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EXHIBIT 10.6

February 13, 2006

Exelon Generation Company, LLC

10 South Dearborn, 37th Floor

Chicago, Illinois 60603

Attention: Michael R. Metzner

Ladies and Gentlemen:

     Wells Fargo Bank, National Association (the “Bank”) is pleased to advise Exelon
Generation Company, LLC (the “Borrower”) that the Bank has approved a committed credit
facility in an amount not exceeding $100,000,000 (such amount, as reduced from time to time
pursuant hereto, the “Commitment Amount”). The facility shall be available on the terms
and conditions set forth below.

1. DEFINITIONS AND INTERPRETATION.

     1.1 Definitions. In addition to the terms defined in the introductory paragraph, (a)
capitalized terms used but not defined herein have the respective meanings set forth in the
Syndicated Agreement (as defined below) and (b) the following terms have the following meanings:

     Agreement means this credit agreement, as amended, restated or otherwise modified from
time to time.

     Applicable Margin — see Schedule I.

     Available Amount means, with respect to any Letter of Credit, the maximum amount
available to be drawn under such Letter of Credit under any and all circumstances during the
remaining term thereof.

     Base Rate means, for any period, a fluctuating interest rate per annum at all times
equal to the higher of (a) the Prime Rate; and (b) the sum of 0.5% per annum plus the
Federal Funds Rate in effect from time to time.

     Base Rate Loan means a Loan that bears interest based upon the Base Rate.

     Business Day means a day on which banks are not required or authorized to close in
Philadelphia, Pennsylvania, Chicago, Illinois or New York, New York, and, if the applicable
Business Day relates to any LIBOR Loan, on which dealings are carried on in the London interbank
market.

     Commitment means the commitment of the Bank to make Loans and issue Letters of Credit
hereunder.

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     Credit Extension means the making of a Loan or the issuance, increase in the amount of
or extension of the term of a Letter of Credit.

     Default means any event described in Section 7.1.

     Facility Fee Rate — see Schedule I.

     Federal Funds Rate means, for any period, a fluctuating interest rate per annum equal
for each day during such period to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the next preceding Business Day)
by the Federal Reserve Bank of New York.

     Interest Payment Date means (a) for any LIBOR Loan, the last day of each Interest
Period therefor and, in the case of any Interest Period that is longer than three months, each
three-month anniversary of the first day of such Interest Period; (b) for any Base Rate Loan, the
last day of each calendar quarter; and (c) for any Loan, any date on which such Loan is converted,
prepaid or repaid and, after maturity thereof, any date on which demand is made by the Bank.

     Interest Period means, for any LIBOR Loan, the period commencing on the borrowing date
therefor or the date such Loan was continued for a new Interest Period as or converted to a LIBOR
Loan and ending on the date one, two, three or six months thereafter as the Borrower shall specify
pursuant to Section 2.2 or 2.3; provided that (i) no Interest Period shall
extend beyond the scheduled Termination Date; and (ii) the length of any Interest Period shall be
subject to the provisions of clauses (iii) and (iv) of the proviso to the definition of “Interest
Period” in the Syndicated Agreement.

     LC Application means the Bank’s standard form for the issuance of a Letter of Credit
of the type requested by the Borrower at the time of such request or for an amendment to increase
the amount of, or extend the term of, a Letter of Credit, in each case appropriately adjusted to
conform to the terms of this Agreement (such as deleting all references to collateral, deleting
references to any default other than Defaults as defined herein, and similar adjustments).

     LC Fee Rate — see Schedule I.

     Letter of Credit — see Section 2.1.

     LIBO Rate means the rate per annum for United States dollar deposits quoted by the
Bank as the Inter-Bank Market Offered Rate, with the understanding that such rate is quoted by the
Bank for the purpose of calculating effective rates of interest for loans making reference thereto,
on the first day of an Interest Period for delivery of funds in connection with a LIBOR Loan on
said date for a period of time approximately equal to the number of days in such Interest Period
and in an amount approximately equal to the principal amount of such LIBOR Loan. The Borrower
understands and agrees that the Bank may base its quotation of the Inter-Bank Market Offered Rate
upon such offers or other market indicators of the Inter-Bank Market as the Bank in its discretion
deems appropriate, including the rate offered for U.S. dollar deposits on the London Inter-Bank
Market.

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     LIBOR Loan means a Loan that bears interest based upon the LIBO Rate.

     Loan — see Section 2.1.

     Note means a promissory note of the Borrower substantially in the form of Exhibit
A.

     Prime Rate means a rate per annum equal to the prime rate of interest announced by the
Bank, with the understanding that the prime rate is one of the Bank’s base rates and serves as the
basis upon which effective rates of interest are calculated for those loans making reference
thereto, and is evidenced by the recording thereof in such internal publication or publications as
the Bank may designate and which is not necessarily the lowest rate charged to any customer,
changing when and as said prime rate changes. Each change in the Prime Rate shall become effective
on the date such change is announced within the Bank.

     Syndicated Agreement means the Credit Agreement dated as July 16, 2004 among the
Borrower, various affiliates thereof, various financial institutions and JPMorgan Chase Bank, N.A.,
as administrative agent, as such Credit Agreement is in effect on the date hereof, without giving
effect to (a) any subsequent amendment thereof or waiver or consent thereunder unless the Bank is a
signatory, or otherwise consents, thereto or (b) any termination thereof; provided that if
the Second Amendment to such Credit Agreement (a copy of which has been provided to the Bank)
becomes effective, then the Bank shall be deemed to have consented thereto (and the
references in Section 4.2 and 5.7 to Section 4.01(e)(iv) of the Syndicated
Agreement and in Section 7.1(d) to Section 6.01(j) of the Syndicated Agreement shall be
deemed to be references to Sections 4.01(e)(iii) and 6.01(i) of the Syndicated Agreement,
respectively). Wherever a portion of the Syndicated Agreement is incorporated herein by reference,
each reference in the incorporated provision to the “Administrative Agent,” a “Lender,” the
“Majority Lenders” or a similar term shall be deemed to be a reference to the Bank.

     Termination Date means the earliest to occur of (a) February 12, 2007, (b) the date on
which the Commitment Amount is reduced to zero pursuant to Section 2.4 or (c) the date on
which all obligations of the Borrower hereunder become due and payable pursuant to Section
7.2.

     Total Outstandings means the sum of (a) the aggregate principal amount of all
outstanding Loans (and any unpaid reimbursement obligations with respect to Letters of Credit that
have not yet been deemed to be Loans pursuant to Section 2.12) and (b) the Available Amount
of all outstanding Letters of Credit.

     Unmatured Default means an event which but for the lapse of time or the giving of
notice, or both, would, unless cured or waived, constitute a Default.

