Document:

Exhibit
10.1(a)

 

EXECUTION
COPY

 

 

 

 

 

FINANCING AGREEMENT

 

 

among

 

 

NOBLE ENVIRONMENTAL
POWER 2006 HOLD CO, LLC

a Delaware limited liability company

(Borrower)

 

 

DEXIA CRÉDIT LOCAL, NEW
YORK BRANCH

(as Lead Arranger, Joint Bookrunner, Technical and Documentation Agent,
Co-Syndication Agent, LC Fronting Bank and Administrative Agent for the
Lenders)

 

 

HSH NORDBANK AG, NEW YORK
BRANCH

 

 

(as Lead Arranger, Joint
Bookrunner and Co-Syndication Agent)

 

and

 

THE LENDERS PARTIES
HERETO

 

 

 

 

 

June 22, 2007

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE
  1 DEFINITIONS

  	
   

  	
  1

  
	
  1.1

  	
  Definitions

  	
   

  	
  1

  
	
  1.2

  	
  Rules of
  Interpretation

  	
   

  	
  1

  
	
  ARTICLE
  2 THE CREDIT FACILITIES

  	
   

  	
  1

  
	
  2.1

  	
  Construction
  Credit Facilities

  	
   

  	
  2

  
	
  2.2

  	
  Term
  Credit Facility

  	
   

  	
  5

  
	
  2.3

  	
  Letters
  of Credit

  	
   

  	
  6

  
	
  2.4

  	
  Interest
  Provisions Relating to All Loans; Loan Funding; Prepayments

  	
   

  	
  16

  
	
  2.5

  	
  Total
  Commitments

  	
   

  	
  23

  
	
  2.6

  	
  Fees

  	
   

  	
  27

  
	
  2.7

  	
  Other
  Payment Terms

  	
   

  	
  30

  
	
  2.8

  	
  Change
  of Circumstances

  	
   

  	
  39

  
	
  2.9

  	
  Funding
  Losses

  	
   

  	
  43

  
	
  2.10

  	
  Alternate
  Office; Minimization of Costs

  	
   

  	
  44

  
	
  2.11

  	
  Interest
  Rate Protection

  	
   

  	
  45

  
	
  2.12

  	
  Extended
  Term Loans

  	
   

  	
  46

  
	
  ARTICLE
  3 CONDITIONS PRECEDENT

  	
   

  	
  48

  
	
  3.1

  	
  Conditions
  Precedent to the Financial Closing Date

  	
   

  	
  48

  
	
  3.2

  	
  Conditions
  Precedent to Each Borrowing

  	
   

  	
  60

  
	
  3.3

  	
  Conditions
  Precedent to Term-Conversion

  	
   

  	
  63

  
	
  3.4

  	
  Conditions
  Precedent to Each Credit Event

  	
   

  	
  71

  
	
  3.5

  	
  No
  Approval of Work

  	
   

  	
  71

  
	
  ARTICLE
  4 REPRESENTATIONS AND WARRANTIES

  	
   

  	
  71

  
	
  4.1

  	
  Organization

  	
   

  	
  72

  
	
  4.2

  	
  Authorization;
  No Conflict

  	
   

  	
  73

  
	
  4.3

  	
  Enforceability

  	
   

  	
  73

  
	
  4.4

  	
  Compliance
  with Law

  	
   

  	
  74

  
	
  4.5

  	
  Existing
  Defaults; Breaches of Representations and Warranties

  	
   

  	
  74

  
	
  4.6

  	
  Taxes

  	
   

  	
  74

  
						

 

i

 

	
  4.7

  	
  Permits

  	
   

  	
  75

  
	
  4.8

  	
  Litigation

  	
   

  	
  76

  
	
  4.9

  	
  Intellectual
  Property

  	
   

  	
  76

  
	
  4.10

  	
  Insurance

  	
   

  	
  76

  
	
  4.11

  	
  Project
  Documents

  	
   

  	
  77

  
	
  4.12

  	
  ERISA

  	
   

  	
  78

  
	
  4.13

  	
  Business,
  Debt, Contracts, Etc.

  	
   

  	
  78

  
	
  4.14

  	
  NYSEG
  Crossings

  	
   

  	
  78

  
	
  4.15

  	
  Investment
  Company

  	
   

  	
  79

  
	
  4.16

  	
  Governmental
  Regulation

  	
   

  	
  79

  
	
  4.17

  	
  Regulation U,
  Etc

  	
   

  	
  79

  
	
  4.18

  	
  Financial
  Statements

  	
   

  	
  80

  
	
  4.19

  	
  Partnerships
  and Joint Ventures

  	
   

  	
  80

  
	
  4.20

  	
  No
  Default

  	
   

  	
  80

  
	
  4.21

  	
  Offices,
  Location of Collateral

  	
   

  	
  80

  
	
  4.22

  	
  RESERVED

  	
   

  	
  81

  
	
  4.23

  	
  Hazardous
  Substances

  	
   

  	
  81

  
	
  4.24

  	
  Title
  and Liens

  	
   

  	
  82

  
	
  4.25

  	
  Roads;
  Collection System

  	
   

  	
  83

  
	
  4.26

  	
  PUHCA
  and FPA Regulation

  	
   

  	
  83

  
	
  4.27

  	
  Disclosure

  	
   

  	
  84

  
	
  4.28

  	
  Project
  Budgets; Project Schedules; Projections

  	
   

  	
  84

  
	
  4.29

  	
  Collateral

  	
   

  	
  85

  
	
  ARTICLE
  5 AFFIRMATIVE COVENANTS OF BORROWER

  	
   

  	
  85

  
	
  5.1

  	
  Use of
  Proceeds and Project Revenues

  	
   

  	
  86

  
	
  5.2

  	
  Payment

  	
   

  	
  86

  
	
  5.3

  	
  Notices

  	
   

  	
  86

  
	
  5.4

  	
  Financial
  Statements

  	
   

  	
  90

  
	
  5.5

  	
  Reports

  	
   

  	
  92

  
	
  5.6

  	
  Additional
  Permits and Project Documents; Additional Consents

  	
   

  	
  93

  
	
  5.7

  	
  Existence,
  Conduct of Business, Properties, Etc.

  	
   

  	
  94

  
	
  5.8

  	
  Obligations

  	
   

  	
  94

  
	
  5.9

  	
  Upwind
  Array Event

  	
   

  	
  95

  
	
  5.10

  	
  Books,
  Records, Access

  	
   

  	
  96

  

 

ii

 

	
  5.11

  	
  EWG;
  Regulatory Status

  	
   

  	
  96

  
	
  5.12

  	
  Operation
  of Project and Annual Operating Budget

  	
   

  	
  97

  
	
  5.13

  	
  Preservation
  of Rights; Further Assurances

  	
   

  	
  98

  
	
  5.14

  	
  Construction
  of Projects; Completion; Temporary Components

  	
   

  	
  100

  
	
  5.15

  	
  Taxes,
  Other Government Charges and Utility Charges

  	
   

  	
  100

  
	
  5.16

  	
  Compliance
  With Laws, Instruments, Etc.

  	
   

  	
  101

  
	
  5.17

  	
  NYSEG
  Consents

  	
   

  	
  101

  
	
  5.18

  	
  Maintenance
  of Insurance

  	
   

  	
  101

  
	
  5.19

  	
  Warranty
  of Title

  	
   

  	
  101

  
	
  5.20

  	
  Event
  of Eminent Domain

  	
   

  	
  101

  
	
  5.21

  	
  Indemnification

  	
   

  	
  102

  
	
  5.22

  	
  Average
  Annual Debt Service Coverage Ratios

  	
   

  	
  104

  
	
  5.23

  	
  Certification
  of Interests

  	
   

  	
  104

  
	
  5.24

  	
  Project
  Company Distributions

  	
   

  	
  104

  
	
  5.25

  	
  Trust
  Fund Covenants

  	
   

  	
  105

  
	
  5.26

  	
  REC
  Price Adjustment

  	
   

  	
  105

  
	
  5.27

  	
  Accounts

  	
   

  	
  106

  
	
  5.28

  	
  PAYG
  Agreement Invoices

  	
   

  	
  106

  
	
  5.29

  	
  Acceptance
  Certificates

  	
   

  	
  106

  
	
  5.30

  	
  Escrow
  Account Deposit

  	
   

  	
  106

  
	
  ARTICLE
  6 NEGATIVE COVENANTS OF BORROWER

  	
   

  	
  107

  
	
  6.1

  	
  Contingent Liabilities

  	
   

  	
  107

  
	
  6.2

  	
  Limitations on Liens

  	
   

  	
  107

  
	
  6.3

  	
  Indebtedness

  	
   

  	
  107

  
	
  6.4

  	
  Sale
  or Lease of Assets

  	
   

  	
  107

  
	
  6.5

  	
  Changes

  	
   

  	
  108

  
	
  6.6

  	
  Distributions

  	
   

  	
  108

  
	
  6.7

  	
  Investments

  	
   

  	
  109

  
	
  6.8

  	
  Transactions
  With Affiliates

  	
   

  	
  109

  
	
  6.9

  	
  Regulations

  	
   

  	
  109

  
	
  6.10

  	
  Loan
  Proceeds; Project Revenues

  	
   

  	
  109

  
	
  6.11

  	
  Partnerships

  	
   

  	
  109

  
	
  6.12

  	
  Dissolution
  and Asset Purchase

  	
   

  	
  110

  
	
  6.13

  	
  Additional
  Project Documents

  	
   

  	
  110

  

 

iii

 

	
  6.14

  	
  Amendments;
  Change Orders; Completion

  	
   

  	
  110

  
	
  6.15

  	
  Name
  and Location; Fiscal Year

  	
   

  	
  114

  
	
  6.16

  	
  Use of
  Sites

  	
   

  	
  114

  
	
  6.17

  	
  Assignment

  	
   

  	
  115

  
	
  6.18

  	
  Transfer
  of Interests

  	
   

  	
  115

  
	
  6.19

  	
  Abandonment
  of Project

  	
   

  	
  115

  
	
  6.20

  	
  Hazardous
  Substances

  	
   

  	
  115

  
	
  6.21

  	
  ERISA

  	
   

  	
  116

  
	
  6.22

  	
  Regulation
  of Parties

  	
   

  	
  116

  
	
  6.23

  	
  Project
  Expansion

  	
   

  	
  116

  
	
  ARTICLE
  7 RESERVED

  	
   

  	
  116

  
	
  ARTICLE
  8 EVENTS OF DEFAULT; REMEDIES

  	
   

  	
  116

  
	
  8.1

  	
  Failure
  to Make Payments

  	
   

  	
  116

  
	
  8.2

  	
  Judgments

  	
   

  	
  118

  
	
  8.3

  	
  Misstatements

  	
   

  	
  118

  
	
  8.4

  	
  Bankruptcy;
  Insolvency

  	
   

  	
  118

  
	
  8.5

  	
  Cross
  Default

  	
   

  	
  120

  
	
  8.6

  	
  ERISA

  	
   

  	
  121

  
	
  8.7

  	
  Breach
  of Project Documents

  	
   

  	
  121

  
	
  8.8

  	
  Breach
  of Terms of Agreement

  	
   

  	
  124

  
	
  8.9

  	
  Completion;
  Final Completion; Term-Conversion

  	
   

  	
  125

  
	
  8.10

  	
  Reserved

  	
   

  	
  126

  
	
  8.11

  	
  Security

  	
   

  	
  126

  
	
  8.12

  	
  Loss
  of Applicable Permits

  	
   

  	
  126

  
	
  8.13

  	
  Loss
  of Collateral

  	
   

  	
  127

  
	
  8.14

  	
  Destruction
  of the Project

  	
   

  	
  127

  
	
  8.15

  	
  Transfer
  of Interests

  	
   

  	
  127

  
	
  8.16

  	
  No
  Further Loans

  	
   

  	
  128

  
	
  8.17

  	
  Cure
  by Administrative Agent

  	
   

  	
  128

  
	
  8.18

  	
  Acceleration

  	
   

  	
  128

  
	
  8.19

  	
  Termination
  of Commitments

  	
   

  	
  128

  
	
  8.20

  	
  Cash
  Collateral

  	
   

  	
  129

  
	
  8.21

  	
  Possession
  of Project

  	
   

  	
  129

  

 

iv

 

	
  8.22

  	
  IDA
  Documents

  	
   

  	
  129

  
	
  8.23

  	
  Remedies
  Under Financing Documents

  	
   

  	
  129

  
	
  ARTICLE
  9 SCOPE OF LIABILITY

  	
   

  	
  130

  
	
  ARTICLE
  10 ADMINISTRATIVE AGENT; SUBSTITUTION

  	
   

  	
  131

  
	
  10.1

  	
  Appointment,
  Powers and Immunities

  	
   

  	
  131

  
	
  10.2

  	
  Reliance
  by Administrative Agent

  	
   

  	
  133

  
	
  10.3

  	
  Non-Reliance

  	
   

  	
  133

  
	
  10.4

  	
  Defaults

  	
   

  	
  134

  
	
  10.5

  	
  Indemnification

  	
   

  	
  134

  
	
  10.6

  	
  Successor
  Administrative Agent

  	
   

  	
  135

  
	
  10.7

  	
  Authorization

  	
   

  	
  136

  
	
  10.8

  	
  Other
  Rights and Powers of Administrative Agent

  	
   

  	
  137

  
	
  10.9

  	
  Amendments

  	
   

  	
  137

  
	
  10.10

  	
  Withholding
  Tax

  	
   

  	
  139

  
	
  10.11

  	
  General
  Provisions as to Payments

  	
   

  	
  140

  
	
  10.12

  	
  Substitution
  of Lender

  	
   

  	
  140

  
	
  10.13

  	
  Participations

  	
   

  	
  140

  
	
  10.14

  	
  Transfer
  of Commitment

  	
   

  	
  142

  
	
  10.15

  	
  Laws

  	
   

  	
  143

  
	
  10.16

  	
  Assignability
  to Federal Reserve Bank

  	
   

  	
  144

  
	
  10.17

  	
  Response
  to Borrower Requests

  	
   

  	
  144

  
	
  ARTICLE
  11 INDEPENDENT CONSULTANTS

  	
   

  	
  145

  
	
  11.1

  	
  Removal
  and Fees

  	
   

  	
  145

  
	
  11.2

  	
  Duties

  	
   

  	
  145

  
	
  11.3

  	
  Independent
  Consultants’ Certificates

  	
   

  	
  145

  
	
  11.4

  	
  Certification
  of Dates

  	
   

  	
  147

  
	
  ARTICLE
  12 MISCELLANEOUS

  	
   

  	
  147

  
	
  12.1

  	
  Addresses

  	
   

  	
  147

  
	
  12.2

  	
  Additional
  Security; Right to Set-Off

  	
   

  	
  149

  
	
  12.3

  	
  Delay
  and Waiver

  	
   

  	
  150

  
	
  12.4

  	
  Costs,
  Expenses and Attorneys’ Fees; Syndication

  	
   

  	
  150

  
	
  12.5

  	
  Attorney-In-Fact

  	
   

  	
  152

  

 

v

 

	
  12.6

  	
  Entire
  Agreement

  	
   

  	
  153

  
	
  12.7

  	
  Governing
  Law

  	
   

  	
  153

  
	
  12.8

  	
  Severability

  	
   

  	
  153

  
	
  12.9

  	
  Headings

  	
   

  	
  154

  
	
  12.10

  	
  Accounting
  Terms

  	
   

  	
  154

  
	
  12.11

  	
  No
  Partnership, Etc.

  	
   

  	
  154

  
	
  12.12

  	
  Mortgages;
  Collateral Documents

  	
   

  	
  154

  
	
  12.13

  	
  Limitation
  on Liability

  	
   

  	
  155

  
	
  12.14

  	
  Waiver
  of Jury Trial

  	
   

  	
  155

  
	
  12.15

  	
  Consent
  to Jurisdiction

  	
   

  	
  156

  
	
  12.16

  	
  Usury

  	
   

  	
  156

  
	
  12.17

  	
  Successors
  and Assigns

  	
   

  	
  157

  
	
  12.18

  	
  Counterparts

  	
   

  	
  157

  
	
  12.19

  	
  Trust
  Fund Provisions

  	
   

  	
  157

  
	
  12.20

  	
  Confidentiality

  	
   

  	
  157

  
	
  12.21

  	
  Forbearance
  Agreement

  	
   

  	
  158

  

 

vi

 

 

INDEX OF EXHIBITS

 

	
  Exhibit A

  	
   

  	
  Definitions
  and Rules of Interpretation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notes and
  Letters of Credit

  
	
  Exhibit B-1

  	
   

  	
  Form of
  Construction Loan Note

  
	
  Exhibit B-2

  	
   

  	
  Form of
  Term Loan Note

  
	
  Exhibit B-3

  	
   

  	
  Form of
  Equity Bridge Loan Note

  
	
  Exhibit B-4

  	
   

  	
  Form of
  Energy Hedge LC

  
	
  Exhibit B-5

  	
   

  	
  Form of
  DSRA LC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Loan Disbursement
  Procedures

  
	
  Exhibit D-1

  	
   

  	
  Form of
  Notice of Borrowing

  
	
  Exhibit D-2

  	
   

  	
  Form of
  Notice of Term-Conversion

  
	
  Exhibit D-3

  	
   

  	
  Form of
  Confirmation of Interest Period Selection

  
	
  Exhibit D-4

  	
   

  	
  Form of
  Drawdown Certificate

  
	
  Exhibit D-5

  	
   

  	
  Form of
  Notice of LC Activity

  
	
  Exhibit D-6

  	
   

  	
  Form of
  Independent Engineer’s Certificate

  
	
  Exhibit D-7

  	
   

  	
  Lien Law
  Affidavit

  
	
  Exhibit D-8

  	
   

  	
  Form of
  Lien Waiver

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Security-Related Documents

  
	
  Exhibit E-1

  	
   

  	
  [Reserved]

  
	
  Exhibit E-2

  	
   

  	
  Form of
  Mortgage (Bliss)

  
	
  Exhibit E-3

  	
   

  	
  Form of
  Mortgage (Clinton)

  
	
  Exhibit E-4

  	
   

  	
  Form of
  Mortgage (Ellenburg)

  
	
  Exhibit E-5

  	
   

  	
  Form of
  Security Agreement

  
	
  Exhibit E-6

  	
   

  	
  Form of
  Depositary Agreement

  
	
  Exhibit E-7

  	
   

  	
  Form of
  Project Company Guarantee

  
	
  Exhibit E-8

  	
   

  	
  Form of
  Borrower Pledge Agreement

  
	
  Exhibit E-9

  	
   

  	
  Form of
  Equity Support Member Pledge Agreement

  
	
  Exhibit E-10

  	
   

  	
  Form of
  Noble Environmental Pledge Agreement

  
	
  Exhibit E-11

  	
   

  	
  Schedule of
  Security Filings

  
	
  Exhibit E-12

  	
   

  	
  Form of
  Non-Disturbance Agreement

  
	
  Exhibit E-13

  	
   

  	
  Schedule of
  Landowner Mortgagees

  

 

vii

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Consents to Collateral Assignment

  
	
  Exhibit F-1

  	
   

  	
  Form of
  Contracting Party Consent

  
	
  Exhibit F-2

  	
   

  	
  Schedule of
  Contracting Party Consents

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Closing
  Certificates

  
	
  Exhibit G-1

  	
   

  	
  Form of
  Borrower’s Certificate

  
	
  Exhibit G-2(a)

  	
   

  	
  Form of
  Market Consultant’s Certificate

  
	
  Exhibit G-2(b)

  	
   

  	
  Form of
  Insurance Consultant’s Certificate

  
	
  Exhibit G-2(c)

  	
   

  	
  Form of
  CRA International, Inc.’s Certificate

  
	
  Exhibit G-3(a)

  	
   

  	
  Form of
  Independent Engineer’s Report

  
	
  Exhibit G-3(b)

  	
   

  	
  Form of
  Independent Engineer’s Completion Certificate

  
	
  Exhibit G-4

  	
   

  	
  Form of
  Borrower’s Environmental Consultant’s Certificate

  
	
  Exhibit G-5

  	
   

  	
  Form of
  Borrower’s Term-Conversion Certificate

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Project
  Description Exhibits

  
	
  Exhibit H-1

  	
   

  	
  Project
  Descriptions

  
	
  Exhibit H-2

  	
   

  	
  Schedule of
  Applicable Permits

  
	
  Exhibit H-3

  	
   

  	
  Base Case
  Projections

  
	
  Exhibit H-4

  	
   

  	
  Pending
  Litigation

  
	
  Exhibit H-5

  	
   

  	
  Hazardous
  Substances Disclosure

  
	
  Exhibit H-6

  	
   

  	
  Schedule of
  Other Noble Documents

  
	
  Exhibit H-7

  	
   

  	
  Conveyed
  Transmission Owner Facilities

  
	
  Exhibit H-8

  	
   

  	
  Borrower
  Offices; Location of Collateral

  
	
  Exhibit H-9

  	
   

  	
  Key Employees

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Other

  
	
  Exhibit-I

  	
   

  	
  Lenders/Lending
  Offices and Proportionate Shares/Voting Shares

  
	
  Exhibit-J

  	
   

  	
  Amortization
  Schedule

  
	
  Exhibit-K

  	
   

  	
  Insurance
  Requirements

  

 

viii

 

FINANCING AGREEMENT

 

This FINANCING
AGREEMENT (this “Agreement”) dated as of June 22, 2007,
among NOBLE ENVIRONMENTAL POWER 2006 HOLD CO, LLC,
a Delaware limited liability company, as Borrower, DEXIA CRÉDIT
LOCAL, NEW YORK BRANCH, as a Lender, HSH NORDBANK
AG, NEW YORK BRANCH, as a Lender, the
other banks or other financial institutions listed on Exhibit I or
who later become a party hereto, as Lenders, DEXIA CRÉDIT
LOCAL, NEW YORK BRANCH, as Lead Arranger, Joint Bookrunner,
Technical and Documentation Agent, Co-Syndication Agent, LC Fronting Bank, and
as Administrative Agent for the Lenders, and HSH NORDBANK
AG, NEW YORK BRANCH, as Lead
Arranger, Joint Bookrunner and Co-Syndication Agent.

 

In consideration of the
agreements herein and in the other Financing Documents and in reliance upon the
representations and warranties set forth herein and therein, the parties agree
as follows:

 

ARTICLE 1

DEFINITIONS

 

1.1         Definitions. Except as otherwise
expressly provided, capitalized terms used in this Agreement and its exhibits
shall have the meanings given in Exhibit A.

 

1.2         Rules of Interpretation. Except as
otherwise expressly provided, the rules of interpretation set forth in Exhibit A
shall apply to this Agreement and the other Financing Documents.

 

 

ARTICLE 2

THE CREDIT FACILITIES

 

2.1         Construction Credit Facilities.

 

(a)   Construction Loan Facility.

 

(i)        Availability. Subject to the terms and
conditions set forth in this Agreement, each Lender severally agrees to advance
to Borrower from time to time during the Construction Loan Availability Period
but no more frequently than once per month such loans as Borrower may request
under this Section 2.1(a) (each individually, a “Construction
Loan” and collectively the “Construction Loans”), in an aggregate
principal amount not to exceed such Lender’s Construction Loan Commitment (the “Construction
Loan Facility”); provided, that after giving effect to the making of
any Construction Loans, in no event shall the aggregate principal amount of all
Construction Loans then outstanding exceed the Total Construction Loan
Commitment.

 

(ii)       Notice of Borrowing. Borrower shall request
Construction Loans by delivering to Administrative Agent an irrevocable written
notice substantially in the form of Exhibit D-1, appropriately
completed (a “Notice of Borrowing”). The amount of the requested
Borrowing shall be in the minimum amount of Five Hundred Thousand Dollars
($500,000) or an integral multiple of One Hundred Thousand Dollars ($100,000)
in excess thereof, except for the (i) final Construction Loan, or (ii) Term
Loan or such other amount agreed to by Administrative Agent; provided,
that after giving effect to the requested Borrowing the aggregate principal
amount of all Construction Loans then outstanding shall not exceed the Total Construction
Loan Commitment; provided  further that the Final Drawing of
Construction Loans shall be for the full remaining amount of the Available
Construction Loan Commitment. Borrower shall deliver to Administrative Agent at
least four (4) Banking Days before the date of the requested Borrowing a
Notice of Borrowing relating to each Construction Loan. The Notice of Borrowing
shall be irrevocable.

 

(iii)      Construction Loan Interest. Borrower
shall pay interest on the applicable date set forth in Section 2.4(a) on
the unpaid principal amount of each Construction Loan calculated from the date
such Construction Loan is provided to Borrower until the Construction Loan
Maturity Date at a rate per annum, at all times 

 

2

 

during each Interest Period for such Construction Loan, equal to the
LIBO Rate for such Interest Period plus the Applicable Construction Loan
Margin.

 

(iv)      Construction Loan Principal Payments. Borrower
shall repay to Administrative Agent, for the account of the Lenders, in full on
the Construction Loan Maturity Date, the unpaid principal amount of (together
with accrued and unpaid interest on) all Construction Loans made by the Lenders
which have not been extended and converted into a Term Loan as provided in Section 2.2(a),
together with any remaining unpaid fees and costs due and payable in accordance
with this Agreement, at which time such Construction Loans shall be considered
fully repaid.

 

(v)       Use of Construction Loan Proceeds.

 

(A)        Borrower shall use the proceeds of the Construction
Loans solely to pay or fund, or cause to be paid or funded, Project Costs.

 

(B)         Notwithstanding anything to the contrary herein, a
portion of the Total Construction Loan Commitment in an amount equal to the
Permitted Completion Amount and composed of Construction Loans shall be
unavailable for Borrowing except for purposes of funding the Completion Reserve
Account upon Term-Conversion, all as more fully set forth in Sections 3.3(a) and
3.3(i) of this Agreement and funding the amounts required pursuant
to Section 5.1(a)(vii) of the Depositary Agreement.

 

(C)         If any Construction Loan Commitment remains after
the funding required under clause (B) above, Borrower, concurrently
with the Final Drawing, may request a Construction Loan in the amount of
such funds for deposit into the Operating Account.

 

(b)   Equity Bridge Loan Facility.

 

(i)        Availability. Subject to the terms and
conditions set forth in this Agreement, each Lender severally agrees to advance
to Borrower from time to time during the Equity Bridge Loan Availability
Period, but no more frequently than once 

 

3

 

per month, such loans as Borrower may request under this Section 2.1(b) (each
individually, an “Equity Bridge Loan” and collectively, the “Equity
Bridge Loans”), in an aggregate principal amount not to exceed such Lender’s
Equity Bridge Loan Commitment (the “Equity Bridge Loan Facility”).

 

(ii)       Notice of Borrowing. Borrower shall request
Equity Bridge Loans by delivering to Administrative Agent a Notice of Borrowing.
The amount of the requested Borrowing shall be in the minimum amount of Five
Hundred Thousand Dollars ($500,000) or an integral multiple of One Hundred
Thousand Dollars ($100,000) in excess thereof, except for the (i) final
Equity Bridge Loan or (ii) Term Loan or such other amount agreed to by
Administrative Agent; provided, that after giving effect to the
requested Borrowing the aggregate principal amount of all Equity Bridge Loans
then outstanding shall not exceed the Total Equity Bridge Loan Commitment; provided
further, that the final Borrowing of Equity Bridge Loans shall be for
the full remaining amount of the Available Equity Bridge Loan Commitment. Borrower
shall deliver to Administrative Agent a Notice of Borrowing at least four (4) Banking
Days before the date of the requested Borrowing relating to each Equity Bridge
Loan. The Notice of Borrowing shall be irrevocable.

 

(iii)      Equity Bridge Loan Interest. Borrower
shall pay interest on the applicable date as set forth in Section 2.4(a) on
the unpaid principal amount of each Equity Bridge Loan calculated from the date
of such Equity Bridge Loan until the maturity thereof at a rate per annum, at
all times during each Interest Period for such Equity Bridge Loan, equal to the
LIBO Rate for such Interest Period plus the Applicable Construction Loan
Margin.

 

(iv)      Equity Bridge Loan Principal Payments. Borrower
shall repay to Administrative Agent, for the account of the Lenders, in full on
the Equity Bridge Loan Maturity Date, the unpaid principal amount of (together
with accrued and unpaid interest on) all Equity Bridge Loans made by the
Lenders which have not been extended and converted into a Term Loan as provided
in Section 2.2(a), at which time such Equity Bridge Loans shall be
considered fully repaid.

 

4

 

(v)       Use of Equity Bridge Loan Facility Proceeds. Borrower
shall use the proceeds of the Equity Bridge Loan Facility to pay or fund, or
cause to be paid or funded, Project Costs.

 

(vi)      Priority of Borrowings. Notwithstanding
anything to the contrary herein, Borrower shall exhaust all Available Equity
Bridge Loan Commitments, in each case prior to the Borrowing of any
Construction Loans.

 

2.2         Term Credit Facility.

 

(a)   Term-Conversion of Construction Loans and Equity
Bridge Loans.

 

(i)        Availability. Subject to the terms and
provisions set forth in this Agreement, on the Term-Conversion Date specified
pursuant to this Section 2.2(a), Borrower may convert the
Construction Loans (and, concurrently with the conversion of all Construction
Loans, a portion the Equity Bridge Loans in an aggregate principal amount that
is not in excess of the Term Loan Commitment) to a Term Loan and
correspondingly extend until the Term Loan Maturity Date the maturity date of
the Construction Loan Notes (and a portion of the Equity Bridge Loan Notes, if
applicable) held by each Lender in an aggregate principal amount that does not
exceed such Lender’s Term Loan Commitment (the “Term Loan Facility”) and
evidenced by such Lender’s Term Loan Note.

 

(ii)       Notice of Term-Conversion. Borrower
shall request Term-Conversion by delivering to Administrative Agent an
irrevocable written notice substantially in the form of Exhibit D-2,
appropriately completed (“Notice of Term-Conversion”). Borrower shall
deliver the Notice of Term-Conversion at least four (4) Banking Days
before the requested Term-Conversion Date; provided, that to the extent
reasonably practicable, Borrower shall keep Administrative Agent reasonably
informed with respect to its progress toward Term-Conversion prior to the
delivery of the Notice of Term-Conversion.

 

(b)   Term Loan Interest. Borrower shall pay
interest on the applicable date set forth in Section 2.4(a) on the
unpaid principal amount of each Term Loan 

 

5

 

calculated from the date of such Term Loan until the maturity thereof
at a rate per annum during each Interest Period for such Term Loan equal to the
LIBO Rate for such Interest Period plus the following margins (the “Applicable
Term Loan Margin”):

 

(i)        From and including the Term-Conversion Date to but
excluding the fifth (5th) annual anniversary thereof, 1.250%;

 

(ii)       From and including the fifth (5th) annual
anniversary of the Term-Conversion Date to but excluding the ninth
(9th) annual anniversary thereof, 1.375%; and

 

(iii)      From and including the ninth (9th) anniversary
of the Term-Conversion Date to and including the Term Loan Maturity Date,
1.500%.

 

(c)   Term Loan Principal Payments. Borrower
shall repay to Administrative Agent, for the account of each Lender, the
aggregate unpaid principal amount of the Term Loan made by such Lender in
installments payable on each Repayment Date in accordance with the Amortization
Schedule set forth on Exhibit J (as the same may be
amended in accordance with this Agreement), together with any remaining unpaid
principal, interest, fees and costs due and payable in accordance with this
Agreement on the Term Loan Maturity Date.

 

2.3         Letters of Credit.

 

(a)   Issuance and Availability.

 

(i)        Energy Hedge LC. Subject to the terms and
conditions contained in this Agreement, LC Fronting Bank irrevocably agrees to
issue, on the later of the Financial Closing Date and the Trade Date, the
Energy Hedge LC for the account of Borrower and in favor of the Energy Hedge
Provider as beneficiary pursuant to the Energy Hedge Agreement. The Energy
Hedge LC shall be in an initial Stated Amount equal to FORTY-FIVE MILLION
DOLLARS ($45,000,000) and shall be substantially in the form attached
hereto as Exhibit B-4.

 

6

 

(ii)       DSRA LC Subject to the terms and
conditions contained in this Agreement, LC Fronting Bank irrevocably agrees to
issue, during the LC Issuance Period, the DSRA LC for the account of the
Borrower and in favor of the Administrative Agent as beneficiary pursuant to Section 5.3(d)(iii) of
the Depositary Agreement. The DSRA LC shall be in a maximum initial Stated
Amount equal to THIRTY-ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($31,500,000)
(the “Maximum Stated Amount”) and shall be substantially in the form attached
hereto as Exhibit B-5.

 

(b)   Letter of Credit Commitments
and Adjustments. The Total LC Commitment shall be a separate
facility, and the issuance of the Letters of Credit shall be deemed to reduce,
in an amount equal to the aggregate Stated Amount of such Letters of Credit,
the Available LC Commitment. Any Drawing Payment with respect to the Energy
Hedge LC shall permanently reduce the available Stated Amount thereof pursuant
to this Agreement and the Total LC Commitment applicable thereto shall be
reduced, each in an amount equal to such Drawing Payment. Any Drawing Payment
with respect to the DSRA LC shall reduce the available Stated Amount thereof
pursuant to this Agreement and the Total LC Commitment applicable thereto shall
be reduced in an amount equal to such Drawing Payment, provided  that
the Stated Amount of the DSRA LC (and the amount of the Total LC Commitment
applicable thereto) shall, pursuant to a Notice of LC Activity, be increased by
the amount of any repayments of any principal amount of DSRA LC Loans to an
amount not to exceed the Maximum Stated Amount upon the repayment of any DSRA
LC Loans and any interest accrued with respect thereto.

 

(c)   Notice of LC Activity. Borrower
shall request (x) the issuance or extension of any Letter of Credit, (y) any
decrease or increase (subject to the satisfaction of the requirements in Section 2.3(b))
in the Stated Amount thereof or (z) upon the full or partial repayment of
any DSRA LC Loans and any interest accrued with respect thereto, any increase
in the Stated Amount thereof, by delivering to Administrative Agent and LC
Fronting Bank a written notice in the form of 

 

7

 

Exhibit D-5, appropriately
completed (a “Notice of LC Activity”), which specifies, among other
things:

 

(i)        the particulars of any Letters of Credit to be
issued, extended or amended, including the then-current Stated Amount of such
Letters of Credit (which shall not exceed the then Available LC Commitment
applicable to such Letters of Credit); and

 

(ii)       with respect to the DSRA LC, if a change to the
Stated Amount of such DSRA LC is requested, the amount by which such Stated Amount
is to be changed.

 

In
the case of the DSRA LC, Borrower shall deliver the Notice of LC Activity to
Administrative Agent (with a copy to LC Fronting Bank) at least three (3) Banking
Days before the date of issuance or change of the Stated Amount of such Letter
of Credit. The Stated Amount of the Energy Hedge LC may not be changed
(except as a result of a Drawing Payment as set forth in Section 2.3(d) of
this Agreement). Any Notice of LC Activity shall be irrevocable. Upon the
adjustment date specified in such Notice of LC Activity, subject to the terms
and conditions set forth in this Agreement, LC Fronting Bank shall, by
amendment or adjustment to the Letter of Credit, adjust the Stated Amount
thereof to reflect the change specified in such Notice of LC Activity. From the
effective date of any such adjustment, the LC Fees payable pursuant to Section 2.6(c) shall
be computed on the basis of the Stated Amount as so adjusted. The initial
Notice of LC Activity requesting the issuance of the Energy Hedge LC on the
later of the Financial Closing Date and the Trade Date as described in Section 2.3(a) may be
delivered to Administrative Agent (with a copy to LC Fronting Bank) two (2) Banking
Days before the later of the Financial Closing Date and the Trade Date.

 

(d)   Drawings, DSRA LC Loans and Energy Hedge LC Loan.

 

(i)        Drawings. Subject to the terms and
conditions of this Agreement, each Lender severally agrees to advance to LC
Fronting Bank, for the account of Borrower, such Lender’s Proportionate Share
of the full amount of any 

 

8

 

Drawing Payment under any Letter of Credit. Upon the making of any
Drawing Payment, Borrower shall be obligated to reimburse LC Fronting Bank for
such Drawing Payment as provided below.

 

(ii)       Lender Participation. (I) If any Drawing
Payment on the Energy Hedge LC is not repaid by a Reimbursement Payment in
accordance with Section 2.3(d)(iii)(A) or (II) if any
Drawing Payment on the DSRA LC is not repaid by a Reimbursement Payment in accordance
with Section 2.3(d)(iv)(A), each Lender hereby agrees that it shall
forthwith purchase from LC Fronting Bank a participation interest in the
unreimbursed Drawing Payment made by LC Fronting Bank under such Letter of
Credit, in an amount equal to such Lender’s Proportionate Share of such
unreimbursed Drawing Payment.

 

(iii)      Reimbursement of Energy Hedge LC.

 

(A)        Immediately after receipt of notice from the LC
Fronting Bank of the payment by LC Fronting Bank of any Drawing Payment under
the Energy Hedge LC and not later than 2:00 p.m. New York time, on the
date of such notice (or on the next succeeding day if such notice is received
after 11:00 a.m. New York time), Borrower shall make or cause to be
made to LC Fronting Bank for its own account or for the benefit of any Lender
advancing its Proportionate Share under Section 2.3(d)(i), as the
case may be, a Reimbursement Payment in an amount equal to the full amount
of such Drawing Payment; provided, that so long as no Event of Default
has occurred and is continuing, the failure to make a Reimbursement Payment
with respect to any Scheduled LC Drawing Payment at the time required pursuant
to this Section 2.3(d)(iii)(A) shall not constitute a Default
or Event of Default.

 

(B)         In the event that any Reimbursement Payment with
respect to any Drawing Payment in respect of the Energy Hedge LC that does not
constitute a Scheduled LC Drawing Payment is not made by Borrower on the date
required pursuant to Section 2.3(d)(iii)(A) (each such
unreimbursed Drawing Payment or portion thereof, an “Unpaid Drawing”),
then such Unpaid 

 

9

 

Drawing shall be due and
payable by Borrower on demand by Administrative Agent and shall bear interest
at the Default Rate from the date of such Drawing Payment until such
Reimbursement Payment is made in full.

 

(C)         In the event that Borrower shall not have
timely made a Reimbursement Payment pursuant to Section 2.3(d)(iii)(A) with
respect only to a Drawing Payment that constitutes a Scheduled LC Drawing
Payment, or shall have made only a partial Reimbursement Payment pursuant to
such Section with respect only to any such Scheduled LC Drawing
Payment, then, provided no Event of Default has occurred and is continuing, the
amount of such Reimbursement Payment that is not so timely made shall be
converted to a Loan (an “Energy Hedge LC Loan”). The Energy Hedge LC
Loan shall be due and payable in full on the date which is the six (6) month
anniversary of the Term-Loan Maturity Date (the “Energy Hedge LC Loan
Maturity Date”). Borrower shall pay interest on the unpaid amount of the
Energy Hedge LC Loan calculated from the date of such Energy Hedge LC Loan
until such Energy Hedge LC Loan is repaid in full at a rate per annum during
each Interest Period for such Energy Hedge LC Loan equal to the LIBO Rate for
such Interest Period plus two percent (2%).

 

(iv)      Reimbursement of DSRA LC.

 

(A)        Immediately after receipt of notice from
the LC Fronting Bank of the payment by LC Fronting Bank of any Drawing Payment
under the DSRA LC and not later than 2:00 p.m., New York time, on the date
of such notice (or on the next succeeding day if such notice is received after
11:00 a.m. New York time) Borrower shall make or cause to be made to LC
Fronting Bank for its own account or for the benefit of any Lender advancing
its Proportionate Share under Section 2.3(d)(i), as the case may be,
a Reimbursement Payment in an amount equal to the full amount of such Drawing
Payment; provided, that the failure to make such Reimbursement Payment
at the time required pursuant to this Section 2.3(d)(iv)(A) shall
not constitute a Default or Event of Default.

 

10

 

(B)         In the event that Borrower shall not have
timely made a Reimbursement Payment pursuant to Section 2.3(d)(iv)(A),
or shall have made only a partial Reimbursement Payment pursuant to such Section,
then the amount of the applicable Reimbursement Payment that is not so timely
made shall be converted to a Loan (a “DSRA LC Loan”). Each DSRA LC Loan
shall be due and payable in full on the earlier to occur of the (aa) sixth
(6th) Repayment Date following the date of the making of any Drawing
Payment by LC Fronting Bank with respect to the DSRA LC and (bb) Term Loan
Maturity Date (the “DSRA LC Loan Maturity Date”). Borrower shall pay
interest on the unpaid amount of each DSRA LC Loan calculated from the date of
such DSRA LC Loan until such DSRA LC Loan is repaid in full at a rate per annum
during each Interest Period for such DSRA LC Loan equal to the LIBO Rate for
such Interest Period plus the Applicable LC Loan Margin.

 

(e)   Adjustments to Stated Amount; Cancellation.

 

(i)        Adjustments to Stated Amount. The Stated
Amount of each Letter of Credit may be adjusted as provided in Section 2.3(b).

 

(ii)       Other Reductions in Stated Amount.

 

(A)        From and after the Term-Conversion Date,
Borrower may, from time to time upon three (3) Banking Days’ notice and
the delivery of a Notice of LC Activity pursuant to clause (c) above
to Administrative Agent and LC Fronting Bank, permanently reduce the Stated
Amount, Available LC Commitment and/or Total LC Commitment, as applicable, with
respect to the DSRA LC by the amount of One Hundred Thousand Dollars
($100,000), or an integral multiple thereof, or, from and after the
Term-Conversion Date, Borrower may, from time to time upon thirty
(30) days’ prior notice to Administrative Agent and LC Fronting Bank,
cancel the DSRA LC in its entirety; provided, however, that upon
such reduction or cancellation, amounts on deposit in the Debt Service Reserve
Account and/or covered by the remaining DSRA LC shall at least equal the DSRA
Minimum Balance.

 

11

 

(B)         From the
effective date of any reduction under this Section 2.3(e), the LC
Fees payable pursuant to Section 2.6(c) shall be computed on
the basis of the Stated Amount, Available LC Commitment and/or Total LC
Commitment, as applicable, as so reduced. 
Once reduced or canceled pursuant to clause (A) above, the
Stated Amount of the DSRA LC may not be increased.  Any reductions to the Stated Amount,
Available LC Commitment and/or Total LC Commitment, as applicable, of the DSRA
LC shall be applied ratably to each Lender’s LC Commitment.

 

(iii)      Cancellation
Upon Event of Default.  Upon
the occurrence and during the continuation of an Event of Default or at such
time as, pursuant to the terms hereof, Administrative Agent and the Lenders
have accelerated the Obligations and unless Borrower has provided the LC
Fronting Bank with cash collateral with respect to such Letter of Credit
acceptable to the LC Fronting Bank and the Administrative Agent, LC Fronting
Bank shall be entitled to cancel each Letter of Credit at any time at least
thirty (30) days after delivery to Administrative Agent, the beneficiary
of such Letter of Credit and Borrower of a written notice of such intent to
cancel.

 

(iv)      Expiration.  The Letters of Credit shall expire on their
respective Expiration Dates (which shall in no event be later than the earlier
of (x) one year from the date of issuance of such Letter of Credit and (y) the
Term Loan Maturity Date), or on such earlier date if terminated pursuant to the
terms of this Agreement or the applicable Letter of Credit; provided,
that each Letter of Credit, by its terms, may automatically extend for
additional one year periods past the stated Expiration Date (but not past the
Term Loan Maturity Date) therein unless the LC Fronting Bank provides to the
beneficiaries thereof notice that such Letters of Credit shall terminate upon
the then effective Expiration Date (such notice to be given in such manner and
at such times as described in the applicable Letter of Credit).

 

(v)       Lender
Participation.  Each Lender
irrevocably agrees, on the terms and conditions contained in this Agreement, to
participate in the Letters of Credit in such Lender’s Proportionate Share of
the maximum amount which is or at 

 

12

 

any
time may become available to be drawn thereunder.  Immediately upon the issuance of any Letter
of Credit, LC Fronting Bank shall be deemed to have sold and transferred to
each Lender, and each Lender shall be deemed to have purchased and received from
LC Fronting Bank, in each case irrevocably and without any further action by
any party, an undivided interest and participation in the Letter of Credit,
each Drawing and the other obligations in respect thereof in an amount equal to
such Lender’s Proportionate Share referenced above.

 

(vi)      Draw Procedures.  LC Fronting Bank shall require the Lenders to
pay to LC Fronting Bank their respective Proportionate Share of all or any
portion of any Drawing made or to be made by LC Fronting Bank under any Letter
of Credit by contacting each Lender and Administrative Agent telephonically
(promptly confirmed in writing) at any time after LC Fronting Bank has received
notice of or request for such Drawing, and specifying the amount of such
Drawing, such Lender’s Proportionate Share thereof, and the date on which such
Drawing is to be made or was made; provided, however, that LC
Fronting Bank shall not request the Lenders to make any payment in connection
with any portion of a Drawing for which LC Fronting Bank has received a
Reimbursement Payment from Borrower. 
Upon receipt of any such request for payment from LC Fronting Bank, each
Lender shall pay to LC Fronting Bank such Lender’s Proportionate Share of the
unreimbursed portion of such Drawing, together with interest thereon at a per
annum rate equal to the Federal Funds Rate from the date of such Drawing to the
date on which such Lender makes payment. 
Each Lender’s obligation to make each such payment to LC Fronting Bank
shall be absolute, unconditional and irrevocable and shall not be affected by
any circumstance whatsoever, including the occurrence or continuance of any
Default or Event of Default, or the failure of any other Lender to make any
payment hereunder, and each Lender further agrees that each such payment shall
be made without any offset, abatement, withholding or reduction
whatsoever.  If any Reimbursement Payment
is made by Borrower to Administrative Agent or LC Fronting Bank, Administrative
Agent or LC Fronting Bank, as applicable, shall pay to each Lender which has
paid its Proportionate Share of the Drawing such Lender’s Proportionate Share
of the Reimbursement Payment and 

 

13

 

shall,
in the case of Administrative Agent, pay to LC Fronting Bank and, in the case
of LC Fronting Bank, retain, the balance of such Reimbursement Payment.

 

(f)    Commercial Practices.  Borrower assumes all risks of the acts or
omissions of the beneficiary or transferee of the Energy Hedge LC with respect
to the use of such Letter of Credit. 
Borrower agrees that none of LC Fronting Bank, Administrative Agent, nor
any Lender (nor any of their respective directors, officers or employees) shall
be liable or responsible for, and the Reimbursement Obligations of Borrower and
Borrower’s obligations to repay the DSRA LC Loans and the Energy Hedge LC Loan
shall be performed in accordance with this Agreement regardless of:  (i) the use of any Letter of Credit or
for any acts or omissions of any beneficiary or transferee in connection therewith;
(ii) any reference which may be made to this Agreement or to any Letter of
Credit in any agreements, instruments or other documents; (iii) the
validity, sufficiency or genuineness of documents (including this Agreement)
other than any Letter of Credit, or of any endorsement(s) thereon, which
appear on their face to be valid, sufficient or genuine, as the case may be,
even if such documents should in fact prove to be in any or all respects
invalid, insufficient, fraudulent or forged or any statement therein prove to
be untrue or inaccurate in any respect whatsoever; (iv) payment by LC
Fronting Bank against presentation of documents which do not strictly comply
with the terms of any Letter of Credit, including failure of any documents to
bear any reference or adequate reference to such Letter of Credit so long as
such documents substantially comply with the terms of such Letter of Credit and
LC Fronting Bank has not acted with gross negligence or willful misconduct; (v) any
amendment or waiver of or any consent to departure from all or any terms of any
of the Financing Documents agreed by Borrower; (vi) the existence of any
claim, setoff, defense or other right which Borrower may have at any time
against any beneficiary or transferee of any Letter of Credit (or any Persons
for whom any such beneficiary or transferee may be acting), Administrative
Agent, LC Fronting Bank, any Lender or any other Person, whether in connection
with this Agreement, the transactions contemplated herein or in the other
Financing Documents, or in any unrelated transaction; (vii) any breach of
contract or dispute among or between Borrower, Administrative Agent, LC
Fronting Bank, any Lender, or any other 

 

14

 

Person;
(viii) any demand, statement, certificate, draft or other document
presented under any 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; (ix) any extension of time for or delay,
renewal or compromise of or other indulgence or modification to the Drawing
Payment granted or agreed to by Administrative Agent, LC Fronting Bank, or any
Lender; (x) any failure to preserve or protect any Collateral, any failure
to perfect or preserve the perfection of any Lien thereon, or the release of
any of the Collateral securing the performance or observance of the terms of
this Agreement or any of the other Financing Documents; or (xi) any other
circumstances whatsoever in making or failing to make payment under any Letter
of Credit, including the non completion of any Project for any cause
whatsoever, the failure of any Noble Entity to occupy or use any Project in the
manner contemplated by the Financing Documents or otherwise, any defect in
title, design, operation, merchantability, fitness or condition of any Project
or in the suitability of any Project for any Noble Entity’s purposes or needs,
any failure of consideration, destruction of or damage to any Project, any
commercial frustration of purpose, the taking by condemnation of title to or
the use of all or any part of any Project, any regulatory change, any failure
of any Person to perform or observe any agreement, whether express or implied,
or any duty, liability or obligation arising out of or in connection with the
Financing Documents to which each is a party, except that LC Fronting Bank
shall be liable to Borrower for acts or events described in clauses (i) through
(xi) above to the extent, but only to the extent, of any direct damages,
as opposed to indirect, special or consequential damages, suffered by Borrower
which Borrower proves were caused by (A) LC Fronting Bank’s willful
misconduct or gross negligence in determining whether a drawing made under any
Letter of Credit complies with the terms and conditions stated therein or (B) LC
Fronting Bank’s willful failure to pay under any Letter of Credit after a
drawing by the beneficiary strictly complying with the terms and conditions
stated therein.  Without limiting the
foregoing, LC Fronting Bank may accept any document that appears on its face to
be in order, without responsibility for further investigation.  Borrower hereby waives any right to object to
any payment made under any Letter of Credit with regard to a drawing that is in
the form provided in such Letter of Credit but which varies with 

 

15

 

respect
to punctuation (except punctuation with respect to any Dollar amount specified
therein), capitalization, spelling or similar administrative matters of form
that do not change meaning.

 

2.4         Interest
Provisions Relating to All Loans; Loan Funding; Prepayments.

 

(a)   Interest Payment Dates.  Borrower shall pay accrued interest on the
unpaid principal amount of each Loan, each DSRA LC Loan and the Energy Hedge LC
Loan:

 

(i)        on the last day
of each Interest Period related to such Loan, DSRA LC Loan or the Energy Hedge
LC Loan;

 

(ii)       with respect to Construction
Loans with an Interest Period of more than three months in duration, on each
day that would have been the last day of an “Interest Period” with respect to
such Loan had successive Interest Periods of three months duration been
applicable to such Loan;

 

(iii)      to the extent
applicable to such Loan, DSRA LC Loan, or the Energy Hedge LC Loan, on every
Repayment Date, on the Equity Bridge Loan Maturity Date, on the Construction
Loan Maturity Date, on the DSRA LC Loan Maturity Date, on the Term Loan
Maturity Date and on the Energy Hedge LC Loan Maturity Date, as applicable;

 

(iv)      upon any prepayment of such
Loan, DSRA LC Loan and Energy Hedge LC Loan as and to the extent provided
below; and

 

(v)       at maturity (whether by
acceleration or otherwise).

 

(b)   LIBO Loan Interest Periods.

 

(i)        The initial and
each subsequent Interest Period selected by Borrower for all Loans, DSRA LC
Loans and the Energy Hedge LC Loan shall be one (1), two (2), three (3) or
six (6) months (or such other periods as Administrative Agent may approve
in its sole and absolute discretion); provided, however, that 

 

16

 

(A) any
Interest Period which would otherwise end on a day which is not a Banking Day
shall be extended to the next succeeding Banking Day unless such next Banking
Day falls in another calendar month, in which case such Interest Period shall
end on the immediately preceding Banking Day; (B) any Interest Period
which begins on the last Banking 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 end on the last Banking Day of the calendar month
at the end of such Interest Period; (C) Borrower may not select Interest
Periods for a Construction Loan which would otherwise end after the
Construction Loan Maturity Date or otherwise end after a date upon which
Construction Loans are required to be repaid; (D) Borrower may not select
Interest Periods for an Equity Bridge Loan which would otherwise end after the
Equity Bridge Loan Maturity Date or otherwise end after a date upon which
Equity Bridge Loans are required to be repaid; (E) Borrower may not select
Interest Periods for a Term Loan, DSRA LC Loan or the Energy Hedge LC Loan
which would otherwise end after the next succeeding Repayment Date or otherwise
end after a date upon which such Term Loan, DSRA LC Loan or the Energy Hedge LC
Loan, as applicable, is required to be repaid; (F) any Interest Period for
a Construction Loan which would otherwise end after the Construction Loan
Maturity Date shall end on the Construction Loan Maturity Date; (G) any
Interest Period for an Equity Bridge Loan which would otherwise end after the
Equity Bridge Loan Maturity Date shall end on the Equity Bridge Loan Maturity
Date; (H) any Interest Period for a Term Loan which would otherwise end
after the Term Loan Maturity Date shall end on the Term Loan Maturity Date; (I) any
Interest Period for a DSRA LC Loan or the Energy Hedge LC Loan, as applicable,
which would otherwise end after the DSRA LC Loan Maturity Date or Energy Hedge
LC Loan Maturity Date, respectively, shall end on the DSRA LC Loan Maturity
Date or Energy Hedge LC Loan Maturity Date, respectively; (J) Loans for
each Interest Period shall be in the aggregate amount of Five Hundred Thousand
Dollars ($500,000) or an integral multiple of One Hundred Thousand Dollars
($100,000) in excess thereof, except for the (i) final Construction Loan, (ii) final
Equity Bridge Loan or (iii) Term Loan or such other amount agreed to by
Administrative Agent; (K) to the extent of the notional amount from time
to time of Interest Rate Agreements to which Borrower is 

 

17

 

a
party, Borrower shall be deemed to have selected the Interest Periods for such
Loans, DSRA LC Loan or the Energy Hedge LC Loan equal to such notional amount
corresponding to calculation periods under such Interest Rate Agreements; (L) during
the Construction Period, Borrower may not at any time have outstanding more
than six (6) different Interest Periods relating to Loans; and (M) during
the Term Period, Borrower may not at any time have outstanding more than three (3) different
Interest Periods relating to Loans, DSRA LC Loans or the Energy Hedge LC Loan.

 

(ii)       Borrower may contact
Administrative Agent at any time prior to the end of an Interest Period for a
quotation of LIBO Rates in effect at such time for given Interest Periods.  Borrower may select an Interest Period
telephonically within the time periods specified in this Section 2.4,
which selection shall be irrevocable. 
The interest rate applicable to an Interest Period selected by Borrower
for Loans, any DSRA LC Loan or the Energy Hedge LC Loan shall be that in effect
two (2) Banking Days before the first day of the applicable Interest
Period selected.  Borrower shall confirm such
telephonic notice to Administrative Agent by telecopy on the day such notice is
given (in substantially the form of Exhibit D-3, a “Confirmation
of Interest Period Selection”). 
Borrower shall promptly deliver to Administrative Agent the original of
the Confirmation of Interest Period Selection initially delivered by
telecopy.  Subject to the limitations set
forth above, if Borrower fails to notify Administrative Agent of the next
Interest Period for any Loans, DSRA LC Loans or the Energy Hedge LC Loan in
accordance with this Section 2.4, such Loans, DSRA LC Loans or the
Energy Hedge LC Loan shall automatically convert to Loans, DSRA LC Loans, or
the Energy Hedge LC Loan, as applicable, having an Interest Period of one (1) month
during the Construction Period and three (3) months during the Term Period
on the last day of the current Interest Period therefor, or such shorter period
as Administrative Agent may determine in its sole and absolute discretion.  Administrative Agent shall, as soon as
practicable (and, in any case, within two (2) Banking Days) after a Loan,
DSRA LC Loan or the Energy Hedge LC Loan is made, continued or converted,
notify Borrower of each determination of the LIBO Rate applicable to each Loan,
DSRA LC Loan or the Energy Hedge LC Loan.

 

18

 

(c)   Interest Computations.  Borrower authorizes Administrative Agent to
compute interest payable by Borrower hereunder. 
Borrower agrees that all computations by Administrative Agent of
interest shall be conclusive absent manifest error.  Administrative Agent shall deliver to
Borrower a statement detailing such computations of interest ten (10) Banking
Days prior to each Repayment Date.  All
computations of interest on Loans, any DSRA LC Loan or the Energy Hedge LC Loan
hereunder shall be based upon a year of 360 days and the actual days
elapsed.  The LIBO Rate will be adjusted
for Regulation D reserve requirements on a statutory basis to reflect the
Lenders’ actual cost of maintaining such reserve.

 

(d)   Register.

 

(i)        Administrative
Agent shall maintain, at its address referred to in Section 12.1, a
register for the recordation of the names and addresses of the Lenders and the
Commitments, Loans, DSRA LC Loans and the Energy Hedge LC Loan of each Lender
from time to time (the “Register”). 
The Register shall be available for inspection by Borrower at any
reasonable time and from time to time upon reasonable prior notice.

 

(ii)       Administrative Agent shall
record in the Register (i) the Commitments, the Loans, the DSRA LC Loans
and the Energy Hedge LC Loan from time to time of each Lender, including any
transfers thereof made in accordance with Section 10.14, (ii) the
interest rates applicable to all Loans, DSRA LC Loans and the Energy Hedge LC
Loan and the effective dates of all changes thereto, (iii) the Interest
Period for each Loan, DSRA LC Loan and the Energy Hedge LC Loan, (iv) the
date and amount of any principal or interest due and payable or to become due
and payable from Borrower to each Lender hereunder, (v) each repayment or
prepayment in respect of the principal amount of the Loans, DSRA LC Loans and
the Energy Hedge LC Loan of each Lender, (vi) the Other Fees, Commitment
Fees, LC Fees, and other fees payable by Borrower hereunder from time to time; (vii) the
amount of any sum received by Administrative Agent hereunder for the account of
the Lenders and each Lender’s share thereof and (viii) such other
information as Administrative Agent may determine is necessary for
administering the Loans, 

 

19

 

DSRA
LC Loans, the Energy Hedge LC Loan and this Agreement.  Any such recordation shall be conclusive and
binding on Borrower and each Lender, absent manifest error; provided, however,
that neither failure to make any such recordation, nor any error in such
recordation, shall affect any Lender’s Commitments or Borrower’s obligations in
respect of any applicable Loans, DSRA LC Loans or the Energy Hedge LC Loan or
otherwise; and provided  further, however, that in the
event of any inconsistency between the Register and any Lender’s records, the
recordations in the Register shall govern.

 

(e)   Promissory Notes.  The obligation of Borrower to repay the Loans
made by each Lender and to pay interest thereon at the rates provided herein,
if requested by any Lender, shall be evidenced by promissory notes in the form
of Exhibit B-1 (individually, a “Construction Loan Note,”
and collectively, the “Construction Loan Notes”), Exhibit B-2
(individually, a “Term Loan Note,” and collectively, the “Term Loan
Notes”), Exhibit B-3 (individually, an “Equity Bridge Loan
Note,” and collectively, the “Equity Bridge Loan Notes”), and each
payable to the order of such Lender and in the principal amount of such Lender’s
Construction Loan Commitment, such Lender’s Term Loan Commitment and such
Lender’s Equity Bridge Loan Commitment, respectively.  A promissory note shall not be necessary in
order to evidence any DSRA LC Loan or the Energy Hedge LC Loans.  Borrower authorizes each Lender to record on
the schedule annexed to such Lender’s Note or Notes the date and amount of each
Loan made by such Lender and each payment or prepayment of principal
thereunder, provided that in the event of any inconsistency between the
Register and any Lender’s records, the recordations in the Register shall
govern; and provided, further that neither the failure to make
any such notation nor any error in such notation shall affect the validity of
any Lender’s Commitment or Borrower’s obligations to repay the full unpaid
principal amount of the Loans or the other obligations of Borrower hereunder or
under the Notes.  Borrower further
authorizes each Lender to attach to and make a part of such Lender’s Note or
Notes continuations of the schedule attached thereto as necessary.  A promissory note shall not be necessary in
order to evidence any DSRA LC Loan or the Energy Hedge LC Loan.

 

20

 

(f)    Loan Funding.

 

(i)        Notice.  Each Notice of Borrowing shall be delivered
to Administrative Agent in accordance with this Article 2 and Section 12.1.  Administrative Agent shall promptly notify
each Lender of the contents of each Notice of Borrowing.

 

(ii)       Pro Rata Loans.  Except as provided in Section 10.12, all
Loans, DSRA LC Loans and the Energy Hedge LC Loan shall be made on a pro rata
basis by the Lenders in accordance with their respective Proportionate Shares,
with each Borrowing to be composed of a Loan by each Lender equal to such
Lender’s Proportionate Share of such Borrowing.

 

(iii)      Lender Funding.  Each Lender shall, before 12:00 noon, New
York time, on the date of each Borrowing of a Construction Loan or Equity
Bridge Loan, make available to Administrative Agent at its office specified in Section 12.1,
in same day funds, such Lender’s Proportionate Share of such Borrowing.  The failure of any Lender to make the Loan to
be made by it as part of such Borrowing shall not relieve any other Lender of
its obligation hereunder to make its Loan on the date of such Borrowing.  No Lender shall be responsible for the
failure of any other Lender to make the Loan to be made by such other Lender on
the date of such Borrowing.

 

(iv)      Availability of
Funds.  No later than 4:00 p.m.,
New York time, on the date specified in each Notice of Borrowing, if the
applicable conditions precedent listed in Article 3 have been
satisfied or waived, as applicable, and to the extent Administrative Agent
shall have received the appropriate funds from the Lenders, Administrative
Agent shall make available the Construction Loans or Equity Bridge Loans
requested in such Notice of Borrowing in Dollars and in immediately available
funds, and shall apply such funds pursuant to the terms of this Agreement.  If Administrative Agent does not receive
appropriate funds in accordance with this Section, Administrative Agent or any
Lender may, in its sole 

 

21

 

and
absolute discretion, make a Loan on such date in the amount of such defaulting
Lender’s Loan in lieu of such Lender in accordance with Section 10.12.

 

(g)   Prepayments.

 

(i)        Optional
Prepayments.  Borrower
may, at its option, upon five (5) Banking Days’ notice to Administrative
Agent, prepay the (A) Construction Loans in whole or in part, (B) Term
Loan in whole or in part, (C) Equity Bridge Loans in whole or in part or (D) DSRA
LC Loans or the Energy Hedge LC Loan in whole or in part; provided, that if
after giving effect to any such prepayment, the outstanding Obligations do not
exceed Twenty Million Dollars ($20,000,000), Borrower shall only be permitted
to make such prepayment if concurrently therewith it replaces the Energy Hedge
LC issued by Dexia (without causing any draw by the Energy Hedge Provider on
such Energy Hedge LC) with a replacement Energy Hedge LC issued by a Person
acceptable to the Energy Hedge Provider. 
Any optional prepayment hereunder shall be in the minimum amount of One
Million Dollars ($1,000,000) and integral multiples of $100,000 in excess
thereof, except for a prepayment in full of any Loan, DSRA LC Loan or the
Energy Hedge LC Loan.

 

(ii)       Mandatory
Prepayments.  Borrower
shall prepay the Loans, DSRA LC Loans and the Energy Hedge LC Loan to the
extent provided by the terms of this Agreement and the Depositary Agreement
(including without limitation pursuant to Section 2.8(b) hereof
and Sections 5.3, 5.4, 5.5, and 5.6 of the
Depositary Agreement).

 

(iii)      Terms of all
Prepayments.  Upon the
prepayment of any Loan, DSRA LC Loan or the Energy Hedge LC Loan, Borrower
shall pay to Administrative Agent for the account of the Lenders, on a pro rata
basis (except as provided below), (i) first, to any accrued but unpaid
interest then due and owing in respect of the Loans, DSRA LC Loans, and the
Energy Hedge LC Loan (ii) second, in respect of any Reimbursement
Obligations until such amounts have been repaid in full, (iii) third, to
outstanding principal in respect of DSRA LC Loans and the Energy Hedge LC Loan
until such amounts have been repaid in full, (iv) fourth, to 

 

22

 

outstanding
principal in respect of Loans until such amounts have been repaid in full, (v) fifth,
with respect only to mandatory prepayments, to the deposit as cash collateral
for all Letters of Credit (to the extent of the undrawn Stated Amounts of
Letters of Credit issued and outstanding), and (vi) sixth, to the
prepayment of any other Obligations under the Financing Documents.  Except as provided in Section 2.8(b),
all Mandatory Prepayments shall be applied pro rata to all amounts due on the
Loans and DSRA LC Loans then outstanding and shall be applied so as to reduce
the scheduled principal payments of the Loans in inverse order of
maturity.  All Optional Prepayments shall
be applied pro rata to all amounts due on the Loans and DSRA LC Loans then
outstanding and shall be applied so as to reduce, pro rata, the scheduled
principal payments of all Loans and the Amortization Schedule shall be amended
and revised to take into account the amount of such prepayment.

 

(iv)      Re-Borrowings.  Borrower may not reborrow the principal
amount of any Construction Loan, Equity Bridge Loan or Term Loan which is
prepaid or repaid.  Unless otherwise
agreed by the Lenders in their sole discretion, upon any prepayment of Loans,
Borrower shall terminate or partially terminate Interest Rate Agreements such
that the notional amount under all of the Interest Rate Agreements combined
shall not at any time exceed one hundred percent (100%) of the aggregate
principal amount of the Term Loans, DSRA LC Loans and the Energy Hedge LC Loan
outstanding during such period.

 

2.5         Total Commitments.

 

(a)   Commitment Amounts.

 

(i)        Construction
Loans.  The aggregate principal amount
of all Construction Loans made by the Lenders outstanding at any time shall not
exceed THREE HUNDRED FIVE MILLION FOUR HUNDRED THIRTY SEVEN THOUSAND EIGHT
HUNDRED FOUR DOLLARS ($305,437,804) or, if such amount is reduced to a lower
amount pursuant to the terms of this Agreement, such lower amount (such amount,
as so reduced from time to time, the “Total Construction Loan Commitment”).

 

23

 

(ii)       Equity Bridge Loans. The aggregate principal
amount of all Equity Bridge Loans made by the Lenders outstanding at any time
shall not exceed ONE HUNDRED SEVENTY NINE MILLION FIVE HUNDRED SIXTY TWO
THOUSAND ONE HUNDRED NINETY SIX DOLLARS ($179,562,196) or, if such amount is
reduced to a lower amount pursuant to the terms of this Agreement, such lower
amount (such amount, as so reduced from time to time, the “Total Equity
Bridge Loan Commitment”).

 

(iii)      Term Loan. The aggregate principal
amount of the Term Loan made by the Lenders outstanding at any time shall not
exceed THREE HUNDRED THIRTY MILLION DOLLARS ($330,000,000) or, if such amount
is reduced (A) as a result of the Total Term Loan Commitment Resizing or (B) otherwise
pursuant to the terms of this Agreement, such lower amount (such amount, as so
reduced from time to time, the “Total Term Loan Commitment”).

