers have made
such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption,
cause to be distributed to each such Lender Party on such due date an amount equal to the amount then due such Lender Party. If
and to the extent the Borrowers shall not have so made such payment in full to the Administrative Agent, each such Lender Party
shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender Party together with interest
thereon, for each day from the date such amount is distributed to such Lender Party until the date such Lender Party repays such
amount to the Administrative Agent, at the Federal Funds Effective Rate.

 

(g)          If
the Administrative Agent receives funds for application to the Obligations of the Loan Parties under or in respect of the Loan
Documents under circumstances for which the Loan Documents do not specify the Advances or the Facility to which, or the manner
in which, such funds are to be applied, the Administrative Agent may, but shall not be obligated to, elect to distribute such funds
to each of the Lender Parties in accordance with such Lender Party’s Pro Rata Share of the sum of (i) the aggregate
principal amount of all Advances outstanding at such time and (ii) the aggregate Available Amount of all Letters of Credit
outstanding at such time, in repayment or prepayment of such of the outstanding Advances or other Obligations then owing to such
Lender Party, and, in the case of the Term Facility, for application to such principal repayment installments thereof, as the Administrative
Agent shall direct.

 

(h)          The
Administrative Agent shall deem any payment by or on behalf of the Borrowers under this Agreement that is not made in same day
funds prior to 12:00 (noon) (New York City time) to be a non-conforming payment. Any such payment shall not be deemed to have
been received by the Administrative Agent until the later of (i) the time such funds become available funds and (ii) the
applicable next Business Day. The Administrative Agent shall give prompt telephonic notice to the Borrowers and each Appropriate
Lender (confirmed in writing) if any payment is non-conforming. Any non-conforming payment may constitute or become a Default or
Event of Default in accordance with the terms of Section 8.01(a). Interest shall continue to accrue on any principal as
to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the
date of such payment to the next succeeding applicable Business Day) at the rate determined pursuant to Section 4.02 from
the date such amount was due and payable until the date such amount is paid in full.

 

(i)           If
an Event of Default shall have occurred and not otherwise been waived and the maturity of the Advances shall have been accelerated
pursuant to Section 8.01, all payments or proceeds received by the Agents hereunder in respect of any of the Advances or
other Obligations of the Borrowers, shall be applied in accordance with the application arrangements described in Section 4.1
of the Intercreditor Agreement.

 

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Section
4.06.         Taxes.

 

(a)          Defined
Terms. For purposes of this Section 4.06, the term “Lender” includes any Issuing Bank and the term “applicable
law” includes FATCA.

 

(b)          Payments
Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the
good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment
by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if
such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after
such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under
this Section 4.06) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction
or withholding been made.

 

(c)          Payment
of Other Taxes by the Borrowers. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with
applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(d)          Indemnification
by the Borrowers. The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) days after
demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section 4.06) payable or paid by such Recipient or required to be withheld or deducted from
a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to the Borrowers by a Lender (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e)          Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any
Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the maintenance
of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid
by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this paragraph (e).

 

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(f)           Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 4.06, such Loan Party shall deliver to the Administrative Agent 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.

 

(g)          Status
of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Loan Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested
by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In
addition, any Lender, if reasonably requested by the Borrowers or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers
or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 4.06(g)(ii)(A), (B) and (D) below) shall not
be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to
any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii)         Without
limiting the generality of the foregoing, in the event that each of the Borrowers is a U.S. Borrower,

 

(A)         any
Lender that is a U.S. Person shall deliver to the Borrowers and the Administrative Agent on or prior to the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers
or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal
backup withholding tax;

 

(B)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent),
whichever of the following is applicable:

 

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(i)          in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;

 

(ii)         executed
originals of IRS Form W-8ECI;

 

(iii)        in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal
Revenue Code, (x) a certificate substantially in the form of Exhibit M-1 to the effect that such Foreign Lender
is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent
shareholder” of the Borrowers within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled
foreign corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E; or

 

(iv)        to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit M-2
or Exhibit M-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable;
provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender
are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially
in the form of Exhibit M-4 on behalf of each such direct and indirect partner;

 

(C)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent),
executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit
the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and

 

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(D)         if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative
Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative
Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal
Revenue Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary
for the Borrowers and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement.

 

Each Lender agrees
that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such form or certification or promptly notify the Borrowers and the Administrative Agent in writing of its legal inability to do
so.

 

(h)          Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 4.06 (including by the payment of additional amounts
pursuant to this Section 4.06), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section 4.06 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified
party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would
place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This paragraph (h) shall not be construed
to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to the indemnifying party or any other Person.

 

(i)          Survival.
Each party’s obligations under this Section 4.06 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

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Section
4.07.         Sharing of Payments, Etc..
If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal
of or interest on any of its Advances or other obligations hereunder resulting in such Lender receiving payment of a proportion
of the aggregate amount of its Advances and accrued interest thereon or other such obligations greater than its pro rata share
thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of
such fact, and (b) purchase (for cash at face value) participations in the Advances and such other obligations of the other
Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Advances and
other amounts owing them; provided that:

 

(i)          if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(ii)         the
provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrowers pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender),
or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Advances
or participations in L/C Advances to any assignee or participant, other than to the Borrowers or any Subsidiary thereof (as to
which the provisions of this paragraph shall apply).

 

Each Loan Party consents to the foregoing
and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to
the foregoing arrangements may exercise against each Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of each Loan Party in the amount of such participation.

 

Section
4.08.         Mitigation Obligations; Replacement of Lenders.

 

(a)          Designation
of a Different Lending Office. If any Lender requests compensation under Section 4.04, or requires the Borrowers to
pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 4.06, then such Lender shall (at the request of the Borrowers) use reasonable efforts to designate a different
lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to Section 4.04 or 4.06, as the case may be, in the future, and (ii) would
not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)          Replacement
of Lenders. If any Lender requests compensation under Section 4.04, or if the Borrowers is required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.06
and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section
4.08(a), or if any Lender is a Defaulting Lender, a Non-Consenting Lender or Non-Extending Lender, then the Borrowers may,
at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate
(in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06), without recourse,
all of its interests, rights (other than its existing rights to payments pursuant to Section 4.04 or Section 4.06)
and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided that:

 

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(i)          the
Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06;

 

(ii)         such
Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 11.02(g))
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of
all other amounts);

 

(iii)        in
the case of any such assignment resulting from a claim for compensation under Section 4.04 or payments required to be made
pursuant to Section 4.06, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)        such
assignment does not conflict with applicable law;

 

(v)         in
the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent; and

 

(vi)        in
the case of any assignment resulting from a Lender becoming a Non-Extending Lender, the applicable assignee shall have consented
to the Borrowers’ requested extension to the Revolving Facility maturity Date, applicable amendment, waiver or consent.

 

A Lender shall not be required to make
any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrowers to require such assignment and delegation cease to apply.

 

Section
4.09.         Use of Proceeds.

 

(a)          The
proceeds of the Term Advances shall be available (and the Borrowers agree that they shall use such proceeds) solely to (i) to
the extent not funded with a DSRA Letter of Credit or an Acceptable Reserve Guarantee, fund the Debt Service Reserve Account, (ii) to
the extent not funded with a MMRA Letter of Credit or an Acceptable Reserve Guarantee, fund the MMRA Reserve Account, (iii) pay
certain transaction expenses and (iv) make distributions to Holdings or any Affiliate of Holdings.

 

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(b)          The
proceeds of the Working Capital Advances and the Swingline Advances shall be available (and the Borrowers agree that they shall
use such proceeds) solely (i) to fund a portion of the working capital requirements of the Loan Parties, (ii) to provide
security to support the working capital needs and obligations of the Loan Parties (including the security obligations in respect
of a Permitted Expansion undertaken by a Loan Party), (iii) for other general corporate purposes of the Loan Parties and (iv)
in the case of Working Capital Advances, to repay Swingline Advances; provided that (A) Working Capital Advances and Swingline
Advances may not be used to refinance Debt Obligations in the financial markets and (B) Swingline Advances may not be used to refinance
any other Advances. The proceeds of the L/C Advances shall be available solely to reimburse draws under Letters of Credit as contemplated
by Section 3.04(b).

 

(c)          Working
Capital Letters of Credit shall be available to provide credit support in respect of the working capital needs of any Loan Party
and for other general corporate purposes of the Loan Parties (including the security obligations in respect of a Permitted Expansion
undertaken by a Loan Party).

 

(d)          DSRA
Letters of Credit shall be available to provide credit support in respect of the Debt Service Reserve Requirement of the Borrowers
under this Agreement.

 

(e)          MMRA
Letters of Credit shall be available to provide credit support in respect of the Major Maintenance Reserve Requirement of the Borrowers
under this Agreement.

 

Section
4.10.         Extensions of Commitments.

 

(a)          BEC
may, by written notice to the Administrative Agent, request that Revolving Commitments and/or L/C Commitments and/or Advances under
any Facility be extended to a date beyond the then-existing Revolving Facility Maturity Date, Swingline Maturity Date or Term Facility
Maturity Date, as applicable. Upon the receipt of such request by the Administrative Agent, the Administrative Agent shall deliver
a copy thereof to each Appropriate Lender. Such notice shall set forth the newly proposed Revolving Facility Maturity Date, Swingline
Maturity Date and/or Term Facility Maturity Date and the date on which such extension is requested to become effective (which shall
be not less than 15 Business Days nor more than 90 days after the date of such notice and which, in any event, must be on or prior
to the then-existing Revolving Facility Maturity Date, Swingline Maturity Date and/or Term Facility Maturity Date, as applicable),
and shall offer each such Appropriate Lender the opportunity to extend its Revolving Commitment and/or L/C Commitment and/or Advances
under such Facility. Each such Appropriate Lender shall, by notice to the Borrowers and the Administrative Agent given not more
than 15 days after the date of the Administrative Agent’s notice, either agree to extend its Revolving Commitment and/or
L/C Commitment and/or Advances under such Facility (each such Lender so agreeing being an “Extending Lender”)
or decline to extend its Revolving Commitment and/or L/C Commitment and/or Advances under such Facility (and any such Lender that
does not deliver such a notice within such period of 15 days shall be deemed to have declined to extend its Revolving Commitment
and/or L/C Commitment and/or Advances under such Facility) (each such Lender so declining or being deemed to have declined being
a “Non-Extending Lender”). In the event that, on the 15th day after the Administrative Agent shall have
delivered a notice pursuant to the second sentence of this clause (a), the Extending Lenders shall have agreed pursuant
to the preceding sentence to extend their Revolving Commitments and/or L/C Commitments and/or Advances under such Facility by an
aggregate amount less than the amount requested by BEC to be extended, the Borrowers may arrange for one or more banks or other
entities (any such bank or other entity being called an “Augmenting Extending Lender”), which may include
any Lender, to provide Revolving Commitments and/or L/C Commitments in an aggregate amount equal to the unsubscribed amount; provided
that each Augmenting Extending Lender shall be subject to the prior written approval of the Administrative Agent and any affected
Issuing Bank to the extent that such Augmenting Extending Lender proposes to provide a revolving facility that includes letters
of credit (which approval shall not be unreasonably withheld or delayed), and the Borrowers and each Augmenting Extending Lender
shall execute all such documentation as the Administrative Agent shall reasonably specify to evidence its Revolving Commitment
and/or L/C Commitment and/or its status as a Lender hereunder. Any such extension may be made in an amount that is less than the
amount requested by the Borrowers to be extended if the Borrowers are unable to arrange for, or chooses not to arrange for, Augmenting
Extending Lenders but in no event shall any such extension be made in an amount that exceeds the Revolving Commitments and/or L/C
Commitments and/or Advances under the relevant Facility.

 

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(b)          Notwithstanding
the foregoing and without prejudice to Section 11.05, no extension or replacement of the Revolving Commitments and/or L/C
Commitments shall become effective under this Section 4.10 unless (i) on the date of such extension, the condition
set forth in Section 5.02(b) and (c) shall be satisfied, (ii) to the extent reasonably requested by the Extending
Lender, the Administrative Agent shall have received legal opinions, resolutions and other closing certificates consistent with
those delivered on the Closing Date under Section 5.01, (iii) the Borrowers shall have paid in full any fees and expenses
in respect of any such extension that are then due and payable, (iv) such extension, by the terms of the extension request,
is not effective until (A) the then-existing Revolving Facility Maturity Date, Swingline Maturity Date or Term Facility Maturity
Date, as applicable, and (B) all amounts owing by a Loan Party to each Non-Extending Lender on the then-existing Revolving
Facility Maturity Date, Swingline Maturity Date or Term Facility Maturity Date, as applicable, have been paid and all Commitments
of each Non-Extending Lender have been cancelled or expired.

 

(c)          Each
of the parties hereto hereby agrees that, notwithstanding anything to the contrary set forth in Section 11.05, this Agreement
and the other Loan Documents may be amended pursuant to an amendment executed by the Loan Parties, the Administrative Agent and
the Extending Lenders, without the consent of any Non-Extending Lender, to the extent reasonably required to (i) reflect the
existence and terms of the extended Revolving Commitments and/or L/C Commitments and/or Advances and (ii) effect such other
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent and BEC, to effect the provisions of this Section 4.10, and the Lenders hereby expressly and irrevocably,
for the benefit of all parties hereto, authorize the Administrative Agent to enter into such amendment; provided that, notwithstanding
the foregoing, no such amendment, by the terms thereof, shall be effective until (A) the then-existing Revolving Facility
Maturity Date, Swingline Maturity Date or Term Facility Maturity Date, as applicable, and (B) all amounts owing by a Loan
Party to each Non-Extending Lender on the then-existing Revolving Facility Maturity Date, Swingline Maturity Date or Term Facility
Maturity Date, as applicable, have been paid and all Commitments of each Non-Extending Lender have been cancelled or expired. In
connection with any such amendment, the Borrowers shall deliver an opinion of counsel reasonably acceptable to the Administrative
Agent (A) as to the enforceability of this Agreement (as amended), and such of the other Loan Documents (if any) as may be
amended thereby and (B) as to any other customary matters reasonably requested by the Administrative Agent.

 

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Section
4.11.         Defaulting Lenders.

 

(a)          Defaulting
Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

 

(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of Required Lenders.

 

(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 11.04 shall be applied at such time or times as
may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by
such Defaulting Lender to any Issuing Bank and the Swingline Lender hereunder on a ratable basis; third, to Cash Collateralize
the Issuing Banks’ Fronting Exposure with respect to such Defaulting Lender in accordance with Section 11.03; fourth,
as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a Deposit Account and released
pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances
under this Agreement and (y) Cash Collateralize the Issuing Banks’ future Fronting Exposure with respect to such Defaulting
Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 11.03; sixth,
to the payment of any amounts owing to the Lenders or the Issuing Banks or the Swingline Lender as a result of any judgment of
a court of competent jurisdiction obtained by any Lender or the Issuing Banks or the Swingline Lender against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default
or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent
jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances or L/C Advances
in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances or L/C Advances
were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 5.02 were satisfied
or waived, such payment shall be applied solely to pay the Advances and L/C Advances of all Non-Defaulting Lenders on a pro
rata basis prior to being applied to the payment of any Advances of such Defaulting Lender until such time as all Advances
and L/C Advances and funded and unfunded participations in L/C Commitments and Swingline Advances are held by the Lenders pro
rata in accordance with the Commitments under the applicable Facility without giving effect to Section 4.11(a)(iv).
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
by a Defaulting Lender or to post Cash Collateral pursuant to this Section 4.11(a) shall be deemed paid to and redirected
by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

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(iii)        Certain
Fees. (A) No Defaulting Lender shall be entitled to receive any fee pursuant to Section 4.03 for any period during which
that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been
required to have been paid to that Defaulting Lender).

 

(B)         Each
Defaulting Lender shall be entitled to receive fees pursuant to Section 3.06 for any period during which that Lender is
a Defaulting Lender only to the extent allocable to its Applicable Percentage of the Available Amount of Letters of Credit for
which it has provided Cash Collateral pursuant to Section 11.03.

 

(C)         With
respect to any fees pursuant to Section 3.06 not required to be paid to any Defaulting Lender pursuant to clause (A)
or (B) above, the Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable
to such Defaulting Lender with respect to such Defaulting Lender’s participation in Revolving Commitments and L/C Advances
or Swingline Advances that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay
to each Issuing Bank and the Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender
to the extent allocable to such Issuing Bank’s or the Swingline Lender’s Fronting Exposure to such Defaulting Lender,
and (z) not be required to pay the remaining amount of any such fee.

 

(iv)         Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Commitments
and L/C Advances and Swingline Advances shall be reallocated among the Non-Defaulting Lenders in accordance with their respective
Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the
conditions set forth in Section 5.02 are satisfied at the time of such reallocation (and, unless the Borrowers shall have
otherwise notified the Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted that
such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Working Capital Advances,
L/C Advances, L/C Exposure and Applicable Percentage of the Swingline Advances of any Non-Defaulting Lender to exceed such Non-Defaulting
Lender’s Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder
against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting
Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

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(v)          Cash
Collateral; Repayment of Swingline Advances. If the reallocation described in clause (iv) above cannot, or can
only partially, be effected, and the Borrower has received written notice by the Administrative Agent thereof, the Borrowers shall,
without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay the Swingline Advances
in an amount equal to the Swingline Lenders’ Fronting Exposure and (y) second, Cash Collateralize the Issuing Banks’
Fronting Exposure, in each case in accordance with the procedures set forth in Section 11.03; provided that the Borrowers
shall have no obligation to Cash Collateralize an Issuing Bank’s Fronting Exposure if the Defaulting Lender is such Issuing
Bank or an Affiliate thereof.

 

(b)          Defaulting
Lender Cure. If the Borrowers, the Administrative Agent, the Swingline Lender and Issuing Banks agree in writing that a Lender
is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash
Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Advances of the other Lenders
or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances and funded and unfunded
participations in Letters of Credit and Swingline Advances to be held pro rata by the Lenders in accordance with the Commitments
under the applicable Facility (without giving effect to Section 4.11(a)(iv), whereupon such Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf
of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

Article
V

 

CONDITIONS TO EFFECTIVENESS
OF LENDING AND

ISSUANCES OF LETTERS
OF CREDIT

 

Section
5.01.         Conditions Precedent.
Each of the occurrence of the Closing Date and the obligation of each applicable Lender Party to make a Credit Extension on the
Closing Date is subject to satisfaction of the conditions precedent set forth below (as the context requires), each of which shall
be reasonably satisfactory in form and substance to the Administrative Agent and each Lender (unless waived in accordance with
Section 11.05):

 

(a)          The
Administrative Agent shall have received on or before the Closing Date the following, each dated as of the Closing Date (unless
otherwise specified):

 

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(i)          one
or more Notes payable to the applicable Lender to the extent requested by such Lender pursuant to the terms of Section 2.07;

 

(ii)         each
other Loan Document (to the extent not delivered pursuant to sub-clause (i) above), duly executed by the Persons party
hereto;

 

(iii)        certified
copies of the resolutions or authorizations of the board of directors or members, as applicable, of each Loan Party and Holdings
approving each Loan Document to which it is or is to be a party, and of all documents evidencing other necessary corporate or limited
liability company action, as applicable, of each such Person, if any, with respect to each Loan Document to which it is or is to
be a party;

 

(iv)        a
copy of a certificate of the Secretary of State of the jurisdiction of formation of each Loan Party and Holdings, dated reasonably
near the Closing Date certifying (A) as to a true and correct copy of the Organizational Documents of such Person and each
amendment thereto on file in such Secretary of State’s office and (B) that (1) such amendments are the only amendments
to such Person’s Organizational Documents on file in such Secretary of State’s office, (2) such Person has paid
all franchise Taxes to the date of such certificate and (3) such Person is duly incorporated or formed, as applicable, and
in good standing or presently subsisting under the laws of the State of its jurisdiction of formation or incorporation;

 

(v)         copies
of the Organizational Documents of each Loan Party and Holdings as in effect on the date on which the resolutions referred to in
sub-clause (iii) were adopted and on the Closing Date;

 

(vi)        a
certificate of a Responsible Officer of each Loan Party and Holdings certifying the names and true signatures of the officers or
other authorized representatives of such Person authorized to sign each Loan Document to which it is or is to be a party and the
other documents to be delivered hereunder and thereunder;

 

(vii)       a
copy of the following:

 

(A)         (x)
the audited annual income statement and balance sheet of BEC for the period ended December 31, 2014, (y) the unaudited
annual income statement and balance sheet of Holdings for the period ended December 31, 2014 and (z) the unaudited quarterly
income statement and balance sheet of each Loan Party for the period ended March 31, 2015;

 

(B)         the
operating budget for the Loan Parties for the balance of Fiscal Year 2015 (the “Initial Operating Budget”);
and

 

(C)         projections
of the operations and operating budget of the Loan Parties (x) on an annual basis, through the seventh anniversary of the
Closing Date and (y) on a quarterly basis, through the second anniversary of the Closing Date;

 

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(viii)      favorable
written opinions of (A) Chadbourne & Parke LLP, special New York counsel to the Loan Parties and Holdings, substantially
in the form of Exhibit Q-1 hereto and (B) McCarter & English, LLP, special New Jersey counsel to the Loan
Parties and Holdings, substantially in the form of Exhibit Q-2;

 

(ix)        an
executed Closing Date Certificate executed by each of the Borrowers;

 

(x)         a
duly executed letter of direction from the Borrowers addressed to the Administrative Agent, on behalf of itself and the Lender
Parties, directing the disbursement on the Closing Date of the proceeds of the Advances made on such date; and

 

(xi)        a
Funding Notice delivered in accordance with Section 2.02(a).

 

(b)          The
Administrative Agent shall have received a true, correct and complete copy of (a) each the Material Project Documents and
(b) each material Governmental Authorization that is required to be obtained as of the Closing Date for the Borrowers’
operation of the Project in accordance with the Transaction Documents.

 

(c)          The
Collateral Agent shall have received on or before the Closing Date the following, each dated as of the Closing Date (unless otherwise
specified):

 

(i)          Each
of the Security Agreement and the Pledge Agreement, duly executed by the Persons party thereto, together with:

 

(A)         certificates
(if any) representing the Capital Stock referred to therein accompanied by undated stock powers executed in blank and instruments
evidencing the Pledged Debt referred to therein, indorsed in blank;

 

(B)         appropriately
completed UCC financing statements (Form UCC-1), naming the Loan Parties or Holdings (as the case may be) as debtor and the
Collateral Agent as secured party, in form appropriate for filing under the Uniform Commercial Code of the State of Delaware,
covering the Collateral described in the Collateral Documents;

 

(C)         completed
requests for information or similar search report, dated on or before the Closing Date, listing all effective financing statements
filed in the Office of the Secretary of State of the state of incorporation or formation, as applicable, that name the Loan Parties
or Holdings (as the case may be) as debtor, together with copies of such other financing statements; and

 

(D)         evidence
that all other action that the Administrative Agent and the Collateral Agent may deem necessary in order to perfect and protect
the first priority liens and security interests created under the Security Agreement and the Pledge Agreement has been taken; and

 

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(ii)         The
Mortgages duly executed by the relevant Loan Party, together with:

 

(A)         evidence
that counterparts of each of the Mortgages have been either (x) duly recorded on or before the Closing Date or (y) duly
executed, acknowledged and delivered in form suitable for filing or recording, in all filing or recording offices that the Administrative
Agent may deem necessary or desirable in order to create a valid first and subsisting Lien (subject to Permitted Liens) on the
Mortgaged Property in favor of the Collateral Agent for the benefit of the First Lien Secured Parties (and adequate provision for
such filing or recording has been made in a manner reasonably acceptable to the Administrative Agent) and that all filing and recording
Taxes and fees in connection with the Mortgages have been paid, will be paid on the Closing Date with the proceeds of the Advances
or have been placed in escrow with the title company pending recording;

 

(B)         the
fully paid Title Policy, and copies of all recorded documents listed as exceptions to title or otherwise referred to therein, all
in form and substance satisfactory to the Administrative Agent and the Lenders, acting reasonably; and

 

(C)         surveys
in form and substance acceptable to the Administrative Agent, acting reasonably, with respect to the Mortgaged Property, certified
to the Administrative Agent and the Collateral Agent by a form of certification acceptable to the Administrative Agent, acting
reasonably; provided that each of the New Jersey survey dated September 28, 2012 and the New York survey dated July 22,
2010 shall be deemed to be acceptable to the Administrative Agent so long as the Title Company issues the Title Policy without
any standard exception for survey matters.

 

(d)          Concurrently
with the consummation of the transactions contemplated hereby, all Debt other than Debt permitted by Section 7.02(b) has
been prepaid, redeemed or defeased in full or otherwise satisfied and extinguished and all commitments and security interests relating
thereto released or terminated.

 

(e)          With
respect to the Mortgaged Property, the following:

 

(i)          a
completed “life of loan” Federal Emergency Management Agency Standard Flood Hazard Determination;

 

(ii)         if
any improvement to the Mortgaged Property is located in a special flood hazard area, a notification thereof to the Borrowers from
the Administrative Agent (the “Flood Notice”), and (if applicable) the Flood Notice shall contain a notification
to the Borrowers that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is
not available because the community does not participate in the NFIP;

 

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(iii)        documentation
evidencing the Borrowers’ receipt of the Flood Notice (e.g., countersigned Flood Notice, return receipt of certified U.S.
Mail, or overnight delivery); and

 

(iv)         if
the Flood Notice is required to be given and flood insurance is available in the community in which the Mortgaged Property is located,
a copy of one of the following: (A) the flood insurance policy naming the Collateral Agent as mortgagee, (B) the applicable Borrower’s
application for a flood insurance policy plus proof of premium payment from the insurance agent, (C) a declaration page that includes
the existing flood insurance policy number and the identity and contact information for the insurance company or agent confirming
that flood insurance has been issued, or (D) such other evidence of flood insurance satisfactory to the Administrative Agent. To
the extent that any improvement to the Mortgaged Property is located in a special flood hazard area, such flood insurance arranged
by the Borrowers shall be in an amount at least equivalent to the amount available under the NFIP and shall name the Collateral
Agent as loss payee.

 

(f)           The
Borrowers shall have established each of the Depositary Accounts under the Depositary Agreement.

 

(g)          Concurrently
with the consummation of the transactions contemplated hereby, the Borrowers shall have paid all accrued and unpaid fees and all
accrued and unpaid expenses under the Fee Letter and otherwise, in each case, of the Agents and Joint Lead Arrangers (including,
the reasonable, documented and out-of-pocket accrued and unpaid fees and expenses of counsel thereto to the extent invoiced at
least two Business Days prior to the Closing Date).

 

(h)          The
Debt Service Reserve Account shall have been concurrently fully funded in an aggregate amount equal to the Debt Service Reserve
Requirement through the deposit of cash or a DSRA Letter of Credit into the Debt Service Reserve Account or the delivery of an
Acceptable Reserve Guarantee.

 

(i)           The
Lender Parties and the Agents shall have received, to the extent requested, on or before the date which is three Business Days
prior to the Closing Date, all documentation and other information required by bank regulatory authorities under applicable “know
your customer” and Anti-Money Laundering Laws.

 

(j)           The
Administrative Agent shall have received each of (i) the final report of the Insurance Consultant, dated July 24, 2015, (ii) the
final report of the Independent Engineer, dated July 1, 2015, (iii) the final report of the Market Consultant, dated June
4, 2015, in each case with respect to the Project and (iv) the final Phase I Environmental Site Assessment of the Environmental
Consultant, dated June 19, 2015.

 

(k)          The
Administrative Agent shall have received certificates signed by the Borrowers’ insurer or an agent authorized to bind the
insurer, together with loss payee endorsements in favor of the Collateral Agent and naming the secured parties as additional insureds,
evidencing such insurance required by Section 7.01(d), identifying insurers, the type of insurance, the insurance limits
and the policy terms, and stating that such insurance (i) is, in each case, in full force and effect and (ii) complies with
Section 7.01(d) and that all premiums then due and payable on such insurance have been paid.

 

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(l)          The
representations and warranties of the Loan Parties contained in each of the Loan Documents to which they are a party are true and
correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality”
or “material adverse effect” or similar effect, are true and correct on and after giving effect to the Closing Date),
other than any such representations or warranties that, by their terms, refer to a specific date other than the Closing Date, in
which case such representations and warranties were true and correct in all material respects as of such specific date.

 

Section
5.02.         Conditions Precedent to Each Borrowing and Issuance.
The obligation of each Appropriate Lender to make a Credit Extension (including each initial Borrowing, but other than L/C Advances
and Working Capital Advances pursuant to Section 2.02(b)), and the obligation of any Issuing Bank to issue any Letter of
Credit (including the initial issuance) or renew a Letter of Credit shall be subject to the further conditions precedent that
(x) the Administrative Agent shall have received a Funding Notice, Swingline Request or L/C Credit Extension Request, as
applicable, in accordance with the requirements hereof and (y) as of such Credit Date, the following statements shall be
true (and each of the giving of the applicable Funding Notice or L/C Credit Extension Request and the acceptance by the Borrowers
of the proceeds of such Borrowing or of such Letter of Credit shall constitute a representation and warranty by the Borrowers
that on such Credit Date such statements are true):

 

(a)          the
Term Borrowing has occurred or is occurring on the date of such Credit Extension;

 

(b)          the
representations and warranties of the Loan Parties contained in each Loan Document to which they are a party are true and correct
in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality”
or “material adverse effect” or similar effect, are true and correct on and as of such date), before and after giving
effect to the Credit Extension to be made on such date and, with respect to any Borrowing, to the application of the proceeds therefrom,
as though made on and as of such date, other than any such representations or warranties that, by their terms, refer to a specific
date other than the Credit Date, in which case as of such specific date;

 

(c)          no
Default has occurred and is continuing, or would result from the Credit Extension to be made on such Credit Date or, with respect
to any Borrowing, from the application of the proceeds therefrom; and

 

(d)          in
the case of the issuance of a Letter of Credit only, the Issuing Bank’s Fronting Exposure with respect to any Defaulting
Lender (if any) with respect to the requested Letter of Credit has been Cash Collateralized.

 

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Section
5.03.         Determinations Under Sections 5.01 and 5.02.
For purposes of determining compliance with the conditions specified in (i) Section 5.01, each Lender Party shall evidence
its satisfaction or waiver of such conditions by authorizing release of its signature pages on a closing call to occur on the
Closing Date immediately prior to the effectiveness of this Agreement, and (ii) Section 5.02, each Lender Party shall be
deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to
be consented to or approved by or acceptable or satisfactory to the Lender Parties unless an officer of the Administrative Agent
responsible for the transactions contemplated by the Loan Documents shall have received notice from such Lender Party prior to
such applicable date specifying its objection thereto and, to the extent applicable, such Lender Party shall not have made available
to the Administrative Agent such Lender Party’s Pro Rata Share of such Borrowing.

 

Section
5.04.         Notices. Any
Notice shall be executed by a Responsible Officer of BEC in a writing delivered to the Administrative Agent. In lieu of delivering
a Notice, the Borrowers may give the Administrative Agent telephonic notice by the required time of any proposed Borrowing, Conversion
or issuance of a Letter of Credit, as the case may be; provided that such notice shall be promptly confirmed in writing
by delivery of the applicable Notice to the Administrative Agent on or before the applicable date of Borrowing, continuation or
issuance and such confirmation shall be consistent with the initial telephonic notice. Neither the Administrative Agent nor any
Lender Party shall incur any liability to the Borrowers in acting upon any telephonic notice referred to above that the Administrative
Agent believes in good faith to have been given by a duly authorized officer or other Person authorized on behalf of the Borrowers
or for otherwise acting in good faith.

 

Article
VI

 

REPRESENTATIONS AND
WARRANTIES

 

Section
6.01.         Representations and Warranties.
In order to induce each Agent and each Lender Party to enter into this Agreement and to make each Credit Extension to be made
thereby, each Loan Party represents and warrants to such Agent and Lender Party, on the Closing Date and on each Credit Date,
that the following statements are true and correct in all material respects (or, in the case of any representation and warranty
that is qualified as to “materiality” or “material adverse effect” or similar effect, are true and correct),
before and after giving effect to the Credit Extension to be made on such date and, with respect to any Borrowing, to the application
of the proceeds therefrom, as though made on and as of such date, other than any such representations or warranties that, by their
terms, refer to a specific date other than the Credit Date, in which case as of such specific date:

 

(a)          Organization;
Requisite Power and Authority; Qualification. Each Loan Party (i) is duly organized or formed, validly existing and in
good standing (to the extent such concept exists under applicable law) under the law of the jurisdiction of its incorporation or
formation as identified in Schedule 6.01(a), (ii) has all requisite power and authority to own and operate its
Properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to which
it is a party and to carry out the transactions contemplated thereby and (iii) is qualified to do business and in good standing
in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions
where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a Material
Adverse Effect.