     1.2 Interpretation. Sections 1.02 and 1.03 of the Syndicated Agreement are
incorporated herein by reference as if such Sections were set forth in full herein, mutatis
mutandis. Unless otherwise specified, references herein to a Section, an
Exhibit or a Schedule shall mean a Section hereof or an Exhibit or Schedule hereto.

2. THE CREDIT.

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     2.1 Availability. The Bank agrees to make loans (each a “Loan” and
collectively the “Loans”) to, and issue letters of credit (each a “Letter of
Credit” and collectively “Letters of Credit”) for the account of, the Borrower from
time to time before the Termination Date; provided that the Total Outstandings shall not at
any time exceed the Commitment Amount.

     2.2 Loan Procedures. Each Loan (other than a Loan made pursuant to Section
2.12, shall be made on prior written notice from the Borrower received by the Bank not later
than noon (Chicago time) (a) in the case of a LIBOR Loan, three Business Days prior to the
requested date of such Loan, and (b) in the case of a Base Rate Loan, on the requested date of such
Loan. Each such notice shall specify (i) the borrowing date, which shall be a Business Day, (ii)
the amount of the requested Loan, (iii) whether such Loan is to be a LIBOR Loan or a Base Rate Loan
and (iv) in the case of a LIBOR Loan, the initial Interest Period therefor. Each Loan (other than
a Loan made pursuant to Section 2.12) shall be in the amount of $5,000,000 or a higher
integral multiple of $1,000,000.

     2.3 Conversion/Continuation Procedures. The Borrower may from time to time convert
any Base Rate Loan to a LIBOR Loan, or vice versa, or on the last day of the Interest Period for
any LIBOR Loan continue such LIBOR Loan for a new Interest Period, by prior written notice received
by the Bank not later than noon (Chicago time) on (a) in the case of conversion to or continuation
of a LIBOR Loan, three Business Days prior to the requested date of such conversion or
continuation, and (b) in the case of conversion to a Base Rate Loan, the requested date of such
conversion; provided that (i) after giving effect to any such conversion or continuation,
each outstanding LIBOR Loan shall be in the amount of $5,000,000 or a higher integral multiple of
$1,000,000; (ii) any conversion of a LIBOR Loan on a day other than the last day of an Interest
Period therefor shall be subject to Section 3.4; and (iii) if the Borrower does not timely
specify a new Interest Period for a LIBOR Loan (and such Loan is not paid in full on the last day
of the relevant Interest Period), such Loan shall convert to a Base Rate Loan on the last day of
the Interest Period therefor. Each notice of conversion or continuation of a Loan shall specify
(A) the Loan (or portion thereof) to be converted or continued, (B) the requested date for such
continuation or conversion, which shall be a Business Day, (C) the amount to be converted or
continued, (D) whether such Loan is to be converted to a Base Rate Loan or converted to or
continued as a LIBOR Loan; and (E) in the case of conversion to or continuation of a LIBOR Loan,
the new Interest Period for such Loan.

     2.4 Reduction of the Commitment Amount. The Borrower may from time to time, upon two
Business Days’ notice to the Bank, reduce the Commitment Amount to an amount that is not less than
the Total Outstandings. Any such reduction shall be in the amount of $5,000,000 or a higher
integral multiple thereof. Concurrently with any reduction of the Commitment Amount to zero, the
Borrower shall pay all accrued and unpaid commitment fees and all other amounts then payable by the
Borrower hereunder.

     2.5 Repayment of Loans. The Borrower shall repay all outstanding Loans on the
Termination Date.

     2.6 Prepayments. The Borrower may from time to time prepay any Loan in whole or in
part; provided that (a) except as provided in the following clause (b), each
partial prepayment shall be in the amount of $5,000,000 or a higher integral multiple of
$1,000,000; and (b) if, as a

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result of a Loan pursuant to Section 2.12, the aggregate principal amount of all Base
Rate Loans is not $5,000,000 or a higher integral multiple of $1,000,000, then the Borrower may
prepay Base Rate Loans in any amount so long as, after giving effect to such payment, the aggregate
principal amount of all Base Rate Loans is $5,000,000 or a higher integral multiple of $1,000,000
(or zero). Any prepayment of a Loan shall be made on a Business Day and shall include accrued and
unpaid interest on the amount prepaid and shall be subject to the provisions of Section
3.4.

     2.7 Interest. The unpaid principal amount of each Loan shall bear interest at a rate
per annum equal to (a) at any time such Loan is a LIBOR Loan, the LIBO Rate for each applicable
Interest Period plus the Applicable Margin as in effect from time to time; and (b) at any time such
Loan is a Base Rate Loan, the Base Rate as in effect from time to time; provided that if
any principal of any Loan is not paid when due, upon acceleration or otherwise, such Loan shall
bear interest from such due date to the date paid at a rate per annum equal to the greater of (i)
the rate otherwise applicable thereto plus 2% or (ii) the Base Rate as in effect from time to time
plus 2%. Interest shall be payable on each Interest Payment Date.

     2.8 Facility Fee. The Borrower agrees to pay the Bank, for the period beginning on
the date hereof and continuing to the Termination Date, a facility fee at a rate per annum equal to
the Facility Fee Rate on the Commitment Amount regardless of usage (or, after the Termination Date,
on the Total Outstandings). Such fee shall be payable in arrears on the last day of each calendar
quarter and on the Termination Date (and thereafter on demand).

     2.9 Utilization Fee. The Borrower agrees to pay the Bank, for each day on which the
Total Outstandings exceed 50% of the Commitment Amount, a utilization fee at 0.10% per annum on the
Total Outstandings on such day. Such fee shall be payable in arrears on the last day of each
calendar quarter and on the Termination Date.

     2.10 Upfront Fee. The Borrower agrees to pay the Bank a non-refundable up-front fee
in an amount equal to 0.030% of the Commitment Amount. Such fee shall be payable on the date that
this Agreement has been signed by the Bank and the Borrower.

     2.11 LC Credit Extensions. The Borrower shall deliver an LC Application to the Bank
not less than three Business Days prior to any requested Credit Extension with respect to a Letter
of Credit. Each such LC Application shall specify whether the requested Credit Extension is for
the issuance, increase in the amount of or extension of the term of the applicable Letter of Credit
and include such other information as the Bank may reasonably request. No Letter of Credit shall
have an expiration date later than five Business Days prior to the scheduled Termination Date.

     2.12 LC Drawings. The Bank will give the Borrower prompt notice of any drawing under
a Letter of Credit. The Borrower may reimburse the Bank for any such drawing on the date of such
drawing. If the Borrower elects not to reimburse the Bank on such date, then the Borrower shall be
deemed to have requested, and the Bank shall be deemed to have made, a Base Rate Loan to the
Borrower on such date in the amount of the applicable drawing (without regard to whether any
condition set forth in Section 4 has been satisfied).