 

(iv)      Letters of Credit. The maximum aggregate
Stated Amount of (A) all Letters of Credit outstanding at any time shall
not exceed SEVENTY SIX MILLION FIVE HUNDRED THOUSAND DOLLARS ($76,500,000)
(such amount, as reduced from time to time, the “Total LC Commitment”), (B) the
Energy Hedge LC outstanding at any time shall not exceed FORTY-FIVE MILLION
DOLLARS ($45,000,000) and (C) the DSRA LC outstanding at any time shall
not exceed THIRTY ONE MILLION FIVE HUNDRED THOUSAND DOLLARS (31,500,000).

 

(b)   Total Term Loan Commitment Resizing.

 

(i)        Not more than thirty (30) days and not less
than fifteen (15) days prior to the Term- Conversion Date, Borrower shall
calculate and deliver to Administrative Agent, revised Base Case Projections
(provided, however, that Borrower may adjust such Base Case Projections up
to and including the date that is ten (10) days prior to the
Term-Conversion Date) including a calculation of the Projected Debt Service
Coverage Ratios (which assume that the maximum amount of the Total Term Loan
Commitment is utilized) as of each Repayment Date during the 

 

24

 

remaining Term (calculated under a P50 Production
Level and a P99 Production Level) (A) using energy production forecasts
which take into account the information contained in the Final Energy
Production Analysis, (B) which takes into account any inability by
Borrower to claim tax credits under the PTCs from WTGs, (C) which takes
into account any adjustments pursuant to Sections 3.3(ee) or 5.9,
(D) which takes into account amounts expected to be paid to the Project
Companies from and after the Term-Conversion Date under the REC Contracts and
any alternative renewable energy credit contracts that have been executed and
delivered, (E) which takes into account all adjustments to the amount of
the Borrower Equity required to be contributed pursuant to the Equity Capital
Contribution Agreement, (F) which takes into account the price expected to
be paid for merchant energy sales, merchant renewable energy credits (without
duplication of the amounts in clause (D) of this paragraph) and ICAP
Revenues, in each case as set forth in the Base Case Projections prepared as of
the Financial Closing Date; provided that the amounts described in this
clause (F) and included in the Base Case Projections shall in no
event exceed an aggregate amount equal to sixteen percent (16%) of the
aggregate amount of Project Revenues included therein, (G) any adjustment
to the “Fixed Price” as a result of any change to the “Effective Date” or “Termination
Date” (each as defined in the Energy Hedge Agreement) as necessary in order to
satisfy the condition precedent set forth in Section 3.3(z) hereof,
(H) which takes into account any adjustments to the Assumptions (as
defined in the Equity Capital Contribution Agreement) as contemplated by Section 2.01(b) of
the Equity Capital Contribution Agreement, (I) which takes into account
any WTGs that have not achieved Completion, and (J) using each other
assumption, without change or modification, used in calculating the Base Case
Projections delivered on the Financial Closing Date. Administrative Agent shall
notify Borrower in writing of any suggested corrections, changes or adjustments
which should be made to the calculations in such Projected Debt Service
Coverage Ratios. Borrower shall incorporate all such corrections, changes or
adjustments as Administrative Agent (in consultation with the Independent
Engineer) deems reasonably appropriate and consistent with the terms of this
Agreement (such Projected Debt Service Coverage Ratios as corrected, 

 

25

 

changed or adjusted, the “Term-Conversion Date
Projected Debt Service Coverage Ratios”).

 

(ii)       In the event that the Term-Conversion Date Projected
Debt Service Coverage Ratios fail on the date the calculation is performed
pursuant to Section 2.5(b)(i) (and after giving effect to any
corrections, changes or adjustments pursuant thereto) to equal or exceed for
each twelve month period following the Term-Conversion Date (i) 1.45 to 1
under a P50 Production Level and (ii) 1.00 to 1 under a P99
Production Level, then the Total Term Loan Commitment shall be reduced (the “Total
Term Loan Commitment Resizing”) to an amount such that the Term-Conversion
Date Projected Debt Service Coverage Ratios for each twelve month period
following the Term-Conversion Date are equal to or in excess of (i) 1.45
to 1 under a P50 Production Level and (ii) 1.00 to 1 under a P99
Production Level.

 

(c)   Reductions and Cancellations. Borrower may,
upon three (3) Banking Days’ written notice to Administrative Agent,
permanently reduce, by the amount of Five Hundred Thousand Dollars ($500,000)
or an integral multiple of One Hundred Thousand Dollars ($100,000) in excess
thereof or such other amount agreed to by Administrative Agent or cancel in its
entirety, the Total Construction Loan Commitment or the Total Equity Bridge
Loan Commitment; provided, however, that (i) Borrower may not
reduce or cancel the Total Construction Loan Commitment or the Total Equity
Bridge Loan Commitment if, after giving effect to such reduction or
cancellation, (A) the aggregate principal amount of all Construction Loans
or Equity Bridge Loans, as the case may be, then outstanding would exceed
the Total Construction Loan Commitment or the Total Equity Bridge Loan
Commitment, as the case may be, or (B) the Available Construction
Funds would not, in Administrative Agent’s reasonable judgment in consultation
with the Independent Engineer, be sufficient to achieve Final Completion and (ii) Borrower
shall pay to Administrative Agent all Commitment Fees then due upon any
reduction or cancellation. From the effective date of any such reduction or
cancellation, the Commitment Fees shall be computed on the basis of the Total
Construction Loan Commitment and/or the Total 

 

26

 

Equity Bridge Loan Commitment as so reduced. Once
reduced or canceled, the Total Construction Loan Commitment and the Total
Equity Bridge Loan Commitment may not be increased or reinstated. Any
reductions pursuant to this Section 2.5(c) shall be applied
ratably to each Lender’s respective Commitments in accordance with Section 2.7(g).

 

2.6         Fees.

 

(a)   Other Fees. Borrower shall pay to
Administrative Agent solely for Administrative Agent’s account the fees (“Other
Fees”) on the terms and in the respective amounts thereof set forth in the
Fee Letter.

 

(b)   Commitment Fees.

 

(i)        On the last Banking Day in each calendar quarter
during the Construction Loan Availability Period (where all or any portion of
such calendar quarter occurs on or after the Financial Closing Date) and on the
Construction Loan Maturity Date (or, if the Total Construction Loan Commitment
is reduced, canceled or expires prior to such date, on the date of such
reduction, cancellation or expiration), Borrower shall pay to Administrative
Agent, for the benefit of the Lenders, accruing from the Financial Closing Date
or the first day of such quarter, as the case may be, Construction Loan
commitment fees (the “Construction Loan Commitment Fees”) for such
quarter (or portion thereof) then ending equal to the product of (A) 0.375%
times (B) the daily average Available Construction Loan Commitment for
such quarter (or portion thereof), times (C) a fraction, the numerator of
which is the number of days in such quarter (or portion thereof) and the
denominator of which is 360. Such Construction Loan Commitment Fees may be
paid out of the proceeds of the Construction Loans or the Equity Bridge Loans,
if available.

 

(ii)       On the last Banking Day in each calendar quarter
during the Equity Bridge Loan Availability Period (where all or any portion of
such calendar quarter occurs on or after the Financial Closing Date) and on the
Equity Bridge Loan 

 

27

 

Maturity Date (or, if the Equity Bridge Loan
Commitment is reduced, canceled or expires prior to such date, on the date of
such reduction, cancellation or expiration), Borrower shall pay to
Administrative Agent, for the benefit of the Lenders, accruing from the
Financial Closing Date or the first day of such quarter, as the case may be,
Equity Bridge Loan commitment fees (the “Equity Bridge Loan Commitment Fees”)
for such quarter (or portion thereof) then ending equal to the product of (A) 0.375%
times (B) the daily average Available Equity Bridge Loan Commitment for
such quarter (or portion thereof), times (C) a fraction, the numerator of
which is the number of days in such quarter (or portion thereof) and the
denominator of which is 360. Such Equity Bridge Loan Commitment Fees may be
paid out of the Construction Loans or the Equity Bridge Loans, if available.

 

(iii)      If on the Term-Conversion Date the Borrower has
elected to maintain any Extended Term Loan Commitment pursuant to Section 2.12,
on the Initial Repayment Date or, if earlier, on the date additional Term Loans
are made pursuant to Section 2.12 (or, if the Extended Term Loan
Commitment is canceled or expires prior to such date, on the date of such
cancellation or expiration), Borrower shall pay to Administrative Agent, for
the benefit of the Lenders, accruing from the Term Conversion Date, commitment
fees (the “Extended Term Loan Commitment Fees”) for such period equal to
the product of (A) 0.375% times (B) the daily average Total Extended
Term Loan Commitment for such period times (C) a fraction, the numerator
of which is the number of days in such period and the denominator of which is
360.

 

(c)   Letter of Credit Fees.

 

(i)        With respect to any portion of the Available LC
Commitment that has not been cancelled, reduced or utilized by the issuance of
the Letters of Credit, on the last Banking Day in each calendar quarter
commencing from the Financial Closing Date and ending on the expiration of the
Term Period and on any date on which a Letter of Credit is issued, Borrower
shall pay to Administrative Agent, for the benefit of the Lenders, accruing
from the Financial Closing Date or the first day of such quarter, as the case may be,
a commitment fee (the “LC 

 

28

 

Commitment Fee”) for such quarter (or
portion thereof) then ending equal to the product of (i) 0.375% times (ii) the
daily average Available LC Commitment for such quarter (or portion thereof)
times (iii) a fraction, the numerator of which is the number of days in
such quarter (or portion thereof) and the denominator of which is 360.

 

(ii)       Upon the issuance of any DSRA LC, on the last
Banking Day in each calendar quarter prior to the Expiration Date of such DSRA
LC (where all or any portion of such calendar quarter occurs on or after the
date of such issuance) and on the date of such Expiration Date (or, if such
DSRA LC is reduced or canceled prior to such date, on the date of such
reduction or cancellation), Borrower shall pay to Administrative Agent, for the
benefit of the Lenders, accruing from the date of such issuance, a letter of
credit fee (the “DSRA Letter of Credit Fee”) for such quarter (or
portion thereof) then ending equal to the product of (A) the Applicable
Term Loan Margin times (B) the daily average Stated Amount of such DSRA LC
for such quarter (or portion thereof) times (C) a fraction, the numerator
of which is the number of days in such quarter (or portion thereof) and the
denominator of which is 360.

 

(iii)      On the last Banking Day in each calendar quarter
(where all or any portion of such calendar quarter occurs on or after the
Financial Closing Date) and prior to the Expiration Date of the Energy Hedge LC
and on the date of such Expiration Date (or, if the Energy Hedge LC is canceled
prior to such date, on the date of such cancellation), Borrower shall pay to
Administrative Agent, for the benefit of the Lenders, accruing from the
Financial Closing Date or the first day of such quarter, as the case may be,
a letter of credit fee (the “Energy Hedge Letter of Credit Fee” and
together with the DSRA Letter of Credit Fee, collectively, the “Letter of
Credit Fees”) for such quarter (or portion thereof) then ending equal to
the product of (A) the Applicable LC Fee Margin times (B) the daily
average Stated Amount of the Energy Hedge LC for such quarter (or portion
thereof) times (C) a fraction, the numerator of which is the number of
days in such quarter (or portion thereof) and the denominator of which
is 360.

 

29

 

2.7         Other Payment Terms.

 

(a)   Place and Manner. Borrower shall make all payments
due to each Lender hereunder to Administrative Agent, for the account of such
Lender, to Dexia Crédit Local, New York Branch, Account No. ### at
Citibank, N.A. (ABA #:  021000089) in
lawful money of the United States and in immediately available funds not later
than 2:00 p.m., New York time, on the date on which such payment is due. Any
payment made after such time on any day shall be deemed received on the next
Banking Day after such payment is received. Administrative Agent shall disburse
to each Lender each such payment received by Administrative Agent for such
Lender, such disbursement to occur on the day such payment is received if
received by 2:00 p.m., New York time, or otherwise on the next Banking
Day.

 

(b)   Date. Subject to Section 2.4,
whenever any payment due under any Financing Document shall fall due on a day
other than a Banking Day, such payment shall be made on the next succeeding
Banking Day, and such extension of time shall be included in the computation of
interest or fees, as the case may be.

 

(c)   Late Payments. If any amounts required to
be paid by Borrower under this Agreement or the other Financing Documents
(including principal or interest payable on any Loan, DSRA LC Loan, and the
Energy Hedge LC Loan and any fees or other amounts otherwise payable to
Administrative Agent or any Lender) remain unpaid after such amounts are due,
Borrower shall pay interest on the aggregate, outstanding balance of such
amounts from the date due until those amounts are paid in full at a per annum rate
equal to the Default Rate. Administrative Agent shall give notice to Borrower
that such fees or other amounts remain unpaid after same are due, but the
failure to give such notice shall not affect either the accrual of interest on
such amounts at the Default Rate nor the Borrower’s obligation to pay such
amounts and such interest.

 

30

 

(d)   Net of Taxes, Etc.

 

(i)        Taxes. Subject to each Lender’s
compliance with Section 2.7(f), any and all payments to or for the
benefit of Administrative Agent, LC Fronting Bank or any Lender by Borrower
hereunder or under any other Financing Document shall be made free and clear of
and without deduction, setoff or counterclaim of any kind whatsoever and in
such amounts as may be necessary in order that all such payments, after
deduction for or on account of any present or future Taxes imposed by the
United States or any political subdivision thereof or therein arising from or
relating to such Lender’s Commitments or Loans, DSRA LC Loans or the Energy
Hedge LC Loan or other financial accommodations made under this Agreement or
other amounts payable to Administrative Agent, LC Fronting Bank or any Lender
under the Financing Documents (excluding franchise Taxes, minimum Taxes, branch
profits Taxes, Taxes imposed on or measured by the overall net income, net
profits or capital of Administrative Agent, LC Fronting Bank or any Lender or
similar taxes imposed by any jurisdiction or any political subdivision or
taxing authority thereof or therein as a result of a connection between
Administrative Agent, LC Fronting Bank or such Lender and such jurisdiction or
political subdivision, other than a connection resulting solely from executing,
delivering or performing its obligations or receiving a payment under, or
enforcing, this Agreement, any Note or any other Financing Document (the “Excluded
Taxes”)) (all such Taxes other than Excluded Taxes being hereinafter
referred to as “Indemnified Taxes”), shall be not less than the amounts
otherwise specified to be paid under this Agreement and the other Financing
Documents. Notwithstanding the foregoing, the term “Indemnified Taxes” shall
include, with respect to an Administrative Agent or Lender that becomes a party
to this Agreement as a result of an assignment or a Lender that changes its
lending office to an office outside the United States, Taxes (or a portion
thereof) that would have constituted the same amount of Indemnified Taxes in
the hands of the assigning (or transferring) Lender or Administrative Agent (or
lending office) hereunder as of the date of such assignment or change in the
lending office; provided, however, that nothing in this sentence
shall affect any Lender’s obligations under Section 2.10. If any
Indemnified Taxes shall be required by law to be withheld or deducted from or 

 

31

 

in respect of any sum payable hereunder or under any
other Financing Document to Administrative Agent, LC Fronting Bank or any
Lender and if such Lender, Administrative Agent or LC Fronting Bank shall have
complied with Section 2.7(d)(v), (x) the sum payable shall be
increased as may be necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section 2.7(d)),
Administrative Agent, LC Fronting Bank or such Lender receives an amount equal
to the sum it would have received had no such deductions been made;
(y) such deductions or withholdings shall be made; and (z) Borrower
shall pay the full amount deducted or withheld to the relevant taxation
authority or other authority in accordance with applicable law. In addition,
Borrower agrees to pay any present or future stamp, recording, documentary or
transfer Taxes, mortgage recording Taxes and any other excise or property
Taxes, charges or similar levies that arise under the laws of the United States
or any political subdivision thereof or therein from any payment made hereunder
or under any other Financing Document, Real Property Document or from the
execution, delivery, performance recording or otherwise with respect to this
Agreement, any other Financing Document and any Real Property Document
(hereinafter referred to as “Other Taxes”).

 

(ii)       Indemnity. Borrower shall indemnify
Administrative Agent, LC Fronting Bank and each Lender for the full amount of
Indemnified Taxes and Other Taxes (including any Indemnified Taxes or other
Taxes imposed by any jurisdiction on amounts payable under this Section 2.7(d))
paid by the Administrative Agent, the LC Fronting Bank or the Lender, as
applicable, arising from the execution, delivery or performance of its
obligations or from receiving a payment hereunder, or enforcing this Agreement
or any Financing Document, or any liability (including penalties, interest and
expenses) arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally asserted; provided
that Borrower shall not be obligated to indemnify Administrative Agent,
LC Fronting Bank or any Lender for any penalties, interest or expenses relating
to Indemnified Taxes or Other Taxes arising from the indemnitee’s gross negligence
or willful misconduct, as determined by a final non appealable judgment of a
court of 

 

32

 

competent jurisdiction or as otherwise finally
determined. Each of Administrative Agent, LC Fronting Bank and each Lender
agrees to use its reasonable efforts to give notice to Borrower of the
assertion of any claim against Administrative Agent, LC Fronting Bank or such
Lender, as applicable, relating to such Indemnified Taxes or Other Taxes
reasonably promptly, and in no event later than the earlier to occur of the (i) sixtieth
(60th) day after Administrative Agent, LC Fronting Bank or such
Lender responsible for administering this Agreement has actual knowledge of
such claim or (ii) tenth (10th) day prior to the final
expiration of any period available to such Lender under applicable law for
challenging such claim; provided that Administrative Agent’s, LC
Fronting Bank’s or any Lender’s failure to notify Borrower within such period
shall not relieve Borrower of its obligation under this Section 2.7(d) with
respect to Indemnified Taxes, Other Taxes, penalties or expenses arising prior
to the end of such period unless such failure precluded Borrower from
reasonably contesting the validity of such Indemnified Taxes, Other Taxes,
penalties, interest or expenses. Payments by Borrower pursuant to this
indemnification shall be made within thirty (30) days from the date
Administrative Agent, LC Fronting Bank or such Lender makes written demand
therefor (submitted through Administrative Agent), which demand shall be
accompanied by documentation establishing, in reasonable detail, the basis and
calculation thereof and certifying that the method used to calculate such
amount is fair and reasonable. Following a written request by Borrower setting
forth in reasonable detail the basis therefor, each Lender agrees (a) to
contest Indemnified Taxes or Other Taxes with respect to which such Lender has
received an indemnity payment pursuant to this Section 2.7(d)(ii) or
(b) to permit Borrower to contest such Indemnified Taxes or Other Taxes if
such Lender’s permission would be required and to cooperate with Borrower in
such contest, in each case at Borrower’s sole cost and expense; provided that
nothing in this sentence shall require any Lender to contest such Indemnified
Taxes or Other Taxes or maintain such contest or permit Borrower to contest or
maintain such contest unless and to the extent such Lender determines in its
sole discretion to do so, and provided further that nothing in this sentence
shall oblige such Lender to disclose to Borrower its tax returns or other
information it considers in its sole discretion to be confidential or
proprietary.  Each Lender, if such Lender
determines in its sole discretion that it 

 

33

 

has received a refund of any Indemnified Taxes or
Other Taxes as to which it has received an indemnification, or with respect to
which the Borrower has paid additional amounts, agrees to repay to Borrower any
such refund, net of any out of pocket costs incurred by the Administrative
Agent, LC Fronting Bank or the applicable Lender, as the case may be, in
connection therewith and without interest (other than any net after tax
interest paid by the relevant Governmental Authority with respect to such
refund), as soon as commercially practicable after receipt of such refund. The
Borrower, upon request of the Administrative Agent, LC Fronting Bank or the
applicable Lender, agrees to repay to the Administrative Agent, LC Fronting
Bank or the applicable Lender, as applicable, the amount paid over to Borrower
(plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) if the Administrative Agent, LC Fronting Bank or the
applicable Lender is required to repay such refund to such Governmental
Authority.

 

(iii)      Notice. Within thirty
(30) days after the date of any payment of Indemnified Taxes or Other
Taxes by Borrower, Borrower shall furnish to Administrative Agent, at its
address referred to in Section 12.1, the original or a certified
copy of a receipt evidencing payment thereof, or if such receipt is not
obtainable, other evidence of such payment by Borrower reasonably satisfactory
to Administrative Agent. Borrower shall indemnify Administrative Agent, LC
Fronting Bank and each Lender, as applicable, for all losses and expenses
sustained by Administrative Agent, LC Fronting Bank or such Lender, as the case
may be, as a result of any failure by Borrower to so furnish the original
or certified copy of such receipt or such other evidence of payment.

 

(iv)      Survival of Obligations. The
obligations of Borrower under this Section 2.7(d) shall
survive the termination of this Agreement and the repayment of the Obligations
until all applicable statutes of limitation (including any extensions thereof)
have expired.

 

(v)       Withholding Exemption Certificates. The Borrower
shall not be required to pay any additional amount to (or indemnify) any Lender
under Section 2.7(d) to the extent that the obligation to withhold or
pay such amount with 

 

34

 

respect to Indemnified Taxes existed on the date
that the Lender became a party to this Agreement (or, in the case of a transfer
that is a participation holder, on the date such a participation holder became
a transferee hereunder). Each of Administrative Agent and each Lender (upon
becoming a Lender hereunder) and any Person to which any Lender grants a
participation (or otherwise transfers its interest in this Agreement) as
permitted by this Agreement agrees that on the date such Lender or Person
becomes a party to this Agreement it will deliver to each of Borrower and
Administrative Agent either (A) if such Lender or Person is a United
States person as defined in the Code, two duly and appropriately completed
copies of a United States Internal Revenue Service Form W-9 or any
successor applicable form or (B) if such Lender or Person is not a
United States person, two duly and appropriately completed copies of United
States Internal Revenue Service Form W-8IMY, W-8ECI or W-8BEN (in the case
of any Lender claiming an exemption under the so-called portfolio interest
exemption rules, together with an exemption certificate reasonably satisfactory
to Borrower and Administrative Agent) or successor applicable form, as the case
may be (claiming therein a reduction in or an exemption from United States
withholding taxes), and, if reasonably requested by Borrower or Administrative
Agent, any additional statements and forms so requested from time to time and
including a U.S. taxpayer identification number if required by such form or
otherwise necessary to obtain the benefit claimed. Each Lender required to
deliver to Borrower and Administrative Agent a form, or certificate pursuant to
the preceding sentence shall deliver such form or certificate as
follows:  (x) each Lender which is a
party hereto on the Financial Closing Date shall deliver such form or
certificate at least five (5) Banking Days prior to the first date on
which any payment hereunder or under any other Financing Document is payable by
Borrower hereunder for the account of such entity; (y) each assignee or
participant shall deliver such form at least five (5) Banking Days
before the effective date of such assignment or participation; and
(z) Administrative Agent shall deliver such form or certificate to
Borrower on the Financial Closing Date which shall include the Form W-8ECI
for the Administrative Agent. Each Lender which is required to deliver to
Borrower and Administrative Agent a Form W-9, W-8IMY, W-8ECI or W-8BEN or
other form or statement pursuant to the preceding sentence further
undertakes to deliver to 

 

35

 

Borrower and Administrative Agent further copies of
the Form W-9, W-8IMY, W-8ECI or W-8BEN, or successor applicable form or
other form or certificate, or other manner of certification or procedure,
as the case may be, at least ten (10) days before any such form or
certificate expires or becomes obsolete (which date shall be notified by
Borrower or Administrative Agent) or within a reasonable time (not to exceed
sixty (60) days) after gaining knowledge of the occurrence of any event
requiring a change in the most recent forms or certificates previously
delivered by it to Borrower and Administrative Agent, unless in any such cases
an event (including any change in treaty, law or regulation other than the
addition of a “limitation on benefits” provision to an existing tax treaty that
did not have such a provision on the Financial Closing Date) has occurred prior
to the date on which any such delivery would otherwise be required which
renders all such forms inapplicable or which would prevent a Lender from duly
completing and delivering any such form with respect to it. Borrower shall
not be obligated to pay any additional amounts pursuant to Section 2.7(d) (or
make an indemnification payment pursuant to Section 2.7(d)) to any
Lender or Person (including any Person to which any Lender sells, assigns,
grants a participation in, or otherwise transfers, its rights under this
Agreement) to the extent the obligation to pay such additional amounts (or such
indemnification) would not have arisen but for a failure of such Lender or
Person to comply with its obligations under this Section 2.7(d)(v) unless
such failure is caused by a change of law other than the addition of a “limitation
on benefits” provision to an existing tax treaty that did not have such a
provision on the Financial Closing Date. Notwithstanding the foregoing or anything
else to the contrary in this Agreement, no Lender or other Person shall be
obligated to deliver any form, certificate or document which it cannot deliver
as a matter of law.

 

(vi)      The Administrative Agent shall deliver, on or before
the Financial Closing Date, two duly completed copies of Internal Revenue
Service Form W-8IMY certifying that it is a “U.S. branch” and that
payments it receives for the account of others are not effectively connected
with the conduct of its trade or business in the United States and that it is
using such form as evidence of its agreement with the Borrower to be
treated as a United States person with respect to 

 

36

 

such payments (and the Borrower and the
Administrative Agent agree to so treat the Administrative Agent as a United
States person with respect to such payments), with the effect that the Borrower
can make payments to the Administrative Agent without deduction or withholding
of any Taxes imposed by the United States.

 

(e)   Failure to Pay Administrative Agent. Unless
Administrative Agent shall have received notice from Borrower at least two (2) Banking
Days prior to the date on which any payment is due to the Lenders hereunder
that Borrower will not make such payment in full, Administrative Agent may assume
that Borrower has made such payment in full to Administrative Agent on such
date, and Administrative Agent may, in reliance upon such assumption, cause to
be distributed to each Lender on such due date an amount equal to the amount
then due such Lender. If and to the extent Borrower shall not have so made such
payment in full to Administrative Agent, such Lender shall repay to
Administrative Agent forthwith upon demand such amount distributed to such
Lender, together with interest thereon, for each day from the date such amount
is distributed to such Lender until the date such Lender repays such amount to
Administrative Agent, at a rate equal to the LIBO Rate. A certificate of
Administrative Agent submitted to any Lender with respect to any amounts owing
by such Lender under this Section 2.7(e) shall be conclusive
in the absence of manifest error.

 

(f)    Application of Payments. Except as
otherwise set forth in this Agreement, all amounts paid to Administrative
Agent, the Depositary and the other Lenders under this Agreement or the other
Financing Documents shall be applied as follows:

 

first, pro rata to the payment of all fees,
costs, charges, and Interest Fix Fees due and payable to Administrative Agent,
LC Fronting Bank, Depositary, the Counterparties and the Lenders in connection
with this Agreement and the other Financing Documents;

 

second, pro rata
to the payment of interest on the Loans, the DSRA LC Loans and the Energy Hedge
LC Loan then due and owing 

 

37

 

and
payments then due and owing by Borrower pursuant to the Interest Rate
Agreements, if any;

 

third, pro rata to the repayment of the principal
of the Loans then due and owing and any outstanding principal on the Energy
Hedge LC Loan until repaid in full;

 

fourth, pro rata to the payment of any outstanding
Reimbursement Obligations hereunder (without waiving any Event of Default
arising from the existence of such Reimbursement Obligations; provided, that
such Reimbursement Obligations shall be deemed satisfied when fully paid and
such Event of Default shall be cured by such payment);

 

fifth, pro rata to the repayment of principal of
any DSRA LC Loans; and

 

sixth, pro rata to such other Obligations as
remain outstanding.

 

(g)   Pro Rata Treatment. Except as otherwise
provided in this Agreement (including, without limitation, Section 10.12
hereof), (i) each Borrowing consisting of Loans and each reduction of
Commitments shall be made or allocated among the Lenders pro rata according to
their respective Proportionate Shares, (ii) each payment of principal of
and interest on the Loans shall be made or shared among the Lenders holding
such Loans pro rata according to the respective unpaid principal amounts of
such Loans held by such Lenders, and (iii) each payment of Commitment Fees
shall be shared among the Lenders pro rata according to their respective
Proportionate Shares.

 

(h)   Sharing of Payments, Etc. If any Lender
(a “Benefited Bank”) shall obtain any payment (whether voluntary,
involuntary, through the exercise of any right of setoff, or otherwise) on
account of Obligations (or interest thereon) owed to it, in excess of its
ratable share of payments on account of such Obligations obtained by all
Lenders entitled to such payments, such Lender shall forthwith purchase from
the other Lenders such participations in the Obligations, as the case may be,
as shall be 

 

38

 

necessary to cause such purchasing Lender to share
the excess payment ratably with each of them; and if after taking into account
such participations the Benefited Bank continues to have access to additional
funds of the Noble Entities for application on account of its debt, then the
Benefited Bank shall use such funds to reduce indebtedness of Borrower held by
it and share such payments with the other Lenders; provided, however,
that if all or any portion of such excess payment is thereafter recovered from
such purchasing Lender, such purchase from such Lender shall be rescinded and
each other Lender shall repay to the purchasing Lender the purchase price to
the extent of such recovery together with an amount equal to such other Lender’s
ratable share (according to the proportion of (i) the amount of such other
Lender’s required repayment to (ii) the total amount so recovered from the
purchasing Lender) of any interest or other amount paid or payable by the
purchasing Lender in respect of the total amount so recovered. Borrower agrees
that any Lender so purchasing a participation from another Lender pursuant to
this Section 2.7(h) may, to the fullest extent permitted by
law, exercise all its rights of payment (including the right of setoff) with
respect to such participation as fully as if such Lender were the direct creditor
of Borrower in the amount of such participation; provided  that
Borrower shall have no liability to the Lenders hereunder to the extent that it
has made all payments to the Lenders and Administrative Agent required to be
made by Borrower hereunder.

 

2.8         Change of Circumstances.

 

(a)   Inability to Determine Rates. If, on or
before the first day of any Interest Period for any Loans (i) Administrative
Agent determines that the LIBO Rate for such Interest Period with respect to
the Loans, DSRA LC Loans or the Energy Hedge LC Loan being made by the Lenders
cannot be adequately and reasonably determined due to the unavailability of
funds in or other circumstances affecting the London interbank market, or (ii) Lenders
holding at least aggregate Proportionate Shares of 33-1/3% or more of the then
outstanding Loans, DSRA LC Loans and the Energy Hedge LC Loan shall advise
Administrative Agent that (A) the amount of interest payments to be paid
by Borrower, based on the rates of interest for such 

 

39

 

Loans, DSRA LC Loans or the Energy Hedge LC Loan
minus the Applicable Term Loan Margin, Applicable Construction Loan Margin or
Applicable LC Loan Margin, as applicable, set forth in Sections 2.2(b),
2.1(a)(iii), 2.1(b)(iii), 2.3(d)(iii)(C) and 2.3(d)(iv)(B),
as the case may be, is less than the cost to such Lenders of making or
maintaining such Loans, DSRA LC Loans or the Energy Hedge LC Loan 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 Borrower) in the ordinary course of business in
sufficient amounts to make and/or maintain their Loans, DSRA LC Loans or the
Energy Hedge LC Loan, then Administrative Agent shall immediately give notice
of such condition to Borrower. After the giving of any such notice and until
Administrative Agent shall otherwise notify Borrower 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, Borrower’s right to request the
making of, and the Lenders’ obligations to make or continue LIBO Rate Loans, shall
be suspended and (y) with respect to notices given under clause (ii) above,
Borrower’s 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 LIBO Rate Loans, shall be suspended and all
Loans, DSRA LC Loans or the Energy Hedge LC Loan, as the case may be, made
or continued after the giving of such notice shall be made or continued as
Substitute Loans. With respect to notices given under clause (i) above,
any Loans, DSRA LC Loans or the Energy Hedge LC Loan outstanding at the
commencement of any such suspension and with respect to notices given under
clause (ii) above, any Loans, DSRA LC Loans or the Energy Hedge LC
Loan 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 Loans, DSRA LC Loans or the Energy Hedge LC Loan into
Substitute Loans unless Administrative Agent has notified Borrower in writing
that such suspension has then ended.

 

(b)   Illegality. If, after the date of this
Agreement, the adoption of any Governmental Rule, any change in any
Governmental Rule or the application or 

 

40

 

requirements thereof (whether such change occurs in
accordance with the terms of such Governmental Rule as enacted, as a
result of amendment, or otherwise), any change in the interpretation or
administration of any Governmental Rule by any Governmental Authority, or
compliance by any Lender or Noble Entity with any request or directive of any
Governmental Authority (a “Change of Law”) shall make it unlawful or
impossible for any Lender to make or maintain any Loan, DSRA LC Loan or the
Energy Hedge LC Loan such Lender shall immediately notify Administrative Agent
and Borrower of such Change of Law. Upon receipt of such notice (i) Borrower’s
right to request the making of, and the Lenders’ obligations to make or
continue, LIBO Rate Loans shall be suspended for so long as such condition
shall exist, and (ii) Borrower shall either (x) immediately repay
such Lender’s Loans, DSRA LC Loans and the Energy Hedge LC Loan if such Lender
shall notify Borrower that such Lender may not lawfully continue to fund
and maintain such Loans, DSRA LC Loans or the Energy Hedge LC Loan or
(y) replace such Lender so affected pursuant to Section 10.12.
Any prepayment of Loans, DSRA LC Loans and the Energy Hedge LC Loan made
pursuant to the preceding sentence prior to the last day of an Interest Period
for such Loans, DSRA LC Loans and the Energy Hedge LC Loan shall be deemed a
prepayment thereof. To the extent Substitute Loans are available, Borrower may convert
Loans, DSRA LC Loans and the Energy Hedge LC Loan into Substitute Loans. Any
conversion of Loans, DSRA LC Loans and the Energy Hedge LC Loan made pursuant
to the preceding sentence prior to the last day of an Interest Period for such
Loans, DSRA LC Loans and the Energy Hedge LC Loan shall be deemed a prepayment
thereof for purposes of Section 2.9 only and such prepayment shall
not affect the aggregate Commitments hereunder.

 

(c)   Increased Costs. If, after the date of this
Agreement, any Change of Law:

 

(i)        shall subject any Lender to any tax, duty or other
charge with respect to any Obligation or Commitment, or shall change the basis
of taxation of payments by Borrower to any Lender on such Obligation or with
respect to any Commitment (except for Indemnified Taxes or Other Taxes (to the
extent covered by 

 

41

 

Section 2.7), Excluded Taxes or changes
in the rate of taxation on the overall net income of any Lender); or

 

(ii)       shall impose, modify or hold applicable any reserve,
special deposit or similar requirement (without duplication of any reserve
requirement included within the interest rate through the definition of “Reserve
Requirement”) against assets held by, deposits or other liabilities in or
for the account of, advances or loans by, or any other acquisition of funds by
any Lender for any LIBO Rate Loan; or

 

(iii)      shall impose on any Lender any other condition
directly related to any Obligation or Commitment;

 

and
the effect of any of the foregoing is to increase the cost to such Lender of
making, issuing, creating, renewing, participating in or maintaining any such
Obligation or Commitment or to reduce any amount receivable by such Lender
hereunder or under the Notes, then Borrower shall from time to time, upon
demand by the Administrative Agent for such Lender (accompanied by a certificate
from such Lender setting forth in reasonable detail the amount of such
increased costs or reduced amounts and the basis for determination of such
amount), pay to the Administrative Agent on behalf of such Lender additional
amounts sufficient to reimburse such Lender for such increased costs or to
compensate such Lender for such reduced amounts. Thereafter, Borrower may replace
such Lender so affected pursuant to Section 10.12.

 

(d)   Capital Requirements. If any Lender reasonably
determines that (i) any Change of Law affects the amount of capital
required or expected to be maintained by such Lender or the Lending Office of
such Lender (a “Capital Adequacy Requirement”) and (ii) the amount
of capital maintained by such Lender or such Lending Office which is
attributable to or based upon the Loans, DSRA LC Loans, the Energy Hedge LC
Loan, the Commitments or this Agreement must be increased as a result of such
Capital Adequacy Requirement (taking into account such Lender’s policies with
respect to capital adequacy), Borrower shall pay to Administrative Agent on
behalf of such Lender, upon demand of Administrative 

 

42

 

Agent on behalf of such Lender (accompanied by a
certificate from such Lender setting forth in reasonable detail the amount of
such increased costs or reduced amounts and the basis for determination of such
amount), such amounts as such Lender shall reasonably determine are necessary
to compensate such Lender for the increased costs to such Lender of such
increased capital. Thereafter, Borrower may replace such Lender so
affected pursuant to Section 10.12.

 

(e)   Notice. Each Lender will notify
Administrative Agent of any event occurring after the date of this Agreement
that will entitle such Lender to compensation pursuant to this Section 2.8,
as promptly as is reasonable, and in no event later than 120 days
after the principal officer of such Lender responsible for administering this
Agreement has actual knowledge of such claim, and Administrative Agent shall
promptly notify Borrower of such event; provided that any Lender’s
failure to notify Administrative Agent within such 120 day period of such
assertion shall not relieve Borrower of its obligation under this Section 2.8
with respect to claims arising prior to the end of such period, but shall
relieve Borrower of its obligations under this Section 2.8 with
respect to the time between the end of such period and such time as Borrower
receives notices as provided herein. Any Lender seeking compensation under this
Section 2.8 shall promptly deliver to Borrower (with a copy to
Administrative Agent) a written statement, setting forth in reasonable detail
the basis for calculating the additional amounts owed to such Lender under this
Section 2.8, which statement shall be conclusive and binding upon
all parties hereto absent demonstrable error.

 

2.9         Funding Losses. If Borrower shall (a) repay
or prepay any Loans, DSRA LC Loans, or the Energy Hedge LC Loan on any day
other than the last day of an Interest Period for such Loans (whether an
optional prepayment or a Mandatory Prepayment), (b) fail to borrow any
Loans in accordance with a Notice of Borrowing delivered to Administrative
Agent (whether as a result of the failure to satisfy any applicable conditions
or otherwise), or (c) fail to make any prepayment in accordance with any
notice of prepayment delivered to Administrative Agent; then Borrower shall,
upon demand by any Lender, reimburse such Lender for all costs and losses
incurred by 

 

43

 

such Lender as a result of such repayment,
prepayment or failure (“Liquidation Costs”) but shall not include any
compensation for lost profits. Borrower understands that such costs and losses may include
losses incurred by a Lender as a result of funding and other contracts entered
into by such Lender to fund Loans, any DSRA LC Loans, and the Energy Hedge LC
Loan. Each Lender demanding payment under this Section 2.9 shall
deliver to Administrative Agent a certificate setting forth and reasonably
accounting for the amount of costs and losses for which demand is made, and
Administrative Agent shall promptly provide such certificate to Borrower. Notwithstanding
the foregoing, and except with regard to any optional prepayments hereunder or
the events described in clauses (b) and (c) above, each Lender
shall use commercially reasonable efforts to minimize any Liquidation Costs.

 

2.10       Alternate Office; Minimization of Costs.

 

(a)   To the extent commercially reasonably possible, each
Lender shall designate an alternative Lending Office with respect to its Loans,
DSRA LC Loans, and the Energy Hedge LC Loan and otherwise take any reasonable
actions to reduce any liability of Borrower to such Lender under Sections 2.7(d),
2.8(c) or 2.8(d), or to avoid the unavailability of any
Loans, DSRA LC Loans, the Energy Hedge LC Loan or an interest rate option under
Section 2.8(b).

 

(b)   Any Lender may designate a Lending Office other
than that set forth on Exhibit I and may assign all of its
interests under the Financing Documents, and its Notes, to such Lending Office,
provided that such designation and assignment do not at the time of such
designation and assignment increase the reasonably foreseeable liability of
Borrower under Sections 2.7(d), 2.8(c), or 2.8(d) or
make Loans, DSRA LC Loans, the Energy Hedge LC Loan or an interest rate option
unavailable pursuant to Section 2.8(b).

 

Each Lender, to the extent it determines in its sole
discretion that it is not adversely affected by doing so, shall use
commercially reasonable efforts to avoid or minimize any additional costs,
Taxes, expense or obligation which might otherwise be imposed 

 

44

 

on Borrower pursuant to Section 2.7(d), 2.8(c),
or 2.8(d) or as a result of such Lender being subject to a Reserve
Requirement.

 

2.11       Interest Rate Protection.

 

(a)   Interest Rate Agreements. Borrower
shall, no later than three (3) months after the Term-Conversion Date,
enter into one or more Hedge Transactions, the intent of which is to protect
the Borrower against increases in variable interest rates, solely with
counterparties who are Lenders (“Counterparties”), which Interest Rate
Agreements shall be in form and substance reasonably satisfactory to
Administrative Agent and which Hedge Transactions shall have an aggregate
notional amount corresponding to an amount equal to or greater than seventy
five percent (75%) of the outstanding principal amount of the Term Loan. Such
Hedge Transactions shall be based upon the Amortization Schedule and shall
have a termination date of the Term Loan Maturity Date. Borrower shall give all
bidders no less than two hours’ notice of its intent to hold a telephonic
auction of any such Hedge Transaction. Bids in such auction shall be binding on
the bidder.

 

(b)   Interest Fix Fees. Borrower shall pay all
reasonable costs, fees and expenses incurred by the Counterparties or
Administrative Agent in connection with the Interest Rate Agreements Borrower
enters into hereunder, including any reasonable costs, fees or expenses
(including increased interest payments) incurred in connection with any
unwinding, breach or termination of such Interest Rate Agreements, as set forth
in such Interest Rate Agreements (“Interest Fix Fees”).

 

(c)           Security. The
obligations of Borrower under each Interest Rate Agreement between Borrower and
a Counterparty, and all associated Interest Fix Fees, shall be and are hereby
secured by the Collateral Documents, and shall rank pari passu with the Obligations of Borrower under the Loans,
DSRA LC Loans, and the Energy Hedge LC Loan.

 

 

45

 

 

2.12       Extended Term Loans.

 

(a)   If
on the Term-Conversion Date there exists in the aggregate for all of the
Projects not more than nineteen (19) Incomplete Turbines, Borrower shall
have the option, to be exercised on the Term-Conversion Date, to request in
writing that the Lenders commit to advance to Borrower an additional Term Loan
during the Extended Term Loan Availability Period pursuant to this Section 2.12
in an aggregate amount not to exceed the Non-Conversion Amount (such amount as
requested by the Borrower, the “Total Extended Term Loan Commitment”).  Upon the advance of the final Term Loan
requested in accordance with this Section 2.12, the Total Extended
Term Loan Commitment shall terminate and be of no further force or effect.  Additionally, the Total Extended Term Loan
Commitment may be permanently reduced or canceled upon the written request of
the Borrower in (i) a minimum amount of Five Hundred Thousand Dollars
($500,000), (ii) an integral multiple of One Hundred Thousand Dollars
($100,000) in excess thereof or (iii) its entirety.

 

(b)   Provided
that the Borrower has requested in writing on the Term-Conversion Date the
Total Extended Term Loan Commitment and subject to the terms and conditions set
forth in this Agreement (including the conditions set forth in clause (c) below),
each Lender agrees to advance to Borrower an additional Term Loan once during
the Extended Term Loan Availability Period as Borrower may request (as set
forth in clause (c) below) in an aggregate principal amount not to exceed
such Lender’s Extended Term Loan Commitment, on a date not later than the
Initial Repayment Date.  The Term Loan
made by the Lenders in accordance with this Section 2.12 shall,
from and after such date of advancement be deemed “Term Loans” under this Agreement
and any provisions associated with or related to Term Loans shall be deemed
amended to accommodate such additional advance of such Term Loan.

 

(c)   The
Borrower shall request the additional Term Loan under this Section 2.12
by delivering to Administrative Agent an irrevocable written notice (such
notice to be deemed a “Notice of Borrowing” hereunder) no later than four (4) Banking
Days prior to the anticipated Borrowing of such Term Loan in form and substance
reasonably satisfactory to the Administrative Agent.  The obligations of the 

 

46

 

Lenders to effect or permit any Borrowing under this Section 2.12
are subject to the prior satisfaction of each of the following conditions
(unless waived by Administrative Agent with the consent of the Majority
Lenders):

 

(i)        the
Equity Support Members confirm their funding obligations with respect to such
Incomplete Turbines;

 

(ii)       Borrower
shall have furnished Administrative Agent evidence satisfactory to Administrative
Agent (in consultation with the Independent Engineer) that after giving effect
to all the financial accommodations provided by the Lenders to Borrower on the
Term-Conversion Date and on the proposed date of the Borrowing of the
additional Term Loan, the Base Case Projections (after giving effect to such
additional Term Loan but otherwise in substantially the form of Exhibit H-3,
as modified pursuant to Section 2.5(b)(i)) reflect a calculation of
Projected Debt Service Coverage Ratios, as of each Repayment Date during the
Term, of no less than (a) 1.45 to 1 under a P50 Production Level, and (b) 1.00
to 1 under a P99 Production Level. 
The resulting amortization schedule shall replace the Amortization
Schedule provided on the Term-Conversion Date and shall thereafter be deemed
the “Amortization Schedule”;

 

(iii)      the
notional amount of the Hedge Transactions under the Interest Rate Agreements
then in effect shall be sufficient to cover one hundred percent (100%) of
the principal amount of the Term Loan made pursuant to this Section 2.12
until the Term Loan Maturity Date;

 

(iv)      the
conditions set forth in Sections 3.3(b), (c), (d) (but
only with respect to the WTGs that achieve Completion after the Term-Conversion
Date), (e), (f), (h), (p), (q) (including
the WTGs that achieve Completion after the Term-Conversion Date), (v), (w),
and (aa) as applied to such Incomplete Turbines shall have been
satisfied or waived; and

 

(v)       the
conditions set forth in Section 3.4.

 

47

 

(d)   The proceeds of the Term Loan
made pursuant to this Section 2.12 shall be disbursed by the
Administrative Agent and thereafter applied as follows: (i) first,  to repay any
equity contributed by NEP or its Affiliates (or from any other source other
than from Project Revenues or other amounts on deposit or required to be
deposited into the Accounts (other than the Test Revenue Account), which
amounts shall in no event be used to achieve Completion of the Incomplete
Turbines) to achieve Completion of the Incomplete Turbines that has not been or
will not be reimbursed to NEP (or such other source) from funds to be made
available by the Equity Support Members as contemplated by Section 2.12(c)(i) above,
(ii) second, (A) the lesser of (x) fifty
percent (50%) of such proceeds and (y) the O&M and CapEx Reserve
Requirement (less any amount already on deposit in the O&M CapEx Reserve
Account), shall be deposited into the O&M and CapEx Reserve Account and (iii) third, any remaining proceeds shall be deposited into the
Operating Account.

 

ARTICLE 3

CONDITIONS PRECEDENT

 

3.1         Conditions
Precedent to the Financial Closing Date. 
The obligation of the Lenders party hereto on the Financial Closing Date
to make the Loans, to issue the Letters of Credit, and to otherwise enter into
the transactions contemplated by this Agreement is subject to the prior
satisfaction of each of the following conditions (unless waived in writing by
Administrative Agent and the Lenders):

 

(a)   Resolutions.  Delivery to Administrative Agent of a copy of
one or more resolutions or other authorizations of the Major Project
Participants (other than the Turbine Supplier and those described in
clauses (e), (h), (i) and (j) of the definition thereof),
certified by the appropriate officer or representative of each such entity as
being in full force and effect on the Financial Closing Date, authorizing the
execution, delivery and performance of this Agreement and the other Operative
Documents and any instruments or agreements required hereunder or thereunder to
which such Major Project Participant is a party, and in the case of the
Borrower, the Borrowings provided for herein.

 

48

 

(b)   Incumbency.  Delivery to Administrative Agent of a
certificate reasonably satisfactory in form and substance to Administrative
Agent from each Major Project Participant (other than the Turbine Supplier and
those described in clauses (e), (h), (i) and (j) of the
definition thereof), signed by the appropriate Responsible Officer(s) of
each such Person and dated the Financial Closing Date, as to the incumbency of
the natural persons authorized to execute and deliver this Agreement and the
other Operative Documents and any instruments or agreements required hereunder
or thereunder to which such Major Project Participant is a party.

 

(c)   Formation Documents.  Delivery to Administrative Agent of (i) a
copy of the articles of incorporation or certificate of incorporation or
formation, as applicable, of each Major Project Participant (other than the
Turbine Supplier and those described in clauses (e), (g), (h), (i) and
(j) of the definition thereof), each certified by the Secretary of State
of the applicable State of incorporation or formation and (ii) a copy of
the limited liability company operating agreement, by-laws or partnership
agreement of such Major Project Participant, certified by its secretary.

 

(d)   Good Standing.  Delivery to Administrative Agent of (i) certificates
issued by the Secretary of State of the jurisdiction of incorporation or
formation of each of the Major Project Participants (other than the Turbine
Supplier and those described in clauses (e), (g), (h), (i) and (j) of
the definition thereof), certifying that each such Major Project Participant is
in good standing and is qualified to do business in, and, if applicable, has
paid all franchise taxes or similar taxes due to, such state and (ii) certificates
issued by the Secretary of State of the State of New York certifying that each
such Major Project Participant (other than GE SPV) is in good standing and is
qualified to do business in such State.

 

(e)   Independent Engineer’s
Report and Preliminary Energy Production Analysis.

 

(i)        Delivery
to Administrative Agent of an Independent Engineer’s report, in substantially
the form of Exhibit G-3(a), which report shall be satisfactory to
the Administrative Agent, and confirm the adequacy of the overall design 

 

49

 

technology, coordination of all construction schedules, economics and
contract integrity as it relates to each Project.

 

(ii)       Delivery
to Administrative Agent of a preliminary energy production analysis related to
each Project prepared by the Independent Engineer which shall be satisfactory
to Administrative Agent and consistent with the energy production and
availability assumptions in the Base Case Projections and which shall include
an interim review by the Independent Engineer of (A) a wind assessment
study (including, the meteorological tower data then available with respect to
each Site) of gross and net production forecasts of the Projects, on an
individual Project and an aggregate portfolio basis, including the standard
deviation for the 1-year and 10-year productions and including
probabilities of energy exceedance of 50%, 75%, 90%, 95% and 99% and (B) WTG’s
availability assumptions in the Base Case Projections and availability
mitigation during the Ramp-up Period.

 

(f)    Applicable Permits.  Delivery to Administrative Agent of Exhibit H-2,
the schedule of Permits required under all Governmental Rules existing as
of the Financial Closing Date to acquire, lease, develop, construct, test,
operate, maintain, repair, own or use each Project, in form and substance
reasonably satisfactory to Administrative Agent, together with copies of each
Permit obtained prior to the Financial Closing Date, each in form and substance
reasonably satisfactory to Administrative Agent.  Part I of Exhibit H-2 shall
list each Permit required to be obtained prior to the first funding date with
respect to each Project, constituting all of the material Permits which are, in
Administrative Agent’s reasonable opinion in light of the status of the
acquisition, lease, development, construction, testing, operation, maintenance,
repair, ownership and use of such Project, required as of such date.  Part II of Exhibit H-2 shall
list all other material Permits required to acquire, lease, develop, construct,
test, operate, maintain, repair, own or use each Project.  The Permits listed in Part II of Exhibit H-2
shall, in Administrative Agent’s reasonable opinion, be obtainable not later
than required without material difficulty, expense or delay.  The Permits obtained prior to the Financial
Closing Date shall not be subject to any restriction, condition, limitation or
other provision that could reasonably be 

 

50

 

expected to materially delay the construction of any Project or prevent
the operation of any Project in material accordance with the Base Case Projections
or could reasonably be expected to have a Material Adverse Effect on such
Project.

 

(g)   Operative Documents.  Delivery to Administrative Agent (or with respect to Real Property Documents,
posting, on or prior to the Financial Closing Date, to the Borrower’s virtual
data room to which Administrative Agent has access) of the following
documents duly authorized, executed and delivered by the parties thereto, in
form and substance reasonably satisfactory to Administrative Agent:

 

(i)        Financing
Documents (other than the Interest Rate Agreements, the Control Agreement
(Operations), the LLC Agreement, the Side Letter LLC Agreement, Term Loan
Notes, the Equity Support Member Pledge Agreement and any Acceptable DSRA LC;

 

(ii)       Project
Documents (other than the Interconnection Agreements, the EPC Contract (Mohawk)
and the Additional Project Documents and Consents to be executed in connection
therewith) and any supplements or amendments thereto certified by a Responsible
Officer of Borrower as being true, complete and correct and in full force and
effect on the Financial Closing Date and which certificate shall include a
certification that all conditions precedent to the commencement of performance
of each Noble Entity and its Affiliates under the EPC Contracts, Management
Services Agreements and Real Property Documents and, to Borrower’s Knowledge,
all conditions precedent to the commencement of performance of each of the
Turbine Supplier under the Turbine Supply Agreement and the landowners under
the Real Property Documents have been performed, have occurred, or have been
satisfied or waived;

 

(iii)      Financing
Statements and Fixture Filings;

 

(iv)      Consents
duly executed by each Major Project Participant listed on Exhibit F-2;
and

 

51

 

(v)       such
other documents, instruments and agreements as Administrative Agent or the
Title Insurer may reasonably request to grant to Administrative Agent to
perfect first priority Liens (subject to Permitted Liens) in all Collateral
(including, without limitation, the ownership interests of Borrower in each
Project Company and the ownership interests of the Members in Borrower).

 

(h)   Certificate of Borrower.  Administrative Agent shall have received a
certificate, dated as of the Financial Closing Date, signed by a Responsible
Officer of Borrower, in substantially the form of Exhibit G-1 (the “Borrower’s
Certificate”).

 

(i)    Legal Opinions.  Delivery to Administrative Agent of an
opinion(s) of:

 

(i)        Latham &
Watkins LLP, counsel for each of the Noble Entities, NEP, Operator, Asset
Manager, EPC Contractor, and Noble Equipment Resources, LLC;

 

(ii)       In-house
counsel for each of the Noble Entities, NEP, Operator, Asset Manager, EPC
Contractor, and Noble Equipment Resources, LLC;

 

(iii)      Bingham
McCutchen, counsel for each Equity Support Member;

 

(iv)      In-house
counsel for the Turbine Supplier;

 

(v)       Whiteman
Osterman & Hanna LLP, special counsel for the Project Companies,
regarding the Projects’ compliance with application for and obtaining of certain
local land use and state and federal environmental permits;

 

(vi)      Hiscock &
Barclay, LLP, counsel to the Noble Entities addressing matters in the IDA
Documents; and

 

(vii)     Read &
Laniado, LLP, counsel to the Noble Entities addressing state and local energy
regulatory matters.

 

(j)    Market Consultant
Certificate.  Administrative Agent
shall have received the Market Consultant’s certificate, in substantially the
form of Exhibit G-2(a), 

 

52

 

with the Market Consultant’s report, in form and substance reasonably
satisfactory to Administrative Agent, attached thereto which report shall
outline the relevant New York State Power Pool projected energy prices for a
period at least through 2022.

 

(k)   CRA International Reports.  Administrative Agent shall have received CRA
International, Inc.’s certificate, in substantially the form of Exhibit G-2(c),
with CRA International, Inc.’s reports, in form and substance reasonably
satisfactory to Administrative Agent, attached thereto which reports shall
assess the NYISO Installed Capacity market for a period at least through 2022
and the merchant renewable energy credit market through 2025.

 

(l)    Insurance.  Administrative Agent shall have received (i) a
certificate from a Responsible Officer of Borrower, dated as of the Financial
Closing Date and identifying underwriters, type of insurance, insurance limits
and policy terms, listing the special provisions required as set forth in Exhibit K,
describing the insurance obtained and stating that such insurance is in full
force and effect and that all premiums then due thereon have been paid and
that, in the opinion of such Person, such insurance complies with Exhibit K,
and (ii) certified copies of all policies evidencing such insurance (or a
binder, commitment or certificates signed by the insurer or a broker authorized
to bind the insurer), in each case in form and substance reasonably
satisfactory to Administrative Agent.

 

(m)  Insurance Consultant
Certificate.  Delivery to Administrative
Agent of the Insurance Consultant’s certificate, in substantially the form of Exhibit G-2(b),
with the Insurance Consultant’s report, in form and substance reasonably
satisfactory to Administrative Agent, attached thereto.

 

(n)   Certificates of Design Suitability.  The Administrative Agent shall have received
reasonably satisfactory confirmation from the Independent Engineer that
Borrower is using commercially reasonable efforts to obtain the site-specific
Certificates of Design Suitability of DNV or GL for each Project, with wind
turbine specification reports attached thereto.

 

53

 

(o)   Financial Statements.  Administrative Agent shall have received the
most recent annual financial statements (audited for NEP, and, if available,
audited for each Major Project Participant (other than those described in
clauses (e), (g), (h), (i) and (j) of the definition thereof and
GE SPV)) and most recent quarterly financial statements from NEP and each Major
Project Participant (other than those described in clauses (e), (h), (i) and
(j) of the definition thereof and GE SPV) (and in the case of the Noble
Entities, on a consolidated basis and including pro forma financial statements,
together with certificates from the appropriate Responsible Officer thereof,
stating that no material adverse change in the consolidated assets,
liabilities, operations or financial condition of the Noble Entities has
occurred from those set forth in the most recent financial statements provided to
the Administrative Agent hereunder); provided that (i) for any of the
foregoing Major Project Participants which is a public company and is required
or permitted to file reports under the Exchange Act, the availability of such
report on Form 10Q or the availability on such Major Project Participant’s
website shall satisfy the requirements herein; and (ii) for any Major
Project Participant which is a public company and, pursuant to the provisions
of applicable law, is only required to file semi-annual financial statements,
only semi-annual financial statements shall be required.

 

(p)   Patriot Act Compliance.  Borrower shall have delivered to
Administrative Agent all such documentation and information requested by
Administrative Agent that are necessary (including the names and addresses of
each Noble Entity and an ownership diagram of each Noble Entity that shows each
level of ownership of each Noble Entity (along with the respective percentage
ownership allocations for each such level) up to NEP) for Administrative Agent
and the Lenders to identify each Noble Entity in accordance with the
requirements of the Patriot Act (including the “know your customer” and similar
regulations thereunder), including a Form W-9 for Borrower, Borrower’s
local address (and mailing address, if different) and the title and citizenship
of three Responsible Officers of each Noble Entity.

 

54

 

(q)   Reserved.

 

(r)    Base Case Project
Projections.  Borrower shall have
furnished Administrative Agent the Base Case Projections of operating expenses
and cash flow for each Project in substantially the form of Exhibit H-3
and indicating on a consolidated basis Projected Debt Service Coverage Ratios
(which assumes that the total amount of the Construction Loan Commitment and
none of the Equity Bridge Loan Commitment will be converted into a Term Loan on
the Term-Conversion Date), calculated as of each Repayment Date during the
Term, of no less than (a) 1.45 to 1 under a P50 Production Level, and (b) 1.00
to 1 under a P99 Production Level.

 

(s)   Energy Delivery Plan.  Borrower shall have furnished Administrative
Agent a plan for the sale and delivery to the market of the energy production
of each Project, which plan shall be reasonably satisfactory to
Administrative  Agent and the Independent
Engineer.

 

(t)    Consents.  Borrower shall have delivered to
Administrative Agent Consents listed on Exhibit F-2.

 

(u)   Environmental Consultant
Certificate.  Delivery to
Administrative Agent of a certificate, in substantially the form of Exhibit G-4,
from each of Borrower’s Environmental Consultants, with the Environmental
Reports of such Borrower’s Environmental Consultant attached thereto, in each
case in form and substance reasonably satisfactory to Administrative Agent,
such certificates to permit Administrative Agent and the Lenders to rely on
such Environmental Reports.

 

(v)   No Change in Tax Laws.  No change shall have occurred, since the date
upon which this Agreement was executed and delivered, in any law or regulation
or interpretation thereof that would subject Administrative Agent or any Lender
to any unreimbursed Taxes provided that such Taxes shall be deemed reimbursed
if Borrower agrees in writing that it is required to indemnify Administrative
Agent or such Lender for such Taxes (if any) pursuant to Section 2.7(d)(ii).

 

55

 

(w)  Absence of Litigation.  Except
as set forth on Exhibit H-4, no action, suit, proceeding or
investigation shall have been instituted or to Borrower’s Knowledge,
threatened, nor shall any order, judgment or decree have been issued or to
Borrower’s Knowledge, proposed to be issued by any Governmental Authority that,
solely as a result of the acquisition, leasing, development, construction,
testing, operation, maintenance, repair, ownership and use of any Project, the
sale of electricity therefrom or the entering into of any Operative Document or
any transaction contemplated hereby or thereby, could reasonably be expected to
cause or deem (i) Administrative Agent or the Lenders or any “affiliate”
(as that term is defined in PUHCA), of any of them to be subject to, or not
exempted from, regulation under the FPA or PUHCA, or (ii) the rate for the
sale of energy, capacity or ancillary services by any Project Company to be
subject to regulation by the New York Public Service Commission.

 

(x)    Payment of Fees.  All amounts required to be paid to or
deposited with Administrative Agent or any Lender, and all Taxes, fees and
other costs (including closing costs and fees) payable in connection with the
execution, delivery, recordation and filing of the documents and instruments
required to be filed as a condition precedent pursuant to this Section 3.1,
shall have been paid in full (or, with the consent of Administrative Agent,
shall be paid concurrently with the occurrence of the Financial Closing Date),
and Borrower shall have delivered to Administrative Agent a Financial Closing
Date funds flow statement in form and substance satisfactory to Administrative
Agent.

 

(y)   UCC Reports.  Administrative Agent shall have received UCC
lien search reports of a recent date before the Financial Closing Date for each
of the jurisdictions in which the UCC-1 financing statements, the fixture
filings and the Mortgages are intended to be filed in respect of the
Collateral, showing that upon due filing or recordation (assuming such filing
or recordation occurred on the date of such respective reports), the security
interests created under such Collateral Documents will have the ranking
purported to be created in such Collateral Documents (subject to Permitted
Liens).

 

56

 

(z)    Project Budgets.  Borrower shall have furnished to
Administrative Agent budgets each dated June 2, 2007 (“Project Budgets”)
for all anticipated costs to be incurred in connection with the construction
and start-up of each Project, including in such budget all construction and
non-construction costs and Estimated Interconnection Costs, and including all
interest, taxes and other carrying costs, and such other information as
Administrative Agent may reasonably require, together with a balanced statement
of uses and anticipated sources of funds necessary to complete each Project,
broken down as to separate construction phases and components, which Project
Budgets shall be reasonably satisfactory to Administrative Agent.

 

(aa) Project Schedules.  Borrower shall have furnished Administrative
Agent a detailed and good faith estimate for the project schedule of each
Project dated May 20, 2007 for Project (Clinton) and Project (Ellenburg)
and May 28, 2007 for Project (Bliss) (“Project Schedules”)
indicating that each Project will commence operations and produce electrical
energy for commercial sale in accordance with Prudent Utility Practices and
applicable laws by no later than a date that is not later than sixty
(60) days prior to the Construction Loan Maturity Date, which Project
Schedules shall be reasonably satisfactory to Administrative Agent in
consultation with the Independent Engineer.

 

(bb) Surveys.  Administrative Agent shall have received
ALTA/ACSM surveys of the Sites other than the Border Parcels (the “Surveys”)
in form and substance reasonably satisfactory to the Administrative Agent and
Title Insurer and certified to Administrative Agent and the
Title Insurer by a licensed surveyor, together with a plot plan showing
the proposed location of wind turbines, interconnection easements, substations
and other Improvements to be constructed on the Sites.

 

(cc) Title Insurance.  Borrower shall have delivered to
Administrative Agent paid title insurance policies in ALTA 10-17-92
form (with New York endorsements) or such other form which is reasonably
acceptable to Administrative Agent for each Project from the
Title Insurer  (i) insuring the
Mortgage to be a valid first priority Lien (subject to Permitted Liens) on the
applicable Project Company’s interest in all real property in which such
Project Company has a fee, leasehold or 

 

57

 

easement interest; (ii) providing full coverage against mechanics’
and materialmen’s liens; and (iii) with a commitment from the
Title Insurer to issue future endorsements with respect to each Borrowing
to continue to insure the first-position priority of the applicable Mortgage as
to mechanics’ and materialmen’s liens, together with such endorsements or other
affirmative coverage as are reasonably required by Administrative Agent,
including, without limitation, contiguity, “same as” survey and tie-in
endorsements (such policies and endorsements being hereinafter referred to as
the “Title Policies”).  The
Title Policies shall insure that the applicable Project Company has
marketable title to, or interest in (including fee, leasehold and/or easement
interest therein), the applicable Site, free and clear of liens, encumbrances
or other exceptions to title except those exceptions acceptable to
Administrative Agent (together, the “Permitted Encumbrances”) and
Permitted Liens.  The Title Policies
shall collectively be in the amount of FIVE HUNDRED THIRTY MILLION DOLLARS
($530,000,000).

 

(dd) Title.  Each Project Company shall have acquired
good, marketable and indefeasible title to, or interest in, its respective
Project and in and to all related property and assets to the extent necessary
to construct, operate and maintain the Project on terms and conditions
reasonably satisfactory to Administrative Agent, and Borrower shall have
provided Administrative Agent with such documents or other evidence thereof as
Administrative Agent shall reasonably request.

 

(ee) Establishment of Accounts.  The Accounts required to have been
established under Article 2 and Section 5.3(a) of
the Depositary Agreement shall have been established.

 

(ff)   Representations and
Warranties.  Each representation and
warranty of each Noble Entity under the Project Documents and each Equity Support
Member under the Operative Documents to which it is a party shall be true and
correct in all material respects as of the Financial Closing Date (or if such
representation and warranty relates solely as of an earlier date, as of such
earlier date).

 

58

 

(gg) Building Loan Agreements and
Lien Law Affidavits.  Borrower and
each Project Company shall have delivered to Administrative Agent a Building
Loan Agreement and a Lien Law Affidavit in substantially the form of Exhibit D-7
attached hereto.

 

(hh) Regulatory Status.  Each Project Company shall have filed a
self-certification notice of its status as an EWG, pursuant to 18 C.F.R.§
366.7(a), which accurately provides all information required thereby, and the
self-certification is valid and effective (the “EWG Determinations”),
and Borrower shall have delivered to Administrative Agent such EWG
Determinations covering each Project. 
Each Project Company shall have obtained and Borrower shall have
delivered to Administrative Agent final and non-appealable orders from FERC (i) approving
each such Project Company’s application to sell energy, capacity and ancillary
services at market-based rates; (ii) accepting each such Project Company’s
market-based rate tariff for filing and finding that each such Project Company
is authorized under the FPA to sell electricity pursuant to the rates, terms
and conditions set forth in such Project Company’s market-based rate tariff;
and (iii) granting each such Project Company all waivers of regulations
and blanket authorizations customarily granted by FERC to an entity that sells
wholesale power and ancillary services at market-based rates, including blanket
FERC approval for the issuance of securities and assumption of liabilities
under Section 204 of the FPA (and the notice period established by FERC
with respect to such Section 204 approvals shall have expired with no
parties filing motions to protest such blanket approval) (the “FERC Orders”).

 

(ii)   Equity Contribution.  (i) A portion of the Sponsor Equity
Amount shall have been deposited into the Construction Account and Construction
Working Capital Accounts in accordance with Section 5.1 and (ii) the
remaining portion of the Sponsor Equity Amount shall have been previously expended
on Project Costs as approved by Administrative Agent.