 

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(b)          Capital
Stock and Ownership. The Capital Stock of each Loan Party has been duly authorized and validly issued and is fully paid and
non-assessable and is owned by such Loan Party free and clear of all Liens, except those created under the Collateral Documents
and other Permitted Liens. There is no existing option, warrant, call, right, commitment or other agreement to which any Loan Party
is a party requiring, and there is no Capital Stock of any Loan Party outstanding which upon conversion or exchange would require,
the issuance by any Loan Party of any Capital Stock of any Loan Party or other Securities convertible into, exchangeable for or
evidencing the right to subscribe for or purchase, Capital Stock of any Loan Party.

 

(c)          Due
Authorization. The execution, delivery and performance of the Loan Documents have been duly authorized by all necessary corporate,
limited liability company or limited partnership (as applicable) action on the part of each Loan Party that is a party thereto.

 

(d)          No
Conflict. The execution, delivery and performance by the Loan Parties of the Loan Documents to which they are parties and the
transactions contemplated by the Loan Documents do not and will not (i) violate (A) any provision of any law or any governmental
rule or regulation applicable to the Loan Parties, (B) any of the Organizational Documents of any of the Loan Parties or (C) any
order, judgment or decree of any court or other agency of government binding on any of the Loan Parties except, in the case of
sub-clauses (A) and (C) of this clause (i), where such violation could not reasonably be expected
to have a Material Adverse Effect; (ii) conflict with, result in a breach of or constitute (with due notice or lapse of time
or both) a default under any Contractual Obligation of any of the Loan Parties except to the extent such conflict, breach or default
could not reasonably be expected to have a Material Adverse Effect; (iii) result in or require the creation or imposition
of any Lien upon any of the Properties of any of the Loan Parties (other than any Permitted Liens); or (iv) require any approval
of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of any of the Loan
Parties, except for (x) such approvals or consents which have been obtained and are in full force and effect, and (y) any
such approvals or consents the failure of which to obtain could not reasonably be expected to have a Material Adverse Effect.

 

(e)          Governmental
Consents. (i) The execution, delivery and performance by the Loan Parties of the Loan Documents to which they are parties and
the consummation of the transactions contemplated by the Loan Documents do not require any registration with, consent or approval
of, or notice to, or other action to, with or by, any Governmental Authority except for (A) the registrations, consents, approvals,
notices or other actions which have been duly obtained, taken, given or made and, are in full force and effect, (B) registrations,
consents, approvals, notices or other actions required by securities, regulatory or applicable law in connection with an exercise
of remedies and (C) such registrations, consents, approvals, notices or other actions that if not obtained and maintained
in full force and effect could not reasonably be expected to have a Material Adverse Effect.

 

(ii)         No
Governmental Authorization, and no notice to, filing with, or consent or approval of any Governmental Authority is required in
connection with the operation of the Project in accordance with any applicable law (including any Environmental Law) and as otherwise
contemplated by this Agreement, except for (A) any such Governmental Authorizations, notices, filings, consents or approvals
held by the Loan Parties, all of which (1) have been duly obtained, taken, given or made and (2) are in full force and
effect or (B) any such Governmental Authorizations, notices, filings, consents or approvals, the failure of which to obtain
and maintain could not reasonably be expected to result in a Material Adverse Effect.

 

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(f)           Binding
Obligation. Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto and is the legally
valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except
as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles relating to enforceability.

 

(g)          Financial
Statements; No Material Adverse Effect.

 

(i)          The
financial statements of the Loan Parties furnished to the Administrative Agent pursuant to Section 5.01(a)(vii) and Section
7.03(c) fairly present in all material respects the financial condition and the results of operations and cash flows of the
Loan Parties as of the date thereof, all in accordance with GAAP (subject to normal year-end adjustments).

 

(ii)         Since
December 31, 2014, no event, circumstance or change has occurred and is continuing to occur that has caused or evidences,
either in any case or in the aggregate, a Material Adverse Effect.

 

(h)          Projections.
On and as of the Closing Date, the Base Case Projections and the Initial Operating Budget delivered to the Administrative Agent
pursuant to Section 5.01(a)(vii)(B) are based on good faith estimates and assumptions made by the management of the Borrowers;
provided that the Base Case Projections are not to be viewed as facts and that actual results during the period or periods
covered by the Base Case Projections may differ from such Base Case Projections and that the differences may be material; provided
further that, as of the Closing Date, management of the Borrowers believed the Base Case Projections were reasonable and
attainable.

 

(i)           Adverse
Proceedings, Etc. Except as disclosed in Schedule 6.01(i), there are no Adverse Proceedings, individually or in
the aggregate, that could reasonably be expected to have a Material Adverse Effect. No Loan Party is subject to or in default with
respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal
or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

(j)           Taxes.
Except as otherwise permitted under Section 7.01(b), all material tax returns and reports of the Loan Parties required to
be filed by any of them have been timely filed, and all material Taxes due and payable by the Loan Parties and upon their respective
properties, assets, income, businesses and franchises have been paid when due and payable. There is no material audit, claim or
assessment pending or proposed in writing against any of the Loan Parties regarding any taxes relating to any Loan Party, which
is not being actively contested by such Loan Party in good faith and by appropriate proceedings; provided that reserves
or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor.
None of the Borrowers nor any Subsidiary has elected to be treated as an association taxable as a corporation or is treated as
a corporation for U.S. federal income tax purposes.

 

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(k)          Environmental
Matters. (i) Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect,
(A) neither the Project nor any Loan Party or any of their respective Properties or operations is or has been in violation
of any Environmental Laws, (B) neither the Project nor any Loan Party or any of their respective Properties or operations
are subject to any outstanding written order, consent decree or settlement agreement with any Person relating to any Environmental
Law, any Environmental Action, or any Hazardous Materials Activity, (C) no Loan Party has received any letter or request for
information relating to the business under Section 104 of the Comprehensive Environmental Response, Compensation, and Liability
Act (42 U.S.C. § 9604) or any comparable state law, (D) neither the Project nor any Loan Party is subject to any actual
or, to the Borrowers’ knowledge, threatened Environmental Action, and (E) to the Borrowers’ knowledge, there are
and have been, no conditions, occurrences, or Hazardous Materials Activities which could reasonably be expected to form the basis
of an Environmental Action against any of the Loan Parties or with respect to the Project.

 

(ii)         No
notice under any Environmental Law indicating past or present treatment, storage or disposal of Hazardous Materials at the Real
Estate Assets has been filed that could be reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.

 

(iii)        Compliance
of the Project with all current requirements pursuant to or under Environmental Laws would not require actions that could be reasonably
expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(iv)         To
the Borrowers’ knowledge, no event or condition has occurred or is occurring with respect to the Project or Loan Parties
or any of their respective Properties or operations relating to any Environmental Law, any Release of Hazardous Materials, or any
Hazardous Materials Activity, which individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

(l)           No
Defaults. No Default or Event of Default has occurred and is continuing hereunder.

 

(m)         Contracts.
(i) As of the Closing Date, true, correct and complete copies of each Material Project Document have been delivered, or made available
to, the Administrative Agent.

 

(ii)         As
of the Closing Date, each of the Material Project Documents then in effect is in full force and effect in all material respects.

 

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(n)          Governmental
Regulation.

 

(i)          No
Loan Party is subject to regulation under the Investment Company Act of 1940 or, other than Section 204 of the FPA, under
any other federal or state statute or regulation which may limit its ability to incur Debt or which may otherwise render all or
any portion of the Obligations hereunder or under the other Loan Documents unenforceable.

 

(ii)         No
Loan Party is a “registered investment company” or a company “controlled” by a “registered
investment company” or a “principal underwriter” of a “registered investment company”
as such terms are defined in the Investment Company Act of 1940.

 

(iii)        BEC
has EWG status. For so long as BEC maintains its status as an EWG, each Borrower will not be subject to regulation under PUHCA,
other than regulation related to BEC maintaining its EWG status and regulation pursuant to Section 1265 of PUHCA concerning
state regulatory authorities’ access to books and records and, in case of any change in regulations under PUHCA after the
date hereof, any immaterial requirements imposed on BEC under such changed regulations. BEC has MBR Authority, and such authority
is in full force and effect. Neither Borrower is subject to any regulatory scheme of any Governmental Authority nor otherwise applicable
to such Borrower or its properties which restricts its ability to incur debt except under Section 204 of the FPA with respect
to the blanket authorization, which Borrower has obtained pursuant to its MBR Authority.

 

(o)          Use
of Proceeds; Margin Stock. The proceeds of each Advance and other extensions of credit hereunder have been or will be used
solely in accordance with, and solely for the purposes contemplated by, Section 4.09. No Loan Party is engaged principally,
or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin
Stock.

 

(p)          Employees.
No Loan Party has any employees.

 

(q)          Employee
Benefit Plans. Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect,
(i) each Loan Party and each of their respective ERISA Affiliates are in compliance with all applicable provisions and requirements
of ERISA and the Internal Revenue Code and the regulations and published interpretations thereunder with respect to each Employee
Benefit Plan, (ii) each Employee Benefit Plan which is intended to qualify under Section 401(a) of the Internal Revenue
Code has received a favorable determination letter from the IRS indicating that such Employee Benefit Plan is so qualified and,
to the knowledge of the Borrowers, nothing has occurred subsequent to the issuance of such determination letter which could cause
such Employee Benefit Plan to lose its qualified status, (iii) no liability to the PBGC (other than required premium payments),
the Internal Revenue Service, any Employee Benefit Plan or any trust established under Title IV of ERISA has been or is reasonably
expected to be incurred by, any of the Loan Parties or any of their ERISA Affiliates, (iv) no ERISA Event has occurred or
is reasonably expected to occur, (v) except to the extent required under Section 4980B of the Internal Revenue Code or
similar state laws, no Employee Benefit Plan provides health or welfare benefits (through the purchase of insurance or otherwise)
for any retired or former employee of any of the Loan Parties or any of their respective ERISA Affiliates, and (vi) the Loan
Parties and each of their ERISA Affiliates have complied with the requirements of Section 515 of ERISA with respect to each
Multiemployer Plan and are not in “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments
to a Multiemployer Plan.

 

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(r)          Certain
Fees. No broker’s or finder’s fee or commission will be payable by any Loan Party with respect hereto or to any
of the transactions contemplated by the Loan Documents, except as payable to the Agents and the Lender Parties pursuant to the
Loan Documents.

 

(s)          Solvency.
As of the Closing Date, the Borrowers are, and on each date on which this representation and warranty is made or deemed made thereafter
will be, on a Consolidated basis, Solvent.

 

(t)          Compliance
with Statutes, Etc. Each of the Loan Parties is in compliance with all applicable statutes, regulations and orders of, and
all applicable restrictions imposed by, all Governmental Authorities, in respect of the operation of the Project, the conduct of
its business and the ownership of its property (including compliance with all applicable Environmental Laws with respect to any
Real Estate Asset or governing its business and the requirements of any Governmental Authorizations issued under such Environmental
Laws with respect to any Real Estate Asset or the operations of the Loan Parties), except such non-compliance that, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

(u)          Disclosure.
To the best knowledge of the Borrowers, all written information (other than projections, budgets, other forward-looking information,
historical financial information, reports prepared by third party consultants or information of a general economic nature) provided
directly or indirectly by or on behalf of the Borrowers to any Agent or Lender Party in connection with the transactions contemplated
hereunder is, when taken as a whole and as of the Closing Date, correct in all material respects and does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements contained therein, when taken as
a whole, not materially misleading in light of the circumstances under which such statements were made (giving effect to supplements
and updates thereto).

 

(v)          Sanctions,
Anti-Money Laundering, Anti-Corruption Laws.

 

(i)          The
use of the proceeds of the Advances does not violate any Anti-Corruption Laws, Anti-Terrorism and Money Laundering Laws, OFAC Laws
or Sanctions Laws (to the extent applicable), and none of the Loan Parties, the Sponsor, nor, to the knowledge of the Loan Parties,
any Subsidiary of the Sponsor, their respective directors, officers, agents or employees, with respect to the Project or the Transaction
Documents, is a Sanctions Target.

 

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(ii)         None
of the Loan Parties, nor, to the knowledge of any Loan Party, the Sponsor or any Subsidiary of the Sponsor, their respective directors,
officers, agents, employees or other persons acting on behalf of them, is aware of or has taken any action, directly or indirectly,
that would result in a violation by such Loan Party of the Anti-Corruption Laws, Anti-Terrorism and Money Laundering Laws, OFAC
Laws or Sanctions Laws applicable to such Loan Party.

 

(iii)        To
the knowledge of each Borrower, the operations of each Loan Party has been conducted at all times in compliance with all Anti-Corruption
Laws, Anti-Terrorism and Money Laundering Laws, OFAC Laws or Sanctions Laws applicable to such Loan Party.

 

(iv)         Each
Borrower has instituted and maintains policies and procedures designed to ensure continued compliance in all material respects
with all Anti-Corruption Laws, Anti-Terrorism and Money Laundering Laws, OFAC Laws and Sanctions Laws applicable to any Loan Party.

 

(w)         Security
Interests. Subject to Section 7.01(n), the Liens granted to the Collateral Agent pursuant to the Collateral Documents
with respect to the Collateral (i) constitute valid and subsisting Liens of record on such rights, title or interest as such
Loan Party shall from time to time have in all real property covered by the Mortgages, (ii) to the extent required by the
Collateral Documents, constitute perfected security interests in such rights, title or interest as such Loan Party shall from time
to time have in all personal property included in the Collateral, and (iii) are subject to no Liens, except Permitted Liens.
Subject to Section 7.01(n), except to the extent possession of portions of the Collateral is required for perfection, all
such action as is necessary has been taken to establish and perfect the Collateral Agent’s rights in and to the Collateral,
including any recording, filing, registration, giving of notice or other similar action (assuming proper recordation of any such
documents). Subject to Section 7.01(n), to the extent required by the Collateral Documents, the Loan Parties have properly
delivered or caused to be delivered, or provided control of, to the Collateral Agent all Collateral that requires perfection of
the Lien described above by possession or control.

 

(x)           Real
Property. Each Loan Party has good and sufficient marketable title or a valid and subsisting estate or interest to or in the
Real Estate Assets (except any such failure which could not reasonably be expected to have a Material Adverse Effect), free and
clear of all Liens except Permitted Liens, such estates or interests being sufficient for normal Project operations in accordance
with the Transaction Documents except as could not reasonably be expected to have a Material Adverse Effect.

 

(y)          Pari
Passu. The Loan Parties’ obligations under this Agreement rank and will rank at least pari passu in priority of
payment and in all other respects with all other present or future unsecured and secured Debt for Borrowed Money of the Loan Parties.

 

(z)           Intellectual
Property. Each Loan Party owns or has the right to use all patents, trademarks, service marks, trade names, domain names, copyrights,
licenses and other rights which are necessary for the development, construction, ownership and operation of the Project in accordance
with the Transaction Documents, in each case, as to which the failure of such Loan Party to so own or have the right to use would
reasonably be expected to have a Material Adverse Effect. No material product, process, method, substance, part or other material
presently contemplated to be sold or employed by a Loan Party in connection with its business will infringe any patent, trademark,
service mark, trade name, domain name, copyright, license or other right owned by any other Person in a manner that could reasonably
be expected to have a Material Adverse Effect.

 

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(aa)        Insurance.
All insurance policies required to be obtained by any Loan Party as of the Closing Date pursuant to Section 7.01(d) have
been obtained and are in full force and effect and all premiums then due and payable thereon have been paid in full. No Loan Party
has received any notice from any insurer that any insurance policy has ceased to be in full force and effect or claiming that the
insurer’s liability under any such insurance policy can be reduced or avoided.

 

Article
VII

 

COVENANTS

 

Section
7.01.         Affirmative Covenants.
Until a Repayment Event, each Loan Party covenants and agrees as follows:

 

(a)          Compliance
with Laws, Etc. Each Loan Party will comply with all applicable laws, rules, regulations and orders of any Governmental Authority,
such compliance to include, without limitation, compliance with all Environmental Laws, ERISA and any Anti-Corruption Laws, Anti-Terrorism
and Money Laundering Laws, OFAC Laws or Sanctions Laws and all Governmental Authorizations, except where the failure to so comply
could not reasonably be expected to have a Material Adverse Effect.

 

(b)          Taxes.
Each Loan Party will (i) file all federal, state, local, foreign and other tax returns and reports required to be filed, and
shall pay all federal, state, local, foreign and other taxes, assessments, fees and other governmental charges levied or imposed
upon them or their properties, income or assets otherwise due and payable, except those (A) which are being contested in good
faith by appropriate proceedings diligently conducted or (B) with respect to which the failure to make such filing or payment
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(c)          Hazardous
Materials Activities, Etc. Except as otherwise could not reasonably be expected to have a Material Adverse Effect, each Loan
Party will promptly take any and all actions necessary to (i) cure any violation of applicable Environmental Laws by such
Loan Party or with respect to the Project, (ii) make an appropriate response to any Environmental Action against such Loan
Party or with respect to the Project and discharge any obligations it may have to any Person thereunder and (iii) respond
to any Release of Hazardous Materials whether by such Loan Party or any other Person, or with respect to the Project, to the extent
required by applicable Environmental Laws.

 

(d)          Maintenance
of Insurance. (i) The Loan Parties will comply with the insurance requirements set forth on Schedule 7.01(d).

 

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(ii)         If
any improvement on a Mortgaged Property is located in an area identified by the Federal Emergency Management Agency as an area
having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968
(or any amendment or successor act thereto), then the applicable Loan Party shall maintain, or cause to be maintained, with a financially
sound and reputable insurer, flood insurance in an amount sufficient to comply with all applicable rules and regulations promulgated
pursuant to such Act.

 

(iii)        On
the Closing Date, and at each policy renewal, but no less than annually, BEC shall furnish to the Collateral Agent approved certificates
of insurance from each insurer or by an authorized representative of each insurer. Such certification shall identify the insurers,
the type of insurance, the limits, deductibles and term thereof and include binders or certificates signed by the insurer or a
broker to bind the insurer evidencing such insurance.

 

(e)          Preservation
of Corporate Existence, Etc. Each Loan Party will preserve and keep in full force and effect, (i) its existence (except
as otherwise permitted in Section 7.02(d)) and (ii) all rights and franchises, licenses and permits material to its
business, except with respect to sub-clause (ii) only, where the failure to so preserve and keep in full force and
effect such rights, franchises, licenses and permits could not reasonably be expected to have a Material Adverse Effect, provided
that any Loan Party may, at the Borrowers’ expense, change its name upon 15 Business Days’ prior written notice
to the Administrative Agent (or such shorter period of time reasonably acceptable to the Administrative Agent) and delivery to
the Administrative Agent of all additional financing statements (executed if necessary for any particular filing jurisdiction)
and other instruments and documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority
of the security interests created under the Collateral Documents.

 

(f)           Visitation
Rights. At any reasonable time and from time to time upon reasonable prior notice, each Loan Party will permit any of the Agents,
or any agents or representatives designated by the Lender Parties, to examine and make copies of and abstracts from the records
and books of account of, and visit the properties of, any of the Loan Parties and to discuss the affairs, finances and accounts
of any of the Loan Parties with any of their officers or directors and with their independent certified public accountants; provided
that, so long as no Default shall have occurred and be continuing, any such visit in excess of one such visit in any Fiscal Year
shall be at the expense of the Administrative Agent or such agent or representative designated by the Lender Parties.

 

(g)          Keeping
of Books. Each Loan Party will keep proper books of record and account, in which full, true and correct entries shall be made
of all material financial transactions and the material assets and business of such Loan Party in accordance with GAAP in effect
from time to time and otherwise in compliance in all material respects with the regulations of any Governmental Authority having
jurisdiction thereof.

 

(h)          Obtain
and Maintain Governmental Authorizations. Each Loan Party will obtain and maintain, in full force and effect, and meet all
requirements in respect of any Governmental Authorizations necessary in the conduct of its business and operations and the transactions
contemplated hereby, except in each case where failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

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(i)           Maintenance
of Properties, Etc.

 

(i)          Each
Loan Party shall maintain good and sufficient fee or leasehold title or other possessory rights (as applicable) in and to its material
Property, free and clear of all Liens other than Permitted Liens.

 

(ii)         Each
Loan Party will, except where failure to do so could not reasonably be expected to have a Material Adverse Effect, (A) maintain
and preserve in good repair, working order and condition its Properties in accordance with Prudent Industry Practice, its Contractual
Obligations and applicable laws, (B) make periodic overhauls and all needed or appropriate repairs, renewals, replacements,
additions, betterments, Capital Expenditures and improvements which are necessary for the Property that it owns and operates to
satisfy the requirements of applicable law, Governmental Authorizations and its Contractual Obligations, and (C) otherwise
ensure the continued operation of its Properties in a manner consistent with the Material Project Documents to which it is party
and Prudent Industry Practices.

 

(j)           Further
Assurances. Promptly upon request by any Agent, or any Lender Party through the Administrative Agent, each Loan Party will
(i) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment,
filing or recordation thereof, (ii) execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register
any and all such further acts, deeds, conveyances, pledge agreements, mortgages, deeds of trust, trust deeds, assignments, financing
statements and continuations thereof, termination statements, notices of assignment, transfers, certificates, assurances and other
instruments as any Agent, or any Lender Party through the Administrative Agent, may reasonably require from time to time in order
to (A) carry out more effectively the purposes of the Loan Documents, (B) to the fullest extent permitted by applicable
law, subject any of its Property (other than the Excluded Assets), to the Liens now or hereafter intended to be covered by any
of the Collateral Documents, (C) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents
and any of the Liens intended to be created thereunder and (D) assure, convey, grant, assign, transfer, preserve, protect
and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured
Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which such Loan
Party is or is to be a party and (iii)  deliver a Consent to Assignment for any Replacement Power Purchase Agreements of a
DEBM Power Purchase Agreement.

 

(k)          Accounts.

 

(i)          Each
Loan Party shall cause all Project Revenues to be deposited into the Revenue Account (and agrees to notify the counterparties to
each material Contractual Obligation to make all payments under such Contractual Obligations directly to the Revenue Account),
and any Asset Sale Proceeds, Insurance Proceeds or Eminent Domain Proceeds to be applied in accordance with the Depositary Agreement.

 

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(ii)         Except
for the DB Account, the Loan Parties shall open and maintain bank accounts only to the extent permitted and contemplated pursuant
to the Depositary Agreement.

 

(iii)        BEC
shall, on or within thirty (30) days after the Closing Date, close the DB Account.

 

(l)           Separateness.
Each Loan Party will comply with the following:

 

(i)          such
Loan Party will maintain Deposit Accounts or accounts, separate from those of Holdings, the Guarantors or any other Affiliate of
Holdings (other than any of the Loan Parties) with commercial banking institutions and will not commingle their funds with those
of any other Affiliate of Holdings (other than any of the Loan Parties);

 

(ii)         such
Loan Party will act solely in its name and through its duly authorized officers, managers, representatives or agents in the conduct
of its businesses;

 

(iii)        such
Loan Party will conduct in all material respects its business solely in its own name, in a manner not misleading to other Persons
as to its identity (without limiting the generality of the foregoing, all oral and written communications (if any), including invoices,
purchase orders, and contracts);

 

(iv)        such
Loan Party will obtain proper authorization from member(s), shareholder(s), director(s) and manager(s), as required by its limited
partnership agreement, limited liability company agreement, general partnership agreement or bylaws for all of its limited liability
company, limited partnership, general partnership or corporate actions; and

 

(v)         such
Loan Party will comply in all material respects with the terms of its certificate of incorporation or formation and by-laws or
limited partnership, general partnership or limited liability company agreement (or similar constitutive documents).

 

(m)         Interest
Rate Hedging. On or before the date that is fifteen days following the Closing Date, the Borrowers shall have in effect and
thereafter maintain at all times until the sixth anniversary of the Closing Date, Interest Rate Hedges with respect to a notional
amount equal to at least 75% of the reasonably anticipated amount of Term Advances (which anticipated amounts shall be determined
by reference to the Base Case Projections delivered on the Closing Date).

 

(n)          Covenant
to Give Security. Upon the permitted acquisition of any Property (other than any Excluded Assets and other than any real property
with an aggregate fair market value of less than $10,000,000) by any Loan Party and such Property, in the reasonable judgment of
the Administrative Agent, shall not already be subject to a perfected first priority (subject to Permitted Liens) security interest
in favor of the Collateral Agent for the benefit of the Secured Parties, then in each case at the Borrowers’ expense, within 30
Business Days after such acquisition of Property by any Loan Party, each Loan Party will, to the extent reasonably requested by
the Administrative Agent, duly execute and deliver, and cause such Loan Party to duly execute and deliver to the Administrative
Agent and the Collateral Agent, mortgages, pledges, assignments, security agreement supplements, intellectual property security
agreements, intellectual property security agreement supplements and other security agreements as reasonably required and specified
by, and in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent, securing payment of
all of the obligations of the Loan Parties under the Loan Documents and constituting liens on all such Properties.

 

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(o)          Material
Project Documents. Each Loan Party will perform and observe all material terms and provisions of each Material Project Document
to be performed or observed by it, maintain each such Material Project Document to which it is a party in full force and effect,
and enforce each such Material Project Document in accordance with its material terms except where the failure to do so, either
individually or in the aggregate, could not be reasonably likely to have a Material Adverse Effect (after giving effect to any
replacement or substitute agreements entered into in accordance with the terms of the Loan Documents).

 

(p)          Maintenance
of Regulatory Status. BEC shall maintain its status as an EWG and its MBR Authority, and shall comply with all material FERC
requirements related to EWG status and MBR Authority.

 

(q)          NYISO.

 

(i)          The
Loan Parties will maintain at all times the status of the Project as a “System Resource” and “Installed Capacity
Supplier” in the NYISO Markets and comply at all times with any other material requirements for recognition of the capacity
of the Project in the NYISO Installed Capacity Market.

 

(ii)         The
Loan Parties will comply (or ensure that BEC complies) in all material respects with all reporting and other requirements under
NYISO Rules applicable to the sale and delivery of capacity, energy and ancillary services in the NYISO Markets.

 

(iii)        The
Loan Parties will at all times (A) declare the maximum achievable Availability (as defined in the Power Purchase Agreements)
of each of the Project’s turbines in each of the NYISO Markets, in accordance with applicable law, the NYISO Rules and Prudent
Industry Practice and (B) declare the maximum achievable unforced capacity of each of the Project’s turbines in accordance
with Prudent Generator Practices and the Static NYISO Rules (each as defined in the Power Purchase Agreements), without regard
to any mitigation or other limitations otherwise applicable to capacity payments under the NYISO Rules.

 

(r)           Working
Capital Clean-Up. The Borrowers shall cause, in each calendar year, a period of not less than five consecutive days where there
are no Working Capital Advances, Swingline Advances, L/C Advances or unreimbursed Drawing Payments outstanding (other than L/C
Advances and unreimbursed Drawing Payments with respect to any MMRA Letter of Credit and any DSRA Letter of Credit).

 

Section
7.02.         Negative Covenants.
Until a Repayment Event, each Loan Party covenants and agrees as follows:

 

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(a)          Liens,
Etc. Such Loan Party will not create, incur, assume or suffer to exist any Lien on or with respect to any of its properties
of any character (including accounts) whether now owned or hereafter acquired, or sign or file or suffer to exist under the Uniform
Commercial Code of any jurisdiction, a financing statement that names such Loan Party as debtor, or sign or suffer to exist any
security agreement authorizing any secured party thereunder to file such financing statement, or assign any accounts or other right
to receive income, except Permitted Liens.

 

(b)          Debt.
Such Loan Party will not create, incur, assume or suffer to exist any Debt, except (without duplication):

 

(i)          Debt
of the Loan Parties (A) under the Loan Documents, and (B) pursuant to any Permitted Expansion Facility;

 

(ii)         to
the extent constituting Debt, obligations of the Borrowers under the Permitted Commodity Hedge and Power Sale Agreements to the
extent permitted to be entered into under this Agreement;

 

(iii)        Debt
of the Borrowers secured by Liens permitted by clause (o) of the definition of “Permitted Liens” not to
exceed in the aggregate, when taken together with any outstanding Debt permitted to be incurred pursuant to sub-clause (iv)
or (v), $20,000,000 at any time outstanding in the aggregate for the Borrowers; provided that any such Debt (A) shall
be secured only by the Property acquired in connection with the incurrence of such Debt and (B) shall constitute not more
than 90% of the aggregate consideration paid with respect to such Debt;

 

(iv)        Capitalized
Leases of the Borrowers not to exceed in the aggregate, when taken together with any outstanding Debt permitted to be incurred
pursuant to sub-clause (iii) or (v), $20,000,000 at any time outstanding in the aggregate for the Borrowers;

 

(v)         Debt
of any Borrower incurred for the purpose of funding any Required Capital Expenditures not to exceed in the aggregate, when taken
together with outstanding Debt permitted to be incurred pursuant to sub-clauses (iii) and (iv), $20,000,000
at any time outstanding in the aggregate for the Borrowers;

 

(vi)        to
the extent constituting Debt, obligations of the Borrowers under Interest Rate Hedges designed to hedge against fluctuations in
interest rates incurred in the ordinary course of business (it being acknowledged and agreed that any such Interest Rate Hedges
entered into by the Borrowers for the purpose of complying with Section 7.01(m) above (or any similar obligation with respect
to the Permitted Expansion Facility) shall be deemed to be permitted Debt under this sub-clause (vi));

 

(vii)       unsecured
subordinated Debt of any Loan Party to any other Loan Party (including intercompany loans amongst the Loan Parties); provided
that (1) all such Debt shall constitute Pledged Debt subject to the Lien created under the Security Agreement and (2) all
such Debt shall be on terms and conditions set forth on Exhibit H or such other terms reasonably acceptable to the
Administrative Agent;

 

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(viii)      other
unsecured Debt of the Borrowers in an aggregate amount not to exceed $10,000,000 at any one time outstanding;

 

(ix)         to
the extent constituting Debt, contingent obligations under or in respect of performance bonds, bid bonds, appeal bonds, surety
bonds, financial assurances and completion guarantees, indemnification obligations, obligations to pay insurance premiums, take
or pay obligations and similar obligations in each case of any Borrower incurred in the ordinary course of business and not in
connection with Debt for Borrowed Money;

 

(x)          to
the extent constituting Debt, Debt arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary
course of business; provided that such Debt is extinguished within 10 Business Days of its incurrence;

 

(xi)         guaranties
by the Borrowers of Debt of another Loan Party or guaranties by a Loan Party of Debt of another Loan Party with respect, in each
case, to Debt otherwise permitted to be incurred pursuant to this clause (b); provided that, if the Debt that
is being guaranteed is unsecured and/or subordinated to the Obligations of the Loan Parties under the Loan Documents, the guaranty
shall also be unsecured and/or subordinated to the Obligations of the Loan Parties under the Loan Documents;

 

(xii)        loans
to a Loan Party; provided that such loans are subject to the terms of subordination attached hereto as Exhibit H
or such other terms reasonably acceptable to the Administrative Agent; and

 

(xiii)       trade
payables incurred in the ordinary course of business (but not for borrowed money) and (A) not more than 90 days
past due or (B) being contested in good faith by appropriate proceedings.

 

(c)          Change
in Nature of Business. (i) BEC and BECUR will not engage in any business other than the direct or indirect development,
expansion, ownership, operation, management, maintenance, use or financing of the Project and the other transactions contemplated
hereby and, in each case, activities incidental thereto, (ii) the Loan Parties (other than the Borrowers, the Permitted Expansion
Entity and Zone J Tolling) will not engage in any business other than the ownership of the Capital Stock in their respective Subsidiaries
and activities incidental thereto, (iii) Zone J Tolling will not engage in any business other than (x) its obligations
under the Zone J Power Purchase Agreements and the Loan Documents and (y) sales of power, capacity or ancillary services acquired
pursuant to the Zone J Power Purchase Agreements in the ordinary course of business and, in each case, activities incidental thereto
and (iv) the Permitted Expansion Entity will not engage in any business other than activities in connection with the development,
construction, acquisition, ownership, leasing, operation and maintenance of the Permitted Expansion and, in each case, activities
incidental thereto.

 

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(d)          Fundamental
Changes; Mergers, Etc. Such Loan Party will not change its legal form, liquidate or dissolve; provided that, in the
event the Zone J Power Purchase Agreements are terminated or cancelled, Zone J Tolling will be permitted to liquidate or dissolve
upon contribution of all of its assets to BEC and termination of the Zone J Power Purchase Agreements and so long as all activities
undertaken by Zone J Tolling are conducted by BEC immediately after such liquidation or dissolution. Such Loan Party will not merge
into or consolidate with any Person or permit any Person to merge into it; provided that any Guarantor will be permitted
to merge into or consolidate with any other Guarantor so long as the surviving Guarantor’s obligations under this Agreement
and the other Loan Documents remain in full force and effect. For the avoidance of doubt, nothing in this Section 7.02(d)
shall restrict, limit or otherwise affect the Loan Parties’ rights under Section 7.01(e).