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     2.13 LC Applications. If there is any conflict between this Agreement and any LC
Application, the provisions of this Agreement shall control.

     2.14 LC Fees. The Borrower shall pay the Bank a letter of credit fee at a rate per
annum equal to the LC Fee Rate on the average daily undrawn amount of each Letter of Credit. Such
fee shall be payable on the last day of each calendar quarter and on the Termination Date (and
thereafter on demand). The Borrower also shall pay the Bank documentary and processing charges in
connection with the issuance and modification of, and any drawing under, any Letter of Credit in
accordance with the Bank’s standard schedule for such charges as in effect from time to time.

     2.15 Computation of Interest and Fees. All computations of interest based upon the
Base Rate shall be made on the basis of a year of 365 or, if applicable, 366 days. All other
computations of interest and fees shall be made on the basis of a year of 360 days. Each
determination of an interest rate by the Bank shall be conclusive and binding on the Borrower in
the absence of manifest error.

     2.16 Payments. All payments to the Bank shall be made in immediately available funds,
without setoff, counterclaim or other deduction, at its principal office in Chicago, Illinois (or
at such other office as the Bank may reasonably specify) not later than noon, Chicago time, on the
date due (and funds received after that hour shall be deemed received on the next Business Day).
Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such
payment shall be made on the immediately following Business Day; provided that if the
immediately following Business Day is the first Business Day of a calendar month, such payment
shall be made on the immediately preceding Business Day.

     2.17 Additional Interest on LIBOR Loans. If at any time the Bank is required under
regulations of the Board of Governors of the Federal Reserve System to maintain reserves with
respect to liabilities or assets consisting of or including Eurocurrency Liabilities, then the
Borrower will pay the Bank additional interest on the unpaid principal amount of each LIBOR Loan in
accordance with, and subject to the limitations and requirements of, the terms of Section 2.07 of
the Syndicated Agreement as if such Section were set forth in full herein mutatis
mutandis.

     2.18 Taxes. The Borrower agrees to pay, or to reimburse the Bank for, all Taxes on
the same basis as, and subject to the limitations and requirements of, the terms of Section 2.14 of
the Syndicated Agreement as if such Section were set forth in full herein mutatis
mutandis.

3. INCREASED COSTS; ADDITIONAL PROVISIONS RELATING TO LIBOR LOANS.

     3.1 Increased Costs. The Borrower agrees to reimburse the Bank for any increase in
the cost to the Bank of, or any reduction in the amount of any sum receivable by the Bank in
respect of, making or maintaining any LIBOR Loan or issuing or maintaining any Letter of Credit, in
each case in accordance with the terms of Section 2.11(a) of the Syndicated Agreement as if such
Section were set forth in full herein mutatis mutandis.

     3.2 Changes in Law Rendering LIBOR Loans Unlawful. If the Bank makes any
determination of the type described in Section 2.12 of the Syndicated Agreement with respect to

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any LIBOR Loan, such Loan shall automatically convert to a Base Rate Loan on the date required
and, if applicable, the availability of LIBOR Loans shall be suspended.

     3.3 Increased Capital Costs. The Borrower agrees to reimburse the Bank for all
increased capital costs of the type described in Section 2.11(b) of the Syndicated Agreement as if
such Section were set forth in full herein mutatis mutandis.

     3.4 Funding Losses. The Borrower will indemnify the Bank upon demand against any
loss, cost or expense which the Bank may sustain or incur (including any loss or expense sustained
or incurred in obtaining, liquidating or reemploying deposits or other funds acquired to fund or
maintain any Loan) as a consequence of (a) any failure of the Borrower to borrow, continue or
convert a Loan on a date specified therefor in a notice thereof or (b) any payment (including any
payment upon the Bank’s acceleration of the Loans), prepayment or conversion (including pursuant to
Section 3.2) of a Loan on a day other than the last day of an Interest Period therefor.

4. CONDITIONS PRECEDENT.

     4.1 Initial Credit Extension. The obligation of the Bank to make the initial Credit
Extension shall be subject to the conditions precedent that the Bank shall have received all of the
following, each duly executed and in form and substance (and dated a date) satisfactory to the
Bank:

     (a) A certificate of the Secretary or an Assistant Secretary of the Borrower attaching
(i) resolutions of the sole member of the Borrower authorizing the execution, delivery and
performance of this Agreement and the Note by the Borrower; (ii) an incumbency certificate
that identifies by name and title and bears the signatures of the officers of the Borrower
authorized to sign this Agreement and the Note and documents related hereto, upon which
certificate the Bank shall be entitled to rely until informed of any change in writing by
the Borrower; (iii) copies of all governmental and regulatory authorizations and approvals
required for the due execution, delivery and performance of this Agreement and the Note by
the Borrower (or a statement that no such authorizations and approvals are required); and
(iv) a copy of the Operating Agreement of the Borrower as in effect on the date of such
certificate.

     (b) A certificate signed by the chief financial officer, principal accounting officer
or treasurer of the Borrower stating that (i) the representations and warranties contained
in Section 5 are true and correct as of the date of the initial Credit Extension, as
though made on and as of such date; and (ii) no Default or Unmatured Default has occurred
and is continuing or will result from such Credit Extension.

     (c) A written opinion of counsel to the Borrower in form and substance reasonably
acceptable to the Bank.

     (d) Such other approvals and documents as the Bank may reasonably request.

     4.2 Each Credit Extension. The obligation of the Bank to make any Credit Extension
(including the initial Credit Extension) shall be subject to the conditions precedent that (a) all
of

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the representations and warranties set forth in Section 5 are true and correct as if
made on the date of such Credit Extension; provided that this clause (a) shall not
apply to the representations and warranties set forth in Sections 4.01(e)(iv)(B) or in the first
sentence of Section 4.01(f), in each case of the Syndicated Agreement as incorporated herein by
reference, with respect to a Loan if the proceeds of such Loan will be used exclusively to repay
the Borrower’s maturing commercial paper (and, in the event of any such Loan, the Administrative
Agent may require the Borrower to deliver information sufficient to disburse the proceeds of such
Loan directly to the holders of such commercial paper or a paying agent therefor); and (b) no
Default or Unmatured Default shall have occurred and be continuing or would result from the making
of such Credit Extension. Each request for a Loan shall be deemed a representation by the Borrower
that the conditions precedent set forth in this Section 4.2 have been satisfied.

5. REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants to the Bank that:

     5.1 Organization. The Borrower is a limited liability company duly organized, validly
existing and in good standing under the laws of the Commonwealth of Pennsylvania.