 

(jj)   System Upgrade Facility
Deposit.  An amount equal to
$1,617,817 shall have been deposited into the Construction Account and
segregated for purposes 

 

59

 

of funding the escrow account pursuant to the Escrow Agreement (as
defined in the EPC Contract (SUF)).

 

3.2         Conditions
Precedent to Each Borrowing.  The
obligation of the Lenders to effect or permit any Borrowing is subject to the
prior satisfaction of each of the following conditions (unless waived in
writing by Administrative Agent with the consent of the Majority Lenders):

 

(a)   Notice of Borrowing.  Borrower shall have delivered a Notice of
Borrowing to Administrative Agent in accordance with the procedures specified
in Section 2.1(a)(ii) and 2.1(b)(ii), as applicable.

 

(b)   Certificate of Borrower.  Administrative Agent shall have received a
certificate from Borrower, substantially in the form attached hereto as Exhibit G-1,
dated the date such Borrowing is proposed to be made, certifying to the matters
set forth in Section 3.4.

 

(c)   Drawdown Certificates.  (i) not less than four (4) Banking
Days prior to the proposed Borrowing Date, Borrower shall provide
Administrative Agent with a certificate, dated the date such Borrowing is to be
made and signed by Borrower, substantially in the form of Exhibit D-4
and (ii) not less than four (4) Banking Days prior to the proposed
Borrowing Date the Independent Engineer shall have received all necessary information
from Borrower and the EPC Contractors and shall have provided Administrative
Agent with a certificate of the Independent Engineer, in substantially the form
of Exhibit D-6.

 

(d)   Amount.  Such Borrowings shall be in such amounts as
shall ensure that uncommitted funds remaining in the Construction Account shall
be disbursed to the greatest extent practicable, given the requirements of Section 2.1.

 

(e)   Available Construction Funds.  After taking into consideration the Borrowing
being requested, Available Construction Funds shall not be less than the
aggregate unpaid amount of Project Costs estimated by the Independent Engineer
as necessary to cause Completion with respect to all of the Projects and Final
Completion 

 

60

 

with respect to all of the Projects in all material respects in
accordance with all Legal Requirements and the Construction Contracts on or
prior to a date not later than sixty (60) days prior to the Construction
Loan Maturity Date and the Final Completion Date, respectively, with respect to
each Project set forth in such Project’s Project Schedule and to pay or provide
for all anticipated non-construction Project Costs as to each Project.

 

(f)    Title Policy
Endorsement.  Borrower shall provide
a “date down” endorsement to the Title Policies, which endorsement shall
increase the coverage of the Title Insurance Policies by the amount of
such Borrowing, amend the effective date of the Title Insurance Policies
to the date of such Borrowing and continue to insure the first priority lien of
the Mortgages subject to no Liens or encumbrances, other than Permitted Liens.

 

(g)   Lien Waivers.  Borrower shall have delivered to
Administrative Agent duly executed acknowledgments of payments and lien waivers
in the form attached hereto as Exhibit D-8 (or in such other form
reasonably satisfactory to Administrative Agent), from each applicable
Contractor (and all other contractors that are Affiliates of EPC Contractor),
their respective subcontractors and materialmen, for all work, services and
materials, including equipment and fixtures of all kinds, done, previously
performed or furnished which have been invoiced for the construction of each
Project, except for such work, services and materials to be paid for with the
proceeds of the requested Borrowing; provided, that with respect to any
Borrowing, lien waivers shall not be required from (i) other than as a
condition to the Final Drawing, the Turbine Supplier (except that Borrower
shall only have to have used commercially reasonable efforts to obtain lien
waivers from the Turbine Supplier (and delivered same to Administrative Agent)
to the extent such lien waivers are required to be delivered by the Turbine
Supplier under the Turbine Supply Agreement) and (ii) such subcontractors
and materialmen that are not Affiliates of the EPC Contractor with respect to a
subcontract with a value of less than $500,000 or an individual invoice for
payment under a subcontract of amounts less than $100,000; provided, however, that,

 

61

 

Borrower shall have delivered to Administrative Agent final lien
waivers from each subcontractor upon the final payment under any such
subcontract.

 

(h)   Applicable Permits.  Prior to the initial funding date, each
Project Company shall have duly obtained or been assigned the Permits set forth
on Part I of Exhibit H-2 for its respective Project each of
which shall be in full force and effect in such Project Company’s name and,
except as set forth on Exhibit H-2, not subject to (i) any
material unsatisfied condition or (ii) any pending appeals, future rights
of appeal or any pending or threatened proceeding that could reasonably be
expected to result in a material adverse modification or revocation.  With respect to each subsequent Borrowing for
such Project, all Applicable Permits required for the construction and
operation of such Project to have been obtained by the date of such Borrowing
from any Governmental Authority shall have been issued and shall be in full
force and effect and reasonably satisfactory in form and substance to
Administrative Agent and, except as set forth on Exhibit H-2, not
subject to (x) any material unsatisfied conditions or (y) any pending
or threatened appeal or proceedings that could reasonably be expected to result
in material adverse modification or revocation. 
With respect to any Permits that will become Applicable Permits but have
not yet been obtained, Administrative Agent shall have reasonably concluded
that there is no reason to believe that any such Permits will not be obtained
by the time required.

 

(i)    Additional Documentation.  Upon the reasonable request of Administrative
Agent, with respect to any Financing Document, Additional Project Document or
Applicable Permit entered into or obtained, transferred or required (whether
because of the status of the construction or operation of any Project or
otherwise) since the date of the most recent Borrowing, all items required
pursuant to Section 3.1(t) and opinions of counsel, in each
case shall be delivered to the extent not previously delivered, in form and
substance reasonably acceptable to Administrative Agent.

 

(j)    Acceptable Work.  All Work (as defined in the EPC Contracts)
has been performed in all material respects in accordance with Prudent Wind
Industry 

 

62

 

Practices (as defined in the EPC Contracts).  All Work (as defined in the Turbine Supply
Agreement) required to be performed on or prior to the Credit Event has been
performed in all material respects in accordance the Turbine Supply Agreement.

 

(k)   Completion and Final
Completion.  (i) There is no
good faith reason to believe that Completion with respect to all of the
Projects shall not occur on or prior to a date that is not later than sixty
(60) days prior to the Construction Loan Maturity Date and (ii) there
is no good faith reason to believe that Final Completion with respect to all of
the Projects shall not occur on or before the Final Completion Date.

 

(l)    [Intentionally Omitted].

 

(m)  Legal Opinions.  Borrower shall deliver opinions of counsel
for the Noble Entities with respect to such Project’s Permits not previously
covered under the opinions of counsel provided pursuant to Section 3.1(i)(viii),
such opinions to be in form and substance, and by such counsel, as
Administrative Agent shall reasonably approve.

 

(n)   FERC Orders.  The FERC Orders are in full force and effect,
except as could not reasonably be expected to have a Material Adverse Effect.

 

(o)   Notice to Proceed.  Notices to proceed shall have been delivered
by or on behalf of the applicable Project Company to the EPC Contractor under
the applicable EPC Contract and the Administrative Agent shall have received
copies of such notices to proceed.

 

3.3         Conditions
Precedent to Term-Conversion.  No
Construction Loans or Equity Bridge Loans shall Term-Convert unless the
following conditions shall have been satisfied or waived in writing by
Administrative Agent with the consent of the Majority Lenders:

 

(a)   Final Drawing.  Borrower shall have effected a Borrowing of
Construction Loans in the amount of the then-remaining Available Construction
Loan Commitment which shall have been disbursed (i) for purposes of
funding the 

 

63

 

Completion Reserve Borrowing as required by Section 3.3(i),
(ii) as provided in Section 5.1(a)(vii) of the Depositary
Agreement and (iii) for any remaining amount after the disbursements in
clauses (i) and (ii), to the Operating Account (collectively, the “Final
Drawing”).

 

(b)   Acceptable Work.  Administrative Agent shall have received
evidence reasonably satisfactory to Administrative Agent that all work in
connection with the Projects (other than work in connection with WTGs in an
aggregate amount for all of the Projects not to exceed nineteen
(19)) requiring inspection on or prior to the Term-Conversion Date by any
Governmental Authorities having jurisdiction has been duly inspected and
approved (if necessary) by such authorities.

 

(c)   EPC Contractors’ Certificate.  Administrative Agent shall have received a
certificate from the EPC Contractor, substantially in the form attached to the
EPC Contract to which such EPC Contractor is a party as Exhibit IV,
confirming that (i) Substantial Completion (as defined in the EPC Contract
to which such EPC Contractor is a party) with respect to all WTGs comprising
each Project (other than WTGs in an aggregate amount for all Projects not to
exceed nineteen (19)) has occurred; (ii) there is no reason to believe
that Final Acceptance (as such term is defined in the EPC Contract to which
such EPC Contractor is a party) shall not occur on or before the Final
Completion Date; (iii) all warranties under each EPC Contract are in
effect on and after the date of Substantial Completion (as defined in the EPC
Contract to which such EPC Contractor is a party); and (iv) there exist no
material defaults or disputes under each EPC Contract.

 

(d)   Turbine Supplier
Certificates.  Administrative Agent
shall have received Mechanical Completion Certificates and Commercial Operation
Certificates (each such certificate as defined in the Turbine Supply Agreement)
with respect to all Units (as defined in the Turbine Supply Agreement)
comprising the Projects (other than Units in an aggregate amount for all
Projects not to exceed nineteen (19)).

 

(e)   Borrower’s Certificate.  Administrative Agent shall have received a
certification by Borrower, the form of which is attached hereto as Exhibit G-5,
that

 

64

 

Completion with respect to each Project has been achieved.  Borrower shall have filed a notice of
completion of the Improvements necessary to establish commencement of the
shortest statutory period for the filing of mechanics’ and materialmen’s liens,
if any.

 

(f)    Independent Engineer’s
Certificate.  Administrative Agent
shall have received a certificate of the Independent Engineer in substantially
the form of Exhibit G-3(b) that Completion with respect to
each Project has been achieved.

 

(g)   Repayment of Loans.  Borrower shall have paid to Administrative
Agent the principal amount of Construction Loans and Equity Bridge Loans
outstanding which are not to be Term-Converted plus all accrued and unpaid
interest on the Construction Loans and Equity Bridge Loans, plus all other
Obligations of Borrower due and payable to the Lenders hereunder or under the
other Financing Documents.

 

(h)   PTCs.  Borrower shall be entitled to claim tax
credits available under the PTCs from all WTGs comprising the Projects (other
than WTGs in an aggregate amount for all of the Projects not to exceed nineteen
(19) and unless a Total Term Loan Commitment Resizing that takes into
account the inability to realize PTCs with respect to certain WTGs has
occurred).

 

(i)    Completion Reserve
Borrowing.  Borrower shall have made
a Completion Reserve Borrowing and deposited the proceeds thereof into the
Completion Reserve Account.

 

(j)    Certificates of Design
Suitability.  Delivery to
Administrative Agent of Site-specific Certificates of Design Suitability of DNV
or GL, with wind turbine specification reports attached thereto, for each
Project, each in form and substance reasonably satisfactory to Administrative
Agent and the Independent Engineer.

 

(k)   FERC Orders.  The FERC Orders are in full force and effect,
except as could not reasonably be expected to have a Material Adverse Effect.

 

65

 

(l)    Interconnection
Agreements.  Delivery to
Administrative Agent and Independent Engineer of fully executed Interconnection
Agreements and Consents with respect thereto and the EPC Contract (Mohawk),
including any supplements or amendments thereto.  With respect to any Interconnection Agreement
required to be filed with FERC, each such Interconnection Agreement shall have
been filed and accepted for filing without condition by the FERC, except as
could not reasonably be expected to have a Material Adverse Effect.

 

(m)  Equity
Support Documents.  Delivery to
Administrative Agent of a fully executed LLC Agreement, Side Letter LLC
Agreement and Equity Support Member Pledge Agreement.

 

(n)   Equity
Support Contributions.  Each Equity
Support Member shall have contributed the Borrower Equity.

 

(o)   Required
Documentation.  Delivery to
Administrative Agent on the date of Term-Conversion, in form and substance
reasonably satisfactory to Administrative Agent, of such date-down opinions,
resolutions, certificates and other evidence as Administrative Agent may
reasonably request to ensure Administrative Agent’s satisfaction on the date of
Term-Conversion with the matters covered in Sections 3.1(l), (w),
and (y).

 

(p)   Applicable
Permits.  Borrower or a Project
Company shall have obtained and delivered to Administrative Agent copies of all
Applicable Permits, in form and substance reasonably satisfactory to
Administrative Agent, required for the applicable Project Company to operate
its Project (other than in connection with WTGs in an aggregate amount for all
of the Projects not to exceed nineteen (19)), together with a certificate of a
Responsible Officer of Borrower, substantially in the form of Exhibit G-5
hereto, certifying that all such Applicable Permits have been obtained.  All such Applicable Permits for each Project
shall be in full force and effect, not subject to any pending or threatened
appeal or proceeding or unsatisfied condition that could reasonably be expected
to have a Material Adverse Effect.

 

66

 

(q)   As-Built
Surveys.  Administrative Agent shall
have received a composite, as-built ALTA survey (or, in Administrative Agent’s
reasonable discretion, an aerial survey) of the Sites (but excluding the Border
Parcels if an ALTA survey is delivered) and showing the Projects as
completed, except for WTGs in an aggregate amount for all of the Projects not
to exceed nineteen (19) WTGs, in form and substance reasonably satisfactory to
Administrative Agent and the Title Insurer, prepared not more than sixty
(60) days prior to Term-Conversion and certified to Administrative Agent
by a licensed surveyor reasonably satisfactory to Administrative Agent, showing
(i) as to the Sites, the exact location and dimensions thereof, including
the location of all means of access thereto and all easements relating thereto
and showing the perimeter within which all improvements are located and all
encroachments thereon; (ii) the location and dimensions of all
transmission lines, WTGs (other than WTGs in an aggregate amount for all of the
Projects not to exceed nineteen (19)), Improvements, fences or encroachments
located in or on the Sites; (iii) that the location of each Project and
the location of WTGs (other than WTGs in an aggregate amount for all of the
Projects not to exceed nineteen (19)) and other Improvements are in compliance
with all applicable setback laws and do not encroach on or interfere with
adjacent property or existing easements or other rights (except to the extent
any encroachments are insured over by the Title Policies); (iv) that
the Real Property for each Site is contiguous and the transmission lines are
contiguous without break, gap or interruption; (v) whether the Sites or
any portion thereof are located in a special earthquake or flood hazard zone;
and (vii) that there are no other visible encroachments or easements other
than Permitted Liens; provided, however, that if the as built
survey is an aerial survey, it may not satisfy the standards for accuracy of an
ALTA survey with respect to precision of measurement.

 

(r)    Title Insurance.  The Title Insurer shall have issued to
Administrative Agent a continuation to the Title Insurance Policy showing
the continuing first priority Lien of each Mortgage (subject only to Permitted
Liens) and otherwise in form and substance reasonably satisfactory to
Administrative Agent.

 

67

 

(s)   Operative
Documents.  All Operative Documents
(other than the Additional Project Documents and, only if no Operations Working
Capital Account has been established, the Control Agreement (Operations)),
shall be in form and substance reasonably satisfactory to Administrative Agent
(to the extent not previously approved or accepted by Administrative Agent) and
in full force and effect.

 

(t)    Notice of
Term-Conversion.  Borrower shall have
requested the Term-Conversion pursuant to a Notice of Term-Conversion delivered
to Administrative Agent in accordance with Section 2.2(a)(ii).

 

(u)   Account
Deposits.  Each deposit required by Article 5
of the Depositary Agreement to be made to any Account on or prior to the
Term-Conversion Date shall have been made or shall be made simultaneously with
Term-Conversion.

 

(v)   Additional
Documentation.  With respect to each
Operative Document entered into since the date hereof, Borrower shall have
delivered a certificate certifying that all conditions precedent to the
commencement of performance of each Noble Entity and its Affiliates under such
Operative Document and, to Borrower’s Knowledge, all conditions precedent to
the commencement of performance by each counterparty of the applicable Noble
Entity or its Affiliate under such Operative Document, have been performed,
have occurred, or have been satisfied or waived (substantially in the same form
as the related certification contained in Exhibit G-5 hereto) and,
if requested by Administrative Agent, there shall be redelivery with respect to
such Operative Document of such matters as are described in Section 3.1(a),
in each case to the extent not previously provided to Administrative Agent; provided
that if any party to such Operative Document is a Major Project Participant and
has not previously delivered such items with respect to such Operative
Document, Borrower shall cause such Major Project Participant to deliver to
Administrative Agent all items required pursuant to Sections 3.1(c),
(d), (i), (g)(iv) and (o) (unless such
Major Project Participant shall have been excepted from such delivery pursuant
thereto).

 

68

 

(w)  Total Term Loan
Commitment Resizing.  The Total Term
Loan Commitment Resizing, if required, shall have occurred in accordance with Section 2.5(b).  The resulting amortization schedule shall
replace the Amortization Schedule provided on the Financial Closing Date and
shall thereafter be deemed the “Amortization Schedule.”  Such Amortization Schedule shall be further
replaced, if applicable, on the date of any advancement of a Term Loan pursuant
to Section 2.12(b) and shall thereafter be deemed the “Amortization
Schedule.”

 

(x)    Payment of
Fees.  All amounts due and payable to
Administrative Agent or any Lender, and all Taxes, fees and other costs due and
payable in connection with the execution, delivery, recordation and filing (or
payable immediately after such execution, delivery, recordation and filing) of
the documents and instruments required to be filed as a condition precedent to
this Section 3.3 shall have been paid in full.

 

(y)   Final Energy
Production Analysis.  Administrative
Agent shall have received a final energy production analysis (the “Final
Energy Production Analysis”) related to each Project prepared by the
Independent Engineer which contains updated wind data and is satisfactory to
Administrative Agent and consistent with the energy production and availability
assumptions in the Base Case Projections and which includes a final review by
the Independent Engineer of (A) a wind assessment study including
meteorological tower data with respect to each Site projecting then gross and
net production forecasts of the Projects, on an individual Project and an
aggregate portfolio basis, including the standard deviation for the 1-year and
10-year productions and including probabilities of energy exceedance of 50%,
75%, 90%, 95% and 99% and (B) the adequacy of the WTG’s availability
assumptions in the Base Case Projections and availability mitigation during the
Ramp-up Period.

 

(z)    Effective
Date.  The “Effective Date” under the
Energy Hedge Agreement shall have occurred, the “Termination Date” under the
Energy Hedge Agreement shall be the same date as the Term Loan Maturity Date
and the scheduled expiry of the Energy Hedge LC shall be no later than thirty
five (35) days after the Term Loan Maturity Date.

 

69

 

(aa)   Debt to Equity.  After giving effect to the Term-Conversion or
any advancement of a Term Loan pursuant to Section 2.12(b), the
ratio of (x) the sum of (i) the Total LC Commitment, (ii) the
Extended Term Loan Commitment, (iii) the Term Loans, (iv) the Stated
Amount of any issued Letters of Credit and (v) any DSRA LC Loan to (y) the
Borrower Equity, shall not exceed eighty five percent (85%) to fifteen
percent (15%).

 

(bb)  Insurance.  Insurance complying with Section 5.18
shall be in full force and effect with respect to each Project and
Administrative Agent shall have received (i) a certificate from a
Responsible Officer of Borrower, dated as of the Term-Conversion Date and
identifying underwriters, type of insurance, insurance limits and policy terms,
listing the special provisions required as set forth in Exhibit K,
describing the insurance obtained and stating that such insurance is in full
force and effect and that all premiums then due thereon have been paid and
that, in the opinion of such Person, such insurance complies with Exhibit K
(such certification to be substantially in the form of the related
certification in Exhibit G-5 hereto), and (ii) certified
copies of all policies evidencing such insurance (or a binder, commitment or
certificates signed by the insurer or a broker authorized to bind the insurer).

 

(cc)   Establishment
of Accounts.  The Accounts required
under Articles 2 and 5 of the Depositary Agreement shall have
been established.

 

(dd)  Legal Opinions.  Prior to Term-Conversion with respect to each
project, Borrower shall have delivered opinions from Read & Laniado,
LLP, Latham & Watkins LLP or such other counsel reasonably acceptable
to Administrative Agent (such consent not to be unreasonably withheld or
delayed), as special counsel to the Borrower with respect to such Projects’
Permits covered under Sections 3.1(f) and 3.1(i)(viii).

 

(ee)   Environmental
Consultant Certificate.  Delivery to
Administrative Agent of updated Environmental Reports addressed to the
Administrative Agent finalizing
or completing any incomplete provisions therein and confirming that there have
been no material changes in the conclusions set forth therein  since the date of

 

70

 

such Environmental
Reports, except if any adverse impact from such material change is removed
after giving effect to the Total Term Loan Commitment Resizing.

 

3.4           Conditions Precedent
to Each Credit Event.  The obligation
of the Lenders to effect or permit each Credit Event is subject to the further
conditions that, on the date such Credit Event is to occur, the following shall
be true and correct (unless waived in writing by Administrative Agent and the
Lenders):

 

(a)   Representations and
Warranties.  Each representation and
warranty set forth in Article 4 is true and correct in all material
respects (except if such representation and warranty is already qualified by
materiality in which case such representation and warranty shall be true in all
respects as written) as if made on the date of such Credit Event (or if such
representation and warranty relates solely to an earlier date, as of such
earlier date); provided, that with respect to the first Borrowing, the
representations and warranties set forth in Article 4 shall be true
in all respects.

 

(b)   Event of Default.  No Event of Default or Default has occurred
and is continuing or could reasonably be expected to result from such Credit
Event.

 

(c)   Material Adverse Effect.  As of the date of such Credit Event, in the
reasonable judgment of Administrative Agent acting in good faith, no Material
Adverse Effect has occurred and is continuing or could reasonably be expected
to result from such Credit Event.

 

3.5         No
Approval of Work.  The making of any
Borrowing hereunder shall not be deemed an approval or acceptance by
Administrative Agent or the Lenders of any work, labor, supplies, materials or
equipment furnished or supplied with respect to any Project.

 

ARTICLE 4

REPRESENTATIONS AND WARRANTIES

 

Borrower makes the
following representations and warranties to and in favor of Administrative
Agent and the Lenders as of the Financial Closing Date (except that 

 

71

 

any representation or warranty in this Article 4 which
relates expressly to another date, by direct reference or by reference to a
document dated a certain date, shall be deemed made only as of such date).  All of the following representations and
warranties shall survive the Financial Closing Date and the making of the
Borrowings until all applicable statutes of limitation (including any
extensions thereof) have expired:

 

4.1         Organization.

 

(a)   Borrower (i) is a limited
liability company duly constituted, validly existing and in good standing under
the laws of the State of Delaware and (ii) is duly qualified, authorized
to do business and in good standing in each other jurisdiction where the
character of its properties or the nature of its activities makes such
qualification necessary.  Borrower has
all requisite power and authority to own or hold under lease and operate the
property it purports to own or hold under lease and to carry on its business as
now being conducted and as proposed to be conducted under the Operative
Documents, and has the requisite power and authority to execute, deliver and
perform each Operative Document to which it is a party.  On the Financial Closing Date, the sole
member of Borrower is Noble Environmental. 
After the Financial Closing Date any Member of Borrower (if not Noble Environmental)
is a Member who obtained such interest in a Permitted Transfer and otherwise in
accordance with this Agreement.

 

(b)   Each Noble Entity (other than
Borrower) (i) is duly organized and validly existing and in good standing
under the laws of the State of its formation with all requisite organizational
or other power and authority under the laws of such State to enter into the
Operative Documents to which it is a party and to perform its obligations
thereunder and to consummate the transactions contemplated thereby; (ii) is
duly qualified, authorized to do business and in good standing in each other
jurisdiction where the character of its properties or the nature of its
activities makes such qualification necessary (including the State where the Projects
are located); and (iii) has the power (A) to carry on its business as
now being conducted and as proposed to be conducted by it hereunder, (B) to
execute, deliver and perform its obligations under each Operative Document to
which it is a party, (C) to take all

 

72

 

action as may be necessary to consummate the transactions contemplated
thereunder, (D) to provide guaranties and grant the Liens and security
interest provided for in the Financing Documents to which it is a party, and (E) has
the authority to execute, deliver and perform its obligations under each
Operative Document to which it is a party. 
The sole member of each Project Company is Borrower.

 

4.2         Authorization;
No Conflict.  Each Noble Entity has
duly authorized, executed and delivered each Operative Document to which such
Noble Entity is a party (or such Operative Document has been duly and validly
assigned to such Noble Entity and such Noble Entity has duly and validly
assumed the obligations thereunder), and neither such Noble Entity’s execution
and delivery thereof nor its consummation of the transactions contemplated
thereby nor its compliance with the terms thereof (a) conflicts with or
constitutes a default under or results in the violation of (i) any Legal
Requirement applicable to or binding on such Noble Entity or any of its
properties or on the Projects, except any of the foregoing that could not
reasonably be expected to result in a Material Adverse Effect or (ii) the
provisions of the Organizational Documents of such Noble Entity; (b) constitutes
a default under or results in the violation of the provisions of any Project
Document or any indenture, mortgage, deed of trust, or agreement or other
instrument to which such Noble Entity is a party or by which it or any of its
properties or assets is bound or affected except such default or violation
which could not reasonably be expected to result in a Material Adverse Effect;
or (c) results in or requires the creation or imposition of (or the
obligation to create or impose) any Lien (other than Permitted Liens) upon any
of its property or assets or results in the acceleration of, any obligation,
except when such obligation could not reasonably be expected to result in a
Material Adverse Effect.  The execution,
delivery and performance by each Noble Entity of each Operative Document to
which it is a party does not require the approval or consent of any holder or
trustee of any Debt or other obligations of such Noble Entity which has not been
obtained.

 

4.3         Enforceability.  Each Operative Document required to be in
place as of the relevant Credit Event to which each Noble Entity is a party is
a legal, valid and binding obligation of such Noble Entity under the laws of
the State governing each such 

 

73

 

Operative Document, enforceable against such Noble Entity in accordance
with its terms, except as may be limited by applicable bankruptcy, insolvency,
moratorium, reorganization or other similar laws affecting the enforcement of
creditors’ rights and subject to general equitable principles.  None of the Operative Documents to which a
Noble Entity is a party has been amended or modified since the Financial
Closing Date except in accordance with this Agreement.

 

4.4         Compliance
with Law.  (a) Each Noble Entity
is in compliance with and not in default under such Noble Entity’s
Organizational Documents; and (b) each Noble Entity is in material
compliance with all Legal Requirements applicable to such Noble Entity, its
Projects and its Sites.  Except as
otherwise have been delivered to Administrative Agent, no notices of violation
of any material Legal Requirement relating to any Project or any Site have been
issued or received by any Noble Entity, or, to Borrower’s Knowledge, any
Member.

 

4.5         Existing
Defaults; Breaches of Representations and Warranties.  Neither any Noble Entity, Noble Environmental
nor NEP is in default or in breach of any representation or warranty made by it
under any Operative Document or, with respect to any Noble Entity, any
agreement relating to any obligations of such Noble Entity for or with respect
to borrowed money and to Borrower’s Knowledge, no other party to any Project
Document is in default thereunder, in each case that could reasonably be
expected to have a Material Adverse Effect.

 

4.6         Taxes.

 

(a)   Each Noble Entity has filed, or
has caused to be filed, all federal, state and local tax returns that it is
required to file, has paid or has caused to be paid all Taxes it is required to
pay to the extent due (other than those Taxes that it is contesting in good
faith and by appropriate proceedings, with adequate, segregated cash reserves
established for such Taxes and, to the extent such Taxes are not due, has
established or has caused to be established reserves that are required by GAAP
and other than de minimis Taxes that the Borrower has no Knowledge of and which
it shall pay promptly upon its Knowledge of non-payment).

 

74

 

(b)   No Noble Entity is a party to
any tax sharing agreement with any Person (including with any Affiliate of the
Borrower, other than in connection with the Equity Support Documents).

 

4.7         Permits.

 

(a)   As of the Financial Closing
Date, there are no material Permits under existing law as any Project is
currently designed that are or will become Applicable Permits other than the
Permits described in Exhibit H-2.

 

(b)   As of and after the first
funding date, each Applicable Permit either (i) in the case of those Permits
listed in Part I of Exhibit H-2 (in each case other than as
set forth on Part I of Exhibit H-2), is in full force and
effect and is not subject to (x) any material unsatisfied condition or (y) any
pending appeals or future rights of appeal or pending or threatened proceedings
that could reasonably be expected to result in a material adverse modification
or revocation; or (ii) in the case of those Permits listed in Part II
of Exhibit H-2, is of a type that would not normally be obtained
before the commencement of construction, reconstruction, operation or
maintenance as contemplated by the Operative Documents.  Borrower has no reason to believe that any
Permit not yet obtained will not be obtained before it becomes an Applicable
Permit.  Borrower has notified
Administrative Agent of each material Permit not listed on Exhibit H-2
that has, since the Financial Closing Date, due to a change in applicable law
or otherwise, has or will become an Applicable Permit.  No Noble Entity is in material violation of
any Applicable Permit.

 

(c)   To Borrower’s Knowledge, (i) each
of the other Major Project Participants possesses all material Permits
necessary to perform its duties under the Operative Documents to which it is a
party, and (ii) such party is not in material violation of any valid
rights of others with respect to the foregoing Permits (except, with respect to
the Major Project Participants described in clauses (e), (h), (i) and
(j) of the definition thereof, if the failure to so possess, or such
violation, could not reasonably be expected to result in a Material Adverse
Effect).

 

75

 

(d)   No material adverse
modification or amendment of any of the terms of any material Applicable Permit
has been made.

 

4.8         Litigation.  Other than as set forth on Exhibit H-4,
there are no pending or, to Borrower’s Knowledge, threatened actions or proceedings
of any kind, including actions or proceedings of or before any Governmental
Authority, to which any Noble Entity, any Project, or, to the Borrower’s
Knowledge, any of the Major Project Participants is a party or is subject, or
by which any of them or any of their properties or any Project are bound that
relate to any Financing Document which, if adversely determined could
reasonably be expected to have a Material Adverse Effect.

 

4.9         Intellectual
Property.  Each Noble Entity owns or
has the right to use all material patents, trademarks, service marks, trade
names, copyrights, licenses, franchises and other rights and know-how, which
are necessary for the operation of its business.  None of the Noble Entities has received
written notice that (a) any material product, process, method, substance,
part or other material presently contemplated to be sold by or employed by any
Noble Entity in connection with its business, including without limitation any
CMS, will infringe any patent, trademark, service mark, trade name, copyright,
license or other right or know-how owned by any other Person in a manner or to
an extent that could reasonably be expected to have a Material Adverse Effect; (b) there
is pending or threatened any claim or litigation against or affecting any Noble
Entity contesting its right to sell or use any such product, process, method,
substance, part or other material which if adversely determined could
reasonably be expected to have a Material Adverse Effect; or (c) there is,
or there is pending or proposed, any patent, invention, device, statute or law,
that could reasonably be expected to have a Material Adverse Effect.

 

4.10       Insurance.  Insurance complying with Section 5.18
hereof is in full force and effect and all premiums then due thereon have been
paid in full.

 

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4.11       Project
Documents.

 

(a)   (x) The Real Property and
the Real Property Documents and, (y) other than those that can be
reasonably expected to be commercially available when and as required, the
services to be performed, the materials to be supplied and the other rights
granted pursuant to the Project Documents:

 

(i)        are
sufficient to enable the Projects to be located, constructed, operated and
maintained on the Sites in material compliance with the Legal Requirements and
the Project Schedules; and

 

(ii)       provide
adequate ingress and egress for any reasonable purpose in connection with the
construction, operation and maintenance of the Projects under the Project
Documents.

 

(b)   There are no material
contracts, services, materials or rights required for the construction,
operation or maintenance of the Projects in material compliance with the
Construction Contracts, the Interconnection Agreements, the O&M Agreements,
the Plans and Specifications and the Base Case Projections other than those
available under the Project Documents or that could reasonably be expected to
be commercially available as and when necessary for such construction,
operation or maintenance at the Sites on commercially reasonable terms.

 

(c)   As of Financial Closing Date,
the Operative Documents and the other documents listed on Exhibit H-6(b) are
the only contracts and agreements to which any Noble Entity or Noble
Environmental is a party, other than those contracts and agreements that, if
entered into after the Financial Closing Date, would not meet the definition
for Additional Project Documents.  True,
correct and complete copies of all Project Documents to which any Noble Entity
or any of their Affiliates is a party as currently in effect have been
delivered to Administrative Agent by or on behalf of Borrower.

 

(d)   The site plans for each Site
prepared by DMJM Harris dated May 30, 2007 depict the WTGs, collection
lines, roadways and substations Borrower intends to develop or cause to be
developed on the Site and the relationship between and among 

 

77

 

the proposed location of the WTGs and (i) the boundaries of the
parcels on which the WTGs are to be located and (ii) the location of
houses on the Sites and on land adjacent to the Premises, subject to inaccuracy
(A) inherent in the use of the aerial photography from which the site
plans were created, and (B) resulting from the fact that connection lines
have been drawn on the site plans in locations necessary to distinguish them
from one another and from other features on the site plans.  The site plans shall not be amended in any
material respect without Administrative Agent’s prior written consent, which consent shall
not be unreasonably withheld or delayed.

 

(e)   All consents required under the
Real Property Documents with respect to the location of WTGs, collection lines,
roadways, substations and other Improvements on the Sites have been obtained
from the Landowners counterparty to such Real Property Documents (if required
by the terms of such Real Property Document).

 

4.12       ERISA.  No Noble Entity nor any member of the
Controlled Group sponsors, maintains, participates in or has or has had any
liability in respect of any liability to the PBGC or an ERISA Plan under
ERISA.  To Borrower’s Knowledge, neither
the execution nor the delivery of this Agreement nor the consummation of the
transactions contemplated hereby will involve a “prohibited transaction” within
the meaning of Section 406 of ERISA or Section 4975 of the Code which
is not exempt under Section 408 of ERISA or under Section 4975(d) of
the Code.

 

4.13       Business,
Debt, Contracts, Etc.  (a) Neither
Borrower nor any Project Company has conducted any business other than the
business contemplated by the Operative Documents, has outstanding Debt or other
material liabilities other than pursuant to or allowed by the Operative
Documents and (b) neither Borrower nor any Project Company has any
subsidiaries (other than, in the case of Borrower, the Project Companies).

 

4.14       NYSEG
Crossings.  NYSEG’s field engineers
have approved the Projects’ plans to cross, traverse, and/or relocate existing
transmission line easements in favor of NYSEG which encumber the Projects, as
evidenced by the plans initialed by 

 

78

 

representatives of NYSEG and signed by representatives of Borrower on May 15,
2007.  No Noble Entity has Knowledge of
any facts or circumstances which could reasonably be expected to lead NYSEG to
withhold the consent to be delivered pursuant to Section 5.17
hereof.

 

4.15       Investment
Company.  None of the Noble Entities
or any Member nor any Subsidiary of any of them is an investment company or a
company controlled by an investment company, within the meaning of the
Investment Company Act of 1940, as amended.

 

4.16       Governmental
Regulation.  Other than as set forth
in Sections 3.1(f),3.2(h), 4.7, 4.26, and 5.11, each Noble Entity
has obtained all Applicable Permits required under any Governmental Rule pertaining
to the issuance of securities and assumption of liabilities, rates or financial
or organizational matters that are required for the incurrence or repayment of
the principal of and interest on any Loans, or the incurrence by any Noble
Entity of any of the Obligations or the execution, delivery and performance by
any Noble Entity of the Operative Documents to which it is a party.  There is no complaint or administrative
proceeding pending under or in connection with the aforementioned Applicable
Permits, and no Noble Entity has Knowledge of any facts or circumstances which
could reasonably be expected to give rise to such a complaint or administrative
proceeding in the future.  No approval,
other than those (i) set forth in Sections 3.1(hh), 4.7,
4.26 and 5.11, or (ii) already obtained, is required from any state or federal
Governmental Authority with jurisdiction over the energy sales or the Financing
Documents of any Noble Entity, in connection with any of the transactions
contemplated hereby or by any other Operative Document.

 

4.17       Regulation U,
Etc.  No Noble Entity is engaged
principally, or as one of its principal activities, in the business of
extending credit for the purpose of purchasing or carrying margin stock (as
defined or used in Regulations T, U or X of the Federal Reserve Board),
and no part of the proceeds of the Borrowings or the Project Revenues will be
used by any Noble Entity to purchase or carry any such margin stock or to
extend credit to others for the purpose of purchasing or carrying any such
margin stock or otherwise in violation of Regulations T, U or X of the
Federal Reserve Board.

 

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4.18       Financial
Statements.  The financial statements
in respect of each Noble Entity, NEP and each other Affiliate of Borrower
delivered pursuant to Sections 3.1(o) and 5.4 are true
and correct and fairly present in all material respects the financial condition
of the Person to whom they relate as of the date thereof.  Such financial statements have been prepared
in accordance with GAAP as properly applied, subject to normal year-end
adjustments and lack of footnotes.  There
are no material liabilities, direct or contingent, of any Noble Entity, NEP, or
any other Affiliate of Borrower whose financial statements have been delivered
pursuant to Sections 3.1(o) or 5.4, except as has
been disclosed in such financial statements or pursuant to the Financing
Documents or otherwise disclosed in writing to Administrative Agent prior to
the date hereof or the date of such delivery, if later.

 

4.19       Partnerships
and Joint Ventures.  No Project
Company is a general partner or a limited partner in any general or limited
partnership or a joint venturer in any joint venture or a member in any limited
liability company, except as contemplated by the Common Facilities.

 

4.20       No Default.  No Event of Default or Default has occurred
and is continuing.

 

4.21       Offices,
Location of Collateral.

 

(a)   As of the date hereof, the
chief executive office or chief place of business (as such term is used in Article 9
of the Uniform Commercial Code as in effect in the State of Delaware from
time to time) of each Noble Entity and each Noble Entity’s organizational
identification number are as set forth on Exhibit H-8.

 

(b)   All of the tangible Collateral
and the Mortgaged Property is, or when installed pursuant to the Project
Documents will be, located at or on the Sites or at the address set forth in Exhibit H-8,
provided that certain equipment may be temporarily removed from any Site from
time to time in the ordinary course of business.

 

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4.22       RESERVED

 

4.23       Hazardous
Substances.

 

(a)   Except as set forth in Exhibit H-5,
(i) none of the Noble Entities is or has in the past been in violation of
(or received any notice that it is in violation of) any Hazardous Substances
Law, which violation could reasonably be expected to result in a Material
Adverse Effect; (ii) none of the Noble Entities nor, any third party, has
used, Released, generated, manufactured, produced or stored in, on, under, or
about any Site, any Improvements or other Mortgaged Property, or transported
thereto or therefrom, any Hazardous Substances that could reasonably be
expected to (A) subject Administrative Agent or the Lenders to liability
under any Hazardous Substances Law or (B) subject the Noble Entities to
any material liability under any Hazardous Substances Law; (iii) to the
Knowledge of Borrower, there are no underground tanks, whether operative or
temporarily or permanently closed, located on any Site, any Improvement or
other Mortgaged Property; (iv) there are no Hazardous Substances used,
stored or present at, on or, to the Knowledge of Borrower, near any Site, any
Improvement or other Mortgaged Property except as used or stored in material
compliance with Hazardous Substances Law; and (v) there is or has been no
condition, circumstance, action, activity or event that could reasonably be
expected to form the basis of any material violation by the Noble Entities of,
or material liability to the Noble Entities under, any Hazardous Substances
Law, or that could reasonably be expected to form the basis of liability to
Administrative Agent or the Lenders under any Hazardous Substance Law.

 

(b)   Except as set forth on Exhibit H-4
or Exhibit H-5, there is no proceeding, investigation or inquiry by
any Governmental Authority (including the U.S. Environmental Protection
Agency) or any non-governmental third party with respect to the presence or
Release of Hazardous Substances in, on, from or to any Site, any Improvement or
other Mortgaged Property.

 

(c)   Except as set forth in the
reports of Borrower’s Environmental Consultants delivered pursuant to Section 3.1(u) of
this Agreement, Borrower has no Knowledge of any past or existing violations of
any Hazardous Substances Laws by 

 

81

 

any Person relating in any way to any Site, any Improvement or other
Mortgaged Property.

 

(d)   Except as set forth on Exhibit H-4
or Exhibit H-5, there are no Hazardous Substances Laws that could
reasonably be expected to have a Material Adverse Effect on the development or
operation of any Project.

 

(e)   Except as set forth on Exhibit H-4
or Exhibit H-5 there are no land use restrictions, institutional
controls, engineering controls or other restrictions on any Project imposed
pursuant to any Hazardous Substances Laws, including any wind energy facility
siting law, that could reasonably be expected to have a Material Adverse
Effect.

 

4.24       Title and
Liens.  As of the Financial Closing
Date, each Project Company has good and, with respect to real property,
marketable, insurable (at regular rates) and indefeasible title to the
interests in the assets then owned by such Project Company that comprise its
respective Project as of such date, and all of the Collateral then existing
relating to such Project, in each case free and clear of all Liens,
encumbrances or other exceptions to title other than Permitted Liens.  On the Term-Conversion Date, each Project
Company has good and, with respect to real property, marketable, indefeasible
and insurable (at regular rates) title to the interests in the assets that
comprise its respective Project, and all of the Collateral relating to such
Project, in each case free and clear of all Liens, encumbrances or other
exceptions to title other than Permitted Liens. 
No Project Company owns assets or Collateral relating to any Project
other than its respective Project and portion of the Common Facilities and
Borrower owns no assets other than the equity interests in each of the Project
Companies and, subject to the terms hereof, the rights in the Accounts and the
amounts deposited therein.  Upon proper
recordation of the Mortgages and applicable UCC financing statements listed on Exhibit E-11
hereof, the Liens of the Mortgages constitute valid and subsisting first
priority Liens of record on all the Mortgaged Property described in the
Mortgages and a first priority perfected security interest in all the personal
property described in the Collateral Documents that may be perfected by filing,
subject to no Liens except Permitted Liens.

 

82

 

4.25       Roads; Collection System.

 

(a)   All roads necessary for the construction, operation
and maintenance of the Projects under and pursuant to the Project Documents
have either been completed or the necessary rights of way therefor have been
acquired.

 

(b)   All necessary easements, rights
of way, agreements and other rights for the construction and utilization of the
Interconnection Lines have been acquired (other than easements and rights of
way which the Noble Entities shall acquire in connection with the
Interconnection Agreements) and are not subject to interference, relocation or
removal by any agreement, easement, covenant or restriction (including, without
limitation, Permitted Liens).

 

4.26       PUHCA and FPA Regulation.

 

(a)   EWG.  Each Project Company is an EWG.

 

(b)   FERC
Regulation.  As of the date of the
first Borrowing, the FERC Orders are in full force and effect, except as could
not reasonably be expected to have a Material Adverse Effect.  The waiting period relating to blanket
approval to allow each Project Company to issue securities and assume
liabilities under Section 204 of the FPA has passed without any
interventions or protests filed by any party. 
Each Project Company is in compliance with all applicable requirements
under the FPA and the FERC’s regulations thereunder, except as could not
reasonably be expected to have a Material Adverse Effect.

 

(c)   Lenders Not
Subject to Regulation.  None of
Administrative Agent, LC Fronting Bank, the Securities Intermediary, the
Lenders, nor any “affiliate” (as that term is defined in PUHCA) of any of them
will, solely as a result of Borrower’s or any Project Company’s construction,
ownership, leasing or operating of the Projects, the sale or transmission of
electricity therefrom or the entering into any Operative Document or any
transaction contemplated hereby or thereby, be subject to, or not exempt from,
regulation under the FPA or PUHCA, except that the exercise by Administrative
Agent or the Lenders of certain remedies allowed under the Financing 

 

83

 

Documents may subject Administrative Agent,
the Lenders and their affiliates (as that term is defined in PUHCA) to
regulation under the FPA or PUHCA.

 

4.27       Disclosure.  No written statement or information contained
in any document, certificate or written
statement furnished to the Administrative Agent or the Lenders by or, to the
Knowledge of Borrower, on behalf of, any Noble Entity, taken as a whole,
for use in connection with the
transactions contemplated by this Agreement or the other Operative
Documents, contained as of the date such statement, information,
document or certificate was so furnished any untrue statement of a material
fact.  The projections and pro forma
financial information contained in the materials referenced above are based
upon good faith estimates and assumptions believed by management of the
Noble Entities to be reasonable at the time made, it being recognized by the
Lenders that such projections and information as they relate to future events
are not to be viewed as fact and that actual results during the period or
periods covered by such projections and information may differ from the
projected results set forth therein by a material amount.  As of the date hereof, to Borrower’s
Knowledge, there is no fact that could reasonably be expected to have a Material
Adverse Effect that has not been disclosed to Administrative Agent, Independent
Consultants or the Lenders, in this Agreement or the other Operative
Documents, in the Confidential Offering Memorandum or in any other
documents, certificates and written statements furnished to the
Administrative Agent, Independent Consultants or the Lenders for use in
connection with the transactions contemplated hereby and by the
other Operative Documents.

 

4.28       Project
Budgets; Project Schedules; Projections. 
Borrower has prepared, or caused to be prepared, the Project Budgets and
the Project Schedules and is responsible for developing the assumptions on
which the Project Budgets and the Project Schedules are based.  The Project Budgets, the Project Schedules
and the resulting Base Case Projections are, to the Borrower’s Knowledge as of
the Financial Closing Date, (a) based on reasonable assumptions as to all
legal and factual matters material to the estimates set forth therein, and set
forth a good faith estimate, believed by management of the Noble Entities
to be reasonable at the time made, of the expected financial 

 

84

 

performance of the Projects over the Term; (b) are consistent with
the provisions of the Operative Documents; and (c) provide a good faith
estimate that the estimated Project Costs will not exceed funds available to
pay Project Costs.

 

4.29       Collateral.  The security interests in the Collateral
granted to Administrative Agent pursuant to the Collateral Documents (a) constitute
as to personal property included in the Collateral the first priority security
interest (subject to Permitted Liens) purported to be created under such
Collateral Document, and (b) are, as to Collateral which can be perfected
by the proper filing of a UCC financing statement, superior and prior to the
rights of all third Persons now existing or hereafter arising whether by way of
mortgage, lien, security interests, encumbrance, assignment or otherwise,
except for Permitted Liens.  All such
action as is necessary in accordance with the Collateral Documents has been
taken to establish and perfect Administrative Agent’s or the Depositary’s
rights in and to, and first priority Lien on, subject to Permitted Liens, the
Collateral, including any recording, filing, registration, giving of notice,
granting of control or other similar action. 
The Collateral Documents relating to the Collateral and the financing
statements relating thereto have been or contemporaneously with the execution
hereof will be duly filed or recorded in each office and in each jurisdiction
where required in order to create, perfect and maintain perfected the first
Lien (subject to Permitted Liens) and security interest described above.  The Administrative Agent has been properly
provided control of the Collateral as required by or contemplated under the
Collateral Documents.

 

ARTICLE 5

AFFIRMATIVE COVENANTS OF BORROWER

 

Borrower covenants and
agrees that so long as this Agreement is in effect, it will, and will cause each
Project Company to, unless Administrative Agent at the direction of the
Majority Lenders waive compliance in writing:

 

85

 

5.1         Use of
Proceeds and Project Revenues.

 

(a)   Proceeds.  (i) Unless otherwise applied pursuant to
this Agreement or Article 5 of the Depositary Agreement, deposit
the proceeds of (aa) a portion of the Sponsor Equity Amount in an amount equal
to $18,083,170.81, Construction Loans and the Equity Bridge Loans into the
Construction Account and (bb) a portion of the Sponsor Equity Amount in an
amount equal to $6,000,000 into the Construction Working Capital Accounts such
that, as of the Financial Closing Date, an amount equal to $2,000,000 is on
deposit in each Construction Working Capital Account, and, in each case, hold
all such proceeds for the payment of Project Costs, and use them solely to pay
Project Costs and (ii) utilize the proceeds of the Borrower Equity for the
repayment of (x) first, the
outstanding Equity Bridge Loans and Construction Loans that will not be
Term-Converted on the Term-Conversion Date and (y) second,
for disbursement to Noble Environmental or its Affiliates.

 

(b)   Revenues.  Unless otherwise applied pursuant to Article 5
of the Depositary Agreement or Article 8 of this Financing
Agreement, deposit all Project Revenues in the Operating Account for
application solely for the purposes and in the order and manner provided in Article 5
of the Depositary Agreement.

 

5.2         Payment.  Pay all sums due under this Agreement and the
other Financing Documents to which a Noble Entity is a party according to the
terms hereof and thereof (other than the LLC Agreement, Operating Agreement and
Project Company LLC Agreements).

 

5.3         Notices.  Promptly, upon obtaining Knowledge of any of
the occurrences or matters described below, or the giving of notice with
respect thereto, as the case may be, give written notice to Administrative
Agent of such occurrences or matters (it being understood that delivery of such
notice shall not be deemed to result in a waiver of any Default or Event of
Default arising from any of the occurrences or matters notified): 

 

(a)          Any
litigation, claim, suit, proceeding, or arbitration pending or, to the
Knowledge of Borrower, threatened against any Noble Entity involving any (i) injunctive,
declaratory or other equitable relief or (ii) claims against any Noble

 

86

 

Entity or any Project in excess of $500,000 in the aggregate; in the
case of clause (i) and for claims in excess of $1,000,000
contemplated by clause (ii), such notice to include copies of all
documentation initially filed or served in connection with such litigation and,
at the Administrative Agent’s request (which request shall not be made more
than once per month) any additional documentation that has been filed or served
in connection therewith since the last notice given;

 

(b)   Any dispute or disputes which
may exist between any Noble Entity and any Governmental Authority and which
involve (i) claims against any Noble Entity which individually exceed
$300,000 or in the aggregate in any fiscal year of such Noble Entity exceed
$600,000; (ii)  revocation, material adverse modification or suspension of
any Applicable Permit or imposition of additional material adverse conditions
with respect thereto; or (iii) any Liens for Taxes due but not paid;

 

(c)   Any Event of Default or
Default;

 

(d)   (i) any casualty, damage
or loss, through fire, theft, other hazard or casualty, whether or not insured,
if such casualty, damage or loss is suffered by any Noble Entity, Noble
Environmental, any Project or, prior to Term-Conversion, NEP, and is in excess
of (x) $300,000 for such Noble Entity or Project, $500,000 for Noble
Environmental and $2,000,000 for NEP, for any one casualty or loss, or (y) an
aggregate of $600,000 for such Noble Entity or Project and $2,000,000 for Noble
Environmental and (ii) the initiation of any insurance claim proceedings
with respect to any such casualty, damage or loss described in clause (i),
above;

 

(e)   Any cancellation or material
change in the terms, coverages or amounts of any insurance described in Section 5.18;

 

(f)    Any matter which has or could
reasonably be expected to have a Material Adverse Effect;

 

(g)   Initiation of any condemnation
proceedings involving any Project or any material portion thereof;

 

87

 

(h)   With respect to any Project,
any contractual obligations incurred by the applicable Noble Entity exceeding
$250,000 in any fiscal year of such Noble Entity in the aggregate, not
including any obligations incurred pursuant to the Operative Documents or any
obligation contemplated in the relevant Annual Operating Budget;

 

(i)    Any act or agreement exceeding
$250,000 by any Noble Entity to become a surety, guarantor, endorser or
accommodation endorser for a third party other than endorsement of negotiable
instruments for collection purposes and other than Permitted Debt;

 

(j)    Any intentional withholding of
compensation beyond the date due in excess of $100,000 to any Contractor under
the Construction Contracts, or Operator under the O&M Agreements, other
than retention provided by the express terms of the Construction Contracts or
O&M Agreements, as applicable;

 

(k)   Any written notice of
termination, event of default or other material adverse notice given or
received under any Project Document;

 

(l)    Any Acceptance Tests which are
to be performed under the Construction Contracts;

 

(m)  Any event of force majeure
asserted in writing under any Project Document to which any Noble Entity is a
party which could reasonably be expected to cause a material delay in the
Project Schedules, material increase in the Project Costs, or material
impairment in the operation of any of the Projects and, to the extent
reasonably requested by Administrative Agent and reasonably available to
Borrower, copies of related invoices, statements, supporting documentation,
schedules, data or affidavits with regard to such force majeure delivered under
the relevant Project Document;

 

(n)   Any event of default,
foreclosure or other proceeding under a fee Mortgage in favor of a Landowner
Mortgagee for which a Non-Disturbance Agreement has not been delivered to
Administrative Agent;

 

88

 

(o)   Any (i) fact,
circumstance, condition or occurrence at, on, or arising from, any Site, any
Improvement, or other Mortgaged Property that results in material noncompliance
with any Hazardous Substances Law or any Release of Hazardous Substances on or
from any Site, any Improvement or other Mortgaged Property that has resulted or
could reasonably be expected to result in material personal injury or material
property damage or have a Material Adverse Effect, and (ii) pending or, to
Borrower’s Knowledge, threatened, Environmental Claim against any Noble Entity
or to Borrower’s Knowledge any of its Affiliates, contractors, lessors,
grantors (under easements) or any other Persons, arising in connection with
their occupying or conducting operations on or at any Project, any Site, any
Improvement or other Mortgaged Property which could reasonably be expected to
have a Material Adverse Effect;

 

(p)   Promptly, but in no event later
than five (5) Banking Days after any Person becomes a Member of Borrower
or the occurrence of any other change in or transfer of ownership interests in
Borrower, which notice shall identify such member and such member’s interest in
Borrower or shall describe, in reasonable detail, such other change or
transfer;

 

(q)   Promptly, but in no event later
than thirty (30) days after Borrower has Knowledge of any event that could
reasonably be expected to cause, with respect to any Project (i) O&M
Costs to exceed fifteen percent (15%) or more with respect to any line
item, or ten percent (10%) or more in the aggregate, of the
then-applicable Annual Operating Budget or (ii) Project Revenues to
decline by fifteen percent (15%) or more per annum, by reference to the Annual
Operating Budget;

 

(r)    In the event any WTG could
reasonably be expected not to commence operations and production of electrical
energy for commercial sale in accordance with Prudent Utility Practices and
applicable laws on or prior to a date that is sixty (60) days prior to the
Construction Loan Maturity Date;

 

(s)   The commencement of the
erection of any Upwind Turbine; and

 

89

 

(t)    Promptly, but in no event
later than ten (10) days after Borrower obtains Knowledge that an ERISA
Event occurs or is reasonably likely to occur with respect to an ERISA Plan,
written notice of such ERISA Event describing in reasonable detail the facts
which constitute the ERISA Event.

 

5.4         Financial
Statements.

 

(a)   Deliver to Administrative Agent
(or cause to be delivered to Administrative Agent), in form and detail
reasonably satisfactory to Administrative Agent:

 

(i)        As
soon as available but no later than forty-five (45) days after the close
of the first, second and third quarterly periods of its fiscal year, quarterly
(and year-to-date) (consolidated, if applicable) financial statements of and
prepared by each Noble Entity, NEP, Noble Environmental, Operator, the EPC
Contractor (until the obligations under the applicable EPC Contract shall have
been performed in full), the issuer or provider of any Acceptable Equity
Support Security and each Equity Support Member (other than GE SPV) (for such
issuer, provider or Equity Support Member, only until the obligations of the
Equity Support Member under the respective Equity Support Documents to which it
is a party shall have been paid and performed in full), including a balance
sheet and statements of income and cash flows; and

 

(ii)       As
soon as available but no later than one hundred twenty (120) days after
the close of each applicable fiscal year, audited (consolidated, if applicable)
financial statements of NEP, the issuer or provider of any Acceptable Equity
Support Security, each Equity Support Member (other than GE SPV) (for such
issuer, provider or Equity Support Member, only until the obligations of the
Equity Support Member under the respective Equity Support Documents to which it
is a party shall have been paid and performed in full) and, to the extent
prepared, each Noble Entity, Noble Environmental, Operator, and the EPC
Contractor (until the obligations under the applicable EPC Contract shall have
been performed in full), including, in each case, statements of equity, balance
sheets as of the close of such 

 

90

 

year, statements of income and cash flows and reconciliation of capital
accounts, all prepared in accordance with GAAP and certified by an independent
certified public accountant selected by the Person whose financial statements
are being prepared and, with respect to NEP and each Noble Entity, Noble
Environmental, Operator, and the EPC Contractor (to the extent audited
financial statements are prepared), reasonably satisfactory to Administrative
Agent; provided that (x) for any of the foregoing Major Project
Participants or any issuer or provider of Acceptable Equity Support Security
which is a public company and is required or permitted to file reports under
the Exchange Act, the availability of such report on Form 10Q or the
availability on such Major Project Participant’s or any issuer’s or provider’s
of Acceptable Equity Support Security website shall satisfy the requirements of
this Section 5.4; and (y) for any Major Project Participant or
any issuer or provider of Acceptable Equity Support Security which is a public
company and, pursuant to the provisions of applicable law, is only required to
file semi-annual financial statements, only semi-annual financial statements
shall be required under this Section 5.4.

 

(b)   Each time the financial
statements of any Noble Entity, NEP, Noble Environmental, Operator, the EPC
Contractor or Equity Support Member (other than GE SPV) are delivered under Section 5.4(a)(i) or
(ii), a certificate signed by the natural person who is a financial
officer, managing director, managing general partner or managing member of the
applicable Person shall be delivered along with such financial statements,
certifying that such financial officer, managing director, managing general
partner or managing member has made or caused to be made a review of the
transactions and financial condition specified in such financial statements of
the applicable Person during the relevant fiscal period and that such review
has not, to the knowledge of such financial officer, managing director,
managing general partner or managing member, disclosed the existence of any
event or condition which constitutes an Event of Default or Default hereunder
or under any Financing Document applicable to such Person, or if any such event
or condition exists, the nature thereof and the corrective actions that such
Person has taken or proposes to take with respect thereto.

 

91

 

5.5         Reports.

 

(a)   Reserved.

 

(b)   Until Final Completion with respect
to all of the Projects, deliver to Administrative Agent monthly, and at such
other times as Administrative Agent may reasonably request, a report describing
in reasonable detail the progress of the construction of each Project since the
last prior report hereunder, including any monthly progress reports received
from the Turbine Supplier under the Turbine Supply Agreement.

 

(c)   Deliver to Administrative Agent
monthly during the Ramp-Up Period, and thereafter quarterly, a summary
operating report for each Project, which shall include (i) a one-month,
year-to-date and twelve consecutive month numerical and narrative assessment of
(A) such Project’s compliance with each material category in the Annual
Operating Budgets, (B) electrical production and delivery, (C) Windfarm
Availability, including available hours for each WTG, wind speed and
directional data, and scheduled and unscheduled maintenance of each WTG, (D) during
the Ramp-Up period only, a comparison for each Project of actual production
compared to its achievable production based on actual measured wind speed at
each WTG of such Project (adjusted for scheduled and unscheduled maintenance), (E) cash
receipts, including payments made under the REC Contracts, PAYG Agreement and
proceeds of merchant energy sales, and disbursements and cash balances,
including distributions to any Member, debt service payments and balances in
the Accounts, (F) changes in staffing of the personnel identified on Exhibit H-9,
(G) casualty losses of value in excess of $300,000 individually or
$600,000 in the aggregate for such Project, (H) replacement of equipment
not contemplated by the then current applicable Annual Operating Budget of
value in excess of $200,000, (I)  disputes with contractors, materialmen,
suppliers or others and any related claims against Borrower or the relevant
Project Company in excess of $200,000, (J) PTCs earned by each Equity
Support Member with respect to such Project, and (K) performance guarantee
and/or warranty claims, as applicable, made by or against any Noble Entity in
excess 

 

92

 

of $150,000; and (ii) a comparison of year-to-date figures for
such Project to corresponding figures provided in the prior year.

 

(d)   Provide (i) to
Administrative Agent upon Administrative Agent’s reasonable request (upon
consultation, as appropriate in light of their role in each Project, with the
Independent Consultants) such existing reports, statements, lists of property,
accounts, budgets, forecasts and other similar information concerning each
Project to the extent reasonably available and (ii) after the occurrence
and during the continuation of an Event of Default, computerized access to each
Project’s Supervisory Control and Data
Acquisition (SCADA) system as are reasonably required by the
Independent Consultants.

 

(e)   Deliver to Administrative Agent
promptly after receipt thereof each Annual Operating Plan under the O&M
Agreements.

 

(f)    Deliver to Administrative
Agent all such information described in Section 3.1(p) or otherwise
requested by Administrative Agent (including the names and addresses of each
Noble Entity) that is necessary for Administrative Agent or the Lenders to
identify each Noble Entity in accordance with the requirements of the Patriot
Act (including the “know your customer” and similar regulations thereunder),
including a Form W-9 for each Noble Entity, each Noble Entity’s local
address (and mailing address, if different) and the title and citizenship of
three Responsible Officers of each Noble Entity.

 

(g)   Deliver to Administrative
Agent, monthly, a report summarizing the Net Settlement Amount paid under
the Energy Hedge Agreement and any positive or negative adjustments made to the
Tracking Account, in each case during the month immediately preceding the
delivery of such report.

 

5.6         Additional
Permits and Project Documents; Additional Consents.  Deliver to Administrative Agent promptly, but
in no event later than twenty (20) days after the receipt thereof by
Borrower or any Project Company, copies of (a) all Applicable Permits or
Project Documents obtained or entered into by any Noble Entity after the
Financial Closing Date; (b) any amendment, supplement or other
modification to any Applicable Permit received by any Noble Entity 

 

93

 

after the Financial Closing Date; and (c) all material notices
relating to any Project received by any Noble Entity from any Governmental
Authority.  With respect to any Project
Document entered into by any Noble Entity after the Financial Closing Date or
any other Additional Project Document deemed by Administrative Agent (after
consultation with the Independent Engineer) material to a Project, the relevant
Noble Entity shall use commercially reasonable efforts to cause its
counterparty thereto to execute and deliver to Administrative Agent a consent
to collateral assignment in substantially the form of Exhibit F-1
or otherwise in form and substance reasonably satisfactory to Administrative
Agent.

 

5.7         Existence,
Conduct of Business, Properties, Etc. 
Except as otherwise expressly permitted under this Agreement, (a) maintain
and preserve its existence as a Delaware limited liability company and all
material rights, privileges and franchises necessary for the normal conduct of
its business and (b) perform (to the extent not excused by force
majeure events or the non-performance of the other party) all of its
contractual obligations under the Operative Documents to which it is a party
and all other agreements and contracts by which it is bound, except in
clause (b) to the extent failure to so perform could not reasonably
be expected to result in a Material Adverse Effect.

 

5.8         Obligations.  Pay, discharge or otherwise satisfy at or
before maturity or before they become delinquent, as the case may be, all
material obligations, except (a) such as may be contested in good faith, provided
that (i) Administrative Agent is satisfied in its reasonable discretion
that non-payment of such obligation
pending the resolution of such contest or dispute could not reasonably
be expected to have a Material Adverse
Effect and/or (ii) provision is made to the reasonable satisfaction of
Administrative Agent for the posting of security (other than the Collateral),
or for the bonding of such obligations or the prompt payment thereof in the
event that such obligation is payable, and (b) any Noble Entity’s trade
payables which shall be paid in the ordinary course of business.

 

94

 

5.9         Upwind Array Event.

 

(a)           In the event there
occurs an Upwind Array Event, then, within fifteen (15) Banking Days of
such event (an “Adjustment Date”), Borrower shall calculate once
(subject to any corrections, changes or adjustments made pursuant to this Section 5.9)
and deliver to Administrative Agent Projected Debt Service Coverage Ratios
(calculated under a P50 Production Level and a P99 Production Level) calculated
as of each Repayment Date during the remaining Term, using availability
forecasts which have been updated or amended solely to take into account such
Upwind Array Event but otherwise using the assumptions and data used in the
Base Case Projections.  Administrative
Agent (in consultation with the Independent Engineer) shall notify Borrower in
writing of any corrections, changes or adjustments relating solely to the
Upwind Array Event to be made to such Projected Debt Service Coverage
Ratios.  Borrower shall incorporate all
such reasonable corrections, changes or adjustments into such Projected Debt
Service Coverage Ratios.

 

(b)           In the event that there
occurs an Upwind Array Event and the Projected Debt Service Coverage Ratios
calculated in accordance with clause (a) above fail to equal or
exceed for each remaining twelve-month period through the Term Loan Maturity
Date (i) 1.45 to 1 under a P50 Production Level and (ii) 1.00 to 1
under a P99 Production Level, then Borrower shall prepay the Loans pro rata across all maturities, to the Administrative Agent
for the account of each Lender, from time to time, utilizing funds available
pursuant to Sections 5.2(a)(xii), 5.3(e)(iii) and 5.3(f)(ii)(D) of
the Depositary Agreement, in an amount necessary, as of the date the Projected
Debt Service Coverage Ratios are calculated (or adjusted in accordance with the
last sentence of clause (a) above) so as to achieve compliance with
the ratios in (i) and (ii) above (the “Upwind Array Event Amount”);
it being intended that Borrower shall remain obligated to pay the full Upwind
Array Event Amount upon funds becoming available pursuant to Sections 5.2(a)(xii),
5.3(e)(iii) and 5.3(f)(ii)(D) of the Depositary
Agreement.  Upon any full or partial
payment of the Upwind Array Event Amount, the Amortization Schedule shall be
amended and revised to take into account the amount of such prepayment.

 

95

 

5.10         Books, Records, Access.  Maintain adequate books, accounts and records
with respect to each Noble Entity and each Project and prepare all financial
statements required hereunder in accordance with GAAP and in compliance in all
material respects with the regulations of any Governmental Authority having
jurisdiction thereof, and permit employees or agents of Administrative Agent
and the Lenders at any reasonable times and upon reasonable prior notice to
inspect all of each Noble Entity’s properties, including the WTGs and the Sites
or to examine or audit all of each Noble Entity’s books, accounts and records
and make copies and memoranda thereof and, together with the Independent
Engineer, to witness any Acceptance Tests under the Construction Contracts.

 

5.11         EWG; Regulatory Status.

 

(a)   Take or cause to be taken all
necessary actions so that each Project Company will (i) be an EWG, and (ii) be
in compliance with the requirements of PUHCA and FERC’s regulations thereunder,
except as could not reasonably be expected to have a Material Adverse Effect.

 

(b)   At all times
hereafter until all amounts due Administrative Agent and the Lenders under the
Financing Documents have been paid in full, take or cause to be taken all
necessary actions so that each Project Company (i) will be in compliance
with the requirements of the FPA, including but not limited to
Sections 204 and 205 of the FPA, such that each of the Project Companies
is authorized to assume its liabilities and obligations under the Financing
Documents to which it is a party such that the financing of such Project
Company’s Project pursuant to the terms of the Financing Documents can occur
without additional approval by FERC, and (ii) has made all necessary
filings to remain in compliance with its FERC authorization to sell capacity,
energy and ancillary services at market-based rates, except as could not
reasonably be expected to have a Material Adverse Effect.

 

96

 

5.12         Operation of Project
and Annual Operating Budget.

 

(a)   Operate and maintain the
Projects, or cause the same to be operated and maintained, in good operating
condition consistent with Prudent Utility Practices, and all applicable
requirements of the Operative Documents. 
Each Noble Entity shall from time to time consider the reasonable
recommendations of the Independent Engineer in connection with the operation of
the Projects.