 

(e)          Sales,
Etc. of Property. Such Loan Party will not sell, lease, transfer or otherwise Dispose of any Property, or grant any option
or other right to purchase, lease or otherwise acquire any Property, except in the case of the Loan Parties:

 

(i)          sales
of (and the granting of any option or other right to purchase, lease or otherwise acquire) power, fuel, energy, capacity or ancillary
services or other inventory in the ordinary course of its business;

 

(ii)         sales,
leases or subleases, transfers or other dispositions of real or personal Property that are obsolete, damaged, worn out, surplus
or not used or useful in the business of the Loan Parties;

 

(iii)        the
liquidation, sale or use of Cash and Cash Equivalents;

 

(iv)        sales
or discounts without recourse of accounts receivable arising in the ordinary course of business in connection with the compromise
or collection thereof;

 

(v)         sales
of Property so long as (A) the purchase price paid to such Loan Party for such Property shall be no less than the fair market
value (determined in good faith by the manager of BEC) of such Property at the time of such sale, (B) the purchase price for
such Property shall be paid to such Loan Party solely in Cash, and (C) the aggregate purchase price paid to all Loan Parties
for such Property and all other Property sold by the Loan Parties since the Closing Date pursuant to this sub-clause (v)
shall not exceed $20,000,000;

 

(vi)        transfers
of condemned property as a result of the exercise of “eminent domain” or other similar policies to the respective Governmental
Authority or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise), and transfers of property
that have been subject to a casualty to the respective insurer of such real property as part of an insurance settlement;

 

(vii)       leases,
subleases, licenses or sublicenses of property in the ordinary course of business and which do not materially interfere with the
business of the Loan Parties; and

 

(viii)      amendments
or modifications of any Contractual Obligation of such Loan Party and the related release of any credit support obligations thereunder
pursuant to the terms of such amendment or modification that is not prohibited by Section 7.02(n).

 

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(f)          Investments
in Other Persons. Such Loan Party will not make or hold any Investment in any Person (including any Joint Venture), except
in the case of the Loan Parties:

 

(i)          Investments
in Cash and Cash Equivalents;

 

(ii)         equity
Investments owned as of the Closing Date in any Loan Party and Investments made after the Closing Date in any Loan Party; provided
that, from and after the Closing Date, the Borrower may acquire or form the Permitted Expansion Entity if the conditions to the
Permitted Expansion Facilities have been satisfied or waived;

 

(iii)        Investments
(A) in any Securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors and
(B) deposits, prepayments and other credits to suppliers made in the ordinary course of business consistent with the past
practices of the Loan Party;

 

(iv)        intercompany
loans to the extent permitted under Section 7.02(b)(vii);

 

(v)         Capital
Expenditures with respect to the Borrowers permitted by Section 7.02(l) below;

 

(vi)        loans
and advances to officers, directors and employees of the Loan Parties made in the ordinary course of business in an aggregate principal
amount not to exceed $2,000,000;

 

(vii)       to
the extent constituting Investments, Debt which is permitted under Section 7.02(b);

 

(viii)     demand
or Deposit Accounts with banks or other financial institutions; and

 

(ix)        Permitted
Investments.

 

(g)          Restricted
Payments. The Loan Parties will not declare, order, pay, make or set apart or agree to declare, order, pay, make or set apart,
through any manner or means or through any other Person, directly or indirectly, any sum for any Restricted Payment, except that:

 

(i)          nothing
herein shall be deemed to prevent any Loan Party from declaring or making a Restricted Payment to any other Loan Party;

 

(ii)         BEC
may declare or make a Restricted Payment to Holdings on the Closing Date; and

 

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(iii)        BEC
may declare or make a Restricted Payment on each Quarterly Date from amounts on deposit in the Distribution Reserve Account in
accordance with Section 3.8(b)(i) of the Depositary Agreement, subject to satisfaction of each of the Distribution Conditions
on such Quarterly Date and after giving effect to such Restricted Payment.

 

For the avoidance of doubt, neither (x) payment
of “Operating & Maintenance Expenses” nor (y) any payment from amounts on deposit in the Distribution Account
shall constitute a Restricted Payment prohibited by this Section 7.02(g).

 

(h)          Amendments
of Organizational Documents. Such Loan Party will not amend its certificate of formation or limited liability company agreement
or other Organizational Documents in any manner materially adverse to the Lender Parties or that could reasonably be expected to
have a Material Adverse Effect.

 

(i)           Accounting
Changes. Such Loan Party will not make or permit any change in (i) accounting policies or reporting practices, except
as required by GAAP and except for any changes which are not materially adverse to the Lender Parties, or (ii) Fiscal Year.

 

(j)           Partnerships,
Formation of Subsidiaries, Etc. Such Loan Party will not (i) become a general partner in any general or limited partnership
or Joint Venture or (ii) organize any new Subsidiary other than, with respect to this clause (ii), the formation by any Guarantor
of the Permitted Expansion Entity.

 

(k)          Speculative
Transactions.

 

(i)          Such
Loan Party will not engage in any transaction involving commodity swaps, options or futures contracts or any similar commodity
transactions (including take-or-pay contracts, long term fixed price off take contracts and contracts for the sale of power on
either a financial or physical basis) unless such transaction (A) is entered into in the ordinary course of business, (B) is
not for speculative purposes, (C) is solely with respect to Permitted Trading Activities, (D) is with a Commodity Hedge
Counterparty, (E) is in the best interests of, and on terms fair and reasonable to, the Borrowers and could not reasonably
be expected to have a Material Adverse Effect, (F) with respect to physical sales of energy or capacity, commits the Borrowers
to no more than the actual uncommitted available output on a net basis (based on physical and seasonal input and output availability)
of the Project (taking into account all Permitted Commodity Hedge and Power Sale Agreements then in effect and any commitments
made to sell capacity under the Material Project Documents) and (G) does not create, permit or suffer to exist any Lien other
than Permitted Liens.

 

(ii)         Such
Loan Party will not enter into any Interest Rate Hedge, or any trade thereunder, unless (A) entered into in the ordinary course
of business and not for speculative purposes, and (B) the aggregate notional amount under the Interest Rate Hedges with the
Hedge Banks, at the time of such entry or trade (as applicable), does not exceed 105% of the aggregate principal amount outstanding
(at such time and, taking into account scheduled amortization only, at any time thereafter) of (1) the Term Advances, plus
(2) the aggregate, without duplication, construction and term loan commitments under the Permitted Expansion Facility.

 

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(l)           Capital
Expenditures. No Loan Party shall purchase, acquire or lease any assets that, if acquired, would constitute Capital Expenditures
other than: (i) any Major Maintenance Expenses funded through amounts on deposit in the Major Maintenance Reserve Account;
(ii) Unreserved Major Maintenance Expenses funded through amounts on deposit in the O&M Account or an O&M Discretionary
Account (each as defined in the Depositary Agreement) in accordance with the terms of the Loan Documents; (iii) any Permitted
Capital Expenditures (other than Permitted Expansion Capital Expenditures); (iv) Permitted Expansion Capital Expenditures
either (A) if the Permitted Expansion Conditions have been satisfied or (B) funded with (1) amounts on deposit in the Distribution
Account, (2) proceeds of Cash equity contributions received by any Borrower from Holdings (which Cash equity contributions have
been contributed by Holdings, directly or indirectly, specifically for such purpose), or (3) proceeds of Subordinated Debt received
by any Loan Party specifically for such purpose; and (v) Permitted Investments.

 

(m)         Transactions
with Affiliates. Such Loan Party will not enter into any transaction of any kind with any Affiliate of the Borrowers, whether
or not in the ordinary course of business, other than on fair and reasonable terms not substantially less favorable to the applicable
Loan Party as would be obtainable by such Loan Party at the time in a comparable arm’s length transaction with a Person other
than an Affiliate; provided that the foregoing restriction shall not apply to: (i) Restricted Payments made in accordance
with the terms of this Agreement, (ii) transactions between the Loan Parties, (iii) Dispositions pursuant to Section
7.02(e)(v), (iv) transactions described on Schedule 7.02(m), (vi) Shared Facilities Agreements and (vii) any
amendment or replacement of the Site Lease in accordance with Section 7.02(n)(v).

 

(n)          Material
Project Documents; Additional Project Contracts.

 

(i)          No
Loan Party shall enter into a Material Project Document (including any Shared Facilities Agreements, but excluding any other Material
Project Document satisfying the conditions set forth in the definition of Permitted Expansion Facility) without Administrative
Agent approval if (A) such Loan Party’s entry, performance or failure to perform under such Material Project Document could
reasonably be expected to have a Material Adverse Effect or (B) in the case only of the Expansion EPC Agreement and Expansion Turbine
Supply Agreement, if the aggregate amount payable under both such agreements prior to delivery of an Expansion FNTP is in excess
of twenty million Dollars (US$20,000,000), which Expansion FNTP shall not be delivered prior to satisfaction of the Permitted Expansion
Conditions.

 

(ii)         No
Loan Party shall cause, consent to, or permit, any amendment to, modification of or waiver of timely compliance with, any terms
or conditions of (A) Section 8.1 or 18.1 of each DEBM Power Purchase Agreement or (B) any other Material Project Document,
in the case of this clause (B), in a manner that could reasonably be expected to have a Material Adverse Effect.

 

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(iii)        No
Loan Party shall cause, consent to or permit any assignment of (A) any Core Contract or (B) of any Material Project Document
(other than a Core Contract) if, in the case of this clause (B), such assignment could reasonably be expected to have a Material
Adverse Effect.

 

(iv)        No
Loan Party shall cause, consent to or permit any cancellation or termination (except for a termination that occurs automatically
in accordance with the express terms of such agreement) of (A) any Core Contract (unless, in the case of the Centrica Guarantee,
such agreement is replaced in accordance with the terms thereof) or (B) any Material Project Document (other than a Core Contract)
if, in the case of this clauses (B), such cancellation or termination could reasonably be expected to have a Material Adverse Effect.

 

(v)         Notwithstanding
anything to the contrary in this Section 7.02(n), in the event the Primary Site is acquired by an Affiliate of the Loan
Parties:

 

(A)        concurrent
with such acquisition, Hess may assign to such Affiliate, and such Affiliate may assume, Hess’ right, title and interest
as lessor under the Site Lease; provided that, with respect to Hess’ obligations and indemnities set forth in Section 8.4
of the Site Lease, either (1) Hess shall remain liable for such obligations and indemnities or (2) any such obligations
or liabilities for which Hess does not remain liable shall be assigned to, or guaranteed by, an entity that has at the time of
such assignment or guarantee a long-term unsecured senior debt rating of Baa3 or better by Moody’s, BBB- or better by S&P
or BBB- or better by Fitch;

 

(B)         BECUR
may subsequently terminate or amend the Site Lease so long as (1) in the case of a termination of the Site Lease, BECUR and
such Affiliate shall concurrently execute a replacement agreement on terms and conditions no less favorable, taken as a whole,
as the Site Lease, or (2) in the case of an amendment to the Site Lease, BECUR and such Affiliate shall execute an amendment
to the Site Lease on terms and conditions no less favorable, taken as a whole, as the Site Lease;

 

(C)         BEC
may subsequently terminate or amend the Sublease Agreement so long as (1) in the case of a termination of the Sublease Agreement,
BEC and BECUR shall concurrently execute a replacement agreement on terms and conditions no less favorable, taken as a whole, as
the Sublease Agreement, or (2) in the case of an amendment to the Sublease Agreement, BEC and BECUR shall execute an amendment
to the Sublease Agreement on terms and conditions no less favorable, taken as a whole, as the Sublease Agreement; and

 

(D)         in
connection with an assignment, termination or amendment described in clause (A), (B) or (C) above, the lien of the New Jersey BECUR
Mortgage and/or the New Jersey BEC Mortgage, as either or both may be applicable, shall remain intact and shall be ratified by
such Affiliate acquiring the Primary Site, or a replacement mortgage shall be granted providing substantially the same lien rights
and privileges to the Collateral Agent as provided under the New Jersey BECUR Mortgage and/or the New Jersey BEC Mortgage, as either
or both may be applicable.

 

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(o)          Tax
Election. Such Loan Party shall not make any election or take any other action that would cause the Borrowers or any Loan Party
(other than PER-D Bayonne I, Inc.) to be treated as an association taxable as a corporation or to be treated as a corporation for
U.S. federal income tax purposes.

 

(p)          Margin
Stock; Regulations T, U and X. No Loan Party shall use any part of the proceeds of the Advances or drawings under any Letter
of Credit to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such
Margin Stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U or X of the Board
of Governors.

 

(q)          Accounts.
No Loan Party shall establish or maintain any deposit accounts or securities accounts, other than (i) for no more than thirty (30)
days after the Closing Date, the DB Account, and (ii) the accounts permitted to exist under the Depositary Agreement or as otherwise
permitted under the Loan Documents (including accounts established in connection with the granting of the Liens described in clause (q)
of the definition of “Permitted Liens”).

 

(r)           Lawful
Use of Proceeds. The Borrowers will not, and will procure that each other Loan Party and each of its directors and officers
will not, directly or, to either Borrower’s knowledge, indirectly, use any Letter of Credit or the proceeds of the Advances,
or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

 

(i)          in
furtherance of an offer, payment, promise to pay or authorization of the payment or giving of money or anything else of value,
to any Person in violation of any Anti-Terrorism and Money Laundering Laws, Anti-Corruption Laws, OFAC Laws or Sanctions Laws,
to the extent applicable;

 

(ii)         to
fund any activities or business of or with any Sanctions Target, or in any Sanctions Country; or

 

(iii)        in
any other manner that would result in a violation of any Anti-Terrorism and Money Laundering Laws, Anti-Corruption Laws or Sanctions
Laws, to the extent applicable, by any Person (including any Person participating in the Advances, whether as Lender, and Agent
or otherwise).

 

(s)          OFAC.
No Loan Party shall knowingly (i) violate (A) any Anti-Terrorism and Money Laundering Laws, (B) any Sanction, or (C) any Anti-Corruption
Laws, civil or criminal; or (ii) engage in or conspire to engage in any dealings or transactions with, or for the benefit of, any
Sanctions Target, or in any Sanctioned Country, or for the purposes of evading or avoiding (or attempting to evade or avoid) any
Anti-Terrorism and Money Laundering Laws.

 

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Section
7.03.         Reporting Requirements.
Until a Repayment Event, each Borrower covenants and agrees that it will furnish to the Agents and the Lender Parties:

 

(a)          Default
Notice. As soon as possible and in any event within five Business Days after any Loan Party becomes aware of the occurrence
of each Default or any event, development or occurrence which, in BEC’s reasonable judgment, has had, or would reasonably
be expected to have, a Material Adverse Effect continuing on the date of such statement, a statement of the Financial Officer of
BEC setting forth details of such Default, event, development or occurrence and the action that the Borrowers has taken and proposes
to take with respect thereto.

 

(b)          Quarterly
Financials. As soon as available, and in any event within 60 days in the case of each Fiscal Quarter (commencing
with the Fiscal Quarter ending September 30, 2015) after the end of each of the first three Fiscal Quarters of each Fiscal
Year, the Consolidated balance sheets of the Loan Parties as at the end of such Fiscal Quarter and the related Consolidated statements
of income, stockholders’ equity and cash flows of the Loan Parties for such Fiscal Quarter and for the period from the beginning
of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case and (commencing with the financial
statements relating to the Fiscal Quarter ending June  30, 2016), to the extent reasonably available to the Borrowers, in
comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year and the corresponding figures
from the Budget for the current Fiscal Year, all in reasonable detail, together with a certificate of a Financial Officer of BEC.

 

(c)          Annual
Financial Statements. Commencing with the Fiscal Year ending on December 31, 2015, as soon as available, and in any event
within 120 days after the end of each Fiscal Year, (i) the Consolidated balance sheets of the Loan Parties as at
the end of such Fiscal Year and the related Consolidated statements of income, stockholders’ equity and cash flows of the
Loan Parties for such Fiscal Year, setting forth in each case (commencing with the financial statements relating to the Fiscal
Year ending December 31, 2016) to the extent reasonably available to the Borrowers, in comparative form the corresponding
figures for the previous Fiscal Year and the corresponding figures from the Budget for the Fiscal Year covered by such financial
statements, in reasonable detail, together with a Financial Officer Certification with respect thereto; and (ii) with respect
to such Consolidated financial statements a report thereon of KPMG or other independent certified public accountants of recognized
national standing selected by BEC and reasonably satisfactory to the Administrative Agent (which report shall be unqualified as
to going concern and scope of audit (other than any such exception or explanatory paragraph that is expressly solely with respect
to, or expressly resulting solely from, (A) an upcoming maturity date under the credit facilities provided for herein that
is scheduled to occur within one year from the time such opinion is delivered or (B) any potential inability to satisfy any
financial covenants set forth in any agreement, document or instrument governing or evidencing Debt on a future date or in a future
period), and shall state that such Consolidated financial statements fairly present, in all material respects, the Consolidated
financial position of the Loan Parties as at the dates indicated and the results of their operations and their cash flows for the
periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such
financial statements) and that the examination by such accountants in connection with such Consolidated financial statements has
been made in accordance with generally accepted auditing standards).

 

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(d)          Compliance
Certificate. Together with each delivery of financial statements of the Loan Parties pursuant to clauses (b) and
(c), a duly executed and completed Compliance Certificate.

 

(e)          Annual
Budget. As soon as available and in any event no later than 30 days prior to the commencement of any Fiscal Year,
an annual budget, prepared on a quarterly basis for such Fiscal Year and prepared in a manner consistent with the Initial Operating
Budget (with respect to each such Fiscal Year, the “Budget”), which Budget shall be certified by a Financial
Officer of BEC as having been prepared in good faith based upon assumptions believed by BEC to be reasonable at the time made.

 

(f)           Major
Maintenance Funding Certificate. No later than 30 days prior to the commencement of any Fiscal year, a certificate signed by
a Responsible Officer of BEC in the form of Exhibit S.

 

(g)          Operating
Statements and Reports. BEC shall furnish to the Independent Engineer and the Administrative Agent no later than 45 days
after the end of each Fiscal Quarter of BEC, a quarterly operating report of the Project during such Fiscal Quarter reflecting
(i) revenue, fuel, emissions and operating data for the Project, (ii) the actual level of dispatch, capacity factors
or similar operating and performance data for the Project, (iii) a summary of the operating and maintenance costs and improvement
costs incurred during such Fiscal Quarter with a comparison to budgeted amounts for such costs for the Project, (iv) management
discussion of operating performance for the Project, which report shall be certified by a Responsible Officer of BEC as being true
and correct in all material respects, (v) a summary of the progress made by the Permitted Expansion Entity with respect to
the Permitted Expansion Facility and (vi) a description of all Growth Capital Expenditures made by any Loan Party.

 

(h)          Litigation.
Promptly upon any officer of either Borrower becoming aware of (i) the institution of, or non-frivolous threat of, any Adverse
Proceeding not previously disclosed in writing by the Borrowers to the Administrative Agent and the Lender Parties, or (ii) any
material development in any Adverse Proceeding that, in the case of either sub-clause (i) or (ii), could be
reasonably expected to have a Material Adverse Effect, or seeks to enjoin or otherwise prevent the consummation of, or to recover
any damages or obtain relief as a result of, the transactions contemplated hereby, written notice thereof.

 

(i)           Agreement
Notices, Etc. (i) Promptly upon receipt of written notice thereof, deliver notice of the occurrence of any material dispute
under any Material Project Document or with respect to the Project.

 

(ii)         Promptly
upon execution thereof, copies of any Replacement Power Purchase Agreement.

 

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(iii)        Promptly
upon execution thereof, copies of any indenture, loan or credit or similar agreement, and any related security agreements, guarantees
or other collateral documents entered into by any Loan Party in connection with the incurrence of any Debt permitted to be incurred
under Section 7.02(b) and secured by a Lien on any Property of any of the Loan Parties, copies of any Permitted Commodity
Hedge and Power Sale Agreements that are secured by a Lien on the Collateral (including any Second Lien Collateral Documents) entered
into by any Loan Party, and copies of any subsequent material amendments, modifications or waivers of any of the foregoing.

 

(iv)        Promptly
upon receipt or delivery thereof, copies of all notices of force majeure or casualty loss or event delivered to, or received by,
any Loan Party under any Material Project Document.

 

(v)         Promptly
upon receipt thereof, copies of any written notice or other communication delivered by any party to any Material Project Document
pursuant thereto, or in respect thereof, relating to (A) any increase or decrease in revenues generated, or expenses incurred,
thereunder of $3,000,000 or more in any fiscal year or (B) any other matter that could reasonably be expected to have a Material
Adverse Effect.

 

(vi)        Promptly
upon any Loan Party sending or receiving notice of any default, termination or amendment under a Material Project Document or Permitted
Commodity Hedge and Power Sale Agreement, copies of all such notices.

 

(j)           ERISA.
(i) Promptly upon becoming aware of the occurrence of any ERISA Event, a written notice specifying the nature thereof, what
action the Loan Parties or any of their respective ERISA Affiliates have taken, are taking or propose to take with respect thereto
and, when known, any action taken or threatened by the IRS, the Department of Labor or the PBGC with respect thereto; and (ii) to
the extent requested in writing by the Administrative Agent, copies of (1) each Schedule B (Actuarial Information) to
the annual report (Form 5500 Series) filed by the Borrowers, any of their Subsidiaries or any of their respective ERISA Affiliates
with the IRS with respect to each Pension Plan; (2) all notices received by the Loan Parties or any of their respective ERISA
Affiliates from a Multiemployer Plan sponsor concerning a potential ERISA Event; and (3) copies of such other documents or
governmental reports or filings relating to any Pension Plan as the Administrative Agent shall reasonably request.

 

(k)          Environmental
Conditions. Promptly upon becoming aware of the occurrence thereof, written notice describing in reasonable detail (A) any
Release required to be reported to any Governmental Authority under any Environmental Laws except as otherwise could not reasonably
be expected to have a Material Adverse Effect, (B) any remedial action taken or required to be taken pursuant to any Environmental
Law by the Borrowers or any other Person in response to (1) any Hazardous Materials Activities the occurrence of which has
a reasonable possibility of resulting in one or more Environmental Actions except as otherwise could not reasonably be expected
to have a Material Adverse Effect, or (2) any Environmental Actions except as otherwise could not reasonably be expected to
have a Material Adverse Effect, (C) the Borrowers’ discovery of any occurrence or condition at or on the Real Estate
Assets or any real property adjoining or in the vicinity of the Real Estate Assets that could cause the Real Estate Assets or any
part thereof to be subject to any material restrictions on the ownership, occupancy, transferability or use thereof under any Environmental
Laws except as otherwise could not reasonably be expected to have a Material Adverse Effect, (D) any Environmental Action
with respect to the Project except as otherwise could not reasonably be expected to have a Material Adverse Effect, and (E) any
request for information from any Governmental Authority that suggests such authority is investigating whether any of the Loan Parties
may be potentially responsible for any Hazardous Materials Activity except as otherwise could not reasonably be expected to have
a Material Adverse Effect.

 

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(l)           Insurance,
Etc. (i) At the date of each policy renewal, but no less than annually, deliver certificates of insurance from each insurer
or by an authorized representative of each insurer, which certification shall identify the insurers, the type of insurance, the
limits, deductibles and term thereof and also include binders or certificates signed by the insurer or a broker authorized to bind
the insurer evidencing such insurance.

 

(ii)         Promptly
after becoming aware of the occurrence thereof, notice of any Casualty Event or Event of Eminent Domain affecting any Loan Party,
whether or not insured, through fire, theft, other hazard, casualty or otherwise.

 

(iii)        Promptly
after receipt thereof, copies of any cancellation or receipt of written notice of threatened cancellation of any property damage
insurance required to be maintained under Section 7.01(d).

 

(m)         Information
Regarding Collateral. Prompt written notice of any change in a Loan Party’s (i) corporate name, (ii) identity
or corporate structure, (iii) jurisdiction of organization or (iv) Federal Taxpayer Identification Number or state organizational
identification number. The Borrowers agree not to effect or permit any change referred to in the preceding sentence unless all
filings have been made under the Uniform Commercial Code or otherwise that are reasonably required in order for the Collateral
Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral
to the extent contemplated in the Collateral Documents.

 

(n)          Sanctions
Violations. (i) Each Borrower agrees that if it obtains knowledge
or receives any written notice that either Borrower, any Affiliate or any Person holding any legal or beneficial interest whatsoever
therein (whether directly or indirectly) is named on the OFAC SDN List or otherwise becomes a Sanctions Target (such occurrence,
a “Sanctions Violation”), the Borrowers shall immediately (A) give written notice to the Administrative
Agent of such Sanctions Violation, and (B) comply with all applicable laws with respect to such Sanction Violation (regardless
of whether the Sanctions Target or party included on the OFAC SDN List is located within the jurisdiction of the United States
of America), and the Borrowers hereby authorize and consents to the Administrative Agent taking any and all steps the Administrative
Agent deems necessary, in its sole discretion, to comply with all applicable laws governing such sanctions with respect to any
such Sanction Violation, including the “freezing” or “blocking” of assets and reporting such action to
OFAC or other applicable Governmental Authority.

 

(ii)         BEC
shall provide the Administrative Agent with any information regarding the Loan Parties reasonably requested by the Administrative
Agent and necessary for the Lender Parties to comply with all Anti-Terrorism and Money Laundering Laws or to satisfy any Lender
Party’s “know your customer” policies.

 

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(o)          Governmental
Authorizations. Promptly upon receipt of written notice thereof, deliver notice of any dispute, investigation or other proceeding
with, or by, any Governmental Authority involving the potential for the revocation, adverse modification, failure to renew or the
like with respect to any Governmental Authorization necessary for the ownership and operation of the Project or that, if adversely
determined, could reasonably be expected to have a Material Adverse Effect.

 

(p)          Management
Letters. Promptly after receipt thereof by any Loan Party, a copy of any “management letter” received by any such
Loan Party from its certified public accountants and management’s response thereto.

 

(q)          Other
Information. Such other information respecting the business, condition (financial or otherwise), operations, performance or
properties (including information on insurance coverage) of any Loan Party as any Agent, or any Lender Party through the Administrative
Agent, may from time to time reasonably request.

 

Article
VIII

 

EVENTS OF DEFAULT

 

Section
8.01.         Events of Default.
Each of the following events or occurrences shall constitute an “Event of Default”:

 

(a)          (i)
the Borrowers shall fail to pay any principal of any Advance when the same shall become due and payable (unless such Default is
caused by an administrative or technical error and such payment is made within three Business Days of the date on which such amounts
became due), (ii) the Borrowers shall fail to pay any interest on any Advance or any fees under Section 3.06(a) and
Section 4.03(a) within three Business Days after the same shall become due and payable, or (iii) any Loan Party shall
fail to make any other payment under any Loan Document to which it is party within ten Business Days after the same shall become
due and payable; or

 

(b)          any
representation or warranty made by any Loan Party (or any of its officers) or Holdings under or in connection with any Loan Document
to which it is a party (including any certificate delivered pursuant to Article V or Section 7.03) shall prove to
have been incorrect in any material respect when made; provided that, if (i) such Loan Party or Holdings, as the case
may be, was not aware that such representation or warranty was false or incorrect at the time such representation or warranty was
made, (ii) the fact, event or circumstance resulting in such false or incorrect representation or warranty is capable of being
cured, corrected or otherwise remedied, and (iii) such fact, event or circumstance resulting in such false or incorrect representation
or warranty shall have been cured, corrected or otherwise remedied within 30 days (or (A) if such incorrect representation
or warranty is not susceptible to cure within 30 days, (B) the fact, event or circumstance resulting in such false or
incorrect representation or warranty has not resulted in a Material Adverse Effect, and (C) such Loan Party or Holdings, as the
case may be, is proceeding with diligence and in good faith to cure such default and such default is susceptible to cure, such 30 day
cure period shall be extended as may be necessary to cure such incorrect representation or warranty, such extended period not to
exceed 90 days in the aggregate (inclusive of the original 30-day period)) from the date a Responsible Officer of
BEC or any Loan Party obtains knowledge thereof, such false or incorrect representation or warranty shall not constitute a Default
or an Event of Default for purposes of the Loan Documents; or

 

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(c)          any
Loan Party shall fail to perform or observe any term, covenant or agreement contained in Section 4.09, clause (d),
(e), (k), or (m) of Section 7.01, Section 7.02, clause (a) of Section 7.03
or Section 2.6 of the Intercreditor Agreement; or

 

(d)          any
Loan Party shall fail to perform or observe any term, covenant or agreement contained in clause (b), (c) or
(d) of Section 7.03 and such failure shall remain unremedied for 15 days after the earlier of the
date on which (i) any officer of a Loan Party becomes aware of such failure or (ii) written notice thereof shall have
been given to the Borrowers by any Agent or any Lender Party; or

 

(e)          any
Loan Party or Holdings shall fail to perform or observe any other term, covenant or agreement contained in any Loan Document on
its part to be performed or observed and such failure shall remain unremedied for 30 days after the earlier of the date
on which (i) any officer of such Person becomes aware of such failure or (ii) written notice thereof shall have been
given to the Borrowers by any Agent or any Lender Party; provided that, (i) if such failure and is not susceptible
to cure within such 30 days, (ii) such Person is proceeding with diligence and good faith to cure such default and
such default is susceptible to cure and (iii) the existence of such failure has not resulted in a Material Adverse Effect,
such 30 day period shall be extended as may be necessary to cure such failure, such extended period not to exceed 90 days
in the aggregate (inclusive of the original 30-day period); or

 

(f)           (i)
any Loan Party shall fail to pay any principal of, premium or interest on or any other amount payable in respect of any Debt for
Borrowed Money of such Loan Party that is outstanding in a principal amount of at least $15,000,000 either individually or in the
aggregate for all such Persons (but excluding Debt outstanding hereunder) when the same becomes due and payable (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period,
if any, specified in the agreement or instrument relating to such Debt for Borrowed Money; (ii) any Loan Party is in default
in the performance of or compliance with any term of, or other event shall occur or condition shall exist under, any agreement
or instrument relating to any such Debt for Borrowed Money and such default, non-compliance or other event shall continue after
the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to
accelerate the maturity of such Debt for Borrowed Money or otherwise to cause such Debt for Borrowed Money to mature; or (iii) any
such Debt for Borrowed Money shall be declared (or one or more Persons are entitled to declare such Debt for Borrowed Money to
be) due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption),
purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt for Borrowed Money shall be required to be
made, in each case prior to the stated maturity thereof; or

 

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(g)          any
Loan Party or Holdings shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay
its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by
or against any Loan Party or Holdings seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency
or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or
other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against
it (but not instituted by it) that is being diligently contested by it in good faith, either such proceeding shall remain undismissed
or unstayed for a period of 90 days or any of the actions sought in such proceeding (including the entry of an order for relief
against, or the appointment of a receiver, trustee, custodian or other similar official for, it or any substantial part of its
property) shall occur; or any Person shall take any corporate action to authorize any of the actions set forth above in this clause (g);
or

 

(h)          any
judgments or orders, either individually or in the aggregate, for the payment of money in excess of $15,000,000 shall be rendered
against any Loan Party and there shall be any period of 90 consecutive days during which a stay of enforcement of such judgment
or order, by reason of a pending appeal or otherwise, shall not be in effect; or

 

(i)           any
non-monetary judgment or order shall be rendered against any Loan Party that has resulted in a Material Adverse Effect, and there
shall be any period of 90 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending
appeal or otherwise, shall not be in effect; or

 

(j)           any
provision of any Loan Document after delivery thereof pursuant to Section 5.01 or Section 7.01(n) shall for any reason
(except as the result of act or omission of the Agents or the other Secured Parties) cease to be valid and binding on or enforceable
against any Loan Party party to it, or any such Loan Party shall so state in writing; or

 

(k)          any
Collateral Document or financing statement after delivery thereof pursuant to Section 5.01 or Section 7.01(n) shall
for any reason (other than pursuant to the terms thereof or as a result of action taken by any Agent or any other First Lien Secured
Party) cease to create a valid and perfected first priority lien on and security interest in the Collateral to the extent contemplated
hereby or thereby (other than in respect of Collateral with a fair market value of less than $5,000,000 in the aggregate); or

 

(l)           a
Change of Control shall occur; or

 

(m)         (i)
there shall occur one or more ERISA Events which individually or in the aggregate results in liability of any Loan Party or, if
such liability, together with all other such liabilities, is reasonably likely to result in a Material Adverse Effect; or (ii) a
Lien or security interest under Section 430(k) of the Internal Revenue Code or under ERISA has been imposed on the Collateral,
any Loan Party, or any Employee Benefit Plan, and such Lien, together with all other such Liens, would reasonably be likely to
result in a Material Adverse Effect;

 

(n)          an
Event of Abandonment, a Total Loss or an Event of Eminent Domain with respect to all or substantially all of the Project shall
occur; or

 

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(o)          any
Governmental Authorization shall be revoked, cancelled or materially and adversely modified by the Governmental Authority having
jurisdiction and the Required Lenders shall have reasonably determined that such revocation, cancellation or material and adverse
modification could be reasonably expected to have a Material Adverse Effect and such revocation, cancellation or adverse modification
shall continue unremedied for thirty (30) days from such revocation, cancellation or material and adverse modification; or

 

(p)          either
(i)(A) any Core Contract (other than the LTSA) is terminated or ceases to be valid and binding prior to the expiration pursuant
to the terms thereof or (B) unless replaced within 90 days of such termination, any other Material Project Document is terminated
prior to the expiration pursuant to the terms thereof and such termination could reasonably be expected to have a Material Adverse
Effect, (ii) unless such Material Project Document is replaced (and, in the case of the LTSA, the Borrowers have (x) delivered
to the Administrative Agent an updated Major Maintenance Funding Certificate for the next five operating years confirmed by the
Independent Engineer to be acceptable and (y) fully funded the Major Maintenance Account and any other major maintenance then required
under the terms of the Permitted Expansion Facility, as then required by such updated Major Maintenance Funding Certificate), the
counterparty to a Material Project Document is in material default for 90 days (or, in the case of a Core Contract described in
clause (i)(A), the lesser of 90 days and the cure period under such agreement) and such material default could reasonably
be expected to have a Material Adverse Effect or (iii) credit support provided to a Loan Party with respect to a Material
Project Document is no longer valid and is not replaced within 90 days (or, in the case of an agreement described in clause
(i)(A), 30 days); provided that any replacement of a Third Party Power Purchase Agreement (or permitted replacement
thereof) may only be replaced with a “Replacement Power Purchase Agreement; or

 

(q)          an
“event of default”, “termination event” or similar event shall occur under (i) any Interest Rate Hedge
or (ii) any Permitted Commodity Hedge and Power Sale Agreement if, with respect to this clause (ii), the effect of
such “event of default”, “termination event” or similar event is to cause termination costs in excess of
$15,000,000 in the aggregate to become due and payable by a Loan Party thereunder; provided that the foregoing shall not
constitute an Event of Default if within 30 days following such occurrence, a Loan Party shall have deposited, or caused to be
deposited, into the Revenue Account proceeds of Additional Equity Contributions in an amount equal to not less than such termination
costs; provided, however, that, notwithstanding the foregoing, no Event of Default under this Section 8.01(q)
shall be deemed to have occurred during any period not to exceed 90 days following such occurrence in which a Loan Party is contesting,
in good faith by dispute resolution or other appropriate proceedings a Loan Party’s obligation to pay all or any portion
of such termination costs (including any such dispute as to the occurrence of the “event of default”, “termination
event” or similar event giving rise to such termination costs);

 

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then, and in any such event, and for so
long as such Event of Default shall exist, the Administrative Agent (i) shall at the request, or may with the consent, of
the Required Lenders, by notice to the Borrowers, declare the Commitments of each Lender Party and the obligation of each Lender
Party to make Advances and of the Issuing Banks to issue Letters of Credit to be terminated, whereupon the same shall forthwith
terminate, and (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare
the Advances, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents to be forthwith
due and payable, whereupon the Advances, all such interest and all such amounts shall become and be forthwith due and payable,
without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrowers;
provided that, upon the occurrence of an Event of Default described in clause (g) and relating to the Borrowers,
(x) the Commitments of each Lender Party and the obligation of each Lender Party to make Advances and of the Issuing Banks
to issue Letters of Credit shall automatically be terminated and (y) the Advances, all such interest and all such amounts
shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which
are hereby expressly waived by the Borrowers.