     5.2 Authorization; No Conflict. The execution, delivery and performance by the
Borrower of this Agreement and the Note are within the Borrower’s powers, have been duly authorized
by all necessary organizational action on the part of the Borrower, and do not and will not
contravene (i) the operating agreement or other organizational documents of the Borrower, (ii)
applicable law or (iii) any contractual or legal restriction binding on or affecting the properties
of the Borrower or any of its Subsidiaries.

     5.3 Governmental Approvals. No authorization or approval or other action by, and no
notice to or filing with, any governmental authority or regulatory body is required for the due
execution, delivery and performance by the Borrower of this Agreement or the Note, except (a) the
Securities and Exchange Commission under the Public Utility Holding Company Act of 1935, if
applicable, and (b) the Federal Energy Regulatory Commission, if applicable, which approvals, if
required, have been duly obtained and are in full force and effect..

     5.4 Enforceability. This Agreement is, and the Note and each LC Application when
delivered hereunder will be, a legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms, except as enforceability may be limited by
equitable principles or bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally.

     5.5 Regulation U. The Borrower is not engaged in the business of extending credit for
the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by
the Board of Governors of the Federal Reserve System), and no proceeds of any Loan will be used to
purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or
carrying any margin stock. Not more than 25% of the value of the assets of the Borrower and its
Subsidiaries is represented by margin stock.

     5.6 Use of Proceeds. No proceeds of any Loan have been or will be used directly or
indirectly in connection with the acquisition of in excess of 5% of any class of equity securities

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that is registered pursuant to Section 12 of the Exchange Act or any transaction subject to
the requirements of Section 13 or 14 of the Exchange Act.

     5.7 Representations and Warranties in Syndicated Agreement. Each representation and
warranty of the Borrower set forth in Section 4.01(e)(iv), (f), (i) and (j) of the Syndicated
Agreement is true and correct as if such representation and warranty and all related definitions
were set forth in full herein, mutatis mutandis.

6. COVENANTS. The Borrower agrees that, so long as the Commitment has not been terminated, any
Letter of Credit remains outstanding or any obligation of the Borrower hereunder remains unpaid,
the Borrower will observe and perform each applicable covenant set forth in Article V of the
Syndicated Agreement (excluding, so long as no Loan or Letter of Credit is outstanding or has been
requested, Section 5.02(a) thereof) as if such covenants (and all related definitions) were set
forth herein, mutatis mutandis.

7. EVENTS OF DEFAULT; REMEDIES.

     7.1 Events of Default. The occurrence and continuance of any one or more of the
following events shall constitute a Default:

     (a) The Borrower shall fail to pay (i) any principal of any Loan when the same becomes
due and payable; or (ii) any interest on any Loan, or any fee or other amount payable by the
Borrower under this Agreement within three Business Days after the same becomes due and
payable.

     (b) Any representation or warranty made by the Borrower herein or by the Borrower (or
any of its officers) pursuant to the terms of this Agreement shall prove to have been
incorrect or misleading in any material respect when made.

     (c) The Borrower shall fail to perform or observe (i) any term, covenant or agreement
contained in Section 5.01(a)(vii), Section 5.01(b)(i) or Section 5.02 of the Syndicated
Agreement as incorporated herein by reference; or (ii) any other term, covenant or agreement
contained in Article V of the Syndicated Agreement as incorporated herein by reference if
the failure to perform or observe such covenant or agreement shall remain unremedied for 30
days after written notice thereof shall have been given to the Borrower by the Bank.

     (d) Any “Event of Default” under and as defined in the Syndicated Agreement shall occur
and be continuing with respect to the Borrower under Section 6.01(d), (e), (f), (g) or (j)
of the Syndicated Agreement.

     7.2 Remedies. Upon the occurrence of a Default resulting from an “Event of Default”
under Section 6.01(e) of the Syndicated Agreement with respect to the Borrower, the Commitment
shall automatically be terminated and all obligations hereunder shall automatically and immediately
become due and payable in full, and the Borrower shall provide cash collateral for all outstanding
Letters of Credit, in each case without further presentment, demand, protest or notice of any kind,
all of which the Borrower hereby expressly waives; and upon the occurrence of any other Default,
the Commitment may be terminated by the Bank and/or the Bank may

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declare the principal of and accrued interest on each Loan, and all other amounts payable
hereunder, to be forthwith due and payable in full, whereupon the outstanding principal amount of
each Loan, all interest thereon and all other amounts payable hereunder shall be forthwith due and
payable, and/or the Bank may demand, and the Borrower shall provide, cash collateral for all
outstanding Letters of Credit, in each case without further presentment, demand, protest or notice
of any kind, all of which the Borrower hereby expressly waives.

8. GENERAL.

     8.1 Amendments and Waivers. Except as otherwise expressly provided in the definition
of “Syndicated Agreement,” no amendment or waiver of any provision of this Agreement or the Note,
and no consent with respect to any departure by the Borrower therefrom, shall be effective unless
the same shall be in writing and signed by the Borrower and the Bank.

     8.2 Severability; No Waiver; Remedies. The illegality or unenforceability of any
provision of this Agreement or the Note shall not in any way affect or impair the legality or
enforceability of the remaining provisions of this Agreement or the Note. No failure on the part
of the Bank to exercise, and no delay in exercising, any right hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any such right preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law.

     8.3 Costs and Expenses. The Borrower shall pay all reasonable costs and expenses of
the Bank (including reasonable attorneys’ fees and charges) arising out of, or in connection with,
(a) the negotiation, preparation, execution and delivery of this Agreement and the Note and any
amendment, waiver, consent or modification with respect hereto or thereto and (b) the protection or
enforcement of any rights hereunder or under the Note or any LC Application.

     8.4 Indemnification. In consideration of the execution and delivery of this Agreement
by the Bank and the extension of credit hereunder, the Borrower hereby indemnifies the Bank and its
affiliates and each of their respective officers, directors, employees and agents (collectively the
“Indemnified Parties”) for, and agrees to hold each Indemnified Party harmless against, any
and all actions, causes of action, suits, losses, costs, liabilities and damages, and expenses
incurred in connection therewith, incurred by any Indemnified Party in connection with this
Agreement and the Credit Extensions hereunder, all to the same extent, on the same basis and
subject to the same limitations set forth for indemnified parties in Section 8.04(c) of the
Syndicated Agreement.

     8.5 Notices. Except as otherwise provided herein, all notices, and other
communications hereunder shall be in writing, shall be directed to the applicable party at its
address below its signature hereto (or such other address as it shall have specified by notice to
the other party) and shall be deemed received in accordance with the provisions of Section 8.02 of
the Syndicated Agreement.