 

(b)   Replace or consent to the
replacement of the Operator, Asset Manager, or EPC Contractor, as applicable,
if the Operator, Asset Manager or EPC Contractor, as applicable, is not
operating the relevant Project in accordance with the provisions hereof or any
O&M Agreement, Management Services Agreement or EPC Contract, respectively,
and any such failure to operate results in the occurrence of an Event of
Default hereunder.

 

(c)   Borrower shall, on or before
sixty (60) days prior to Completion of each Project, adopt an Annual
Operating Budget for such Project.  Not
less than sixty (60) days in advance of the beginning of each fiscal year
thereafter, Borrower shall similarly adopt a draft Annual Operating Budget for
each Project for the ensuing fiscal year. 
Copies of each draft Annual Operating Budget for each year of operation
shall be promptly furnished to Administrative Agent for its review and
approval, such approval not to be unreasonably withheld or delayed; provided,
however, that if the Administrative Agent fails to approve such Annual
Operating Budget or offer comments thereto within thirty (30) days after
receipt thereof, such Annual Operating Budget shall be deemed approved by the
Administrative Agent.  Borrower shall
operate and maintain each Project, or cause each Project to be operated and
maintained, within, subject to the following proviso, each applicable Annual
Operating Budget as approved or deemed approved by Administrative Agent;
provided, however, that Borrower shall not exceed any individual line item in
any Annual Operating Budget by more than fifteen percent (15%) of the
budgeted amount therefor and shall not exceed in the aggregate for all line
items in any Annual Operating Budget by more than ten percent (10%) of the
budgeted amount therefor.  Any Annual
Operating Budget may be amended with Administrative Agent’s prior written
consent (such consent not to be unreasonably withheld or delayed) and in such

 

97

 

event Borrower shall operate and maintain the relevant Project, or
cause the relevant Project to be operated and maintained, within, subject to the
foregoing proviso, such Annual Operating Budget as so amended.  If Administrative Agent does not approve an
Annual Operating Budget, Administrative Agent shall notify Borrower of the
items which are disapproved and the reason for such disapproval, and until such
Annual Operating Budget is so approved, the applicable Annual Operating Budget
most recently in effect shall continue to apply, except that (i) any items
of the then-proposed Annual Operating Budget that have been approved shall be
given effect in substitution of the corresponding items in the applicable
Annual Operating Budget most recently in effect and (ii) any items of the
then-proposed Annual Operating Budget that have not been approved shall be
increased by the lesser of (A) two percent (2%) plus the percentage
increase of the (aa) Consumer Price Index for January 1 of the then
applicable year over (bb) Consumer Price Index for January 1 of the
immediately preceding year and (B) the amount disapproved by
Administrative Agent.

 

5.13         Preservation of
Rights; Further Assurances.

 

(a)   Preserve, protect and defend
the rights of each Noble Entity under each and every Project Document,
including, if appropriate, prosecution of suits to enforce any right of each
Noble Entity thereunder and enforcement of any claims with respect thereto
except, in each case, as could not reasonably be expected to have a Material
Adverse Effect.

 

(b)   From time to time as reasonably
requested by Administrative Agent, execute, acknowledge, record, register,
deliver and/or file all notices, statements, instruments and other documents
(including any memorandum of lease or other agreement, financing statement,
continuation statement, fixture filing, certificate of title or estoppel
certificate) relating to the Loans and other Obligations stating the interest
and charges then due in accordance with the Collateral Documents, take such
other steps as may be necessary to maintain the rights, Liens and priorities of
Administrative Agent and the Lenders in accordance with the Collateral
Documents with respect to the Collateral, and pay all reasonable fees and
expenses (including 

 

98

 

attorneys’ fees) incident to compliance with this Section within
30 days after receipt of a reasonably detailed written invoice therefor.

 

(c)   If any Noble Entity shall at
any time acquire any fee interest in real property or leasehold, easement or
other interest in real property valued in excess of $35,000 or necessary for
the proper operation, maintenance or construction of a Project which is not
covered by any Mortgage, promptly upon such acquisition (or on the Financial
Closing Date if such acquisition occurred prior thereto), execute, deliver and
record a supplement to the relevant Mortgage in form and substance similar to
the existing Mortgages, subjecting such fee interest in real property or
leasehold, easement or other interests in real property to the Lien and
security interest created by such Mortgage and cause the Title Insurer to
endorse the Title Policy for such Project to include such additional real
property interest, at Borrower’s expense.

 

(d)   If a Landowner Mortgagee
commences a foreclosure or other proceeding relating to a fee mortgage on a
Site for which a Non-Disturbance Agreement has not been delivered to
Administrative Agent, Borrower agrees to cure all defaults of such Landowner
under such mortgage, deliver a Non-Disturbance Agreement to Administrative
Agent or cause such mortgage to be released or record with respect to such
Site, within ten (10) days of Administrative Agent’s written request
therefor (provided that this Section 5.13(d) shall not apply to the
following parcels on which no WTGs or transmission lines will be constructed
and which are not required for setback compliance:  Project (Bliss):  Bookmiller Parcel (185-2-11.1); Czwojdak
Parcel (166-1-38.1); Frey and McMullen Parcel (177-1-12); Haettich Parcel
(186-1-6.2); Larson Parcel (186-1-12.1); Lutz Parcel (186-1-25.121); Park
Parcel (166-1-36.2); Robinson Parcel (166-1-37.1); Seitz Parcel (186-1-4.2) and
White Parcel (186-1-16); Project (Clinton): 
Ohlsen Parcel (67-1-13.3); and Project (Ellenburg):  Harrigan Bros. Parcel (111-1-2.1); Harrigan
Bros. Parcel (111-1-2.2) and Scuderi Parcel (83-1-9.24).

 

99

 

5.14         Construction of
Projects; Completion; Temporary Components.

 

(a)     Cause each Project to be
constructed, expanded, improved, equipped and to achieve Completion with
respect to all of the Projects by no later than a date that is not later than
sixty (60) days prior to the Construction Loan Maturity Date and Final
Completion with respect to all of the Projects on or prior to the Final
Completion Date in each case substantially in accordance with the Plans and
Specifications, the Real Property Documents, the Construction Contracts, the
Interconnection Agreements, and the Project Budgets and utilizing the
disbursements as contemplated thereby.

 

(b)     Neither Borrower nor any
Project Company shall, to its Knowledge without the prior written consent of
Administrative Agent, permit the installation of any Temporary Components or
used parts in the construction of any Project.

 

5.15         Taxes, Other
Government Charges and Utility Charges. 
Pay, or cause to be paid, as and when due, all Taxes, assessments and
governmental charges of any kind that may at any time be lawfully assessed or
levied against or with respect to any Noble Entity or any Project, all utility
and other charges incurred in the construction, operation, maintenance, use,
occupancy and upkeep of any Project, and all assessments and charges lawfully
made by any Governmental Authority for public improvements that may be secured
by a Lien on the properties of any Noble Entity or any Project.  Any Noble Entity may contest in good faith
any such Taxes, assessments and other charges and, in such event, may permit
the Taxes, assessments or other charges so contested to remain unpaid during
any period, including appeals, when such Noble Entity is in good faith
contesting the same, so long as (a) cash reserves reasonably satisfactory
to Administrative Agent have been established to pay any such Taxes,
assessments or other charges, accrued interest thereon and potential penalties
or other costs relating thereto, or other adequate provision for the payment
thereof shall have been made; (b) enforcement of the contested tax,
assessment or other charge is effectively stayed for the entire duration of
such contest; and (c) any tax, assessment or other charge determined to be
due, together with any interest or penalties thereon, is promptly paid when due
after resolution of such contest, if required by such resolution.

 

100

 

5.16         Compliance With Laws,
Instruments, Etc.  At its expense, (a) comply,
or cause compliance, in all material respects, with all Legal Requirements and
its Organizational Documents and (b) procure, maintain and comply in all
material respects, or cause to be procured, maintained and complied with in all
material respects, all Applicable Permits required at such time for the use of
Projects or any part thereof.

 

5.17         NYSEG Consents.  Borrower shall cause each Project Company to
enter into a NYSEG Consent for its Project on or prior to August 31,
2007.  The relocation of certain NYSEG facilities
underground shall be completed by Borrower no later than August 31, 2007
and shall not cost the Project Companies more than $350,000 in the aggregate
(in accordance with the Project Budgets).

 

5.18         Maintenance
of Insurance.  Without cost to the Lenders,
maintain or cause to be maintained on its behalf in effect the types of
insurance required pursuant to the Insurance Requirements attached hereto as Exhibit K,
in the amount and on the terms and conditions specified therein, with insurance
companies rated “A” or better, with a minimum size rating of “VIII” by Best’s
Insurance Guide and Key Ratings (or an equivalent rating by another nationally
recognized insurance rating agency of similar standing if Best’s Insurance
Guide and Key Ratings shall no longer be published), provided, however, that if
insurance required pursuant to the Insurance Requirements is not available on
commercially reasonable terms, Borrower shall obtain insurance on terms most
similar to the Insurance Requirements that is available on commercially
reasonable terms

 

5.19         Warranty of Title.  Subject only to Permitted Liens, maintain or
cause to be maintained (a) good, marketable and indefeasible title to, or
interest in, the fee, leasehold or easement estate (as the case may be) to the
Sites pursuant to the Real Property Documents and (b) good, marketable and
indefeasible title to, or interest in, all of its other respective material
properties and assets.

 

5.20         Event of Eminent
Domain.  If an Event of Eminent
Domain shall occur with respect to any Collateral, (a) promptly upon
discovery or receipt of notice of any such occurrence provide or cause to be
provided written notice thereof to 

 

101

 

Administrative Agent; (b) diligently pursue or cause to be pursued
all its rights to compensation against the relevant Governmental Authority in
respect of such Event of Eminent Domain; (c) not, without the written
consent of Administrative Agent at the direction of the Majority Lenders, which
consent shall not be unreasonably withheld or delayed, compromise or settle any
claim resulting from such Event of Eminent Domain against such Governmental
Authority; and (d) pay or apply all Eminent Domain Proceeds in accordance
with Section 5.5 of the Depositary Agreement.  Each Noble Entity consents to the
participation of Administrative Agent in any proceedings resulting from an
Event of Eminent Domain, and each Noble Entity shall from time to time deliver
to Administrative Agent all available documents and instruments reasonably
requested by it in connection therewith; provided, that so long as no Event of
Default has occurred and is continuing, Administrative Agent shall not settle
any such proceeding without the consent of Borrower (such consent not to be
unreasonably withheld or delayed).

 

5.21         Indemnification.

 

(a) Without duplication of Borrower’s
obligations under Sections 2.7(d), 2.8(c) or 2.8(d) (and
excluding any items or events specifically excluded from Borrower’s obligations
thereunder), indemnify, defend and hold harmless Administrative Agent, LC
Fronting Bank and each Lender and in their capacities as such, their respective
officers, directors, shareholders, controlling persons, employees, and agents
(collectively, the “Indemnitees”) from and against and reimburse the
Indemnitees for:

 

(i)  any and all claims, obligations, liabilities, losses,
damages, injuries (to person, property, or natural resources), penalties,
actions, suits, judgments, costs and expenses (including reasonable attorney’s
fees of a single counsel, plus a single local counsel if required, and
additional counsel solely to the extent the Indemnitees have inconsistent or
conflicting defenses or the circumstances giving rise to such indemnification
would create an ethical conflict for such single counsel) of whatever kind or
nature, whether or not well founded, meritorious or unmeritorious, demanded,
asserted or claimed against any such Indemnitee (collectively, “Claims”)

 

102

 

in any way relating to, or arising out of or
in connection with this Agreement, the other Operative Documents, or any
Project; and

 

(ii) any and all Claims arising in connection with the
Release or presence of any Hazardous Substances at, to, or from any Project,
whether foreseeable or unforeseeable, including all costs of removal and
disposal of such Hazardous Substances, all reasonable costs required by
Governmental Authorities or under any Governmental Rule to be incurred in (x) determining
whether such Project is in compliance and (y) causing such Project to be
in compliance, with all applicable Legal Requirements, and all reasonable costs
associated with claims for damages to persons or property, and reasonable costs
and expenses (including reasonable attorney’s fees of a single counsel, plus a
single local counsel if required, and additional counsel solely to the extent
the Indemnitees have inconsistent or conflicting defenses or the circumstances
giving rise to such indemnification would create an ethical conflict for such
single counsel).

 

(b)           The foregoing
indemnities shall not apply with respect to an Indemnitee, to the extent of a
Claim arising solely as a result of the (i) gross negligence or willful
misconduct of such Indemnitee (or such Indemnitee’s officers, directors,
shareholders, controlling persons, employees and agents) as determined by a
final non-appealable judgment of a court of competent jurisdiction, but shall
continue to apply to all other Indemnitees or (ii) action or inaction (to
the extent a duty to act existed on the part of such Indemnitee) of another
Indemnitee.

 

(c)           The
provisions of this Section 5.21 shall survive foreclosure under the
Collateral Documents and satisfaction or discharge of the Obligations for
Claims based upon facts or occurrences arising on or prior to the date of such
satisfaction and discharge (notwithstanding that such Claim may not be asserted
or known to an Indemnitee until a date subsequent to such satisfaction and
discharge), and shall be in addition to any other rights and remedies of
Administrative Agent and the Lenders.

 

(d)           Any
amounts payable by Borrower pursuant to this Section 5.21 shall be
paid within twenty (20) days after Borrower receives a reasonably detailed
written 

 

103

 

invoice for such amounts from any applicable
Indemnitee, and if not paid within such twenty (20) day period shall bear
interest at the Default Rate.

 

(e)     No Indemnitee shall settle any Claim unless
Borrower has consented to such settlement or has been given the opportunity to
defend such Claim; provided, that an Indemnitee may settle any Claim if, in
Administrative Agent’s sole determination, Borrower is not diligently defending
such Claim and/or does not have Distributable Cash or equity commitments
available to it to timely pay any adverse determination in respect of such
Claim.

 

5.22         Average Annual Debt
Service Coverage Ratios.  Not later
than five (5) Banking Days after each Repayment Date (and if amounts are
on deposit in the Distribution Reserve Account, on each Quarterly Retest Date),
Borrower shall calculate and deliver to Administrative Agent the Average Annual
Debt Service Coverage Ratio for the year ending on such Repayment Date.  Administrative Agent shall notify Borrower in
writing of any reasonable corrections, changes or adjustments which should be
made to such Average Annual Debt Service Coverage Ratio calculations, within
ten (10) Banking Days of receipt. 
Borrower shall incorporate all such reasonable corrections, changes or
adjustments consistent with the terms of this Agreement.  The calculations of Average Annual Debt
Service Coverage Ratios hereunder shall be used in determining deposits to or
releases from the Distribution Reserve Account pursuant to Section 5.3(f) of
the Depositary Agreement or payments in accordance with Section 5.2(a)(xv)
of the Depositary Agreement.

 

5.23         Certification of
Interests.  Deliver or cause to be
delivered to Administrative Agent any and all certificates representing
ownership interests in each Noble Entity within six (6) Banking Days after
certification of such ownership interest.

 

5.24         Project Company
Distributions.  Promptly upon receipt
by the Project Companies, cause to be distributed all Project Revenues,
Insurance Proceeds, Eminent Domain Proceeds or other payments or amounts to
Borrower for deposit into the applicable Account as required by Article 5
of the Depositary Agreement.

 

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5.25         Trust Fund Covenants.  Receive the advances of the building loans to
be made hereunder and pursuant to the Building Loan Agreements and will hold
the right to receive the same as a trust fund for the purpose of paying the “cost
of the improvement” (as defined in Section 22 of the Lien Law) and it shall
apply the same first to such payment before using any part thereof for any
other purpose.

 

5.26         REC Price Adjustment.

 

(a)     In the event there occurs an adjustment to NYSERDA’s
contractual payment obligations pursuant to Section 5.02 of any REC
Contract (a “REC Price Adjustment”), then, within fifteen
(15) Banking Days of such event (a “REC Adjustment Date”), Borrower
shall calculate once (subject to any corrections, changes or adjustments made
pursuant to this Section 5.26) and deliver to Administrative Agent
Projected Debt Service Coverage Ratios (calculated under a P50 Production Level
and a P99 Production Level) calculated as of each Repayment Date during the
remaining Term, using availability forecasts which have been updated or amended
solely to take into account such REC Price Adjustment but otherwise using the
assumptions and data used in the Base Case Projections.  Administrative Agent shall notify Borrower in
writing of any corrections, changes or adjustments relating solely to the REC
Price Adjustment to be made to such Projected Debt Service Coverage
Ratios.  Borrower shall incorporate all
such reasonable corrections, changes or adjustments into such Projected Debt
Service Coverage Ratios.

 

(b)     In the event that there occurs a REC Price
Adjustment and the Projected Debt Service Coverage Ratios calculated in
accordance with clause (a) above fail to equal or exceed for each
remaining twelve-month period through the Term Loan Maturity Date (i) 1.45
to 1 under a P50 Production Level and (ii) 1.00 to 1 under a P99
Production Level, then Borrower shall prepay the Loans pro rata
across all maturities, to the Administrative Agent for the account of each
Lender, from time to time, utilizing funds available pursuant to Sections 5.2(a)(xii),
5.3(e)(iii) and 5.3(f)(ii)(D) of the Depositary
Agreement, in an amount necessary, as of the date the Projected Debt Service
Coverage Ratios are calculated (or adjusted in accordance with the last
sentence of clause (a) above) so as to achieve compliance with the
ratios in (i) and (ii) above (the 

 

105

 

“REC Reduction Amount”); it being intended that Borrower shall
remain obligated to pay the full REC Reduction Amount upon funds becoming
available pursuant to Sections 5.2(a)(xii), 5.3(e)(iii) and
5.3(f)(ii)(D) of the Depositary Agreement.  Upon any full or partial payment of the REC
Reduction Amount, the Amortization Schedule shall be amended and revised to
take into account the amount of such prepayment.

 

5.27         Accounts.  Maintain or own only the Distributable Cash
Account and the Accounts established in accordance with the Depositary
Agreement and the other Financing Documents and cause each such Account to be
an “account” maintained with a “bank” (within the meaning of Sections 4-104(a)(1) and
4-105(1) of the Uniform Commercial Code, respectively).

 

5.28         PAYG Agreement
Invoices.  Deliver to the
Administrative Agent copies of all “Contribution Invoices”, “Revised Invoices”
and “Revised Contribution Invoices” (each as defined in the PAYG Agreement)
concurrently with the delivery thereof to the Equity Support Members pursuant
to Sections 3.02 and 3.03 of the PAYG Agreement.

 

5.29         Acceptance
Certificates.  Deliver to
Administrative Agent copies of all Acceptance Certificates (as defined in the
Turbine Supply Agreement) within ninety (90) days after Final Completion.

 

5.30         Escrow Account Deposit.  Cause NEP to deposit into the escrow account pursuant to the Escrow
Agreement (as defined in the EPC Contract (SUF)) any increases in the cost
allocations of system upgrade facilities to NEW and/or NCW, pursuant to the
Annual Transmission Reliability Assessment and Attachment S of the NYISO Open
Access Transmission Tariff, resulting from the failure of Noble Altona
Windpark, LLC, Marble River LLC (and its subsidiaries) or any other party to
such documents to pay its/their allocated costs pursuant to the Annual
Transmission Reliability Assessment and Attachment S of the NYISO Open Access
Transmission Tariff, it being understood that in no event shall any of the
Loans or Project Revenues be used for making such deposit.

 

106

 

ARTICLE 6

NEGATIVE COVENANTS OF BORROWER

 

Borrower covenants
and agrees that so long as this Agreement is in effect, it will not, and will
not allow any Project Company to, without the prior written consent of (i) the
Administrative Agent acting at the direction of the Majority Lenders or, (ii) if
so specified, (x) the Lenders, or (y) the Administrative Agent:

 

6.1           Contingent
Liabilities.  Except as provided in
this Agreement, become liable as a surety, guarantor, accommodation endorser or
otherwise, for or upon the obligation of any other Person or otherwise create,
incur, assume or suffer to exist any contingent obligation exceeding in the
aggregate $300,000; provided, however, that this Section 6.1
shall not be deemed to prohibit (a) the lease or acquisition of goods,
supplies or merchandise in the normal course of developing, constructing,
maintaining and operating the Projects on normal trade credit; (b) the
endorsement of negotiable instruments received in the normal course of
developing, constructing, maintaining and operating the Projects; or (c) contingent
liabilities required or contemplated under any Applicable Permit or Operative
Documents (other than the LLC Agreement and Operating Agreement).

 

6.2           Limitations on Liens.  Create, assume or suffer to exist any Lien on
any of the Collateral or any Project which secures a charge or obligation on
any Project or on any of such Collateral, real or personal, whether now owned
or hereafter acquired, except Permitted Liens.

 

6.3           Indebtedness.  Incur, create, assume or permit to exist any
Debt except Permitted Debt.

 

6.4           Sale or Lease of Assets. 
Sell, lease, assign, transfer or otherwise dispose of assets (other than
amounts on deposit in the Distributable Cash Account) in excess of $500,000 in
any fiscal year, whether now owned or hereafter acquired except (a) as
contemplated by the Operative Documents (other than the LLC Agreement and
Operating Agreement); (b) obsolete, worn out or replaced property not used
or useful in 

 

107

 

the development,
construction, operation or maintenance of any Project, transferred at fair
market value; (c) dispositions from one Project Company to another Project
Company; (d) subject to Section 5.20, transfers required by a Governmental
Authority in connection with an Event of Eminent Domain; (e) dispositions
in connection with alternative renewable energy credit arrangements, (f) granting
leasehold interests in a Common Facility to the Clinton County IDA, Wyoming
County IDA or one of the Project Companies as contemplated by the IDA Documents
and (g) sell, lease, transfer, convey or otherwise dispose of the (i) NYPA
Facilities to NYPA as contemplated by the Interconnection Agreement (Clinton)
or the Interconnection Agreement (Ellenburg), as applicable or (ii) Village
of Arcade Facilities to the Village of Arcade or Niagara Mohawk Power
Corporation, as applicable, and as contemplated by the Interconnection
Agreement (Bliss) or the EPC Contract (Mohawk), as applicable.

 

6.5           Changes.  Change or expand the nature of its business
beyond the business contemplated in the Operative Documents (other than the LLC
Agreement, Operating Agreement and Project Company LLC Agreements), including
the installation by any Project Company of any wind turbine generator that is
not on any Site or does not comprise any Project.

 

6.6           Distributions.  Directly or indirectly make or declare any
distribution (in cash, property or obligation) on, or other payment on account
of, any interest in Borrower or any payments in respect of any management fees
to any Member (any such distribution, payment or transfer, a “Restricted
Payment”) unless such distribution, transfer or payment is (i) made from
Distributable Cash on a Distribution Date, or (ii) for the payment of
taxes due and payable by any Member attributable to Borrower or any Project
Company for a particular tax period, but only to the extent such taxes are
consistent with the tax assumptions in the Base Case Projections (e.g., PTC and
depreciation lives assumptions) and take into account any distributions of
Distributable Cash made to such Member with respect to such tax period;
provided, however, that no Restricted Payment shall be made (1) in
violation of Article 5 of the Depositary Agreement or prior to the
full funding of all Accounts in accordance with Article 5 of the
Depositary Agreement, (2) upon the occurrence and during the continuation
of an 

 

108

 

Event of Default,
or (3) prior to the first Repayment Date following the Term-Conversion
Date.

 

6.7           Investments.  Make or permit to remain outstanding any
advances or loans or extensions of credit to, or purchase or own any stock,
bonds, notes, debentures or other securities of or investments in any Person, except
(a) as solely of, between or among the Noble Entities, and (b) Permitted
Investments.

 

6.8           Transactions With
Affiliates.  Except for the
Construction Contracts, O&M Agreements, Management Services Agreements,
Co-Tenancy Agreement, Equity Support Documents, IDA Documents and Spare Parts
Agreements, directly or indirectly enter into any transaction or series of
transactions with or for the benefit of an Affiliate other than on an arm’s
length basis, on customary commercial terms and not involving, in the
aggregate, in excess of $200,000 on an annual basis.

 

6.9           Regulations.  Directly or indirectly apply any part of the
proceeds of any Loan or Project Revenues to the purchasing or carrying of any
margin stock within the meaning of Regulations T, U or X of the Federal
Reserve Board, or any regulations, interpretations or rulings thereunder.

 

6.10         Loan Proceeds; Project
Revenues.  Use, pay, transfer,
distribute or dispose of any (i) Construction Loan or Equity Bridge Loan
proceeds, or use the Letters of Credit, in any manner or for any purposes
except as provided in Section 5.1(a) hereof and Article 5
of the Depositary Agreement or (ii) Project Revenues in any manner or for
any purposes except as provided in Section 5.1(a) hereof and Article 5
of the Depositary Agreement, and the other Financing Documents (other than the
LLC Agreement, the Operating Agreement and the Project Company LLC Agreements).

 

6.11         Partnerships.  Execute a binding agreement to become a
general or limited partner in any partnership, or a member in any limited
liability company, or a joint venturer in any joint venture or acquire
property, create and hold stock or other equity interests in any Person or form
or acquire any subsidiaries other than pursuant to 

 

109

 

the Co-Tenancy
Agreement and, in the case of Borrower, its 100% direct ownership in each
of the Project Companies.

 

6.12         Dissolution and Asset
Purchase.  (a) Liquidate,
wind-up or dissolve, (b) combine, merge or consolidate with or into any
other entity, (c) change its legal form, or (d) implement any
acquisition or purchase of assets valued at greater than $2,000,000, in any
fiscal year, from any Person, other than pursuant to the Operative Documents
(other than the LLC Agreement, Operating Agreement and Project Company LLC
Agreements); provided, that any such acquisition or purchase that is not
implemented pursuant to the Operative Documents or is less than or equal to
$2,000,000 shall be made from either Distributable Cash or equity commitments
and subject to the restrictions of Section 5.12(c) and, upon
acquisition or purchase, such assets shall promptly be subject to the Lien of
the Collateral Documents.

 

6.13         Additional Project
Documents.  Enter into or become a
party to any Additional Project Document, other than any Additional Project
Document which is required by Legal Requirements or a Governmental Authority
(provided, Borrower shall, at the reasonable request of the Administrative
Agent, to the extent not adversely affected by doing so, use commercially
reasonable efforts to resist and contest such requirement by appropriate legal
or administrative proceedings), except (a) with the prior written consent
of Administrative Agent acting at the direction of the Majority Lenders (which
consents shall not to be unreasonably withheld or delayed), (b) in the
name of Borrower or any Project Company and (c) upon delivery to
Administrative Agent of documents necessary to cause the Borrower’s and the
Project Companies’ interests in, to and under such Additional Project Document
to be pledged and/or mortgaged, if applicable, to Administrative Agent and if
requested by Administrative Agent, a legal opinion from the applicable Noble
Entity’s counsel reasonably acceptable to Administrative Agent.

 

6.14         Amendments; Change
Orders; Completion.

 

(a)   (i)  Except as otherwise
provided in Sections 6.14(b) and (d), cause, consent
to, or permit, any termination or surrender of, material amendment, 

 

110

 

modification, variance, or supplement to, or waiver of timely
compliance with, any terms or conditions of any Project Document (other than
the Energy Hedge Agreement), including any exhibit thereto; provided that
copies of all amendments, modifications, variances, supplements or waivers to
any such Project Document shall be delivered to Administrative Agent not less
than three (3) Banking Days prior to the execution thereof.

 

(ii) Cause, consent to, or permit, any termination or surrender
of, amendment, modification, variance, or supplement to, or waiver of timely
compliance with, any terms or conditions of any Applicable Permit (other than
amendments, modifications, variances, supplements or waivers to cure any
defective provisions contained therein or to permit immaterial deviations from
the terms thereof if, in each case, such amendment, modification, variance,
supplement or waiver is not inconsistent with the Financing Documents, Project
Budgets, Project Schedules or the current Annual Operating Budgets, and so long
as a copy of any such amendment, modification, variance, supplement or waiver
is delivered to Administrative Agent not less than three (3) Banking Days
prior to the execution thereof).

 

(iii) Cause, consent to, or permit, any termination or surrender
of, amendment, modification, variance, or supplement to, or waiver of timely
compliance with, any terms or conditions of the Energy Hedge Agreement,
including any exhibit thereto (other than amendments, modifications, variances,
supplements or waivers to cure any defective provisions contained therein or to
permit immaterial deviations from the terms thereof if, in each case, such
amendment, modification, variance, supplement or waiver is not inconsistent
with the Financing Documents, Project Budgets, Project Schedules or the current
Annual Operating Budgets, and so long as a copy of any such amendment,
modification, variance, supplement or waiver is delivered to Administrative
Agent not less than three (3) Banking Days prior to the execution
thereof).

 

(b)   Unless compliance hereof is
waived in writing by Administrative Agent, direct or consent to any change
order or amendment, or update any Exhibits under any Construction Contract if
such change order, amendment or update:

 

111

 

(i)        will
increase Project Costs by more than $250,000 individually;

 

(ii)       will
increase the amount of any fees paid to any Noble Entity or any of its
Affiliates;

 

(iii)      together
with all previous change orders, will increase the Project Costs for a Project
by more than $500,000 in the aggregate for such Project (exclusive of increases
reimbursed by insurance awards, condemnation awards or contractual damage
awards);

 

(iv)      will
delay Completion with respect to any Project beyond a date that is sixty
(60) days prior to the Construction Loan Maturity Date or Final Completion
with respect to any Project beyond the Final Completion Date;

 

(v)       could
reasonably be expected to permit or result in any material modification or
impair the enforceability of any warranty under any Construction Contract, any
Certificate of Design Suitability, any O&M Agreement, or any Management
Services Agreement;

 

(vi)      could
reasonably be expected to impair or reduce the ability of the Projects to meet
the Base Case Projections;

 

(vii)     could
reasonably be expected to result in a material risk of the revocation or
material adverse modification of any Applicable Permit; or

 

(viii)    could
reasonably be expected to cause any Project not to comply in all material
respects with Legal Requirements.

 

provided, however, that the foregoing
Sections 6.14(b)(i), (ii), (iii), (v), (vii) and (viii) shall
not apply with respect to change orders, amendments or updates resulting from (A) a
Change in Law (as defined in the relevant EPC Contract); (B) the EPC
Contractor’s encountering a condition, including a condition resulting from
Hazardous Materials (as defined in the relevant EPC Contract), that, with the
exercise of reasonable diligence, the EPC Contractor could not have foreseen,
or 

 

112

 

(C) the EPC Contractor’s complying with any Permit that requires a
change in the EPC Contractor’s designs, specifications, manner of performing
its obligations or the scope of its obligations pursuant to the applicable EPC
Contract.

 

(c)   Declare Mechanical Completion,
Commercial Operation or Final Acceptance with respect to any Unit (under and as
defined in the Turbine Supply Agreement) or Mechanical Completion, Substantial
Completion or Final Acceptance (in each case, under and as defined in the EPC
Contracts) with respect to any Project, in each case without the prior written
approval of the Administrative Agent in consultation with the Independent
Engineer, such approval not to be unreasonably withheld or delayed.

 

(d)   Unless compliance hereof is
waived in writing by Administrative Agent, direct or consent to any change
order or amendment under any O&M Agreement or Management Services Agreement
if such change order or amendment:

 

(i)        will
increase the Annual Operating Budget for any Project except as permitted under Section 5.12(c);

 

(ii)       will
increase the amount of any fees paid to any Noble Entity or any of its
Affiliates;

 

(iii)      could
reasonably be anticipated to require an amendment or change order under any
Construction Contract which could reasonably be expected to delay Completion
with respect to any Project beyond a date that is less than sixty
(60) days prior to the Construction Loan Maturity Date or Final Completion
with respect to any Project beyond the Final Completion Date;

 

(iv)      could
reasonably be expected to permit or result in any material adverse modification
or impair the enforceability of any warranty under any Construction Contract,
any Certificate of Design Suitability, any O&M Agreement, or any Management
Services Agreement;

 

113

 

(v)       could
reasonably be expected to impair or reduce the ability of the Projects to meet
the Base Case Projections;

 

(vi)      is
not permitted by any Project Document (other than the relevant agreement
subject to the change order or amendment, provided, such change or amendment is
permitted after giving effect to such change order or amendment);

 

(vii)     could
reasonably be expected to result in a material risk of the revocation or
material adverse modification of any Applicable Permit; or

 

(viii)    could
reasonably be expected to cause any Project not to comply in all material
respects with Legal Requirements.

 

(e)   Administrative Agent shall use
its commercially reasonable efforts to respond to each change order request or
request for waiver of compliance with clauses (b) and/or (d) above
within ten (10) days after it receives such request.

 

6.15       Name and
Location; Fiscal Year.

 

(a)   Change its name or its
jurisdiction of organization without written notice to Administrative Agent at
least thirty (30) days prior to such change, or change its fiscal year
without the prior written consent of Administrative Agent (such consent not to
be unreasonably withheld).

 

(b)   Change the location of its
chief executive office, principal place of business or federal identification
number without written notice to Administrative Agent within thirty
(30) days after such change.

 

6.16         Use of Sites.  Use or permit to be used any Site for any
purpose other than for the development, construction, operation and maintenance
(and uses incidental thereto) of the Projects as contemplated by the Operative
Documents, other than immaterial uses thereof by Landowners which could not
reasonably be expected to have a Material Adverse Effect.

 

114

 

6.17         Assignment.  Assign its rights hereunder or under any of
the Operative Documents to any Person except as permitted by Sections 6.4
or 6.18, or consent to the assignment by any Major Project Participant
of its obligations under any Operative Document to which it is a party.

 

6.18         Transfer of Interests.  Cause, make, suffer, permit or consent to any
creation, sale, assignment or transfer (including any transfer through merger
or consolidation) of any ownership interest or other interest in any Noble
Entity except for Permitted Transfers or as otherwise consented to by the
Lenders.

 

6.19         Abandonment of Project.  At any time (a) prior to
Term-Conversion, willfully and voluntarily abandon the development,
construction or operation of any Project for a continuous period of more than
thirty (30) consecutive days for any reason (which period (i) shall be
measured from the date substantial work is discontinued until the date such
substantial work is resumed and thereafter diligently continued, and (ii) shall
not include delays caused by any event of force majeure or default by a Major
Project Participant (other than Borrower or any of its Affiliates) under any
Project Document); and (b) on or following Term-Conversion, willfully and
voluntarily abandon and suspend the operation of any Project for a period of
more than thirty (30) consecutive days for any reason (other than force
majeure, including an action taken by a Governmental Authority), provided
that with respect to clauses (a) and (b) of this Section 6.19,
none of (A) scheduled maintenance of a Project, (B) repairs to a
Project, whether or not scheduled, or (C) a forced or scheduled outage of
a Project shall constitute abandonment so long as the relevant Noble Entity is
diligently attempting to end such suspension.

 

6.20         Hazardous Substances.  Except as could not, individually or in the
aggregate, reasonably be expected to result in Material Adverse Effect, (i) release
into the environment any Hazardous Substances in violation of any Hazardous
Substances Laws, Governmental Rules or Applicable Permits, or (ii) allow
any Hazardous Substance to impact or be present on, in, under or above any Site
or Improvement.

 

115

 

6.21       ERISA.  Establish, maintain, contribute to or become
obligated to contribute to or incur any liability in respect of any ERISA Plan
or suffer or permit any of its subsidiaries to do so.

 

6.22       Regulation
of Parties.  Take or cause to be
taken any actions that could reasonably be expected to result in either (a) any
Project Company losing its FERC authorization to sell energy, capacity or
ancillary services at market-based rates or failing to maintain its EWG status,
or (b) Administrative Agent, LC Fronting Bank, Depositary, the Lenders or
any “affiliate” (as that term is defined in PUHCA) of any of them, solely as a
result of any Noble Entity’s actions relating to the ownership, leasing or
operation of any Project, the sale of electricity therefrom or the entering
into any Operative Document or any transaction contemplated hereby or thereby,
becoming subject to regulation under PUHCA or the FPA.

 

6.23       Project
Expansion.  Expand, repower or
otherwise increase the number of WTGs at any Project.

 

ARTICLE 7

RESERVED

 

ARTICLE 8

EVENTS OF DEFAULT; REMEDIES

 

The occurrence of
any of the following events shall constitute an event of default (individually,
a “Event of Default”, and collectively, “Events of Default”)
hereunder:

 

8.1         Failure
to Make Payments.

 

(a)   Borrower (or NEP on Borrower’s
behalf) shall fail to pay, in accordance with the terms of this Agreement, (i) any
principal on any Loan, any Reimbursement Obligation (other than the
Reimbursement Obligations payable pursuant to Section 2.3(d)(iii)(A) (so
long as no Event of Default has occurred and is continuing and such
Reimbursement Obligation arises from a Scheduled LC Drawing 

 

116

 

Payment) or Section 2.3(d)(iv)(A)) or any DSRA LC Loan or
the Energy Hedge LC Loan on the date due; (ii) any interest or fee due and
owing to Administrative Agent, LC Fronting Bank, the Lenders or under any
Interest Rate Agreement within three (3) days after the date that such
amount is due; or (iii) any other cost, charge or other amount due under
this Agreement or any other Financing Document (other than the Reimbursement
Obligations payable pursuant to Section 2.3(d)(iii)(A) (so
long as no Event of Default has occurred and is continuing and such
Reimbursement Obligation arises from a Scheduled LC Drawing Payment) or Section 2.3(d)(iv)(A))
(x) within thirty (30) days after the date that such amounts are due,
if such amounts individually or in the aggregate are less than $75,000, and (y) within
10 days after the date that such amounts are due, if such amounts
individually or in the aggregate are equal to or greater than $75,000.

 

(b)   Subject to any applicable cure
period under the applicable Equity Support Documents, any party to an Equity
Support Document shall default in the payment or performance (except to the
extent such default in performance could not reasonably be expected to result
in a Material Adverse Effect) of its obligations thereunder;

 

(c)   Any Equity Support Member shall
fail (i) prior to the Term-Conversion Date, to maintain the ratings
criteria of the Equity Support Member set forth in clause (b) of the
definition thereof or (ii) from and after the Term-Conversion Date, to
maintain an Investment Grade Rating and, in each such case, Borrower shall have
not, within ninety (90) days of such failure, (A) replaced such
Equity Support Member with a Replacement Obligor which meets the ratings
criteria set forth in clause (b) of the definition the of Equity
Support Member or (B) provided Acceptable
Equity Support Security;

 

(d)   Any provider of Acceptable Equity Support Security
shall fail (i) prior to the Term-Conversion Date, to maintain the ratings
criteria of the provider of Acceptable Equity Support Security set forth in
clause (i) of the definition thereof or (ii) other than General
Electric Capital Corporation, from and after the Term-Conversion Date, to
maintain an Investment Grade Rating, unless the stated amount of 

 

117

 

such security has been drawn by Administrative Agent as set forth in
clause (B) of the definition thereof or, within thirty (30) days
of such failure, Borrower replaces such security with security that constitutes
Acceptable Equity
Support Security; or

 

(e)   Any party to any Acceptable
DSRA LC (other than Dexia, as LC Fronting Bank) shall default in the payment of
its obligations thereunder.

 

8.2         Judgments.  (i) A final judgment or judgments shall
be entered against any Noble Entity in the amount of $2,000,000, individually
or in the aggregate (other than (a) a judgment which is fully covered by
insurance or satisfied in full or discharged within forty five (45) days
after its entry or (b) a judgment, the execution of which is effectively
stayed within forty five (45) days after its entry) or (ii) any other
final judgment or judgments shall be entered against any Noble Entity (for
declaratory or injunctive relief) which could impair or inhibit the
construction of any Project or any Noble Entity’s use of any Project for the
purpose for which such Project was intended and which, in the case of
clauses (i) and/or (ii) above, could reasonably be expected to
have a Material Adverse Effect.

 

8.3         Misstatements.  Any representation, warranty or certificate
made or prepared by any Noble Entity or any Member and furnished to
Administrative Agent or any Lender under or pursuant to this Agreement or any
other Financing Document shall, as of the date made, contain any materially
untrue or, to the Knowledge of such Noble Entity or any Member, as applicable,
misleading statement of a fact, provided, however, that if any
such misstatement is capable of being remedied, Borrower may remedy such
misstatement by curing the adverse effects of such misstatement, within thirty
(30) days of obtaining Knowledge of such misstatement.

 

8.4         Bankruptcy;
Insolvency.  Any of the following
events shall have occurred (each, a “Bankruptcy Event”):

 

(a)   Any of the Major Project
Participants (other than those described in clauses (e), (h), (i) and
(j) of the definition thereof), NEP (until the NEP Guarantee and the NEP
Interest Guarantee expires or is fully drawn), or any provider of any 

 

118

 

Acceptable Equity Support Security (collectively, the “Subject
Persons”), shall institute a voluntary case seeking liquidation or
reorganization under the Bankruptcy Law (or any successor statute), or shall
consent to the institution of an involuntary case thereunder against it;

 

(b)   Any of the Subject Persons
shall file a petition, answer or consent or shall otherwise institute any
proceeding similar to those described in Section 8.4(a) under
any other applicable federal, state or other applicable law, or shall consent
thereto;

 

(c)   Any of the Subject Persons
shall apply for, or by consent or acquiescence there shall be an appointment
of, a receiver, liquidator, sequestrator, trustee or other officer with similar
powers;

 

(d)   Any of the Subject Persons
shall make an assignment for the benefit of creditors; or any of the Subject
Persons shall admit in writing its inability to pay its debts generally as they
become due; or

 

(e)   If an involuntary case shall be
commenced seeking the liquidation or reorganization of any of the Subject
Persons under the Bankruptcy Law (or any successor statute) or any similar
proceeding shall be commenced against any of the Subject Persons under any
other applicable federal, state or other applicable law, and:

 

(i)        the
petition commencing the involuntary case is not timely controverted;

 

(ii)       the
petition commencing the involuntary case is not dismissed within sixty
(60) days of its filing;

 

(iii)      an
interim trustee is appointed to take possession of all or a material portion of
the property, and/or to operate all or any material part of the business of any
of the Subject Persons and such appointment is not vacated within sixty
(60) days;

 

119

 

(iv)      an
order for relief shall have been issued or entered therein and such order is
not vacated within sixty (60) days;

 

(v)       a
decree or order of a court having jurisdiction in the premises for the
appointment of a receiver, liquidator, sequestrator, trustee or other officer
having similar powers of any of the Subject Persons or of all or a material
part of their property, shall have been entered and such decree or order is not
vacated within thirty (30) days; or

 

(vi)      any
other similar relief shall be granted against any of the Subject Persons under
any applicable federal, state or other law and such relief is not vacated
within sixty (60) days;

 

provided, however,
that (except with regard to a Bankruptcy Event of any Noble Entity, Noble
Environmental, NEP (until the NEP Guarantee and the NEP Interest Guarantee
expires or is fully drawn), any Equity Support Member or the Turbine Supplier),
a Bankruptcy Event shall not result in an Event of Default under this Section 8.4
if Borrower obtains a Replacement Obligor for the affected party within sixty
(60) days of such Bankruptcy Event.

 

8.5         Cross
Default.  Any Noble Entity shall
default for a period beyond any applicable grace period (i) in the payment
of any principal, interest or other amount due under any agreement (other than
the Financing Documents) involving the borrowing of money or the advance of
credit and the outstanding amount or amounts payable under all such agreements
equals or exceeds $1,000,000 in the aggregate, (ii) in the performance of
any obligation under any agreement (other than the Financing Documents)
involving the borrowing of money or the advance of credit and the outstanding
amount or amounts payable under all such agreements equals or exceeds
$1,000,000 and such failure to perform results in the acceleration of the
obligations thereunder or (iii) in the payment of any amount or
performance of any obligation due under any guarantee or other agreement (other
than the Financing Documents) if in either case, the outstanding indebtedness
evidenced thereby equals or exceeds $1,000,000, provided that an Event of
Default under this clause (iii) shall not occur with respect to such
default in performance 

 

120

 

(as distinct from
any default with respect to payment) unless such failure to perform results in
the acceleration of the obligations thereunder.

 

8.6         ERISA.  If any Noble Entity or any member of the
Controlled Group should establish, maintain, contribute to or become obligated
to contribute to or incur any liability in respect of any ERISA Plan and an
ERISA Event shall have occurred and, within forty-five (45) days after the
reporting of such reportable event to Administrative Agent by Borrower (or
Administrative Agent otherwise obtaining actual (as distinct from constructive)
knowledge of such event) and the furnishing of such information as
Administrative Agent may reasonably request with respect thereto,
Administrative Agent shall have notified Borrower in writing that
Administrative Agent has made a determination that, on the basis of such ERISA
Event, an Event of Default exists hereunder; provided that ERISA Event shall
involve (i) one or more ERISA Plans that are single-employer plans (as
defined in Section 4001(a)(15) of ERISA) and under which the aggregate
gross amount of unfunded benefit liabilities (as defined in Section 4001(a)(16)
of ERISA), including vested unfunded liabilities which arise or might arise as
the result of the termination of such ERISA Plan or Plans, and/or (ii) one
or more Multiemployer Plans to which the aggregate liabilities of the Noble
Entities and all members of the Controlled Group shall, in each case, be in an
amount that could reasonably be expected to have a Material Adverse Effect on
the economic condition of any Noble Entity.

 

8.7         Breach
of Project Documents.

 

(a)   Borrower.  Subject to Section 8.8(a)(ii),
any Noble Entity shall be in breach of any material obligation, or an event of
default or material default by any Noble Entity shall have occurred and be
continuing under a Project Document and such breach, event of default or
default shall continue unremedied for a period of ninety (90) days; provided
that if (i) such breach, event of default or default cannot be cured
within such period, (ii) such breach, event of default or default is
susceptible of cure within an additional sixty (60) days, (iii) such
Noble Entity has given written notice to Administrative Agent of such breach,
event of default or default in accordance with Section 5.3(c), (iv) such
Noble Entity as promptly as practicable 

 

121

 

commences action reasonably designed to cure such breach, event of
default or default and continues diligently to pursue such action, (v) the
existence of such breach, event of default or default has not resulted in, and
would not after considering the nature of the cure be reasonably expected to
give rise to, a termination by the counterparty to the Project Document which
is subject to such breach, event of default or default or to otherwise have a
Material Adverse Effect, and (vi) Administrative Agent shall have received
a written notice from such Noble Entity to the effect of clauses (i),
(ii). (iv) and (v) above and stating what action such Noble Entity is
taking to cure such breach, event of default or default, then, an Event of
Default shall not occur hereunder if such Noble Entity shall cure such breach,
event of default or default within such additional sixty (60) day period
described in clause (ii) above.

 

(b)   Third Party.  A party (other than a Noble Entity) shall be
in breach of any material obligation or an event of default or a material
default of a party (other than a Noble Entity) shall have occurred and be
continuing under a Project Document and such breach, event of default or
default shall continue unremedied for a period of ninety (90) days; provided
that if (i) such breach, event of default or default is susceptible of
cure within an additional sixty (60) days, (ii) the Borrower has
given written notice to Administrative Agent of such breach, event of default
or default in accordance with Section 5.3(c), (iii) such party
or any Noble Entity as promptly as practicable commences action reasonably
designed to cure such breach, event of default or default and continues
diligently to pursue such action, (iv) the existence of such breach, event
of default or default has not resulted in, and would not after considering the
nature of the cure be reasonably expected to have a Material Adverse Effect,
and (v) Administrative Agent shall have received a written notice from Borrower
to the effect of clauses (i), (iii), and (iv) above and stating what
action such party or Noble Entity is taking to cure such breach, event of
default or default, then, an Event of Default shall not occur hereunder if such
party or Noble Entity shall cure such breach, event of default or default
within such sixty (60) day period described in clause (i) above.

 

122

 

(c)   Termination.

 

(i)        (A) Any
Financing Document (other than the Fee Letter if terminated by Dexia) or any
material provision thereof shall for any reason cease to be valid and binding
on the Persons (other than any Agent or Lender) parties thereto or (B) any
such Person party to any Financing Document terminates or claims in writing to
terminate any such Financing Agreement;

 

provided, however, that if any such
event occurs under or with respect to any Interest Rate Agreement or Letter of
Credit, such event shall not result in an Event of Default under this Section 8.7(c)(i) if
Borrower enters into or obtains a replacement of such Interest Rate Agreement
or Letter of Credit (on substantially the same terms as the Interest Rate
Agreement or Letter of Credit being replaced) with or from a Replacement
Obligor within seventy-five (75) days of such event.

 

(ii)       (A) Any
Project Document (other than any Real Property Document or Additional Project
Document if any of the events described in this clause (ii) with
respect to such documents could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect) or any material
provision thereof shall for any reason cease to be valid and binding on the
Persons parties thereto or (B) any such Person terminates or claims in
writing to terminate any such Project Document (other than any Real Property
Document or Additional Project Document if a termination with respect thereto
could not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect);

 

provided, however, that if any such
event occurs under or with respect to any Project Document (other than the
Turbine Supply Agreement), such event shall not result in an Event of Default
under this Section 8.7(c)(ii) if Borrower enters a replacement
agreement for such Project Document (on substantially the same terms as the
Project Document being replaced) with a Replacement Obligor within seventy-five
(75) days of such event.

 

123

 

8.8         Breach
of Terms of Agreement.

 

(a)   (i) Any Noble Entity shall
fail to perform or observe any of the covenants set forth in Sections 5.1,
5.3(c), 5.7(a), 5.18, 5.20(c), or Article 6
(other than Section 6.14(a)(ii) and the Sections specified in Section 8.8(c) below),
(ii) the occurrence of any “Event of Default” or “event of default” (each
as defined under the applicable IDA Document) by any Noble Entity under any IDA
Document or the occurrence of any “Event of Default” or “Termination Event”
(each as defined under the Energy Hedge Agreement) by Borrower under the Energy
Hedge Agreement or (iii) NEP shall fail to perform or observe any of the
covenants set forth in Sections 2.1, 5.1, 5.2
or 5.5 of the NEP Guarantee or the NEP Interest Guarantee;

 

(b)   Any Noble Entity shall fail to
perform or observe any of the covenants set forth in Section 5.3(d),
(e), (g) or (k), Sections 5.15, 5.24 or 5.27
of this Agreement or Article 5 of the Depositary Agreement and such
failure shall continue unremedied for a period of seven (7) Banking Days
after the earlier of the date any Noble Entity obtains Knowledge thereof or
receives written notice thereof from Administrative Agent;

 

(c)   Any Noble Entity shall fail to
perform or observe any of the covenants set forth in Sections 6.2, 6.5,
6.7, or 6.15 or NEP shall fail to perform or observe any of the
covenants set forth in Sections 4.1, 5.4, 5.6
or 6.11(a) of the NEP Guarantee, and any such failure shall
continue unremedied for a period of three (3) Banking Days after the
earlier of the date any Noble Entity or NEP, as applicable, obtains Knowledge
thereof or receives written notice thereof from Administrative Agent;

 

(d)   Any Noble Entity shall have
failed to pursue its material rights and remedies under any Project Document
with an Affiliate of Borrower upon a breach by the applicable Affiliate of the
material terms thereof, and such failure shall continue unremedied for a period
of fifteen (15) Banking Days after the earlier of the date any Noble
Entity obtains Knowledge thereof or receives written notice thereof from
Administrative Agent; or

 

124

 

(e)   Any Noble Entity or Member shall
fail to perform or observe any other covenant to be performed or observed by it
hereunder or under any Financing Document and not otherwise specifically
provided for elsewhere in this Article 8, and such failure shall
continue unremedied for a period of forty five (45) days after the earlier
of the date such Noble Entity or Member, as applicable, obtains Knowledge
thereof or receives written notice thereof from Administrative Agent; provided,
however, that if (i) such failure is of a nature such that it cannot
reasonably be cured within such forty five (45) day period but is
susceptible of cure within an additional forty five (45) days, (ii) such
Noble Entity has given written notice to Administrative Agent of such failure
in accordance with Section 5.3(c), (iii) such Noble Entity or
Member, as applicable, as promptly as practicable commences action reasonably
designed to cure such failure and continues diligently to pursue such action, (iv) such
failure could not reasonably be expected to have a Material Adverse Effect, and
(v) Administrative Agent shall have received a written notice from such
Noble Entity to the effect of clauses (i), (iii), and (iv) above and
stating what action such Noble Entity or Member, as applicable, is taking to
cure such failure, then such forty five (45) day cure period shall be
extended for an additional forty five (45) days (it being intended that
such aggregate cure period shall not exceed ninety (90) days).

 

8.9         Completion;
Final Completion; Term-Conversion.

 

(a)   Completion with respect to all
of the Projects shall not have occurred by no later than a date that is sixty
(60) days prior to the Construction Loan Maturity Date;

 

(b)   Final Completion with respect
to all of the Projects shall not have occurred on or before the Final
Completion Date; or

 

(c)   Term-Conversion shall not have
occurred on or before the Construction Loan Maturity Date.

 

125

 

8.10       Reserved.

 

8.11       Security.  Any of the Collateral Documents, once
executed and delivered, shall, except as the result solely of the acts of the
Administrative Agent or the Lenders, in any material respect fail to provide
the Lenders the Liens, security interest, rights, titles, interest, remedies,
powers or privileges intended to be created thereby or cease to be in full
force and effect with respect to the Collateral, or the validity thereof or the
applicability thereof to the Loans, DSRA LC Loans, the Energy Hedge LC Loan,
the Notes or any other Obligations purported to be secured or guaranteed
thereby or any part thereof shall be disaffirmed (in writing, if disaffirmed by
any Person other than any Noble Entity or any of its Affiliates) by or on behalf
of the relevant Noble Entity.

 

8.12      Loss of
Applicable Permits.

 

(a)   Borrower or any Project Company
shall fail to procure any Permit on or before the date that such Permit becomes
an Applicable Permit and such failure could reasonably be expected to have a
Material Adverse Effect.

 

(b)   Any Applicable Permit, other
than the FERC Orders, necessary for the operation, maintenance or construction
of a Project shall be materially adversely modified, revoked or canceled by the
issuing agency or other Governmental Authority having jurisdiction and such
material adverse modification, revocation or cancellation shall continue
unremedied for thirty (30) days and Administrative Agent shall have
reasonably determined that such material adverse modification, revocation or
cancellation of such Applicable Permit could reasonably be expected to have a
Material Adverse Effect.

 

(c)   FERC or FERC staff, acting
under delegated authority, shall have issued a written order (i) revoking
or canceling any of the FERC Orders; or (ii) materially and adversely
modifying any of the FERC Orders, and such material modification shall continue
unremedied for thirty (30) days and Administrative Agent shall have
reasonably determined that such material modification could reasonably be expected
to have a Material Adverse Effect.

 

126

 

8.13       Loss of
Collateral.  Any material portion
(taking into account the outstanding Obligations) of the Collateral is seized
or appropriated without value being paid therefor such as to allow replacement
of such property with comparable property and/or prepayment in full of the
corresponding portion of the Obligations then outstanding and to allow the
Noble Entities and their Affiliates, in Administrative Agent’s reasonable
judgment, to continue satisfying its obligations hereunder and under the other
Operative Documents; or

 

8.14       Destruction
of the Project.  All or a material
portion of the assets or operations of any Project is destroyed, or suffers an
actual or constructive loss or material damage, and thereafter (a) the
conditions specified in Section 5.4(c) of the Depositary
Agreement are not met or (b) such Project ceases to operate for a period
beyond the later of (i) sixty (60) days after the receipt of Insurance
Proceeds or (ii) one hundred thirty five (135) days after the event
of loss unless, in either case, restoration or repair shall have been approved
in accordance with Section 5.4 of the Depositary Agreement.

 

8.15       Transfer
of Interests.  The Borrower shall
cease to directly or indirectly own,
legally and beneficially, and control in the aggregate 100% of the economic and
voting interests in each Project Company and, except in connection with a
Permitted Transfer, the Members shall cease to directly or indirectly own,
legally and beneficially, and control in the aggregate 100% of the economic and
voting interests in the Borrower.

 

Remedies

 

Without derogation of the provisions of Section 3.4(b),
upon the occurrence and during the continuation of an Event of Default, after
providing notice to Borrower of its intention to exercise any remedies
hereunder or under the other Financing Documents, (provided, however that any
such notice provided under this clause need not be confirmed by telephone)
Administrative Agent may, and at the election of the Majority Lenders shall,
without further notice of default, presentment or demand for payment, protest
or notice of non-payment or dishonor, or other notices or demands of any kind,
all 

 

127

 

such notices and demands being waived by Borrower, exercise any or all
of the following rights and remedies, in any combination or order that
Administrative Agent or the Majority Lenders may elect, in addition to such
other rights or remedies as Administrative Agent and the Lenders may have
hereunder, under the Collateral Documents or at law or in equity:

 

8.16       No Further
Loans.  Refuse, and the Lenders shall
not be obligated, to make any additional Loans or issue or maintain the Letters
of Credit or permit any Term-Conversion or make (or permit to be made) any
payments from any Account or any Proceeds (as defined in the UCC) or other
funds held by Administrative Agent or Depositary under the Financing Documents
or on behalf of Borrower.

 

8.17       Cure by
Administrative Agent.  Without any
obligation to do so, make disbursements or Loans to or on behalf of Borrower to
cure any Event of Default hereunder and to cure any default and render any
performance under any Project Documents as the Majority Lenders in their sole
discretion may consider necessary or appropriate, whether to preserve and
protect the Collateral or the Lenders’ interests therein or for any other
reason, and all sums so expended, together with interest on such total amount
at the Default Rate, shall be repaid by Borrower to Administrative Agent on
demand and shall be secured by the Financing Documents, notwithstanding that
such expenditures may, together with amounts advanced under this Agreement,
exceed the amount of the Total Construction Loan Commitment.

 

8.18       Acceleration.  Declare and make all sums of accrued and
outstanding principal and accrued but unpaid interest remaining under this
Agreement together with all unpaid fees, costs (including Liquidation Costs and
Interest Fix Fees), charges and other amounts due hereunder or under any other
Financing Document, immediately due and payable, provided that in the event of
an Event of Default occurring and continuing under Section 8.4, all
such amounts shall become immediately due and payable without further act of
Administrative Agent or the Lenders or any other Person.

 

8.19       Termination
of Commitments.  Terminate the
Commitments, provided that in the event of an Event of Default occurring under Section 8.4,
such termination 

 

128

 

shall automatically occur without further act of
Administrative Agent or the Lenders or any other Person.

 

8.20       Cash
Collateral.  Apply or execute upon
any amounts on deposit in any Account or any other moneys of any Noble Entity
on deposit with Administrative Agent or any Lender or the Depositary (other
than the Distributable Cash Account) in the manner provided in the UCC and
other relevant statutes and decisions and interpretations thereunder with respect
to cash collateral.  In addition,
Administrative Agent may (i) require the cash collateralization of all
Letters of Credit (to the extent of the undrawn Stated Amounts of Letters of
Credit issued and outstanding) or (ii) after the acceleration of the
Loans, terminate the Energy Hedge LC pursuant to Section 2 thereof.

 

8.21       Possession
of Project.  Enter into possession of
any Project and perform or cause to be performed any and all work and labor
necessary to complete such Project substantially according to the Construction
Contracts and the Plans and Specifications or to operate and maintain such
Project, and all sums expended by Administrative Agent in so doing, together
with interest on such total amount at the Default Rate, shall be repaid by Borrower
to Administrative Agent upon demand and shall be secured by the Financing
Documents, notwithstanding that such expenditures may, together with amounts
advanced under this Agreement, exceed the amount of the Total Construction Loan
Commitment.

 

8.22       IDA
Documents.  Exercise any and all
rights under the IDA Documents permitted to be taken by Administrative Agent
thereunder, including terminating such agreements.

 

8.23       Remedies
Under Financing Documents.  Exercise
any and all rights and remedies available to it under any of the Financing
Documents, including judicial or non-judicial foreclosure or public or private
sale of any of the Collateral pursuant to the Collateral Documents.

 

129

 

ARTICLE 9

SCOPE OF LIABILITY

 

Notwithstanding any other provision of the Financing
Documents (but subject to the last sentence of this Article 9),
there shall be no recourse against any Member or any of their respective
Affiliates (except the Noble Entities), or the stockholders or other owners,
officers, directors or employees of any of them (each, a “Non-Recourse Party”),
for any liability to the Lenders arising in connection with any breach or
default under this Agreement except to the extent the same is enforced against
the Noble Entities and the Collateral and the rents, issues, profits, proceeds
and products of the Collateral, and the Lenders shall look solely to the Noble
Entities (but not to any Non-Recourse Party or to any distributions received by
any Non-Recourse Party pursuant to the terms of this Agreement except as
provided herein) and the Collateral and the rents, issues, profits, proceeds
and products of the Collateral (including the Equity Support Documents) in
enforcing rights and obligations under and in connection with the Financing
Documents; provided that the foregoing provisions of this Article 9
shall not (a) constitute a waiver, release or discharge (or otherwise
impair the enforceability) of any of the indebtedness, or of any of the terms,
covenants, conditions, or provisions of this Agreement, the Notes, the Project
Company Guarantee, any Collateral Document or other Financing Document (but
without personal liability to the Non-Recourse Parties except as provided
herein and therein), and the same shall continue until the Commitments have
been terminated and all Obligations have been fully paid, discharged, observed,
or performed; (b) constitute a waiver, release or discharge (or otherwise
impair the enforceability) of any Lien or security interest purported to be
created pursuant to the Collateral Documents (or otherwise impair the ability
of any Lender to realize or foreclose upon any Collateral); (c) limit or
restrict the right of Administrative Agent and/or the Lenders (or any assignee,
beneficiary or successor to any of them) to name any Noble Entity or any other
Person as a defendant in any action or suit for a judicial foreclosure or for
the exercise of any other remedy under or with respect to this Agreement, any
Project, any Mortgage, the Project Company Guarantee, any Collateral Document
or any other Financing Document, or otherwise, or for injunction or specific
performance, so long as no judgment in the nature of a deficiency judgment
shall be enforced against any Non-Recourse Party out of any 

 

130

 

property, assets or funds other than the Collateral and the rents,
issues, profits, proceeds or products of the Collateral, and any other property
of any Noble Entity; and (d) affect or diminish or constitute a waiver,
release or discharge of any specific written obligation, covenant, or agreement
made by any of the Non-Recourse Parties or any security granted by the
Non-Recourse Parties in support of the obligations of such Persons under any
guarantee or as security for the obligations of the Noble Entities.  Notwithstanding the foregoing, it is
expressly understood and agreed that nothing contained in this Article 9
shall be deemed to limit or restrict any right or remedy of the Lenders (or any
assignee or beneficiary thereof or successor thereto) with respect to, and each
of the Noble Entities and all of the other Persons described above shall remain
fully liable to the extent that such Person would otherwise be liable for its
own actions with respect to, any fraud, willful misconduct, gross negligence or
misappropriation of Project Revenues or any other earnings, revenues, rents,
issues, profits or proceeds from any Project that should or would have been
paid as provided herein or paid or delivered to the Administrative Agent or any
other Lender (or any assignee or beneficiary thereof or successor thereto)
towards any payment required under this Agreement or any other Operative
Document.

 

ARTICLE 10

ADMINISTRATIVE AGENT; SUBSTITUTION

 

10.1       Appointment,
Powers and Immunities.

 

(a)   Each Lender hereby appoints and
authorizes Administrative Agent to act as its Administrative Agent hereunder
and under the other Financing Documents with such powers as are expressly
delegated to Administrative Agent by the terms of this Agreement and the other
Financing Documents, together with such other powers as are reasonably
incidental thereto.  Administrative Agent
shall not have any duties or responsibilities except those expressly set forth
in this Agreement or in any other Financing Document, and shall not be a
trustee for, or fiduciary of, any Lender. 
Notwithstanding anything to the contrary contained herein,
Administrative Agent shall not be required to take any action which is contrary
to this Agreement or any other Financing Document or any Legal Requirement or
exposes Administrative Agent to any liability. 
Each of Administrative Agent, the Lenders and any of their respective 

 

131

 

Affiliates shall not be responsible to any other
Lender for any recitals, statements, representations or warranties made by any
Noble Entity or their respective Affiliates or any Member contained in this
Agreement or any other Financing Document or in any certificate or other
document referred to or provided for in or received by Administrative Agent or
any Lender under this Agreement or any other Financing Document, for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement, the Notes, any other Financing Document or any other document
referred to or provided for herein or for any failure by any Noble Entity or
their respective Affiliates or any Member to perform their respective
obligations hereunder or thereunder. 
Administrative Agent may employ Administrative Agents and
attorneys-in-fact and shall not be responsible for the negligence or misconduct
of any such Administrative Agents or attorneys-in-fact selected by it with
reasonable care.

 

(b)   Administrative Agent and its
respective directors, officers, employees or Administrative Agents shall not be
responsible for any action taken or omitted to be taken by it or them hereunder
or under any other Financing Document or in connection herewith or therewith,
except for its or their own gross negligence or willful misconduct as
determined by a final non-appealable judgment of a court of competent
jurisdiction.  Without limiting the
generality of the foregoing, Administrative Agent (i) may treat the payee
of any Note as the holder thereof until Administrative Agent receives written
notice of the assignment or transfer thereof signed by such payee and in form
and substance satisfactory to Administrative Agent; (ii) may consult with
legal counsel (including counsel for any Noble Entity), independent public
accountants and other experts selected by it and shall not be liable for any
action taken or omitted to be taken in good faith by them in accordance with
the advice of such counsel, accountants or experts; (iii) makes no
warranty or representation to any Lender for any statements, warranties or
representations made in or in connection with any Operative Document; (iv) shall
not have any duty to ascertain or to inquire as to the performance or
observance of any of the terms, covenants or conditions of any Operative
Document on the part of any party thereto or to inspect the property (including
the books and records) of any Noble Entity or any 

 

132

 

other Person; and (v) shall not be responsible to
any Lender for the due execution, legality, validity, enforceability,
genuineness, sufficiency or value of any Operative Document or any other
instrument or document furnished pursuant hereto or thereto.  Except as otherwise provided under this
Agreement, Administrative Agent shall take such action with respect to the
Financing Documents as shall be directed by the Majority Lenders.

 

10.2       Reliance
by Administrative Agent. 
Administrative Agent shall be entitled to rely upon any certificate,
notice or other document (including any cable, telegram, telecopy or telex)
believed by it to be genuine and correct and to have been signed or sent by or
on behalf of the proper Person or Persons, and upon advice and statements of
legal counsel, independent accountants and other experts selected by
Administrative Agent.  As to any other
matters not expressly provided for by this Agreement, Administrative Agent
shall not be required to take any action or exercise any discretion, but shall
be required to act or to refrain from acting upon instructions of the Majority
Lenders or, where expressly provided, the Majority Lenders (except that
Administrative Agent shall not be required to take any action which exposes
Administrative Agent to personal liability or which is contrary to this Agreement,
any other Financing Document or any Legal Requirement) and shall in all cases
be fully protected in acting, or in refraining from acting, hereunder or under
any other Financing Document in accordance with the instructions of the
Majority Lenders, and such instructions of the Majority Lenders and any action
taken or failure to act pursuant thereto shall be binding on all of the
Lenders.