 

The Required Lenders,
by written notice to the Administrative Agent, may on behalf of all of the Lenders rescind an acceleration and its consequences
if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal
or interest that has become due solely because of the acceleration) have been cured or waived.

 

Section
8.02.         Actions in Respect of the Letters of Credit upon Default.
If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required
Lenders, irrespective of whether it is taking any of the actions described in Section 8.01 or otherwise, or if the Advances
have been declared due and payable as provided in Section 8.01, make demand upon the Borrowers to, and forthwith upon such
demand the Borrowers will, Cash Collateralize the Available Amount of all outstanding Letters of Credit as of such date in an
amount equal to the Minimum Collateral Amount plus any accrued and unpaid interest thereon; provided that upon the occurrence
of an Event of Default under Section 8.01(g) relating to the Borrowers, the Borrowers shall be obligated to Cash Collateralize
the Available Amount of all outstanding Letters of Credit as of such date in an amount equal to the Minimum Collateral Amount
plus any accrued and unpaid interest thereon, without presentment, demand, protest or any notice of any kind, all of which
are hereby expressly waived by the Borrowers. If at any time any Issuing Bank determines that any funds held in any Controlled
Account are subject to any right or claim of any Person other than the Issuing Bank or its agent or depositary or that the total
amount of such funds is less than Minimum Collateral Amount, the Borrowers will, forthwith upon demand by such Issuing Bank, pay
to such Issuing Bank, as additional funds to be deposited and held in such Controlled Account, an amount equal to the excess of
(a) the Minimum Collateral Amount of all Letters of Credit issued by the applicable Issuing Bank then outstanding in respect
of such Issuing Bank over (b) the total amount of funds, if any, then held in such Controlled Account that such Issuing Bank
determines to be free and clear of any such right and claim. Any amounts received by the Administrative Agent in respect of the
L/C Exposure pursuant to Section 8.01 may be held as Cash Collateral for the obligation of the Borrowers to reimburse the
relevant Issuing Bank in event of any drawing under any Letter of Credit (and the Borrowers hereby grant to the Administrative
Agent a security interest in such Cash Collateral). In the event any Letter of Credit in respect of which the Borrowers have deposited
Cash Collateral with the Administrative Agent is canceled or expires, the Cash Collateral shall be applied (i) first
to the reimbursement of the relevant Issuing Bank (or all of the applicable Revolving Lenders, as the case may be) for any drawings
thereunder, and (ii) second to the payment of any outstanding Obligations of the Borrowers hereunder or under any
other Loan Document.

 

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Article
IX

 

THE AGENTS

 

Section
9.01.         Appointment of Agents.
Each of the Lenders and the Issuing Banks hereby irrevocably appoints Crédit Agricole Corporate and Investment Bank to
act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent
to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely
for the benefit of the Administrative Agent, the Lenders and the Issuing Banks, and neither of the Borrowers nor any other Loan
Party shall have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the
term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative
relationship between contracting parties.

 

Section
9.02.         Rights of Lenders.
The Person serving as the Administrative 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 the Administrative Agent, and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from,
lend money to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in
any kind of business with, the Borrowers or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders.

 

Section
9.03.         Exculpatory Provisions.

 

(a)          The
Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents,
and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative
Agent:

 

(i)          shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)         shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative 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 expressly provided for herein
or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document
or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor
Relief Law or that may affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any
Debtor Relief Law; and

 

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(iii)        shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Borrowers or any of its Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

(b)          The
Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of
the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall
believe in good faith shall be necessary, under the circumstances as provided in Sections 11.05 and 8.01),
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction
by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until
notice describing such Default is given to the Administrative Agent in writing by the Borrowers, a Lender or an Issuing Bank.

 

(c)          The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article V or elsewhere
herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

Section
9.04.         Reliance by Administrative Agent.
The Administrative 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 (including any electronic message, Internet or intranet
website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by
the proper Person. The Administrative Agent also may 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. In determining compliance with
any condition hereunder to the making of an Advance, or the issuance, extension, renewal or increase of a Letter of Credit, that
by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, the Administrative Agent may presume that such
condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent shall have received notice to the contrary
from such Lender or Issuing Bank prior to the making of such Advance or the issuance of such Letter of Credit. The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrowers), 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.

 

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Section
9.05.         Delegation of Duties.
The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other
Loan Document by or through any one or more sub agents appointed by the Administrative Agent. The Administrative 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 this Article shall apply to any such sub agent and to the Related Parties of the Administrative
Agent and any such sub agent, and shall apply to their respective activities in connection with the syndication of the Facilities
as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct
of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment
that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub agents.

 

Section
9.06.         Resignation of Administrative Agent.

 

(a)          The
Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Banks and the Borrowers. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a
successor, which shall be a bank with an office in New York, New York, or an Affiliate of any such bank with an office in New York,
New York. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required
Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not
be obligated to), on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent meeting the qualifications
set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such
notice on the Resignation Effective Date. If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d)
of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrowers
and such Person remove such Person as Administrative Agent and, in consultation with the Borrowers, appoint a successor. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
(or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then
such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

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(b)          With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (1) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case
of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Banks under any of the Loan
Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor
Administrative Agent is appointed) and (2) except for any indemnity payments owed to the retiring or removed Administrative
Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead
be made by or to each Lender and Issuing Bank directly, until such time, if any, as the Required Lenders appoint a successor Administrative
Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative
Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed
Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The
fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless
otherwise agreed between the Borrowers and such successor. After the retiring or removed Administrative Agent’s resignation
or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 11.02 shall continue
in effect for the benefit of such retiring or removed Administrative Agent, its sub agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting
as Administrative Agent.

 

Section
9.07.         Non-Reliance on Administrative Agent and Other Lenders.
Each Lender and Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agent or any
other Lender or any of their Related Parties 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 and Issuing Bank also acknowledges that it will, independently
and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties 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, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

Section
9.08.         Withholding Taxes.
To the extent required by applicable law, the Administrative Agent may withhold from any payment to any Lender Party an amount
equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 4.06, each Lender
Party shall indemnify and hold harmless the Administrative Agent against, and shall make payable in respect thereof within 15 days
after demand therefor, any and all Taxes and related losses, claims, liabilities and expenses (including fees, charges and disbursements
of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other
Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Taxes from amounts paid to
or for the account of such Lender Party for any reason (including, without limitation, because the appropriate form was not delivered
or not properly executed, or because such Lender Party failed to notify the Administrative Agent of a change in circumstances
that rendered the exemption from, or reduction of applicable withholding Taxes ineffective). A certificate as to the amount of
such payment or liability delivered to any Lender Party by the Administrative Agent shall be conclusive absent manifest error.
Each Lender Party hereby authorizes the Administrative Agent to set off and apply any and all amounts owing to such Lender under
the Loan Documents against any amount due to the Administrative Agent under this Section 9.08. The agreements in this Section
9.08 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement
of, a Lender Party, and the repayment, satisfaction or discharge of all other Obligations. This Section 9.08 shall not
impose any additional responsibility on the Loan Parties.

 

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Section
9.09.         Administrative Agent May File Proof of Claim.
In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party,
the Administrative Agent (irrespective of whether the principal of any Advance or L/C Commitment shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand
on the Borrowers) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Advances, L/C Commitments
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the Issuing Banks and the Administrative Agent and their respective agents
and counsel and all other amounts due the Lenders, the Issuing Banks and the Administrative Agent under Sections 3.06
and 11.02) allowed in such judicial proceeding; and

 

(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
and Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders and the Issuing Banks, to pay to the Administrative Agent any amount due
for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and
any other amounts due the Administrative Agent under Section 11.02.

 

Section
9.10.         Collateral Matters.

 

(a)          The
Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion, to instruct the Collateral Agent:

 

(i)          to
release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (x) upon termination
of all Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration
or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative
Agent and the applicable Issuing Bank shall have been made), (y) that is sold or otherwise disposed of or to be sold or otherwise
disposed of as part of or in connection with any sale or other disposition permitted under the Loan Documents, or (z) subject
to Section 11.05, if approved, authorized or ratified in writing by the Required Lenders; or

 

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(ii)         to
release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction
permitted under the Loan Documents.

 

Upon request by the
Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to instruct
the Collateral Agent to release its interest in particular types or items of property, or to release any Guarantor from its obligations
under the Guaranty pursuant to this Section 9.10.

 

(b)          The
Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into (i) any representation or warranty
regarding the existence, value or collectability of the Collateral, (ii) the existence, priority or perfection of the Administrative
Agent’s Lien thereon, or (iii) any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative
Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

Article
X

 

GUARANTY

 

Section
10.01.         Guaranty; Limitation of Liability.

 

(a)          Each
Guarantor, jointly and severally, hereby absolutely, unconditionally and irrevocably guarantees the punctual payment when due,
whether at scheduled maturity or on any date of a required prepayment or by acceleration, demand or otherwise, of all Obligations
of each other Loan Party now or hereafter existing under or in respect of the Loan Documents and the Hedge Agreements (including
any extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing Obligations), whether direct
or indirect, absolute or contingent, and whether for principal, interest, premiums, fees, indemnities, contract causes of action,
costs, expenses or otherwise except, with respect to any Guarantor, all Excluded Swap Obligations (such Obligations being the “Guaranteed
Obligations”), and agrees to pay any and all expenses of such Guarantor (including fees and expenses of counsel)
incurred by the Administrative Agent or any other Guaranteed Party in enforcing any rights under this Guaranty or any other Guaranteed
Document. Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts that constitute
part of the Guaranteed Obligations and would be owed by any other Loan Party to any Guaranteed Party under or in respect of the
Guaranteed Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization
or similar proceeding involving such other Loan Party.

 

(b)          Each
Guarantor, and by its acceptance of this Guaranty, the Administrative Agent and each other Guaranteed Party, hereby confirms that
it is the intention of all such Persons that this Guaranty and the Obligations of each Guarantor hereunder not constitute a fraudulent
transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty and the Obligations of each
Guarantor hereunder. To effectuate the foregoing intention, the Administrative Agent, the other Guaranteed Parties and the Guarantors
hereby irrevocably agree that the Obligations of each Guarantor under this Guaranty at any time shall be limited to the maximum
amount as will result in the Obligations of such Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance.

 

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(c)          Each
Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Guaranteed
Party under this Guaranty or any other guaranty, such Guarantor will contribute, to the maximum extent permitted by law, such amounts
to each other Guarantor and each other Guarantor so as to maximize the aggregate amount paid to the Guaranteed Parties under or
in respect of the Guaranteed Documents.

 

Section
10.02.         Guaranty Absolute.
Each Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Guaranteed
Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms
or the rights of any Guaranteed Party with respect thereto. The Obligations of each Guarantor under or in respect of this Guaranty
are independent of the Guaranteed Obligations or any other Obligations of any other Loan Party under or in respect of the Guaranteed
Documents or Hedge Agreements, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce
this Guaranty, irrespective of whether any action is brought against the Borrowers or any other Loan Party or whether the Borrowers
or any other Loan Party is joined in any such action or actions. The liability of each Guarantor under this Guaranty shall be
irrevocable, absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives any defenses it may now
have or hereafter acquire in any way relating to, any or all of the following:

 

(a)          any
lack of validity or enforceability of any Guaranteed Document or any agreement or instrument relating thereto;

 

(b)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations or any other
Obligations of any other Loan Party under or in respect of the Guaranteed Documents, or any other amendment or waiver of or any
consent to departure from any Guaranteed Document, including any increase in the Guaranteed Obligations resulting from the extension
of additional credit to any Loan Party or otherwise;

 

(c)          any
taking, exchange, release or non-perfection of any Collateral or any other collateral, or any taking, release or amendment or waiver
of, or consent to departure from, any other guaranty, for all or any of the Guaranteed Obligations;

 

(d)          any
manner of application of Collateral or any other collateral, or proceeds thereof, to all or any of the Guaranteed Obligations,
or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Guaranteed Obligations
or any other Obligations of any Loan Party under the Guaranteed Documents or any other Property of any Loan Party;

 

(e)          any
change, restructuring or termination of the corporate structure or existence of any Loan Party;

 

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(f)           any
failure of any Guaranteed Party to disclose to any Loan Party any information relating to the business, condition (financial or
otherwise), operations, performance, properties or prospects of any other Loan Party now or hereafter known to such Guaranteed
Party (each Guarantor waiving any duty on the part of the Guaranteed Parties to disclose such information);

 

(g)          the
failure of any other Person to execute or deliver this Agreement, or any other guaranty or agreement or the release or reduction
of liability of any Guarantor or other guarantor or surety with respect to the Guaranteed Obligations; or

 

(h)          any
other circumstance (including any statute of limitations) or any existence of or reliance on any representation by any Guaranteed
Party that might otherwise constitute a defense available to, or a discharge of, any Loan Party or any other guarantor or surety.

 

This Guaranty shall continue to be effective
or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise
be returned by any Guaranteed Party or any other Person upon the insolvency, bankruptcy or reorganization of the Borrowers or any
other Loan Party or otherwise, all as though such payment had not been made.

 

Section
10.03.         Waivers and Acknowledgments.

 

(a)          Each
Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance,
notice of nonperformance, default, acceleration, protest or dishonor and any other notice with respect to any of the Guaranteed
Obligations and this Guaranty and any requirement that any Guaranteed Party protect, secure, perfect or insure any Lien or any
property subject thereto or exhaust any right or take any action against any Loan Party or any other Person or any Collateral.

 

(b)          Each
Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guaranty and acknowledges that this Guaranty is
continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future.

 

(c)          Each
Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by reason of any claim or defense based upon
an election of remedies by any Guaranteed Party that in any manner impairs, reduces, releases or otherwise adversely affects the
subrogation, reimbursement, exoneration, contribution or indemnification rights of such Guarantor or other rights of such Guarantor
to proceed against any of the other Loan Parties, any other guarantor or any other Person or any Collateral and (ii) any defense
based on any right of set-off or counterclaim against or in respect of the Obligations of such Guarantor hereunder.

 

(d)          Each
Guarantor acknowledges that the Collateral Agent may, without notice to or demand upon such Guarantor and without affecting the
liability of such Guarantor under this Guaranty, foreclose under any mortgage by nonjudicial sale, and each Guarantor hereby waives
any defense to the recovery by the Collateral Agent and the other Secured Parties against such Guarantor of any deficiency after
such nonjudicial sale and any defense or benefits that may be afforded by applicable law.

 

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(e)          Each
Guarantor hereby unconditionally and irrevocably waives any duty on the part of any Guaranteed Party to disclose to such Guarantor
any matter, fact or thing relating to the business, condition (financial or otherwise), operations, performance, properties or
prospects of any other Loan Party now or hereafter known by such Guaranteed Party.

 

(f)           Each
Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing and hedging arrangements
contemplated by the Guaranteed Documents and that the waivers set forth in Section 10.02 and this Section 10.03 are
knowingly made in contemplation of such benefits.

 

Section
10.04.         Subrogation.
Each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire
against the Borrowers, any other Loan Party or any other insider guarantor that arise from the existence, payment, performance
or enforcement of such Guarantor’s Obligations under or in respect of this Guaranty or any other Guaranteed Document, including
any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim
or remedy of any Guaranteed Party against the Borrowers, any other Loan Party or any other insider guarantor or any Collateral,
whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take
or receive from the Borrowers, any other Loan Party or any other insider guarantor, directly or indirectly, in cash or other property
or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until all of the
Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash, all Letters of
Credit shall have expired or been terminated and the Commitments shall have expired or been terminated. If any amount shall be
paid to any Guarantor in violation of the immediately preceding sentence at any time prior to the latest of (a) the payment
in full in cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, (b) the Term Facility Maturity
Date, and (c) the latest date of expiration or termination of all Letters of Credit, such amount shall be received and held
in trust for the benefit of the Guaranteed Parties, shall be segregated from other property and funds of such Guarantor and shall
forthwith be paid or delivered to the Administrative Agent in the same form as so received (with any necessary endorsement or
assignment) to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether
matured or unmatured, in accordance with the terms of the Guaranteed Documents, or to be held as Collateral for any Guaranteed
Obligations or other amounts payable under this Guaranty thereafter arising. If (i) any Guarantor shall make payment to any
Guaranteed Party of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all other amounts
payable under this Guaranty shall have been paid in full in cash, (iii) the Term Facility Maturity Date shall have occurred,
and (iv) all Letters of Credit shall have expired or been terminated, the Guaranteed Parties will, at such Guarantor’s
request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and without representation
or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed Obligations
resulting from such payment made by such Guarantor pursuant to this Guaranty.

 

Section
10.05.         Subordination.
Each Guarantor hereby subordinates any and all debts, liabilities and other Obligations (other than, for the avoidance of doubt,
amounts or other Obligations due under the Zone J Power Purchase Agreements) owed to such Guarantor by each other Loan Party (the
“Subordinated Obligations”) to the Guaranteed Obligations to the extent and in the manner hereinafter
set forth in this Section 10.05:

 

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(a)          Non-permitted
Payments, Etc. Each Guarantor may receive regularly scheduled payments from any other Loan Party on account of the Subordinated
Obligations; provided that, from and after the occurrence during the continuance of any Event of Default, upon the written
request of the Collateral Agent acting in accordance with the Intercreditor Agreement, no Guarantor shall demand, accept or take
any action to collect any payment on account of the Subordinated Obligations.

 

(b)          Prior
Payment of Guaranteed Obligations. In any proceeding under any Bankruptcy Code relating to any other Loan Party, each Guarantor
agrees that the Guaranteed Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including
all interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Code, whether or not constituting
an allowed claim in such proceeding (“Post-Petition Interest”)) before such Guarantor receives payment
of any Subordinated Obligations.

 

(c)          Turn-Over.
After the occurrence and during the continuance of any Default, each Guarantor shall, if the Collateral Agent so requests, collect,
enforce and receive payments on account of the Subordinated Obligations as trustee for the Guaranteed Parties and deliver such
payments to the Administrative Agent on account of the Guaranteed Obligations (including all Post-Petition Interest), together
with any necessary endorsements or other instruments of transfer, but without reducing or affecting in any manner the liability
of such Guarantor under the other provisions of this Guaranty.

 

(d)          Collateral
Agent Authorization. After the occurrence and during the continuance of an Event of Default, the Collateral Agent is authorized
and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and
enforce, and to submit claims in respect of, the Subordinated Obligations and to apply any amounts received thereon to the Guaranteed
Obligations (including any and all Post-Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce,
and to submit claims in respect of, the Subordinated Obligations and (B) to pay any amounts received on such obligations to
the Administrative Agent for application to the Guaranteed Obligations (including any and all Post-Petition Interest).

 

Section
10.06.         Continuing Guaranty; Assignments.
This Guaranty is a continuing guaranty and shall (a) remain in full force and effect until a Repayment Event, (b) be
binding upon each Guarantor, its successors and assigns and (c) inure to the benefit of and be enforceable by the Guaranteed
Parties and their successors, transferees and assigns. Without limiting the generality of clause (c) of the immediately
preceding sentence, any Lender Party may assign or otherwise transfer all or any portion of its rights and obligations under this
Agreement (including all or any portion of its Commitments, the Advances owing to it, and any Note or Notes held by it) to any
other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender
Party herein or otherwise, in each case as and to the extent provided in Section 11.06. No Guarantor shall have the right
to assign its rights hereunder or any interest herein without the prior written consent of the Guaranteed Parties.

 

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Section
10.07.         Keepwell.
Each Loan Party that is a Qualified ECP Guarantor at the time this Guaranty by any Specified Loan Party becomes effective with
respect to any Swap Obligation hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide
such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified
Loan Party from time to time to honor all of its obligations under this Guaranty and the other Loan Documents in respect of such
Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering
such Qualified ECP Guarantor’s obligations and undertakings under this Article X voidable under applicable law relating
to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified
ECP Guarantor under this Section shall remain in full force and effect until the Guaranteed Obligations have been indefeasibly
paid and performed in full. Each Qualified ECP Guarantor intends this Section to constitute, and this Section shall be deemed
to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of,
each Specified Loan Party for all purposes of the Commodity Exchange Act.

 

Article
XI

 

MISCELLANEOUS

 

Section
11.01.         Notices.

 

(a)          Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in paragraph (b) below), all 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 or sent by facsimile as set forth
on Part III of Schedule I. Notices sent by hand or overnight courier service, or mailed by certified or
registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given
when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next Business Day for the recipient). Notices delivered through electronic communications, to the extent
provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b)          Electronic
Communications. Notices and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or Issuing Bank pursuant to Article II if such
Lender or Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such
Article by electronic communication. The Administrative Agent or the Borrowers may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that
approval of such procedures may be limited to particular notices or communications.

 

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Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgment), and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described
in the foregoing clause (i), of notification that such notice or communication is available and identifying the website
address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other
communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have
been sent at the opening of business on the next Business Day for the recipient.

 

(c)          Change
of Address, etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder
by notice to the other parties hereto.

 

(d)          Platform.

 

(i)          Each
Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below)
available to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a substantially
similar electronic transmission system (the “Platform”).

 

(ii)         The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the
adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. 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 any Agent Party in connection
with the Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively,
the “Agent Parties”) have any liability to the Borrowers or the other Loan Parties, any Lender or any
other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential
damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrowers’, any Loan Party’s
or the Administrative Agent’s transmission of communications through the Platform. “Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed to the Administrative Agent,
any Lender or any Issuing Bank by means of electronic communications pursuant to this Section 11.01, including through the
Platform.

 

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Section
11.02.         Expenses, Indemnity; Damage Waiver.

 

(a)          Costs
and Expenses. The Borrowers shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in
connection with the syndication of the Facilities, the preparation, negotiation, execution, delivery and administration of this
Agreement and the other Loan Documents, or any amendments, modifications or waivers of the provisions hereof or thereof, (ii) all
reasonable and documented out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal
or extension of any Letter of Credit or any demand for payment thereunder, and (iii) all reasonable and documented out-of-pocket
expenses incurred by the Administrative Agent, any Lender or any Issuing Bank (including the reasonable and documented out-of-pocket
legal expenses of one firm of counsel for the Administrative Agent, any Lender or any Issuing Bank, collectively, plus (if applicable)
one local counsel in each appropriate jurisdiction for all such persons and, in the case of a conflict of interest between such
persons, one additional counsel in each relevant jurisdiction to each group of such affected persons similarly situated taken as
a whole), in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents,
including its rights under this Section 11.02.

 

(b)          Indemnification
by the Borrowers. The Borrowers shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each
Issuing Bank, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related reasonable and documented
costs, expenses (including the reasonable and documented fees, charges and disbursements of any one firm of counsel for the Administrative
Agent, any Lender or any Issuing Bank collectively, (if applicable) one local counsel in each appropriate jurisdiction for all
such persons and, in the case of a conflict of interest between such persons, one additional counsel in each relevant jurisdiction
to each group of such affected persons similarly situated taken as a whole), incurred by any Indemnitee or asserted against any
Indemnitee by any Person (including the Borrowers or any other Loan Party), other than by such Indemnitee and its Related Parties
arising out of, in connection with, or as a result of any indemnified liabilities, including any indemnified liabilities with respect
to (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby
or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of
the transactions contemplated hereby or thereby, (ii) any Advance or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented
in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged
presence or Release of Hazardous Materials with respect to the Project or otherwise on or from any Real Estate Asset or any actual
or alleged violation of Environmental Law or Environmental Action related in any way to the Project or the Borrowers or any of
their respective Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to
any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrowers
or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence
or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrowers or any other Loan Party against
an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the
Borrowers or such Loan Party has obtained a final and non-appealable judgment in its favor on such claim as determined by a court
of competent jurisdiction. This Section 11.02(b) shall not apply with respect to Taxes other than any Taxes that represent
losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)          Reimbursement
by Lenders. To the extent that the Borrowers for any reason fails to indefeasibly pay any amount required under paragraph (a)
or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), without prejudice to
the Loan Parties’ obligations hereunder in respect of the same, any Issuing Bank, the Swingline Lender or any Related Party
of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such Issuing
Bank, the Swingline Lender or such Related Party, 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 based on each Lender’s share of the Total Credit
Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender);
provided that with respect to such unpaid amounts owed to any Issuing Bank or the Swingline Lender solely in its capacity
as such, only the Lenders shall be required to pay such unpaid amounts, such payment to be made severally among them based on such
Lenders’ Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is
sought) provided, further, 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 (or any such sub-agent), such Issuing
Bank or the Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative
Agent (or any such sub-agent), such Issuing Bank or the Swingline Lender in connection with such capacity. The obligations of the
Lenders under this paragraph (c) are subject to the provisions of Section 2.02(c).

 

(d)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrowers shall not assert, and 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, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Advance or Letter
of Credit, or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for
any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby.

 

(e)          Payments.
All amounts due under this Section 11.02 shall be payable promptly, but in any event, not later than ten days after demand
therefor.

 

(f)           Survival.
Each party’s obligations under this Section 11.02 shall survive the termination of the Loan Documents and payment
of the obligations hereunder.

 

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(g)          Break-Funding.
If for any reason (i) any prepayment or other principal payment of, or any Conversion of, any Eurodollar Rate Advance is made
by the Borrowers to or for the account of a Lender on a date prior to the last day of the Interest Period applicable to such Eurodollar
Rate Advance, (ii) the Borrowers fails to make any payment or prepayment of a Eurodollar Rate Advance for which a notice of
prepayment has been given (even if subsequently revoked as permitted by Section 2.04(a)) or that is otherwise required to
be made or (iii) a Borrowing of a Eurodollar Rate Advance does not occur on the date specified therefor in the relevant Funding
Notice or telephonic request for Borrowing, or a Conversion to or continuation of any Eurodollar Rate Advance does not occur on
the date specified therefor in the relevant Conversion/Continuation Notice or telephonic request for Conversion or continuation,
the Borrowers shall, in each case and upon demand by such Lender (with a copy of such demand to the Administrative Agent), compensate
such Lender for the loss, cost and expense attributable to such event (but excluding any anticipated profits). In the case of a
Eurodollar Rate Advance, the loss to any Lender attributable to any such event shall be deemed to include an amount reasonably
determined by such Lender to be equal to the excess, if any, of (i) the amount of interest that such Lender would pay for
a deposit equal to the principal amount of such Advance for the period from the date of such payment, conversion or failure to
the last day of the then current Interest Period for such Advance (or, in the case of a failure to borrow, convert or continue
a Eurodollar Rate Advance, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation)
if the interest rate payable on such deposit were equal to the Adjusted Eurodollar Rate for such Interest Period, over (ii) the
amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal
amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for deposits in Dollars
from other banks in the eurocurrency market at the commencement of such period.

 

Section
11.03.         Cash Collateral.
At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative
Agent or any Issuing Bank (with a copy to the Administrative Agent) the Borrowers shall, to the extent of available cash pursuant
to Section 4.11(a)(ii), Cash Collateralize the Issuing Banks’ Fronting Exposure with respect to such Defaulting Lender
(determined after giving effect to Section 4.11(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an
amount not less than the Minimum Collateral Amount.

 

(a)          Grant
of Security Interest. The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants
to the Administrative Agent, for the benefit of the Issuing Banks, and agrees to maintain, a first priority security interest in
all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of L/C Commitments,
to be applied pursuant to clause (b) below. If at any time the Administrative Agent determines that Cash Collateral
is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Banks as herein provided, or
that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrowers will, promptly upon demand
by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate
such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

 

(b)          Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 11.03
or Section 4.10 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation
to fund participations in respect of Revolving Commitments and L/C Advances (including, as to Cash Collateral provided by a Defaulting
Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application
of such property as may otherwise be provided for herein.

 

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(c)          Termination
of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuing Bank’s Fronting Exposure
shall no longer be required to be held as Cash Collateral pursuant to this Section 11.03 following (i) the elimination
of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the
determination by the Administrative Agent and each Issuing Bank that there exists excess Cash Collateral; provided that,
subject to Section 4.10 the Person providing Cash Collateral and each Issuing Bank may agree that Cash Collateral shall
be held to support future anticipated Fronting Exposure or other obligations and provided further that to the extent that such
Cash Collateral was provided by the Borrowers, such Cash Collateral shall remain subject to the security interest granted pursuant
to the Loan Documents.

 

Section
11.04.         Set-Off.
If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Bank, and each of their respective Affiliates
is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other
obligations (in whatever currency) at any time owing, by such Lender, such Issuing Bank or any such Affiliate, to or for the credit
or the account of the Borrowers or any other Loan Party against any and all of the obligations of the Borrowers or such Loan Party
now or hereafter existing under this Agreement or any other Loan Document to such Lender or such Issuing Bank or their respective
Affiliates, irrespective of whether or not such Lender, Issuing Bank or Affiliate shall have made any demand under this Agreement
or any other Loan Document and although such obligations of the Borrowers or such Loan Party may be contingent or unmatured or
are owed to a branch, office or Affiliate of such Lender or such Issuing Bank different from the branch, office or Affiliate holding
such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any
such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application
in accordance with the provisions of Section 4.10 and, pending such payment, shall be segregated by such Defaulting Lender
from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks, and the Lenders,
and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail
the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each
Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other
rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have. Each Lender and Issuing Bank agrees
to notify the Borrowers and the Administrative Agent promptly after any such setoff and application; provided that the
failure to give such notice shall not affect the validity of such setoff and application.

 

Section
11.05.         Amendments and Waivers.

 

(a)          Required
Lenders’ Consent. Subject to the terms of the Intercreditor Agreement, Section 4.10 and Section 11.05(d)
and additional requirements of Section 4.10, Sections 4.11(a)(i), 11.05(b) and 11.05(c),
no amendment, modification, termination or waiver of any provision of the Loan Documents, or consent to any departure by any Loan
Party therefrom, shall in any event be effective without the written concurrence of the Required Lenders.