     8.6 Survival. The obligations of the Borrower under Sections 2.17,
3, 8.3 and 8.4 shall, subject to the limitations set forth therein and in
the relevant provisions of the Syndicated

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Agreement that are incorporated therein by reference, survive repayment of the Loans,
expiration or termination of all Letters of Credit and the termination of this Agreement.

     8.7 Counterparts. This Agreement may be executed in any number of separate
counterparts, each of which when so executed and delivered shall be an original, and all such
counterparts shall together constitute one and the same instrument. Delivery of a counterpart
hereof, or a signature page hereto, by facsimile shall be effective as delivery of a
manually-signed counterpart hereof.

     8.8 Successors and Assigns. Neither the Borrower nor the Bank may assign any of its
rights or obligations hereunder without the prior written consent of the other party;
provided that no consent of the Borrower shall be required for any assignment by the Bank
during the existence of a Default.

     8.9 Right of Set-off. Upon the occurrence and during the continuance of any Default,
the Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by
law, to set off and apply any and all deposits (general or special, time or demand, provisional or
final) at any time held and other indebtedness at any time owing by the Bank to or for the credit
or the account of the Borrower against any and all of the obligations of the Borrower now or
hereafter existing under this Agreement or the Note, whether or not the Bank shall have made any
demand under this Agreement and although such obligations may be unmatured. The Bank agrees
promptly to notify the Borrower after any such set-off and application, provided that the
failure to give such notice shall not affect the validity of such set-off and application. The
rights of the Bank under this Section 8.9 are in addition to other rights and remedies
(including other rights of set-off) that the Bank may have.

     8.10 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA.

     8.11 CONSENT TO JURISDICTION; CERTAIN WAIVERS. (a) THE BORROWER HEREBY IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE COMMONWEALTH OF PENNSYLVANIA AND ANY
UNITED STATES DISTRICT COURT SITTING IN THE COMMONWEALTH OF PENNSYLVANIA IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE NOTE AND THE BORROWER HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS
TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS
AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE BANK TO BRING PROCEEDINGS
AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION.

     (b) EXCEPT AS PROHIBITED BY LAW, EACH PARTY HERETO HEREBY WAIVES ANY RIGHT IT MAY HAVE TO
CLAIM OR RECOVER IN ANY LITIGATION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE NOTE ANY
SPECIAL,

-11-

 

EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO,
ACTUAL DAMAGES.

     8.12 USA PATRIOT ACT NOTIFICATION. The following notification is provided to the
Borrower pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318:

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government
fight the funding of terrorism and money laundering activities, Federal law requires all
financial institutions to obtain, verify, and record information that identifies each person
or entity that opens an account, including any deposit account, treasury management account,
loan, other extension of credit, or other financial services product. What this means for
the Borrower: When a borrower opens an account, if such borrower is an individual, the Bank
will ask for such borrower’s name, residential address, tax identification number, date of
birth, and other information that will allow the Bank to identify such borrower; and, if
such borrower is not an individual, the Bank will ask for such borrower’s name, tax
identification number, business address, and other information that will allow the Bank to
identify such borrower. The Bank may also ask, if such borrower is an individual, to see
such borrower’s driver’s license or other identifying documents; and, if such borrower is
not an individual, to see such borrower’s legal organizational documents or other
identifying documents.

[Signature pages follow]

-12-

 

          Please acknowledge your agreement to the foregoing by signing and returning a copy of this
Agreement.

	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Address:
	 	 	230 W. Monroe, Suite 2900
	 	 	Chicago, IL 60606
	 	 	Attn: Charles Reed
	 	 	Fax: 312-553-4783

-13-

 

Agreed to as of the date first above written:

	 	 	 	 	 
	EXELON GENERATION COMPANY, LLC	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Michael R. Metzner	 	 
	 

	 	Treasurer	 	 

10 South Dearborn, 37th Floor

Chicago, Illinois 60603

Attention: Michael R. Metzner

Fax: 312-394-5215

-14-

 

SCHEDULE I

PRICING SCHEDULE

     The “Applicable Margin,” the “LC Fee Rate” and the “Facility Fee Rate” for any day are the
respective percentages per annum set forth below in the applicable row under the column
corresponding to the Status that exists on such day:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Applicable	 	LC	 	Facility Fee
	 	 	Status	 	Margin	 	Fee Rate	 	Rate
	 
	 	Level I	 	 	0.250	%	 	 	0.250	%	 	 	0.060	%
	 
	 	Level II	 	 	0.300	%	 	 	0.300	%	 	 	0.070	%
	 
	 	Level III	 	 	0.400	%	 	 	0.400	%	 	 	0.090	%
	 
	 	Level IV	 	 	0.500	%	 	 	0.500	%	 	 	0.110	%
	 
	 	Level V	 	 	0.750	%	 	 	0.750	%	 	 	0.150	%
	 
	 	Level VI	 	 	1.000	%	 	 	1.000	%	 	 	0.200	%

     The Status in effect on any date is based on the Moody’s Rating and S&P Rating in effect at
the close of business on such date.

     For the purposes of the foregoing (but subject to the final paragraph of this Pricing
Schedule):

     “Level I Status” exists at any date if, on such date, the Borrower’s Moody’s Rating is A2 or
better or the Borrower’s S&P Rating is A or better.

     “Level II Status” exists at any date if, on such date, (i) Level I Status does not exist and
(ii) the Borrower’s Moody’s Rating is A3 or better or the Borrower’s S&P Rating is A- or better.

     “Level III Status” exists at any date if, on such date, (i) neither Level I Status nor Level
II Status exists and (ii) the Borrower’s Moody’s Rating is Baa1 or better or the Borrower’s S&P
Rating is BBB+ or better.

     “Level IV Status” exists at any date if, on such date, (i) none of Level I Status, Level II
Status or Level III Status exists and (ii) the Borrower’s Moody’s Rating is Baa2 or better or the
Borrower’s S&P Rating is BBB or better.

     “Level V Status” exists at any date if, on such date, (i) none of Level I Status, Level II
Status, Level III Status or Level IV status exists and (ii) the Borrower’s Moody’s Rating is Baa3
or better or the Borrower’s S&P Rating is BBB- or better.

     “Level VI Status” exists at any date for Borrower if, on such date, none of Level I Status,
Level II Status, Level III Status, Level IV Status or Level V Status exists.

-15-

 

     “Status” means Level I Status, Level II Status, Level III Status, Level IV Status, Level V
Status or Level VI Status.

     If the S&P Rating and the Moody’s Rating for the Borrower create a split-rated situation and
the ratings differential is one level, the higher rating will apply. If the differential is two
levels or more, the intermediate rating at the midpoint will apply. If there is no midpoint, the
higher of the two intermediate ratings will apply. If Borrower has no Moody’s Rating or no S&P
Rating, Level VI Status shall exist.