 

10.3       Non-Reliance.  Each Lender represents that it has,
independently and without reliance on Administrative Agent or any other Lender,
and based on such documents and information as it has deemed appropriate, made
its own appraisal of the financial condition and affairs of the Noble Entities,
the Equity Support Members and their respective Affiliates and decision to enter
into this Agreement and agrees that it will, independently and without reliance
upon Administrative Agent, or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
appraisals and decisions in taking or not taking action 

 

133

 

under this Agreement.  Each of
Administrative Agent and any Lender shall not be required to keep informed as
to the performance or observance by any Noble Entity, any Equity Support Member
or any of their respective Affiliates or the Members under this Agreement or
any other document referred to or provided for herein or to make inquiry of, or
to inspect the properties or books of any Noble Entity, any Equity Support
Member or any of their respective Affiliates or any Member.

 

10.4       Defaults.  Administrative Agent (acting in its capacity
as Administrative Agent and not in any other capacity) shall not be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default
unless Administrative Agent has received a written notice from a Lender or
Borrower, referring to this Agreement, describing such Default or Event of
Default and indicating that such notice is a “notice of default.”  If Administrative Agent receives such a
notice of the occurrence of a Default or Event of Default, Administrative Agent
shall give notice thereof to the Lenders. 
Administrative Agent shall take such action with respect to such Default
or Event of Default as is provided in Article 8 or if not provided
for in Article 8, as Administrative Agent shall be reasonably
directed by the Majority Lenders; provided, however, that unless
and until Administrative Agent shall have received such directions,
Administrative Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such Default or Event of
Default as it shall deem advisable in the best interest of the Lenders.

 

10.5       Indemnification.  Without limiting the obligations of Borrower
hereunder, each Lender agrees to indemnify Administrative Agent ratably in
accordance with its Proportionate Share for any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever, which may at any
time be imposed on, incurred by or asserted against Administrative Agent in any
way relating to or arising out of this Agreement, the other Financing Documents
or any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby or the enforcement of any of the
terms hereof or thereof or of any such other documents; provided, however,
that no Lender shall be liable for any of the foregoing to the extent they arise
solely from 

 

134

 

Administrative Agent’s gross negligence or willful misconduct as
determined by a final non-appealable judgment of a court of competent
jurisdiction.  Administrative Agent shall
be fully justified in refusing to take or to continue to take any action
hereunder unless it shall first be indemnified to its satisfaction by the
Lenders against any and all liability and expense which may be incurred by it
by reason of taking or continuing to take any such action.  Without limitation of the foregoing, each
Lender agrees to reimburse Administrative Agent promptly upon demand for its
ratable share of any out-of-pocket expenses (including counsel fees) incurred
by Administrative Agent in connection with the preparation, execution,
administration or enforcement of, or legal advice in respect of rights or
responsibilities under, the Operative Documents, to the extent that
Administrative Agent is not reimbursed promptly for such expenses by Borrower.

 

10.6       Successor
Administrative Agent.  Administrative
Agent acknowledges that its current intention is to remain Administrative Agent
hereunder.  Nevertheless, Administrative
Agent may resign at any time by giving written notice thereof to the Lenders
and Borrower, such resignation to be effective only upon the acceptance of the
appointment of a successor Administrative Agent.  Administrative Agent may be removed
involuntarily only for a material breach of its duties and obligations
hereunder or under the other Financing Documents or for gross negligence or
willful misconduct, as determined by a final non-appealable judgment of a court
of competent jurisdiction, in connection with the performance of its duties
hereunder or under the other Financing Documents and then only upon the (a) affirmative
vote of the Majority Lenders (excluding Administrative Agent from such vote and
Administrative Agent’s Proportionate Share of the Commitment from the amounts
used to determine the portion of the Commitment necessary to constitute the
required Proportionate Share of the remaining Lenders) or (b) written
request of Borrower (with the written consent of the Majority Lenders, not to
be unreasonably withheld, delayed or conditioned).  Upon any such resignation or removal, the
Majority Lenders shall have the right to appoint (subject to the rights granted
below) a successor Administrative Agent with the consent of Borrower (unless an
Event of Default shall have occurred and be continuing), which consent shall
not be unreasonably withheld and which consent shall be provided with 

 

135

 

respect to at least one of the Lenders. 
If no successor Administrative Agent shall have been so appointed by the
Majority Lenders (with the consent of the Borrower unless an Event of Default
shall have occurred and be continuing), or if such successor Administrative
Agent shall have not accepted such appointment, within thirty (30) days
after the retiring Administrative Agent’s giving of notice of resignation or
the Lenders’ removal of the retiring Administrative Agent, the retiring
Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent, which shall be a Lender, if any Lender shall be willing
to serve, and otherwise shall be a commercial bank selected by Administrative
Agent unless, within twenty-one (21) days of such selection by
Administrative Agent, Borrower selects a different commercial bank to so act as
Administrative Agent, in which case the commercial bank so selected by Borrower
shall become the successor Administrative Agent.  Upon the acceptance of any appointment as
Administrative Agent under the Operative Documents by a successor
Administrative Agent, such successor Administrative Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges and duties of the
retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from its duties and obligations as Administrative Agent under the
Financing Documents.  After any retiring
Administrative Agent’s resignation or removal hereunder as Administrative
Agent, the provisions of this Article 10 shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was
Administrative Agent under the Operative Documents.

 

10.7       Authorization.  Administrative Agent is hereby authorized by
the Lenders to execute, deliver and perform each of the Financing Documents to
which Administrative Agent is or is intended to be a party and each Lender
agrees to be bound by all of the agreements of Administrative Agent contained
in the Financing Documents. 
Administrative Agent is further authorized by the Lenders to enter into
agreements supplemental hereto with any Person for the purpose of curing any
formal defect, inconsistency, omission or ambiguity in this Agreement or any
Financing Document to which it is a party (without any consent or approval by
the Lenders).

 

136

 

10.8       Other
Rights and Powers of Administrative Agent. 
With respect to its Commitment, the Loans, DSRA LC Loans and the Energy
Hedge LC Loan made by it and any Note issued to it, Administrative Agent shall
have the same rights and powers under the Operative Documents as any other
Lender and may exercise the same as though it were not Administrative
Agent.  The term “Lender” or “Lenders”
shall, unless otherwise expressly indicated, include Administrative Agent in
its individual capacity.  Administrative
Agent and its Affiliates may accept deposits from, lend money to, act as
trustee under indentures of, and generally engage in any kind of business with
any Noble Entity or any other Person, without any duty to account therefor to
the Lenders.

 

10.9       Amendments.  Neither this Agreement nor any of the other
Financing Documents, nor any Project Company LLC Agreement, nor any of the
provisions contained herein or therein may be amended, modified, terminated,
varied, supplemented or waived without the prior written consent of the
Borrower and the Majority Lenders (other than, with respect only to (i) the
Equity Support Documents, amendments, modifications, variances, supplements or
waivers to cure any defective provisions contained therein or to permit
immaterial deviations from the terms thereof if, in each case, such amendment,
modification, variance, supplement or waiver is not inconsistent with the
Financing Documents, Project Budgets, Project Schedules or the current Annual
Operating Budgets, and so long as a copy of any such amendment, modification,
variance, supplement or waiver is delivered to Administrative Agent not less
than three (3) Banking Days prior to the execution thereof or (ii) Section 5.17
of this Agreement for which only the consent of the Joint Bookrunners shall be
required); provided, however, that no such amendment,
modification, termination, variance, supplement or waiver shall, without the
consent of all of the Lenders and the Voting Participants:

 

(a)   Extend the maturity of any
Loan, DSRA LC Loan, the Energy Hedge LC Loan or any of the Notes or reduce the
principal amount thereof, or reduce the rate or change the time of payment of
interest due on any Loan, DSRA LC Loan, the Energy Hedge LC Loan, Note,
Commitment Fee or LC Fee; or

 

137

 

(b)      Extend the Construction Loan
Maturity Date, the Equity Bridge Loan Maturity Date, the Term Loan Maturity
Date, the DSRA LC Loan Maturity Date or the Energy Hedge LC Loan Maturity Date;
or

 

(c)       Modify Sections 2.1,
2.2, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9,
5.1, 6.6, 10.1, 10.13, or 10.14 of this
Financing Agreement or Sections 5.1, 5.2, or 5.3 of
the Depositary Agreement; or

 

(d)      Reduce the amount or extend
the payment date for any amount due under Article 2; or

 

(e)       Increase the amount of the
Commitment of any Lender hereunder (except as permitted under Section 10.12);
or

 

(f)       Reduce or change the time
or amount of payment of any fee (other than the Other Fees) due or payable
hereunder or under any Financing Document; or

 

(g)      Reduce the percentage
specified in the definition of Majority Lenders; or

 

(h)      Amend this Section 10.9
other than with the consent of the Lenders required under the corresponding
clause of this Section 10.9; or

 

(i)        Release any Collateral
from the Lien of any of the Collateral Documents, release any guaranties under
any of the Collateral Documents or allow release of any funds from any Account
otherwise than in accordance with the terms hereof (including Section 6.4)
and with the terms of the Depositary Agreement.

 

provided  further,
however, that no such amendment, modification, termination, variance,
supplement or waiver shall, without the consent of ninety percent (90%) of
the Lenders and the Voting Participants modify Sections 5.9 or 6.18.

 

With respect to any request to amend any of Sections 5.1,
5.2, or 5.3 of the Depositary Agreement or Sections 5.9,
6.6, 6.18, 10.13, or 10.14 of the Financing
Agreement, each Lender shall be deemed to have consented to such request if it
has not notified 

 

138

 

Administrative
Agent of its objection to such request by a date which is no later than the
applicable deadline to be mutually agreed upon between Administrative Agent and
Borrower plus an additional three (3) Banking Days.

 

No amendment,
modification, termination, variance, supplement or waiver of any provision of
this Agreement relating to Administrative Agent shall be effective without the
written consent of Administrative Agent.

 

10.10     Withholding
Tax.

 

(a)   Administrative Agent may
withhold from any interest payment to any Lender an amount equivalent to any
applicable withholding tax.  If the forms
or other documentation required by Section 2.7(d)(v) are not
delivered to Administrative Agent, then Administrative Agent may withhold from
any interest payment to any Lender not providing such forms or other
documentation, an amount equivalent to the applicable withholding tax.

 

(b)   If the Internal Revenue Service
or any authority of the United States or other jurisdiction asserts a claim
that Administrative Agent did not properly withhold tax from amounts paid to or
for the account of any Lender (because the appropriate form was not delivered,
was not properly executed, or because such Lender failed to notify Administrative
Agent or any other Person of a change in circumstances which rendered the
exemption from, or reduction of, withholding tax ineffective, or for any other
reason) such Lender shall promptly indemnify Administrative Agent and/or
Borrower, as applicable, fully for all amounts paid, directly or indirectly, by
such Person as tax or otherwise, including penalties and interest, together
with all expenses incurred, including legal expenses, allocated staff costs,
and any out-of-pocket expenses.

 

(c)   If any Lender sells, assigns,
grants participations in, or otherwise transfers its rights under this
Agreement, the participant shall comply and be bound by the terms of Sections 2.7(d)(v),
10.10(a) and 10.10(b) as though it were such Lender.

 

139

 

10.11     General
Provisions as to Payments. 
Administrative Agent shall promptly distribute to each Lender its pro
rata share of each payment of principal and interest payable to the Lenders on
the Loans, DSRA LC Loans, the Energy Hedge LC Loan and fees hereunder received
by Administrative Agent for the account of the Lenders and of any other amounts
owing under the Loans, DSRA LC Loans and the Energy Hedge LC Loan.  The payments made for the account of each
Lender shall be made, and distributed to it, for the account of its Lending
Office.

 

10.12     Substitution
of Lender.  Should any Lender fail to
make a Loan, or provide the forms or other documentation required by Section 2.7(d)(v) in
violation of its obligations under this Agreement, or be unable to make LIBO
Rate Loans due to an event occurring under Section 2.8(a) or Section 2.8(b),
or claim increased costs under Section 2.8(c) or Section 2.8(d) (a
“Substitutable Lender”), Administrative Agent (a) may in its sole
discretion fund the Loan on behalf of the Substitutable Lender and (b) shall
cooperate with Borrower or any other Lender to find another Person that shall
be acceptable to Administrative Agent and that shall be willing to assume the
Substitutable Lender’s obligations under this Agreement (including the
obligation to make the Loan which the Substitutable Lender failed to make but
without assuming any liability for damages for failing to have made such Loan
or any previously required Loan). 
Subject to the provisions of the next following sentence, such Person
shall be substituted for the Substitutable Lender hereunder upon execution and
delivery to Administrative Agent of an agreement acceptable to Administrative
Agent by such Person assuming the Substitutable Lender’s obligations under this
Agreement, and all interest and fees which would otherwise have been payable to
the Substitutable Lender shall thereafter be payable to such Person.  Nothing in (and no action taken pursuant to)
this Section 10.12 shall relieve the Substitutable Lender from any
liability it might have to Borrower or to the other Lenders as a result of its
failure to make such Loan.

 

10.13     Participations.

 

(a)   Generally.  Nothing herein provided shall prevent any
Lender from selling a participation in its Commitment (and Loans, DSRA LC Loans
or the Energy Hedge LC Loan made thereunder); provided that, except to
the extent provided in 

 

140

 

Section 10.13(b) below with respect
to Voting Participations, (i) no such sale of a participation shall alter
such Lender’s obligations hereunder and (ii) any agreement pursuant to
which any Lender may grant a participation in its rights with respect to its
Commitment (and Loans or other Obligations) shall provide that, with respect to
such Commitment (and Loans or other Obligations), such Lender shall retain the
sole right and responsibility to exercise the rights of such Lender, and
enforce the obligations of Borrower relating to such Commitment (and Loans or
other Obligations), including the right to approve any amendment, modification
or waiver of any provision of this Agreement or any other Financing Document
and the right to take action to have the Notes declared due and payable
pursuant to Article 8. 
Except to the extent provided in Section 10.13(b) below
with respect to Voting Participations, no recipient of a participation in any
Commitment or Loans, DSRA LC Loans or the Energy Hedge LC Loan of any Lender
shall have any rights under this Agreement.

 

(b)   Voting Participations.  Notwithstanding the provisions of Section 10.13(a),
a Lender may sell a participation (a “Voting Participation”) in its
Commitment (and Loans or other Obligations made thereunder) to a Voting
Participant whereby such Voting Participant shall be accorded the voting rights
of such Lender to the extent of such Voting Participation, and the voting
rights of such Lender shall be reduced accordingly; provided, however,
that no Lender may sell such Voting Participation in any portion of its Commitment
(including Loans and other Obligations) that is less than Five Million Dollars
($5,000,000) (unless to another Lender) or which leaves the selling Lender with
a Commitment (including Loans and other Obligations) that is less than Five
Million Dollars ($5,000,000) after giving effect to such Voting Participation
and all previous Voting Participations. 
For the avoidance of doubt, where any matter contained in this Agreement
requires the vote, agreement or consent of all of the Lenders, then such matter
shall also require the vote, agreement or consent (as the case may be) of the
Voting Participants.  Each Voting
Participant shall provide such information concerning the details of its
participation (such as its contact details, the dollar amount of the participation
purchased and a copy of the participation agreement) as Administrative Agent
shall reasonably request, and the parties to such Voting Participation shall
cause to be paid to Administrative Agent 

 

141

 

a processing fee in the amount of Three Thousand Five Hundred Dollars
($3,500).  Sub-participations of a Voting
Participation by a Voting Participant shall not be permitted hereunder.

 

10.14     Transfer
of Commitment.  Notwithstanding
anything else herein to the contrary, any Lender, after receiving the prior
written consent of Administrative Agent and Borrower (which consent of Borrower
shall (i) only be required after the completion of the initial syndication
of the Loans to the sub-underwriters to be identified and subsequent initial
retail syndication of the Loans to the Lenders has closed, (ii) only be
required so long as no Event of Default has occurred and is continuing and (iii) not
be unreasonably withheld or delayed when so required), may from time to time,
at its option, sell, assign, transfer, negotiate or otherwise dispose of a
portion of its Commitment (and Loans and other Obligations) (including the
Lender’s interest in this Agreement and the other Financing Documents) to any
bank or other lending institution which in such assigning Lender’s reasonable
judgment is reasonably capable of performing the obligations of a Lender
hereunder and reasonably experienced in project financings and, with respect to
any such sale, assignment, transfer, negotiation or other disposition occurring
prior to Term-Conversion, such bank or other lending institution shall have a
combined capital and surplus of at least One Hundred Million Dollars
($100,000,000); provided, however, that (x) no Lender
(including any assignee of any Lender) may assign any portion of its Commitment
(including Loans) of less than Ten Million Dollars ($10,000,000) (unless to
another Lender) or which leaves the assigning Lender with a Commitment
(including Loans) of less than Five Million Dollars ($5,000,000) after giving
effect to such assignment and all previous assignments (except that a Lender
may be left with no Commitment and Loans if it assigns its entire Commitment
and Loans), (y) no Lender (including any assignee of any Lender) may
assign any portion of its Commitment (including Loans) to a new lender if, at
the time of transfer, such assignment would result, if the circumstances
(including Governmental Rules) at the time of such transfer were unchanged in
claims being made by such new lender, for costs pursuant to Section 2.7
or Section 2.8 hereof in excess of those which could be made by the
assigning Lender were it not to make such assignment, unless such new lender
waives its right to claim such costs or unless Borrower consents to such 

 

142

 

transfer and (z) no Lender may transfer to a new Lender which
(either itself or through its Affiliates) develops, constructs, owns (other
than ownership interests in projects in which such new Lender or such
Affiliates are passive investors and neither exercise management nor day to day
control over the affairs of such projects) or operates wind farms.  In the event of any such assignment, (a) the
assigning Lender’s Proportionate Share shall be reduced by the amount of the
Proportionate Share assigned to the new lender; (b) the parties to such
assignment shall execute and deliver an appropriate agreement evidencing such
sale, assignment, transfer or other disposition and shall cause to be paid to
Administrative Agent a processing fee in the amount of Three Thousand Five
Hundred Dollars ($3,500); (c) at the assigning Lender’s option, Borrower
shall execute and deliver to such new lender new Notes in the forms attached
hereto as Exhibit B-1 or Exhibit B-2 (as appropriate),
in a principal amount equal to its Proportionate Share of the Commitment being
assigned, and Borrower shall execute and exchange with the assigning Lender a
replacement note for any Note in an amount equal to the Proportionate Share of
the Commitment retained by the Lender, if any, and (d) the assigning
Lender shall (without duplication of its obligations pursuant to the
immediately preceding clause (c)) cancel and return any Note to Borrower
promptly after the effectiveness of such assignment.  Thereafter, such new lender shall be deemed
to be a Lender and shall have all of the rights and duties of a Lender (except
as otherwise provided in this Article 10), in accordance with its
Proportionate Share, under each of the Financing Documents.  For greater certainty, other than as set
forth in Section 12.4(b), the costs of the foregoing shall not be for the
account of Borrower.

 

10.15     Laws.  Notwithstanding the foregoing provisions of
this Article 10, no sale, assignment, transfer, negotiation or
other disposition of the interests of any Lender hereunder or under the other
Financing Documents shall be allowed if it would require registration under the
Exchange Act, any other federal securities laws or regulations or the
securities laws or regulations of any applicable jurisdiction.  Borrower shall, from time to time at the
request and expense of Administrative Agent, execute and deliver to
Administrative Agent, or to such party or parties as Administrative Agent may
designate, any and all further instruments and take such further actions as may
in the 

 

143

 

opinion of Administrative Agent be reasonably necessary or advisable to
give full force and effect to such disposition.

 

10.16     Assignability
to Federal Reserve Bank. 
Notwithstanding any other provision contained in this Agreement or any
other Financing Document to the contrary, any Lender may assign all or any
portion of the Loans, DSRA LC Loans, the Energy Hedge LC Loan or Notes held by it
to any Federal Reserve Bank or the United States Treasury as collateral
security pursuant to Regulation A of the Federal Reserve Board and any
Operating Circular issued by such Federal Reserve Bank, provided that any
payment in respect of such assigned Loans, DSRA LC Loans, the Energy Hedge LC
Loan or Notes made by Borrower to or for the account of the assigning and/or
pledging Lender in accordance with the terms of this Agreement shall satisfy
Borrower’s obligations hereunder in respect to such assigned Loans, DSRA LC
Loans, the Energy Hedge LC Loan or Notes to the extent of such payment.  No such assignment shall release the
assigning Lender from its obligations hereunder and in no event shall the
Federal Reserve Bank be considered a “Lender” hereunder.

 

10.17     Response
to Borrower Requests.  Administrative
Agent and each Lender shall endeavor to act as diligently as practicable in the
review of documents, the making of determinations or the consideration of
requests for consents, approvals, waivers or amendments required to be
reviewed, made or considered by Administrative Agent or the Lenders, as the
case may be, as contemplated by and in accordance with the provisions of this
Agreement and the other Operative Documents. 
Borrower shall provide Administrative Agent with reasonable advance
written notice of the expected occurrence of any such requirements and, at the
reasonable request of Borrower and to the extent required by this Agreement,
Administrative Agent shall so advise the Lenders.  Borrower shall provide such documents and
information to any Lender (through Administrative Agent) as Administrative
Agent may reasonably consider necessary or advisable, and shall otherwise
cooperate with Administrative Agent and the Lenders to permit Administrative Agent
and the Lenders effectively to review such documents, make such determinations
or consider such requests for consents, approvals, waivers or amendments.

 

144

 

ARTICLE 11

INDEPENDENT CONSULTANTS

 

11.1       Removal
and Fees.  Administrative Agent, in
its reasonable discretion, may remove from time to time, any one or more of the
Independent Consultants and appoint replacements or shall appoint additional
consultants.  If no Event of Default
shall have occurred and be continuing such replacement consultants or
additional consultants shall be reasonably acceptable to Borrower.  Notice of any replacement Independent
Consultant shall be given by Administrative Agent to Borrower, the Lenders and
to the Independent Consultant being replaced. 
All reasonable fees and expenses of the Independent Consultants (whether
the original Independent Consultants or replacements) shall be paid by Borrower;
provided, however, that unless an Event of Default shall have
occurred and be continuing, Administrative Agent shall request that each such
Independent Consultant provide Borrower with its proposed scope of work and
proposed budget therefor, and shall consult with and seek the consent of
Borrower (such consent not to be unreasonably withheld or delayed) with regard
to the matters contained therein.

 

11.2       Duties.  Each Independent Consultant shall be
contractually obligated to Administrative Agent to carry out the activities
required of it in this Agreement and as otherwise requested by Administrative
Agent and shall be responsible solely to Administrative Agent.  Borrower acknowledges, and will cause each
Project Company to acknowledge, that it will not have any cause of action or
claim against any Independent Consultant resulting from any decision made or
not made, any action taken or not taken or any advice given by such Independent
Consultant in the due performance in good faith of its duties to Administrative
Agent hereunder, except to the extent arising from such Independent Consultant’s
gross negligence or willful misconduct.

 

11.3       Independent
Consultants’ Certificates.

 

(a)   Borrower, upon request by the
Administrative Agent, shall provide such documents and information which are
available to Borrower as any of the 

 

145

 

Independent Consultants may consider reasonably necessary in order for
the Independent Consultants to deliver to Administrative Agent the following
certificates:

 

(i)        certificates
of the Insurance Consultant, Borrower’s Environmental Consultants, the
Independent Engineer, CRA International, Inc. and DNV or GL delivered on
and dated as of the Financial Closing Date as described in Article 3
and containing the matters set out therein;

 

(ii)       after
the Financial Closing Date, all certificates to be delivered pursuant to Section 3.2(c) or,
if no Loan has taken place in any month, certificates delivered at the end of
the month as to the matters required by Exhibit D-6;

 

(iii)      monthly
after the Financial Closing Date (until the Term-Conversion Date), a full
report and status of the progress of each Project to that date, a complete
assessment of Project Costs to Final Completion with respect to all of the
Projects and such other information and certification as Administrative Agent
may reasonably require from time to time; and

 

(iv)      such
other information and certification as Administrative Agent may reasonably
require from time to time.

 

(b)   Following Completion with
respect to all of the Projects, Borrower shall provide such documents and
information to the (i) Insurance Consultant as it may reasonably consider
necessary in order for the Insurance Consultant to deliver annually to
Administrative Agent a certificate setting forth a full report on the status of
the insurance requirements with respect to each Project and such other
information and certification as Administrative Agent may reasonably require
from time to time, and (ii) Independent Engineer as it may reasonably
consider necessary in order for the Independent Engineer to deliver to
Administrative Agent (at such times as Administrative Agent shall reasonably
deem necessary) an annual report of the status of each Project.

 

146

 

11.4       Certification
of Dates.  Borrower shall provide the
Independent Consultants with reasonable notice of the expected occurrence of
any such dates or events that would require certificates of Independent
Consultants hereunder.

 

ARTICLE 12

MISCELLANEOUS

 

12.1       Addresses.  Any communications between the parties hereto
or notices provided pursuant hereto or hereunder shall be given to the
following addresses:

 

	
  If to Administrative
  Agent:

  	
   

  	
  Dexia Crédit Local, New
  York Branch 

  445 Park Avenue, 7th Floor 

  New York, New York 10022 

  Tel:    (212) 515-7000 

  Fax:    (212) 753-5522 

  Attn:   Portfolio Management

  
	
   

  	
   

  	
   

  
	
  If to Borrower:

  	
   

  	
  Noble Environmental
  Power 2006 Hold Co, LLC 

  8 Railroad Avenue 

  Suite 8, Second Floor 

  Essex, CT 06426 

  

  Tel:    (860)581-5010 

  Fax:    (860)767-7041 

  Attn:   Vice President of Asset Management

  
	
   

  	
   

  	
   

  
	
  If to the Project
  Companies:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Noble Bliss Windpark,
  LLC 

  8 Railroad Avenue 

  Suite 8, Second Floor 

  Essex, CT 06426 

  

 

147

 

	
   

  	
   

  	
  Tel:    (860)581-5010
  

  Fax:    (860)767-7041 

  Attn:   Vice President of Asset Management

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Noble Clinton Windpark
  I, LLC 

  8 Railroad Avenue 

  Suite 8, Second Floor 

  Essex, CT 06426 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tel:    (860)581-5010 

  Fax:    (860)767-7041 

  Attn:   Vice President of Asset Management

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Noble Ellenburg Windpark, LLC  

  8 Railroad Avenue 

  Suite 8, Second Floor 

  Essex, CT 06426 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tel:    (860)581-5010 

  Fax:    (860)767-7041 

  Attn:   Vice President of Asset Management

  

 

All notices or other communications required or permitted to be given
hereunder shall be in writing and shall be considered as properly given (a) if
delivered in person, (b) if sent by overnight delivery service (including
Federal Express, ETA, Emery, DHL, Air Borne and other similar overnight delivery
services), (c) in the event overnight delivery services are not readily
available, if mailed by first class mail, postage prepaid, registered or
certified with return receipt requested or (d) if sent by telecopy.  Notice so given shall be effective upon
actual receipt by the addressee, except that communication or notice so
transmitted by telecopy shall be deemed to have been validly and effectively
given on the day (if a Banking Day and, if not, on the next following Banking
Day) on which it is transmitted if transmitted before 4 p.m., recipient’s
time, and if transmitted 

 

148

 

after that time, on the next following Banking Day, in each case as
evidenced by transmittal confirmation received by the transmitter; provided,
however, that if any notice is tendered to an addressee and the delivery
thereof is refused by such addressee, such notice shall be effective upon such
tender and if notice is sent by telecopy the transmitter will endeavor to
confirm such telecopy by telephone, it being agreed that such confirmation by
telephone shall be deemed to have occurred in the event the party delivering
such notice or other communication has endeavored to leave a voicemail message
at the number listed above for the recipient of such notice or other
communication.  Any party shall have the
right to change its address for notice hereunder to any other location within
the United States by giving of thirty (30) days’ written notice to the other
parties in the manner set forth herein above.

 

12.2       Additional
Security; Right to Set-Off.  Other
than in the Distributable Cash Account, any deposits or other sums at any time
credited or due from Lenders and any Project Revenues, securities or other
Collateral of the Noble Entities in the possession of Administrative Agent may
at all times be treated as collateral security for the payment of the Loans,
DSRA LC Loans, the Energy Hedge LC Loan and the Notes and all other obligations
of the Noble Entities to the Lenders under this Agreement and the other
Financing Documents, and Borrower hereby pledges, and shall cause each of the
Project Companies to pledge, to Administrative Agent for the benefit of the
Lenders and grants Administrative Agent a security interest and Lien in and to all
such deposits, sums, securities or other Collateral.  Regardless of the adequacy of any other
collateral, Administrative Agent and only Administrative Agent may execute or
realize on the Lenders’ security interest in any such deposits or other sums
credited by or due from the Lenders to any Noble Entity, and may apply any such
deposits or other sums to or set them off against Borrower’s obligations to
Lenders under the Notes and this Agreement at any time after the occurrence and
during the continuance of any Event of Default. 
Notwithstanding any provision in this Agreement to the contrary, neither
Administrative Agent nor any Lender shall have any rights to set off any
amounts due to Administrative Agent or any Lender under this Agreement against
any funds in the Distributable Cash Account.

 

149

 

12.3       Delay and
Waiver.  No delay or omission to
exercise any right, power or remedy accruing to Administrative Agent or the
Lenders upon the occurrence of any Event of Default or Default or any breach or
default of Borrower under this Agreement or any other Financing Document shall
impair any such right, power or remedy of Administrative Agent or the Lenders,
nor shall it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of any similar breach or default thereafter occurring,
nor shall any waiver of any single Event of Default, Default or other breach or
default be deemed a waiver of any other Event of Default, Default or other
breach or default theretofore or thereafter occurring.  Any waiver, indulgence, permit, consent or
approval of any kind or character on the part of Administrative Agent and/or
the Lenders of any Event of Default, Default or other breach or default under this
Agreement or any other Financing Document, or any waiver on the part of
Administrative Agent and/or the Lenders of any provision or condition of this
Agreement or any other Financing Document, must be in a writing expressly
referencing this Agreement and shall be effective only to the extent in such
writing specifically set forth.  All
remedies, either under this Agreement or any other Financing Document or by law
or otherwise afforded to Administrative Agent and the Lenders, shall be
cumulative and not alternative.

 

12.4       Costs,
Expenses and Attorneys’ Fees; Syndication.

 

(a)   Subject to the letter agreement
dated May 25, 2006, among Dexia, Noble Environmental Power, LLC and
Chadbourne & Parke LLP, (as supplemented by the letter agreement dated
March 5, 2007) Borrower will pay to Administrative Agent and HSH, as Joint
Bookrunner, all of its reasonable
third-party and out-of-pocket costs and expenses in connection with the
preparation, negotiation, closing and costs of administering this Agreement and
the Operative Documents, including the reasonable fees, expenses and
disbursements of Chadbourne & Parke LLP and other attorneys retained
by Administrative Agent in connection with the preparation of such documents
and any amendments hereof or thereof, or the negotiation, closing or
administration of this Agreement, and the reasonable fees, expenses and
disbursements of the Independent Consultants and any other engineering,
insurance, 

 

150

 

environmental and construction consultants to Administrative Agent
incurred in connection with this Agreement or the Loans, DSRA LC Loans, the
Energy Hedge LC Loan, the Letters of Credit or the Commitments, and the
reasonable and documented travel, out-of-pocket, tombstone and lucite costs
incurred by Administrative Agent, provided, however, that
Borrower shall not be required to pay the fees of Lenders’ (other than
Administrative Agent’s) attorneys. 
Except as provided in Section 5.21(b), Borrower will
reimburse Administrative Agent and the Lenders for all costs and expenses,
including reasonable attorneys’ fees, expended or incurred by Administrative
Agent and each Lender in enforcing this Agreement or the other Financing
Documents in connection with an Event of Default or Default, in actions for
declaratory relief in any way related to this Agreement, in collecting any sum
which becomes due Administrative Agent or any Lender on the Notes or under the
Financing Documents, or in connection with the participation by Administrative Agent,
any Lender or the Independent Engineer in any arbitration proceedings under the
Construction Contracts.

 

(b)   In connection with syndication
of the credit facilities under this Agreement, an information package, subject
to the confidentiality provisions contained in Section 12.20,
containing certain relevant information concerning Borrower, each Member, the
Projects and the other Project participants will be provided to potential
Lenders and participants.  Borrower
agrees to cooperate and to cause each Affiliate of Borrower to cooperate in the
syndication of the credit facilities under this Agreement in all respects
reasonably requested by Administrative Agent and HSH, as Co-Syndication Agent,
including participation in a reasonable number of bank meetings held in
connection with such syndication, and to provide, for inclusion in such
package, all information which Administrative Agent and HSH, as Co-Syndication
Agent, may request from it or which Administrative Agent, HSH, as
Co-Syndication Agent or Borrower may consider material to a lender or
participant, or necessary or appropriate for accurate and complete
disclosure.  Borrower shall be
responsible for all reasonable documented third-party and out-of-pocket costs
and expenses incurred by the Administrative Agent and HSH, as Co-Syndication
Agent, in connection with the initial syndication of the credit facilities
under this Agreement.

 

151

 

12.5       Attorney-In-Fact.

 

(a)   For the purpose of allowing
Administrative Agent to exercise its rights and remedies provided in Article 8
following the occurrence and during the continuation of an Event of Default,
Borrower hereby constitutes and appoints, and shall cause each Project Company
to constitute and appoint, Administrative Agent its true and lawful
attorney-in-fact, with full power of substitution, to complete any or all of
any Projects in the name of the Noble Entities, and hereby empowers such
attorney or attorneys as follows:

 

(i)        To
use any unadvanced proceeds of the Loans and any Borrower Equity for the
purpose of completing, operating or maintaining any or all of the Projects, the
Construction Contracts, the O&M Agreements and the Plans and Specifications
or the other Project Documents;

 

(ii)       To
make such changes and corrections in the Plans and Specifications as reasonably
shall be necessary or desirable to complete the work on any or all of any
Projects in substantially the manner contemplated by the Construction
Contracts;

 

(iii)      To
employ such contractors, subcontractors, Administrative Agents, architects and
inspectors as reasonably shall be required for such purposes;

 

(iv)      To
pay, settle or compromise all bills and claims which may be or become Liens or
security interests against any or all of the Projects or the Collateral, or any
part thereof, unless a bond or other security satisfactory to Administrative
Agent has been provided;

 

(v)       To
execute applications and certificates in the name of any Noble Entity which
reasonably may be required by the Financing Documents or any other agreement or
instrument executed by or on behalf of any Noble Entity in connection with any
or all of any Projects;

 

152

 

(vi)      To
prosecute and defend all actions or proceedings in connection with any or all
of any Projects or the Collateral or any part thereof and to take such action
and require such performance as such attorney-in-fact reasonably deems
necessary under any performance and payment bond and the Financing Documents;

 

(vii)     To
do any and every act which any Noble Entity might do on its behalf with respect
to the Collateral or any part thereof or any or all of any Projects and to
exercise any or all of any Noble Entity’s rights and remedies under any or all
of the Project Documents; and

 

(viii)    To
use any funds contained in any Account, including the Debt Service Reserve
Account, to pay interest and principal on the Obligations as accrued from time
to time or to pay Project Costs or O&M Costs.

 

(b)   This power of attorney shall be
deemed to be a power coupled with an interest and shall be irrevocable.

 

12.6       Entire
Agreement.  This Agreement and any
agreement, document or instrument attached hereto or referred to herein
integrate all the terms and conditions mentioned herein or incidental hereto
and supersede all oral negotiations and prior writings in respect to the
subject matter hereof.  In the event of
any conflict between the terms, conditions and provisions of this Agreement and
any such agreement, document or instrument, the terms, conditions and
provisions of this Agreement shall prevail.

 

12.7       Governing
Law.  THIS AGREEMENT, AND ANY
INSTRUMENT OR AGREEMENT REQUIRED HEREUNDER (TO THE EXTENT NOT EXPRESSLY
PROVIDED FOR THEREIN), SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE LAWS OF
THE STATE OF NEW YORK, APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH
STATE AND WITHOUT REFERENCE TO CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

12.8       Severability.  In case any one or more of the provisions
contained in this Agreement should be invalid, illegal or unenforceable in any
respect, the validity, 

 

153

 

legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby, and the parties hereto shall enter
into good faith negotiations to replace the invalid, illegal or unenforceable
provision.

 

12.9       Headings.  Paragraph headings and a table of contents
have been inserted in this Agreement as a matter of convenience for reference
only and it is agreed that such paragraph headings are not a part of this
Agreement and shall not be used in the interpretation of any provision of this
Agreement.

 

12.10     Accounting
Terms.  All accounting terms not
specifically defined herein shall be construed in accordance with GAAP and
practices consistent with those applied in the preparation of the financial
statements submitted by Borrower to Administrative Agent, and (unless otherwise
indicated) all financial data submitted pursuant to this Agreement shall be
prepared in accordance with such principles and practices.

 

12.11     No
Partnership, Etc.  Administrative
Agent, the Lenders and Borrower intend that the relationship between them shall
be solely that of creditor and debtor. 
Nothing contained in this Agreement, the Notes or in any of the other
Financing Documents shall be deemed or construed to create a partnership,
tenancy-in-common, joint tenancy, joint venture or co-ownership by, between or
among Administrative Agent, the Lenders and Borrower or any other Person.  Neither Administrative Agent nor the Lenders
shall be in any way responsible or liable for the debts, losses, obligations or
duties of the Noble Entities, the Equity Support Members or any other Person with
respect to the Project Documents, the Projects or otherwise.  All obligations to pay real property or other
taxes, assessments, insurance premiums, and all other fees and charges arising
from any Project Document or the ownership, operation or occupancy of the
Projects and to perform all obligations under the Project Documents, the Real
Property Documents and any other agreements and contracts relating to the
Projects shall be the sole responsibility of the Noble Entities, as applicable.

 

12.12     Mortgages;
Collateral Documents.  The Loans and
the other Obligations are secured in part by the Mortgages encumbering certain
properties in New 

 

154

 

York.  Reference is hereby made
to the Mortgages and the other Collateral Documents for the provisions, among
others, relating to the nature and extent of the security provided thereunder,
the rights, duties and obligations of the Noble Entities and the rights of
Administrative Agent and the Lenders with respect to such security.

 

12.13     Limitation
on Liability.  NO CLAIM SHALL BE MADE
BY ANY PARTY HERETO OR ANY OF ITS AFFILIATES, DIRECTORS, EMPLOYEES, ATTORNEYS
OR AGENTS AGAINST ANY OTHER PARTY HERETO OR ANY OF ITS AFFILIATES, DIRECTORS,
EMPLOYEES, ATTORNEYS OR AGENTS FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR
PUNITIVE DAMAGES (WHETHER OR NOT THE CLAIM THEREFOR IS BASED ON CONTRACT, TORT,
DUTY IMPOSED BY LAW OR OTHERWISE), IN CONNECTION WITH, ARISING OUT OF OR IN ANY
WAY RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE OTHER
OPERATIVE DOCUMENTS OR ANY ACT OR OMISSION OR EVENT OCCURRING IN CONNECTION
THEREWITH; AND EACH PARTY HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE UPON
ANY SUCH CLAIM FOR ANY SUCH SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES,
WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS
FAVOR.

 

12.14     Waiver
of Jury Trial.  ADMINISTRATIVE AGENT, LC FRONTING
BANK, THE LENDERS AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY
WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS
AGREEMENT OR ANY OTHER OPERATIVE DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF ADMINISTRATIVE AGENT, LC FRONTING BANK, THE LENDERS OR
BORROWER.  THIS PROVISION IS A MATERIAL
INDUCEMENT FOR ADMINISTRATIVE AGENT AND THE LENDERS TO ENTER INTO THIS
AGREEMENT.

 

155

 

12.15     Consent
to Jurisdiction.  Administrative
Agent, LC Fronting Bank, the Lenders and Borrower agree (and Borrower shall
cause each Project Company to agree) that any legal action or proceeding by or
against any Noble Entity or with respect to or arising out of this Agreement,
the Notes or any other Financing Document may be brought in or removed to the
courts of the State of New York, in and for the County of New York, or of the
United States of America for the Southern District of New York, as Administrative
Agent may elect.  By execution and
delivery of this Agreement, Administrative Agent, LC Fronting Bank, the Lenders
and Borrower accept (and Borrower shall cause each Project Company to accept),
for themselves and in respect of their property, generally and unconditionally,
the jurisdiction of the aforesaid courts. 
Administrative Agent, the Lenders and Borrower irrevocably consent to
the service of process out of any of the aforementioned courts in any such action
or proceeding by the mailing of copies thereof by registered or certified
airmail, postage prepaid, to Administrative Agent, LC Fronting Bank, the
Lenders or Borrower, as the case may be, at their respective addresses for
notices as specified herein and that such service shall be effective five (5) Banking
Days after such mailing.  Nothing herein
shall affect the right to serve process in any other manner permitted by law or
the right of Administrative Agent or any Lender to bring legal action or
proceedings in any other competent jurisdiction, including judicial or
non-judicial foreclosure of any Mortgage. 
Administrative Agent, the Lenders and Borrower hereby waive (and the
Borrower shall cause each Project Company to waive) any right to stay or dismiss
any action or proceeding under or in connection with any or all of any Project,
this Agreement or any other Financing Document brought before the foregoing
courts on the basis of forum non-conveniens.

 

12.16     Usury.  Nothing contained in this Agreement or the
Notes shall be deemed to require the payment of interest or other charges by
Borrower or any other Person in excess of the amount which the holders of the
Notes may lawfully charge under any applicable usury laws.  In the event that the holders of the Notes
shall collect moneys which are deemed to constitute interest which would
increase the effective interest rate to a rate in excess of that permitted to
be charged by applicable law, all such sums deemed to constitute interest in
excess of the legal rate shall, upon such 

 

156

 

determination, at the option of the holder of the Notes, be returned to
Borrower or credited against the principal balance of the Notes then
outstanding.  Nothing contained in this Section 12.16
shall be construed as waiving any usury exemption any Lender has under law,
and, to the extent any such exemption applies, this Section 12.16
shall be inapplicable.

 

12.17     Successors
and Assigns.  The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. 
Borrower may not assign or otherwise transfer any of its rights under
this Agreement without the prior written consent of Administrative Agent and the
Lenders.

 

12.18     Counterparts.  This Agreement may be executed in one or more
counterparts and by facsimile and when signed by all of the parties listed
below shall constitute a single binding agreement.

 

12.19     Trust
Fund Provisions.  This Agreement is
subject to the trust fund provision of Section 13 of the Lien Law of the
State of New York.  The affidavit
attached hereto as Exhibit D-7 and made a part hereof is made
pursuant to and in compliance with Section 22 of the Lien Law, and if so
indicated on such affidavit the proceeds of the loan will be used in part to
reimburse the Borrower for payments made by the Borrower prior to the initial
Borrowing hereunder but subsequent to the commencement of the Improvements for
items of “cost of improvement” as defined in Subdivision 5 of Section 2 of
the Lien Law.

 

12.20     Confidentiality.  The Administrative Agent, the LC Fronting
Bank and the Lenders agree to use commercially reasonable efforts to maintain
the confidential nature of, and shall not use or disclose the financial
information or other confidential information related to any Noble Entity,
Noble Environmental or the Projects, without first obtaining Borrower’s prior
written consent; provided  that nothing in this Section 12.20
shall require any such party to obtain any consent of Borrower in connection
with (and Borrower hereby authorizes such party to freely disclose any
financial information or confidential information with respect to any Noble
Entity, Noble Environmental or the Projects without any consent of Borrower, to
the extent otherwise required, in connection with) (a) exercising any of
their respective rights under 

 

157

 

the Operative Documents, including those
exercisable upon the occurrence and continuance of an Event of Default; (b) providing
information about any Noble Entity, Noble Environmental or the Projects to any
other Lender or prospective Lender or any Person acquiring, or potentially
acquiring, any interest of the Lenders under this Agreement and any such Person’s
directors, officers, employees, agents and consultants in connection with their
credit evaluation of Borrower or otherwise (provided, that in the case
of any such Person potentially acquiring such an interest from any Lender, such
Person shall be bound by the terms of this Section 12.20); (c) any
situation in which Administrative Agent, the LC Fronting Bank or the Lenders,
or any of them (i) are required by any Legal Requirement or Governmental
Authority to disclose information or (ii) are requested by bank examiners to
disclose information (provided that if permitted by applicable Legal
Requirements, such Person shall be bound by the terms of this Section 12.20);
(d) providing information to legal counsel to such party in connection
with the transactions contemplated by any of the Operative Documents (provided,
that such counsel shall be bound by the terms of this Section 12.20);
(e) providing information to independent accountants, auditors or other
expert consultants retained by any such party (provided, that such auditors
or consultants shall be bound by the terms of this Section 12.20); (f) any
information that is in or becomes part of the public domain otherwise than
through a wrongful act of any such party or any employees or agents thereof or
other Persons to whom confidential information is disclosed under subjections
(b), (c), (d) or (e) above; (g) any information that is in the
possession of any such party prior to receipt thereof from Borrower or any
other Person known to Administrative Agent, the LC Fronting Bank or the Lenders
to be acting on behalf of Borrower; (h) any information that is
independently developed by any such party; and (i) any information that is
disclosed to any such party by a third party that is not known or reasonably
suspected by such party to be bound by a confidentiality agreement with, or
other contractual, legal or fiduciary obligation of confidentiality to,
Borrower with respect to such information.

 

12.21     Forbearance Agreement.  The rights of the Secured Parties to exercise
any of their respective remedies hereunder or under any of the other Financing 

 

158

 

Documents are subject to the
restrictions and limitations set forth in the Forbearance Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

159

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed by their officers
thereunto duly authorized as of the day and year first above written.

 

	
   

  	
  NOBLE ENVIRONMENTAL POWER 2006 HOLD 

  CO, LLC, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Charles C. Hinckley

  	
   

  
	
   

  	
  Name:

  	
  Charles C. Hinckley

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  

 

	
   

  	
  DEXIA CRÉDIT LOCAL, NEW YORK BRANCH,

  as Lead Arranger, Joint Bookrunner, Technical and Documentation Agent,
  Co-Syndication Agent, LC Fronting Bank, Administrative Agent for the Lenders
  and as a Lender

  

 

	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Guy R. Cirincione

  	
   

  
	
   

  	
  Name:

  	
  Guy R. Cirincione

  
	
   

  	
  Title:

  	
  Deputy General Manager

  

 

	
   

  	
  HSH NORDBANK AG, NEW YORK BRANCH,

  as Lead Arranger, Joint Bookrunner, Co-Syndication Agent for the Lenders and
  as a Lender

  
	
   

  	
   

  

 

	
   

  	
  By:

  	
  /s/ Thomas K. Emmons

  	
   

  
	
   

  	
  Name:

  	
  Thomas K. Emmons

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

	
   

  	
  By:

  	
  /s/ Tony K. Muoser

  	
   

  
	
   

  	
  Name:

  	
  Tony K. Muoser

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

160

 

	
  STATE OF New York

  	
  )

  	
   

  
	
   

  	
  )

  	
  ss.:

  
	
  COUNTY OF New York

  	
  )

  	
   

  

 

On the 22 day
of June, 2007 before me, the undersigned, personally appeared Charles C.
Hinckley, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name is subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity, and that by his/her/their signature on the instrument,
the individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument.

 

 

	
   

  	
             /s/
  Thomas A. Scott

  	
   

  
	
   

  	
  Thomas A. Scott

  
	
   

  	
   

  
	
   

  	
  Notary Public

  

 

161

 

	
  STATE OF  New
  York

  	
  )

  	
   

  
	
   

  	
  )

  	
  ss.:

  
	
  COUNTY OF New York

  	
  )

  	
   

  

 

On the 22 day
of June, 2007 before me, the undersigned, personally appeared Guy R.
Cirincione, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name is subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity, and that by his/her/their signature on the instrument,
the individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument.

 

 

	
   

  	
      /s/ Jacinta A. Fernandes

  	
   

  
	
   

  	
  Jacinta A. Fernandes

  
	
   

  	
   

  
	
   

  	
  Notary Public

  

 

162

 

	
  STATE OF  New
  York

  	
  )

  	
   

  
	
   

  	
  )

  	
  ss.:

  
	
  COUNTY OF New York

  	
  )

  	
   

  

 

On the 22 day
of June, 2007 before me, the undersigned, personally appeared Thomas K. Emmons,
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual(s) whose name is subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
capacity, and that by his/her/their signature on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument.

 

	
   

  	
      /s/ Monica Kleinertz

  	
   

  
	
   

  	
  Monica Kleinertz

  
	
   

  	
   

  
	
   

  	
  Notary Public

  

 

163

 

EXHIBIT A

TO

FINANCING
AGREEMENT

 

DEFINITIONS

 

“Acceptable
DSRA LC” means (a) the DSRA LC or (b) a letter of credit
in form and substance satisfactory to Administrative Agent (i) presented
to Administrative Agent for approval at least seven (7) Banking Days prior
to the date of any proposed issuance thereof, (ii) issued by a financial
institution whose long-term senior unsecured debt is rated at least “A-” by
S&P or “A3” by Moody’s, (iii) naming Administrative Agent on behalf of
the Lenders as the beneficiary, and (iv) containing other terms and
provisions reasonably satisfactory to Administrative Agent, including
provisions that (A) such letter of credit shall automatically renew upon
the expiration thereof unless, at least 60 days prior to such
expiration, the issuer thereof shall provide Administrative Agent with a notice
of non-renewal of such letter of credit and (B) if no agreement for a
renewal or replacement of such letter of credit has been made 30 days
prior to the expiration of the letter of credit, or within 20 days
after the long-term senior unsecured debt rating of the financial institution
that provides the letter of credit is downgraded below “A-” by S&P or “A3”
by Moody’s, the stated amount of the letter of credit shall be automatically
drawn (without any further action required of Administrative Agent, Borrower,
any Project Company or any account party) and the proceeds thereof
automatically deposited in the Debt Service Reserve Account.  In addition to and without limiting the
foregoing, such letter of credit issued pursuant to subclause (b) above
(w) shall have an initial expiration date of at least one year after
issuance, (x) shall not be secured by any of the Collateral, (y) shall
not impose on Borrower or any Project Company any obligation to reimburse
drawing payments thereunder and (z) shall be issued in a face amount equal
from time to time to the DSRA Minimum Balance less any amounts on deposit in
the Debt Service Reserve Account.

 

“Acceptable Equity Support
Security” means a letter of credit or unconditional and irrevocable
guarantee (i) issued or executed, as applicable, by a financial
institution or other Person whose long-term senior unsecured debt is rated at
least “A-” by S&P or “A3” by Moody’s, (ii) naming Administrative Agent
on behalf of the Lenders as the beneficiary, and (iii) containing other
terms and provisions reasonably satisfactory to Administrative Agent, including
provisions that (A)  such letter of credit or guarantee secures the
obligations of the Equity Support Members under the Equity Support Documents, (B) any
such guaranty shall have a term of no less than the remaining Term and any such
letter of credit shall automatically renew upon the expiration thereof unless,
at least 60 days prior to such expiration, the issuer thereof shall
provide Administrative Agent with a notice of non-renewal of such letter of
credit and (C) if no agreement for a renewal or replacement of such letter
of credit has been

 

 

made 30 days
prior to the expiration of the letter of credit, or within 15 days
after the long-term senior unsecured debt rating of the financial institution
that provides the letter of credit is downgraded below “A-” by S&P or “A3”
by Moody’s, the stated amount of the letter of credit shall be automatically
drawn (without any further action required of Administrative Agent, Borrower,
any Project Company or any account party) and the proceeds thereof
automatically deposited into an account designated by Administrative Agent as
security for the payment of the obligations of the Equity Support Members under
the Equity Support Documents.  In
addition to and without limiting the foregoing, any such letter of credit or
guaranty issued or executed, as applicable, pursuant to this definition (x) shall
not impose on Borrower or any Project Company any obligation to reimburse
payments made thereunder, (y) shall not be secured by any of the
Collateral and (z) shall, in the case of a letter of credit, have an
initial expiration date of at least one year after issuance.

 

“Acceptance
Tests” means any performance test conducted on the WTGs, including
tests performed on each WTG as it is constructed and placed in service, all
tests required to be performed by any Contractor as a condition to Unit
Acceptance (as defined in the Turbine Supply Agreement) or Final Acceptance (as
defined in the EPC Contracts), including, without limitation, Test Procedures
(as defined in the EPC Contracts), and Start-Up and Commissioning procedures
(pursuant to the Turbine Supply Agreement), and all other performance and
acceptance tests under the Construction Contracts.

 

“Accounts”
means the Construction Account, the Operating Account, the Debt Service Reserve
Account, the O&M and CapEx Reserve Account, the Distribution Reserve
Account, the Additional Maintenance Account, the Completion Reserve Account,
the Working Capital Accounts, the Insurance Proceeds Account and including any
sub-accounts within such accounts.

 

“Acquisition
Loan Mortgage (Bliss)” means the Acquisition Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Bliss), dated as of June 22, 2007, given by NBW and Wyoming
County IDA to Administrative Agent in the original principal amount of
$108,590,000 encumbering the parcels of real property comprising the Site
(Bliss) and intended to be recorded in the Wyoming County Recorder’s
Office.

 

“Acquisition
Loan Mortgage (Clinton)” means the Acquisition Loan Mortgage,
Security Agreement, Assignment of Leases and Rents, Financing Statement and
Fixture Filing (Clinton), dated as of June 22, 2007, given by NCW and
Clinton County IDA to Administrative Agent in the original principal amount of
$103,675,000 encumbering the parcels of real property comprising the Site
(Clinton), except for those parcels encumbered by the Additional Parcel
Mortgage (Clinton), and intended to be recorded in the Clinton County Recorder’s
Office.

 

2

 

“Acquisition
Loan Mortgage (Ellenburg)” means the Acquisition Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Ellenburg), dated as of June 22, 2007, given by NEW and Clinton
County IDA to Administrative Agent in the original principal amount of
$92,144,000 encumbering the parcels of real property comprising the Site
(Ellenburg), except for those parcels encumbered by the Additional Parcel
Mortgage (Ellenburg), and intended to be recorded in the Clinton County
Recorder’s Office.

 

“Actual
Interconnection Costs” means, as of the Term-Conversion Date, the
actual aggregate costs required or anticipated to be required to be incurred by
each Project Company under the Interconnection Agreements, including to design,
procure, construct, upgrade and test the facilities contemplated under the
Interconnection Agreements, including any cost required to be expended on or in
connection with the NYISO system grid, that have not been paid by the Project
Companies as of such date.

 

“Additional
Collateral Mortgage (Bliss)” means the Additional Collateral
Mortgage, Security Agreement, Assignment of Leases and Rents, Financing
Statement and Fixture Filing (Bliss), dated as of June 22, 2007,
given by NBW and Wyoming County IDA to Administrative Agent in the original
principal amount of $353,655,000 encumbering the parcels of real property
comprising the Site (Bliss) and intended to be recorded in the Wyoming
County Recorder’s Office.

 

“Additional
Collateral Mortgage (Clinton)” means the Additional Collateral
Mortgage, Security Agreement, Assignment of Leases and Rents, Financing
Statement and Fixture Filing (Clinton), dated as of June 22, 2007, given
by NCW and Clinton County IDA to Administrative Agent in the original principal
amount of $364,040,000 encumbering the parcels of real property comprising the
Site (Clinton), except for those parcels encumbered by the Additional Parcel
Mortgage (Clinton), and intended to be recorded in the Clinton County Recorder’s
Office.

 

“Additional
Collateral Mortgage (Ellenburg)” means the Additional Collateral
Mortgage, Security Agreement, Assignment of Leases and Rents, Financing
Statement and Fixture Filing (Ellenburg), dated as of June 22, 2007, given
by NEW and Clinton County IDA to Administrative Agent in the original principal
amount of $387,305,000 encumbering the parcels of real property comprising the
Site (Ellenburg), except for those parcels encumbered by the Additional Parcel
Mortgage (Ellenburg), and intended to be recorded in the Clinton County
Recorder’s Office.

 

“Additional
Maintenance Account” has the meaning given in Section 5.3(c) of
the Depositary Agreement.

 

3

 

“Additional
Maintenance Amount” means, for any date, an amount necessary, in the
reasonable judgment of the Administrative Agent in consultation with the
Independent Engineer and the Borrower, to fund on a two-year forward looking
rolling basis, anticipated additional maintenance and servicing costs of the
Projects’ WTGs during the remaining term of the Term Loan taking into account,
among other things, the North American market experience for GE 1.5 SLE
wind turbines, the balance in the Additional Maintenance Account and the
balance in the O&M and CapEx Reserve Account.  The initial Additional Maintenance Amount, if
any, shall be determined on or before the second anniversary of the
Term-Conversion Date.  Thereafter, the
Additional Maintenance Amount shall be recalculated, as set forth above,
annually and included in the Annual Operating Budget.

 

“Additional
Parcel Assignment of Leases (Clinton)” means an Assignment of
Leases, Rents and Profits (Clinton - Additional Parcels), dated as of June 22,
2007, with respect to leasehold interests in real property duly executed by NCW
in favor of the Administrative Agent in recordable form.

 

“Additional
Parcel Assignment of Leases (Ellenburg)” means an Assignment of
Leases, Rents and Profits (Ellenburg - Additional Parcels), dated as of June 22,
2007, with respect to leasehold interests in real property duly executed by NEW
in favor of the Administrative Agent in recordable form.

 

“Additional
Parcel Financing Statement and Fixture Filing (Clinton)” means the
Financing Statement and Fixture Filing for the interest in real property
comprising the Site (Clinton), except for the interest encumbered by the
Mortgages (Clinton) (other than the Additional Parcel Mortgage (Clinton)),
substantially in the form of Exhibit E-3, duly executed by NCW.

 

“Additional
Parcel Financing Statement and Fixture Filing (Ellenburg)” means the
Financing Statement and Fixture Filing for the interest in real property
comprising the Site (Ellenburg), except for the interest encumbered by the
Mortgages (Ellenburg) (other than the Additional Parcel Mortgage (Ellenburg)),
substantially in the form of Exhibit E-4, duly executed by NEW.

 

“Additional
Parcel Mortgage (Clinton)” means the Mortgage, Security Agreement,
Assignment of Leases and Rents, Financing Statement and Fixture Filing (Clinton
- Additional Parcels), dated as of June 22, 2007, given by NCW, as
Mortgagor to the Administrative Agent, as Mortgagee in the original principal
amount of $320,000 encumbering the parcels of real property comprising the Site
(Clinton), except for those parcels encumbered by the Mortgages (Clinton)
(other than the Additional Parcel Mortgage (Clinton)), and intended to be
recorded in the Clinton County Recorder’s Office and the Franklin County
Recorders’ Office.

 

4

 

“Additional
Parcel Mortgage (Ellenburg) “ means the Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Ellenburg - Additional Parcels), dated as of June 22, 2007, given
by NEW, as Mortgagor to the Administrative Agent, as Mortgagee in the original
principal amount of $320,000 encumbering the parcels of real property
comprising the Site (Ellenburg), except for those parcels encumbered by the
Mortgages (Ellenburg) (other than the Additional Parcel Mortgage (Ellenburg)),
and intended to be recorded in the Ellenburg County Recorder’s Office.

 

“Additional
Project Documents” means any contracts or agreements entered into
between any Noble Entity and any other Person or assigned to any Noble Entity
subsequent to the Financial Closing Date and that either (a) replaces or
substitutes for an existing Project Document (in which case the contract which
is so replaced will cease to be a Project Document), (b) has a term
greater than twelve (12) months or (c) has a value over its term in
excess of $250,000; provided, however, that notwithstanding the
foregoing, any contract or agreement between any Noble Entity and any
Affiliate, except as permitted by Section 6.8 of the Financing Agreement,
shall be deemed an Additional Project Document hereunder.

 

“Adjustment
Date” has the meaning given in Section 5.9(a) of
the Financing Agreement.

 

“Administrative
Agent” means Dexia, acting in its capacity as Administrative Agent
for the Lenders under the Financing Agreement, or any successor appointed
pursuant to the terms of the Financing Agreement.

 

“Affiliate”
of a specified Person means any other Person that directly, or indirectly
through one or more intermediaries, controls, is controlled by or is under
common control with the Person specified, or who holds or beneficially owns ten
percent (10%) or more of the equity interest in the Person specified or
ten percent (10%) or more of any class of voting securities of the Person
specified.

 

“Amortization
Schedule” means the amortization schedule set forth as Exhibit J
to the Financing Agreement, as the same may be amended or replaced pursuant to
the Financing Agreement (including pursuant to Section 3.3(w) of
the Financing Agreement).

 

“Annual
Operating Budgets” means each operating plan and a budget, detailed
by calendar month and consistent with the methodology set forth in the Base Case
Projections, of anticipated revenues, debt service, the Average Annual Debt
Service Coverage Ratio for the year ending on the anticipated date of
Completion, and each year subsequent thereto throughout the Term, proposed
shareholder or member distributions, 

 

5

 

maintenance, repair and
operation expenses (including reasonable allowance for contingencies and
working capital), maintenance reserves and all other anticipated O&M Costs
for each Project, initially for the period from Completion to the conclusion of
the first full fiscal year thereafter (and for each subsequent Annual Operating
Budget, for each fiscal year subsequent thereto throughout the Term), and
Borrower shall re-assess the scheduling and probable cost of each material item
of maintenance of each Project and include a timetable and budget therefor in
each of such Annual Operating Budgets.

 

“Appeal
Proceeding Side Letter (Noble/Dexia)” means that certain letter
agreement, dated as of June 22, 2007, among the Borrower, the
Administrative Agent and HSH.

 

“Applicable
Construction Loan Margin” means (i) from and including the
Financial Closing Date to but excluding the date on which the New York State
Appellate Division, Third Department issues an order dismissing the Appeal
Proceeding (as defined in the Appeal Proceeding Side Letter (Noble/Dexia)),
1.375% and (ii) from and including the date of such dismissal described in
clause (i), above, to but excluding the Term-Conversion Date, 1.25%.

 

“Applicable
LC Fee Margin” means (a) from and including the Financial
Closing Date to but excluding the fifth (5th) annual anniversary of the
Term-Conversion Date, 1.30%, (b) from and including the fifth
(5th) annual anniversary of the Term-Conversion Date to but excluding the
ninth (9th) annual anniversary of the Term-Conversion Date, 1.425%, and (c) from
and including the ninth (9th) annual anniversary of the Term-Conversion
Date to and including the Term Loan Maturity Date, 1.55%.

 

“Applicable
LC Loan Margin” means the sum of (i) the Applicable Term Loan
Margin plus (ii) 0.50%.

 

“Applicable
Permit” means, at any time, any Permit, including any Environmental
Permit, zoning, sanitation, FERC, import, export, safety, siting or building
Permit that is (a) necessary at such given time in light of the stage of
development, construction or operation of any Project (to the extent required
by Legal Requirements or the Operative Documents) to acquire, lease, develop,
construct, test, operate, maintain, repair, own or use each Project as
contemplated by the Operative Documents, to sell electricity therefrom, and for
the Borrower or any Project Company to enter into any Operative Document or to
consummate any transaction contemplated thereby, in each case in accordance
with all applicable Legal Requirements and/or (b) listed on the Schedule
of Applicable Permits attached to the Financing Agreement as Exhibit H-2.

 

“Applicable
Term Loan Margin” has the meaning given in Section 2.2(b) of
the Financing Agreement.

 

6

 

“Asset
Manager” means Noble Management Services, LLC, a Delaware limited
liability company.

 

“Assignment of Easements”
means each Assignment of Easement from NEP and other Noble Entities to NBW, NCW
or NEW duly executed by the parties thereto and in recordable form.

 

“Assignment of Leases (Bliss)”
means an Assignment of Leases, Rents and Other Income with respect to leasehold
interests in real property duly executed by NBW and Wyoming County IDA in
recordable form.

 

“Assignment of Leases (Clinton)”
means an Assignment of Leases, Rents and Other Income with respect to leasehold
interests in real property duly executed by NCW and Clinton County IDA in
recordable form.

 

“Assignment of Leases (Ellenburg)”
means an Assignment of Leases, Rents and Other Income with respect to leasehold
interests in real property duly executed by NEW and Clinton County IDA in
recordable form.

 

“Assignment
of Leases” means, collectively, the Assignment of Leases (Bliss),
the Assignment of Leases (Clinton), the Assignment of Leases (Ellenburg), the
Additional Parcel Assignment of Leases (Clinton) and the Additional Parcel
Assignment of Leases (Ellenburg).

 

“Authorized
Person” means a natural Person designated by Borrower as such on
forms supplied by Administrative Agent.

 

“Available
Construction Funds” means at any time the sum of (a) the
aggregate of the undisbursed proceeds of the Total Construction Loan Commitment
and the Total Equity Bridge Loan Commitment, plus
(b) the undisbursed Insurance Proceeds and Eminent Domain Proceeds which
are available for the payment of Project Costs, plus
(c) any damages or liquidated damages which are available for payment of
Project Costs under any Project Document, plus (d) (without
duplication of any amounts under clause (a) above) any amounts on
deposit in the Construction Account which are available for payment of Project
Costs, plus (e) any additional equity paid
to Borrower.

 

“Available
Construction Loan Commitment” means at any time (a) on or prior
to the Construction Loan Maturity Date, the Total Construction Loan Commitment
at such time minus the aggregate principal
amount of all Construction Loans outstanding at such time and (b) after
the Construction Loan Maturity Date, zero; provided, however,
that notwithstanding the foregoing, a portion of the Total Construction Loan
Commitment in an amount equal to the sum of the Completion Reserve Borrowing
shall 

 

7

 

be unavailable for
Borrowing until the Term-Conversion Date, and shall comprise a portion of the
Final Drawing, all as more fully set forth in Section 3.3(a) of
the Financing Agreement.

 

“Available
Equity Bridge Loan Commitment” means at any time (a) during the
Equity Bridge Loan Availability Period, the Total Equity Bridge Loan Commitment
at such time minus the aggregate principal
amount of all Equity Bridge Loans outstanding at such time; and (b) after
the Equity Bridge Loan Availability Period, zero.

 

“Available LC
Commitment” means, with respect to any Letter of Credit (a) at
any time and from time to time prior to the Expiration Date of such Letter of
Credit, the Total LC Commitment applicable to such Letter of Credit minus the
LC Exposure applicable to such Letter of Credit; and (b) at any time after
such Expiration Date, zero.

 

“Average
Annual Debt Service Coverage Ratio” means, as of the required date,
the ratio of (a) Operating Cash Available for Debt Service to (b) Debt
Service, for the preceding twelve month period ending on such date; provided,
however, that the first such Average Annual Debt Service Coverage Ratio
calculated pursuant to Section 5.22 of the Financing Agreement
shall be calculated by reference to actual figures in the period between the
Term-Conversion Date and the calculation date, plus budgeted amounts shown in
the Base Case Projections for those months subsequent to the calculation date
as necessary to make a 12 month calculation period.

 

“Banking Day”
means any day (a) other than a Saturday, Sunday or other day on which
banks are authorized to be closed in New York, New York; and (b) which is
also a day on which dealings in Dollar deposits are carried out in the London
interbank market.