 

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(b)          Affected
Lender Parties’ Consent. Without the written consent of each Lender (other than, in the case of (x) below, a Defaulting
Lender) that would be directly affected thereby, no amendment, modification, termination, waiver or consent shall be effective
if the effect thereof would:

 

(i)          extend
the scheduled final maturity of any Advance or Note;

 

(ii)         waive,
reduce or postpone any scheduled principal payment pursuant to Section 2.03;

 

(iii)        extend
the stated expiration date of any Letter of Credit beyond the Revolving Facility Maturity Date;

 

(iv)        reduce
the rate of interest on any Advance or any fee or any premium payable to such Lender hereunder (other than, in each case, any waiver
of any increase in the interest rate applicable to any Advance pursuant to Section 4.02 or any other amount hereunder);

 

(v)         extend
the time for payment of any such interest or fees to such Lender;

 

(vi)        reduce
the principal amount of any Advance or any reimbursement obligation in respect of any Letter of Credit;

 

(vii)       amend,
modify, terminate or waive any provision of this Section 11.05(b), 11.05(c) or any other provision of this Agreement
that expressly provides that the consent of all Lender Parties is required;

 

(viii)      amend
the definition of “Required Lenders” or “Pro Rata Share” or the definition of “Outstanding
Amount” or “Required First Lien Secured Parties” (in each case as defined in the Intercreditor Agreement);

 

(ix)         release
all or substantially all of the Collateral or all or substantially all of the Guarantors from the Guaranty except as expressly
provided in the Loan Documents (including Section 7.02(e));

 

(x)          consent
to the assignment or transfer by any Loan Party of any of its rights and obligations under any Loan Document;

 

(xi)         waive
any condition set forth in Section 5.01 or, in the case of a Credit Extension on the Closing Date only, Section 5.02; or

 

(xii)        impose
any greater restriction on the ability of any Lender under any Facility to assign any of its rights or obligations hereunder, or
to change any provision of Section 11.06(d) or (e) to impose any greater restrictions on any Lender with respect to the matters
referred to therein.

 

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(c)          Other
Consents. No amendment, modification, termination or waiver of any provision of the Loan Documents, or consent to any departure
by any Loan Party therefrom, shall:

 

(i)          increase
any Revolving Commitment of any Lender over the amount thereof then in effect without the consent of such Lender; provided
that no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall constitute an
increase in any Revolving Commitment of any Lender;

 

(ii)         without
the consent of the Required Lenders and the consent of Lenders holding a majority of the Commitments or Advances outstanding under
such Facility, (A) change the order of application of any reduction in the Commitments or any prepayment of Advances among
the Facilities from the application thereof set forth in the applicable provisions of Section 2.04 of this Agreement or
Section 4.1 or 5.2 of the Intercreditor Agreement, in any manner that disproportionately affects the Lender Parties differently
from the other Lender Parties or other Secured Parties or (B) otherwise disproportionately affect the obligation of the Borrowers
to make any payment of the Advances to the Lender Parties from other Lender Parties or other Secured Parties; provided that
the Required Lenders may waive, in whole or in part, any prepayment so long as the application as between Facilities, of any portion
of such prepayment which is still required to be made is not altered;

 

(iii)        amend,
modify, terminate or waive the provisions governing the reimbursement of Letters of Credit as provided in Section 3.04 without
the written consent of the Administrative Agent, the applicable Issuing Bank and each Revolving Lender;

 

(iv)        amend,
modify, terminate or waive the provisions governing the reimbursement of Swingline Advances as provided in Section 2.02(b)
without the written consent of the Administrative Agent and of the applicable Swingline Lender; or

 

(v)         amend,
modify, terminate or waive any provision of Article IX as the same applies to any Agent or the Depositary, or any other
provision hereof of any Loan Document as the same applies to the rights, powers, privileges or obligations of any such Agent or
the Depositary, in each case without the consent of such Agent or the Depositary, as applicable.

 

(d)          Amendments
to Cure Ambiguities, Defects, etc. Notwithstanding the other provisions of this Section 11.05, the Borrowers, Holdings,
or any other Loan Party, the Collateral Agent and the Administrative Agent may (but shall have no obligation to) amend or supplement
the Loan Documents without the consent of any Lender Party: (i) to cure any ambiguity, defect or inconsistency, (ii) to
make any change that would provide any additional rights or benefits to the Lender Parties, (iii) to make, complete or confirm
any grant of Collateral permitted or required by this Agreement or any of the Collateral Documents or any release of any Collateral
that is otherwise permitted under the terms of this Agreement and the Collateral Documents, (iv) by means of any Joinder Agreement
to the extent expressly contemplated by the definition of Permitted Expansion Entity or (iv) to implement Section 4.10,
Section 4.11 or a Permitted Expansion Facility.

 

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(e)          Execution
of Amendments, etc. The Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender Party,
execute amendments, modifications, waivers or consents on behalf of such Lender Party. Any waiver or consent shall be effective
only in the specific instance and for the specific purpose for which it was given. No notice to or demand on any Loan Party in
any case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances. Any amendment,
modification, termination, waiver or consent effected in accordance with this Section 11.05 shall be binding upon each Lender
Party at the time outstanding, each future Lender Party and, if signed by a Loan Party, on such Loan Party.

 

(f)           Intercreditor
Agreement. Notwithstanding anything to the contrary set forth herein, any amendment, modification, termination or consent to,
of or under any Collateral Document permitted pursuant to this Section 11.05 shall be subject to the applicable terms of
the Intercreditor Agreement.

 

Section
11.06.         Successors and Assigns; Participations.

 

(a)          Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that neither the Borrowers nor any other Loan Party may assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent
and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an
assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance
with the provisions of paragraph (d) of this Section, or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of paragraph (e) of this Section (and any other attempted assignment or transfer by
any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided
in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)          Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Advances at the time owing to it); provided that (in
each case with respect to any Facility) any such assignment shall be subject to the following conditions:

 

(i)          Minimum
Amounts.

 

(A)         in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Advances at the
time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds that equal
at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment
to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

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(B)         in
any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this
purpose includes Advances outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding
balance of the Advances of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date) shall not be less than $1,000,000, in the case of any assignment in respect of the Revolving
Facility, or $1,000,000, in the case of any assignment in respect of the Term Facility, unless each of the Administrative Agent
and, so long as no Default or Event of Default has occurred and is continuing, the Borrowers otherwise consents (each such consent
not to be unreasonably withheld or delayed); provided that any assignment by the Swingline Lender must be an assignment
of all Swingline Advances.

 

(ii)         Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Advance or the Commitment assigned, except that this clause (ii)
shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro
rata basis.

 

(iii)        Required
Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B)
of this Section and, in addition:

 

(A)         the
consent of the Borrowers (such consent not to be unreasonably withheld or delayed) shall be required unless (w) an Event of
Default has occurred and is continuing at the time of such assignment, (x) such assignment of Term Commitments or Term Advances
is to a Term Lender, an Affiliate of a Term Lender, an Approved Fund or (y) such assignment of Revolving Commitments or L/C
Advances is to a Revolving Lender, an Affiliate of a Revolving Lender or an Approved Fund; provided that the Borrowers shall
be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent
within five (5) Business Days after having received notice thereof; provided, further, that notwithstanding
the foregoing and for so long as the Sponsor owns any direct or indirect interest in any Loan Party, the Borrowers’ consent
shall be required for any assignment to a Sponsor-Related Party, Macquarie Group Ltd. or an Affiliate of Macquarie Group Ltd.,
which consent may be granted or withheld in the Borrowers’ sole discretion;

 

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(B)         the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of (x) any Facility or any unfunded Commitments with respect to such Facility if such assignment is to a Person
that is not a Lender with a Commitment in respect of such Facility, an Affiliate of such Lender or an Approved Fund with respect
to such Lender, or (y) any Advances to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund; and

 

(C)         the
consent of each Issuing Bank and the Swingline Lender shall be required for any assignment in respect of the Revolving Facility.

 

(iv)        Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500 paid by the assigning Lender (or the assignee); provided that the
Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.
The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)         No
Assignment to Certain Persons. No such assignment shall be made to (A) any natural Person, (B) any Defaulting Lender
or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons
described in this clause (B) or (C) any Borrower or any Affiliate of any Borrower.

 

(vi)        Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable Pro Rata
Share of Advances previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to
the Administrative Agent, each Issuing Bank, the Swingline Lender and each other Lender hereunder (and interest accrued thereon),
and (y) acquire (and fund as appropriate) its full pro rata share of all Advances and participations in Letters of
Credit and Swingline Advances in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any
assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance
with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes
of this Agreement until such compliance occurs.

 

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Subject to acceptance and recording thereof
by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified
in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the 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
of Sections 4.04 and 11.02 with respect to facts and circumstances occurring prior to the effective date
of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment
by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with paragraph (d) of this Section.

 

(c)          Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at one of its offices in
New York, New York, a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be
conclusive absent manifest error, and the Borrowers, the Administrative 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. The Register
shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

 

(d)          Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations
to any Person (other than a natural Person or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Advances owing to it); provided 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, and (iii) the Borrowers, the Administrative Agent, the Issuing Banks and Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 4.06(e) with
respect to any payments made by such Lender to its Participant(s).

 

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Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver with respect to provisions relating to amendments requiring unanimous consent of the Lenders that affects such Participant.
The Borrowers agree that each Participant shall be entitled to the benefits of Section 4.04, 11.02(g) and 4.06
(subject to the requirements and limitations therein, including the requirements under Section 4.06(g) (it being understood
that the documentation required under Section 4.06(g) shall be delivered to the participating Lender)) to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided
that such Participant (A) agrees to be subject to the provisions of Section 4.08(b) as if it were an assignee under
paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 4.04
or 4.06, with respect to any participation, than its participating Lender would have been entitled to receive, except
to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired
the applicable participation. Each Lender that sells a participation agrees, at the Borrowers’ request and expense, to use
reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 4.08(b) with respect to any Participant.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.04 as though it were
a Lender; provided that such Participant agrees to be subject to Section 4.07 as though it were a Lender. Each Lender
that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on which it
enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest
in the Advances or other obligations under the Loan Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that
such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103 1(c) of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(e)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any
central bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

Section
11.07.         Independence of Covenants.
All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any
of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another
covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

 

Section
11.08.         Survival of Representations, Warranties and Agreements.
All representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any
Credit Extension. Notwithstanding anything herein or implied by law to the contrary, the agreements of each Loan Party set forth
in Sections 4.04, 4.06, 11.02, 11.03 and 11.04 and the agreements of Lender Parties
set forth in Sections 4.07, 9.03 and 4.06(e) shall survive the payment of the Advances, the cancellation
or expiration of the Letters of Credit and the reimbursement of any amounts drawn thereunder, and the termination hereof.

 

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Section
11.09.         No Waiver; Remedies Cumulative.
No failure or delay on the part of any Agent or any Lender Party in the exercise of any power, right or privilege hereunder or
under any other Loan Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence
therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof
or of any other power, right or privilege. The rights, powers and remedies given to each Agent and each Lender Party hereby are
cumulative and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or
rule of law or in any of the other Loan Documents or any of the Hedge Agreements or Commodity Hedge and Power Sale Agreements.
Any forbearance or failure to exercise, and any delay in exercising, any right, power or remedy hereunder shall not impair any
such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right,
power or remedy.

 

Section
11.10.         Marshalling; Payments Set Aside.
Neither any Agent nor any Lender Party shall be under any obligation to marshal any assets in favor of any Loan Party or any other
Person or against or in payment of any or all of the Obligations. To the extent that any Loan Party makes a payment or payments
to the Administrative Agent or the Lender Parties (or to the Administrative Agent, on behalf of the Lender Parties), or any Agent
or Lender Party enforces any security interests or exercise its rights of setoff, and such payment or payments or the proceeds
of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set
aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal
law, common law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof originally intended
to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force
and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred.

 

Section
11.11.         Severability.
In case any provision in or obligation hereunder or under any other Loan Document shall be invalid, illegal or unenforceable in
any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

Section
11.12.         Obligations Several; Independent Nature of Lender Parties’
Rights. The obligations of the Lender Parties hereunder are several and no Lender
Party shall be responsible for the obligations or Commitment of any other Lender Party hereunder. Nothing contained herein or
in any other Loan Document, and no action taken by the Lender Parties pursuant hereto or thereto, shall be deemed to constitute
the Lender Parties as a partnership, an association, a Joint Venture or any other kind of entity. The amounts payable at any time
hereunder to each Lender Party shall be a separate and independent debt, and each Lender Party shall be entitled to protect and
enforce its rights arising out hereof and it shall not be necessary for any other Lender Party to be joined as an additional party
in any proceeding for such purpose.

 

Section
11.13.         Headings.
Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other
purpose or be given any substantive effect.

 

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Section
11.14.         Governing Law; Jurisdiction, Etc..

 

(a)          Governing
Law. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in contract
or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other
Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed
in accordance with, the law of the State of New York.

 

(b)          Jurisdiction.
The Borrowers and each other Loan Party irrevocably and unconditionally agrees that it will not commence any action, litigation
or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative
Agent, any Lender, any Issuing Bank, or any Related Party of the foregoing in any way relating to this Agreement or any other Loan
Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in
New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any
thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that
all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or,
to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment
in any such action, litigation 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 or in any other Loan Document shall affect any right that the
Administrative Agent, any Lender or any Issuing Bank may otherwise have to bring any action or proceeding relating to this Agreement
or any other Loan Document against the Borrowers or any other Loan Party or its properties in the courts of any jurisdiction.

 

(c)          Waiver
of Venue. The Borrowers and each other Loan Party irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out
of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section
11.14. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)          Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 11.01.
Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable
law.

 

Section
11.15.         Waiver Of Jury Trial.
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

 

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Section
11.16.         Confidentiality.
Each of the Administrative Agent, the Lenders and the Issuing Banks agree to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (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 required or requested by any regulatory authority purporting to
have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association
of Insurance Commissioners); (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal
process; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder or under any other
Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this
Agreement, or (ii) any actual or prospective party (or its Related Parties or any broker for such party) to any swap, derivative
or other transaction under which payments are to be made by reference to the Borrowers and its obligations, this Agreement or
payments hereunder; (g) on a confidential basis to (i) any rating agency in connection with rating the Borrowers or its Subsidiaries
or the Facilities or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of
CUSIP numbers with respect to the Facilities; (h) with the consent of the Borrowers; or (i) to the extent such Information
(x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes available to the Administrative
Agent, any Lender, any Issuing Bank or any of their respective Affiliates on a non-confidential basis from a source other than
the Borrowers.

 

For purposes of this
Section, “Information” means all information received from the Borrowers or any other Loan Party relating to Holdings,
the Borrowers or any other Loan Party or any of their respective businesses, other than any such information that is available
to the Administrative Agent, any Lender or any Issuing Bank on a non-confidential basis prior to disclosure by the Borrowers or
any other Loan Party; provided that, in the case of information received from the Borrowers or any other Loan Party after
the date hereof, 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 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
to its own confidential information.

 

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Section
11.17.         Usury Savings Clause.
Notwithstanding any other provision herein, the aggregate interest rate charged with respect to any of the Obligations, including
all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest
Lawful Rate. If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds
the Highest Lawful Rate, the outstanding amount of the Advances made hereunder shall bear interest at the Highest Lawful Rate
until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated
rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Advances made hereunder
are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total
amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all
times been in effect, then to the extent permitted by law, the Borrowers shall pay to the Administrative Agent an amount equal
to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful
Rate had at all times been in effect. Notwithstanding the foregoing, it is the intention of the Lender Parties and the Borrowers
to conform strictly to any applicable usury laws. Accordingly, if any Lender Party contracts for, charges, or receives any consideration
which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if
previously paid, shall at such Lender Party’s option be applied to the outstanding amount of the Advances made hereunder
or be refunded to the Borrowers.

 

Section
11.18.         Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)          Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 5.01, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall
be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)          Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act.

 

Section
11.19.         Patriot Act.
Each Lender Party and the Administrative Agent (for itself and not on behalf of any Lender Party) hereby notifies Borrowers that
pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies Borrowers,
which information includes the name and address of the Borrowers and other information that will allow such Lender Party or Administrative
Agent, as applicable, to identify the Borrowers in accordance with the Patriot Act.

 

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Section
11.20.         Intercreditor Agreement.
Each Lender Party hereby acknowledges and agrees on behalf of itself that the Lien priorities and other matters related to the
Loan Documents and the Collateral are subject to and governed by the Intercreditor Agreement. Each Lender Party, by delivering
its signature page hereto, funding its Advances on the Closing Date and/or executing an Assignment and Assumption (as applicable)
shall be deemed to have (a) acknowledged receipt of, consented to and approved of the Intercreditor Agreement and (b) authorized
the Administrative Agent and the Collateral Agent to perform their respective obligations thereunder.

 

Section
11.21.         No Other Duties.
Anything herein to the contrary notwithstanding, none of the Joint Lead Arrangers listed on the cover page hereof shall have any
powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable,
as the Administrative Agent, a Lender or an Issuing Bank hereunder.

 

Section
11.22.         Non-Recourse.
The provisions of Section 9.19 of the Intercreditor Agreement are hereby incorporated by reference and shall apply to this
Agreement, mutatis mutandis, as if fully set forth herein. The provisions set forth in this Section 11.22 (or incorporated
herein by reference) shall survive a Repayment Event and the termination of all Commitments and the earlier termination of the
Pledge Agreement, the Security Agreement and this Agreement.

 

Section
11.23.         Other Agreements.
Each Loan Party acknowledges and agrees that: (a) (i) the arranging and other services regarding this Agreement provided
by each Agent, the Joint Lead Arrangers and the Lender Parties are arm’s-length commercial transactions between the Loan
Parties, on the one hand, and each Agent, the Joint Lead Arrangers and the Lender Parties, on the other hand, (ii) each Loan
Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) each
Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (b) (i) each Agent, the Joint Lead Arrangers and the Lender Parties each is
and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is
not, and will not be acting as an advisor, agent or fiduciary for any Loan Party or any of its Affiliates or any other Person
and (ii) no Agent, Joint Lead Arranger or Lender Party has any obligation to any Loan Party or any of its Affiliates with
respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents;
and (c) the Agents, the Joint Lead Arrangers and the Lender Parties, and their respective Affiliates may be engaged in a
broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates,
and none of the Agents, the Joint Lead Arrangers and the Lender Parties has any obligation to disclose any of such interests to
any Loan Party or its Affiliates. To the fullest extent permitted by law, each Loan Party hereby waives and releases any claims
that it may have against the Agents, the Joint Lead Arrangers and the Lender Parties with respect to any breach or alleged breach
of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

[SIGNATURE PAGES FOLLOW]

 

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

 

	 	
        BAYONNE ENERGY CENTER, LLC

        as Borrower

	 	 	 
	 	By:	/s/ James Hooke
	 	 	Name:  James Hooke
	 	 	Title: Authorized Signatory
	 	 
	 	By:	/s/ Liam Stewart
	 	 	Name:  Liam Stewart
	 	 	Title: Authorized Signatory

 

	 	
        BAYONNE ENERGY CENTER URBAN RENEWAL, LLC

        as Borrower

	 	 
	 	By:	/s/ James Hooke
	 	 	Name:  James Hooke
	 	 	Title: Authorized Signatory
	 	 	 
	 	By:	/s/  Liam Stewart
	 	 	Name:  Liam Stewart
	 	 	Title: Authorized Signatory

 

	 	
        BAYONNE ENERGY HOLDINGS, LLC

        as Guarantor

	 	 
	 	By:	/s/  James Hooke
	 	 	Name:  James Hooke
	 	 	Title: Authorized Signatory
	 	 	 
	 	By:	/s/ Liam Stewart
	 	 	Name:  Liam Stewart
	 	 	Title: Authorized Signatory

 

[Signature Page to Credit and Guaranty
Agreement]

  

     

     

    

  

	 	
        ZONE J TOLLING CO., LLC

        as Guarantor

	 	 
	 	By:	/s/ James Hooke
	 	 	Name: James Hooke
	 	 	Title: Authorized Signatory
	 	 	 
	 	By:	/s/  Liam Stewart
	 	 	Name:  Liam Stewart
	 	 	Title: Authorized Signatory

 

	 	
        PER-D BAYONNE HOLDINGS, LLC

        as Guarantor

	 	 
	 	By:	/s/  James Hooke
	 	 	Name:  James Hooke
	 	 	Title: Authorized Signatory
	 	 	 
	 	By:	/s/ Liam Stewart
	 	 	Name:  Liam Stewart
	 	 	Title: Authorized Signatory

 

	 	
        PER-D BAYONNE I, INC.

        as Guarantor

	 	 
	 	By:	/s/ James Hooke
	 	 	Name:  James Hooke
	 	 	Title: Authorized Signatory
	 	 	 
	 	By:	/s/  Liam Stewart
	 	 	Name:  Liam Stewart
	 	 	Title: Authorized Signatory

 

[Signature Page to Credit and Guaranty
Agreement]

  

     

     

    

  

	 	
        PER-D BAYONNE II, LLC

        as Guarantor

	 	 
	 	By:	/s/  James Hooke
	 	 	Name:  James Hooke
	 	 	Title: Authorized Signatory
	 	 	 
	 	By:	/s/ Liam Stewart
	 	 	Name:  Liam Stewart
	 	 	Title: Authorized Signatory

 

	 	
        Hudson Power Holdings,
        LLC

        as Guarantor

	 	 
	 	By:	/s/ James Hooke
	 	 	Name:  James Hooke
	 	 	Title: Authorized Signatory
	 	 	 
	 	By:	/s/  Liam Stewart
	 	 	Name:  Liam Stewart
	 	 	Title: Authorized Signatory

 

[Signature Page to Credit and Guaranty
Agreement]

  

     

     

    

  

	 	
        Crédit Agricole
        Corporate and Investment Bank

        as Administrative Agent

	 	 
	 	By:	/s/ Dominique Schillio
	 	 	Name:  Dominique Schillio
	 	 	Title: Director

 

	 	By:	/s/ THEODORE M. VANDERMEL
	 	 	Name: THEODORE M. VANDERMEL
	 	 	Title: Managing Director

 

[Signature Page to Credit and Guaranty
Agreement]

 

     

     

    

 

	 	
        Crédit Agricole
        Corporate and Investment Bank

        as Issuing Bank, Lender and Swingline
        Lender

	 	 
	 	By:	/s/ George Councill
	 	 	Name: George Councill
	 	 	Title: Director

 

	 	By:	/s/ Ken Ricciardi
	 	 	Name: Ken Ricciardi
	 	 	Title: Director

 

[Signature Page to Credit and Guaranty
Agreement]

  

     

     

    

  

	 	
        ING Capital LLC

        as Lender

	 	 
	 	By:	/s/ David Barrick
	 	 	Name:  David Barrick
	 	 	Title: Managing Director

	 	 
	 	By:	/s/ Laurence Lapeyre
	 	 	Name:  Laurence Lapeyre
	 	 	Title: Vice President

 

[Signature Page to Credit and Guaranty
Agreement]

  

     

     

    

  

	 	
        National Australia
        Bank limited

        as Lender

	 	 
	 	By:	/s/ RICHARD JOHNSON
	 		Name:  RICHARD JOHNSON
	 		Title: ASSOCIATE DIRECTOR

 

[Signature Page to Credit and Guaranty
Agreement]

  

     

     

    

  

	 	
        Siemens Financial
        Services

        as Lender

	 	 
	 	By:	/s/ Patrick N. Riley
	 	 	Name:  Patrick N. Riley
	 	 	Title: Vice President

	 	 
	 	By:	/s/ Sonia Vargas
	 	 	Name:  Sonia Vargas
	 	 	Title: Sr. Loan Closer

 

[Signature Page to Credit and Guaranty
Agreement]

  

     

     

    

  

	 	
        SunTrust Bank

        as Lender

	 	 
	 	By:	/s/ Michael Canavan
	 	 	Name:  Michael Canavan
	 	 	Title: Managing Director

 

[Signature Page to Credit and Guaranty
Agreement]

  

     

     

    

  

	 	
        Wells Fargo Bank,
        NA

        as Lender

	 	 
	 	By:	/s/ Yann Blindert
	 	 	Name:  Yann Blindert
	 	 	Title: Director

 

[Signature Page to Credit and Guaranty
Agreement]

 

     

     

    

  

SCHEDULE
I

TO CREDIT AND GUARANTY AGREEMENT

 

COMMITMENTS;
APPLICABLE LENDING OFFICES; NOTICES

 

PART I - COMMITMENTS

 

 

	Lender Party	 	Term Commitment	 	 	Revolving
 Commitment	 	 	L/C
 Commitment	 
	 	 	 	 	 	 	 	 	 	 
	Crédit Agricole Corporate and Investment Bank	 	 	45,000,000.00	 	 	 	5,000,000.00	 	 	 	25,000,000.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ING Capital LLC	 	 	45,000,000.00	 	 	 	5,000,000.00	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	National Australia Bank Limited	 	 	45,000,000.00	 	 	 	5,000,000.00	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Siemens Financial Services, Inc.	 	 	50,000,000.00	 	 	 	0.00	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	SunTrust Bank	 	 	45,000,000.00	 	 	 	5,000,000.00	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Wells Fargo Bank, N.A.	 	 	45,000,000.00	 	 	 	5,000,000.00	 	 	 	0.00	 

 

[Signature Page to Credit and Guaranty
Agreement]Exhibit

Exhibit 4.1

INVACARE CORPORATION 
 
 
 
AND 
 
 
 
WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 
 
 
as Trustee 
 
 
 
INDENTURE 
 
 
 
Dated as of February 23, 2016
5.00% Convertible Senior Notes due 2021

TABLE OF CONTENTS

	
			
	 
	PAGE
	

	ARTICLE 1 

	DEFINITIONS

	 
	 

	Section 1.01.  Definitions
	1
	

	Section 1.02.  References to Interest
	10
	

	 
	 

	ARTICLE 2

	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

	 
	 

	Section 2.01.  Designation and Amount
	11
	

	Section 2.02.  Form of Notes
	11
	

	Section 2.03.  Date and Denomination of Notes; Payments of Interest and Defaulted Amounts
	11
	

	Section 2.04.  Execution, Authentication and Delivery of Notes
	13
	

	Section 2.05.  Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary
	13
	

	Section 2.06.  Mutilated, Destroyed, Lost or Stolen Notes
	18
	

	Section 2.07.  Temporary Notes
	19
	

	Section 2.08.  Cancellation of Notes Paid, Converted, Etc
	20
	

	Section 2.09.  CUSIP Numbers
	20
	

	Section 2.10.  Additional Notes; Repurchases
	20
	

	 
	 

	ARTICLE 3

	SATISFACTION AND DISCHARGE

	 
	 

	Section 3.01.  Satisfaction and Discharge
	20
	

	 
	 

	ARTICLE 4

	PARTICULAR COVENANTS OF THE COMPANY

	 
	 

	Section 4.01.  Payment of Principal and Interest
	21
	

	Section 4.02.  Maintenance of Office or Agency
	21
	

	Section 4.03.  Appointments to Fill Vacancies in Trustee’s Office
	21
	

	Section 4.04.  Provisions as to Paying Agent
	22
	

	Section 4.05.  Existence
	23
	

	Section 4.06.  Rule 144A Information Requirement and Annual Reports
	23
	

	Section 4.07.  Stay, Extension and Usury Laws
	24
	

	Section 4.08.  Compliance Certificate; Statements as to Defaults
	25
	

	 
	 

	 
	 

	 
	 

i

	
			
	 
	PAGE
	

	ARTICLE 5

	LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE

	 
	 

	Section 5.01.  Lists of Holders
	25
	

	Section 5.02.  Preservation and Disclosure of Lists
	25
	

	 
	 

	ARTICLE 6

	DEFAULTS AND REMEDIES

	 
	 

	Section 6.01.  Events of Default
	25
	

	Section 6.02.  Acceleration; Rescission and Annulment
	26
	

	Section 6.03.  Additional Interest
	27
	

	Section 6.04.  Payments of Notes on Default; Suit Therefor
	28
	

	Section 6.05.  Application of Monies Collected by Trustee
	29
	

	Section 6.06.  Proceedings by Holders
	30
	

	Section 6.07.  Proceedings by Trustee
	31
	

	Section 6.08.  Remedies Cumulative and Continuing
	31
	

	Section 6.09.  Direction of Proceedings and Waiver of Defaults by Majority of Holders
	31
	

	Section 6.10.  Notice of Defaults
	32
	

	Section 6.11.  Undertaking to Pay Costs
	32
	

	 
	 

	ARTICLE 7

	CONCERNING THE TRUSTEE

	 
	 

	Section 7.01.  Duties and Responsibilities of Trustee
	32
	

	Section 7.02.  Reliance on Documents, Opinions, Etc
	34
	

	Section 7.03.  No Responsibility for Recitals, Etc
	35
	

	Section 7.04.  Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes
	35
	

	Section 7.05.  Monies and Common Shares to Be Held in Trust
	35
	

	Section 7.06.  Compensation and Expenses of Trustee
	35
	

	Section 7.07.  Officer’s Certificate as Evidence
	36
	

	Section 7.08.  Eligibility of Trustee
	36
	

	Section 7.09.  Resignation or Removal of Trustee
	36
	

	Section 7.10.  Acceptance by Successor Trustee
	37
	

	Section 7.11.  Succession by Merger, Etc
	38
	

	Section 7.12.  Trustee’s Application for Instructions from the Company
	38
	

	 
	 

	ARTICLE 8

	CONCERNING THE HOLDERS

	 
	 

	Section 8.01.  Action by Holders
	38
	

ii

	
			
	 
	PAGE
	

	Section 8.02.  Proof of Execution by Holders
	39
	

	Section 8.03.  Who Are Deemed Absolute Owners
	39
	

	Section 8.04.  Company-Owned Notes Disregarded
	39
	

	Section 8.05.  Revocation of Consents; Future Holders Bound
	40
	

	 
	 

	ARTICLE 9

	HOLDERS’ MEETINGS

	 
	 

	Section 9.01.  Purpose of Meetings
	40
	

	Section 9.02.  Call of Meetings by Trustee
	40
	

	Section 9.03.  Call of Meetings by Company or Holders
	41
	

	Section 9.04.  Qualifications for Voting
	41
	

	Section 9.05.  Regulations
	41
	

	Section 9.06.  Voting
	41
	

	Section 9.07.  No Delay of Rights by Meeting
	42
	

	 
	 

	ARTICLE 10

	SUPPLEMENTAL INDENTURES

	 
	 

	Section 10.01.  Supplemental Indentures Without Consent of Holders
	42
	

	Section 10.02.  Supplemental Indentures with Consent of Holders
	43
	

	Section 10.03.  Effect of Supplemental Indentures
	44
	

	Section 10.04.  Notation on Notes
	44
	

	Section 10.05.  Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee
	44
	

	 
	 

	ARTICLE 11

	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

	 
	 

	Section 11.01.  Company May Consolidate, Etc. on Certain Terms
	44
	

	Section 11.02.  Successor Corporation to Be Substituted
	45
	

	Section 11.03.  Opinion of Counsel to Be Given to Trustee
	45
	

	 
	 

	ARTICLE 12

	IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS

	 
	 

	Section 12.01.  Indenture and Notes Solely Corporate Obligations
	45
	

	 
	 

	ARTICLE 13

	[INTENTIONALLY OMITTED]

	 
	 

	 

	 

iii

	
			
	 
	PAGE
	

	ARTICLE 14

	CONVERSION OF NOTES

	 
	 

	Section 14.01.  Conversion Privilege
	46
	

	Section 14.02.  Conversion Procedure; Settlement Upon Conversion.
	48
	

	Section 14.03.  Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes
	52
	

	Section 14.04.  Adjustment of Conversion Rate
	54
	

	Section 14.05. Adjustments of Prices
	62
	

	Section 14.06.  Shares to Be Fully Paid
	62
	

	Section 14.07.  Effect of Recapitalizations, Reclassifications and Changes of the Common Shares.
	63
	

	Section 14.08.  Certain Covenants
	65
	

	Section 14.09.  Responsibility of Trustee
	65
	

	Section 14.10.  Notice to Holders Prior to Certain Actions
	66
	

	Section 14.11.  Shareholder Rights Plans
	66
	

	Section 14.12.  Exchange in Lieu of Conversion
	66
	

	 
	 

	ARTICLE 15

	REPURCHASE OF NOTES AT OPTION OF HOLDERS

	 
	 

	Section 15.01.  [Intentionally Omitted]
	67
	

	Section 15.02.  Repurchase at Option of Holders Upon a Fundamental Change
	67
	

	Section 15.03.  Withdrawal of Fundamental Change Repurchase Notice
	69
	

	Section 15.04.  Deposit of Fundamental Change Repurchase Price
	70
	

	Section 15.05.  Covenant to Comply with Applicable Laws Upon Repurchase of Notes
	70
	

	 
	 

	ARTICLE 16

	NO REDEMPTION

	 
	 

	Section 16.01.  No Redemption
	71
	

	 
	 

	ARTICLE 17

	MISCELLANEOUS PROVISIONS

	 
	 

	Section 17.01.  Provisions Binding on Company’s Successors
	71
	

	Section 17.02.  Official Acts by Successor Corporation
	71
	

	Section 17.03.  Addresses for Notices, Etc
	71
	

	Section 17.04.  Governing Law; Jurisdiction
	72
	

	Section 17.05.  Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee
	72
	

	Section 17.06.  Legal Holidays
	72
	

	Section 17.07.  No Security Interest Created
	73
	

iv

	
			
	 
	PAGE
	

	Section 17.08.  Benefits of Indenture
	73
	

	Section 17.09.  Table of Contents, Headings, Etc
	73
	

	Section 17.10.  Authenticating Agent
	73
	

	Section 17.11.  Execution in Counterparts
	74
	

	Section 17.12.  Severability
	74
	

	Section 17.13.  Waiver of Jury Trial
	74
	

	Section 17.14.  Force Majeure
	74
	

	Section 17.15.  Calculations
	74
	

	Section 17.16.  USA PATRIOT Act
	75
	

	Section 17.17.  Withholding Taxes
	75
	

	 
	 

	EXHIBIT

	 
	 

	Exhibit A    Form of Note
	A-1
	

	 
	 

	Exhibit B    Form of Free Transferability Certificate
	B-1
	

	 
	 

	 
	 

	 
	 

	 

	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 

	 

	 
	 

	 
	 

	 
	 

	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

v

INDENTURE dated as of February 23, 2016 between INVACARE CORPORATION, an Ohio corporation, as issuer (the “Company,” as more fully set forth in Section 1.01) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in Section 1.01).
In order to declare the terms and conditions upon which the  Company’s 5.00% Convertible Senior Notes due 2021 (the “Notes”) are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:
ARTICLE I 
DEFINITIONS
Section 1.01.  Definitions.  The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01.  The words “herein,” “hereof,” “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.  The terms defined in this Article include the plural as well as the singular.
“Additional Shares” shall have the meaning specified in Section 14.03(a).
“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.  For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.  Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made or required to be made, as the case may be, hereunder.
“Bid Solicitation Agent” means the Company or the Person appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with Section 14.01(b)(i).  The Company shall initially act as the Bid Solicitation Agent.  The Company may, however, appoint another Person as the Bid Solicitation Agent (including the Company’s Affiliates) without prior notice to the Holders of the Notes.  
“Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee.
“Business Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.  