-16-

 

EXHIBIT A

FORM OF NOTE

February 13, 2006

          FOR VALUE RECEIVED, the undersigned, EXELON GENERATION COMPANY, LLC, a Pennsylvania limited
liability company (the “Borrower”), HEREBY PROMISES TO PAY to the order of Wells Fargo
Bank, National Association (the “Bank”), the aggregate principal amount of all outstanding
Loans made by the Bank to the Borrower pursuant to the Credit Agreement (defined below).

          The Borrower further promises to pay interest on the unpaid principal amount of each Loan from
the date of such Loan until such principal amount is paid in full, at such interest rates, and
payable at such times, as are specified in the Credit Agreement. Both principal and interest are
payable in lawful money of the United States of America to the Bank in immediately available funds.

          This Note is the Note referred to in, and is entitled to the benefits of, the letter agreement
dated as of February 13, 2006 between the Borrower and the Bank (as amended, modified or
supplemented from time to time, the “Credit Agreement”). The Credit Agreement, among other
things, (i) provides for the making of Loans by the Bank to the Borrower from time to time in an
aggregate amount not to exceed at any time outstanding the Commitment Amount at such time and (ii)
contains provisions for acceleration of the maturity hereof upon the happening of certain stated
events and also for prepayments on account of principal hereof prior to the maturity hereof upon
the terms and conditions therein specified.

          The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to
exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall
operate as a waiver of such rights.

-17-

 

     THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH
OF PENNSYLVANIA.

	 	 	 	 	 
	 	EXELON GENERATION COMPANY, LLC

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

-18-Ex-10.1

 

EXHIBIT 10.1

INDEMNITY AGREEMENT

February 15, 2006

     This agreement is between Triple Crown Media, Inc., a Delaware corporation (the
“Company”) and Robert S. Prather, Jr. (the “Indemnitee”).

RECITALS

     A. Indemnitee is a director and officer of the Company.

     B. Both the Company and Indemnitee recognize the increased risk of litigation and other claims
being asserted against directors and officers of public companies in today’s environment.

     C. The Certificate of Incorporation of the Company (the “Certificate of
Incorporation”) and the By-laws of the Company (the “By-laws”) require the Company to
indemnify and advance expenses to its directors and officers to the fullest extent permitted by law
and the Indemnitee has been serving and continues to serve as a director and officer of the Company
in part in reliance on such provisions.

     D. Section 145(f) of the Delaware General Corporation Law (the “DGCL”) expressly
recognizes that the indemnification provisions of the DGCL are not exclusive of any other rights to
which a person seeking indemnification may be entitled under any by-law, agreement, vote of
stockholders or disinterested directors or otherwise, and this Agreement is being entered into
pursuant to such provisions.

     E. In recognition of Indemnitee’s need for substantial protection against any potential
personal liability in order to assure Indemnitee’s continued service to the Company in an effective
manner and Indemnitee’s reliance on the provisions of the Certificate of Incorporation and By-laws
and in part to provide Indemnitee with specific contractual assurance that the protection promised
by the Certificate of Incorporation and By-laws will be available to Indemnitee (regardless of,
among other things, any amendment to or revocation of any provision of the Company’s Certificate of
Incorporation or By-laws or any change in the composition of the Company’s Board of Directors or
any acquisition of the Company), the Company wishes to provide in this Agreement for the
indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether
partial or complete) permitted by law and as set forth in this Agreement, and, to the extent
insurance is maintained, for the continued coverage of the Indemnitee under the Company’s
directors’ and officers’ liability insurance policies.

     The parties hereto agree as follows:

     1. Certain Definitions.

          (a) “Change in Control” shall be deemed to have occurred if (i) any “person” (as such term is
used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as

1

 

amended), other than a trustee or other fiduciary holding securities under an employee benefit
plan of the Company or a corporation owned directly or indirectly by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company, is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly,
of securities of the Company representing 35% or more of the total voting power represented by the
Company’s then outstanding voting securities, or (ii) during any period of 24 consecutive months,
individuals who at the beginning of such period constitute the Board of Directors of the Company
and any new director whose election by the Board of Directors or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then
still in office who either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to constitute a majority
thereof, or (iii) the stockholders of the Company approve a merger or consolidation of the Company
with any other corporation or entity, other than a merger or consolidation that would result in the
voting securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving
entity) at least 80% of the total voting power represented by the voting securities of the Company
or such surviving entity outstanding immediately after such merger or consolidation, or the
stockholders of the Company approve a plan of complete liquidation of the Company or an agreement
for the sale or disposition by the Company, in one transaction or a series of transactions, of all
or substantially all the Company’s assets.

          (b) “Proceeding” shall mean any completed, actual, pending or threatened action, suit, claim,
inquiry or proceeding, whether civil, criminal, administrative or investigative (including an
action by or in the right of the Company) and whether formal or informal.

          (c) “Expenses” means all direct and indirect costs of any type or nature whatsoever
(including, without limitation, all attorneys’ fees and related disbursements and other out-of-
pocket costs) actually and reasonably incurred by the Indemnitee in connection with the
investigation, defense or appeal of or being a witness in, participating in or preparing to defend
a Proceeding or establishing or enforcing a right to (i) indemnification or advancement of expenses
under this Agreement, the Certificate of Incorporation, the By-laws, the DGCL or otherwise or (ii)
directors’ and officers’ liability insurance coverage; provided, however, that Expenses shall not
include any judgments, fines or penalties or amounts paid in settlement of a Proceeding.

          (d) “Indemnifiable Event” is any event or occurrence related to the fact that Indemnitee is or
was a director or officer of the Company, or is or was serving at the request of the Company as a
director, officer, employee, trustee or agent of another corporation, partnership, joint venture,
trust, nonprofit entity or other entity (including service with respect to employee benefit plans),
or by reason of anything done or not done by Indemnitee in any such capacity.

          (e) “Indemnification Period” shall be such period as the Indemnitee shall continue to serve as
a director or officer of the Company, or shall continue at the request of the Company to serve as a
director, officer, employee, trustee or agent of another corporation, partnership, joint venture,
trust, nonprofit entity or other entity, and thereafter so long as the Indemnitee shall be subject
to any possible Proceeding arising out of the Indemnitee’s tenure in the foregoing positions.

2

 

          (f) “Losses” are any judgments, fines, penalties and amounts paid in settlement (including all
interest assessments and other charges paid or payable in connection with or in respect of such
judgments, fines, penalties or amounts paid in settlement) of any Proceeding.

          (g) “Reviewing Party” shall mean (i) the Board of Directors (provided that a majority of
directors are not parties to the Proceeding), (ii) a person or body selected by the Board of
Directors or (iii) if there has been a Change in Control, the special independent counsel referred
to in Section 5.