 

“Bankruptcy
Event” has the meaning given in Section 8.4 of the
Financing Agreement.

 

“Bankruptcy
Law” means Title 11, United States Code, and any other state or
federal insolvency, reorganization, moratorium or similar law for the relief of
debtors.

 

“Base Case
Projections” means a financial model that is a projection of
operating results for the Projects over a period ending no sooner than 2022,
showing Borrower’s reasonable good faith estimates, prepared as of the
Financial Closing Date, the Term-Conversion Date, or the date additional Term
Loans are advanced pursuant to Section 2.12 of the Financing Agreement,
as applicable, of revenue, operating expenses, Projected Debt Service Coverage
Ratios and sources and uses of revenues over the forecast period, which
projection as of the Financial Closing Date is attached as Exhibit H-3
to the Financing Agreement.

 

8

 

“Bliss
Purchase Order” means that certain Purchase Order No. 1 with
respect to Project (Bliss), dated as of May 2, 2007, under that certain
Master Contract for the Sale of Power Generation Equipment and Related Services
between Noble Environmental Power 2007 Equipment Co, LLC and Turbine Supplier,
dated as of October 17, 2006 together with all the schedules, attachments,
exhibits and Appendix A thereto, as assigned to NBW pursuant to that certain
Turbine Assignment Agreement, dated as of June 1, 2007, by and among Noble
Environmental Power 2007 Equipment Co, LLC, NBW and the Turbine Supplier.

 

“Bliss
Purchase Order Consent” means that certain consent and agreement
dated as of June 22, 2007 between NBW, Turbine Supplier and Administrative
Agent.

 

“BNY Fee
Agreement” means the agreement between The Bank of New York and the
Borrower, dated as of April 30, 2007.

 

“Border Parcels” means parcels of land with respect to which
Borrower has a real property interest (including leasehold or easement
interests) and located within a Site on which no Improvements, roadways, WTG’s
or Interconnection Lines comprising any portion of a Project are located.

 

“Borrower”
means Noble Environmental Power 2006 Hold Co, LLC, a Delaware limited
liability company.

 

“Borrower
Equity” means the equity required to be contributed by each Equity
Support Member pursuant to the Equity Capital Contribution Agreement and which
equity will be applied pursuant to Section 5.1 of the Financing Agreement.

 

“Borrower’s
Environmental Consultants” means Ecology and Environment, Inc.

 

“Borrower
Pledge Agreement” means the Borrower Pledge Agreement (including the
ownership certificates and any disposition instruments, transfer powers and
irrevocable proxies attached thereto), substantially in the form of Exhibit E-8,
each duly executed by Borrower and Administrative Agent.

 

“Borrowing”
means a borrowing by Borrower of any Construction Loan (including the Final
Drawing), Equity Bridge Loan or Term Loan, or the issuance or extension of any
Letter of Credit in each case upon the satisfaction (or waiver in accordance
with the terms of the Financing Agreement) of each of the applicable conditions
precedent listed in Article 3 of the Financing Agreement.

 

9

 

“Borrowing
Date” means a Banking Day specified in a Notice of Borrowing on
which the Lenders make Loans pursuant to the Financing Agreement.

 

“Building
Loan Agreements” means (i) Building Loan Agreement (Bliss) with
respect to the items which are Cost of Improvement for the Bliss Project; (ii) Building
Loan Agreement (Clinton) with respect to the items which are Cost of
Improvement for the Clinton Project and (iii) Building Loan Agreement
(Ellenburg) with respect to the items which are Cost of Improvement for the
Ellenburg Project, each between the applicable Project Company and the
Administrative Agent and the Secured Parties, in form and substance
satisfactory to the Administrative Agent and in recordable form in the county
in which the applicable Project is located.

 

“Building
Loan Mortgage (Bliss)” means the Building Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Bliss), dated as of June 22, 2007, given by NBW and Wyoming
County IDA to Administrative Agent in the original principal amount of
$60,405,000 encumbering the parcels of real property comprising the Site
(Bliss) and intended to be recorded in the Wyoming County Recorder’s
Office.

 

“Building Loan
Mortgage (Clinton)” means the Building Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Clinton), dated as of June 22, 2007, given by NCW and Clinton
County IDA to Administrative Agent in the original principal amount of
$54,935,000 encumbering the parcels of real property comprising the Site
(Clinton), except for those parcels encumbered by the Additional Parcel
Mortgage (Clinton), and intended to be recorded in the Clinton County Recorder’s
Office.

 

“Building
Loan Mortgage (Ellenburg)” means the Building Loan Mortgage,
Security Agreement, Assignment of Leases and Rents, Financing Statement and
Fixture Filing (Ellenburg), dated as of June 22, 2007, given by NEW and
Clinton County IDA to Administrative Agent in the original principal amount of
$44,627,000 encumbering the parcels of real property comprising the Site
(Ellenburg), except for those parcels encumbered by the Additional Parcel
Mortgage (Ellenburg), and intended to be recorded in the Clinton County
Recorder’s Office.

 

“Capital
Adequacy Requirement” has the meaning given in Section 2.8(d) of
the Financing Agreement.

 

“Certificates
of Design Suitability” means those certain site-specific
certifications of the WTGs with respect to each Project from either DNV or GL,
in each case in form and substance reasonably satisfactory to Administrative
Agent and the Independent Engineer.

 

10

 

“Change of
Law” has the meaning given in Section 2.8(b) of the
Financing Agreement.

 

“Claims”
has the meaning given in Section 5.21(a)(i) of the Financing
Agreement.

 

“Clinton
County” means the County of Clinton, New York.

 

“Clinton
County IDA” means the County of Clinton, New York Industrial
Development Agency.

 

“Clinton
County Recorder’s Office” means the Office of the County Clerk of
Clinton County, New York.

 

“Clinton
County Treasurer” means The County Treasurer of Clinton County, New
York, as agent for Clinton County, the Town of Clinton, New York, the Northern
Adirondack Central School District and the Chateaugay Central School District.

 

“CMS”
means all computer monitoring systems necessary for each of the Projects to
operate as designed, including all computer hardware, communications cable to
the meteorological stations and to each wind turbine controller, fiber optic
cable instrumentation, and all related computer software, all as more
particularly described in Exhibit A of the EPC Contracts.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateral”
means all real and personal property which is subject, from time to time, to
the security interests or liens granted in or purported or intended to have
been granted by any of the Collateral Documents.

 

“Collateral
Documents” means, collectively, the Building Loan Agreements, the
Mortgages, the Assignment of Leases, the Security Agreement, the Pledge
Agreements, the Depositary Agreement, the Control Agreements (Project
Companies), Control Agreement (Operations), the Equity Support Documents, the
Project Company Guarantees, the NEP Guarantee, the NEP Interest Guarantee, any
Acceptable DSRA LC, the Consents and any other mortgage, deed of trust,
security document, financing statement and any similar document or instrument
filed or recorded for the benefit of the Administrative Agent and/or the
Lenders in connection with the foregoing.

 

“Commitment
Fees” means, collectively, the Construction Loan Commitment Fees,
the Equity Bridge Loan Commitment Fees and the LC Commitment Fees.

 

11

 

“Commitments” means, with respect to each
Lender, without duplication, such Lender’s Construction Loan Commitment, Term
Loan Commitment, LC Commitment and Equity Bridge Loan Commitment; and, with
respect to all Lenders, means, without duplication, the Total Construction Loan
Commitment, the Total Term Loan Commitment, the Total Equity Bridge Loan
Commitment and the Total LC Commitment.

 

“Common
Facilities” has the meaning given in the Co-Tenancy Agreement.

 

“Completion”
means, with respect to each Project, that (a) Commercial Operation (as
defined in the Turbine Supply Agreement) and Substantial Completion (as defined
in the EPC Contracts) have each occurred (including acceptance by the Project
Company owning such Project and the Independent Engineer of the Commercial
Operation Certificate under the Turbine Supply Agreement as provided therein)
with respect to all WTGs comprising each Project (other than WTGs in an aggregate
amount for all of the Projects not to exceed nineteen (19)), (b) all WTGs
comprising each Project (other than WTGs in an aggregate amount for all of the
Projects not to exceed nineteen (19)) have passed Acceptance Tests
pursuant to the EPC Contracts, (c) completion of all such work (including
completion of such Project’s CMS but other than Punch List Items) shall have
occurred in accordance in all material respects with the Plans and
Specifications, the Certificates of Design Suitability and the requirements of
all Legal Requirements, (d) the initial synchronization date (as provided
in the Interconnection Agreements) has occurred and (e) the Projects shall
be interconnected with the transmission provider (as provided in the
Interconnection Agreements), all as certified by the Independent Engineer
(substantially in the form attached as Exhibit G-3(b) to the
Financing Agreement) to Administrative Agent and the Lenders (which
certifications shall be reasonably satisfactory to the Administrative Agent).  For purposes of clarification, unless
expressly stated where used to the contrary, the term “Completion” shall refer
to Completion of all of the Projects (and not Completion of less than all of
the Projects) and shall not be deemed achieved until all of the Projects have
achieved Completion.

 

“Completion
Reserve Account” has the meaning given in Section 5.3(g) of
the Depositary Agreement.

 

“Completion
Reserve Borrowing” means a Borrowing of Construction Loans on the
Term-Conversion Date in an amount equal to the Permitted Completion Amount, the
proceeds of which shall be used solely to fund the Completion Reserve Account.

 

12

 

“Confidential
Offering Memorandum” means that certain Noble Environmental Power
Confidential Senior Debt Offering Memorandum dated November 5, 2006.

 

“Confirmation
of Interest Period Selection” has the meaning given in Section 2.4(b)(ii) of
the Financing Agreement.

 

“Consents”
means the consents to collateral assignment identified on Exhibit F-2
of the Financing Agreement, including, without limitation, the Landowner
Consents, the Non-Disturbance Agreements and the IDA Consents and consents to
collateral assignment entered into after the Financial Closing Date, in each
case by and among Borrower or the relevant Project Company, Administrative
Agent and the Persons identified therein and in substantially the form of Exhibit F-1
to the Financing Agreement, in each case in form and substance reasonably
satisfactory to Administrative Agent.

 

“Construction
Account” has the meaning given in Section 5.1(a)(i) of
the Depositary Agreement.

 

“Construction
Loan Note” and “Construction Loan Notes”
have the meanings given in Section 2.4(e) of the Financing
Agreement.

 

“Construction
Contracts” means the EPC Contracts and the Turbine Supply Agreement.

 

“Construction
Loan” and “Construction Loans”
have the meanings given in Section 2.1(a)(i) of the Financing
Agreement.

 

“Construction
Loan Availability Period” means the period from the Financial
Closing Date to the Construction Loan Maturity Date.

 

“Construction
Loan Commitment” means, at any time with respect to each Lender,
such Lender’s Proportionate Share of the Total Construction Loan Commitment at
such time.

 

“Construction
Loan Commitment Fees” has the meaning given in Section 2.6(b)(i) of
the Financing Agreement.

 

“Construction
Loan Facility” has the meaning given in Section 2.1(a)(i) of
the Financing Agreement.

 

“Construction
Loan Maturity Date” means the earliest to occur of (a) March 31,
2008, or (b) the Term-Conversion Date.

 

13

 

“Construction
Period” means the period from the Financial Closing Date until but
not including the Term-Conversion Date.

 

“Construction
Working Capital Accounts” has the meaning given in Section 1.1
of the Depositary Agreement.

 

“Consumer
Price Index” shall mean the Consumer Price Index for all Urban
Consumers, Northeast Region, as published by the United States Department of
Labor, Bureau of Labor Statistics, such successor index as may be published by
the United States Government, or such substitute index as may be mutually
agreed to by the Administrative Agent and the Borrower.

 

“Contractors”
means, collectively, the Turbine Supplier and the EPC Contractor.

 

“Control
Agreement (Bliss)” means that certain control agreement dated as of June 22,
2007 among NBW, Administrative Agent and the Working Capital Account Bank
regarding the perfection of Administrative Agent’s Lien on the Bliss
Construction Working Capital Account (as defined in the Depositary Agreement).

 

“Control
Agreement (Clinton)” means that certain control agreement dated as
of June 22, 2007 among NCW, Administrative Agent and the Working Capital
Account Bank regarding the perfection of Administrative Agent’s Lien on the
Clinton Construction Working Capital Account (as defined in the Depositary
Agreement).

 

“Control
Agreement (Ellenburg)” means that certain control agreement dated as
of June 22, 2007 among NEW, Administrative Agent and the Working Capital
Account Bank regarding the perfection of Administrative Agent’s Lien on the
Ellenburg Construction Working Capital Account (as defined in the Depositary
Agreement).

 

“Control
Agreements (Project Companies)” means, collectively, the Control
Agreement (Bliss), the Control Agreement (Clinton) and the Control Agreement
(Ellenburg).

 

“Control
Agreement (Operations)” means that certain control agreement to be
entered into among the Borrower, the Project Companies, Administrative Agent
and the Working Capital Account Bank regarding the perfection of Administrative
Agent’s Lien on the Operations Working Capital Account, in form and substance
satisfactory to Administrative Agent.

 

“Controlled
Group” means (a) a corporation which is a member of a
controlled group of corporations with any Noble Entity within the meaning of 

 

14

 

Section 414(b) of
the Code, (b) a trade or business (including a sole proprietorship,
partnership, trust, estate or corporation) which is under common control with
any Noble Entity within the meaning of Section 414(c) of the Code or Section 4001(b)(1) of
ERISA, (c) a member of an affiliated service group with any Noble Entity
within the meaning of Section 414(m) of the Code, or (d) an
entity deemed affiliated with any Noble Entity under Section 414(o) of
the Code.

 

“Conveyed Transmission Owner Facilities” means the portion of
the substation, interconnection, microwave or transmission facilities
constructed or otherwise developed by NBW, NCW and/or NEW or an Affiliate
thereof, described on Exhibit H-7 to the Financing Agreement, which
the applicable Project Company contemplates selling, leasing, transferring,
conveying or otherwise disposing of to NYPA, the Village of Arcade or Niagara
Mohawk Power Corporation, as applicable, pursuant to the applicable
Interconnection Agreements or the EPC Contract (Mohawk).

 

“Cost of
Improvement” means the Cost of Improvement for the Bliss Project,
the Cost of Improvement for the Clinton Project and the Cost of Improvement for
the Ellenburg Project.

 

“Cost of
Improvement for the Bliss Project” means those items defined as cost
of improvement under Section 2(5) of the Lien Law with respect to the
Project (Bliss).

 

“Cost of
Improvement for the Clinton Project” means those items defined as
cost of improvement under Section 2(5) of the Lien Law with respect
to the Project (Clinton).

 

“Cost of
Improvement for the Ellenburg Project” means those items defined as
cost of improvement under Section 2(5) of the Lien Law with respect
to the Project (Ellenburg).

 

“Co-Tenancy
Agreement” means the Co-Tenancy Agreement by and among NCW, NEW,
Asset Manager and Operator.

 

“Counterparties”
has the meaning given in Section 2.11(a) of the Financing
Agreement.

 

“Credit Event”
means the Financial Closing Date, each Borrowing, issuance of the DSRA LC, and
Term-Conversion.

 

“CS Guaranty”
means the Guarantee, dated as of June 22, 2007, by Credit Suisse (USA), Inc.
in favor of the Borrower.

 

15

 

“Debt”
of any Person at any date means, without duplication, (a) all obligations
of such Person for borrowed money, (b) all obligations of such Person
evidenced by bonds, debentures, notes or other similar instruments, (c) all
obligations of such Person to pay the deferred purchase price of property or
services, except trade accounts payable arising in the ordinary course of
business, (d) all obligations of such Person under leases which are or
should be, in accordance with GAAP, recorded as capital leases in respect of
which such Person is liable, (e) all obligations of such Person to
purchase securities which arise out of or in connection with the sale of the
same or substantially similar securities, (f) all deferred obligations of
such Person to reimburse any bank or other Person in respect of amounts paid or
advanced under a letter of credit or other instrument, (g) all Debt of
others secured by a Lien on any asset of such Person, whether or not such Debt
is assumed by such Person and (h) all Debt of others guaranteed directly
or indirectly by such person or as to which such Person has an obligation
substantially the economic equivalent of a guarantee.

 

“Debt Service”
means for Borrower and the Project Companies (on a consolidated basis) and for
any period, and without duplication of amounts included in the definition of
O&M Costs, all obligations for principal, interest payments and any fees
and expenses, including net obligations in respect of the Interest Rate
Agreements and Energy Hedge Agreement, due in respect of all Debt (or, with
respect to the Energy Hedge Agreement, amounts) payable by Borrower and the
Project Companies (on a consolidated basis) in such period; provided,
that Debt Service shall not include increases or reductions to the Tracking
Account.

 

“Debt Service
Reserve Account” has the meaning given in Section 5.3(d)(i) of
the Depositary Agreement.

 

“Default”
means any occurrence, circumstance or event, or any combination thereof, which,
with the lapse of time, the giving of notice or both, would constitute an Event
of Default.

 

“Default Rate”
means (a) with respect to Loans, the interest rate per annum equal to the
then applicable LIBO Rate plus two percent (2%) plus (i) during the
Construction Loan Availability Period, the Applicable Construction Loan Margin,
or (ii) during the Term Loan Availability Period, the Applicable Term Loan
Margin and (b) with respect to any DSRA LC Loan, the Energy Hedge LC Loan
or any Reimbursement Obligation, the interest rate per annum equal to the then
applicable LIBO Rate plus two percent (2%) plus the Applicable LC Loan
Margin, provided that in no event shall the Default Rate exceed the maximum
rate permitted by applicable law.

 

16

 

“Depositary”
means The Bank of New York, in its capacity as Depositary under the Depositary
Agreement, or its successor appointed pursuant to the terms of the Depositary
Agreement.

 

“Depositary
Agreement” means a Depositary Agreement substantially in the form of
Exhibit E-6, duly executed by Borrower, Administrative Agent and
Depositary.

 

“Dexia”
means Dexia Crédit Local, New York Branch.

 

“Dexia Fee Letter”
means that certain letter dated June 22, 2007 between Borrower and Dexia.

 

“Distributable
Cash” has the meaning given in Section 5.2(a)(xvi) of
the Depositary Agreement.

 

“Distributable Cash Account”
means a deposit account of Borrower titled the “New York 2006 Portfolio
Wind Generation Projects – Distributable Cash Account” over which
Administrative Agent shall not have a security interest or a lien for the
benefit of itself or any Lender.

 

“Distribution
Date” means 15 Banking Days after each Repayment Date up to and
including the Term Loan Maturity Date or, if such date occurs on a day other
than a Banking Day, the next succeeding Banking Day after such date.  Notwithstanding anything in any Financing
Document to the contrary, no Distribution Date shall occur prior to the Initial
Repayment Date.

 

“Distribution
Reserve Account” has the meaning given in Section 5.3(f)(i) of
the Depositary Agreement.

 

“DNV”
means Det Norske Veritas.

 

“Dollars”
and “$” means United States dollars or such
coin or currency of the United States of America as at the time of payment
shall be legal tender for the payment of public and private debts in the United
States of America.

 

“Drawdown
Certificate” means a certificate delivered to Administrative Agent
substantially in the form of Exhibit D-4 to the Financing
Agreement.

 

“Drawing”
means a drawing on a Letter of Credit.

 

“Drawing
Payment” means a payment by LC Fronting Bank of all or any part of
the Stated Amount in conjunction with a Drawing under any Letter of Credit.

 

17

 

“DSRA LC”
means that certain letter of credit to be issued in favor of the Administrative
Agent pursuant to Section 2.3(a)(ii) of the Financing
Agreement.

 

“DSRA LC Loan”
has the meaning given in Section 2.3(d)(iv)(B) of the
Financing Agreement.

 

“DSRA LC Loan
Maturity Date” has the meaning given in Section 2.3(d)(iv)(B) of
the Financing Agreement.

 

“DSRA Minimum
Balance” means, as of a given date, one-half of the interest and
principal payments on the Term Loans scheduled to be paid on the next two (2) Repayment
Dates.

 

“Eminent
Domain Proceeds” has the meaning given in Section 5.5 of
the Depositary Agreement.

 

“Energy Hedge
Agreement” means the ISDA Master Agreement and ISDA Credit Support
Annex, dated as of June 20, 2007, between Borrower and the Energy Hedge
Provider and the schedules and confirmation entered into pursuant thereto.

 

“Energy Hedge
Agreement Consent” means that certain consent and agreement dated as
of June 22 , 2007, between Borrower and the Energy Hedge Provider and the
schedules and confirmation entered into pursuant thereto.

 

“Energy Hedge
LC” means that certain letter of credit, dated as of the later of
the (i) Financial Closing Date and (ii) Trade Date (as defined in the
Energy Hedge Agreement), issued in favor of the Energy Hedge Provider pursuant
to Section 2.3(a)(i) of the Financing Agreement.

 

“Energy Hedge
LC Loan” has the meaning given in Section 2.3(d)(iii)(C) of
the Financing Agreement.

 

“Energy Hedge
LC Loan Maturity Date” has the meaning given in Section 2.3(d)(iii)(C) of
the Financing Agreement.

 

“Energy Hedge
Provider” means Credit Suisse Energy LLC, and its successors and
assigns under the Energy Hedge Agreement.

 

“Environmental
Claim” means any and all obligations, liabilities, losses,
administrative, regulatory or judicial actions, suits, demands, decrees,
claims, liens, judgments, warning notices, notices of noncompliance or violation,
investigations, proceedings, removal or remedial actions or orders, or damages
(foreseeable and unforeseeable, including consequential and punitive damages),
penalties, fees, 

 

18

 

out-of-pocket costs,
expenses, disbursements, attorneys’ or consultants’ fees, relating in any way
to any Hazardous Substances Law or any Permit issued under any such Hazardous
Substances Law (hereafter “Claims”), including (a) any and all
Claims by Governmental Authorities for enforcement, cleanup, removal, response,
remedial or other actions or damages pursuant to any applicable Hazardous
Substances Law, and (b) any and all Claims by any third party seeking
damages, contribution, indemnification, cost recovery, compensation or
injunctive relief resulting from Hazardous Substances or arising from alleged
injury or threat of injury to health, safety or the environment.

 

“Environmental
Permit” means any permit required pursuant to a Hazardous Substances
Law.

 

“Environmental
Report (Bliss)” means that certain Phase I Environmental Site
Assessment dated March 2006 prepared by the Borrower’s Environmental
Consultant with respect to the Site (Bliss) and updated by letter from
Borrower’s Environmental Consultant dated March 15, 2007.

 

“Environmental
Report (Clinton)” means that certain Phase I Environmental Site
Assessment dated March 2006 prepared by the Borrower’s Environmental
Consultant with respect to the Site (Clinton) and updated by letter from
Borrower’s Environmental Consultant dated March 15, 2007.

 

“Environmental
Report (Ellenburg)” means that certain Phase I Environmental Site
Assessment dated March 2006 prepared by the Borrower’s Environmental
Consultant with respect to the Site (Ellenburg) and updated by letter from Borrower’s
Environmental Consultant dated March 15, 2007.

 

“Environmental
Reports” means, collectively, the Environmental Report (Bliss), the
Environmental Report (Clinton) and the Environmental Report (Ellenburg).

 

“EPC
Contractor” means Noble Constructors, LLC (formerly known as Noble
Services, Inc.), a Delaware limited liability company.

 

“EPC
Contracts” means, collectively, the EPC Contract (Bliss), the EPC
Contract (Clinton), the EPC Contract (Ellenburg), the EPC Contract (Mohawk),
the EPC Contract (SUF) and the EPC Contract (TIC).

 

“EPC
Contracts Consent” means that certain consent and agreement dated as
of June 22, 2007 between EPC Contractor, NBW, NCW, NEW and Administrative
Agent.

 

19

 

“EPC Contract
Consent (CF and SUF)” means that certain consent and agreement dated
as of June 22, 2007 between EPC Contractor, NCW, NEW and Administrative
Agent.

 

“EPC Contract
(Bliss)” means that certain Engineering, Procurement and
Construction Contract, dated as of June 22, 2007, between NBW and EPC
Contractor.

 

“EPC Contract
(Clinton)” means that certain Engineering, Procurement and
Construction Contract, dated as of June 22, 2007, between NCW and EPC
Contractor.

 

“EPC Contract
(Ellenburg)” means that certain Engineering, Procurement and
Construction Contract, dated as of June 22, 2007, between NEW and EPC
Contractor.

 

“EPC Contract (Mohawk)” means
that certain Engineering, Procurement and Construction Agreement, to be entered into among Niagara Mohawk Power Corporation
dba National Grid, a New York corporation, NBW, the Village of Arcade, a New
York municipality and NYISO, in form and substance reasonably satisfactory to
the Administrative Agent and the parties to that agreement.

 

“EPC Contract
(SUF)” means that certain System Upgrade Facilities Engineering, Procurement and Construction
Agreement, dated as of June 22, 2007, among NCW, NEW and
EPC Contractor.

 

“EPC Contract (TIC)” means that certain
Common Facilities Engineering, Procurement and Construction Agreement,
dated as of June 22, 2007, among
NCW, NEW and EPC Contractor.

 

“Equity
Bridge Loan” and “Equity Bridge Loans”
have the meanings given in Section 2.1(b)(i) of
the Financing Agreement.

 

“Equity
Bridge Loan Availability Period” means the period from the Financial
Closing Date to the Equity Bridge Loan Maturity Date.

 

“Equity
Bridge Loan Commitment” means, at any time with respect to each
Lender, such Lender’s Proportionate Share of the Total Equity Bridge Loan
Commitment at such time.

 

“Equity
Bridge Loan Commitment Fees” has the meaning given in Section 2.6(b)(ii) of the Financing
Agreement.

 

“Equity Bridge Loan Facility” has the
meaning given in Section 2.1(b)(i) of
the Financing Agreement.

 

20

 

“Equity
Bridge Loan Maturity Date” means the earliest to occur of (a) March 31,
2008; or (b) the Term-Conversion Date.

 

“Equity
Bridge Loan Note” and “Equity Bridge Loan Notes”
have the meanings given in Section 2.4(e) of
the Financing Agreement.

 

“Equity
Capital Contribution Agreement” means that certain Membership
Interest Purchase and Equity Capital Contribution Agreement, dated as of June 22,
2007, among Borrower and each Equity Support Member.

 

“Equity
Support Documents” means, collectively, the Operating Agreement, the
LLC Agreement, the LLC Side Letter Agreement, the GE Capital Guaranty, the
Equity Capital Contribution Agreement, the PAYG Agreement and ECCA Consent, any
Acceptable Equity Support Security and any other equity contribution agreement and
guaranty in support thereof required to be entered into in connection with any
Permitted Transfer to an Equity Support Member, in each case in form and
substance satisfactory to Administrative Agent and the Majority Lenders.

 

“Equity
Support Members” means (a) GE SPV, and (b) following a
Permitted Transfer of an Equity Support Member’s interest, each Member of
Borrower (other than Noble Environmental) which, until its obligations under
the Equity Capital Contribution Agreement (other than its indemnification
obligations pursuant to Section 6.02 thereof) and PAYG Agreement have been
paid and/or performed in full and the Forbearance Term (as defined in the
Forbearance Agreement) has expired, meet the following criteria:  such Member (i) has a long-term senior
unsecured debt rating of at least “A3” by Moody’s or “A-” by S&P or (ii) provides security for its
obligations under the Equity Capital Contribution Agreement and the PAYG
Agreement (in form and substance satisfactory to Administrative Agent in its
sole discretion unless such security constitutes Acceptable Equity Support
Security).

 

“Equity
Support Member Pledge Agreement” means the Equity Support Member
Pledge Agreement (including the ownership certificates and any disposition
instruments, transfer powers and irrevocable proxies attached thereto),
substantially in the form of Exhibit E-9, each duly executed by the
Equity Support Member and Administrative Agent.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Event”
means any (i) Reportable Event with respect to an ERISA Plan, (ii) termination
of any ERISA Plan, (iii) reasonable grounds for the termination of such
ERISA Plan by the PBGC or for the appointment by the appropriate United States 

 

21

 

District Court of a
trustee to administer such ERISA Plan as determined by the PBGC or the
appropriate United States District Court, as applicable, (iv) appointment
of a trustee by a United States District Court to administer any ERISA Plan; (v) institution
by the PBGC of proceedings to terminate any ERISA Plan; (vi) complete or
partial withdrawal by any Noble Entity or any member of the Controlled Group
from any Multiemployer Plan, (vi) Multiemployer Plan shall have entered
reorganization status, become insolvent, or terminate (or notified any Noble
Entity or any member of the Controlled Group of its intent to terminate) under Section 4041A
of ERISA, or (vii) material failure by any Noble Entity or any member of
the Controlled Group to make any required contribution or premium payment in
respect of any ERISA Plan.

 

“ERISA Plan”
means any employee benefit plan (a) maintained by any Noble Entity or any
member of the Controlled Group, or to which any of them contributes or is obligated
to contribute, for its employees, (b) covered by Title IV of ERISA or
to which Section 412 of the Code applies and (c) with respect to
which any Noble Entity is reasonably expected to have any material liability.

 

“Estimated
Interconnection Costs” means, as of the Financial Closing Date, the
costs estimated to be incurred by each Project Company under the
Interconnection Agreements, which estimate shall be reasonably acceptable to
the Administrative Agent (in consultation with the Independent Engineer).

 

“Event of
Default” and “Events of Default”
have the meanings given in Article 8 of the Financing Agreement.

 

“Event of
Eminent Domain” means any compulsory transfer or taking by
condemnation, eminent domain or exercise of a similar power, or transfer under
threat of such compulsory transfer or taking, of any material part of the
Collateral or any of the Mortgaged Property, by any agency, department,
authority, commission, board, instrumentality or political subdivision of any
State in which a Project is located, the United States or another Governmental
Authority having jurisdiction.

 

“EWG”
means an “exempt wholesale generator,” as such term is defined in PUHCA and the
FERC’s regulations thereunder.

 

“EWG
Determinations” has the meaning given in Section 3.1(hh)
of the Financing Agreement.

 

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

 

“Excluded
Taxes” has the meaning given in Section 2.7(d)(i) of
the Financing Agreement.

 

22

 

“Expiration
Date” means, with respect to any Letter of Credit, the date of
expiration set forth therein.

 

“Extended
Term Loan Availability Period” means the period from the
Term-Conversion Date to the Initial Repayment Date.

 

“Extended
Term Loan Commitment” means, at any time with respect to each
Lender, such Lender’s Proportionate Share of the Total Extended Term Loan
Commitment at such time.

 

“Extended
Term Loan Commitment Fees” has the meaning given in Section 2.6(b)(iii) of
the Financing Agreement.

 

“FDIC”
means the Federal Deposit Insurance Corporation and its successors.

 

“Federal
Funds Rate” means, for any day, the rate per annum (rounded upwards,
if necessary, to the nearest 1/100 of 1%) equal to the weighted
average of the per annum rates on overnight Federal funds transactions with
member banks of the Federal Reserve System arranged by federal funds brokers as
published by the Federal Reserve Bank of New York for such day (or, if such
rate is not so published for any day, the average of the rates quoted by three
federal funds brokers to Administrative Agent on such day on such
transactions).

 

“Federal
Reserve Board” means the Board of Governors of the Federal Reserve
System.

 

“Fee Letters”
means the Dexia Fee Letter and HSH Fee Letter.

 

“FERC”
means the Federal Energy Regulatory Commission and its successors.

 

“FERC Orders”
has the meaning given in Section 3.1(hh) of the Financing
Agreement.

 

“Final
Completion” means, with respect to each Project, that “Final
Acceptance” under the EPC Contracts and final acceptance of such work
(including acceptance by Borrower and the Project Companies and the Independent
Engineer and completion of all Punch List Items) shall have occurred and that
completion of all such work shall have been materially in accordance with the
terms of the Plans and Specifications and the requirements of all Applicable
Permits, all as certified by the Independent Engineer to Administrative Agent
(which certification shall be reasonably satisfactory to the Administrative
Agent).  For purposes of clarification,
unless expressly stated where used to the contrary, the terms “Final Acceptance”
shall refer to Final 

 

23

 

Completion of all of the
Projects (and not Final Acceptance of less than all of the Projects other than
WTGs in an aggregate amount for all of the Projects not to exceed nineteen
(19)) and shall not be deemed achieved until all the Projects other than
WTGs in an aggregate amount for all of the Projects not to exceed nineteen (19) have
achieved Final Acceptance.

 

“Final
Completion Date” means the first anniversary of the Term-Conversion
Date.

 

“Final
Completion Tests” means all tests necessary to achieve Final
Completion, and the work to which such tests relate.

 

“Final
Drawing” has the meaning given in Section 3.3(a) of
the Financing Agreement.

 

“Final Energy
Production Analysis” has the meaning given in Section 3.3(y) of
the Financing Agreement.

 

“Financial
Closing” means the satisfaction (or waiver in accordance with the
terms of the Financing Agreement) of each of the conditions precedent listed in
Section 3.1 of the Financing Agreement.

 

“Financial
Closing Date” means the date upon which Financial Closing occurs.

 

“Financing
Agreement” means that certain Financing Agreement dated as of June 22,
2007, among Borrower, Lead Arrangers, Joint Bookrunners, Technical and
Documentation Agent, Co-Syndication Agent, LC Fronting Bank, Administrative
Agent and the Lenders.

 

“Financing
Documents” means, collectively, the Financing Agreement, the Notes,
the Collateral Documents, the Fee Letters, the Letters of Credit, the Interest
Rate Agreements (including all Hedge Transactions thereunder), and any other
similar documents, agreements or instruments entered into in connection with
any of the foregoing or with the transactions contemplated by the Financing
Documents.

 

“Financing
Statement and Fixture Filing (Bliss)” means the Financing Statement
and Fixture Filing for the interest in real property comprising the Site
(Bliss), substantially in the form of Exhibit E-2, duly executed by
NBW.

 

“Financing
Statement and Fixture Filing (Clinton)” means the Financing
Statement and Fixture Filing for the interest in real property comprising the
Site 

 

24

 

(Clinton), except for the
interest encumbered by the Additional Parcel Mortgage (Clinton), substantially
in the form of Exhibit E-3, duly executed by NCW.

 

“Financing
Statement and Fixture Filing (Ellenburg)” means the Financing
Statement and Fixture Filing for the interest in real property comprising the
Site (Ellenburg), except for the interest encumbered by the Additional Parcel
Mortgage (Ellenburg), substantially in the form of Exhibit E-4,
duly executed by NEW.

 

“Financing
Statements and Fixture Filings” means, collectively, the Additional
Parcel Financing Statement and Fixture Filing (Clinton), the Additional Parcel
Financing Statement and Fixture Filing (Ellenburg), the Financing Statement and
Fixture Filing (Bliss), the Financing Statement and Fixture Filing (Clinton)
and the Financing Statement and Fixture Filing (Ellenburg).

 

“Forbearance
Agreement” means the Forbearance Agreement, dated as of June 22,
2007, by and among GE SPV, the Administrative Agent and the Borrower.

 

“FPA”
means the Federal Power Act, 16. U.S.C., Section 824 et seq.

 

“Franklin
County Recorder’s Office” means the Office of the County Clerk of
Franklin County, New York.

 

“GAAP”
means generally accepted accounting principles in the United States of America
consistently applied.

 

“GE Capital
Guaranty” means the Guaranty, dated as of June 22, 2007, by
General Electric Capital Corporation in favor of the Borrower.

 

“GE SPV”
means EFS Noble Holdings, LLC, a Delaware limited liability company.

 

“GL”
means Germanischer Lloyd.

 

“Governmental
Authority” means any national, state or local government (whether
domestic or foreign), any political subdivision thereof or any other
governmental, quasi-governmental, judicial, public or statutory
instrumentality, authority, body, agency, bureau or entity (including any
zoning authority, FERC, the Securities and Exchange Commission, the FDIC, the
Comptroller of the Currency or the Federal Reserve Board, any central bank or
any comparable authority), or any arbitrator with authority to bind a party at
law.

 

“Governmental
Entities” means Clinton County IDA, Clinton County, The County
Treasurer of Clinton County, New York, the Town of Clinton, New York, The 

 

25

 

Town of Ellenburg, New
York, the Chateaugay Central School District, the Northern Adirondack Central
School District, Wyoming County IDA, Wyoming County and the Town of Eagle.

 

“Governmental
Rule” means, with respect to any Person, any statute, law, rule,
regulation, ordinance, rule of common law, order or binding
interpretation, code, treaty, judgment, decree, directive, guideline or similar
form of decision of any Governmental Authority in each case applicable to or
binding upon such Person or any of its properties or to which such Person or
any of its property is subject.

 

“Hazardous
Substances” means (statutory acronyms and abbreviations having the
meaning given them in the definition of “Hazardous Substances Laws”) substances
defined as “hazardous substances,” “pollutants” or “contaminants” in Section 101
of the CERCLA; those substances defined as “hazardous waste,” “hazardous
materials” or “regulated substances” by the RCRA; those substances designated
as a “hazardous substance” pursuant to Section 311 of the CWA; those
substances defined as “hazardous materials” in Section 103 of the HMTA;
those substances regulated as a hazardous chemical substance or mixture or as
an imminently hazardous chemical substance or mixture pursuant to
Sections 6 or 7 of the TSCA; those substances defined as “contaminants”
by Section 1401 of the SDWA, if present in excess of permissible levels;
those substances regulated by the Oil Pollution Act; those substances defined
as a pesticide pursuant to Section 2(u) of the FIFRA; those
substances defined as a source, special nuclear or by-product material by Section 11
of the AEA; those substances defined as “residual radioactive material” by Section 101
of the UMTRCA; those substances defined as “toxic materials” or “harmful
physical agents” pursuant to Section 6 of the OSHA); those substances
defined as hazardous wastes in 40 C.F.R. 
Part 261.3; those substances defined as hazardous waste
constituents in 40 C.F.R.  Part 260.10,
specifically including Appendix VII and VIII of Subpart D of 40
C.F.R.  Part 261; those substances
designated as hazardous substances in 40 C.F.R.  Parts 116.4 and 302.4; those
substances defined as hazardous substances or hazardous materials in 49
C.F.R.  Part 171.8; those substances
regulated as hazardous materials, hazardous substances, or toxic substances
in 40 C.F.R.  Part 1910; any
substance or material that is prohibited, regulated or defined as “hazardous”
or any other term of similar import under, or for which liability is imposed
pursuant to, any Hazardous Substances Law, including without limitation, pollutants,
contaminants, wastes, acid mine runoff, toxic substances, toxic mold, noise
emissions, radon gas, oil, petroleum, petroleum derivatives, asbestos, PCBs,
volatile organic compounds and semivolatile organic compounds, or in the
regulations adopted and publications promulgated pursuant to any Hazardous
Substances Laws, whether or not such regulations or publications are
specifically referenced herein. 
Hazardous Substances also include the foregoing substances defined in
the counterparts to any of the above cited federal references contained in the
Governmental Rules of the 

 

26

 

States in which the
Projects are located, including but not limited to the Hazardous Substances
Laws and the rules and regulations promulgated pursuant thereto.

 

“Hazardous
Substances Law” means any of:

 

(a)           the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as
amended (42 U.S.C. Section 9601 et seq.) (“CERCLA”);

 

(b)           the Federal Water
Pollution Control Act (33 U.S.C. Section 1251 et seq.)
(“Clean Water Act” or “CWA”);

 

(c)           the Resource
Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.)
(“RCRA”);

 

(d)           the Atomic Energy Act
of 1954 (42 U.S.C. Section 2011 et seq.) (“AEA”);

 

(e)           the Clean Air Act (42
U.S.C. Section 7401 et seq.) (“CAA”);

 

(f)            the Emergency Planning
and Community Right to Know Act (42 U.S.C. Section 11001 et seq.) (“EPCRA”);

 

(g)           the Federal
Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. Section 136 et seq.) (“FIFRA”);

 

(h)           the Oil Pollution Act
of 1990 (P.L. 101-380, 104 Stat. 486);

 

(i)            the Safe Drinking
Water Act (42 U.S.C. Sections 300f et seq.) (“SDWA”);

 

(j)            the Surface Mining
Control and Reclamation Act of 1974 (30 U.S.C. Sections 1201 et seq.) (“SMCRA”);

 

(k)           the Toxic Substances
Control Act (15 U.S.C. Section 2601 et seq.) (“TSCA”);

 

(l)            the Hazardous
Materials Transportation Act (49 U.S.C. Section 1801 et seq.)
(“HMTA”);

 

(m)          the Uranium Mill
Tailings Radiation Control Act of 1978 (42 U.S.C. Section 7901 et seq.) (“UMTRCA”);

 

27

 

(n)           the Occupational Safety
and Health Act (29 U.S.C. Section 651 et seq.) (“OSHA”);

 

(o)           the National
Environmental Policy Act (42 U.S.C. Sections 4321 et seq.);

 

(p)           the State Environmental
Quality Review Act (NY ECL Sections 8-0101 et seq.);
and

 

(q)           all other Federal,
state or local Legal Requirements now or hereafter in effect that relate to
protection of human health or safety to the extent relating to Hazardous
Substances, or pollution, management, protection or cleanup of the environment,
including the protection of endangered species and migratory birds and the
preservation of cultural resources, and all Legal Requirements that relate to (i) any
Release or (ii) the use, treatment, storage, disposal, handling,
manufacturing, transportation or shipment of Hazardous Substances or otherwise
govern Hazardous Substances, including all duties, standards of conduct or
responsibility pursuant to common law.

 

“Hedge
Transaction” means any “Transaction” (such as swaps, caps, collars
or floors) entered into under an Interest Rate Agreement.

 

“HSH”
means  HSH Nordbank AG, New York Branch.

 

“HSH Fee
Letter” means that certain letter dated June 22, 2007, between
Borrower and HSH.

 

“ICAP
Revenues” means, for any period, amounts expected to be paid to the
Project Companies for installed capacity provided by the Project Companies in
the NYISO Installed Capacity market.

 

“IDA Consents”
means  (i) with respect to the
Project (Clinton), Consent to Assignment of Lease Agreement from Clinton County
IDA, dated as of June 20, 2007 and the Consent to Assignment of Town
Agreements from the Town of Clinton, dated as of June 20, 2007, (ii) with
respect to the Project (Ellenburg), the Consent to Assignment of Lease Agreement
from Clinton County IDA, dated as of June 20, 2007 and the Consent to
Assignment of Town Agreement from the Town of Ellenburg, dated as of June 19,
2007 and (iii) with respect to the Project (Bliss), the Consent to
Assignment of Wyoming County IDA Documents from Wyoming County IDA, dated June 22,
2007, the Consent to Assignment of Road Use Agreement from the Town of Eagle,
dated as of April 23, 2007, and the Consent to Assignment of License
Agreement from the Town of 

 

28

 

Eagle, dated as of April 23,
2007, each in favor of the Administrative Agent and its successors and assigns.

 

“IDA
Documents” means (i) with respect to Project (Clinton): the
Lease to Agency, dated as of March 1, 2007, between NCW and Clinton County
IDA, as supplemented by LTA Supplement No. 1, dated as of March 1,
2007, between NCW and Clinton County IDA and LTA Supplement No. 2, dated
as of May 29, 2007, between NCW and Clinton County IDA, the Bill of Sale,
dated as of March 1, 2007, from NCW to Clinton County IDA, the Lease
Agreement, dated as of March 1, 2007, between NCW and Clinton County IDA,
as amended by LA Supplement No. 1, dated as of March 1, 2007, between
NCW and Clinton County IDA, a memorandum of which was recorded on March 30,
2007 in the Clinton County Recorder’s Office as Instrument No.2007-00204268, as
amended by LTA Supplement No. 2, dated as of May 29, 2007, a
memorandum of which is intended to be recorded in the Clinton County Recorder’s
Office, the Payment in Lieu of Tax Agreement, dated as of March 1, 2007,
between NCW and Clinton County IDA, the Construction Agency Agreement, dated as
of March 1, 2007, between NCW, NEW and Clinton County IDA, the Capacity
Royalty Agreement, dated as of March 1, 2007, between NCW and Clinton
County IDA and the Host Community Agreement, dated as of August 21, 2006,
between the Town of Clinton and NCW, (ii) with respect to Project
(Ellenburg): the Lease to Agency, dated as of March 1, 2007, between NEW
and Clinton County IDA, as amended by LTA Supplement No. 1, dated as of March 1,
2007, between NEW and Clinton County IDA and LTA Supplement No. 2, dated
as of May 29, 2007, between NEW and Clinton County IDA, the Bill of Sale,
dated as of March 1, 2007, from NEW to Clinton County IDA, the Lease
Agreement, dated as of March 1, 2007, between NEW and Clinton County IDA,
as supplemented by LA Supplement No. 1, dated as of March 1, 2007,
between NCW and Clinton County IDA, a memorandum of which was recorded on March 30,
2007 in the Clinton County Recorder’s Office as Instrument No.2007-00204271, as
supplemented by LTA Supplement No. 2, dated as of May 29, 2007, a
memorandum of which is intended to be recorded in the Clinton County Recorder’s
Office, the Payment in Lieu of Tax Agreement, dated as of March 1, 2007,
between NEW and Clinton County IDA, the Capacity Royalty Agreement, dated as of
March 1, 2007, between NEW and Clinton County IDA and the Host Community
Agreement, dated as of August 21, 2006, between the Town of Ellenburg and
NEW, (iii) with respect to Project (Bliss): the Lease to Agency, dated as
of April 23, 2007, between NBW and Wyoming County IDA, the Bill of Sale,
dated as of April 23, 2007, from NBW to Wyoming County IDA, the Lease
Agreement, dated as of April 23, 2007, between NBW and Wyoming County IDA
and the Payment in Lieu of Tax Agreement, dated as of April 23, 2007,
between NBW and Wyoming County IDA, (iv) the IDA PILOT Mortgages and (v) the
IDA Consents and, in each case, all other instruments and documents related
thereto and executed in connection therewith.

 

29

 

“IDA PILOT
Mortgages” means (i) the PILOT Mortgage, dated as of March 1,
2007, given by NCW, NEW and Clinton County IDA to the Clinton County Treasurer,
as amended by PILOT Mortgage Spreader Agreement, dated as of May 29, 2007,
by and among NCW, Clinton County IDA and the Clinton County Treasurer and (ii) the
PILOT Mortgage, dated as of March 1, 2007, given by NEW and Clinton County
IDA to the Clinton County Treasurer, as amended by PILOT Mortgage Spreader
Agreement, dated as of May 29, 2007, by and among NEW, Clinton County IDA
and the Clinton County Treasurer.

 

“Improvements”
has the meaning given in the granting clause of the Mortgages.

 

“Incomplete
Turbines” means any WTGs that have not achieved Completion as of the
Term-Conversion Date.

 

“Indemnified
Taxes” has the meaning given in Section 2.7(d)(i) of
the Financing Agreement.

 

“Indemnitees”
has the meaning given in Section 5.21(a) of the Financing
Agreement.

 

“Independent
Consultants” means, collectively, the Insurance Consultant, the
Borrower’s Environmental Consultant, the Independent Engineer, CRA
International, Inc., and DNV or GL (as the case may be) or their
successors appointed pursuant to Section 11.1 of the Financing
Agreement.

 

“Independent
Engineer” means Garrad Hassan or their successors appointed pursuant
to Section 11.1 of the Financing Agreement.

 

“Initial Debt
Service Reserve Requirement” means the DSRA Minimum Balance as of
the Term-Conversion Date.

 

“Initial
Repayment Date” means the last day of the calendar month during
which the six (6) month anniversary of the Term-Conversion Date occurs;
provided, that if the Term-Conversion Date occurs on or prior to the fourteenth
(14th) day of a calendar month, the Initial Repayment Date
shall be the last day of the month during which the five (5) month
anniversary of the Term-Conversion Date occurs.

 

“Insurance
Consultant” means Moore-McNeil, LLC, or its successor appointed
pursuant to Section 11.1 of the Financing Agreement.

 

“Insurance
Proceeds” has the meaning given in Section 5.4(a) of
the Depositary Agreement.

 

30

 

“Insurance Proceeds Account”
has the meaning given in Section 5.4(a) of the Depositary
Agreement.

 

“Insurance
Requirements” means the provisions set forth on Exhibit K
of the Financing Agreement.

 

“Interconnection
Agreements (Bliss)” means that certain (a) Interconnection
Agreement, to be executed on or prior to the Term-Conversion Date, among NBW,
NYISO and the Village of Arcade, New York with respect to the first
approximately 72 MW of the Project (Bliss) and (b)  Interconnection
Agreement, to be executed on or prior to the Term-Conversion Date, among NBW,
NYISO and the Village of Arcade, New York with respect to the second
approximately 28.5 MW of the Project (Bliss), in each case in form and
substance reasonably satisfactory to the Administrative Agent and the parties
to that agreement.

 

“Interconnection
Agreements (Clinton)” means that certain (a) Interconnection
Agreement, to be executed on or prior to the Term-Conversion Date, among NCW,
NYISO and the New York Power Authority with respect to the first approximately
79.5 MW of the Project (Clinton) and (b)  Interconnection Agreement, to be
executed on or prior to the Term-Conversion Date, among NCW, NYISO and the New
York Power Authority with respect to the second approximately 21 MW of the
Project (Clinton), in form and substance reasonably satisfactory to the
Administrative Agent and the parties to that agreement.

 

“Interconnection
Agreement (Ellenburg)” means that certain Interconnection Agreement,
to be executed on or prior to the Term-Conversion Date, among NEW, NYISO and
the New York Power Authority, in form and substance reasonably satisfactory to
the Administrative Agent and the parties to that agreement.

 

“Interconnection
Agreements” means, collectively, the Interconnection Agreements
(Bliss), the Interconnection Agreements (Clinton), and the Interconnection
Agreement (Ellenburg).

 

“Interconnection
Lines” means the transmission or interconnection lines, including
any and all poles, wires, cables, anchors, cross-arms and foundations,
constructed by or on behalf of Borrower or any Project Company or otherwise
provided for by Borrower or any Project Company to interconnect any Project to
the relevant substation therefor, as contemplated under the Interconnection
Agreements.

 

“Interest Fix
Fees” has the meaning given in Section 2.11(b) of
the Financing Agreement.

 

31

 

“Interest
Period” means with respect to any Loan, DSRA LC Loan or the Energy
Hedge LC Loan, the time periods selected by Borrower pursuant to Section 2.1,
Section 2.2, or Section 2.3 of the Financing Agreement
(in each case in accordance with Section 2.4(b) of the
Financing Agreement), which commences on the first day of such Loan, DSRA LC
Loan or the Energy Hedge LC Loan and ends on the last day of such time period.

 

“Interest
Rate Agreement” means the ISDA Master Agreement to be entered into
between Borrower and any hedge bank thereunder pursuant to Section 2.11
of the Financing Agreement (as distinct from the Energy Hedge Agreement), and
each schedule and confirmation entered into pursuant thereto (including all
Hedge Transactions thereunder).

 

“Investment
Grade Rating” means, with respect to any Person, a long-term senior
unsecured debt rating of at least “Baa3” by Moody’s or “BBB-” by S&P.

 

“Joint
Bookrunners” means each of Dexia and HSH in its respective capacity
as Joint Bookrunner under the Financing Agreement.

 

“Junior
Security Documents” has the meaning given in the Subordination
Agreement.

 

“Knowledge” means,
with respect to the Borrower, any Project Company or any Member (x) the
actual (as distinct from constructive) knowledge of any Person, at the relevant
time, who is a Responsible Officer of the Borrower, any Project Company or any
Member, (y) the Owner Designated Representative or the Operator Designated
Representative, or (z) any other Person holding any of the positions (or
successor position to any such position) enumerated on Exhibit H-9
of the Financing Agreement.

 

“Landowner” means
each grantor of an easement interest or lessor of a leasehold interest of any
portion of any Site that has granted an easement or leased real property to
Borrower or any Project Company.

 

“Landowner
Consents” means those certain consent and agreements from each
Landowner (other than the owners of land on which no WTGs or transmission lines
will be constructed and which are not required for setback compliance) in form
and substance satisfactory to Administrative Agent.

 

“Landowner
Mortgagee” means the holder of a fee mortgage encumbering a Landowner’s
land which is senior in priority and recorded against the land prior to the
recording of a memorandum of easement in favor of the Project Company.

 

32

 

“LC
Commitment” means, at any time with respect to each Lender, such
Lender’s Proportionate Share of the Total LC Commitment.

 

“LC
Commitment Fee” has the meaning given in Section 2.6(c)(i) of
the Financing Agreement.

 

“LC Exposure”
means, for any Letter of Credit, the Stated Amount on the date of issuance of
such Letter of Credit.

 

“LC Fees”
means, collectively, the LC Commitment Fees and the Letter of Credit Fees.

 

“LC Fronting
Bank” means Dexia or any permitted replacement.

 

“LC Issuance
Period” means, with regard to the DSRA LC, the period from the Term-Conversion
Date until the Term Loan Maturity Date.

 

“Lead
Arranger” means Dexia.

 

“Legal
Requirements” means, as to any Person, any law, common law, treaty, rule or
regulation, ordinance, order, any requirement under an Applicable Permit, and
any written determination or requirement of any Governmental Authority in each
case applicable to or binding upon such Person or any of its properties or to
which such Person or any of its property is subject.

 

“Lender”
or “Lenders” means the banks or other
financial institutions from time to time party to the Financing Agreement and
their successors and assigns.

 

“Lending
Office” means with respect to any Lender, the office designated as
such beneath the name of such Lender on Exhibit I of the Financing
Agreement or such other office of such Lender as such Lender may specify in
writing from time to time to Administrative Agent and Borrower.

 

“Letter of
Credit Fees” has the meaning given in Section 2.6(c)(iii) of
the Financing Agreement.

 

“Letters of
Credit” means, collectively the DSRA LC and the Energy Hedge LC.

 

“LIBO Rate”
means a rate per annum (rounded upwards if necessary, to the nearest 1/100
of 1%) determined by Administrative Agent equal to the rate appearing on Page 3750
of the Telerate Service (or any successor or substitute page of the
Telerate Service providing rate quotations comparable to those currently
provided on such 

 

33

 

Page 3750, as
determined by Administrative Agent) at which deposits in Dollars (in the
approximate amount and having approximately the same maturity as the Loan, DSRA
LC Loan or the Energy Hedge LC Loan to be made) are offered to Administrative
Agent in the London Interbank Market at approximately 11:00 a.m.
(London time), two Banking Days prior to the first day of the Interest Period
for such Loan, DSRA LC Loan or the Energy Hedge LC Loan.

 

“LIBO Rate
Loans” means the applicable LIBO Rate for any Loan, DSRA LC Loan or
the Energy Hedge LC Loan.

 

“Lien”
on any asset means any mortgage, deed of trust, lien, pledge, charge, security
interest, restrictive covenant or easement or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected or
effective under applicable law, or any preference, priority or preferential
arrangement of any kind or nature whatsoever including the interest of a vendor
or lessor under any conditional sale agreement, capital lease or other title
retention agreement relating to such asset.

 

“Lien Law”
means the Lien Law of the State of New York.

 

“Liquidation
Costs” has the meaning given in Section 2.9 of the
Financing Agreement.

 

“LLC
Agreement” means the Amended and Restated Limited Liability Company
Agreement of Noble Environmental Power 2006 Hold Co, LLC, as modified by
the LLC Side Letter Agreement, to be executed on or prior to the
Term-Conversion Date.

 

“LLC
Agreement (Bliss)” means the Limited Liability Company Agreement of
Noble Bliss Windpark, LLC, dated as of April 10, 2006, as amended on June 22,
2007.

 

“LLC
Agreement (Clinton)” means the Limited Liability Company Agreement
of Noble Clinton Windpark I, LLC, dated as of April 10, 2006, as amended
on June 22, 2007.

 

“LLC
Agreement (Ellenburg)” means the Limited Liability Company Agreement
of Noble Ellenburg Windpark, LLC, dated as of April 10, 2006, as amended
on June 22, 2007.

 

“LLC Side
Letter Agreement” means the letter agreement, to be executed on or
prior to the Term-Conversion Date, among the Members and the Administrative
Agent, in the form referenced in the LLC Agreement.

 

34

 

“Loans”
means, collectively, the Construction Loans, the Equity Bridge Loans, and the
Term Loans.

 

“Major
Project Participants” means (a) each Noble Entity, (b) each
Member and the Equity Support Members (until such Equity Support Members’
obligations under the Equity Capital Contribution Agreement (other than its
indemnification obligations pursuant to Section 6.02 thereof) and PAYG
Agreement have been paid and/or performed in full and the Forbearance Term (as
defined in the Forbearance Agreement) has expired), (c) the Operator, (d) the
Asset Manager, (e) NYSERDA, (f) each Contractor (until the
obligations of such Contractor under the Construction Contracts to which it is
a party shall have been performed and/or paid in full), (g) Energy Hedge
Provider, (h) each Landowner, (i) each Person party to an
Interconnection Agreement (until the obligations of such Person under the
Interconnection Agreement to which it is a party shall have been paid and/or performed
in full), and (j) the Governmental Entities.

 

“Majority
Lenders” means, at any time, a combination of Lenders and/or Voting
Participants having Proportionate Voting Shares which in the aggregate exceed
fifty percent (50%).

 

“Management
Services Agreement (Bliss)” 
means that certain Management Services Agreement, dated as of June 22,
2007, between the Asset Manager and NBW.

 

“Management
Services Agreement (Clinton)” means that certain Management Services
Agreement, dated as of June 22, 2007, between the Asset Manager and NCW.

 

“Management
Services Agreement (Ellenburg)” means that certain Management
Services Agreement, dated as of June 22, 2007, between the Asset Manager
and NEW.

 

“Management
Services Agreements” means, collectively, the Management Services
Agreement (Bliss), the Management Services Agreement (Clinton) and the
Management Services Agreement (Ellenburg).

 

“Management
Services Agreements Consent” means that certain consent and
agreement dated as of June 22, 2007 between the Asset Manager, NBW, NCW,
NEW and Administrative Agent.

 

“Mandatory
Prepayment” means a prepayment of Obligations required of Borrower
pursuant to the Financing Agreement.

 

“Market
Consultant” means Global Energy Decisions.

 

35

 

“Material
Adverse Effect”  means (a) (x) on
or prior to the Term-Conversion Date, a material adverse change in the status
of the business, results of operations or financial condition of any Noble
Entity or any Project or a material adverse change in the ability of any Equity
Support Member to meet its financial obligations under the Equity Support
Documents and (y) after the Term-Conversion Date, a material adverse
change in the overall status of the business, results of operations or
financial condition of the Noble Entities and the Projects, taken as a whole,
or the ability of the Equity Support Members, taken as a whole, to meet their
financial obligations under the Equity Support Documents; or (b) a
material adverse change in (i) (x) on or prior to the Term-Conversion
Date, the ability of Borrower, any Project Company or any other Person party to
any Operative Document to perform any of its material obligations under the
Operative Documents and (y) after the Term-Conversion Date, the ability of
Borrower, any Project Company or any other Person party to any Operative
Document to perform any of its material obligations under the Operative
Documents if such change has a material adverse effect on the Noble Entities
and the Projects taken as a whole, (ii) the ability of the Lenders to
enforce any of the Obligations, or (iii) the validity, priority or
perfection of the Lenders’ security interests in and Liens on the Collateral.

 

“Maturity”
or “maturity” means with respect to any
Loan, DSRA LC Loan, the Energy Hedge LC Loan, Borrowing, interest, fee or other
amount payable by Borrower under the Financing Agreement or the other Financing
Documents, the date such Loan, DSRA LC Loan, the Energy Hedge LC Loan,
Borrowing, interest, fee or other amount becomes due, whether upon the stated
maturity or due date, upon acceleration or otherwise.

 

“Maximum
Stated Amount” has the meaning given in Section 2.3(a)(ii) of
the Financing Agreement.

 

“Members”
means (a) as of the Financial Closing Date, Noble Environmental and (b) from
and after the Term-Conversion Date, each Equity Support Member, and each other
Person which has an ownership interest in Borrower pursuant to a Permitted
Transfer.

 

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

 

“Mortgage
(Bliss)” means (i) the Acquisition Loan Mortgage (Bliss), (ii) the
Building Loan Mortgage (Bliss), (iii) the Project Loan Mortgage (Bliss)
and (iv) the Additional Collateral Mortgage (Bliss).

 

“Mortgage
(Clinton)” means (i) the Acquisition Loan Mortgage (Clinton), (ii) the
Building Loan Mortgage (Clinton), (iii) the Project Loan Mortgage
(Clinton), 

 

36

 

(iv) the Additional
Collateral Mortgage (Clinton) and (v) the Additional Parcel Mortgage
(Clinton).

 

“Mortgage
(Ellenburg)” means (i) the Acquisition Loan Mortgage
(Ellenburg), (ii) the Building Loan Mortgage (Ellenburg), (iii) the
Project Loan Mortgage (Ellenburg), (iv) the Additional Collateral Mortgage
(Ellenburg) and (v) the Additional Parcel Mortgage (Ellenburg).

 

“Mortgaged
Property” means, collectively, the “Mortgaged Property” as defined
in each Mortgage.

 

“Mortgages”
means, collectively, the Mortgage (Bliss), the Mortgage (Clinton) and the
Mortgage (Ellenburg).

 

“Multiemployer
Plan” means any ERISA Plan that is a multiemployer plan (as defined
in Section 4001(a)(3) of ERISA) to which any Noble Entity or any
member of the Controlled Group is making, or has an obligation to make,
contributions, or has made, or has been obligated to make, contributions since
the date which is six years immediately preceding the Financial Closing Date.

 

“NBW”
means Noble Bliss Windpark, LLC, a Delaware limited liability company.

 

“NCW”
means Noble Clinton Windpark I, LLC, a Delaware limited liability company.

 

“NEP”
means Noble Environmental Power, LLC, a Delaware limited liability company.

 

“NEP
Guarantee” means the Guarantee, dated as of June 22, 2007, by
NEP in favor of the Administrative Agent.

 

“NEP Interest
Guarantee” means the NEP Interest Guarantee, dated as of June 22,
2007, by NEP in favor of the Administrative Agent.

 

“NEW”
means Noble Ellenburg Windpark, LLC, a Delaware limited liability company.

 

“Noble
Entities” means, collectively, the Borrower and the Project
Companies.

 

“Noble
Environmental” means Noble Environmental Power Hold Co. Prime, LLC,
a Delaware limited liability company.

 

37

 

“Noble
Environmental Pledge Agreement” means the Noble Environmental Pledge
Agreement (including the ownership certificates and any disposition instruments,
transfer powers and irrevocable proxies attached thereto), substantially in the
form of Exhibit E-10, each duly executed by the Noble Environmental
and Administrative Agent.

 

“Non-Conversion
Amount” means an amount equal to the excess of (a) the Total
Term Loan Commitment on the Term-Conversion Date immediately prior to giving
effect to the advancement of Term-Loans on such date over (b) the amount
of Term Loans advanced to the Borrower on the Term-Conversion Date.

 

“Non-Disturbance
Agreement” means each of those certain Subordination and
Non-Disturbance Agreement listed in Exhibit H-6(A) under the heading “Non-Disturbance
Agreement” duly executed by a Landowner Mortgagee, a Landowner, the appropriate
Noble Entity and Administrative Agent, substantially in the form of Exhibit E-12
to the Financing Agreement and in form and substance satisfactory to
Administrative Agent.

 

“Non-Recourse
Party” has the meaning given thereto in Article 9.

 

“Notes”
means, collectively, the Construction Loan Notes, the Term Loan Notes and the
Equity Bridge Loan Notes.

 

“Notice of
Borrowing” has the meaning given in Section 2.1(a)(ii) of
the Financing Agreement.

 

“Notice of LC
Activity” has the meaning given in Section 2.3(c) of
the Financing Agreement.

 

“Notice of
Term-Conversion” has the meaning given in Section 2.2(a)(ii) of
the Financing Agreement.

 

“NYISO”
means the New York Independent System Operator, Inc.

 

“NYPA”
means the New York Power Authority, a public authority of the State of New
York.

 

“NYPA Facilities” means the portion of the Conveyed
Transmission Owner Facilities constructed or otherwise developed by NCW and NEW
or an Affiliate thereof, described on Exhibit H-7 to the Financing
Agreement, which NCW and NEW contemplate selling, leasing, transferring,
conveying or otherwise disposing of to NYPA pursuant to the Interconnection
Agreements (Clinton) and Interconnection Agreements (Ellenburg), as applicable.

 

38

 

“NYSEG”
means the New York State Electric & Gas Corporation.

 

“NYSEG
Consent” means an agreement between each Project Company and NYSEG
which permits the Project to cross pre-existing easements in favor of NYSEG
which encumber the Sites, and otherwise in form and substance satisfactory to
Administrative Agent.

 

“NYSERDA”
means the New York State Energy Research and Development Authority.

 

 “O&M Agreement (Bliss)”
means that certain Operation and Maintenance Agreement, dated as of June 22,
2007, between Operator and NBW.

 

“O&M
Agreement (Clinton)” means that certain Operation and Maintenance
Agreement, dated as of June 22, 2007, between Operator and NCW.

 

“O&M
Agreement (Ellenburg)” means that certain Operation and Maintenance
Agreement, dated as of June 22, 2007, between Operator and NEW.

 

“O&M
Agreements” means, collectively, the O&M Agreement (Bliss), the
O&M Agreement (Clinton) and the O&M Agreement (Ellenburg).

 

“O&M
Agreements Consent” means that certain consent and agreement dated
as of June 22, 2007 between Operator, NBW, NCW, NEW and Administrative
Agent.

 

“O&M and
CapEx Reserve Account” has the meaning given in Section 5.3(b)(i) of
the Depositary Agreement.

 

“O&M and
CapEx Reserve Requirement” means, for a required date, the amount
determined by Borrower (with the prior approval of Administrative Agent and the
Independent Engineer, which approval shall not be unreasonably withheld or
delayed), to be required during the next six (6) months in respect of
O&M Costs, but excluding fees and expenses of the Operator under the
O&M Agreements payable under Sections 6.3, 6.4 and 6.5 thereof.  The O&M and CapEx Reserve Requirement,
which shall be determined on a portfolio basis, shall be determined or
re-determined annually and attached to the Annual Operating Budgets, beginning
with the Annual Operating Budgets for 2007.

 

“O&M and
CapEx Reserve Target Level” means (i) on each of the first four
(4) Repayment Dates, 25% of the O&M and CapEx Reserve Requirement and (ii) on
each Repayment Date thereafter, 100% of the O&M and CapEx Reserve
Requirement.