1

“Capital Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity.
“Cash Settlement” shall have the meaning specified in Section 14.02(a).
“Clause A Distribution” shall have the meaning specified in Section 14.04(c).
“Clause B Distribution” shall have the meaning specified in Section 14.04(c).
“Clause C Distribution” shall have the meaning specified in Section 14.04(c).
“close of business” means 5:00 p.m. (New York City time).
“Combination Settlement” shall have the meaning specified in Section 14.02(a).
“Commission” means the U.S. Securities and Exchange Commission.
“Common Equity” of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person.
“Common Shares” means the common shares of the Company, without par value, at the date of this Indenture, subject to Section 14.07.
“Company” shall have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Article 11, shall include its successors and assigns.
“Company Order” means a written order of the Company, signed by the Company’s Chief Executive Officer, President, Chief Financial Officer, Executive or Senior Vice President, any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”), the Company’s Treasurer or Assistant Treasurer or the Company’s Secretary or any Assistant Secretary, and delivered to the Trustee.
“Conversion Agent” shall have the meaning specified in Section 4.02.
“Conversion Date” shall have the meaning specified in Section 14.02(c).
“Conversion Obligation” shall have the meaning specified in Section 14.01(a).
“Conversion Price” means as of any time, $1,000, divided by the Conversion Rate as of such time.
“Conversion Rate” shall have the meaning specified in Section 14.01(a).
“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at 150 East 42nd Street, 40th Floor, New York, NY 10017, Attention: Corporate Trust Administration, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company).

2

“Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any successor entity thereto.
“Daily Conversion Value” means, for each of the 100 consecutive Trading Days during the Observation Period, 1/100th of the product of (a) the Conversion Rate on such Trading Day and (b) the Daily VWAP for such Trading Day.
“Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 100.
“Daily Settlement Amount,” for each of the 100 consecutive Trading Days during the Observation Period, shall consist of:
(a)    cash in an amount equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Conversion Value on such Trading Day; and
(b)    if the Daily Conversion Value on such Trading Day exceeds the Daily Measurement Value, a number of Common Shares equal to (i) the difference between the Daily Conversion Value and the Daily Measurement Value, divided by (ii) the Daily VWAP for such Trading Day.
“Daily VWAP” means, for each of the 100 consecutive Trading Days during the relevant Observation Period, the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “IVC <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one Common Share on such Trading Day determined in good faith, using a volume-weighted average method, by the Company).  The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
“Default” means any event that is, or after notice or passage of time, or both, would be, an Event of Default.
“Defaulted Amounts” means any amounts on any Note (including, without limitation, the Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for.
“Depositary” means, with respect to each Global Note, the Person specified in Section 2.05(c) as the Depositary with respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor.
“Distributed Property” shall have the meaning specified in Section 14.04(c).
“Effective Date” shall have the meaning specified in Section 14.03(c), except that, as used in Section 14.04 and Section 14.05, “Effective Date” means the first date on which the Common Shares trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable.
“Event of Default” shall have the meaning specified in Section 6.01.
“Ex-Dividend Date” means the first date on which the Common Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or 

3

distribution in question, from the Company or, if applicable, from the seller of Common Shares on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Exchange Election” shall have the meaning specified in Section 14.12.  
“Form of Assignment and Transfer” means the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A.
“Form of Fundamental Change Repurchase Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A.
“Form of Note” means the “Form of Note” attached hereto as Exhibit A.
“Form of Notice of Conversion” means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A.
“Fundamental Change” shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:
(a)    a “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, its Subsidiaries and the employee benefit plans of the Company and its Subsidiaries, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50% of the voting power of all classes of the Company’s Common Equity; 
(b)    the consummation of (A) any recapitalization, reclassification or change of the Common Shares (other than changes resulting from a subdivision or combination) as a result of which the Common Shares would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Common Shares will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one of the Company’s Wholly Owned Subsidiaries; provided, however, that a transaction described in clause (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b);
(c)    the shareholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or
(d)    the Common Shares (or other common stock constituting Reference Property) ceases to be listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors);

4

provided, however, that a transaction or transactions described in clause (a) and/or clause (b) above (whether or not the proviso to clause (b) above applies to such transaction) shall not constitute a Fundamental Change, if at least 90% of the consideration received or to be received by the common shareholders of the Company, excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights, in connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions the Notes become convertible into such consideration, excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights (subject to the provisions of Section 14.02(a)).  If any transaction in which the Common Shares are replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following clause (d) of the definition thereof, following the effective date of such transaction) references to the Company in this definition shall instead be references to such other entity.
“Fundamental Change Company Notice” shall have the meaning specified in Section 15.02(c).
“Fundamental Change Repurchase Date” shall have the meaning specified in Section 15.02(a).
“Fundamental Change Repurchase Notice” shall have the meaning specified in Section 15.02(b)(i).
“Fundamental Change Repurchase Price” shall have the meaning specified in Section 15.02(a).
“Global Note” shall have the meaning specified in Section 2.05(b).
“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the time a particular Note is registered on the Note Register.
“Indenture” means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.
“Initial Dividend Threshold” shall have the meaning specified in Section 14.04(d).
“Initial Purchasers” means J.P. Morgan Securities LLC, PNC Capital Markets LLC, KeyBanc Capital Markets Inc., Oppenheimer & Co. Inc. and Wells Fargo Securities, LLC.
“Interest Payment Date” means each February 15 and August 15 of each year, beginning on August 15, 2016.
“Last Reported Sale Price” of the Common Shares on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Shares are traded.  If the Common Shares are not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price for the Common Shares in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization.  If the Common Shares are not so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and last ask prices for the Common Shares on 

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the relevant date from a nationally recognized independent investment banking firm selected by the Company for this purpose.
“Make-Whole Fundamental Change” means any transaction or event that constitutes a Fundamental Change (as defined above and determined after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof).
“Make-Whole Fundamental Change Period” shall have the meaning specified in Section 14.03(a).
“Market Disruption Event” means, for the purposes of determining amounts due upon conversion (a) a failure by the primary U.S. national or regional securities exchange or market on which the Common Shares are listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Shares or in any options contracts or futures contracts relating to the Common Shares.
“Maturity Date” means February 15, 2021.
“Measurement Period” shall have the meaning specified in Section 14.01(b)(i).
“Merger Common Stock” shall have the meaning specified in Section 14.07(e)(i).
“Merger Event” shall have the meaning specified in Section 14.07(a).
“Merger Valuation Percentage” for any Merger Event shall be equal to (x) the arithmetic average of the Last Reported Sale Prices of one share of such Merger Common Stock over the relevant Merger Valuation Period (determined as if references to “Common Shares” in the definition of “Last Reported Sale Price” were references to the “Merger Common Stock” for such Merger Event), divided by (y) the arithmetic average of the Last Reported Sale Prices of one Common Share over the relevant Merger Valuation Period.
“Merger Valuation Period” for any Merger Event means the five consecutive Trading Day period immediately preceding, but excluding, the effective date for such Merger Event.
“Note” or “Notes” shall have the meaning specified in the first paragraph of the recitals of this Indenture.
“Note Register” shall have the meaning specified in Section 2.05(a).
“Note Registrar” shall have the meaning specified in Section 2.05(a).
“Notice of Conversion” shall have the meaning specified in Section 14.02(b).
“Observation Period” with respect to any Note surrendered for conversion means: (i) if the relevant Conversion Date occurs prior to August 15, 2020, the 100 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion Date; and (ii) if the relevant Conversion Date occurs on or after August 15, 2020, the 100 consecutive Trading Days beginning on, and including, the 102nd Scheduled Trading Day immediately preceding the Maturity Date.

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“Offering Memorandum” means the preliminary offering memorandum dated February 16, 2016, as supplemented by the related pricing term sheet dated February 17, 2016, relating to the offering and sale of the Notes.
“Officer” means, with respect to the Company, the President, the Chief Executive Officer, the Chief Financial Officer, the Treasurer, the Secretary, any Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”).
“Officer’s Certificate,” when used with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by an Officer of the Company.  Each such certificate shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section.  The Officer giving an Officer’s Certificate pursuant to Section 4.08 shall be the principal executive, financial or accounting officer of the Company.  
“open of business” means 9:00 a.m. (New York City time).
“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or other counsel reasonably acceptable to the Trustee, that is delivered to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein.  Each such opinion shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section 17.05.
“outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except:
(a)    Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation;
(b)    Notes, or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent);
(c)    Notes that have been paid pursuant to Section 2.06 or Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course; 
(d)    Notes converted pursuant to Article 14 and required to be cancelled pursuant to Section 2.08; and
(e)    Notes repurchased by the Company pursuant to the penultimate sentence of Section 2.10. 
“Paying Agent” shall have the meaning specified in Section 4.02.
“Permitted Sale Transaction” means any sale, conveyance, transfer or lease of all or substantially all of the Company’s properties and assets to one of its Wholly Owned Subsidiaries, so long as, concurrently with such transaction, such Wholly Owned Subsidiary fully and unconditionally guarantees, 

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on a senior basis, all of the Company’s obligations under the Notes for so long as any Notes are outstanding.
“Person” means an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof.
“Physical Notes” means permanent certificated Notes in registered form issued in denominations of $1,000 principal amount and integral multiples thereof.
“Physical Settlement” shall have the meaning specified in Section 14.02(a).
“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note that it replaces.
“Purchase Agreement” means that certain Purchase Agreement, dated as of February 17, 2016, among the Company and the Initial Purchasers.
“Record Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Shares (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Shares (or such other security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Shares (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, by statute, by contract or otherwise).
“Reference Property” shall have the meaning specified in Section 14.07(a).
“Regular Record Date,” with respect to any Interest Payment Date, means the February 1 or August 1 (whether or not such day is a Business Day) immediately preceding the applicable February 15 or August 15 Interest Payment Date, respectively.
“Resale Restriction Termination Date” shall have the meaning specified in Section 2.05(c).
“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.
“Restricted Securities” shall have the meaning specified in Section 2.05(c).
“Rule 144” means Rule 144 as promulgated under the Securities Act.
“Rule 144A” means Rule 144A as promulgated under the Securities Act.
“Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange or market on which the Common Shares are listed or 

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admitted for trading.  If the Common Shares are not so listed or admitted for trading, “Scheduled Trading Day” means a Business Day.
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Settlement Amount” has the meaning specified in Section 14.02(a)(iv).
“Settlement Method” means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed to have been elected) by the Company.
“Settlement Notice” has the meaning specified in Section 14.02(a)(iii).
“Shareholder Approval” has the meaning specified in Section 14.02(a).
“Significant Subsidiary” means a Subsidiary of the Company that meets the definition of “significant subsidiary” in Article 1, Rule 1-02(w) of Regulation S-X under the Exchange Act; provided that, in the case of a Subsidiary of the Company that meets the criteria of clause (3) of the definition thereof but not clause (1) or (2) thereof, such Subsidiary shall not be deemed to be a Significant Subsidiary of the Company unless such Subsidiary’s income from continuing operations before income taxes, extraordinary items and cumulative effect of a change in accounting principle exclusive of amounts attributable to any non-controlling interests for the last completed fiscal year prior to the date of such determination exceeds $5,000,000.
“Specified Dollar Amount” means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion as specified in the Settlement Notice related to any converted Notes.
“Spin-Off” shall have the meaning specified in Section 14.04(c).
“Stock Price” shall have the meaning specified in Section 14.03(c).
“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.
“Successor Company” shall have the meaning specified in Section 11.01(a).
“Trading Day” means a day on which (i) trading in the Common Shares (or other security for which a closing sale price must be determined) generally occurs on The New York Stock Exchange or, if the Common Shares (or such other security) are not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Common Shares (or such other security) are then listed or, if the Common Shares (or such other security) are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Shares (or such other security) are then traded and (ii) a Last Reported Sale Price for the Common Shares (or such other security) is available on such securities exchange or market; provided that if the Common Shares (or such other security) are not so listed or traded, “Trading Day” means a Business Day; and provided, further, that for purposes of determining amounts due upon conversion only, “Trading Day” means a day 

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on which (x) there is no Market Disruption Event and (y) trading in the Common Shares generally occurs on The New York Stock Exchange or, if the Common Shares are not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Common Shares are then listed or, if the Common Shares are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Shares are then listed or admitted for trading, except that if the Common Shares are not so listed or admitted for trading, “Trading Day” means a Business Day.
“Trading Price” of the Notes on any date of determination means the average of the secondary market bid quotations obtained by the Bid Solicitation Agent for $5,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers the Company selects for this purpose; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000 principal amount of Notes from a nationally recognized securities dealer on any determination date, then the Trading Price per $1,000 principal amount of Notes on such determination date shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Shares and the Conversion Rate.
“transfer” shall have the meaning specified in Section 2.05(c).
“Trigger Event” shall have the meaning specified in Section 14.04(c).
“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.
“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder.
“unit of Reference Property” shall have the meaning specified in Section 14.07(a).
“Valuation Period” shall have the meaning specified in Section 14.04(c).
“Wholly Owned Subsidiary” means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, the reference to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”.
Section 1.02.  References to Interest.  Unless the context otherwise requires, any reference to interest on, or in respect of, any Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of Section 4.06(d), Section 4.06(e) and Section 6.03. Unless the context otherwise requires, any express mention of Additional Interest in any provision hereof shall not be construed as excluding Additional Interest in those provisions hereof where such express mention is not made.

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ARTICLE 2
ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
Section 2.01.  Designation and Amount.  The Notes shall be designated as the “5.00% Convertible Senior Notes due 2021.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $130,000,000  (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise of their over-allotment option as set forth in the Purchase Agreement), subject to Section 2.10 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder.
Section 2.02.  Form of Notes.  The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of this Indenture.  To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.
Any Global Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject.
Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.
Each Global Note shall represent such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be increased or reduced to reflect repurchases, cancellations, conversions, transfers or exchanges permitted hereby.  Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture.  Payment of principal (including the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided for herein.
Section 2.03.  Date and Denomination of Notes; Payments of Interest and Defaulted Amounts.  (i) The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof.  Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of such Note.  Accrued interest on the Notes shall be 

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computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day month.
(b)    The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date.  The principal amount of any Note (x) in the case of any Physical Note, shall be payable at the office or agency of the Company maintained by the Company for such purposes in the contiguous United States, which shall initially be the Corporate Trust Office and (y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the Depositary or its nominee.  The Company shall pay or cause the Paying Agent to pay interest (i) on any Physical Notes (A) to Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to Holders holding Physical Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to each Holder or, upon application by such a Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.  
(c)    Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date, and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below:
(i)    The Company may elect to make payment of or cause the Paying Agent to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner.  The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided.  Thereupon the Company shall fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.  The Company shall promptly notify the Trustee of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts and the special record date therefor to be mailed, first-class postage prepaid or sent electronically, to each Holder at its address as it appears in the Note Register, not less than 10 days prior to such special record date.  Notice of the proposed payment of such Defaulted Amounts and the special record date therefor having been so sent, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.03(c).

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(ii)    The Company may make payment of or cause the Paying Agent to make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.
Section 2.04.  Execution, Authentication and Delivery of Notes.  The Notes shall be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive or Senior Vice Presidents.
At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the Company hereunder.
Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form of Note attached as Exhibit A hereto, executed manually by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose.  Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.
In case any Officer of the Company who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the date of the execution of this Indenture any such person was not such an Officer.
Section 2.05.  Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary.  (iii) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.02, the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes.  Such register shall be in written form or in any form capable of being converted into written form within a reasonable period of time.  The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided.  The Company may appoint one or more co-Note Registrars in accordance with Section 4.02.
Upon surrender for registration of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture.

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Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02.  Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding.
All Notes presented or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.
No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer.
None of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15.  
All Notes issued upon any registration of transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.
(b)    So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to the fourth paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary.  The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor.
(c)    Every Note that bears or is required under this Section 2.05(c) to bear the legend set forth in this Section 2.05(c) (together with any Common Shares issued upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(d), collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(c) (including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer.  As used in this Section 2.05(c) and Section 2.05(d), the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.
Until the date (the “Resale Restriction Termination Date”) that is the later of (1) the date that is one year after the last date of original issuance of the Notes, or such shorter period of time as permitted by Rule 144 or any successor provision thereto, and (2) such later date, if any, as may be required by 

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applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution thereof, other than Common Shares, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d), if applicable) shall bear a legend in substantially the following form (unless such Notes have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee in the form set forth in Exhibit B attached hereto):
THIS SECURITY AND THE COMMON SHARES, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
(1)    REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND
(2)    AGREES FOR THE BENEFIT OF INVACARE CORPORATION (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:
(A)    TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR
(B)    PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR
(C)    TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR
(D)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

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No transfer of any Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been checked.
Any Note (or security issued in exchange or substitution therefor) (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a registration statement that has become effective or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.05(c) and shall not be assigned a restricted CUSIP number. The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which any of the conditions set forth in clause (i) through (iii) of the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive legend specified in this Section 2.05(c) and shall not be assigned a restricted CUSIP number.  The Company shall promptly notify the Trustee in writing (in the form set forth in Exhibit B) upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, with respect to the Notes or any Common Shares issued upon conversion of the Notes has been declared effective under the Securities Act.  Upon notice of the Resale Restriction Termination Date, the legend set forth above shall be deemed removed from the Note, with no further action required by the Company, the Trustee, or, if applicable, the Depositary; provided, however, that, if the mandatory exchange process of the Depositary is available therefor, the Company will use reasonable efforts to effect an exchange of every beneficial interest in each Restricted Security for beneficial interests in Global Notes that are not subject to the restrictions set forth in the restrictive legend or this Section 2.05(c) pursuant to such process on or prior to the 380th day after the last date of original issuance of the Notes.
Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding paragraph.
The Depositary shall be a clearing agency registered under the Exchange Act.  The Company initially appoints The Depository Trust Company to act as Depositary with respect to each Global Note.  Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co.
If (i) the Depositary notifies the Company at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the Company shall execute, and the Trustee, upon receipt of an Officer’s Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such beneficial owner in a principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global 

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Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.
Physical Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the immediately preceding paragraph, the relevant beneficial owner, shall instruct the Trustee.  Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered.
At such time as all interests in a Global Note have been converted, canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian.  At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes, converted, canceled, repurchased or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction or increase.
None of the Company, the Trustee or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
(d)    Until the Resale Restriction Termination Date, any stock certificate representing Common Shares issued upon conversion of a Note shall bear a legend in substantially the following form (unless such Common Shares have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or such Common Shares have been issued upon conversion of a Note that has transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any transfer agent for the Common Shares):
THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
(1)    REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 
(2)    AGREES FOR THE BENEFIT OF INVACARE CORPORATION (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER 

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THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THE SERIES OF NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:
(A)    TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR
(B)    PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR
(C)    TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR
(D)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S COMMON SHARES RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
Any such Common Shares (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of the certificates representing such Common Shares for exchange in accordance with the procedures of the transfer agent for the Common Shares, be exchanged for a new certificate or certificates for a like aggregate number of Common Shares, which shall not bear the restrictive legend required by this Section 2.05(d).
(e)    Any Note or Common Shares issued upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company (or any Person who was an Affiliate of the Company at any time during the three months preceding) may not be resold by such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Common Shares, as the case may be, no longer being a “restricted security” (as defined under Rule 144).  The Company shall cause any Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.08.  
Section 2.06.  Mutilated, Destroyed, Lost or Stolen Notes.  In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a 

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new Note, bearing a registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen.  In every case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.
The Trustee or such authenticating agent may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require.  No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen.  In case any Note that has matured or is about to mature or has been surrendered for required repurchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.
Every substitute Note issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder.  To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement, payment, conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement, payment, conversion or repurchase of negotiable instruments or other securities without their surrender.
Section 2.07.  Temporary Notes.  Pending the preparation of Physical Notes, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed).  Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company.  Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes.  Without unreasonable delay, the Company shall execute and deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be 

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surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes.  Such exchange shall be made by the Company at its own expense and without any charge therefor.  Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered hereunder.
Section 2.08.  Cancellation of Notes Paid, Converted, Etc.  The Company shall cause all Notes surrendered for the purpose of payment, repurchase, registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents, Subsidiaries or Affiliates), to be surrendered to the Trustee for cancellation.  All Notes delivered to the Trustee shall be canceled promptly by it in accordance with its customary procedures, and no Notes shall be authenticated in exchange thereof except as expressly permitted by any of the provisions of this Indenture.  The Trustee shall dispose of canceled Notes in accordance with its customary procedures.  
Section 2.09.  CUSIP Numbers.  The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes.  The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers.  
Section 2.10.  Additional Notes; Repurchases.  The Company may, without the consent of the Holders and notwithstanding Section 2.01, reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other than differences in the issue price and interest accrued prior to the issue date of such additional Notes) in an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP number.  Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 17.05, as the Trustee shall reasonably request.  In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives.  The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 2.08 and such Notes shall no longer be considered outstanding under this Indenture upon their repurchase.
ARTICLE 3
SATISFACTION AND DISCHARGE
Section 3.01.  Satisfaction and Discharge.  This Indenture shall upon request of the Company contained in an Officer’s Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (i) (i) all Notes theretofore authenticated and delivered (other than Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.06) 

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have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or cash, Common Shares or a combination thereof, as applicable, solely to satisfy the Company’s Conversion Obligation, sufficient to pay all of the outstanding Notes and all other sums due and payable under this Indenture by the Company; and (ii) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.  Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06 shall survive.
ARTICLE 4
PARTICULAR COVENANTS OF THE COMPANY
Section 4.01.  Payment of Principal and Interest.  The Company covenants and agrees that it will cause to be paid the principal (including the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes.  
Section 4.02.  Maintenance of Office or Agency.  The Company will maintain in the contiguous United States, an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion (“Conversion Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served.  The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office or the office or agency of the Trustee in the contiguous United States; provided, no service of legal process on the Company may be made at any office of the Trustee.
The Company may also from time to time designate as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the contiguous United States, for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.  The terms “Paying Agent” and “Conversion Agent” include any such additional or other offices or agencies, as applicable.
The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office as the office or agency in the Borough of Manhattan, The City of New York, where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase or for conversion and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served.  
Section 4.03.  Appointments to Fill Vacancies in Trustee’s Office.  The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder.

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Section 4.04.  Provisions as to Paying Agent.  (i) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04:
(i)    that it will hold all sums held by it as such agent for the payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders of the Notes;
(ii)    that it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes when the same shall be due and payable; and
(iii)    that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust.
The Company shall, on or before each due date of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Fundamental Change Repurchase Price, if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.
(b)    If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become due and payable.
(c)    Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but only with respect to such sums or amounts.
(d)    Any money and Common Shares deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on and the consideration due upon conversion of any Note and remaining unclaimed for two years after such principal (including the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and Common Shares, and all liability of the Company as trustee thereof, shall thereupon cease.

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Section 4.05.  Existence.  Subject to Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.
Section 4.06.  Rule 144A Information Requirement and Annual Reports.  (i)  At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any Common Shares issuable upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective purchaser of such Notes or any Common Shares issuable upon conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or Common Shares pursuant to Rule 144A.  
(b)    The Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission, copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act or any similar or successor grace period).  Any such document or report that the Company files with the Commission via the Commission’s EDGAR system shall be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system, it being understood that the Trustee shall have no responsibility to determine whether any documents have been filed on the EDGAR system. Notwithstanding anything to the contrary in this Indenture, the Company shall in no event be required to file with, or otherwise provide or disclose to, the Trustee or any Holder any information for which the Company is seeking, or has received, confidential treatment from the Commission.
(c)    Delivery of the reports and documents described in subsection (b) above to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate).
(d)    If, at any time during the six-month period beginning on, and including, the date that is six months after the last date of original issuance of the Notes, the Company fails to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes (other than any restriction arising solely from the Company’s or the Trustee’s ability to require the delivery of legal opinions, certificates or other evidence in order to demonstrate that the proposed transfer is being made in compliance with applicable securities laws)), the Company shall pay Additional Interest on the Notes.  Such Additional Interest shall accrue on the Notes at the rate of (i) 0.25% per annum of the principal amount of the Notes outstanding for each of the first 90 days and (ii) 0.50% per annum of the principal amount of the Notes outstanding for each day from, and including, the 91st day during such period for which the Company’s failure to file has occurred and is continuing or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates (or Holders that have been the Company’s Affiliates at any time during the three months preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes (other than any restriction arising solely from the Company’s or the Trustee’s ability to require the delivery of legal opinions, certificates or other evidence in order to demonstrate that the proposed transfer is being made in compliance with applicable securities laws).  As used in this Section 4.06(d), documents or reports that the Company is required to “file” with 

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the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act.  
(e)    If, and for so long as, the restrictive legend on the Notes specified in Section 2.05(c) has not been removed, the Notes are assigned a restricted CUSIP or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the 380th day after the last date of original issuance of the Notes, the Company shall pay Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of Notes outstanding until the restrictive legend on the Notes has been removed in accordance with Section 2.05(c), the Notes are assigned an unrestricted CUSIP and the Notes are freely tradable by Holders other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months preceding) (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes).  
(f)    Additional Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest on the Notes.  
(g)    The Additional Interest that is payable in accordance with Section 4.06(d) or Section 4.06(e) shall, subject to the immediately succeeding sentence, be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant to Section 6.03.  However, in no event shall any Additional Interest that may accrue as a result of the Company’s failure to timely file any document or report that it is required to file with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports filed on Form 8-K), as described in Section 4.06(d),  together with any interest that may accrue in the event the Company elects to pay Additional Interest in respect of an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) pursuant to Section 6.03, accrue at a rate in excess of 0.50% per annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.  
(h)    If Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the Company shall deliver to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such Additional Interest is payable.  Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable.  If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an Officer’s Certificate setting forth the particulars of such payment.
Section 4.07.  Stay, Extension and Usury Laws.  The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

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Section 4.08.  Compliance Certificate; Statements as to Defaults.  The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2016) an Officer’s Certificate stating whether the signers thereof have knowledge of any failure by the Company to comply with all conditions and covenants then required to be performed under this Indenture during such fiscal year and, if so, specifying each such failure and the nature thereof.
In addition, the Company shall deliver to the Trustee, as soon as possible, and in any event within 30 days after the occurrence of any Event of Default or Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take in respect thereof.
ARTICLE 5
LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE
Section 5.01.  Lists of Holders.  The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 15 days after each February 1 and August 1 in each year beginning with August 1, 2016, and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar.
Section 5.02.  Preservation and Disclosure of Lists.  The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting.  The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.
ARTICLE 6
DEFAULTS AND REMEDIES
Section 6.01.  Events of Default.  Each of the following events shall be an “Event of Default” with respect to the Notes:
(a)    default in any payment of interest on any Note when due and payable, and the default continues for a period of 30 days;
(b)    default in the payment of principal of any Note when due and payable on the Maturity Date, upon any required repurchase, upon declaration of acceleration or otherwise;
(c)    failure by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise of a Holder’s conversion right and such failure continues for five Business Days;

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(d)    failure by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c) or notice of a specified corporate transaction in accordance with Section 14.01(b)(ii) or 14.01(b)(iii), in each case when due;
(e)    failure by the Company to comply with its obligations under Article 11;
(f)    failure by the Company for 60 days after written notice from the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or this Indenture;
(g)    default by the Company or any Significant Subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $5,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case, if such default is not cured or waived, or such acceleration is not rescinded, within 30 days after written notice is delivered to the Company by the Trustee or is delivered to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of Notes then outstanding, in accordance with this Indenture;
(h)    a final judgment or judgments for the payment of $5,000,000 (or its foreign currency equivalent) or more (excluding any amounts covered by insurance) in the aggregate rendered against the Company or any Subsidiary of the Company, which judgment is not discharged, paid, bonded, waived or stayed within 60 days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished;
(i)    the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or
(j)    an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive days.
Section 6.02.  Acceleration; Rescission and Annulment.  If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(i) or Section 6.01(j) 

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with respect to the Company or any of its Significant Subsidiaries), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section 8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding.  If an Event of Default specified in Section 6.01(i) or Section 6.01(j) with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable.  
The immediately preceding paragraph, however, is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable law, and on such principal at the rate borne by the Notes) and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all existing and past Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon.  Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, any Notes or (ii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes.
Section 6.03.  Additional Interest.  Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall (i) for the first 90 days after the occurrence of such an Event of Default (beginning on, and including the date on which such an Event of Default first occurs), consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for each day during such 90-day period on which such Event of Default is continuing and (ii) for the period from, and including, the 91st day after the occurrence of such an Event of Default to, and including, the 180th day after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of Notes outstanding for each day during such additional 90-day period on which such an Event of Default is continuing, subject to the second immediately succeeding paragraph. Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e). If the Company so elects, such Additional Interest shall be payable in the same manner 

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and on the same dates as the stated interest payable on the Notes.  On the 181st day after such Event of Default (if the Event of Default relating to the Company’s failure to file is not cured or waived prior to such 181st day), the Notes shall be immediately subject to acceleration as provided in Section 6.02.  The provisions of this paragraph will not affect the rights of Holders of Notes in the event of the occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth in Section 4.06(b).  In the event the Company does not elect to pay Additional Interest following an Event of Default in accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in Section 6.02.
In order to elect to pay Additional Interest as the sole remedy during the first 180 days after the occurrence of any Event of Default described in the immediately preceding paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning of such 180-day period.  Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02.
In no event will the rate of any such Additional Interest payable pursuant to this Section 6.03, when taken together with any Additional Interest that may accrue as a result of the Company’s failure to timely file any document or report that we are required to file with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), as described under Section 4.06(d), accrue at a rate in excess of 0.50% per annum, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.
Section 6.04.  Payments of Notes on Default; Suit Therefor.  If an Event of Default described in clause (a) or (b) of Section 6.01 shall have occurred and be continuing, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal and interest, if any, with interest on any overdue principal and interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06.  If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated.
In the event there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other Significant Subsidiary on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Company or such other Significant Subsidiary, the property of the Company or such other Significant Subsidiary, or in the event of any other judicial proceedings relative to the Company or such other Significant Subsidiary upon the Notes, or to the creditors or property of the Company or such other Significant Subsidiary, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it 

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may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to the Trustee under Section 7.06, incurred by it up to the date of such distribution.  
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes.
In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such proceedings.
In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders and the Trustee shall continue as though no such proceeding had been instituted.
Section 6.05.  Application of Monies Collected by Trustee.  Any monies collected by the Trustee pursuant to this Article 6 with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:
First, to the payment of all amounts due the Trustee under this Indenture;
Second, in case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of interest on, and any cash due upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with interest (to the extent that such interest has been collected by the Trustee) upon such overdue payments at the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto;

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Third, in case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount (including, if applicable, the payment of the Fundamental Change Repurchase Price and any cash due upon conversion) then owing and unpaid upon the Notes for principal and interest, if any, with interest on the overdue principal and, to the extent that such interest has been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the Fundamental Change Repurchase Price and the cash due upon conversion) and interest without preference or priority of principal over interest, or of interest over principal or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal (including, if applicable, the Fundamental Change Repurchase Price and any cash due upon conversion) and accrued and unpaid interest; and
Fourth, to the payment of the remainder, if any, to the Company.
Section 6.06.  Proceedings by Holders.  Except to enforce the right to receive payment of principal (including, if applicable, the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless: 
(a)    such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as herein provided;
(b)    Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder;
(c)    such Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any loss, liability or expense to be incurred therein or thereby;
(d)    the Trustee for 60 days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and 
(e)    no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder (it being understood that the Trustee shall have no liability or responsibility to determine whether any such action is prejudicial to the Holders), or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided herein).  For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Holder to receive payment or delivery, as the case may be, of (x) the principal (including the 

30

Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon conversion of, such Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be, on or after such respective dates against the Company shall not be impaired or affected without the consent of such Holder.
Section 6.07.  Proceedings by Trustee.  In case of an Event of Default, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.
Section 6.08.  Remedies Cumulative and Continuing.  Except as provided in the last paragraph of Section 2.06, all powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing during the continuance of any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders.
Section 6.09.  Direction of Proceedings and Waiver of Defaults by Majority of Holders.  The Holders of a majority of the aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that (i) such direction shall not be in conflict with any rule of law or with this Indenture, and (ii) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.  The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability.  The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive any existing or past Default or Event of Default hereunder and its consequences except (iii) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section 6.01, (iv) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes or (v) a default in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected.  Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.  Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

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Section 6.10.  Notice of Defaults.  The Trustee shall, within 90 days after the occurrence and continuance of a Default of which a Responsible Officer has actual knowledge, mail to all Holders as the names and addresses of such Holders appear upon the Note Register, notice of all Defaults known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that, except in the case of a Default in the payment of the principal of (including the Fundamental Change Repurchase Price, if applicable), or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon conversion, the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.
Section 6.11.  Undertaking to Pay Costs.  All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or accrued and unpaid interest, if any, on any Note (including, but not limited to, the Fundamental Change Repurchase Price, if applicable) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note, or receive the consideration due upon conversion, in accordance with the provisions of Article 14.
ARTICLE 7
CONCERNING THE TRUSTEE
Section 7.01.  Duties and Responsibilities of Trustee.  The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.  In the event an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction.
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that:
(a)    prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:
(i)    the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such 

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duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
(ii)    in the absence of gross negligence, bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein);
(b)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;
(c)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;
(d)    whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section;
(e)    the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to the Notes;
(f)    if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a  Responsible Officer of the Trustee had actual knowledge of such event;
(g)    in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and
(h)    in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent.