     2. Indemnification and Advancement of Expenses. Subject to the limitations set forth
in Section 4:

          (a) Indemnification. The Company shall indemnify and hold harmless Indemnitee, to the
fullest extent permitted by applicable law, as soon as practicable after written demand is
presented to the Company, in the event Indemnitee was or is made or is threatened to be made a
party to or witness in or is otherwise involved in a Proceeding by reason, in whole or in part, of
an Indemnifiable Event against all Expenses and Losses incurred by Indemnitee in connection with
such Proceeding. In the event of any change, after the date of this Agreement, in any applicable
law, statute or rule regarding the right of a Delaware corporation to indemnify a member of its
Board of Directors or an officer, such change, to the extent it would expand Indemnitee’s rights
under this Agreement, shall be included within Indemnitee’s rights and the Company’s obligations
under this Agreement, and, to the extent it would narrow Indemnitee’s rights or the Company’s
obligations under this Agreement, shall be excluded from this Agreement; provided, however, that
any change required by applicable laws, statutes or rules to be applied to this Agreement shall be
so applied regardless of whether the effect of such change is to narrow Indemnitee’s rights or the
Company’s obligations under this Agreement.

          (b) Advancement of Expenses. The Company shall to the fullest extent not prohibited
by applicable law pay the Expenses incurred by Indemnitee as soon as practicable after written
demand is presented to the Company in the event Indemnitee was or is made or is threatened to be
made a party to or witness in or is otherwise involved in a Proceeding by reason, in whole or in
part, of an Indemnifiable Event in advance of its final disposition; provided, however, that, to
the extent required by law, such payment of expenses in advance of the final disposition of the
Proceeding shall be made only upon receipt of an undertaking by the Indemnitee to repay all amounts
advanced if it should be ultimately determined that the Indemnitee is not entitled to be
indemnified under this Agreement, the DGCL or otherwise.

          (c) Partial Indemnity. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the Losses or Expenses, but
not, however, for all of the total amount thereof, the Company shall indemnify Indemnitee for the
portion thereof to which Indemnitee is entitled. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense
of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be
indemnified against all Expenses incurred in connection therewith.

3

 

          (d) Contribution. If the indemnification provided in Section 2(a) for any reason is
held by a court of competent jurisdiction to be unavailable to the Indemnitee, then in respect of
any Indemnifiable Event, the Company shall contribute to the amount of Expenses and Losses paid in
settlement actually incurred and paid or payable by the Indemnitee in such proportion as is
appropriate to reflect (i) the relative benefits received by the Company on the one hand and the
Indemnitee on the other hand from the transaction from which such proceeding arose and (ii) the
relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection
with the events which resulted in such Expenses and Losses, as well as any other relevant equitable
considerations. The relative fault of the Company on the one hand and of the Indemnitee on the
other hand shall be determined by reference to, among other things, the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent the circumstances resulting
in such expenses, judgments, fines or settlement amounts. The Company agrees that it would not be
just and equitable if contribution pursuant to this Section 2(d) were determined by pro rata
allocation or any other method of allocation which does not take account of the foregoing equitable
considerations.

          (e) Enforcement. If a claim for indemnification (following the final disposition of
such Proceeding) under Section 2(a) or advancement of Expenses under Section 2(b) is not paid in
full within thirty days after a written claim therefor by the Indemnitee has been presented to the
Company, the Indemnitee may file suit against the Company to recover the unpaid amount of such
claim and, if successful in whole or in part, shall be entitled to be paid the expense of
prosecuting such claim. In addition, Indemnitee may file suit against the Company to establish a
right to indemnification or advancement of Expenses arising under this Agreement, the Certificate
of Incorporation, the By-laws, the DGCL or otherwise. In any such action the Company shall have
the burden of proving by clear and convincing evidence that the Indemnitee is not entitled to the
requested indemnification or advancement of Expenses under applicable law.

     3. Notification and Defense of Proceeding. Promptly after receipt by Indemnitee of
notice of the commencement of or threat of the commencement of any Proceeding, Indemnitee shall, if
a request for indemnification in respect thereof is to be made against the Company under this
Agreement, notify the Company of the commencement thereof; but the failure to notify the Company
will not relieve the Company from any liability which it may have to Indemnitee under this
Agreement or otherwise unless and only to the extent that such omission can be shown to have
prejudiced the Company’s ability to defend the Proceeding. Except as otherwise provided below, the
Company shall be entitled to assume the defense of such Proceeding, with counsel approved by
Indemnitee (which approval shall not be unreasonably withheld). After notice from the Company to
Indemnitee of its election to assume the defense thereof, the Company will not be liable to
Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee
in connection with the defense thereof other than reasonable costs of investigation or as otherwise
provided below. Indemnitee shall have the right to employ its counsel in such Proceeding, but the
fees and expenses of such counsel incurred after notice from the Company of its assumption of the
defense thereof shall be at the expense of Indemnitee unless (i) the employment of counsel by
Indemnitee has been authorized by the Company, (ii) Indemnitee shall have reasonably concluded that
there may be a conflict of interest between the Company and the Indemnitee in the conduct of the
defense of such Proceeding or (iii) the Company shall not in fact have employed counsel to assume
the defense

4

 

of such Proceeding, in each of which cases the fees and expenses of counsel shall be at the
expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding
brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion
provided for in clause (ii) of this Section 3. The Company shall not settle any Proceeding in any
manner, which would impose any penalty, limitation, admission, loss or Expense on the Indemnitee
without the Indemnitee’s prior written consent. Neither the Company nor the Indemnitee will
unreasonably withhold its consent to any proposed settlement, provided that Indemnitee may, in
Indemnitee’s sole discretion, withhold consent to any proposed settlement that would impose any
penalty, limitation, admission, loss or Expense on the Indemnitee.