 

39

 

“O&M
Costs” means all maintenance and operation costs incurred and paid
for in relation to the Projects in any particular calendar or fiscal year or
period to which said term is applicable, state and local taxes, payments required
to be made by any Noble Entity under the IDA Documents, insurance, consumables,
payments under any lease, payments pursuant to the agreements for the
management, operation and maintenance of the Projects (including the Material
Rates (as defined in the Spare Parts Agreement) required to be paid under the
Spare Parts Agreement (but excluding any other amounts payable thereunder,
including pursuant to Sections 3.3, 3.5.2, 4.1.1, 4.1.2, 4.4.2, 8.1, 13.2
and 15.3 thereof) and pursuant to the Management Services Agreements (but
excluding Sections 4.3, 8.5, and 10.2 thereof) and pursuant to the O&M
Agreements (but excluding Sections 6.3, 6.4, 6.5, 10.7, 12.2, 12.6 and the
penultimate sentence of Section 10.5 thereof)) reasonable legal fees,
costs and expenses paid by Borrower or any Project Company in connection with
the management, maintenance or operation of the Projects, costs and expenses
paid by Borrower or any Project Company in connection with obtaining,
transferring, maintaining or amending any Applicable Permits and general and
administrative expenses, but excluding in all cases (i) non-cash charges,
including depreciation or obsolescence charges or reserves therefor,
amortization of intangibles or other bookkeeping entries of a similar nature, (ii) all
interest charges and charges for the payment or amortization of principal of
any Debt of any Noble Entity, (iii) for purposes of calculating the
Projected Debt Service Coverage Ratios, payments made using amounts on deposit
in the O&M and CapEx Reserve Account or Additional Maintenance Account, (iv) payments
required to be made under the Co-Tenancy Agreement and (v) distributions
or indemnity payments of any kind to Members or Noble Entities or any of their
respective Affiliates.  For the avoidance
of doubt, to the extent insufficient funds are available in the Operating
Account to pay any O&M Cost and amounts are advanced by or on behalf of any
Lender for the payment of such O&M Costs, such advance shall itself
constitute an O&M Cost.

 

“Obligations”
means, with respect to any Noble Entity, collectively, (a) all Debt,
Loans, advances, debts, liabilities (including any indemnification or other
obligations that survive the termination of the Financing Documents), letter of
credit reimbursement obligations, DSRA LC Loans, the Energy Hedge LC Loan and
all other obligations, howsoever arising (including guarantee obligations),
owed by such Person to Administrative Agent or the Lenders (including in their
capacity as Counterparties under any Interest Rate Agreement) of every kind and
description (whether or not evidenced by any note or instrument and whether or
not for the payment of money), direct or indirect, absolute or contingent, due
or to become due, now existing or hereafter arising, pursuant to the terms of
the Financing Documents or any other agreement, document or instrument
evidencing, securing or relating to such indebtedness, liabilities and
obligations, including all interest, fees (including Other Fees, Interest Fix
Fees, Commitment Fees and LC Fees), charges, expenses, attorneys’ fees and
accountants’ fees payable by such 

 

40

 

Person thereunder, (b) any
and all sums advanced by Administrative Agent in order to preserve the
Collateral or preserve its security interest in the Collateral (including, but
without duplication of Borrower’s obligation to repay same, amounts described
in the last sentence of the definition of O&M Costs) and (c) in the
event of any proceeding for the collection or enforcement of the obligations
described in clause (a) and (b) above, after an Event of Default
shall have occurred and be continuing, the expenses of retaking, holding,
preparing for sale or lease, selling or otherwise disposing of or realizing on
the Collateral, or of any exercise by the Lenders of their rights under the
Collateral Documents, together with any necessary attorneys’ fees and court
costs.  When used without reference to
any particular Noble Entity, “Obligations” shall refer to the collective
Obligations of the Noble Entities.

 

“Operating
Account” has the meaning given in Section 5.2 of the
Depositary Agreement.

 

“Operating
Agreement” means that certain Limited Liability Company Operating
Agreement of the Borrower, dated as of April 10, 2006, as amended on June 22,
2007.

 

“Operating
Cash Available for Debt Service” means for any period the excess of (a) the
aggregate of Project Revenues for such period (provided, that for purposes of
calculating the Projected Debt Service Coverage Ratio, the sum of (i) the amount
of merchant energy sales, (ii) amounts expected to be paid pursuant to
alternative renewable energy credit contracts that have not been executed and
delivered and (iii) ICAP Revenues attributable to Project Revenues, shall
in no event exceed an aggregate amount equal to sixteen percent (16%) of
the aggregate amount of Project Revenues) over (b) the aggregate of all
amounts payable for such period pursuant to Sections 5.2(a)(i), 5.2(a)(ii) and 5.2(a)(iii) of
the Depositary Agreement.  For purposes
of clarification, the amount of Project Revenues utilized in calculating
Operating Cash Available for Debt Service at any time shall not include any
Project Revenues earned before the Term-Conversion Date (regardless of whether
such Project Revenues were applied in accordance with Section 5.2
of the Depositary Agreement during such period).

 

“Operations
Working Capital Account” has the meaning given in Section 5.3(a)(iv) of
the Depositary Agreement.

 

“Operative
Documents” means, collectively, the Financing Documents and the
Project Documents.

 

“Operator”
means Noble Wind Operations, LLC, a Delaware limited liability company, or such
other Person as shall replace such entity (or any replacement thereof) to
operate the Projects in accordance with Section 5.12(b) of the
Financing Agreement.

 

41

 

“Operator
Designated Representative” has the meaning given in each EPC
Contract.

 

“Optional
Prepayment” means an optional prepayment of Obligations made by
Borrower pursuant to Section 2.4(g) of the Financing
Agreement.

 

“Organizational
Documents” means, as to any Person, the articles of incorporation,
certificate of formation, bylaws, operating agreement, partnership agreement,
or other organizational or governing documents of such Person, including, in
the case of Borrower, the Operating Agreement.

 

“Other Fees”
has the meaning given in Section 2.6(a) of the Financing
Agreement.

 

“Other Taxes”
has the meaning given in Section 2.7(d)(i) of the Financing
Agreement.

 

“Owner
Designated Representative” has the meaning given in each EPC
Contract.

 

“PAYG Agreement
and ECCA Consent” means that certain consent and assignment dated as
of June 22, 2007 among GE SPV, Borrower and Administrative Agent.

 

“P50
Production Level” means the aggregate annual energy production level
of the Projects, taken as a whole, that has a probability of excedence
of 50% over a (i) one-year period of time and (ii) ten-year
period of time, in each case according to the Independent Engineer’s wind
production forecasts agreed to between the Administrative Agent and the
Borrower in the preliminary energy production analysis delivered pursuant to Section 3.1(e)(ii) of
the Financing Agreement and the Final Energy Production Analysis delivered
pursuant to Section 3.3(y) of the Financing Agreement, as
applicable.

 

“P99
Production Level” means the aggregate annual energy production level
of the Projects, taken as a whole, that has a probability of excedence
of 99% over a one-year period of time, according to the Independent
Engineer’s wind production forecasts agreed to between the Administrative Agent
and the Borrower in the preliminary energy production analysis delivered
pursuant to Section 3.1(e)(ii) of the Financing Agreement and
the Final Energy Production Analysis delivered pursuant to Section 3.3(y) of
the Financing Agreement, as applicable.

 

“Parts”
means any part, appliance, instrument, appurtenance, accessory or other
personal property of any nature necessary or useful to the operation,
maintenance, 

 

42

 

service or repair of a
Project, including all Parts provided pursuant to the Construction Contracts,
the Spare Parts Agreement and O&M Agreements.

 

“Patriot Act”
means the USA PATRIOT Act of 2001 and all rules and regulations
adopted thereunder.

 

“PAYG
Agreement” means that certain Pay-As-You-Go Capital Contribution
Agreement, dated as of June 22, 2007, among the Borrower and each Equity
Support Member.

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any entity succeeding to any
or all of its functions under Title IV of ERISA.

 

“Permit”
means any action, approval, consent, waiver, exemption, variance, franchise,
order, permit, authorization, right or license of or from a Governmental
Authority.

 

“Permitted
Completion Amount” means a sum equal to (i) an amount certified
by Borrower and the Independent Engineer on the date of Completion and
reasonably approved by Administrative Agent as necessary to pay Permitted
Completion Costs plus, (ii) a contingency amount equal to 100% of
such Permitted Completion Costs, which sum constituting the Permitted
Completion Amount shall be more fully identified on the Drawdown Certificate
for the Final Drawing.

 

“Permitted
Completion Costs” means (a) unpaid Project Costs, including
outstanding Punch List Items, retainage or other costs required for Final
Completion under the Construction Contracts and (b) the Actual
Interconnection Costs (if any), all as (i) reasonably estimated by the
Administrative Agent (in consultation with the Borrower and the Independent
Engineer) during the Construction Loan Availability Period and (ii) certified
by Borrower and the Independent Engineer on the Term-Conversion Date and
reasonably approved by Administrative Agent.

 

“Permitted Debt”
means:

 

(a)   the Loans and the other
Obligations;

 

(b)   debt incurred pursuant to the Interest
Rate Agreements, the DSRA LC, or the Energy Hedge LC;

 

(c)   operating leases and trade or
other similar indebtedness incurred in the ordinary course of developing,
constructing, operating or maintaining, the Projects not in excess of
$2,000,000 per Project and $4,000,000 for all Projects in the aggregate
and to the extent not in excess of the Project Budgets or current Annual
Operating Budget;

 

43

 

(d)   with respect to each Project
Company, up to an aggregate of $500,000 of Debt incurred in the ordinary course
of developing, constructing, operating or maintaining its respective Project
associated with purchase money Permitted Liens;

 

(e)   debt permitted by any Operative
Document (other than the LLC Agreement, Operating Agreement, Project Company
LLC Agreements and Energy Hedge Agreement);

 

(f)    contingent liabilities, to the
extent otherwise constituting Debt, permitted pursuant to Section 6.1
of the Financing Agreement;

 

(g)   debt of any Project Company
under the Project Company Guarantees;

 

(h)   debt of one Project Company to
another Project Company;

 

(i)    debt of a Project Company to
Borrower as contemplated by the Financing Documents;

 

(j)    the granting of any
performance bonds, surety or letters of credit or guarantees of Debt or
obligations of third parties required to be provided to, or in favor of,
suppliers of equipment or contractors or Government Authorities for the
implementation of the Projects, provided that the Debt incurred or amounts
drawn under such bonds, surety, letters of credit or guarantees does not
exceed, at any time (a) $5,000,000 if granted in connection with the REC
Contracts and (b) $6,000,000 if granted for other purposes under this
clause;

 

(k)   debt of the Borrower or any
Project Company arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently drawn by the
Borrower or such Project Company in the ordinary course of business against
insufficient funds, so long as such Debt is repaid within five Banking Days;

 

(l)    the payment obligations under
the IDA Documents; and

 

(m)  debt of the Borrower or any
Project Company in respect of workers’ compensation claims and self-insurance
obligations, in each case in the ordinary course of business.

 

“Permitted
Encumbrances” has the meaning given in Section 3.1(cc)
of the Financing Agreement.

 

44

 

“Permitted
Investments” means:

 

(a) direct
obligations of the United States of America (including obligations issued or
held in book-entry form on the books of the Department of the Treasury of the
United States of America) or obligations the timely payment of the principal of
and interest on which are fully guaranteed by the United States of America, in
each case maturing within one hundred eighty (180) days from the date of
acquisition thereof;

 

(b) obligations,
debentures, notes or other evidence of indebtedness issued or guaranteed by the
Export-Import Bank of the United States, Federal Housing Administration or
other agency or instrumentality of the United States maturing within one
hundred eighty (180) days from the date of acquisition thereof;

 

(c) interest-bearing
demand or time deposits (including certificates of deposit, bankers acceptances
or other “money market” instruments) maturing within three hundred sixty five
(365) days from the date of acquisition thereof and which are either (i) insured
by the Federal Deposit Insurance Corporation, or (ii) held in banks
(including any Lender) and savings and loan associations, having general
obligations rated at least “AA” or equivalent by S&P or Moody’s, or if not
so rated, secured at all times, in the manner and to the extent provided by
law, by collateral security described in clauses (a) or (b) of this
definition, of a market value of no less than the amount of moneys so invested;

 

(d) obligations of
any state of the United States or any agency or instrumentality of any of the
foregoing which are rated at least “AA” by S&P or at least “Aa2” by Moody’s
and which mature within one hundred eighty (180) days of the acquisition
thereof;

 

(e) commercial paper
rated (on the date of acquisition thereof) at least A-1 or P-1 or equivalent by
S&P or Moody’s, respectively (or an equivalent rating by another nationally
recognized credit rating agency of similar standing if neither of such
corporations is then in the business of rating commercial paper), maturing not
more than one hundred eighty (180) days from the date of creation thereof;
or

 

(f) any advances,
loans or extensions of credit or any bonds, notes, debentures or other
securities as Administrative Agent may from time to time approve in its sole
and absolute discretion.

 

“Permitted
Liens” means:

 

(a) the rights and
interests of Administrative Agent, the Lenders and the Counterparties as
provided in the Operative Documents;

 

45

 

(b) Liens imposed by
any Governmental Authority for Indemnified Taxes and Other Taxes not yet due or
that are being contested in good faith by appropriate proceedings, so long as (i) such
proceedings shall not involve any possibility of the sale, forfeiture or loss
of any Project or, any Site, title thereto or any interest therein and shall
not interfere with the use or disposition of any Project or any Site, or (ii) a
bond or other security acceptable to Administrative Agent in its reasonable
discretion has been posted or provided in such manner and amount as to assure
Administrative Agent that any Taxes, assessments or other charges determined to
be due will be promptly paid in full when such contest is determined;

 

(c) materialmen’s,
mechanics’, workers’, repairmen’s, employees’ or other like Liens arising in
the ordinary course of business or, prior to Final Completion, in connection with
the construction of any Project, in all instances either for amounts not yet
due or for amounts being contested in good faith and by appropriate proceedings
so long as (x) such Liens are not filed or imposed by any Affiliate of
Borrower and are not in excess of $250,000 in the aggregate per Project per
fiscal year, and (y)(i) such proceedings shall not involve any possibility
of the sale, forfeiture or loss of any part of any Project or any Site, title
thereto or any interest therein and shall not interfere with the use or
disposition of any Project or any Site, or (ii) a bond or other security
acceptable to Administrative Agent in its reasonable discretion has been posted
or provided in such manner and amount as to assure Administrative Agent that
any amounts determined to be due will be promptly paid in full when such
contest is determined;

 

(d) Permitted
Encumbrances;

 

(e) Liens incurred
in the ordinary course of business in connection with worker’s compensation,
unemployment insurance, social security and other Governmental Rules and
that do not individually or in the aggregate materially impair the (i) use
of the property or assets of any Noble Entity or (ii) value of such
property or assets for the purposes of such business;

 

(f) Liens arising
out of judgments or awards so long as an appeal or proceeding for review is
being prosecuted in good faith and for the payment of which cash reserves,
bonds or other security reasonably acceptable to Administrative Agent in its
reasonable discretion have been provided or are fully covered by insurance;

 

(g) minor defects,
easements, rights-of-way, restrictions and other similar encumbrances incurred
in the ordinary course of business and encumbrances consisting of zoning
restrictions, licenses, restrictions on the use of property or minor
imperfections in title which do not materially impair the property affected
thereby for the purpose for which title was acquired or materially interfere
with the operation of any Project as contemplated by the Operative Documents;

 

46

 

(h) Liens, deposits
or pledges to secure mandatory statutory obligations or performance of bids,
tenders, contracts (other than for the repayment of borrowed money) or leases,
or for purposes of like general nature in the ordinary course of its business;

 

(i) Liens on assets
(real or personal) of any Noble Entity which assets collectively have a fair
market value of less than $150,000 per Project or $450,000 in the
aggregate (among all Noble Entities and Projects);

 

(j) involuntary
Liens (including a lien of an attachment, judgment or execution) securing a
charge or obligation, on any Noble Entity’s property, either real or personal,
whether now or hereafter owned, of less than $150,000 per Project or $450,000
in the aggregate (among all Noble Entities and Projects);

 

(k) Liens of trade
vendors created in connection with Debt allowed under Section 6.3
of the Financing Agreement;

 

(l) Fee mortgages in
favor of Landowner Mortgagees listed on Exhibit E-13 to the
Financing Agreement, for which Non-Disturbance Agreements have been provided to
Administrative Agent;

 

(m) Fee mortgages in
favor of Landowner Mortgagees listed on Exhibit E-13 to the
Financing Agreement for which a Non-Disturbance Agreement has not been provided
to Administrative Agent, so long as the maximum principal amount secured under
such Landowner Mortgages shall not exceed $3,316,516.09 for Project (Bliss);
$308,904 for Project (Clinton) or $378,204 for Project (Ellenburg); provided
that if an event of default occurs or a foreclosure proceeding or other
proceedings is commenced by a Landowner Mortgagee under a fee mortgage for
which a Non-Disturbance Agreement has not been delivered to Administrative
Agent (other than a fee mortgage on any parcels listed in the proviso to Section 5.13(d) of
the Financing Agreement), and Borrower has failed to cure such default pursuant
to Section 5.13(d) of the Financing Agreement, such fee
mortgage shall no longer be deemed a Permitted Lien hereunder;

 

(n) to the extent
constituting a Permitted Transfer, rights of Members under the Operating
Agreement to purchase from other Members thereunder any ownership interests in
Borrower;

 

(o) liens and
encumbrances under the IDA Documents; and

 

(p) subordinated
Liens granted pursuant to the Junior Security Documents.

 

47

 

“Permitted
Transfer” means:

 

(a) at any time
after Term-Conversion, a sale, assignment or transfer by Noble Environmental of
all or a portion of its ownership interests in Borrower to its Affiliates that
is consented to by the Majority Lenders;

 

(b) any sale,
transfer or assignment by any Member of its ownership interests in Borrower to,
or any issuance of ownership interest in Borrower to, an Equity Support Member
or to any Affiliate of an Equity Support Member which, until its obligations
under the Equity Capital Contribution Agreement (other than its indemnification
obligations pursuant to Section 6.02 thereof) and PAYG Agreement have been
paid and/or performed in full and the Forbearance Term (as defined in the
Forbearance Agreement) has expired, meets the credit criteria set forth in
clause (b) of the definition of Equity Support Member at the time of
such sale, transfer, issuance or assignment; provided, that Noble
Environmental maintains control of the fundamental management decisions of
Borrower (whether through direct or indirect control of the governing body of
Borrower, through a management services agreement or otherwise);

 

(c) [RESERVED]

 

(d) any sale,
transfer or assignment of the Conveyed Transmission Owner Facilities to NYPA,
the Village of Arcade and/or Niagara Mohawk Power Corporation;

 

(e) at any time
after Term-Conversion, any other sale, assignment or transfer by any Member
(other than an Equity Support Member) of its ownership interests in Borrower
that is consented to by the Majority Lenders (provided that the consent of the
Majority Lenders shall not be required if such transferee (i) has
substantial ownership experience in the wind industry in the reasonable
determination of the Administrative Agent and (ii) has, or is directly or
indirectly owned and controlled by a Person who has, a long-term senior
unsecured debt rating of at least “A3” by Moody’s or “A-” by S&P);

 

provided,
however, that, except as would not reasonably be expected to have a
Material Adverse Effect, no such sale, assignment or transfer described in (a) and
(d) above shall be permitted unless (i) no Event of Default shall
have occurred and be continuing or shall occur as a result of any such sale,
assignment or transfer; (ii) such sale, assignment or transfer complies
with the terms and conditions of the Project Documents, (iii) such sale,
assignment or transfer complies with Legal Requirements including Federal and
State securities laws; (iv) the addition of such Person as a Member shall
not cause any Project to lose its authorization to sell energy, capacity or
ancillary services at market-based rates or to lose its status as an EWG; and (v) the
intended transferee (in the event of a Permitted Transfer by any Member) shall
have executed and delivered to Administrative Agent (A) a joinder
agreement to the applicable Pledge Agreement (such that 100% of 

 

48

 

the ownership interests
in Borrower and the Project Companies, as applicable shall at all times be
subject to the first priority Lien of the Collateral Documents, subject to
Permitted Liens) and (B) an opinion of counsel as to the matters in this
clause (v) reasonably acceptable to Administrative Agent.

 

“Person”
means any natural person, corporation, limited liability company, partnership,
firm, association, Governmental Authority or any other entity whether acting in
an individual, fiduciary or other capacity.

 

“Plans and Specifications”
means the plans and specifications for the construction and design of the
Projects, including any document describing the scope of work performed by
Contractors under the Construction Contracts or any other contract or
subcontract for the construction of the Projects and any feeder lines and
interconnections, all work drawings, engineering and construction schedules,
project schedules, project monitoring systems, specifications status lists,
material and procurement ledgers, drawings and drawing lists, manpower
allocation documents, management and project procedures documents, project
design criteria, the Certificates of Design Suitability, and any other document
referred to in the Construction Contracts or any of the documents referred to in
this definition, as the same may be amended to the extent permitted by the
Financing Agreement.

 

“Pledge
Agreements” means the Borrower Pledge Agreement, substantially in
the form of Exhibit E-8, Equity Support Member Pledge Agreement,
substantially in the form of Exhibit E-9, and Noble Environmental
Pledge Agreement, substantially in the form of Exhibit E-10.

 

“Project
(Bliss)” means the Noble Bliss Windpark Wind Power project, when
fully developed, an approximately 100.5 megawatt wind generation facility
comprised of sixty seven (67) WTGs located approximately 30 miles
southeast of Buffalo, New York, within the city limits of Bliss, Wyoming
County, New York, as more particularly described in Exhibit H-1.

 

“Project
(Clinton)” means the Noble Clinton Windpark I Wind Power project,
when fully developed, an approximately 100.5 megawatt wind generation
facility comprised of sixty seven (67) WTGs located approximately 3
miles south of the United States-Canadian border and 15 miles northwest of
Plattsburgh, New York, within the city limits of Clinton, Clinton County, New
York, as more particularly described in Exhibit H-1.

 

“Project
(Ellenburg)” means the Noble Ellenburg Windpark Wind Power project,
when fully developed, an approximately 81 megawatt wind generation
facility located comprised of fifty four (54) WTGs approximately 5
miles south of the United 

 

49

 

States-Canadian border
and 13 miles northwest of Plattsburgh, New York, within the city limits of
Clinton County, New York, as more particularly described in Exhibit H-1.

 

“Project
Budgets” has the meaning given in Section 3.1(z) of
the Financing Agreement.

 

“Project
Companies” means, collectively, NBW, NCW, and NEW.

 

“Project
Company Guarantee” means the Project Company Guarantee substantially
in the form of Exhibit E-7, duly executed by each Project Company.

 

“Project
Company LLC Agreements” means, collectively, the LLC Agreement
(Bliss), the LLC Agreement (Clinton) and the LLC Agreement (Ellenburg).

 

“Project
Costs” means (a) the cost of designing, engineering, equipping,
procuring, constructing, starting up, installing, testing, and operating and
maintaining (prior to the Term-Conversion Date) the Projects; (b) the cost
to Borrower or any Project Company of constructing or procuring the
construction of the collection system and interconnection of the Projects to
the relevant electrical substation and grid therefor; (c) the cost of
acquiring any lease and any other necessary interest in the Sites and Common
Facilities; (d) real and personal property taxes, payments required to be
make under the IDA Documents, ad valorem taxes, sales, use and excise taxes and
insurance (including title insurance) premiums payable with respect to any
Project during the Construction Period; (e) interest payable on any Loan
and financing-related fees (including Other Fees, Commitment Fees and LC Fees);
(f) initial working capital requirements of the Projects as set forth in
the Project Budgets; (g) the costs of acquiring Permits for the Projects
during the Construction Period; (h) Interest Fix Fees payable during the
Construction Period, other than Interest Fix Fees resulting from a default
under applicable Interest Rate Agreements; (i) all general and
administrative costs of Borrower or any Project Company attributable to any
Project during the Construction Period; (j) initial reserve fund
requirements required to be deposited into the Debt Service Reserve Account,
Working Capital Account, O&M and CapEx Reserve Account and Completion Reserve
Account; (k) the cost of establishing a spare parts inventory for any
Project; (l) the cost of establishing the Letters of Credit; (m) (without
duplication of any other costs enumerated herein) the Cost of the Improvement
and (n) other fees, costs and expenses relating to the development,
construction and closing of the financing for any Project, including financial,
legal and consulting fees, costs and expenses.

 

“Project
Documents” means the O&M Agreements, the Construction Contracts,
the Interconnection Agreements, the Management Services Agreements, the REC
Contracts, the Spare Parts Agreements, the Energy Hedge Agreement, the CS 

 

50

 

Guaranty, the Real
Property Documents, the Consents, the Construction and Operations Guaranty (as
defined in the LLC Agreement) and the Additional Project Documents.

 

“Project Loan
Mortgage (Bliss)” means the Project Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture Filing
(Bliss), dated as of June 22, 2007, given by NBW and Wyoming County
IDA to Administrative Agent in the original principal amount of $7,350,000
encumbering the parcels of real property comprising the Site (Bliss) and
intended to be recorded in the Wyoming County Recorder’s Office.

 

“Project Loan
Mortgage (Clinton)” means the Project Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Clinton), dated as of June 22, 2007, given by NCW and Clinton
County IDA to Administrative Agent in the original principal amount of
$7,350,000 encumbering the parcels of real property comprising the Site
(Clinton), except for those parcels encumbered by the Additional Parcel
Mortgage (Clinton), and intended to be recorded in the Clinton County Recorder’s
Office.

 

“Project Loan
Mortgage (Ellenburg)” means the Project Loan Mortgage, Security
Agreement, Assignment of Leases and Rents, Financing Statement and Fixture
Filing (Ellenburg), dated as of June 22, 2007, given by NEW and Clinton
County IDA to Administrative Agent in the original principal amount of
$5,924,000 encumbering the parcels of real property comprising the Site
(Ellenburg), except for those parcels encumbered by the Additional Parcel
Mortgage (Ellenburg), and intended to be recorded in the Clinton County
Recorder’s Office.

 

“Project
Revenues” means all income and receipts derived from the ownership
or operation of the Projects, including payments and liquidated damages paid to
Borrower or any Project Company under the REC Contracts, alternative renewable
energy credit contracts, ICAP Revenues, the Energy Hedge Agreement, the PAYG
Agreement, the Construction Contracts, the O&M Agreements, and the
Management Services Agreements, proceeds of any business interruption insurance
(to the extent such proceeds are not required to be used to prepay the Loans or
the other Obligations pursuant to Section 5.4 of the Depositary
Agreement) and any other contract or agreement of any Noble Entity, other
income derived from the sale or use of electric energy transmitted or
distributed by any Project (including merchant energy sales and transmission
credits under the Interconnection Agreements, if any), any receipts derived
from the sale of any property pertaining to any Project or incidental to the
operation of any Project, and the investment income on amounts in the Accounts,
all as determined in conformity with cash accounting principles.

 

51

 

“Project
Schedules” has the meaning given in Section 3.1(aa) of
the Financing Agreement.

 

“Projected
Debt Service Coverage Ratio” means the ratio, calculated as of each
calculation date under the Financing Agreement (including any Adjustment Date
and in connection with any Total Term Loan Commitment Resizing) until the Term
Loan Maturity Date based on the financial model utilized to create the Base
Case Projections and applying the P50 Production Level or the P99 Production
Level, as the case may be, of (a) Operating Cash Available for Debt Service
to (b) Debt Service, calculated for each Repayment Date during the Term
for the next succeeding twelve-month period after each such Repayment Date.

 

“Projects”
means, collectively, the Project (Bliss), the Project (Clinton) and the Project
(Ellenburg).

 

“Proportionate
Share” means with respect to each Lender, the percentages set forth
opposite such Lender’s name on Exhibit I to the Financing
Agreement, as such Exhibit I may be amended from time to time, as
such percentages may be modified from time to time as a result of transfers of
Commitments, Loans, DSRA LC Loans or the Energy Hedge LC Loan, by a Lender.

 

“Proportionate
Voting Shares” means with respect to (a) each Lender, the
percentages set forth opposite such Lender’s name on Exhibit I to
the Financing Agreement, as such Exhibit I may be amended from time
to time and as such percentages may be modified from time to time as a result
of (i) transfers of Commitments, Loans, DSRA LC Loans or the Energy Hedge
LC Loan by a Lender or (ii) participations in Commitments, Loans, DSRA LC
Loans or the Energy Hedge LC Loan by a Voting Participant to which such Lender
has transferred a participation interest, and (b) each Voting Participant,
the percentage participation in Commitments, Loans, DSRA LC Loans or the Energy
Hedge LC Loan transferred to such Voting Participant by a Lender.

 

“Prudent
Utility Practices” means those practices, methods, equipment,
specifications and standards of safety and performance, as the same may be
changed from time to time, as are generally used in the construction, operation
and maintenance of wind generated electric power generation facilities similar
to the Projects by entities that sell the power generated therefrom at
market-based rates, which in the exercise of reasonable judgment and in light
of the facts known at the time the decision was made, are considered good, safe
and prudent practice in connection with the construction, operation and
maintenance of wind generation facilities similar to the Projects, and as are
in accordance with the Applicable Permits and generally accepted national
standards of professional care, skill, diligence and competence applicable to
construction, operation and maintenance practices in the wind generated
electric power generation industry.

 

52

 

“PTC”
means the federal Production Tax Credit applicable to wind generation
facilities set forth in Section 45 of the Internal Revenue Code
of 1986.

 

“PUHCA”
means the Public Utility Holding Company Act of 2005, as amended, and all
FERC rules and regulations adopted thereunder.

 

“Punch List
Items” means, for a given Project, the punch list items under the
Construction Contracts applicable to such Project, including, without
limitation, the Punch List (as defined in the Turbine Supply Agreement) and the
Punch List (as defined in the EPC Contracts).

 

“Quarterly
Retest Date” has the meaning given in Section 5.3(f)(ii)(A) of
the Depositary Agreement.

 

“Ramp-Up
Period” means for each Project the period commencing from Completion
of the last Project until the second anniversary of such Completion.

 

“Real
Property” means all real property and other real estate interests
owned by any Noble Entity, which the relevant Noble Entity owns in fee or in
which it owns a leasehold or subleasehold interest as a tenant, an easement or
sub-easement right as an easement holder, a license right as a licensee or an
interest as a co-tenant or otherwise occupies, including, without limitation,
the real property more particularly identified in the Title Policies.

 

“Real
Property Documents” means any documents, agreements or instruments
pursuant to which any Noble Entity has rights in Real Property, including,
without limitation, each Assignment of Easements, all easements, sub-easements,
leases, subleases, licenses and other agreements with Landowners, the Consents,
the Non-Disturbance Agreements, the IDA Documents, the Co-Tenancy Agreement and
all deeds pursuant to which any Noble Entity owns a fee interest in real
property.

 

“REC
Adjustment Date” has the meaning given in Section 5.26(a) of
the Financing Agreement.

 

“REC Contract
(Bliss)”  means the REC
Contract, dated March 14, 2007 between NBW and NYSERDA.

 

“REC Contract
(Clinton)”  means the REC
Contract, dated March 14, 2007 between NCW and NYSERDA.

 

“REC Contract
(Ellenburg)”  means the REC
Contract, dated March 14, 2007 between NEW and NYSERDA.

 

53

 

“REC
Contracts”   means the REC Contract (Bliss), REC Contract
(Clinton), and REC Contract (Ellenburg).

 

“REC
Contracts Consent”  means that
certain consent and agreement dated as of June 22, 2007 between NYSERDA,
NBW, NCW, NEW and Administrative Agent.

 

“REC Price
Adjustment” has the meaning given in Section 5.26(a) of
the Financing Agreement.

 

“REC
Reduction Amount” has the meaning given in Section 5.26(b) of
the Financing Agreement.

 

“Register”
has the meaning given in Section 2.4(d)(i) of the Financing
Agreement.

 

“Regulation D”
means Regulation D of the Board of Governors of the Federal Reserve System
(or any successor).

 

“Regulatory
Change” means any change after the date of the Financing Agreement
in federal, state, local or foreign laws, regulations, Legal Requirements or
requirements under Applicable Permits, or the adoption or making after such
date of any interpretations, directives or requests of or under any federal,
state, local or foreign laws, regulations, Legal Requirements or requirements
under Applicable Permits (whether or not having the force of law) by any
Governmental Authority charged with the interpretation or administration
thereof.

 

“Reimbursement
Obligation” means Borrower’s obligation to repay any Drawing
Payments under any Letter of Credit (together with interest accrued and unpaid
thereon) as provided in Section 2.3(d)(iii) or Section 2.3(d)(iv)of
the Financing Agreement.

 

“Reimbursement
Payments” means a payment made by or on behalf of Borrower in
partial or complete satisfaction of a Reimbursement Obligation.

 

“Release”
means disposing, discharging, injecting, spilling, leaking, leaching, dumping,
pumping, pouring, emitting, escaping, emptying, seeping, placing and the like,
into or upon any land or water or air, or otherwise entering into the
environment.

 

“Repayment
Dates” means the Initial Repayment Date, the six (6) month
anniversary of such date and each successive six (6) month anniversary of
the prior anniversary date up to and including the Term Loan Maturity Date.

 

54

 

“Replacement
Obligor” means, with respect to any Person party to an Operative
Document, any Person with relevant experience and/or creditworthiness, as
applicable, reasonably satisfactory to Administrative Agent and the Majority
Lenders who, pursuant to any definitive agreement or definitive guaranty
satisfactory to Administrative Agent and the Majority Lenders, assumes the
Obligations on terms and conditions no less favorable to Borrower or the
relevant Project Company party thereto than those which such Person being
replaced is obligated pursuant to the applicable Operative Document.

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of
ERISA.

 

“Reserve
Accounts” means the Debt Service Reserve Account, O&M and CapEx
Reserve Account, Completion Reserve Account, and Additional Maintenance Reserve
Account.

 

“Reserve
Requirement” means, with respect to any Lender, the maximum rate
(expressed as a percentage) at which reserves (including any marginal,
supplemental or emergency reserves) are required to be maintained during the
Interest Period therefor under Regulation D by such Lender.  Without limiting the effect of the foregoing,
the Reserve Requirement shall reflect any other reserves required to be
maintained by such Lender, by reason of any Regulatory Change against (i) any
category of liabilities which includes deposits by reference to which the LIBO
Rate, Loans, DSRA LC Loans or the Energy Hedge LC Loan is to be determined, (ii) any
category of liabilities or extensions of credit or other assets which include
Loans, DSRA LC Loans or the Energy Hedge LC Loan or (iii) any category of
liabilities or extensions of credit which are considered irrevocable
commitments to lend, unless such Loans, DSRA LC Loans or the Energy Hedge LC
Loan are exempt from this foregoing list.

 

“Responsible
Officer” means, as to any Person, its president, chief executive
officer, any vice president, treasurer, or secretary, any managing general
partner (or any of the preceding with regard to such managing general partner)
or, authorized representative.

 

“Restricted
Payment” has the meaning given in Section 6.6 of the
Financing Agreement.

 

“Retest Date”
means each anniversary of a Reamortization Failure.

 

“RFP”
means the Renewable Portfolio Standards Program Purchase of Energy Attributes
Request for Proposals No. 1037.

 

55

 

“S&P”
means Standard & Poor’s Corporation.

 

“Scheduled LC
Drawing Payment” means a Drawing Payment under the Energy Hedge LC
made in connection with the scheduled Termination Date (as defined in the
confirmation entered into pursuant to the Energy Hedge Agreement) under the
Energy Hedge Agreement.  The Scheduled LC
Drawing Payment shall not include any Drawing Payment under the Energy Hedge LC
made in connection with any event other than such scheduled Termination Date,
including any Drawing Payment made in connection with the occurrence of an
Early Termination Date (as defined in the confirmation entered into pursuant to
the Energy Hedge Agreement).

 

“Secured
Party” means Administrative Agent, Lead Arrangers, Joint
Bookrunners, LC Fronting Bank, Depositary, any Counterparty, each Lender and
each of their respective successors, transferees and assigns.

 

“Securities
Intermediary” means  The Bank of
New York, in its capacity as securities intermediary hereunder and under the
Depositary Agreement.

 

“Security
Agreement” means the Security Agreement substantially in the form of
Exhibit E-5, duly executed by each Noble Entity.

 

“Settlement
Amount” has the meaning given in the Energy Hedge Agreement.

 

“Site (Bliss)”
has the same meaning as the term “Property” given in the Mortgage (Bliss).

 

“Site
(Clinton)” has the same meaning as the term “Property” given in the
Mortgage (Clinton).

 

“Site
(Ellenburg)” has the same meaning as the term “Property” given in
the Mortgage (Ellenburg).

 

“Sites”
means, collectively, the Site (Bliss), the Site (Clinton), and the Site
(Ellenburg).

 

“Spare Parts
Agreement (Bliss)”  means the
Contractual Parts Supply Agreement between Noble Equipment Resources, LLC and
NBW, dated as of June 22, 2007.

 

“Spare Parts
Agreement (Clinton)” means the Contractual Parts Supply Agreement
between Noble Equipment Resources, LLC and NCW, dated as of June 22, 2007.

 

56

 

“Spare Parts
Agreement (Ellenburg)” means the Contractual Parts Agreement between
Noble Equipment Resources, LLC and NEW, dated as of June 22, 2007.

 

“Spare Parts Agreements”
means the Spare Parts Agreement (Bliss), Spare Parts Agreement (Clinton) and
Spare Parts Agreement (Ellenburg).

 

“Spare Parts
Agreement Consent” means that certain consent and agreement dated as
of June 22, 2007 between Noble Equipment Resources, LLC, NBW, NCW, NEW and
Administrative Agent.

 

“Sponsor
Equity Amount” means an amount equal to $88,493,531.

 

“State”
means (a) any state of the United States of America or (b) the
District of Columbia.

 

“Stated
Amount” means, with regard to any Letter of Credit, the total amount
available to be drawn under such Letter of Credit at the time in question in
accordance with the terms of such Letter of Credit and the Financing Agreement.

 

“Subordination
Agreement” means the Subordination Agreement between the
Administrative Agent and the Energy Hedge Provider, dated as of June 22,
2007.

 

“Subsidiary”
means, with respect to any Person, (i) any corporation more than fifty
percent (50%) of whose stock of any class or classes having by the terms
of ordinary voting power to elect a majority of the directors of such
corporation is at the time owned by such Person and/or one or more Subsidiaries
of such Person; and (ii) any partnership, limited liability company,
association, joint venture or other entity in which such Person and/or one or
more Subsidiaries of such Person has an equity or income interest greater than
fifty percent (50%) of all equity or income interests.

 

“Substitutable
Lender” has the meaning given in Section 10.12 of the
Financing Agreement.

 

“Substitute
Loans” means with respect to the Loans, DSRA LC Loans and the Energy
Hedge LC Loan as certified by any Lender to Borrower, a reasonable alternative
basis for making available or, as the case may be, maintaining such Lender’s
Proportionate Share of Loans, DSRA LC Loans or the Energy Hedge LC Loan,
including alternative interest periods, alternative types of Loans, DSRA LC
Loans or the Energy Hedge LC Loan, alternative currencies or alternative rates
of interest, provided that the margin above the cost of funds to such
Lender is equivalent to the margin otherwise payable to such Lender pursuant to
the Financing Agreement.

 

57

 

“Surveys”
has the meaning given in Section 3.1(bb) of the Financing
Agreement.

 

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

 

“Temporary
Components” means any used or refurbished parts or components of any
aspect of the Equipment and Services (as defined in the Turbine Supply
Agreement).

 

“Term”
means the entire period during which there is any outstanding Obligation.

 

“Term-Conversion”
means the conversion of Construction Loans (and, if applicable, Equity Bridge
Loans) to Term Loans upon satisfaction or waiver of the conditions set forth in
Section 3.3 of the Financing Agreement, including the extension of
the maturity date of Construction Loan Notes (and, if applicable, Equity Bridge
Loan Notes) pursuant to Section 2.2(a) of the Financing
Agreement.

 

“Term-Conversion
Date” means the date that Term-Conversion occurs.

 

“Term-Conversion Date Projected
Debt Service Coverage Ratio” has the meaning given in Section 2.5(b)(i) of
the Financing Agreement.

 

“Term-Convert”
is the verb form of “Term-Conversion.”

 

“Term Loan”
means a Construction Loan (and, if applicable, Equity Bridge Loan) that shall
have Term-Converted pursuant to Section 2.2 of the Financing
Agreement.

 

“Term Loan
Commitment” means, at any time with respect to each Lender, such
Lender’s Proportionate Share of the Total Term Loan Commitment at such time.

 

“Term Loan
Facility” has the meaning given in Section 2.2(a)(i) of
the Financing Agreement.

 

“Term Loan
Maturity Date” means the date on which the twentieth
(20th) Repayment Date is scheduled to occur.

 

“Term Loan Note”
and “Term Loan Notes” has the meaning given
in Section 2.4(e) of the Financing Agreement.

 

58

 

“Term Period”
means the period from the Term-Conversion Date to the Energy Hedge LC Loan
Maturity Date.

 

“Test Revenue
Account” has the meaning given in Section 5.1(b)(i) of
the Depositary Agreement.

 

“Title Insurer”
means First American Title Insurance Company.

 

“Title Policies”
means, collectively, the Title Policy (Bliss), the Title Policy
(Clinton) and the Title Policy (Ellenburg).

 

“Title Policy
(Bliss)” means that certain policy of the title insurance issued by
the Title Insurer as provided in Section 3.1(cc) of the
Financing Agreement, in respect of the Project (Bliss), including all
amendments thereto, endorsements thereof and substitutions or replacements
therefor.

 

“Title Policy
(Clinton)” means that certain policy of the title insurance issued
by the Title Insurer as provided in Section 3.1(cc) of the
Financing Agreement, in respect of the Project (Clinton), including all
amendments thereto, endorsements thereof and substitutions or replacements
therefor.

 

“Title Policy
(Ellenburg)” means that certain policy of the title insurance issued
by the Title Insurer as provided in Section 3.1(cc) of the
Financing Agreement, in respect of the Project (Ellenburg), including all
amendments thereto, endorsements thereof and substitutions or replacements
therefor.

 

“Total
Construction Loan Commitment” has the meaning given in Section 2.5(a)(i) of
the Financing Agreement.

 

“Total Equity
Bridge Loan Commitment” has the meaning given in Section 2.5(a)(ii) of
the Financing Agreement.

 

“Total
Extended Term Loan Commitment” has the meaning given in Section 2.12
of the Financing Agreement.

 

“Total LC
Commitment” has the meaning given in Section 2.5(a)(iv) of
the Financing Agreement.

 

“Total Term
Loan Commitment” has the meaning given in Section 2.5(a)(iii) of
the Financing Agreement.

 

“Total Term
Loan Commitment Resizing” has the meaning given in Section 2.5(b)(ii) of
the Financing Agreement.

 

59

 

“Tracking
Account” has the meaning given in the Energy Hedge Agreement.

 

“Trade Date”
has the meaning given in the Energy Hedge Agreement.

 

“Turbine
Supplier” means General Electric Company, a New York corporation,
and its successors and assigns under the Turbine Supply Agreement.

 

“Turbine
Supply Agreement” means, collectively or individually, depending on
the context, (a) that certain Master Contract for the Sale of Power
Generation Equipment and Related Services, dated as of February 15, 2006,
as amended by the First Amendment, dated as of August 24, 2006, by and
between the Borrower and the Turbine Supplier, (b) Purchase Order No. 3
with respect to the Project (Bliss), dated as of February 15, 2006,
executed by and between the Borrower and the Turbine Supplier, (c) Purchase
Order No. 4 with respect to the Project (Clinton), dated as of February 15,
2006, executed by and between the Borrower and the Turbine Supplier, (d) Purchase
Order No. 6 with respect to the Project (Ellenburg), dated as of August 24,
2006, executed by and between the Borrower and the Turbine Supplier, and (e) Purchase
Order No. 1 with respect to the Project (Bliss), dated as of May 2,
2007, executed by and between Noble Environmental Power 2007 Equipment Co,
LLC and the Turbine Supplier, as assigned by Noble Environmental
Power 2007 Equipment Co, LLC to NBW pursuant to that certain Turbine
Assignment Agreement, dated as of June 22, 2007.

 

“Turbine
Supply Agreement Consent” means that certain consent and agreement
dated as of June 22 2007 between Turbine Supplier, Borrower and
Administrative Agent.

 

“UCC”
means the Uniform Commercial Code of the jurisdiction the law of which
governs the document in which such term is used or which governs the creation
or perfection of the Liens granted thereunder.

 

“Unpaid
Drawing” has the meaning given in Section 2.3(d)(iii)(B) of
the Financing Agreement.

 

“Upwind Array”
means a single Upwind Turbine or windfarm project and all Upwind Turbines
located thereon.

 

“Upwind Array
Event” means the erection of an Upwind Turbine, which related Upwind
Array could reasonably be expected to decrease the energy production level at
any Project by two percent (2%) or more, as determined by the Independent
Engineer.

 

60

 

“Upwind Array
Event Amount” has the meaning given in Section 5.9(b) of
the Financing Agreement, as such amount shall be reduced by the amount of any
payments made pursuant to such Section.

 

“Upwind
Turbine” means with respect to any Project, a wind turbine generator
not owned by the applicable Project Company and located upwind from and within
a radius of ten (10) rotor diameters of a WTG comprising a part of such
Project.

 

“Village of Arcade Facilities” means the
portion of the Conveyed Transmission Owner Facilities constructed or otherwise
developed by NBW or an Affiliate thereof, described on Exhibit H-7
to the Financing Agreement, which NBW contemplates selling, leasing,
transferring, conveying or otherwise disposing of to the Village of Arcade and
Niagara Mohawk Power Corporation, as applicable, pursuant to the
Interconnection Agreement (Bliss) or the EPC Contract (Mohawk).

 

“Voting
Participants” means any participant to whom a Voting Participation
has been transferred with the prior written consent of Administrative Agent and
Borrower (which Borrower consent shall not be unreasonably withheld or delayed
and which Borrower consent shall not be required during the occurrence and
continuance of an Event of Default).  For
the avoidance of doubt, a Voting Participant shall not be deemed a Lender, but
a participant, under the Financing Agreement or the other Financing Documents
(except to the extent expressly provided therein, including Section 10.10(c) of
the Financing Agreement).

 

“Voting
Participation” has the meaning given in Section 10.13(b) of
the Financing Agreement.

 

“Windfarm
Availability” means, for any calculation period for each Project, a
fraction, the (a) numerator of which is a fraction the (i) numerator
of which is sum of the available hours for each WTG in each such Project and (ii) denominator
of which is the total number of WTGs in each such Project and (b) denominator
of which is the number of hours in such calculation period.

 

“Working
Capital Accounts” has the meaning given in Section 5.3(a)(iv) of
the Depositary Agreement.

 

“Working
Capital Account Bank” has the meaning given in Section 5.3(a)(i) of
the Depositary Agreement.

 

“Working
Capital Cap” has the meaning given in Section 5.2(a)(i) of
the Depositary Agreement.

 

61

 

“Wyoming
County” means Wyoming County, New York.

 

 “Wyoming County IDA”
means the Wyoming County, New York Industrial Development Agency.

 

“Wyoming
County Recorder’s Office” means the Office of the Clerk of Wyoming
County, New York.

 

 “WTG(s)” means,
collectively, the General Electric SLE 1.5 MW wind turbine generating
units, together with towers on which such wind turbine generating units are
mounted and all components thereof, including blades, hub, nacelle, controllers
and meters, transformers, and CMS, to be purchased from and commissioned by the
Turbine Supplier at the Projects pursuant to the Turbine Supply Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

62

 

RULES OF INTERPRETATION

 

1.             The singular includes
the plural and the plural includes the singular.

 

2.             The word “or” is not
exclusive.

 

3.             A reference to a
Governmental Rule includes any amendment or modification to such
Governmental Rule, and all regulations, rulings and other Governmental Rules promulgated
under such Governmental Rule.

 

4.             A reference to a
Person includes its successors and permitted assigns.

 

5.             Accounting terms have
the meanings assigned to them by GAAP, as applied by the accounting entity to
which they refer.

 

6.             The words “include,” “includes”
and “including” are not limiting.

 

7.             A reference in a
document to an Article, Section, Exhibit, Schedule, Annex or Appendix is to the
Article, Section, Exhibit, Schedule, Annex or Appendix of such document unless
otherwise indicated.  Exhibits,
Schedules, Annexes or Appendices to any document shall be deemed incorporated
by reference in such document.

 

8.             References to any
document, instrument or agreement (a) shall include all exhibits,
schedules and other attachments thereto, (b) shall include all documents,
instruments or agreements issued or executed in replacement thereof, and (c) shall
mean such document, instrument or agreement, or replacement or predecessor
thereto, as amended, modified and supplemented from time to time (to the extent
permitted under the Financing Documents) and in effect at any given time.

 

9.             The words “hereof,” “herein”
and “hereunder” and words of similar import when used in any document shall
refer to such document as a whole and not to any particular provision of such
document.

 

10.           References to “days”
shall mean calendar days, unless the term “Banking Days” shall be used.  References to a time of day shall mean such
time in New York, New York, unless otherwise specified.

 

11.           The words “will” and “shall”
shall be construed to have the same meaning and effect.

 

63Exhibit 10.1(b)

 

EXECUTION COPY

 

 

 

 

DEPOSITARY AGREEMENT

 

among

 

NOBLE ENVIRONMENTAL POWER 2006

HOLD CO, LLC,

a Delaware limited liability company

(Borrower)

 

and

 

DEXIA CREDIT LOCAL, NEW YORK BRANCH

(Administrative Agent)

 

and

 

The Bank of New York

(Depositary)

 

Dated as of June 22, 2007

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
  ARTICLE
  1   DEFINED TERMS

  	
  2

  
	
   

  	
   

  
	
  1.1

  	
  Defined
  Terms

  	
  2

  
	
  1.2

  	
  Financing
  Agreement and UCC Definitions

  	
  5

  
	
  1.3

  	
  Rules of
  Interpretation

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  2   ESTABLISHMENT AND ADMINISTRATION OF ACCOUNTS

  	
  6

  
	
   

  	
   

  
	
  2.1

  	
  Establishment
  of Accounts

  	
  6

  
	
  2.2

  	
  Event
  of Default

  	
  9

  
	
  2.3

  	
  Permitted
  Investments

  	
  10

  
	
  2.4

  	
  Monies
  Received by Borrower

  	
  13

  
	
  2.5

  	
  Books
  of Account; Statements

  	
  13

  
	
  2.6

  	
  Adequate
  Instruction; Sufficiency of Funds

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  3   SECURITY AND RELATED PROVISIONS; SECURITIES INTERMEDIARY

  	
  15

  
	
   

  	
   

  
	
  3.1

  	
  Securities
  Accounts; Deposit Accounts; the Depositary

  	
  15

  
	
  3.2

  	
  Certain
  Rights and Powers in Respect of Accounts and Funds

  	
  18

  
	
  3.3

  	
  Security
  Interest

  	
  21

  
	
  3.4

  	
  Perfection;
  Further Assurances

  	
  21

  
	
  3.5

  	
  Other
  Liens; Adverse Claim

  	
  22

  
	
  3.6

  	
  Duties
  and Certain Rights of Depositary

  	
  23

  
	
  3.7

  	
  Remedies

  	
  27

  
	
  3.8

  	
  Costs,
  Expenses and Attorneys’ Fees

  	
  29

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  4   WITHDRAWAL AND TRANSFER PROCEDURES

  	
  29

  
	
   

  	
   

  
	
  4.1

  	
  Maintenance
  of Funds in Accounts; Withdrawals

  	
  29

  
	
  4.2

  	
  Withdrawal/Transfer
  Certificate

  	
  29

  
	
  4.3

  	
  Delivery
  of Certificates

  	
  30

  
				

 

i

 

	
  ARTICLE
  5   APPLICATION OF FUNDS

  	
  32

  
	
   

  	
   

  	
   

  
	
  5.1

  	
  Construction
  Account and Test Revenue Account

  	
  32

  
	
  5.2

  	
  Operating
  Account

  	
  36

  
	
  5.3

  	
  Other
  Accounts

  	
  41

  
	
  5.4

  	
  Application
  of Insurance Proceeds

  	
  57

  
	
  5.5

  	
  Application
  of Eminent Domain Proceeds

  	
  63

  
	
  5.6

  	
  Application
  of Certain Damages Payments; Mandatory Prepayments

  	
  63

  
	
  5.7

  	
  Earnings
  on Accounts

  	
  65

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  6   TERMINATION OF AGREEMENT

  	
  65

  
	
   

  	
   

  
	
  ARTICLE
  7   MISCELLANEOUS

  	
  65

  
	
   

  	
   

  
	
  7.1

  	
  Notices

  	
  65

  
	
  7.2

  	
  Benefit
  of Agreement

  	
  67

  
	
  7.3

  	
  Delay
  and Waiver

  	
  67

  
	
  7.4

  	
  Amendments

  	
  68

  
	
  7.5

  	
  Governing
  Law

  	
  68

  
	
  7.6

  	
  Submission
  to Jurisdiction

  	
  69

  
	
  7.7

  	
  WAIVER
  OF JURY TRIAL

  	
  69

  
	
  7.8

  	
  Severability

  	
  69

  
	
  7.9

  	
  Headings

  	
  70

  
	
  7.10

  	
  Successors
  and Assigns

  	
  70

  
	
  7.11

  	
  Entire
  Agreement

  	
  70

  
	
  7.12

  	
  Consequential
  Damages

  	
  70

  
	
  7.13

  	
  Survival
  of Agreements

  	
  71

  
	
  7.14

  	
  Further
  Information

  	
  71

  
	
  7.15

  	
  Additional
  Depositary Provisions

  	
  71

  
	
  7.16

  	
  Counterparts

  	
  72

  
	
  7.17

  	
  Third
  Party Beneficiaries

  	
  72

  

 

ii

 

Schedule
A – Telephone Numbers for Call-backs and Person(s) Designated to
Confirm Payment Instructions

 

Appendix
I – Wire Instructions for the Accounts

 

Exhibit A – Form of
Withdrawal/Transfer Certificate

 

Exhibit B – Form of
Distribution Certificate

 

iii

 

This
DEPOSITARY AGREEMENT, dated as of June 22, 2007 (as amended, amended and
restated, supplemented or otherwise modified from time to time, this “Agreement”),
is entered into by and among NOBLE ENVIRONMENTAL POWER 2006 HOLD CO, LLC, a
limited liability company organized and existing under the laws of the State of
Delaware (“Borrower”), DEXIA CREDIT LOCAL, NEW YORK BRANCH, as
administrative agent for the Secured Parties (in such capacity, “Administrative
Agent”), and The Bank of New York, a New York banking corporation, as
depositary agent, bank and securities intermediary (in such capacities, “Depositary”).

 

RECITALS

 

A.             Borrower intends to develop,
construct, install, test, own, operate, maintain and use, in each case through
its wholly-owned subsidiaries, (i) an approximately 100.5 MW wind powered
electric generating facility located in Bliss, New York, (ii) an
approximately 100.5 MW wind powered electric generating facility located in
Clinton, New York, and (iii) an approximately 81 MW wind powered electric
generating facility located in Ellenburg, New York (each, a “Project”
and, collectively, the “Projects”).

 

B.              In order to partially
finance the development, construction, installation, testing, operation,
maintenance and use of the Projects, Borrower has entered into that certain
Financing Agreement, dated as of the date hereof (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Financing
Agreement”), among Borrower, the financial institutions from time to time
parties thereto (collectively, the “Lenders”), Dexia Credit Local, New
York Branch, as Lead Arranger, Joint Bookrunner, Technical and Documentation
Agent, Co-Syndication Agent, LC Fronting Bank, and as Administrative Agent for
the Lenders and HSH Nordbank AG, New York Branch, as Lead Arranger, Joint
Bookrunner and Co-Syndication Agent, pursuant to which, among other things,
Lenders have extended commitments to make loans and other financial accommodations
to, and for the benefit of, Borrower.

 

 

C.              It is a condition precedent
to the effectiveness of the Financing Agreement and the other Financing
Documents, and the making of the advances of credit contemplated thereby, that
Borrower shall have executed this Agreement.

 

D.              In order to further secure
and support Borrower’s obligations to the Lenders under the Financing
Documents, Borrower is entering into this Agreement, pursuant to which, among
other things, Borrower will grant to Administrative Agent, for the benefit of
the Lenders, and Administrative Agent will have a perfected first priority
security interest in the Accounts and in all financial assets held therein or
credited thereto and all proceeds thereof.

 

E.              Depositary has agreed to act
as depositary agent, bank and securities intermediary pursuant to the terms of
this Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the promises contained herein, and in order to
induce Lenders to enter into the Financing Agreement and to make the loans and
other financial accommodations contemplated thereby, and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Borrower hereby agrees with Administrative Agent and Depositary,
for the benefit of the Secured Parties, as follows:

 

ARTICLE 1

DEFINED TERMS

 

1.1           Defined Terms. The following
terms when used in this Agreement, including its preamble and recitals, shall
have the following meanings:

 

“AA
Response” has the meaning given in Section 5.4(d).

 

“Account
Holder” means, for each Account, the account holder in the first column of the
chart in Sections 2.1(b) and 5.3(a) titled Account
Holder.

 

“Accounts” has the
meaning given in Section 2.1(b).

 

2

 

“Administrative
Agent” has the meaning given in the Preamble to this Agreement.

 

“Authorized
Signatory” has the meaning given in Section 3.6.8.

 

“Bliss
Construction Account” has the meaning given in Section 2.1(b).

 

“Bliss
Construction Working Capital Account” has the meaning given in Section 5.3(a)(i).

 

“Borrower”
has the meaning given in the Preamble to this Agreement.

 

“Claim”
has the meaning given in Section 3.6.5(a).

 

“Clinton
Construction Account” has the meaning given in Section 2.1(b).

 

“Clinton
Construction Working Capital Account” has the meaning given in Section 5.3(a)(i).

 

“Construction
Working Capital Accounts” means the Ellenburg Construction Working Capital
Account, the Clinton Construction Working Capital Account and the Bliss
Construction Working Capital Account.

 

“CS
Control Agreement” means the CS Control Agreement dated as of June 22,
2007 among the Borrower, the Energy Hedge Provider and Depositary.

 

“Depositary”
has the meaning given in the Preamble to this Agreement.

 

“Distributable
Cash” has the meaning given in Section 5.2(a)(xvi).

 

“Distribution
Certificate” means a Distribution Certificate substantially in the form
attached hereto as Exhibit B.

 

“Distribution
Reserve Requirement” has the meaning given in Section 5.3(f)(ii)(a).

 

3

 

“Ellenburg
Construction Account” has the meaning given in Section 2.1(b).

 

“Ellenburg
Construction Working Capital Account” has the meaning given in Section 5.3(a)(i).

 

“EPC
Contractor Construction Account” has the meaning given in Section 2.1(b).

 

“EPC
Subcontract” means a subcontract under an EPC Contract.

 

“Establishment Date” means, for each Account,
the corresponding date, as applicable, in the (i) fourth column of the
chart in Section 2.1(a) titled Establishment Date or (ii) fifth
column of the chart in Section 2.1(b) titled Establishment
Date.

 

“Financial
Assets” has the meaning given in Section 3.1(c).

 

“Financing
Agreement” has the meaning given in the Recitals to this Agreement.

 

“Indemnitee”
has the meaning given in Section 3.6.5.

 

“Insurance
Conditions Deadline” has the meaning given in Section 5.4(c).

 

“Insurance
Proceeds Submission” has the meaning given in Section 5.4(d).

 

“Lenders”
has the meaning given in the Recitals to this Agreement.

 

“NEP
Guarantee Draw Amount” means the amount, if any, drawn under the NEP
Guarantee as contemplated under clause (c) of the definition of “Specified  Purposes” in the NEP Guarantee, as
required by the NEP Guarantee.

 

“Operations Working Capital Account” has the
meaning given in Section 5.3(a)(iv).

 

“Project
Company Construction Accounts” means the Bliss Construction Account, the
Clinton Construction Account and the Ellenburg Construction Account.

 

4

 

“Securities
Intermediary” has the meaning given in Section 3.1(b).

 

“Serial
Defect” means that the same defect or deficiency shall have occurred in the
same part or component of twenty percent (20%) or more of the WTGs.

 

“Serial
Defect Reserve Amount” means $5,317,286.

 

“Test
Revenues” means any revenues earned and payments received on account
thereof by any Noble Entity from and after the date hereof until (but
excluding) the Term - Conversion Date.

 

“UCC”
means the Uniform Commercial Code as the same may, from time to time, be in effect
in the State of New York; provided, however, in the event that,
by reason of mandatory provisions of law, any or all of the perfection or
priority of the security interest in the Accounts and all financial assets
and/or cash deposited therein is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State of New York, the term “UCC” shall
mean the Uniform Commercial Code as in effect in such other jurisdiction for
purposes of the provisions hereof relating to such perfection or priority and
for purposes of definitions related to such provisions.

 

“Withdrawal/Transfer
Certificate” means a Withdrawal/Transfer Certificate substantially in the
form attached hereto as Exhibit A.

 

“Working
Capital Account Bank” has the meaning given in Section 5.3(a).

 

1.2           Financing
Agreement and UCC Definitions. Unless otherwise defined herein, capitalized
terms used in this Agreement have the meanings provided in Exhibit A to
the Financing Agreement or, if not defined therein, the UCC.

 

1.3           Rules of
Interpretation. Unless otherwise provided herein, the rules of interpretation
set forth in Exhibit A to the Financing Agreement shall apply to this
Agreement, including its preamble and recitals.

 

5

 

ARTICLE 2

ESTABLISHMENT AND ADMINISTRATION OF ACCOUNTS

 

2.1        Establishment
of Accounts.

 

(a)        Depositary
hereby agrees and confirms that it has established, or will establish on or
prior to the Establishment Date, and will maintain until the termination of this
Agreement in accordance with Article 4 or as otherwise expressly set forth
herein, each of the following segregated, special, collateral accounts listed
below (each to be referred to herein by the defined term provided), in the name
of Administrative Agent and under the exclusive “control” of Administrative
Agent (except as provided in the CS Control Agreement) pursuant to Sections
3.1(c) through (f), as
applicable:

 

	
  Name
  of Account at Depositary

  	
   

  	
  Account

  Number

  	
   

  	
  Defined Term for

  Account

  	
   

  	
  Establishment

  Date

  
	
  Portfolio Wind Generation 

  Projects - Construction Account

  	
   

  	
  ###

  	
   

  	
  “Construction Account”

  	
   

  	
  Financial Closing Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Portfolio Wind Generation 

  Projects - Test Revenue Account

  	
   

  	
  ###

  	
   

  	
  “Test Revenue Account”

  	
   

  	
  Financial Closing Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Portfolio Wind Generation 

  Projects - Insurance Proceeds Account

  	
   

  	
  ###

  	
   

  	
  “Insurance Proceeds Account”

  	
   

  	
  Financial Closing Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Portfolio Wind Generation 

  Projects - Non-Insurance 

  Proceeds Damage Restoration Account

  	
   

  	
  ###

  	
   

  	
  “Non-Insurance Proceeds Damage Restoration Account”

  	
   

  	
  Financial Closing Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Portfolio Wind Generation 

  Projects - Operating Account

  	
   

  	
  ###

  	
   

  	
  “Operating Account”

  	
   

  	
  Financial Closing Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Portfolio Wind Generation 

  Projects - O&M and CapEx Reserve Account

  	
   

  	
  ###

  	
   

  	
  “O&M and CapEx Reserve Account”

  	
   

  	
  Term- Conversion Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Portfolio Wind Generation 

  Projects - Additional Maintenance Account

  	
   

  	
  ###

  	
   

  	
  “Additional Maintenance Account”

  	
   

  	
  Term- Conversion Date

  

 

6

 

	
  Portfolio Wind Generation 

  Projects - Debt Service Reserve Account

  	
   

  	
  ###

  	
   

  	
  “Debt Service Reserve Account”

  	
   

  	
  Term- Conversion Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Portfolio Wind Generation 

  Projects - GE Distribution Reserve Account

  	
   

  	
  ###

  	
   

  	
  “GE Distribution Reserve Account”

  	
   

  	
  Term- Conversion Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Portfolio Wind Generation 

  Projects - Distribution Reserve Account

  	
   

  	
  ###

  	
   

  	
  “Distribution Reserve Account”

  	
   

  	
  Term- Conversion Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Portfolio Wind Generation 

  Projects - Completion Reserve Account

  	
   

  	
  ###

  	
   

  	
  “Completion Reserve Account”

  	
   

  	
  Term- Conversion Date

  

 

(b)        Project
Company Construction Accounts. Depositary hereby agrees and confirms that
it has established, or will establish on or prior to the Establishment Date,
and will maintain until the termination of this Agreement in accordance with
Article 4 or as otherwise expressly set forth herein, each of the
following segregated, special, collateral accounts below (each to be referred
to herein by the defined term provided, and collectively with the accounts
described in, and established pursuant to, Section 2.1(a), the
“Accounts”), in the name of the Account Holder listed in the first column below
and under the exclusive “control” of Administrative Agent, (except as provided
in the CS Control Agreement) pursuant to Sections 3.1(c) through (f),
as applicable:

 

	
  Account

  Holder

  	
   

  	
  Name of Account at

  Depositary

  	
   

  	
  Account

  Number

  	
   

  	
  Defined

  Term for

  Account

  	
   

  	
  Establishment

  Date

  
	
  NBW

  	
   

  	
  Portfolio Wind Generation 

  Projects – Construction Account of Noble Bliss Windpark, LLC, as agent for
  the Wyoming County Industrial Development Agency, for the construction of
  Project

  	
   

  	
  ###

  	
   

  	
  “Bliss Construction Account”

  	
   

  	
  Financial Closing Date

  

 

7

 

	
  Account

  Holder

  	
   

  	
  Name of Account at

  Depositary

  	
   

  	
  Account

  Number

  	
   

  	
  Defined

  Term for

  Account

  	
   

  	
  Establishment

  Date

  
	
   

  	
   

  	
  (Bliss)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NCW

  	
   

  	
  Portfolio Wind Generation 

  Projects – Construction Account of Noble Clinton Windpark I, LLC, as agent for the Clinton County
  Industrial Development Agency, for the construction of Project (Clinton)

  	
   

  	
  ###

  	
   

  	
  “Clinton Construction Account”

  	
   

  	
  Financial Closing Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NEW

  	
   

  	
  Portfolio Wind Generation 

  Projects – Construction Account of Noble Ellenburg Windpark, LLC, as agent
  for the Clinton County Industrial Development Agency, for the construction of
  Project (Ellenburg)

  	
   

  	
  ###

  	
   

  	
  “Ellenburg Construction Account”

  	
   

  	
  Financial Closing Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Noble Constructors, LLC

  	
   

  	
  Portfolio Wind Generation 

  Projects – EPC Contractor Construction Account

  	
   

  	
  ###

  	
   

  	
  “EPC Contractor Construction Account”

  	
   

  	
  Financial Closing Date

  

 

(c)        Depositary
also hereby agrees and confirms that it has established, or will establish on
or prior to the Term-Conversion Date and will maintain until the termination of
this Agreement in accordance with Article 4 or as otherwise
expressly set forth herein, the Distributable Cash Account in the name of and
under the exclusive control of the Borrower. Notwithstanding anything to the
contrary herein the Distributable Cash Account shall not be considered an
“Account” under the Financing

 

8

 

Documents and
the Lenders and the Administrative Agent shall not be granted any security
interest in or a lien on the Distributable Cash Account nor have any rights
with respect thereto.

 

(d)           Wire
instructions for each of the Accounts are set forth on Appendix I
attached hereto.