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None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers.
Section 7.02.  Reliance on Documents, Opinions, Etc.  Except as otherwise provided in Section 7.01:
(a)    the Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;
(b)    any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;
(c)    the Trustee may consult with counsel of its selection and require an Opinion of Counsel and any advice of such counsel or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;
(d)    the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 
(e)    the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder; 
(f)    the permissive rights of the Trustee enumerated herein shall not be construed as duties;
(g)    the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture;
(h)    the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder;
(i)    the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; and

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(j)    the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.
In no event shall the Trustee be liable for any special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action other than any such loss or damage caused by the Trustee’s willful misconduct or gross negligence.  The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company or by any Holder of the Notes.
Section 7.03.  No Responsibility for Recitals, Etc.  The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same.  The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes.  The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.
Section 7.04.  Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes.  The Trustee, any Paying Agent, any Conversion Agent, Bid Solicitation Agent (if other than the Company or any Affiliate thereof) or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar.
Section 7.05.  Monies and Common Shares to Be Held in Trust.  All monies and Common Shares received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received.  Money and Common Shares held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law.  The Trustee shall be under no liability for interest on any money or Common Shares received by it hereunder except as may be agreed from time to time by the Company and the Trustee.
Section 7.06.  Compensation and Expenses of Trustee.  The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by its gross negligence or willful misconduct.  The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred without gross negligence or willful misconduct on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder, including the costs and expenses of defending themselves against any claim of liability in the premises.  The obligations of the Company under this Section 7.06 to compensate or indemnify the 

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Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith for the benefit of the Holders of particular Notes.  The Trustee’s right to receive payment of any amounts due under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company.  The obligation of the Company under this Section 7.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal or the Trustee.  The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.  The indemnification provided in this Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee.
Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(i) or Section 6.01(j) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws.
Section 7.07.  Officer’s Certificate as Evidence.  Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof.
Section 7.08.  Eligibility of Trustee.  There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000.  If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.
Section 7.09.  Resignation or Removal of Trustee.  (i) The Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof to the Holders at their addresses as they shall appear on the Note Register.  Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee.  If no successor trustee shall have been so appointed and have accepted appointment within 45 days after the mailing of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction for the appointment of a successor trustee (at the Company’s expense), or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee.  Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

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(b)    In case at any time any of the following shall occur:
(i)    the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign after written request therefor by the Company or by any such Holder, or
(ii)    the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee.  Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
(c)    The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with Section 8.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee.
(d)    Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10.
Section 7.10.  Acceptance by Successor Trustee.  Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act.  Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers.  Any trustee ceasing to act shall, nevertheless, retain a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 7.06.
No successor trustee shall accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 7.08.

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Upon acceptance of appointment by a successor trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense of the Company shall send or cause to be sent a notice of the succession of such trustee hereunder to the Holders at their addresses as they shall appear on the Note Register.  If the Company fails to send such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be sent at the expense of the Company.
Section 7.11.  Succession by Merger, Etc.  Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be eligible under the provisions of Section 7.08.
In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation.
Section 7.12.  Trustee’s Application for Instructions from the Company.  Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective.  The Trustee shall not be liable to the Company for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days after the date any officer that the Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted.
ARTICLE 8
CONCERNING THE HOLDERS
Section 8.01.  Action by Holders.  Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate principal amount of the Notes may take any action (including the 

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making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein may be evidenced (i) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, or (ii) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article 9, or (iii) by a combination of such instrument or instruments and any such record of such a meeting of Holders.  Whenever the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Holders entitled to take such action.  The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action.
Section 8.02.  Proof of Execution by Holders.  Subject to the provisions of Section 7.01, Section 7.02 and Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee.  The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar.  The record of any Holders’ meeting shall be proved in the manner provided in Section 9.06.
Section 8.03.  Who Are Deemed Absolute Owners.  The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary.  All such payments or deliveries so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or Common Shares so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note.  Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person, such holder’s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture.
Section 8.04.  Company-Owned Notes Disregarded.  In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer knows are so owned shall be so disregarded.  Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof.  In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.  Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any, known by the 

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Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.
Section 8.05.  Revocation of Consents; Future Holders Bound.  At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note.  Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of transfer thereof.
ARTICLE 9
HOLDERS’ MEETINGS
Section 9.01.  Purpose of Meetings.  A meeting of Holders may be called at any time and from time to time pursuant to the provisions of this Article 9 for any of the following purposes:
(a)    to give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6;
(b)    to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 7;
(c)    to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or
(d)    to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law.
Section 9.02.  Call of Meetings by Trustee.  The Trustee may at any time call a meeting of Holders to take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine.  Notice of every meeting of the Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 8.01, shall be mailed to Holders of such Notes at their addresses as they shall appear on the Note Register.  Such notice shall also be mailed to the Company.  Such notices shall be mailed not less than 20 nor more than 90 days prior to the date fixed for the meeting.
Any meeting of Holders shall be valid without notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the Holders of all 

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Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived notice.
Section 9.03.  Call of Meetings by Company or Holders.  In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by mailing notice thereof as provided in Section 9.02.
Section 9.04.  Qualifications for Voting.  To be entitled to vote at any meeting of Holders a Person shall (i) be a Holder of one or more Notes on the record date pertaining to such meeting or (ii) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such meeting.  The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.
Section 9.05.  Regulations.  Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit.
The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section 9.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman.  A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders of a majority in aggregate principal amount of the Notes represented at the meeting and entitled to vote at the meeting.
Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding.  The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders.  Any meeting of Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice.
Section 9.06.  Voting.  The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented by them.  The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting.  A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of 

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the meeting and showing that said notice was mailed as provided in Section 9.02.  The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution.  The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of the matters therein stated.
Section 9.07.  No Delay of Rights by Meeting.  Nothing contained in this Article 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Notes.
ARTICLE 10
SUPPLEMENTAL INDENTURES
Section 10.01.  Supplemental Indentures Without Consent of Holders.  The Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes:
(a)    to cure any ambiguity, omission, defect or inconsistency;
(b)    to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to Article 11;
(c)    to add guarantees with respect to the Notes;
(d)    to secure the Notes;
(e)    to add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred upon the Company;
(f)    to make any change that does not adversely affect the rights of any Holder;
(g)    in connection with any Merger Event, provide that the notes are convertible into Reference Property, subject to the provisions of Section 14.02, and make such related changes to the terms of the Notes and conversion rights of the Holders to the extent expressly required by Section 14.07; 
(h)    provide for the acceptance of appointment by a successor trustee or facilitate the administration of the trusts under this Indenture by more than one trustee;
(i)    comply with the rules of the Depositary;
(j)    permit for the issuance of additional Notes in accordance with this Indenture;
(k)    comply with any requirement of the Securities and Exchange Commission in connection with the qualification of this Indenture under the Trust Indenture Act;

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(l)    irrevocably (or for any specified period) elect or eliminate one of the Settlement Methods and/or irrevocably (or for any specified period) elect a minimum Specified Dollar Amount; or
(m)    to conform the provisions of this Indenture or the Notes to the “Description of notes” section of the Offering Memorandum, such conforming change to be evidenced in an Officer’s Certificate.
Upon the written request of the Company, the Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.
Any supplemental indenture authorized by the provisions of this Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02.
Section 10.02.  Supplemental Indentures with Consent of Holders.  With the consent (evidenced as provided in Article 8) of the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the Holders; provided, however, that, without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall:
(a)    reduce the amount of Notes whose Holders must consent to an amendment;
(b)    reduce the rate of or extend the stated time for payment of interest on any Note;
(c)    reduce the principal amount of or extend the Maturity Date of any Note;
(d)    make any change that adversely affects the conversion rights of any Notes;
(e)    reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise;
(f)    make any Note payable in a currency other than that stated in the Note;
(g)    change the ranking of the Notes; or
(h)    make any change in this Article 10 that requires each Holder’s consent or in the waiver provisions in Section 6.02 or Section 6.09.
Upon the written request of the Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 10.05, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

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Holders do not need under this Section 10.02 to approve the particular form of any proposed supplemental indenture.  It shall be sufficient if such Holders approve the substance thereof.  After any such supplemental indenture becomes effective, the Company shall mail to the Holders a notice briefly describing such supplemental indenture. However, the failure to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the supplemental indenture.
Section 10.03.  Effect of Supplemental Indentures.  Upon the execution of any supplemental indenture pursuant to the provisions of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.
Section 10.04.  Notation on Notes.  Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.  If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding.
Section 10.05.  Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee.  In addition to the documents required by Section 17.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 10 and is permitted or authorized by this Indenture and is the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms.
ARTICLE 11
CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
Section 11.01.  Company May Consolidate, Etc. on Certain Terms.  Subject to the provisions of Section 11.02, the Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its properties and assets to another Person (other than in a Permitted Sale Transaction), unless:
(a)    the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the Company under the Notes and this Indenture; and
(b)    immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture.
For purposes of this Section 11.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of the Company to another Person, which 

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properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Company to another Person.
Section 11.02.  Successor Corporation to Be Substituted.  In case of any such consolidation, merger, sale, conveyance, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the Company’s properties and assets, shall be substituted for the Company, with the same effect as if it had been named herein as the party of the first part, and the Company (except in the case of a lease of all or substantially all of the Company’s property and assets) shall be discharged from the obligations of the Company under the Notes and this Indenture.  Such Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose.  All the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof.  In the event of any such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this Article 11 the Person named as the “Company” in the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article 11) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture and the Notes.
In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.
Section 11.03.  Opinion of Counsel to Be Given to Trustee.  No such consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article 11.
ARTICLE 12
IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS
Section 12.01.  Indenture and Notes Solely Corporate Obligations.  No recourse for the payment of the principal of or accrued and unpaid interest on any Note, nor for any claim based thereon or 

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otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder, employee, agent, Officer or director or Subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes.
ARTICLE 13
[INTENTIONALLY OMITTED]

ARTICLE 14
CONVERSION OF NOTES
Section 14.01.  Conversion Privilege.  (vi) Subject to and upon compliance with the provisions of this Article 14, each Holder of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Note (i) subject to satisfaction of the conditions described in Section 14.01(b), at any time prior to the close of business on the Business Day immediately preceding August 15, 2020 under the circumstances and during the periods set forth in Section 14.01(b), and (ii) regardless of the conditions described in Section 14.01(b), on or after August 15, 2020 and prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of 60.0492 Common Shares (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02, the “Conversion Obligation”).
(b)    (ii) Prior to the close of business on the Business Day immediately preceding August 15, 2020, a Holder may surrender all or any portion of its Notes for conversion at any time during the five Business Day period immediately after any ten consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day of the Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Common Shares on each such Trading Day and the Conversion Rate on each such Trading Day.  The Trading Prices shall be determined by the Bid Solicitation Agent pursuant to this subsection (b)(i) and the definition of Trading Price set forth in this Indenture.  The Company shall provide written notice to the Bid Solicitation Agent (if other than the Company or an Affiliate thereof) of the three independent nationally recognized securities dealers selected by the Company pursuant to the definition of Trading Price, along with appropriate contact information for each.  The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes unless the Company has requested such determination, and the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes unless (1) a Holder of at least $2,000,000 aggregate principal amount of Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes on any Trading Day would be less than 98% of the 

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product of the Last Reported Sale Price of the Common Shares on such Trading Day and the Conversion Rate on such Trading Day and (2) such Holder requests that the Company requests that the Bid Solicitation Agent determine, or, if the Company is acting as Bid Solicitation Agent, requests that the Company determine, the Trading Price per $1,000 principal amount of Notes, at which time the Company shall instruct the Bid Solicitation Agent (if other than the Company) to determine, or if the Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000 principal amount of Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Shares and the Conversion Rate.  If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not instruct the Bid Solicitation Agent to determine the Trading Price per $1,000 principal amount of Notes when obligated as provided in the preceding sentence, or if the Company instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to make such determination, or (y) the Company is acting as Bid Solicitation Agent and the Company fails to make such determination when obligated as provided in the preceding sentence, then, in either case, the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Shares and the Conversion Rate on each Trading Day of such failure.  If the Trading Price condition set forth above has been met, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee).  If, at any time after the Trading Price condition set forth above has been met, the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Shares and the Conversion Rate for such date, the Company shall so notify the Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee).  
(ii)    If, prior to the close of business on the Business Day immediately preceding August 15, 2020, the Company elects to:
(A)    issue to all or substantially all holders of the Common Shares any rights, options or warrants (other than pursuant to a shareholders rights plan, prior to the separation thereof from the Common Shares) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase Common Shares at a price per share that is less than the average of the Last Reported Sale Prices of the Common Shares for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance; or
(B)    distribute to all or substantially all holders of the Common Shares the Company’s assets, securities or rights to purchase securities of the Company (other than pursuant to a shareholders rights plan, prior to the separation thereof from the Common Shares), which distribution has a per share value, as reasonably determined by the Company, exceeding 10% of the Last Reported Sale Price of the Common Shares on the Trading Day preceding the date of announcement for such distribution,
then, in either case, the Company shall notify all Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) either (x) at least 110 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution or (y) following Shareholder Approval, at least 15 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution; provided that, if the Company provides such notice in accordance with this clause (y) but not in accordance with the immediately preceding clause (x), notwithstanding anything to the contrary under Section 14.02 or any other provision of this Indenture, the Company shall be required to settle all conversions of Notes with a Conversion Date occurring during the period from, and including, the date of such notice to, and 

47

including, the Ex-Dividend Date for such issuance or distribution using Physical Settlement and the Company shall so notify the Holders in such notice.  Once the Company has given such notice, a Holder may surrender all or any portion of its Notes for conversion at any time until the earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take place, in each case, even if the Notes are not otherwise convertible at such time.  Holders of the Notes may not exercise the right to convert pursuant to this Section 14.01(b)(ii) if they participate, at the same time and upon the same terms as holders of Common Shares and solely as a result of holding the Notes, in any of the transactions described above without having to convert their Notes as if they held a number of Common Shares equal to the applicable Conversion Rate as of the Record Date for such issuance or distribution multiplied by the principal amount (expressed in thousands) of Notes held by such Holder.  
(iii)    If a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs, regardless of whether a Holder has the right to require the Company to repurchase the Notes pursuant to Section 15.02, or if the Company is a party to a consolidation, merger, binding share exchange, or transfer or lease of all or substantially all of its assets, in each case, pursuant to which the Common Shares would be converted into Reference Property as described under Section 14.07, in each case, prior to the close of business on the Business Day immediately preceding August 15, 2020, all or any portion of a Holder’s Notes may be surrendered for conversion at any time from or after the effective date of such transaction or event until the earlier of (x) 35 Trading Days after the actual effective date of such transaction or event, if such transaction or event also constitutes a Fundamental Change, until the related Fundamental Change Repurchase Date and (y) the second Scheduled Trading Day immediately preceding the Maturity Date.  The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) within five Business Days of such transaction or event.
(iv)    Prior to the close of business on the Business Day immediately preceding August 15, 2020, a Holder may surrender all or any portion of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on March 31, 2016 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Shares for at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on the last Trading Day of the immediately preceding calendar quarter is greater than 130% of the Conversion Price on each applicable Trading Day.  
Section 14.02.  Conversion Procedure; Settlement Upon Conversion.  
(a)    If the Company has not received the requisite approval from its shareholders in accordance with Section 312.03 of The New York Stock Exchange Listed Company Manual prior to August 15, 2020 (“Shareholder Approval”) to issue 20% or more of its Common Shares upon conversion of the Notes prior to the relevant Conversion Date (or, if earlier, August 15, 2020), and subject to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion of any Note, the Company shall pay to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, solely an amount of cash as if the Company had elected Cash Settlement as set forth in this Section 14.02.  If the Company has received Shareholder Approval prior to the relevant Conversion Date (or, if earlier, August 15, 2020), and subject to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion of any Note, the Company shall pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash Settlement”), Common Shares, together with cash, if applicable, in lieu of delivering any fractional Common Share in accordance with subsection (j) of this Section 14.02 (“Physical Settlement”) or a combination of cash and Common Shares, together with cash, if applicable, in lieu of delivering  any fractional Common Share in accordance with subsection (j) 

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of this Section 14.02 (“Combination Settlement”), at its election, as set forth in this Section 14.02.  If the Company receives Shareholder Approval on any day, it shall so notify the Holders, the Trustee and the Conversion Agent within five Business Days of such approval.  
(i)    All conversions for which the relevant Conversion Date occurs on or after August 15, 2020 shall be settled using the same Settlement Method.  For the avoidance of doubt, if the Company has not received Shareholder Approval prior to August 15, 2020, Cash Settlement shall apply to all conversions of Notes with a Conversion Date occurring on or after August 15, 2020.
(ii)    Except for any conversions for which the relevant Conversion Date occurs on or after August 15, 2020, the Company shall use the same Settlement Method for all conversions with the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect to conversions with different Conversion Dates.
(iii)    Following the Company’s receipt of Shareholder Approval, if, in respect of any Conversion Date (or the period described in the third immediately succeeding set of parentheses, as the case may be), the Company elects to deliver a notice (the “Settlement Notice”) of the relevant Settlement Method in respect of such Conversion Date (or such period, as the case may be), the Company, through the Trustee, shall deliver such Settlement Notice to converting Holders no later than the close of business on the Trading Day immediately following the relevant Conversion Date (or, in the case of any conversions for which the relevant Conversion Date occurs on or after August 15, 2020, no later than August 15, 2020).  If the Company has received Shareholder Approval and does not elect a Settlement Method prior to the deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect Cash Settlement or Physical Settlement and the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount of Notes shall be equal to $1,000.  Such Settlement Notice shall specify the relevant Settlement Method and in the case of an election of Combination Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Notes.  If the Company delivers a Settlement Notice electing Combination Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000.
(iv)    Subject to the Company’s receipt of Shareholder Approval as described in this Section 14.02 (a), the cash, Common Shares or combination of cash and Common Shares in respect of any conversion of Notes (the “Settlement Amount”) shall be computed as follows:
(A)    if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of Common Shares equal to the Conversion Rate in effect on the Conversion Date;
(B)    if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily Conversion Values for each of the 100 consecutive Trading Days during the related Observation Period; and

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(C)    if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 100 consecutive Trading Days during the related Observation Period.  
(v)    The Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the Company promptly following the last day of the Observation Period.  Promptly after such determination of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of delivering any fractional Common Share, the Company shall notify the Trustee and the Conversion Agent (if other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of delivering fractional Common Shares.  The Trustee and the Conversion Agent (if other than the Trustee) shall have no responsibility for any such determination.
(b)    Subject to Section 14.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth above, such Holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such Holder wishes the certificate or certificates for any Common Shares to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, pay all applicable transfer or similar taxes, if any, pursuant to Section 14.02(e), (4) if required, furnish appropriate endorsements and transfer documents and (5) if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h).  The Trustee (and if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 14 on the Conversion Date for such conversion.  No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 15.03.
If more than one Note shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.
(c)    A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion Date”) that the Holder has complied with the requirements set forth in subsection (b) above.  Except as set forth in Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver, as the case may be, the consideration due in respect of the Conversion Obligation on the third Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement, or on the third Business Day immediately following the last Trading Day of the Observation Period, in the case of any other Settlement Method; provided however that with respect to conversions for which Physical Settlement applies and the relevant Conversion Date occurs after the Regular Record Date 

50

immediately preceding the Maturity Date, the Company shall deliver and, if applicable, pay the consideration due in respect of the Conversion Obligation on the Maturity Date.  If any Common Shares are due to converting Holders, the Company shall issue or cause to be issued, and deliver (if applicable) to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, the full number of Common Shares to which such Holder shall be entitled, in certificate form or in book-entry format, in satisfaction of the Company’s Conversion Obligation.
(d)    In case any Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment of any service charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or similar governmental charge required by law or that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered for such conversion.
(e)    If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue of any Common Shares upon conversion, unless the tax is due because the Holder requests such shares to be issued in a name other than the Holder’s name, in which case the Holder shall pay that tax.  The Conversion Agent may refuse to deliver the certificates representing the Common Shares being issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding sentence.  
(f)    Except as provided in Section 14.04, no adjustment shall be made for dividends on any Common Shares issued upon the conversion of any Note as provided in this Article 14.
(g)    Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby.  The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee.
(h)    Upon conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below.  The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited.  Upon a conversion of Notes into a combination of cash and Common Shares, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon such conversion.  Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record Date, Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion.  Notes surrendered for conversion during the period from the close of business on any Regular Record Date to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted; provided that no such payment shall be required (1) for conversions after the close of business on the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date; or (3) to 

51

the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the time of conversion with respect to such Note.  Therefore, for the avoidance of doubt, all applicable Holders of record at the close of business on the Regular Record Date immediately preceding the Maturity Date shall receive the full interest payment due on the Maturity Date regardless of whether their Notes have been converted following such Regular Record Date.
(i)    The Person in whose name the Common Shares shall be issuable upon conversion shall be treated as a shareholder of record as of the close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Physical Settlement) or the last Trading Day of the relevant Observation Period (if the Company elects to satisfy the related Conversion Obligation by Combination Settlement), as the case may be.  Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion.
(j)    The Company shall not issue any fractional Common Share upon conversion of the Notes and shall instead pay cash in lieu of delivering any fractional Common Share issuable upon conversion based on the Daily VWAP for the relevant Conversion Date (in the case of Physical Settlement) or based on the Daily VWAP for the last Trading Day of the relevant Observation Period (in the case of Combination Settlement). For each Note surrendered for conversion, if the Company has elected Combination Settlement, the full number of shares that shall be issued upon conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the relevant Observation Period and any fractional shares remaining after such computation shall be paid in cash.  
Section 14.03.  Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes.  (iii)  If a Make-Whole Fundamental Change occurs or becomes effective prior to the Maturity Date and a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change, the Company shall, under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional Common Shares (the “Additional Shares”), as described below.  A conversion of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”).  
(b)    Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change pursuant to Section 14.01(b)(iii), (x) prior to the Company’s receipt of Shareholder Approval, the Company shall satisfy the related Conversion Obligation by Cash Settlement and (y) following the Company’s receipt of Shareholder Approval, the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance with Section 14.02; provided, however, that if, at the effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Reference Property following such Make-Whole Fundamental Change is composed entirely of cash, for any conversion of Notes following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to the Conversion Rate (including any adjustment for Additional Shares), multiplied by such Stock Price.  In such event, the Conversion Obligation shall be paid to Holders in cash on the third Business Day following the Conversion Date. The 

52

Company shall notify the Holders of Notes of the Effective Date of any Make-Whole Fundamental Change no later than five Business Days after such Effective Date.
(c)    The number of Additional Shares, if any, by which the Conversion Rate shall be increased shall be determined by reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) and the price (the “Stock Price”) paid (or deemed to be paid) per Common Share in the Make-Whole Fundamental Change.  If the holders of the Common Shares receive in exchange for their Common Shares only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share.  Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Shares over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change.  The Company shall make appropriate adjustments to the Stock Price, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date (as such term is used in Section 14.04) or expiration date of the event occurs during such five consecutive Trading Day period.
(d)    The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Conversion Rate of the Notes is otherwise adjusted.  The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted.  The number of Additional Shares set forth in the table below shall be adjusted in the same manner and at the same time as the Conversion Rate as set forth in Section 14.04.
(e)    The following table sets forth the number of Additional Shares by which the Conversion Rate shall be increased per $1,000 principal amount of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below:
	
												
	 
	Stock Price

	Effective Date
	$12.81
	$14.50
	$16.65
	$18.00
	$20.00
	$25.00
	$35.00
	$45.00
	$55.00
	$65.00
	$75.00

	February 23, 2016
	18.0148
	14.9829
	11.2934
	9.5835
	7.6496
	4.6397
	1.9551
	2.1166
	0.3073
	0.0570
	0.0000

	February 15, 2017
	18.0148
	14.4860
	10.6664
	8.9344
	7.0139
	4.1320
	1.6966
	2.0010
	0.2533
	0.0372
	0.0000

	February 15, 2018
	18.0148
	13.7585
	9.7646
	8.0090
	6.1194
	3.4417
	1.3669
	1.8611
	0.1899
	0.0157
	0.0000

	February 15, 2019
	18.0148
	12.7007
	8.4471
	6.6655
	4.8418
	2.5093
	0.9648
	1.7028
	0.1221
	0.0004
	0.0000

	February 15, 2020
	18.0148
	11.0860
	6.3596
	4.5605
	2.9162
	1.2746
	0.5065
	1.5312
	0.0522
	0.0000
	0.0000

	February 15, 2021
	18.0148
	8.9163
	0.0000
	0.0000
	0.0000
	0.0000
	0.0000
	0.0000
	0.0000
	0.0000
	0.0000

The exact Stock Prices and Effective Dates may not be set forth in the table above, in which case:
(i)    if the Stock Price is between two Stock Prices in the table above or the Effective Date is between two Effective Dates in the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as applicable, based on a 365-day year;
(ii)    if the Stock Price is greater than $75.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and 

53

(iii)    if the Stock Price is less than $12.81 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate.
Notwithstanding the foregoing, in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 78.0640 Common Shares, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 14.04.
(f)    Nothing in this Section 14.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 14.04 in respect of a Make-Whole Fundamental Change.
Section 14.04.  Adjustment of Conversion Rate.  The Conversion Rate shall be adjusted from time to time by the Company if any of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders of the Common Shares and solely as a result of holding the Notes, in any of the transactions described in this Section 14.04, without having to convert their Notes, as if they held a number of Common Shares equal to the applicable Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder.
(a)    If the Company exclusively issues Common Shares as a dividend or distribution on Common Shares, or if the Company effects a share split or share combination, the Conversion Rate shall be adjusted based on the following formula:
	
							
	 
	 
	 
	 
	 
	 
	 

	 
	CR1
	=
	CR0
	X
	OS1
	 

	 
	OS0
	 

where,
		
	CR0 
	=    the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share combination, as applicable;

		
	CR1 
	=    the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date;

		
	OS0 
	=    the number of Common Shares outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date; and

		
	OS1 
	=    the number of Common Shares outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

Any adjustment made under this Section 14.04(a) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or share combination, as applicable.  If any dividend or distribution of the type described in this Section 14.04(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.

54

(b)    If the Company issues to all or substantially all holders of the Common Shares any rights, options or warrants (other than pursuant to a shareholders rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase Common Shares at a price per share that is less than the average of the Last Reported Sale Prices of the Common Shares for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Rate shall be increased based on the following formula:
	
							
	 
	 
	 
	 
	 
	 
	 

	 
	CR1
	=
	CR0
	X
	OS0 + X
	 

	 
	OS0 + Y
	 

where,
		
	CR0 
	=    the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;

		
	CR1 
	=    the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

		
	OS0 
	=    the number of Common Shares outstanding immediately prior to the open of business on such Ex-Dividend Date;

		
	X
	=    the total number of Common Shares issuable pursuant to such rights, options or warrants; and

		
	Y
	=    the number of Common Shares equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

Any increase made under this Section 14.04(b) shall be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such issuance.  To the extent that Common Shares are not delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of Common Shares actually delivered.  If no such rights, options or warrants are issued, or if no such rights, options or warrants are exercised prior to their expiration, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such issuance had not occurred.
For purposes of this Section 14.04(b) and for the purpose of Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase Common Shares at less than such average of the Last Reported Sale Prices of the Common Shares for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement for such issuance, and in determining the aggregate offering price of such Common Shares, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Company in good faith.  

55

(c)    If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Shares, excluding (vi) dividends, distributions or issuances described in Section 14.04(a) or Section 14.04(b), (vii) rights issued under a shareholders rights plan prior to separation thereof from the Common Shares in the circumstances described in Section 14.11,  (viii) dividends or distributions paid exclusively in cash described in Section 14.04(d), (ix) distributions of Reference Property upon conversion of, or in exchange for, Common Shares in a transaction described in Section 14.07(a), and (x) Spin-Offs as to which the provisions set forth below in this Section 14.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed Property”), then the Conversion Rate shall be increased based on the following formula:
	
							
	 
	 
	 
	 
	 
	 
	 

	 
	CR1
	=
	CR0
	X
	SP0
	 

	 
	SP0 - FMV
	 

where,
		
	CR0 
	=    the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;

		
	CR1 
	=    the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

		
	SP0 
	=    the average of the Last Reported Sale Prices of the Common Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

		
	FMV
	=    the fair market value (as determined in good faith by the Company) of the Distributed Property with respect to each outstanding Common Share on the Ex-Dividend Date for such distribution.

Any increase made under the portion of this Section 14.04(c) above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution.  If such distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution had not been declared.  Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common Shares receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received if such Holder owned a number of Common Shares equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution.  If the Board of Directors determines the “FMV” (as defined above) of any distribution for purposes of this Section 14.04(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Last Reported Sale Prices of the Common Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.  
With respect to an adjustment pursuant to this Section 14.04(c) where there has been a payment of a dividend or other distribution on the Common Shares of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that are, or, 

56

when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula:
	
							
	 
	 
	 
	 
	 
	 
	 

	 
	CR1
	=
	CR0
	X
	FMV0 + MP0
	 

	 
	MP0
	 

where,
		
	CR0 
	=    the Conversion Rate in effect immediately prior to the end of the Valuation Period;

		
	CR1 
	=    the Conversion Rate in effect immediately after the end of the Valuation Period;

		
	FMV0 
	=    the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Shares applicable to one Common Share (determined by reference to the definition of Last Reported Sale Price as set forth in Section 1.01 as if references therein to Common Shares were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and

		
	MP0 
	=    the average of the Last Reported Sale Prices of the Common Shares over the Valuation Period.

The increase to the Conversion Rate under the preceding paragraph shall occur on the last Trading Day of the Valuation Period; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the Valuation Period, references in the portion of this Section 14.04(c) related to Spin-Offs to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within the Valuation Period, references in the portion of this  Section 14.04(c) related to Spin-Offs to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and such Trading Day in determining the Conversion Rate as of such Trading Day.  If the Ex-Dividend Date of the Spin-Off is after the 10th Trading Day immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes, references in the preceding paragraph to 10 Trading Days will be deemed to be replaced, solely in respect of that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for the Spin-Off to, and including, the last Trading Day of such Observation Period.
For purposes of this Section 14.04(c) (and subject in all respect to Section 14.11), rights, options or warrants distributed by the Company to all holders of the Common Shares entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Shares (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such Common Shares; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the Common Shares, shall be deemed not to have been distributed for purposes of this Section 14.04(c) (and no adjustment to the Conversion Rate under this Section 14.04(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section 14.04(c).  If any 

57

such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof).  In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section 14.04(c) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Shares with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Shares as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued.
For purposes of Section 14.04(a), Section 14.04(b) and this Section 14.04(c), if any dividend or distribution to which this Section 14.04(c) is applicable also includes one or both of: 
(A)    a dividend or distribution of Common Shares to which Section 14.04(a) is applicable (the “Clause A Distribution”); or
(B)    a dividend or distribution of rights, options or warrants to which Section 14.04(b) is applicable (the “Clause B Distribution”),
then, in either case, (1) such dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 14.04(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 14.04(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Conversion Rate adjustment required by Section 14.04(a) and Section 14.04(b) with respect thereto shall then be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any Common Shares included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date” within the meaning of Section 14.04(a) or “outstanding immediately prior to the open of business on such Ex-Dividend Date” within the meaning of Section 14.04(b).
(d)    If any cash dividend or distribution is made to all or substantially all holders of the Common Shares, other than a regular, quarterly cash dividend that does not exceed $0.0125 per share (the “Initial Dividend Threshold”), the Conversion Rate shall be adjusted based on the following formula:
	
							
	 
	 
	 
	 
	 
	 
	 

	 
	CR1
	=
	CR0
	X
	SP0 - T
	 

	 
	SP0 - C
	 

58

where,
		
	CR0 
	=    the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;

		
	CR1 
	=    the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;

		
	SP0 
	=    the Last Reported Sale Price of the Common Shares on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and

		
	T
	=    the Initial Dividend Threshold; provided that if the dividend or distribution is not a regular quarterly cash dividend, the Initial Dividend Threshold shall be deemed to be zero; and

		
	C
	=    the amount in cash per share the Company distributes to all or substantially all holders of the Common Shares.