     4. Limitation on Indemnification. Notwithstanding the terms of Section 2:

          (a) the obligations of the Company set forth in Section 2 shall be subject to the condition
that the Reviewing Party shall not have determined (based on a written opinion of outside counsel
in all cases) that Indemnitee would not be permitted to be so indemnified under applicable law;
provided, however, that if Indemnitee has commenced or thereafter commences legal
proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should
be indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee
would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee
shall not be required to reimburse the Company for any advancement of Expenses until a final
judicial determination is made with respect thereto (as to which all rights of appeal therefrom
have been exhausted or lapsed) and the Company shall not be obligated to indemnify or advance to
Indemnitee any additional amounts covered by such Reviewing Party determination (unless there has
been a determination by a court of competent jurisdiction that the Indemnitee would be permitted to
be so indemnified under applicable law);

          (b) the Company shall not be required to indemnify or advance Expenses to the Indemnitee with
respect to a Proceeding (or part thereof) by the Indemnitee (and not by way of defense), except if
the commencement of such Proceeding (i) was authorized in the specific case by the Board of
Directors or (ii) brought to establish or enforce a right to indemnification and/or advancement of
Expenses arising under this Agreement, the Certificate of Incorporation, the By-laws, the DGCL or
otherwise;

          (c) the Company shall not be obligated pursuant to the terms of this Agreement to indemnify
the Indemnitee for any amounts paid in settlement of a Proceeding unless the Company consents in
advance in writing to such settlement, which consent shall not be unreasonably withheld;

          (d) the Company shall not be obligated pursuant to the terms of this Agreement to indemnify
the Indemnitee on account of any suit in which judgment is rendered against the Indemnitee for an
accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company
pursuant to the provisions of Section l6(b) of the Securities Exchange Act of 1934, as amended or
similar provisions of any federal, state or local statutory law;

5

 

          (e) the Company shall not be obligated pursuant to the terms of this Agreement to indemnify
the Indemnitee if a final decision by a court having jurisdiction in the matter shall determine
that such indemnification is not lawful; and

          (f) the Company shall not be obligated pursuant to the terms of this Agreement to make any
payment in connection with any Proceeding to the extent Indemnitee has otherwise actually received
payment (under any insurance policy or otherwise) of the amounts otherwise indemnifiable under this
Agreement.

     5. Change in Control of Company. The Company agrees that if there is a Change in
Control of the Company, then with respect to all matters thereafter arising concerning the rights
of Indemnitee to indemnity payments and Expense advances under this Agreement, any other
agreements, the Certificate of Incorporation or the By-laws now or hereafter in effect relating to
Proceedings for Indemnifiable Events, the Company shall seek legal advice only from special
independent counsel selected by Indemnitee and approved by the Company’s Board of Directors (which
approval shall not be unreasonably withheld), and who has not otherwise performed services for the
Company (other than in connection with such matters) or Indemnitee. Without limiting the Company’s
obligation not to unreasonably withhold its consent, in the event that Indemnitee and the Company
are unable to agree on the selection of the special independent counsel, such special independent
counsel shall be selected by lot from among at least five nationally recognized law firms each in
New York City, New York, each having no less than 250 lawyers. Such selection shall be made in the
presence of Indemnitee (and his legal counsel or either of them, as Indemnitee may elect). Such
special independent counsel, among other things, shall determine whether and to what extent the
Indemnitee would be permitted to be indemnified under applicable law and shall render its written
opinion to the Company and Indemnitee to such effect. The Company agrees to pay the reasonable
fees of the special independent counsel referred to above and to fully indemnify such counsel
against any and all expenses (including attorneys’ fees), Proceedings, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant to this Agreement.

     6. Subrogation. In the event of payment to Indemnitee under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights of recovery of
Indemnitee, who shall execute all papers required and shall do everything that may be necessary to
secure such rights, including the execution of such documents necessary to enable the Company
effectively to bring suit to enforce such rights.

     7. No Presumptions. For purposes of this Agreement, the termination of any Proceeding
against Indemnitee by judgment, order, settlement (whether with or without court approval) or
conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption
that Indemnitee did not meet any particular standard of conduct or have any particular belief or
that a court has determined that indemnification is not permitted by applicable law. In addition,
neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee
has met any particular standard of conduct or had any particular belief, nor an actual
determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did
not have such belief shall be a defense to Indemnitee’s Proceeding for indemnification or create a
presumption that Indemnitee has not met any particular standard of conduct or did not have any
particular belief shall be a defense to Indemnitee’s Proceeding for

6

 

indemnification or create a presumption that Indemnitee has not a met any particular standard
of conduct or did not have a particular belief.

     8. Non-Exclusivity. The rights conferred on the Indemnitee by this Agreement shall
not be exclusive of any other rights which the Indemnitee may have or hereafter acquire under any
statute, provision of the Certificate of Incorporation, By-laws, agreement, vote of stockholders or
disinterested directors or otherwise, and to the extent that during the Indemnification Period such
rights are more favorable than the rights currently provided under this Agreement to Indemnitee,
Indemnitee shall be entitled to the full benefits of such more favorable rights to the extent
permitted by law. Other than as set forth in this Section 8, in the case of any inconsistency
between the indemnification provisions of this Agreement and any other agreement relating to the
indemnification of an Indemnitee, the indemnification provisions of this Agreement shall control.

     9. Liability Insurance. The Company shall, to the extent that the Board of Directors
in good faith determines it to be economically reasonable, maintain a policy of directors’ and
officers’ liability insurance, on such terms conditions as may be approved by the Board of
Directors. To the extent the Company maintains directors’ and officers’ liability insurance, the
Indemnitee shall be covered by such policy in such a manner as to provide Indemnitee the same
rights and benefits as are accorded to the most favorably insured of the Company’s directors, if
Indemnitee is a director, or of the Company’s officers, if Indemnitee is not a director of the
Company but is an officer. Notice of any termination or failure to renew such policy shall be
provided to Indemnitee promptly upon the Company’s becoming aware of such termination or failure to
renew. The Company shall provide the Indemnittee with copies of all such insurance policies and
any endorsements thereto whenever such documents have been provided to the Company.

     10. Amendment/Waiver. No supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
of this Agreement (whether or not similar) nor shall such waiver constitute a continuing waiver.
Any waiver to this Agreement shall be in writing.

     11. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
and be enforceable by the parties hereto and their respective successors, assigns, including any
direct or indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs, and personal and
legal representatives.

     12. Survival. This Agreement shall continue in effect during the Indemnification
Period, regardless of whether Indemnitee continues to serve as an officer or director of the
Company or of any other enterprise at the Company’s request.

     13. Severability. The provisions of this Agreement shall be severable in the event
that any provision of this Agreement (including any provision within a single section, paragraph or
sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise

7

 

unenforceable, and the remaining provisions shall remain enforceable to the fullest extent
permitted by law.

     14. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware applicable to contracts made and to be performed
in such state without giving effect to the principles of conflicts of laws.

	 	 	 	 	 
	 	TRIPLE CROWN MEDIA, INC.

 	 
	 	By:  	/s/ THOMAS J. STULTZ
 	 
	 	 	Name:  	Thomas J. Stultz 	 
	 	 	Title:	President & CEO 	 
	 
	 	INDEMNITEE

 	 
	 	/s/ ROBERT S. PRATHER, JR.
 	 
	 	Name:  	Robert S. Prather, Jr. 	 
	 	Title:  	Director and Chairman 	 
	 

8

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