The Initial Dividend Threshold shall be subject to adjustment in a manner inversely proportional to adjustments to the Conversion Rate; provided that no adjustment shall be made to the Initial Dividend Threshold for any adjustment to the Conversion Rate pursuant to this Section 14.04(d).
Any increase pursuant to this Section 14.04(d) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution.  If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.  Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes, at the same time and upon the same terms as holders of Common Shares, the amount of cash that such Holder would have received if such Holder owned a number of Common Shares equal to the Conversion Rate on the Ex-Dividend Date for such cash dividend or distribution.  
(e)    If the Company or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Common Shares (other than an odd-lot tender offer), to the extent that the cash and value of any other consideration included in the payment per Common Share exceeds the average of the Last Reported Sale Prices of the Common Shares over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula:
	
							
	 
	 
	 
	 
	 
	 
	 

	 
	CR1
	=
	CR0
	X
	AC + (SP1 x OS1)
	 

	 
	OS0 x SP1
	 

where,
		
	CR0 
	=    the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;

59

		
	CR1 
	=    the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;

		
	AC
	=    the aggregate value of all cash and any other consideration (as determined by the Company in good faith) paid or payable for Common Shares purchased in such tender or exchange offer;

		
	OS0 
	=    the number of Common Shares outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all Common Shares accepted for purchase or exchange in such tender or exchange offer);

		
	OS1 
	=    the number of Common Shares outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all Common Shares accepted for purchase or exchange in such tender or exchange offer); and

		
	SP1 
	=    the average of the Last Reported Sale Prices of the Common Shares over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

The increase to the Conversion Rate under this Section 14.04(e) shall occur at the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references in this Section 14.04(e) with respect to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between the date that such tender or exchange offer expires and the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references in this Section 14.04(e) with respect to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between the expiration date of such tender or exchange offer and such Trading Day in determining the Conversion Rate as of such Trading Day. In addition, if the Trading Day next succeeding the date such tender or exchange offer expires is after the 10th Trading Day immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes, references in the preceding paragraph to 10 Trading Days shall be deemed to be replaced, solely in respect of that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the date such tender or exchange offer expires to, and including, the last Trading Day of such Observation Period.
(f)    Notwithstanding this Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment becomes effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related Record Date would be treated as the record holder of the Common Shares as of the related Conversion Date as described under Section 14.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section 14.04, the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the Common Shares on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

60

(g)    Notwithstanding this Section 14.04 or any other provision of this Indenture or the Notes, if a Holder converts a Note, Combination Settlement is applicable to such Note and the Daily Settlement Amount for any Trading Day during the Observation Period applicable to such Note (i) is calculated based on a Conversion Rate adjusted on account of any event described in clause (a) through (e) of this Section 14.04 and (ii) includes any Common Shares that entitle their holder to participate in such event, then, notwithstanding the adjustment required by clause (a), (b), (c), (d) or (e) of this Section 14.04, as the case may be, such Conversion Rate adjustment shall not be made for such converting Holder for such Trading Day.  Instead, such Holder shall be treated as if such Holder were the record owner of Common Shares on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.
(h)    Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of Common Shares or any securities convertible into or exchangeable for Common Shares or the right to purchase Common Shares or such convertible or exchangeable securities.
(i)    In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and to the extent permitted by applicable law and subject to the applicable rules of any exchange on which any of the Company’s securities are then listed, the Company from time to time may (but is not required to) increase the Conversion Rate by any amount for a period of at least 20 Business Days (i) if the Company determines that such increase would be in the Company’s best interest or (ii) to avoid or diminish any income tax to holders of Common Shares or rights to purchase Common Shares in connection with a dividend or distribution of Common Shares (or rights to acquire Common Shares) or similar event.  Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall mail to the Holder of each Note at its last address appearing on the Note Register a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect.
(j)    Except as described in this Section 14.04 and Section 14.03, the Conversion Rate shall not be required to be adjusted for any transaction or event.  Without limiting the foregoing, the Conversion Rate shall not be required to be adjusted:
(i)    upon the issuance of Common Shares at a price below the Conversion Price; 
(ii)    upon the issuance of any Common Shares pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in Common Shares under any plan;
(iii)    upon the issuance of any Common Shares or options or rights to purchase those shares pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries;
(iv)    upon the issuance of any Common Shares pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued;
(v)    for a third-party tender offer other than as described in Section 14.04(e);
(vi)    solely for a change in the par value of the Common Shares; or
(vii)for accrued and unpaid interest, if any.

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(k)    All calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000th) of a share. The Company shall not be required to make an adjustment in the Conversion Rate unless the adjustment would require a change of at least 1% in the Conversion Rate. However, the Company shall carry forward any adjustments that are less than 1% of the Conversion Rate and make such carried forward adjustments (1) upon conversion of any Note (x) if Cash Settlement or Combination Settlement is applicable to such conversion, on each Trading Day in the Observation Period for such conversion and (y) if Physical Settlement is applicable to such conversion, on the relevant Conversion Date and (2) on each anniversary of the original issue date of the Notes, in each case, without duplication and regardless of whether the aggregate adjustment is less than 1%.
(l)    Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion Agent if not the Trustee) an Officer’s Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment.  Unless and until a Responsible Officer of the Trustee shall have received such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect.  Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Rate to each Holder at its last address appearing on the Note Register of this Indenture.  Failure to deliver such notice shall not affect the legality or validity of any such adjustment.
(m)    For purposes of this Section 14.04, the number of Common Shares at any time outstanding shall not include Common Shares held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on Common Shares held in the treasury of the Company, but shall include Common Shares issuable in respect of scrip certificates issued in lieu of fractions of Common Shares.
Section 14.05. Adjustments of Prices.  Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including an Observation Period and the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the Company shall make adjustments in its good faith judgment to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date, as the case may be, of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated.
For the avoidance of doubt, the adjustments made pursuant to this Section 14.05 shall be made solely to the extent that the Company determines in its good faith judgment that any such adjustment is appropriate, without duplication of any adjustment made pursuant to Section 14.04.
Section 14.06.  Shares to Be Fully Paid.  Following receipt of Shareholder Approval, the Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient Common Shares to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming delivery of the maximum number of Additional Shares pursuant to Section 14.03 and that at the time of computation of such number of shares, all such Notes would be converted by a single Holder and that Physical Settlement were applicable).

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Section 14.07.  Effect of Recapitalizations, Reclassifications and Changes of the Common Shares.  
(a)    In the case of:
(i)    any recapitalization, reclassification or change of the Common Shares (other than changes in par value or from no par value or resulting from a subdivision or combination), 
(ii)    any consolidation, merger, combination or similar transaction involving the Company, 
(iii)    any sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company’s Subsidiaries substantially as an entirety or 
(iv)    any statutory share exchange, 
in each case, as a result of which the Common Shares would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of Common Shares equal to the Conversion Rate immediately prior to such Merger Event would have owned or been entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one Common Share is entitled to receive) upon such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture permitted under Section 10.01(g) providing for such change in the right to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Merger Event (A) the Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with Section 14.02 and (B) (I) any amount payable in cash upon conversion of the Notes in accordance with Section 14.02 shall continue to be payable in cash, (II) any Common Shares that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 shall instead be deliverable in the amount and type of Reference Property that a holder of that number of Common Shares would have been entitled to receive in such Merger Event and (III) the Daily VWAP shall be calculated based on the value of a unit of Reference Property.
If the Merger Event causes the Common Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of shareholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed to be (x) the weighted average of the types and amounts of consideration received by the holders of Common Shares that affirmatively make such an election or (y) if no holders of Common Shares affirmatively make such an election, the types and amounts of consideration actually received by the holders of Common Shares, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one Common Share.  If the holders of the Common Shares receive only cash in such Merger Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such Merger Event (A) the consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 14.03), multiplied by the price paid per Common Share in such Merger Event and (B) the Company shall satisfy the Conversion Obligation by paying cash to converting Holders on the third 

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Business Day immediately following the relevant Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such determination is made.
Such supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent as is possible to the adjustments provided for in this Article 14.  If, in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property or assets (including cash or any combination thereof) of a Person other than the successor or purchasing corporation, as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holders of the Notes as the Company shall reasonably consider necessary by reason of the foregoing, including the provisions providing for the purchase rights set forth in Article 15.
(b)    When the Company executes a supplemental indenture pursuant to subsection (a) of this Section 14.07, the Company shall promptly file with the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of Reference Property after any such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Holders.  The Company shall cause notice of the execution of such supplemental indenture to be mailed to each Holder, at its address appearing on the Note Register provided for in this Indenture, within 20 days after execution thereof.  Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.
(c)    The Company shall not become a party to any Merger Event unless its terms are consistent with this Section 14.07.  None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into cash, Common Shares or a combination of cash and Common Shares, as applicable, as set forth in Section 14.01 and Section 14.02 prior to the effective date of such Merger Event.
(d)    The above provisions of this Section shall similarly apply to successive Merger Events.
(e)    In connection with any Merger Event, the Initial Dividend Threshold shall be subject to adjustment as described in clause (i), clause (ii) or clause (iii) below, as the case may be.
(i)    In the case of a Merger Event in which the Reference Property (determined, as appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed entirely of shares of common stock (the “Merger Common Stock”), the Initial Dividend Threshold at and after the effective time of such Merger Event will be equal to (x) the Initial Dividend Threshold immediately prior to the effective time of such Merger Event, divided by (y) the number of shares of Merger Common Stock that a holder of one Common Share would receive in such Merger Event (such quotient rounded down to the nearest cent).
(ii)    In the case of a Merger Event in which the Reference Property (determined, as appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed in part of shares of Merger Common Stock, the Initial Dividend Threshold at and after the effective time of such Merger Event will be equal to (x) the Initial Dividend Threshold immediately prior to the effective time of such Merger Event, multiplied by (y) the Merger Valuation Percentage for such Merger Event (such product rounded down to the nearest cent).

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(iii)    For the avoidance of doubt, in the case of a Merger Event in which the Reference Property (determined, as appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed entirely of consideration other than shares of common stock, the Initial Dividend Threshold at and after the effective time of such Merger Event will be equal to zero.
Section 14.08.  Certain Covenants.  (i) The Company covenants that all Common Shares issued upon conversion of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof.
(b)    The Company covenants that, if any Common Shares to be provided for the purpose of conversion of Notes hereunder require registration with or approval of any governmental authority under any federal or state law before such Common Shares may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of the Commission, secure such registration or approval, as the case may be.
(c)    The Company further covenants that if at any time the Common Shares shall be listed on any national securities exchange or automated quotation system, following receipt of Shareholder Approval, the Company will use reasonable best efforts to list and keep listed, so long as the Common Shares shall be so listed on such exchange or automated quotation system, any Common Shares issuable upon conversion of the Notes.
Section 14.09.  Responsibility of Trustee.  The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same.  The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any Common Shares, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto.  Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any Common Shares or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article.  Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 14.07 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred to in such Section 14.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officer’s Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto.  Neither the Trustee nor the Conversion Agent shall be responsible for determining whether any event contemplated by Section 14.01(b) has occurred that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section 14.01(b) with respect to the commencement or termination of such conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent immediately after the occurrence of any such event or at such other times as shall be provided for in Section 14.01(b).

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Section 14.10.  Notice to Holders Prior to Certain Actions.  In case of any:  
(a)    action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section 14.04 or Section 14.11;
(b)    Merger Event; or
(c)    voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries;
then, in each case (unless notice of such event is otherwise required pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee and the Conversion Agent (if other than the Trustee) and to be sent to each Holder at its address appearing on the Note Register, as promptly as possible but in any event at least 20 days prior to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of Common Shares of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such Merger Event, dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Shares of record shall be entitled to exchange their Common Shares for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding-up.  Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its Subsidiaries, Merger Event, dissolution, liquidation or winding-up.
Section 14.11.  Shareholder Rights Plans.  If the Company has a shareholder rights plan in effect upon conversion of the Notes, each Common Share, if any, issued upon such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Common Shares issued upon such conversion shall bear such legends, if any, in each case as may be provided by the terms of any such shareholder rights plan, as the same may be amended from time to time. However, if, prior to any conversion of Notes, the rights have separated from the Common Shares in accordance with the provisions of the applicable shareholder rights plan, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of the Common Shares Distributed Property as provided in Section 14.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights.
Section 14.12.  Exchange in Lieu of Conversion.  (a) When a Holder surrenders its Notes for conversion, the Company may, at its election (an “Exchange Election”), direct the Conversion Agent to surrender, on or prior to the Trading Day immediately following the Conversion Date, such Notes to one or more financial institutions designated by the Company for exchange in lieu of conversion. In order to accept any Notes surrendered for conversion, the designated financial institution(s) must agree to timely pay or deliver, as the case may be, in exchange for such Notes, the amount of cash, or, following the Company’s receipt of Shareholder Approval, cash, Common Shares or a combination of cash and Common Shares, at the Company’s election, that would otherwise be due upon conversion as described under Section 14.02. If the Company makes an Exchange Election, it shall, by the close of business on the Trading Day immediately following the relevant Conversion Date, notify the Holder surrendering its Notes for conversion that it has made such Exchange Election and notify the designated financial institution(s) of the relevant deadline for payment or delivery, as the case may be, of the conversion consideration and the type of conversion consideration to be paid or delivered, as the case may be.

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(b)    Any Notes exchanged by the designated financial institution(s) shall remain outstanding. If the designated financial institution(s) agree(s) to accept any Notes for exchange but does not timely pay or deliver, as the case may be, the related conversion consideration, or if such designated financial institution(s) does not accept the Notes for exchange, the Company shall pay or deliver, as the case may be, the relevant consideration due in respect of the Conversion Obligation, as, and at the time, required pursuant to this Indenture as if the Company had not made an Exchange Election.  So long as the Notes are eligible for book-entry settlement with the Depositary, the Company shall comply with the applicable procedures of the Depositary.  
(c)    The Company’s designation of any financial institution(s) to which the Notes may be submitted for exchange does not require such institution(s) to accept any Notes. The Company may, but will not be obligated to, pay any consideration to, or otherwise enter into any agreement with, the designated financial institution(s) for or with respect to such designation.
ARTICLE 15
REPURCHASE OF NOTES AT OPTION OF HOLDERS
Section 15.01.  [Intentionally Omitted].  
Section 15.02.  Repurchase at Option of Holders Upon a Fundamental Change.  (ii)  If a Fundamental Change occurs at any time, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof that is equal to $1,000 or an integral multiple of $1,000, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar days following the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 15.  The Fundamental Change Repurchase Date shall be subject to postponement in order to allow the Company to comply with applicable law as a result of changes to such applicable law occurring after the date of this Indenture.     
(b)    Repurchases of Notes under this Section 15.02 shall be made, at the option of the Holder thereof, upon:
(i)    delivery to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and
(ii)    delivery of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements for transfer) at the office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in each case such 

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delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.
The Fundamental Change Repurchase Notice in respect of any Notes to be repurchased shall state:
(i)    in the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;
(ii)    the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and
(iii)    that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;
provided, however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with appropriate Depositary procedures.
Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 15.03.
The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.
(c)    On or before the 20th calendar day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to all Holders of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof.  In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of the Depositary.  Each Fundamental Change Company Notice shall specify:
(i)    the events causing the Fundamental Change;
(ii)    the date of the Fundamental Change;
(iii)    the last date on which a Holder may exercise the repurchase right pursuant to this Article 15;
(iv)    the Fundamental Change Repurchase Price;
(v)    the Fundamental Change Repurchase Date;
(vi)    the name and address of the Paying Agent and the Conversion Agent, if applicable;
(vii)if applicable, the Conversion Rate and any adjustments to the Conversion Rate;

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(viii)that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and
(ix)    the procedures that Holders must follow to require the Company to repurchase their Notes;
provided, however, that, if the Notes are Global Notes, the Holders (and holders of a beneficial interest in such Global Notes) must comply with the applicable procedures of the Depositary.
No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 15.02. 
At the Company’s request, the Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company.
(d)    Notwithstanding the foregoing, the Company shall not be required to purchase, or to make an offer to purchase, the Notes upon a Fundamental Change if a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company as set forth above, and such third party purchases all Notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company as set forth above.
(e)    Notwithstanding the foregoing, the Company shall not be required to give such notice or repurchase the Notes as described above upon a Fundamental Change pursuant to clause (b) of the definition thereof if (1) such Fundamental Change results in the Notes becoming convertible (pursuant to Section 14.07) into an amount of cash per Note greater than the Fundamental Change Repurchase Price (assuming the maximum amount of accrued interest would be payable based on the latest possible Fundamental Change Repurchase Date) and (2) the Company provides timely notice of the Holders’ right to convert their Notes based on such Fundamental Change as described in Section 14.01(b)(iii).
(f)    Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the procedures of the Depositary shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn.
Section 15.03.  Withdrawal of Fundamental Change Repurchase Notice.  (i)  A Fundamental Change Repurchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the office of the Paying Agent in accordance with this Section 15.03 at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, specifying:

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(i)    the principal amount of the Notes with respect to which such notice of withdrawal is being submitted (which must be $1,000 or an integral multiple thereof),
(ii)    if Physical Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is being submitted, and
(iii)    the principal amount, if any (which must be $1,000 or an integral multiple thereof), of such Note that remains subject to the original Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000;
provided, however, that if the Notes are Global Notes, the notice must comply with appropriate procedures of the Depositary.
Section 15.04.  Deposit of Fundamental Change Repurchase Price.  (i)  The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price.  Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 15.02) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 15.02 by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee.  The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price.
(b)    If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase Date, then, with respect to the Notes that have been properly surrendered for repurchase and have not been validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price and, if applicable, accrued and unpaid interest).
(c)    Upon surrender of a Physical Note that is to be repurchased in part pursuant to Section 15.02, the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note surrendered.
Section 15.05.  Covenant to Comply with Applicable Laws Upon Repurchase of Notes.  In connection with any repurchase offer, the Company will, if required:
(a)    comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act;

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(b)    file a Schedule TO or any other required schedule under the Exchange Act; and
(c)    otherwise comply with all federal and state securities laws in connection with any offer by the Company to repurchase the Notes;
in each case, so as to permit the rights and obligations under this Article 15 to be exercised in the time and in the manner specified in this Article 15.
ARTICLE 16
NO REDEMPTION
Section 16.01.  No Redemption.  The Notes shall not be redeemable by the Company prior to the Maturity Date, and no sinking fund is provided for the Notes.  
ARTICLE 17
MISCELLANEOUS PROVISIONS
Section 17.01.  Provisions Binding on Company’s Successors.  All the covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or not.
Section 17.02.  Official Acts by Successor Corporation.  Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company.
Section 17.03.  Addresses for Notices, Etc.  Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Invacare Corporation, One Invacare Way, PO Box 4028, Elyria, Ohio 44036, Attention: General Counsel.  Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office.
The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications.
Any notice or communication mailed to a Holder shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed.
Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.  If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

71

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.
Section 17.04.  Governing Law; Jurisdiction.  THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).
The Company irrevocably consents and agrees, for the benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues.  
The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.
Section 17.05.  Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee.  Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall, if requested by the Trustee, furnish to the Trustee an Officer’s Certificate stating that such action is permitted by the terms of this Indenture.
Each Officer’s Certificate provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance with this Indenture (other than the Officer’s Certificates provided for in Section 4.08) shall include (d) a statement that the person signing such certificate is familiar with the requested action and this Indenture; (e) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (f) a statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (g) a statement as to whether or not, in the judgment of such person, such action is permitted by this Indenture.
Notwithstanding anything to the contrary in this Section 17.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to, or entitled to request, such Opinion of Counsel.
Section 17.06.  Legal Holidays.  In any case where any Interest Payment Date, Fundamental Change Repurchase Date or Maturity Date is not a Business Day, then any action to be taken on such date 

72

need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of the delay.
Section 17.07.  No Security Interest Created.  Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.
Section 17.08.  Benefits of Indenture.  Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Indenture.
Section 17.09.  Table of Contents, Headings, Etc.  The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
Section 17.10.  Authenticating Agent.  The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 10.04 and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes.  For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication.  Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.08.
Any corporation or other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10, without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity.
Any authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company.  The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company.  Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall mail notice of such appointment to all Holders as the names and addresses of such Holders appear on the Note Register.
The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable.

73

The provisions of Section 7.02, Section 7.03, Section 7.04, Section 8.03 and this Section 17.10 shall be applicable to any authenticating agent.
If an authenticating agent is appointed pursuant to this Section 17.10, the Notes  may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:
__________________________, 
as Authenticating Agent, certifies that this is one of the Notes described 
in the within-named Indenture.
By: ____________________ 
Authorized Officer
Section 17.11.  Execution in Counterparts.  This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.  The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
Section 17.12.  Severability.  In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.
Section 17.13.  Waiver of Jury Trial.  EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 17.14.  Force Majeure.  In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
Section 17.15.  Calculations.  Except as otherwise provided herein, the Company shall be responsible for making all calculations called for under the Notes.  These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Shares, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, accrued interest payable on the Notes, Additional Interest and the Conversion Rate of the Notes.  The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes.  The Company shall provide a schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification.  The Trustee will forward the Company’s calculations to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company.

74

Section 17.16.  USA PATRIOT Act.  The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.  The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.
Section 17.17.  Withholding Taxes.  If the Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of the Holder or beneficial owner as a result of an adjustment to the Conversion Rate, the Company or other applicable withholding agent may, at its option, set off such payments against payments of cash and shares of Common Stock on the Note.
[Remainder of page intentionally left blank]

75

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the date first written above.
	
		
	INVACARE CORPORATION

	 
	 

	By:
	/s/ Robert K. Gudbranson

	 
	 

	 
	Name:  Robert K. Gudbranson

	 
	Title:  Senior Vice President and Chief            Financial Officer

	 

	
		
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

	 
	 

	By:
	/s/ Stefan Victory

	 
	 

	 
	Name:  Stefan Victory

	 
	Title:  Vice President

	 

76

EXHIBIT A
[FORM OF FACE OF NOTE]
[INCLUDE FOLLOWING LEGEND IF A GLOBAL NOTE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
[INCLUDE FOLLOWING LEGEND IF A RESTRICTED SECURITY]
[THIS SECURITY AND THE COMMON SHARES, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
(1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND
(2) AGREES FOR THE BENEFIT OF INVACARE CORPORATION (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:
(A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR
(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR
(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 
(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE 

A-1

DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1 

_____________________________________
1 This legend (other than the first paragraph hereof) shall be deemed removed from the face of this Security without further action of the Company, the Trustee, or the Holders at such time as the Company instructs the Trustee to remove such legend pursuant to Section 2.05(c) of the Indenture.

A-2

Invacare Corporation 
 
5.00% Convertible Senior Note due 2021
No. [_____]    [Initially]2 $[_________]
CUSIP No. [_________]3 
Invacare Corporation, a corporation duly organized and validly existing under the laws of the State of Ohio (the “Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]4 [_______]5, or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto]6 [of $[_______]]7, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $130,000,000 in aggregate at any time (or $150,000,000 if the Initial Purchasers exercise their over-allotment option in full as set forth in the Purchase Agreement), in accordance with the rules and procedures of the Depositary, on February 15, 2021, and interest thereon as set forth below.
This Note shall bear interest at the rate of 5.00% per year from February 23, 2016, or from the most recent date to which interest had been paid or provided for to, but excluding, the next scheduled Interest Payment Date until February 15, 2021.  Interest is payable semi-annually in arrears on each February 15 and August 15, commencing on August 15, 2016, to Holders of record at the close of business on the preceding February 1 and August 1 (whether or not such day is a Business Day), respectively.  Additional Interest will be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e) or Section 6.03, and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made.
Any Defaulted Amounts shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election, in accordance with Section 2.03(c) of the Indenture.  

_______________________
 2 Include if a global note.
 3 At such time as the Company notifies the Trustee to remove the legend (other than the first paragraph thereof) pursuant to Section 2.05(c) of the Indenture, the CUSIP number for this Security shall be deemed to be CUSIP No. [_________].  Additional Notes issued pursuant to Section 2.10 of the Indenture may have different CUSIP numbers.
4 Include if a global note.
5 Include if a physical note.
6 Include if a global note.
7 Include if a physical note.

A-3

The Company shall pay or cause the Paying Agent to pay the principal of and interest on this Note, if and so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee, as the case may be, as the registered Holder of such Note.  As provided in and subject to the provisions of the Indenture, the Company shall pay or cause the Paying Agent to pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company for that purpose.  The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes and its agency in the Borough of Manhattan, The City of New York, as a place where Notes may be presented for payment or for registration of transfer and exchange.  
Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to convert this Note into cash or, following Shareholder Approval, cash, Common Shares or a combination of cash and Common Shares, as applicable, on the terms and subject to the limitations set forth in the Indenture.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.
This Note, and any claim, controversy or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York (without regard to the conflicts of laws provisions thereof).
In the case of any conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern.
This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture.
[Remainder of page intentionally left blank]

A-4

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.
	
		
	INVACARE CORPORATION

	By:
	 

	Name:   

	Title:   

Dated: 
TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 
WELLS FARGO BANK, NATIONAL ASSOCIATION 
as Trustee, certifies that this is one of the Notes described 
in the within-named Indenture.
By:_______________________________ 
     Authorized Signatory

A-5

[FORM OF REVERSE OF NOTE]
Invacare Corporation 
5.00% Convertible Senior Note due 2021
This Note is one of a duly authorized issue of Notes of the Company, designated as its 5.00% Convertible Senior Notes due 2021 (the “Notes”), limited to the aggregate principal amount of $130,000,000 (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise of their over-allotment option as set forth in the Purchase Agreement) all issued or to be issued under and pursuant to an Indenture dated as of February 23, 2016 (the “Indenture”), between the Company and Wells Fargo Bank, National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes.  Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture.  Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture.
In case certain Events of Default shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.
Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note.  The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts.  
The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein.  It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money or Common Shares, as the case may be, herein prescribed.
The Notes are issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof.  At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in connection therewith as a result of 

A-6

the name of the Holder of the new Notes issued upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such exchange.
The Notes are not subject to redemption through the operation of any sinking fund or otherwise.  
Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option and subject to the limitations set forth in the Indenture, to require the Company to repurchase for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price.
Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into (a) solely cash prior to the Company’s receipt of Shareholder Approval or (b) following the Company’s receipt of Shareholder Approval, cash, Common Shares or a combination of cash and Common Shares, as applicable and subject to the limitations set forth in the Indenture, in each case at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.

A-7

ABBREVIATIONS
The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations:
TEN COM = as tenants in common    

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

CUST = Custodian

TEN ENT = as tenants by the entireties        
 
JT TEN  = joint tenants with right of survivorship and not as tenants in common      

Additional abbreviations may also be used though not in the above list.

A-8

SCHEDULE A8 
SCHEDULE OF EXCHANGES OF NOTES 
 
Invacare Corporation 
5.00% Convertible Senior Notes due 2021
The initial principal amount of this Global Note is _______ DOLLARS ($[_________]).  The following increases or decreases in this Global Note have been made:
	
					
	Date of exchange
	Amount of decrease in principal amount of this Global Note
	Amount of increase in principal amount of this Global Note
	Principal amount of this Global Note following such decrease or increase
	Signature of authorized signatory of Trustee or Custodian

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

________________________________
8 Include if a global note.

A-9

ATTACHMENT 1
[FORM OF NOTICE OF CONVERSION]
To:  Wells Fargo Bank, National Association
Attention: Corporate Trust Administration
150 East 42nd Street, 40th Floor
New York, NY 10017
The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple thereof) below designated, into [cash]9 [cash, Common Shares or a combination of cash and Common Shares, as applicable,]10 in accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable and any Common Shares issuable and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below.  If any Common Shares or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 14.02(d) and Section 14.02(e) of the Indenture.  Any amount required to be paid to the undersigned on account of interest accompanies this Note.  Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture.
Dated:    _____________________    ________________________________
________________________________
Signature(s)
___________________________
Signature Guarantee
Signature(s) must be guaranteed 
by an eligible Guarantor Institution 
(banks, stock brokers, savings and 
loan associations and credit unions) 
with membership in an approved 
signature guarantee medallion program 
pursuant to Securities and Exchange 
Commission Rule 17Ad-15 if shares 
of Common Shares are to be issued, or 
Notes are to be delivered, other than 
to and in the name of the registered holder.
____________________________
9 Prior to Shareholder Approval.
10 Following Shareholder Approval. 

B-1

Fill in for registration of shares if 
to be issued, and Notes if to 
be delivered, other than to and in the 
name of the registered holder:
_________________________
(Name)
_________________________
(Street Address)
_________________________
(City, State and Zip Code)
Please print name and address
Principal amount to be converted (if less than all):  $______,000
NOTICE:  The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
_________________________
Social Security or Other Taxpayer 
Identification Number

B-2

ATTACHMENT 2
[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]
To:  Wells Fargo Bank, National Association
Attention: Corporate Trust Administration
150 East 42nd Street, 40th Floor
New York, NY 10017
The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Invacare Corporation (the “Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance with Section 15.02 of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date.  Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture.
In the case of Physical Notes, the certificate numbers of the Notes to be repurchased are as set forth below:
Dated:    _____________________
________________________________
Signature(s)

_________________________
Social Security or Other Taxpayer 
Identification Number
Principal amount to be repaid (if less than all):  $______,000
NOTICE:  The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

ATTACHMENT 3
[FORM OF ASSIGNMENT AND TRANSFER]
For value received ____________________________ hereby sell(s), assign(s) and transfer(s) unto _________________ (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably constitutes and appoints _____________________ attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises.
In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that such Note is being transferred:
__    To Invacare Corporation or a subsidiary thereof; or
__    Pursuant to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended; or
__    Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or
__    Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption from the registration requirements of the Securities Act of 1933, as amended.

Dated: ________________________
_____________________________________
_____________________________________
Signature(s)
_____________________________________
Signature Guarantee
Signature(s) must be guaranteed by an 
eligible Guarantor Institution (banks, stock 
brokers, savings and loan associations and 
credit unions) with membership in an approved 
signature guarantee medallion program pursuant 
to Securities and Exchange Commission 
Rule 17Ad-15 if Notes are to be delivered, other 
than to and in the name of the registered holder.
NOTICE:  The signature on the assignment must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

EXHIBIT B

[COMPANY LETTERHEAD]

5.00% Convertible Senior Notes due 2021

Free Transferability Certificate

 [__], 20[__]

To:  Wells Fargo Bank, National Association
Attention: Corporate Trust Administration
150 East 42nd Street, 40th Floor
New York, NY 10017

		
	Re:
	Invacare Corporation, 5.00% Convertible Senior Notes due 2021 

Dear Sir/Madam:
Whereas the 5.00% Convertible Senior Notes due 2021 (the “Securities”) have become freely tradable without restrictions by non-affiliates of Invacare Corporation (the “Company”) pursuant to Rule 144(b)(1) under the Securities Act of 1933, as amended, in accordance with Section 2.05(c) of the indenture (the “Indenture”) dated as of February 23, 2016 among the Company and Wells Fargo Bank, National Association (the “Trustee”), pursuant to which the Securities were issued, the Company hereby provides notice pursuant to Section 2.05(c) of the Indenture of the occurrence of the Resale Restriction Termination Date and instructs you that: 
		
	(i) 
	the restrictive legends described in Section 2.05(c) of the Indenture and set forth on the Securities and Common Stock issued upon conversion of the Securities shall be deemed removed from the Global Notes (as defined in the Indenture), in accordance with the terms and conditions of the Securities and as provided in the Indenture, without further action on the part of holders or the Trustee; and

		
	(ii) 
	the restricted CUSIP number for the Securities ([____]) shall be deemed removed from the Global Notes and replaced with the unrestricted CUSIP number set forth therein ([____]), in accordance with the terms and conditions of the Securities and as provided in the Indenture, without further action on the part of holders or the Trustee.

Capitalized terms used but not defined herein shall have the meanings set forth in the Indenture.

Very truly yours,
[COMPANY]
By: _______________________
Name:
Title:

B-1

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