 

2.2        Event
of Default.

 

(a)        Upon
the occurrence and during the continuation of an Event of Default and after
written notice to Borrower and Depositary, at the election of Administrative
Agent, and without limiting Administrative Agent’s or any other Secured Party’s
rights or remedies herein or under any of the other Collateral Documents
(i) Administrative Agent shall have the right (but not the obligation) to
direct Depositary in writing to administer the Accounts and disburse funds
therefrom (and, upon the exercise of such right, Depositary shall comply with
any such written directions) in accordance with the Financing Agreement and
Security Agreement, and (ii) Depositary shall execute and deliver (or cause
to be executed and delivered) to Administrative Agent all proxies and other
instruments as Administrative Agent may reasonably request in writing for the
purpose of enabling Administrative Agent (on behalf of the Secured Parties) to
exercise any voting or other consensual rights pertaining to the Accounts and
the funds therein in accordance with the Financing Agreement and Security
Agreement.

 

(b)        Notwithstanding
anything to the contrary in this Agreement and without limiting anything set
forth in clause (a) above, but subject to Section 5.2(b), (i) from
and after the mailing or successful transmittal of a telecopy to Borrower and
receipt by Depositary of written notice from Administrative Agent or Borrower
that an Event of Default exists and is continuing and until such time as
Depositary receives written notice from Administrative Agent that such Event of
Default no longer exists (which Administrative Agent shall promptly deliver
following the cure of such Event of Default), Depositary shall not accept any instructions
or certificates from Borrower and shall only withdraw or transfer amounts in
the Operating Account at the written direction or with the written consent of
Administrative Agent, and (ii) from and after Depositary’s

 

9

 

receipt of written notice from Administrative Agent or Borrower that an
Event of Default exists and until the earlier to occur of (A) such time as
Depositary receives written notice from Administrative Agent that such Event of
Default no longer exists (which notice Administrative Agent shall promptly
deliver following the cure of such Event of Default) and (B) such time as
Administrative Agent notifies Depositary in writing of any other application of
such amounts, Depositary shall at the direction of Administrative Agent apply
amounts in the Operating Account to the payment categories specified in Section 5.2(a)(i) through
Section 5.2(a)(xii), as determined by the Administrative Agent.

 

2.3        Permitted
Investments.

 

2.3.1     Directing
the Making of Investments. Pending the application of funds in accordance
with Section 5.2(a), any cash held in Accounts maintained hereunder
shall be invested in Permitted Investments from time to time by Depositary at
the expense and risk of Borrower (a) as directed in writing by Borrower,
(i) so long as Administrative Agent has not notified Depositary that an
Event of Default has occurred and is continuing or (ii) after
Administrative Agent has delivered a written notice to Depositary that any such
Event of Default no longer exists, (which notice Administrative Agent shall
promptly deliver following the cure of such Event of Default), and (b) as
directed in writing by Administrative Agent, if Administrative Agent has
notified Depositary that an Event of Default has occurred and is continuing
(until such time, if ever, as Administrative Agent notifies Depositary that any
such Event of Default no longer exists, which notice Administrative Agent shall
promptly deliver following the cure of such Event of Default); provided,
however, that, if Borrower fails to so direct Depositary, or if there
exists an Event of Default and Administrative Agent fails to so direct
Depositary, by 11:00 a.m. on the date on which the term of any Permitted
Investment terminates, amounts in respect of such terminating Permitted
Investment shall be reinvested in one or more short-term market instruments
including, but not limited to, marketable obligations issued or guaranteed by
the U.S. Government, its agencies or instrumentalities, bank instruments,
corporate debt securities issued by U.S. or foreign companies, commercial
paper, demand instruments, adjustable rate obligations, asset- backed
securities, restricted securities, fully collateralized repurchase agreements
or money market funds subject to

 

10

 

the requirements of the Investment Company Act of 1940, as amended,
invested in any one or more of the aforementioned types of instruments, in each
case which are either (i) insured by the Federal Deposit Insurance
Corporation, or (ii) held in banks (including any Lender) and savings and
loan associations, having general obligations rated at least “AA” or equivalent
by S&P or Moody’s, or if not so rated, secured at all times, in the manner
and to the extent provided by law, by collateral security described in clauses
(a) or (b) of the definition of Permitted Investments, of a market
value of no less than the amount of moneys so invested; provided, further, that
Depositary’s obligation to invest such amounts is conditioned upon receipt by
Depositary of a valid Form W-9 of the Internal Revenue Service of the
United States in accordance with Section 2.3.3. The right to direct
the manner of investment includes, but is not limited to, the right (i) to
direct Depositary to sell any Permitted Investment or hold it until maturity
and (ii) upon any sale at maturity of any Permitted Investment, to direct
Depositary to reinvest the proceeds thereof, plus
any interest received by Depositary thereon, in Permitted
Investments or to hold such proceeds and interest for application pursuant to
the terms of this Agreement. No Secured Party shall have any liability for any
loss resulting from any such investment other than any such loss caused solely
by such Secured Party’s willful misconduct or gross negligence.

 

2.3.2     Application
of Permitted Investments. Permitted Investments purchased upon the
direction of Borrower or Administrative Agent, as the case may be, under the
provisions of this Agreement by Depositary shall be deemed at all times to be a
part of the Account from which funds were withdrawn in order to acquire the
Permitted Investment and shall be deemed to constitute funds on deposit in and
credited to such Account, and the income or interest earned and gains realized
in excess of losses suffered by an Account due to the investment of funds
deposited therein shall be credited and retained in the particular Account in
respect of which the Permitted Investment was purchased, except as expressly
provided by the terms hereof.

 

2.3.3     Earnings.
All earnings on funds in any Account maintained hereunder shall be credited to
Borrower (or the Account Holder, as applicable) for tax reporting purposes.
Depositary shall provide Borrower and Administrative Agent a statement with

 

11

 

respect to all interest earned on any Account
as of the close of each calendar year for which income is earned on the
Accounts. Borrower shall provide Depositary with its taxpayer identification number,
documented, to the extent necessary, by an appropriate executed Form W-9,
upon execution of this Agreement. The Form W-9 shall, to the extent
necessary, be renewed as required by the Internal Revenue Service of the United
States and provided to Depositary. Depositary shall be entitled to rely on an
opinion of legal counsel (which may be counsel of Borrower) in connection with
the reporting of any earnings with respect hereto. In no event shall Depositary
be liable or responsible for the payment of taxes on any income earned on the
Accounts.

 

2.3.4     Liquidation of Investments for Distributions. Upon the occurrence and during the
continuance of an Event of Default, Administrative Agent is hereby authorized
to direct Depositary to liquidate or direct the liquidation of any Permitted
Investment (without regard to maturity) in order to make or cause to be made
any application required by any provision contained in Article 5. In furtherance,
and not in limitation, but without duplication, of any other indemnity or
limitation of liability with respect to Administrative Agent or Depositary
contained herein or in any other Financing Document, neither Administrative
Agent nor any other Secured Party shall in any way be liable for any losses
suffered by Borrower, including losses due to early liquidation or market risk,
which are a result of Administrative Agent’s exercise of its authority under
this provision (other than any such losses arising from such Secured Party’s
gross negligence or willful misconduct).

 

2.3.5     Value of Permitted Investments. Permitted Investments credited to
any Account shall be valued at their then-current market value.

 

12

 

2.3.6     Security Interest in Permitted Investments. Whenever Depositary purchases a
Permitted Investment not represented or evidenced by certificates or
instruments capable of possession, Depositary shall notify Administrative Agent
in writing of such purchase and, upon the request of Administrative Agent,
deliver such information to Administrative Agent as may be reasonably necessary
to enable Administrative Agent to take all necessary action, including giving
confirmations and notices to record Administrative Agent’s interest therein,
all as required by the UCC to perfect a first priority security interest for
the benefit of Administrative Agent (on behalf of the Secured Parties). Without
limiting the foregoing, whenever Depositary purchases a Permitted Investment
which is a certificate of deposit, Depositary shall simultaneously or promptly
thereafter notify the issuer of the certificate of deposit in writing as
follows: Dexia Credit Local, New York Branch, as Administrative Agent for the
Secured Parties, has a security interest in and pledge of the
certificate(s) of deposit being purchased this day by The Bank of New
York, as Depositary and bailee on behalf of Administrative Agent and the other
Secured Parties.

 

2.4        Monies Received by Borrower. In the event that Borrower or any Project
Company receives any Project Revenues, Insurance Proceeds or other amounts
required by the terms hereof or the Financing Agreement to be deposited into
any Account, Borrower shall, or shall cause the applicable Project Company to,
without any notice or demand whatsoever, promptly deliver the same to
Depositary for application in accordance with the terms of this Agreement and
the Financing Agreement. Except as provided herein, no amount held in any
Account maintained hereunder shall be disbursed except in accordance with the
provisions of Articles 4
and 5 of this Agreement and the other provisions of the Financing
Agreement and Security Agreement.

 

2.5        Books of Account; Statements. Depositary shall maintain books of account
and record therein all deposits into and transfers to and from the Accounts and
all investment transactions effected by Depositary pursuant to the terms
hereof, and any such recordation shall constitute prima facie evidence of the information
recorded. Not later than the fifth Banking Day of each month after the
Financial Closing Date, Depositary shall deliver to Borrower, with a copy to
Administrative Agent, a statement setting forth

 

13

 

the
transactions in each Account during the preceding month (including, without
limitation, deposits, withdrawals and transfers from and to such Account) and
specifying the Project Revenues, Insurance Proceeds, equity contributions,
Permitted Investments, investment income earned and other amounts held in each
such Account at the close of business on the last Banking Day of the preceding
month. In addition, Depositary shall promptly respond (during normal business
hours) to requests by Administrative Agent or Borrower for information
regarding deposits, investments and transfers into, in respect of and among
Accounts.

 

2.6        Adequate Instruction; Sufficiency of Funds.

 

(a)        Notwithstanding
anything to the contrary contained in this Agreement, but subject to the last
sentence of Section 7.1,
in the event that Depositary receives any monies in respect of any Noble
Entity, NEP or any Project without adequate instruction as to the Account into
which such monies are to be deposited, Depositary shall promptly deposit such
monies into (i) prior to the Term-Conversion Date, the Construction
Account (for purposes of this sentence, the Term-Conversion Date shall be
deemed to have occurred at such time as the Administrative Agent so notifies
Depositary, which notice Administrative Agent shall promptly deliver upon
satisfaction or waiver of the conditions to Term-Conversion in accordance with
the Financing Agreement) and (ii) thereafter, the Operating Account,
keeping such records as may be necessary to adequately distinguish such monies
from other funds held in such Account, and shall immediately thereafter notify
Borrower and Administrative Agent of the receipt of such monies.

 

(b)        Notwithstanding
anything to the contrary contained in this Agreement, to the extent that there
are insufficient funds in the relevant Account to make a payment, transfer or
withdrawal requested from such Account, Depositary shall (i) promptly notify
Administrative Agent and Borrower of such deficiency and (ii) thereafter, unless it promptly receives
contrary written instructions from Administrative Agent (or Borrower, so long
as no Event of Default has occurred and is continuing), make such payment,
transfer or written withdrawal to the extent of such funds.

 

14

 

ARTICLE 3

SECURITY AND RELATED PROVISIONS; SECURITIES INTERMEDIARY

 

3.1           Securities Accounts; Deposit Accounts; the
Depositary.

 

(a)           Acceptance of Appointment of Depositary. The Depositary is hereby appointed to act
as Depositary and it hereby agrees to act as Depositary under the express terms
of this Agreement. Each of the Administrative Agent and the Borrower hereby
acknowledges that the Depositary shall act solely as Depositary under the
express terms of this Agreement.

 

(b)           Depositary. The Depositary, as securities intermediary (the “Securities
Intermediary”) with respect to the Accounts, hereby agrees and confirms
that it has established such Accounts, and the Distributable Cash Account as
set forth and defined in this Agreement and shall maintain such Accounts in
accordance with the terms hereof. Amounts shall be deposited into, managed and
administered, and withdrawn from each of the Accounts in strict accordance with
the provisions of this Agreement, the Financing Agreement and the Security
Agreement.

 

(c)           Securities Accounts. The Securities Intermediary and the
Borrower agree that (i) each such Account established by Securities
Intermediary is and will be maintained as a “securities account” (within the
meaning of Section 8-501(a) of the UCC); (ii) the Administrative
Agent is an “entitlement holder” (within the meaning of Section 8-102(a)(7) of
the UCC) in respect of the “financial assets” (within the meaning of Section 8-102(a)(9) of
the UCC and including cash, the “Financial Assets”) credited to such
Accounts; and (iii) all Financial Assets in registered form or payable to
or to the order and credited to any such Account shall be registered in the
name of the Securities Intermediary, endorsed to the Securities Intermediary or
in blank or credited to another securities account maintained in the name of
the Securities Intermediary and in no case will any Financial Asset credited to
any such Account be registered in the name of the Borrower, payable to the
order of the Borrower or specially endorsed to the Borrower except to the
extent the foregoing have been specially endorsed to the Securities
Intermediary or in blank.

 

15

 

(d)           Each item of property
(including a security, security entitlement, investment property, instrument or
obligation, share, participation, interest, cash or other property whatsoever)
credited to any Account shall be treated as a Financial Asset. Until this
Agreement shall terminate in accordance with the terms hereof, the Administrative
Agent shall have sole “control” (within the meaning of Section 8-106(d)(1) and
(2) of the UCC) of all “security entitlements” (within the meaning of Section 8-102(a)(17)
of the UCC) with respect to the Financial Assets credited to the Accounts. All property delivered to the
Securities Intermediary pursuant to this Agreement will be promptly credited to
the Accounts. If after receipt of a notice from the Administrative Agent that
an Event of Default has occurred and is continuing, the Securities Intermediary
shall receive any entitlement order from the Administrative Agent directing
transfer or redemption of any Financial Asset relating to any Account in
accordance with this Agreement, the Securities Intermediary shall comply with
such entitlement order without further consent by the Borrower or any other
Person. Depositary hereby represents that it has not entered into, and agrees
that, until the termination of this Agreement, it will not enter into, any
agreement with any other Person in respect of any of the Accounts pursuant to
which it would agree to comply with such entitlement orders, other orders or
instructions made by such Person, (except as provided in the CS Control
Agreement).

 

(e)           Deposit Accounts.
In the event that the Accounts are not considered “securities accounts” (within
the meaning of Section 8-501(a) of the UCC) under any applicable
Legal Requirement, the Accounts shall be deemed to be “deposit accounts”
(within the meaning of Section 9-102(a)(29) of the UCC), which the
Administrative Agent shall maintain with the Securities Intermediary acting not
as a securities intermediary but as a “bank” (within the meaning of Section 9-102(a)(8) of
the UCC). The Administrative Agent shall be deemed the customer of the
Securities Intermediary for purposes of the Accounts and as such shall be
entitled to all the rights that customers of banks have under applicable Legal
Requirements with respect to deposit accounts, including the right to withdraw
funds from, or close, the Accounts in accordance with this Agreement. The
Securities Intermediary shall not have title to the funds on deposit in the
Accounts, and shall credit the Accounts with all receipts of interest,
dividends and other income received on the property held in the Accounts. Until
this Agreement shall

 

16

 

terminate in
accordance with the terms hereof, the Administrative Agent shall have sole “control”
(within the meaning of

Section 9-104(a)(2) and (3) of the UCC) of the Accounts, except as provided
in the CS Control Agreement. All funds delivered to the Securities Intermediary
pursuant to this Agreement will be promptly credited to the Accounts. If at any
time the Securities Intermediary shall receive any instruction from the
Administrative Agent in accordance with this Agreement directing disposition of
the funds in the Accounts in accordance with this Agreement, the Securities
Intermediary shall comply with such instruction without further consent by the
Borrower or any other Person. Depositary hereby represents that it has not
entered into, and agrees that, until the termination of this Agreement, it will
not enter into, any agreement with any other Person in respect of any of the
Accounts pursuant to which it would agree to comply with such instruction or
other instructions made by such Person.

 

(f)            Dominion and
Control. In the event that the Accounts are not considered “securities
accounts” or “deposit accounts” (each as defined in the UCC) under applicable
Legal Requirements or a security interest cannot be granted and perfected in
the Accounts under the UCC, then the Accounts and all property deposited
therein shall be deemed under the dominion and control of the Administrative
Agent (except as provided in the CS Control Agreement) and the Securities
Intermediary will act and will be deemed to be acting as the Administrative
Agent’s agent in respect of the Accounts for the purpose of maintaining such
dominion and control for the purpose of the creation and perfection of security
interests in favor of the Administrative Agent.

 

(g)           Account Name Changes.
Depositary shall not change the name of or account number for any Account
without the prior written consent of Administrative Agent, such consent not to
be unreasonably withheld, and ten (10) Banking Days prior notice to
Borrower.

 

(h)           Notwithstanding
anything to the contrary contained herein, the Administrative Agent shall have
a first-priority perfected security interest in the Accounts and all amounts on
deposited or credited thereto and all other property or collateral described
herein, subject to Permitted Liens. In addition, all instructions and direction
to be given under and pursuant to this Agreement shall, until termination of
this

 

17

 

Agreement in accordance with Article 6
hereof, be given solely by Administrative Agent or Borrower as provided herein
without giving effect to any instruction or direction given by the Junior
Creditor (as defined in the CS Control Agreement) under the CS Control
Agreement or otherwise.

 

3.2           Certain Rights
and Powers in Respect of Accounts and Funds.

 

3.2.1        Rights to Accounts.
Borrower shall not make, attempt to make or consent to the making of, any
withdrawal or transfer from any Account except in accordance with the terms and
conditions of this Agreement, the Financing Agreement and the Security
Agreement. Borrower shall not have any rights or powers with respect to the
remittance of amounts credited to, the disbursement of credited amounts out of,
or the investment of credited amounts in, the Accounts, except to have amounts
credited thereto or invested in accordance with this Agreement, the Financing
Agreement and the Security Agreement.

 

3.2.2        Certain Additional
Powers of Administrative Agent and Depositary.

 

(a)        Administrative Agent
and, where appropriate, Depositary will have the right, but not the obligation,
to:

 

(i)            refuse
any item for deposit in any Account, which is not in accordance with this
Agreement or the Financing Agreement; and

 

(ii)           refuse
to honor any request for transfer from any Account which is not consistent with
this Agreement or the Financing Agreement.

 

If Borrower fails to perform
any agreement contained herein within the time allotted for such performance,
Administrative Agent may (but is not obligated to) itself perform, or cause the
performance of, such agreement, and the reasonable expenses of Administrative
Agent incurred in connection therewith shall be payable by Borrower upon
written demand including reasonable detail. Administrative Agent shall promptly
notify Borrower of any actions taken under this clause (a).

 

18

 

(b)           Borrower hereby
irrevocably constitutes and appoints Administrative Agent as Borrower’s true
and lawful attorney-in-fact, with full authority in the place and stead of
Borrower and in the name of Borrower from time to time in Administrative Agent’s
discretion, if an Event of Default shall have occurred and be continuing, to
take any action and to execute any instrument which Administrative Agent may
deem necessary or advisable to accomplish the purposes of this Agreement,
including:

 

(A)        to
ask, demand, collect, sue for, recover, compromise, receive and give
acquittance and receipts for moneys due and to become due under or in respect
of any of the Accounts or the proceeds of financial assets held therein or
credited thereto;

 

(B)         to
receive, endorse, and collect any drafts or other instruments, documents and
chattel paper, in connection with clause (i) above;

 

(C)         to
file any claims or take any action or institute any proceedings which
Administrative Agent may deem necessary or desirable for the collection of any
of the Accounts or the proceeds of financial assets held therein or credited
thereto or otherwise to enforce the rights of Administrative Agent with respect
to any of the Accounts or the proceeds of financial assets held therein or
credited thereto, provided
that, with respect to this clause (C), such rights shall be exercised in
accordance with Section 3.7;
and

 

(D)         to
perform the affirmative obligations of Borrower hereunder.

 

Borrower hereby acknowledges, consents and agrees that the power of
attorney granted pursuant to this Section 3.2.2 is irrevocable
and coupled with an interest.

 

(c)           With respect to the
powers and rights granted to Administrative Agent in Article 5, notwithstanding the absence of any
Default or Event of Default, Borrower hereby constitutes and appoints
Administrative Agent as Borrower’s true and lawful attorney-in-fact with full
authority in the place and stead of Borrower and in the name of Borrower to
make the direct payments as specified and as permitted in such

 

19

 

Article 5; and this power of attorney
shall be deemed to be a power coupled with an interest and shall be
irrevocable. No further direction or authorization from Borrower shall be
necessary to warrant or permit Administrative Agent to direct such payments in
accordance with the foregoing sentence and Article 5.

 

(d)           The powers conferred
on Administrative Agent hereunder are solely to protect its interest (on behalf
of the Secured Parties) in the Accounts and the proceeds of financial assets
held therein or credited thereto and shall not impose any duty on
Administrative Agent to exercise any such powers. Except for the reasonable
care of any Account or Permitted Investment in its possession or under its
control (as the case may be), the performance of its respective obligations
hereunder or the other Financing Documents, and the accounting for moneys
actually received by it hereunder, Administrative Agent shall have no duty as
to any Account or the proceeds of financial assets held therein or credited
thereto, or as to the taking of any necessary steps to preserve rights against
prior parties or any other rights pertaining to any such Account or proceeds.
Each of Depositary and Administrative Agent is required to exercise reasonable
care in the custody and preservation of any Account in its possession or under
its control (as the case may be); provided, however, that (i) Depositary
in any event shall be deemed to have exercised reasonable care in the custody
and preservation of any Account if it takes such action for that purpose as
Administrative Agent or, at times other than upon the occurrence and during the
continuance of any Event of Default, Borrower reasonably requests in writing
(and in accordance with the terms of this Agreement) or otherwise acts in
accordance with the requirements of Section 3.6.3, but,
notwithstanding the foregoing, the failure of Depositary to comply with any
such request at any time shall not in itself be deemed a failure to exercise
reasonable care, and (ii) Administrative Agent in any event shall be
deemed to have exercised reasonable care in the custody and preservation of any
Account if it takes such action for that purpose as Borrower reasonably
requests in writing (and in accordance with the terms of this Agreement) at
times other than upon the occurrence and during the continuance of any Event of
Default, but, notwithstanding the foregoing, the failure of Administrative
Agent to comply with any such request at any time shall not in itself be deemed
a failure to exercise reasonable care. Nothing in this Section 3.2
shall be construed as limiting

 

20

 

Administrative
Agent’s maintenance of “control” (within the meaning of Section 9-104(a)(2) and
(3) or Section 8-106(d)(1) and (2), as applicable, of the UCC)
over the Accounts.

 

3.3           Security Interest.

 

3.3.1        Grant. To
secure the timely payment in full in cash and performance in full of the
Obligations, Borrower does hereby collaterally assign, grant and pledge to, and
grant a Lien on and a security interest in favor of, Administrative Agent, on
behalf of and for the sole and exclusive benefit of the Secured Parties in, all
the estate, right, title, interest and security entitlements of Borrower,
whether now owned or hereafter acquired, in all Accounts and in all financial
assets including Permitted Investments held therein or credited thereto and all
proceeds thereof, including all rights of Borrower to receive moneys due in
respect of all Accounts, all claims with respect to any Account, all income or
gain earned in respect of the financial assets held in or credited to any
Account, all Insurance Proceeds, Eminent Domain Proceeds and payments described
in Section 5.6  credited to
or deposited in any Account, and all proceeds receivable or received when any
Account is collected, exchanged or otherwise disposed of, whether voluntarily
or involuntarily. No Noble Entity shall have any rights or powers with respect
the Accounts, the contents of the Accounts or any proceeds with respect thereto
except as expressly provided in this Agreement.

 

3.3.2        Acknowledgment.
Depositary hereby acknowledges the security interest in, and the pledge by
Borrower to Administrative Agent, for the benefit of the Secured Parties, of
all of Borrower’s security entitlements to the Accounts and all financial
assets including Permitted Investments held therein or credited thereto and all
proceeds thereof, and Depositary will so indicate on the records maintained by
Depositary with respect to the Accounts. Depositary agrees to hold all such
security entitlements and financial assets in its custody and in trust for the
purposes of, and on the terms set forth in, this Agreement.

 

3.4           Perfection;
Further Assurances. Borrower agrees that from time to time it shall
promptly execute and deliver all instruments and documents, and take all

 

21

 

actions, that may be reasonably
necessary, or that Administrative Agent may reasonably request, in order to
perfect and protect the assignment and security interest granted or intended to
be granted hereby or to enable Administrative Agent to exercise and enforce its
rights and remedies hereunder with respect to the Accounts, all financial
assets held therein or credited thereto and all proceeds thereof. Without
limiting the generality of the foregoing, Borrower hereby authorizes the filing
of such financing or continuation statements, or amendments thereto, and shall
execute and deliver such other instruments, endorsements or notices, as may be
reasonably necessary or as Administrative Agent may reasonably request, in
order to perfect and preserve the assignments and security interests granted or
purported to be granted hereby. Nothing in this Section 3.4 shall
be construed as limiting the obligations of Borrower under Section 5.13
of the Financing Agreement or under the Collateral Documents.

 

3.5           Other Liens;
Adverse Claim.

 

(a)                Borrower
represents and warrants that:

 

(i)         it
has not assigned any of its rights under the Accounts except as permitted
herein or by the other Financing Documents and the Junior Security Documents;

 

(ii)        it
has not executed and has no Knowledge of any effective financing statement,
security agreement, control agreement or other instrument similar in effect
covering all or any part of the Accounts, except such as may have been filed in
connection with this Agreement or the other Financing Documents, the CS Control
Agreement and other Permitted Liens; and

 

(iii)       it
has full power and authority to grant a security interest in and assign its
right, title and interest in the Accounts and all financial assets held therein
or credited thereto and all proceeds thereof hereunder, subject to Permitted
Liens. Borrower represents, warrants and covenants that it has not granted, and
shall not grant, to any Person (other than Administrative Agent) any interest
in any of the Accounts except such as may have been granted in

 

22

 

connection
with this Agreement, the Junior Security Documents or the Permitted Liens and
that it has kept, and shall keep, the Accounts free from all other Liens (other
than Permitted Liens).

 

(b)           Depositary
represents and warrants that to its knowledge without any independent
investigation there is no Lien on any of the Accounts other than Permitted
Liens, other than the claims and interest of the parties as provided herein. In
the event that Depositary has or subsequently obtains by agreement, operation
of law or otherwise a security interest in any Account or any security
entitlement credited thereto other than Permitted Liens, Depositary hereby
agrees that such security interest shall be subordinate to the security
interest of Administrative Agent for the benefit of the Secured Parties.

 

(c)           Depositary
represents and warrants that to its knowledge without any independent
investigation it has no notice of any adverse claim to the financial assets
deposited in or credited to the various Accounts or to security entitlements
with respect thereto.

 

(d)           The
financial assets credited to the Accounts shall not be subject to deduction,
set-off, banker’s lien, or any other right in favor of any Person other than
Administrative Agent (except for Permitted Liens and to the extent of returned
items and chargebacks either for uncollected checks or other items of payment
and transfers previously credited to one or more of the Accounts and Borrower
and Administrative Agent hereby authorize Depositary to debit the relevant
Accounts for such amount).

 

3.6           Duties and
Certain Rights of Depositary.

 

3.6.1        General.
The duties of Depositary shall be determined solely by the express provisions
of this Agreement and no implied duties, covenants or obligations shall be read
into this Agreement against Depositary.

 

3.6.2        Negative
Pledge. Depositary hereby agrees that it shall not grant, any security
interests in the Accounts or the financial assets that it is obligated to
maintain under this Agreement except such as may be granted in connection with
this Agreement or the Permitted Liens.

 

23

 

3.6.3        Degree of Care. Depositary shall
exercise at least the level of care it exercises with respect to its own funds
and, in all events, reasonable care, in administering and accounting for
amounts credited to the Accounts and the Permitted Investments purchased with
such amounts.

 

3.6.4        Action Upon Notices; Exercise of Judgment.
Depositary may conclusively rely on Administrative Agent or Borrower in
determining whether a Default, an Event of Default, the Term-Conversion Date,
Completion or the Final Completion Date has occurred (it being acknowledged and
agreed that if Depositary receives any conflicting notices, orders, requests,
waivers, consents, receipts or other papers or documents hereunder, the
applicable notice from Administrative Agent shall control in the absence of
manifest error). Depositary shall be permitted to conclusively rely and act
upon any notice, order, request, waiver, consent, receipt or other paper or
document (whether in its original or facsimile form) reasonably believed by
Depositary to be signed by Administrative Agent, Borrower or any other
authorized Person. Depositary shall not be liable for any error of judgment or
for any act done or step taken or omitted by it in good faith or for any
mistake of fact or law or for anything which Depositary may do or refrain from
doing in connection herewith, except its own gross negligence or willful
misconduct. Depositary shall have duties only as set forth herein.

 

3.6.5        Indemnification and Liability.

 

(a)             Borrower shall
indemnify, defend and hold harmless Depositary and its officers, directors,
shareholders, controlling persons, employees, and agents (collectively, the “Indemnitees”)
from and against and reimburse the Indemnitees for any and all claims,
obligations, liabilities, losses, damages, injuries (to person, property, or
natural resources), penalties, actions, suits, judgments, costs and expenses
(including reasonable attorney’s fees of a single counsel, plus a single local
counsel if required, and additional counsel solely to the extent the
Indemnitees have inconsistent or conflicting defenses or the circumstances
giving rise to such indemnification would create an ethical conflict for such
single counsel) of whatever kind or nature, whether or not well founded,
meritorious or unmeritorious, demanded, asserted or claimed against any such

 

24

 

Indemnitee (collectively, “Claims”) in any way relating to, or
arising out of or in connection with this Agreement.

 

(b)             The foregoing indemnities
shall not apply with respect to an Indemnitee, to the extent of a Claim arising
solely as a result of the (i) gross negligence or willful misconduct of
such Indemnitee (or such Indemnitee’s officers, directors, shareholders,
controlling persons, employees and agents) as determined by a final
non-appealable judgment of a court of competent jurisdiction, but shall
continue to apply to all other Indemnitees or (ii) action or inaction (to
the extent a duty to act existed on the part of such Indemnitee) of another
Indemnitee.

 

(c)             The provisions of
this Section 3.6.5 shall survive foreclosure under the Collateral
Documents and satisfaction or discharge of the Obligations for Claims based
upon facts or occurrences arising on or prior to the date of such satisfaction
and discharge (notwithstanding that such Claim may not be asserted or known to
an Indemnitee until a date subsequent to such satisfaction and discharge), and
shall be in addition to any other rights and remedies of Depositary.

 

(d)             Any amounts payable
by Borrower pursuant to this Section 3.6.5 shall be paid within
twenty (20) days after Borrower receives a reasonably detailed written invoice
for such amounts from any applicable Indemnitee, and if not paid within such
twenty (20) day period shall bear interest at the Default Rate.

 

(e)             No Indemnitee shall
settle any Claim unless Borrower has consented to such settlement or has been
given the opportunity to defend such Claim; provided, that an Indemnitee may
settle any Claim if, in Depositary’s sole determination, Borrower is not
diligently defending such Claim and/or does not have Distributable Cash or
equity commitments available to it to timely pay any adverse determination in
respect of such Claim.

 

3.6.6        Court Orders. Depositary is hereby
authorized, in its reasonable discretion, to obey and comply with all writs,
orders, judgments or decrees issued by any court or administrative agency
affecting any money, documents or things held by

 

25

 

Depositary. Depositary shall not be liable to any of the parties
hereto, their successors, heirs or personal representatives by reason of
Depositary’s compliance with such writs, orders, judgments or decrees,
notwithstanding that such writ, order, judgment or decree may later be
reversed, modified, set aside or vacated.

 

3.6.7        Resignation
and Termination.

 

(a)             Depositary may at any
time resign by giving notice to each other party to this Agreement, such
resignation to be effective upon the appointment of a successor Depositary as
provided below. Administrative Agent (upon the direction of the Majority
Lenders) or Borrower (with the prior written consent of Administrative Agent
not to be unreasonably withheld or delayed) may remove Depositary at any time
by giving notice to each other party to this Agreement, such removal to be
effective upon the appointment of a successor Depositary as provided below.

 

(b)             In the event of any
resignation or removal of Depositary, a successor Depositary, which shall be a
bank or trust company organized under the laws of the United States of America
or of the State of New York, having a corporate trust office in New York and a
capital and surplus of not less than $1,500,000,000, shall be appointed by
Administrative Agent after, so long as no Event of Default has occurred and is
continuing, approval from Borrower. If no successor Depositary shall have been
so appointed by Administrative Agent (with the consent of the Borrower unless
an Event of Default shall have occurred and be continuing), or if such
successor Depositary shall have not accepted such appointment, within thirty
(30) days after the retiring Depositary’s giving of notice of resignation or
the removal of the retiring Depositary, the Administrative Agent may, on behalf
of the Secured Parties, appoint a successor Depositary, which shall be a
commercial bank having a corporate trust office in New York and a capital and
surplus of not less than $1,500,000,000, unless, within twenty-one (21) days of
such selection by Administrative Agent and, if no Event of Default has occurred
and is continuing, Borrower selects a different commercial bank to so act as
Depositary, in which case the commercial bank so selected by Borrower shall
become the successor Depositary. Any such successor Depositary shall be capable
of acting as a “securities intermediary” (within the meaning of Section 8-102(a)(14)
of the UCC) and a

 

26

 

“bank” (within the meaning of Section 9 102(a)(8) of the UCC)
and shall deliver to each party to this Agreement a written instrument
accepting such appointment and thereupon such successor Depositary shall
succeed to all the rights and duties of Depositary under this Agreement and
shall be entitled to receive the Accounts from the predecessor Depositary. If
the Depositary consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business (including this transaction)
or assets to, another corporation or banking association, the resulting, surviving
or transferee corporation without any further act shall be the successor
Depositary so long as such new entity meets the criteria set forth in this Section 3.6.7(b).

 

(c)             Upon the replacement
of Depositary hereunder, all investments and other amounts held by it or
credited to Accounts pursuant to this Agreement shall be transferred to such
successor Depositary. In the event of the resignation or termination of
Depositary, Depositary shall be entitled to its reasonable fees and expenses in
accordance with Section 3.8 up to the time such resignation or
termination becomes effective in accordance with this Section 3.6.7.

 

3.6.8        Directions and Instructions to Depositary.
All written directions and instructions (which may be provided by facsimile
transmission) by Borrower or Administrative Agent to Depositary pursuant to
this Agreement shall be executed by an authorized signatory (each, an “Authorized
Signatory”) of Borrower or Administrative Agent, as applicable. No person
shall be deemed to be an Authorized Signatory of Borrower or Administrative
Agent, unless such person is named on a certificate of incumbency delivered to
Depositary on the Financial Closing Date or is otherwise named in a written
notice signed by an Authorized Signatory and delivered by Borrower or
Administrative Agent to Depositary at any time subsequent to the Financial
Closing Date.

 

3.7           Remedies. If an Event of Default
shall have occurred and be continuing:

 

(a)          Administrative Agent may exercise in respect
of the Accounts after written notice to Borrower, in addition to other rights
and remedies provided for herein (including Section 2.2) or
otherwise available to it, all the rights and remedies of a

 

27

 

secured party under the UCC at that time and consistent with the
provisions of the Financing Agreement and Security Agreement, including the
right to proceed to protect and enforce the rights vested in it by this
Agreement, to sell, liquidate or otherwise dispose of any or all of the Accounts,
and to cause the Accounts to be sold, liquidated or otherwise disposed of, in
each case in such manner as Administrative Agent may elect;

 

(b)        the proceeds of any financial assets credited
to or held in any Account and all cash proceeds received by Administrative
Agent in respect of any sale of, collection from or other realization upon all
or any part of the Accounts may, in the discretion of Administrative Agent,
then or at any time thereafter, be applied (after payment of any amounts
payable to Depositary pursuant to the terms hereof) in whole or in part by
Administrative Agent against all or any part of the Obligations in accordance
with the Financing Agreement and Security Agreement; and

 

(c)        Except as provided in Section 5.2(b), the Executed Withdrawal/Transfer
Certificate directing any withdrawal or transfer from any Account shall be
executed solely by Administrative Agent.

 

(d)        Any surplus of such amounts or proceeds
remaining after payment in full in cash of all the Obligations shall be paid
over to Borrower or, if the Administrative Agent reasonably determines that
there exists a claim against, or interest held in, such surplus by a third
party, to a court of competent jurisdiction (in the case of surplus proceeds
remaining in or derived from Accounts). No right, power or remedy herein
conferred upon or reserved to Administrative Agent or the other Secured Parties
is intended to be exclusive of any other right, power or remedy and every such
right, power and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right, power and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder or otherwise shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. Resort to any
or all security now or hereafter held by Administrative Agent or the other
Secured Parties may be taken concurrently or successively and in one or several
consolidated or independent judicial actions or lawfully taken nonjudicial
proceedings, or both.

 

28

 

3.8           Costs,
Expenses and Attorneys’ Fees.
Borrower agrees to pay to Depositary such fees and expenses, including the reasonable
costs and expenses of Depositary’s counsel, on the terms and in the amounts set
forth in the BNY Fee Agreement. In addition, except to the extent any costs and
expenses of Depositary result from Depositary’s gross negligence or willful
misconduct, Borrower shall pay Depositary all reasonable costs and expenses
(including reasonable attorneys’ fees and expenses) incurred by Depositary in
connection with (a) any suit or proceeding related to or arising out of
this Agreement or the transactions contemplated hereby, (b) the
performance by Depositary of any of its agreements or obligations contained
herein, (c) any exercise by Depositary of its rights or remedies hereunder
or (d) the purchase by Depositary of Permitted Investments as contemplated
by Section 2.3, in each case, together with interest
thereon (to the extent permitted by law) computed at a rate per annum equal to
the LIBO Rate from the date on which such costs or expenses are due and payable
to the date of payment thereof within five (5) Banking Days of demand
therefor.

 

ARTICLE
4

WITHDRAWAL AND TRANSFER PROCEDURES

 

4.1           Maintenance of Funds in Accounts; Withdrawals. Until withdrawn or transferred
pursuant to and in accordance with this Depositary Agreement, all amounts
deposited into any Account shall be held in such Account. All withdrawals and
transfers from any Account shall be made in accordance with the provisions of Articles 4 and 5.

 

4.2           Withdrawal/Transfer
Certificate. Borrower
shall not be entitled to request withdrawals or transfers of monies from any
Account without having provided a Withdrawal/Transfer Certificate authorizing
such withdrawal and/or transfer. Except for transfers made by Administrative
Agent or Depositary as permitted by this Agreement and the other Financing Documents,
withdrawals or transfers from any Account shall be made by Depositary following
receipt of (and in accordance with) a Withdrawal/Transfer Certificate signed by
Borrower and countersigned by Administrative Agent (such countersignature not
to be unreasonably withheld or delayed) (an “Executed  Withdrawal/Transfer
Certificate”). Each Withdrawal/Transfer Certificate shall request
withdrawals and transfers to and from Accounts in accordance with Article 5.

 

29

 

4.3           Delivery
of Certificates.

 

(a)          Delivery to Agent and Form of
Withdrawal/Transfer Certificate and Distribution Certificate. At least five
(5) Banking Days prior to any withdrawal or transfer from any Account,
Borrower shall deliver to Administrative Agent:

 

(i)         a Withdrawal/Transfer Certificate signed by an
Authorized Officer of the Borrower specifying:

 

(A)               each Account from
which a withdrawal or transfer is requested and, in the case of any transfer,
the relevant Account(s) or Distributable Cash Account to which, and/or
other Person(s) to whom, such transfer is to be made;

 

(B)               the amount
requested to be withdrawn or transferred from each such Account;

 

(C)               the relevant date
on which such withdrawal or transfer is to be made (which date shall be in accordance
with the provisions of Article 5);

 

(D)               the purpose for
which the amount so withdrawn or transferred is to be applied (if not evident
from the nature of the payment or identity of the intended payee); and

 

(E)                all other
information required to be provided in such Withdrawal/Transfer Certificate
under, or to evidence compliance with, the relevant provisions of Articles 4
and 5.

 

(ii)          in
the event that the applicable Withdrawal/Transfer Certificate shall request any
transfers, payments or withdrawals constituting Restricted Payments, a
Distribution Certificate.

 

30

 

(b)         Administrative Agent’s Review of
Certificates; Delivery to Depositary.

 

(i)         In the event that, prior to the relevant date
of withdrawal or transfer, Administrative Agent shall determine that either or
both: (A) any amounts specified in a Withdrawal/Transfer Certificate (or
an amended Withdrawal/Transfer Certificate, as applicable) have been
incorrectly calculated; and/or (B) such Withdrawal/Transfer Certificate
(or an amended Withdrawal/Transfer Certificate, as applicable) fails to satisfy
the requirements of the provisions of this Agreement or the other Financing
Documents, Administrative Agent shall notify Borrower promptly but in no case
later than three (3) Banking Days following Administrative Agent’s receipt
of such Withdrawal/Transfer Certificate and may either (x) return such
Withdrawal/Transfer Certificate (or such amended certificate, as applicable) to
Borrower with its determinations noted thereon; or (y) as agreed to by
Borrower, make such corrections as necessary to satisfy the requirements of
this Agreement. In the event that Administrative Agent makes any revisions to a
Withdrawal/Transfer Certificate as permitted by clause (y) above, it shall
promptly provide, but in any event prior to or simultaneously with delivery to
Depositary, a copy of the same, as so revised, to Borrower. Administrative
Agent and Borrower will endeavor to agree and complete the final
Withdrawal/Transfer Certificate (or any amended or corrected certificate), and
deliver such certificate to Depositary, no later than at least one (1) Banking
Day prior to the requested date of withdrawal or transfer to which such
certificate relates.

 

(ii)        Administrative Agent shall countersign any
accepted Withdrawal/Transfer Certificate (or any amended or corrected
Withdrawal/Transfer Certificate, as applicable), and furnish a copy of such
Executed Withdrawal/Transfer Certificate (or such amended or corrected
certificate, as applicable) to Depositary (with a copy to Borrower) at least
one (1) Banking Day prior to the requested withdrawal/transfer date and
instruct

 

31

 

Depositary to implement such Executed Withdrawal/Transfer Certificate
(or such amended or corrected certificate, as applicable) in accordance with Section 4.3(b)(iv) and
the other provisions of this Agreement.

 

(iii)       Nothing in this Article 4 shall
preclude Administrative Agent from consulting with Borrower, any Secured Party
or any consultant or expert advisor in making its determinations with respect
to the accuracy of any Withdrawal/Transfer Certificate (or any amended or
corrected Withdrawal/Transfer Certificate, as applicable).

 

(iv)       Implementation of Withdrawal/Transfer
Certificate. Except as otherwise provided in this Agreement, following
receipt of an Executed Withdrawal/Transfer Certificate, Depositary shall pay or
transfer the amount(s) specified in such Withdrawal/Transfer Certificate
by making such payment or transfer not later than the close of business New
York time on the date set out in such Withdrawal/Transfer Certificate for such
payment or transfer (or if such certificate is not received by Depositary at
least one (1) Banking Day prior to such date of withdrawal or transfer, by
the close of business New York time on the next succeeding Banking Day
following delivery of such Withdrawal/Transfer Certificate to Depositary).

 

ARTICLE 5

APPLICATION OF FUNDS

 

5.1           Construction Account and Test Revenue Account.

 

(a)        Construction Account.

 

(i)    As
contemplated by Section 2.1, on or prior to the Financial Closing
Date, Depositary shall establish in the name of the Administrative Agent at
Depositary an account entitled “New York 2006 Portfolio Wind Generation Projects
— Construction Account” (the “Construction Account”). The proceeds of
all Equity Bridge Loans and Construction Loans shall be deposited into the
Construction Account.

 

32

 

(ii)        Funds in the
Construction Account shall be applied by disbursement by Depositary pursuant to
an Executed Withdrawal/Transfer Certificate or as otherwise specified in Article 4:

 

(A)        for the payment of Project Costs; or

 

(B)         to the Project Company Construction
Accounts for payment, or reimbursement of prior payment, of Project Costs; and

 

(iii)       Funds in the Project Company Construction
Accounts shall be applied by disbursement by Depositary pursuant to an Executed
Withdrawal/Transfer Certificate or as otherwise specified in Article 4:

 

(A)        to the applicable Construction Working
Capital Account solely for the reimbursement of prior payment of Project Costs
that have been evidenced by a paid invoice or other evidence of payment of
Project Costs reasonably satisfactory to Administrative Agent; and

 

(B)         to the EPC Contractor Construction
Account or such other entity or account indicated in such Executed
Withdrawal/Transfer Certificate for the payment of Project Costs.

 

(iv)       Funds in the EPC Contractor Construction
Account shall be applied by disbursement by Depositary pursuant to an Executed
Withdrawal/Transfer Certificate or as otherwise specified in Article 4,
to the account of the EPC Contractor or such other entity or account indicated
in such Executed Withdrawal/Transfer Certificate for the payment of Project
Costs.

 

(v)        In furtherance thereof, Borrower agrees
that, upon the occurrence and during the continuance of an Event of Default,
(a) Depositary, at the direction of Administrative Agent, may transfer any
or all of the sums in the Construction Account, Project Company Construction
Accounts and the EPC Contractor Construction Account into the account of the
applicable Contractors, or any other materialmen or subcontractors in payment
of amounts due and

 

33

 

owing to such
party from any Noble Entity without further authorization from Borrower,
(b) Administrative Agent, acting as Borrower’s true and lawful
attorney-in-fact, may direct Depositary to make such direct payments and
(c) no further direction or authorization from Borrower shall be necessary
to warrant or permit Administrative Agent to direct Depositary to make such
direct payments, and all such payments shall satisfy pro tanto the obligations to such Contractors, materialmen,
subcontractors or laborers and shall be secured by the Collateral Documents as
fully as if made directly to Borrower, regardless of the disposition thereof by
Contractors, or any other contractors, subcontractors, materialmen, laborers or
other parties.

 

(vi)     Administrative Agent and Depositary shall
have the right, but not the obligation, to (i) supply any missing
endorsements of any Noble Entity or Noble Environmental that are not supplied
after a written request by the Administrative Agent and to pay and charge items
payable by Depositary pursuant to and in accordance with this Article 5; (ii) refuse to honor any check
drawn on any Account which does not sufficiently identify the work or materials
covered by the check, or which conflicts with this Agreement or the Financing
Agreement, or which has been improperly filled out or endorsed;
(iii) create and charge to the applicable Account overdrafts and all
applicable charges under the BNY Fee Agreement related to the Accounts;
(iv) remit copies of checks and other items related to the Accounts with
statements instead of the originals which may be retained by Depositary; and
(v) pay Obligations and amounts under the Project Documents (aa) owing and
past due and (bb) not being contested in good faith, by any Noble Entity in
accordance with this Agreement and the Financing Agreement. Administrative
Agent shall promptly notify Borrower of any of the above actions.

 

(vii)    On the Term-Conversion Date, after
application of the Borrowings described in Section 3.3(a)(i) of the Financing Agreement, the
proceeds of the Final Drawing and all amounts remaining in the Construction
Account shall be applied, pursuant to an executed Withdrawal/Transfer

 

34

 

Certificate,
as follows: (A) the lesser of (x) fifty percent (50%) of such
proceeds and amounts and (y) the O&M and CapEx Reserve Requirement,
shall be deposited into the O&M and CapEx Reserve Account and (B) any
remaining proceeds and amounts after making the deposit described in clause
(A) shall be deposited into the Operating Account.

 

(b)         Test
Revenue Account.

 

(i)        As contemplated by Section 2.1,
on or prior to the Financial Closing Date, Depositary shall establish in the
name of the Administrative Agent at Depositary an account entitled “New York
2006 Portfolio Wind Generation Projects — Test Revenue Account” (the “Test
Revenue Account”). All Test Revenues shall be deposited into the Test
Revenue Account.

 

(ii)       Funds in the Test Revenue Account shall
be applied by disbursement by Depositary for the payment of Project Costs or
O&M Costs pursuant to an Executed Withdrawal/Transfer Certificate or as
otherwise specified in Article 4;  provided, that any
(x) O&M Costs and (y) Project Costs that are in excess of the
costs included in the applicable Project Budget, shall only be paid from the
Test Revenue Account to the extent approved by the Administrative Agent (in
consultation with the Independent Engineer), such approval not to be
unreasonably withheld or delayed. Upon the occurrence and during the
continuance of an Event of Default, (a) Depositary, pursuant to an
Executed Withdrawal/Transfer Certificate executed and delivered to Depositary
solely by Administrative Agent, may transfer any or all of the sums in the Test
Revenue Account into the account of the applicable Contractors, or any other
materialmen or subcontractors in payment of amounts due and owing to such party
from any Noble Entity without further authorization from Borrower, (b) Administrative
Agent, acting as Borrower’s true and lawful attorney-in-fact, may direct
Depositary to make such direct payments and (c) no further direction or
authorization from Borrower shall be necessary to warrant or permit
Administrative Agent to direct Depositary to make such direct payments, and all
such payments shall satisfy pro tanto the obligations to such Contractors,

 

35

 

materialmen,
subcontractors or laborers and shall be secured by the Collateral Documents as
fully as if made directly to Borrower, regardless of the disposition thereof by
Contractors, or any other contractors, subcontractors, materialmen, laborers or
other parties.

 

(iii)      On the Term-Conversion Date, all amounts
remaining in the Test Revenue Account shall be deposited directly into the
Distributable Cash Account.

 

5.2   Operating
Account. As contemplated by Section 2.1, on or prior to the
Financial Closing Date, Depositary shall establish in the name of the
Administrative Agent at Depositary an account entitled “New York 2006 Portfolio
Wind Generation Projects — Operating Account” (the “Operating Account”).
Except as provided in Article 5 hereof or Article 8 of the Financing
Agreement, all Project Revenues and other amounts as required pursuant to the
Financing Documents shall be deposited in the Operating Account.

 

(a)       So
long as no Event of Default has occurred and is continuing or could reasonably
be expected to occur upon giving effect to the application described below,
funds in the Operating Account shall be applied by disbursement or internal
account transfer by Depositary pursuant to an Executed Withdrawal/Transfer
Certificate or as otherwise specified in Article 4, in each case at
the following times and in the following order of priority:

 

(i)      from time to time, (A) but no more
frequently than once per month, to the payment of (i) any amounts payable
or due within the next thirty (30) days pursuant to the IDA Documents and
(ii) thereafter other O&M Costs currently payable or due within the
next thirty (30) days and with respect to which funds have not already been
withdrawn from the Operating Account, and (B) but no more frequently than
once per month, to the Operations Working Capital Account, provided that
in no event shall the aggregate amount on deposit in the Operations Working
Capital Account exceed one-twelfth (1/12) of the aggregate annual O&M Costs
as set forth in the then current Annual

 

36

 

Operating
Budget, or such other amount as Administrative Agent may reasonably agree,
(such amount, the “Working Capital Cap”);

 

(ii)       after
making each applicable withdrawal and transfer above, from time to time, to the
payment of all fees, costs, charges, Interest Fix Fees and any other amounts
(other than as specifically described below in this Section 5.2(a))
due and payable to Administrative Agent, LC Fronting Bank, Depositary, the
Counterparties and the Lenders in connection with this Agreement, the Financing
Agreement and the other Financing Documents;

 

(iii)      after
making each applicable withdrawal and transfer above, from time to time, to the
payment by Borrower of the Settlement Amount (if any), and payments required to
be paid by Borrower pursuant to the Energy Hedge Agreement (if any) to be
applied to increase the balance under the Tracking Account;

 

(iv)     after
making each applicable withdrawal and transfer above, from time to time, to the
pro rata payment of interest on
the Loans, DSRA LC Loans and the Energy Hedge LC Loan then due and owing and
payments then due and owing by Borrower pursuant to the Interest Rate
Agreements, if any;

 

(v)      after
making each applicable withdrawal and transfer above, on Repayment Dates, to
the pro rata repayment of the
principal of the Loans then due and owing and any outstanding principal on the
Energy Hedge LC Loan until repaid in full;

 

(vi)     after
making each applicable withdrawal and transfer above, from time to time, to the
payment of any outstanding Reimbursement Obligations (without waiving any Event
of Default arising from the existence of such Reimbursement Obligations;
provided, that such Reimbursement Obligations shall be deemed satisfied when
fully paid and such Event of Default shall be cured by such payment);

 

37

 

(vii)      after making each
applicable withdrawal and transfer above, on Repayment Dates, to the pro rata
payment of the principal of any DSRA LC Loans until repaid in full;

 

(viii)     after making each applicable withdrawal and
transfer above, from time to time, to the payment of (aa) such other
Obligations consisting of amounts previously advanced (including O&M
Costs), and interest accrued thereon, by any Secured Party with respect to
amounts that became due and payable by any Noble Entity and with respect to
which (A) funds were not available to make payment out of the Accounts (in
a manner such that the payment would be in accordance with the specific
purposes designated in this Agreement for such Account) at the time such
amounts became due and payable and (B) such payment was in fact not made,
and (bb) any other Obligations then due and payable;

 

(ix)       after making each applicable withdrawal
and transfer above, on Repayment Dates, (A) to the maintenance of the
O&M and CapEx Reserve Account pursuant to Section 5.3(b) and
(B) to the maintenance of the Additional Maintenance Account to the extent
required pursuant to Section 5.3(c);

 

(x)        after making each applicable withdrawal
and transfer above, on Term-Conversion and on Repayment Dates, to the maintenance
of the Debt Service Reserve Account pursuant to Section 5.3(d);

 

(xi)       after making each applicable withdrawal
and transfer above, from time to time, to any Mandatory Prepayment then due and
owing under the terms of the Financing Agreement;

 

(xii)      after making each applicable withdrawal
and transfer above, from time to time, to the payment of any Upwind Array Event
Amount or REC Reduction Amount due and owing under the terms of the Financing
Agreement;

 

38

 

(xiii)     after making each
applicable withdrawal and transfer above, on the Distribution Dates and
provided that (i) the payment specified below in this clause (xiii) is not
in violation of Article 5 or prior to the full funding of all Accounts in
accordance with Article 5, (ii) no Event of Default has occurred and
is continuing and (iii) the Initial Repayment Date has occurred, to
amounts payable to the Asset Managers under Section 4.3 of the
Management Services Agreements, to Operators under Sections 6.3, 6.4
and 6.5 of the O&M Agreements, to Noble Equipment Resources, LLC
under Section  4.1 of the Spare Parts Agreement and for the
application of payment of taxes due and payable by any Member solely as
permitted by Section 6.6(ii) of the Financing Agreement;

 

(xiv)    after making each applicable withdrawal and
transfer above, on the Distribution Dates and to the extent permitted under Section 5.3(e)(i),
to the GE Distribution Reserve Account pursuant to Section 5.3(e)(i);

 

(xv)     after making each applicable withdrawal and
transfer above, on the Distribution Dates and to the extent permitted under Section 5.3(f)(ii)(A),
to the Distribution Reserve Account pursuant to Section 5.3(f); and

 

(xvi)    after making each applicable withdrawal and
transfer above, on the Distribution Dates and provided that (i) the
withdrawal and transfer specified below in this clause (xvi) is not in
violation of Article 5 or prior to the full funding of all Accounts in
accordance with Article 5, (ii) no Event of Default has occurred and
is continuing and (iii) the Initial Repayment Date has occurred, to the
Distributable Cash Account (such amounts, collectively the “Distributable
Cash”). If distributions to the Distributable Cash Account are not
permitted because the conditions in the preceding sentence have not been
satisfied, remaining amounts shall be retained in the Distribution Reserve
Account and applied in accordance with Section 5.3(e).

 

39

 

(b)                   Upon the occurrence and
during the continuance of an Event of Default, funds in the Operating Account
shall be applied at the following times and in the following order of priority
by disbursement by Depositary pursuant to an Executed Withdrawal/Transfer
Certificate or as otherwise specified in Article 4, directly to the
Person entitled thereto or to any Account (provided, that upon the direction of
the Majority Lenders, Borrower shall not be permitted to submit any
Withdrawal/Transfer Certificate or otherwise direct any application of funds on
deposit in the Operating Account or any other Account and, in such event, the
Executed Withdrawal/Transfer Certificate shall be executed and delivered to
Depositary solely by Administrative Agent):

 

(i)           from time to time, (A) but no
more frequently than once per month, to the payment of (i) any amounts
currently payable pursuant to the IDA Documents and (ii) thereafter other
O&M Costs currently payable, in each case with respect to which funds have
not already been withdrawn from the Operating Account and (B) but no more
frequently than once per month, to the Operations Working Capital Account,
provided that in no event shall the aggregate amount on deposit in the
Operations Working Capital Account exceed the Working Capital Cap;

 

(ii)          after making each applicable
withdrawal and transfer above (unless the Majority Lenders shall have directed
otherwise in which case such withdrawal and transfer shall not be required),
funds in the Operating Account shall be applied at the direction of the
Administrative Agent (but shall not be distributed to the Borrower or any
Member except as permitted by the Forbearance Agreement and Section 5.3(e) of
this Agreement).

 

(c)          If
insufficient funds are available from Project Revenues or otherwise to pay the
costs, payments or Obligations due and payable in accordance with Section 5.2(a)(i) through
(viii) above, Borrower may require the Administrative Agent to direct the Depositary to transfer
funds sufficient to satisfy such costs, payments or Obligations (if such funds
are available) (i) first, from
the Distribution Reserve Account to pay any amounts due and payable pursuant to
the IDA Documents, (ii) second, from

 

40

 

the
Distribution Reserve Account to pay Debt Service due and payable, (iii) third, from the Operations Working
Capital Account to the Operating Account pursuant to Section 5.3(a)(v)(B) and
(iv) fourth, from the
Debt Service Reserve Account to pay Debt Service due and payable.

 

5.3   Other
Accounts.

 

(a)                Working
Capital Accounts.

 

(i)        Construction Working
Capital Accounts. On or prior to the Financial Closing Date, Borrower shall
establish three deposit and checking accounts, in the name of the Account
Holder listed in the first column below and each to be referred to herein by
the defined term provided in the third column below, with Citizens Bank of
Connecticut or another bank reasonably acceptable to Administrative Agent (the
“Working Capital Account Bank”) as follows:

 

	
  Account

  	
   

  	
   

  	
   

  	
  Defined
  Term

  	
   

  	
   

  	
   

  
	
  Holder

  	
   

  	
  Name of
  Account at Depositary

  	
   

  	
  for
  Account

  	
   

  	
  Initial
  Deposit

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NBW

  	
   

  	
  Portfolio Wind Generation Projects – Construction Working Capital
  Account of Noble Bliss Windpark, LLC, as agent for the Wyoming County
  Industrial Development Agency, for the construction of Project (Bliss)

  	
   

  	
  “Bliss Construction Working Capital Account”

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
  NCW

  	
   

  	
  Portfolio Wind Generation Projects – Construction Working Capital
  Account of Noble Clinton Windpark I, LLC, as agent for the Clinton County
  Industrial Development Agency, for the construction of Project (Clinton)

  	
   

  	
  “Clinton Construction Working Capital Account”

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
  NEW

  	
   

  	
  Portfolio Wind Generation Projects – Construction Working Capital
  Account of Noble Ellenburg Windpark, LLC, as agent for the Clinton County
  Industrial

  	
   

  	
  “Ellenburg Construction Working Capital

  	
   

  	
  $

  	
  2,000,000

  	
   

  

 

41

 

	
  Account

  	
   

  	
   

  	
   

  	
  Defined
  Term

  	
   

  	
   

  	
   

  
	
  Holder

  	
   

  	
  Name of
  Account at Depositary

  	
   

  	
  for
  Account

  	
   

  	
  Initial
  Deposit

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Development Agency, for the construction of Project (Ellenburg)

  	
   

  	
  Account”

  	
   

  	
   

  	
   

  	
   

  

 

(ii)           On the Financial Closing Date, each
Construction Working Capital Account shall have on deposit the amount listed in
the corresponding Initial Deposit column in Section 5.3(a)(i) above. On or prior to the Financial
Closing Date, Borrower shall cause the Working Capital Account Bank to enter
into the Control Agreements (Project Companies) and to agree, pursuant to such
Control Agreements (Project Companies), to comply with the terms and conditions
set forth in clause (vii) below. Borrower shall not, and shall not permit
the Project Companies to, move, close or modify the Construction Working
Capital Accounts without the prior written consent of Administrative Agent,
such consent not to be unreasonably withheld or delayed.

 

(iii)          Borrower acknowledges that amounts
retained in the Construction Working Capital Accounts constitute Collateral and
that Borrower shall be entitled to withdraw amounts from the Construction
Working Capital Accounts solely to (A) pay, or reimburse for the prior
payment of, Project Costs that are consistent with the applicable approved
Project Budget (as may be modified pursuant to the Financing Agreement) then in
effect and which have become due and payable or (B) deposit such amounts
in the Construction Account for application in accordance with Section 5.1. Amounts transferred to the
Construction Working Capital Accounts for the payment, or reimbursement for the
payment, of such Project Costs which are not, for any reason, applied to the payment,
or reimbursement, of Project Costs may be retained in the Construction Working
Capital Accounts for application to the next succeeding month’s Project Costs
consistent with the then applicable Project Budget; provided, however,
that upon the Term-Conversion Date, all amounts in the Construction Working
Capital Accounts shall be transferred to the Operations Working Capital
Account. All earnings on amounts credited to the

 

42

 

Construction
Working Capital Accounts (including Permitted Investments held in or credited
to the Construction Working Capital Accounts) shall accrue to the respective
Construction Working Capital Accounts.

 

(iv)     At any time, Borrower may establish a single
deposit and checking account with respect to the Projects (the “Operations
Working Capital Account”, together with the Construction Working Capital
Accounts, the “Working Capital Accounts”) with the Working Capital
Account Bank. On or prior to the date the Operations Working Capital Account is
so established, Borrower shall cause the Working Capital Account Bank to enter
into a Control Agreement (Operations) and to agree, pursuant to such Control
Agreement (Operations), to comply with the terms and conditions set forth in
clause (vii) below. Borrower shall not move, close or modify the
Operations Working Capital Account without the prior written consent of
Administrative Agent, such consent not to be unreasonably withheld or delayed.

 

(v)      Borrower acknowledges that amounts
retained in the Operations Working Capital Account constitute Collateral and
that Borrower shall be entitled to withdraw amounts from the Operations Working
Capital Account solely to (A) pay O&M Costs that are consistent with the
approved Annual Operating Budgets (as may be modified pursuant to Section 5.12(c) of
the Financing Agreement) then in effect and which have become due and payable
or (B) re-deposit such amounts in the Operating Account for application in
accordance with Section 5.2. Amounts transferred to the Operations
Working Capital Account for the payment of such O&M Costs which are not,
for any reason, applied to the payment of O&M Costs may be retained in the
Operations Working Capital Account for application to the next succeeding
month’s O&M Costs consistent with the then applicable Annual Operating
Budget; provided, however, that at no time shall (x) the
aggregate amount in the Operations Working Capital Account exceed the Working
Capital Cap or (y) amounts be transferred to the Operations Working
Capital Account except in accordance with Section 5.2(a)(i)(B). All
earnings on amounts

 

43

 

credited to
the Operations Working Capital Account (including Permitted Investments held in
or credited to the Operations Working Capital Account) shall accrue to the
Operations Working Capital Account.

 

(vi)     Borrower shall execute and deliver such
documents and instruments as Administrative Agent shall reasonably request in
order to grant Administrative Agent, for the benefit of the Secured Parties, a
perfected first priority Lien (subject to Permitted Liens) in the Working
Capital Accounts. Borrower shall not have any rights or powers to direct or
control activities with respect to the Working Capital Accounts except to have
funds therein invested and/or disbursed in accordance with this Agreement. Upon
the occurrence and during the continuance of an Event of Default,
Administrative Agent shall have all rights and powers with respect to the
Working Capital Accounts and the contents of the Working Capital Accounts as it
has with respect to any other Collateral and may apply such amounts in
accordance with Sections 8.16 through 8.23 of the Financing
Agreement. The Working Capital Accounts and the amounts held thereunder
(including Permitted Investments therein) shall be at all times under the
exclusive control of Administrative Agent pursuant to
Section 9-104(a)(2) of the UCC, except as provided in the CS Control
Agreement.

 

(vii)    The Working Capital Account Bank shall
maintain books of account on a cash basis and record therein all deposits into
and transfers to and from the Working Capital Accounts and all transactions
effected by the Working Capital Account Bank pursuant to the terms hereof and
of the applicable Control Agreement. Not later than the fifteenth (15th) day of each month,
commencing with the first month to occur after the date any of the Working
Capital Accounts is established, the Working Capital Account Bank shall deliver
to Borrower and Administrative Agent a statement setting forth the transactions
in the Working Capital Accounts during the preceding month (including deposits,
withdrawals and transfers from and to the Working Capital Accounts) and
specifying the amounts held in the Working Capital Accounts at

 

44

 

the close of
business on the last Banking Day of the preceding month. In addition, the
Working Capital Account Bank shall promptly provide, upon the reasonable
request by Administrative Agent with a copy to Borrower, any information
regarding deposits, investments and transfers in respect of the Working Capital
Accounts.

 

(b)        O&M and CapEx Reserve Account.

 

(i)        As contemplated by Section 2.1, on or prior to the Term-Conversion
Date, Depositary shall establish in the name of the Administrative Agent at
Depositary an account entitled “New York 2006 Portfolio Wind Generation
Projects – O&M and CapEx Reserve Account” (the “O&M and CapEx Reserve Account”). Subject to the
prior written consent of Administrative Agent in consultation with the
Independent Engineer, such consent not to be unreasonably withheld or delayed,
Borrower may withdraw amounts from the O&M and CapEx Reserve Account
pursuant to an Executed Withdrawal/Transfer Certificate to pay amounts due
under the IDA Documents and other O&M Costs and fees, costs, charges and
other amounts due in connection with operation and maintenance of any Project
in the event that Project Revenues or other amounts in the Operating Account
are insufficient therefor. Notwithstanding the foregoing, upon the occurrence
and during the continuance of an Event of Default, Administrative Agent shall
be entitled to withdraw amounts from the O&M and CapEx Reserve Account to
pay (x) any amounts due and payable pursuant to the IDA Documents
(y) outstanding Obligations that are due and payable and (z) other
O&M Costs and fees, costs, charges and other amounts ( in addition to those
described in clause (x) above), due and payable in connection with the
operation and maintenance of any Project (pursuant to an Executed
Withdrawal/Transfer Certificate executed and delivered to Depositary solely by
Administrative Agent with a copy to Borrower), in each case in the event that
Project Revenues or other amounts in the Operating Account are insufficient
therefor. Amounts on deposit in the

 

45

 

O&M and
CapEx Reserve Account shall also be applied toward the payment of the
outstanding Energy Hedge LC Loan.

 

(ii)       Subject to the initial deposit of funds
in the O&M and CapEx Reserve Account on the Term-Conversion Date pursuant
to Section 2.12(d) of the Financing Agreement and Section 5.1(a)(vii),
beginning on the Initial Repayment Date, and continuing on each Repayment Date
thereafter, Borrower shall, pursuant to an Executed/Withdrawals Transfer
Certificate, deposit into the O&M and CapEx Reserve Account, all Project
Revenues or other amounts in the Operating Account in excess of the amounts
applied pursuant to Section 5.2(a)(i) through (viii),
(x) in the amount required to fund the O&M and CapEx Reserve Account
to the O&M and CapEx Reserve Target Level, and (y) on the second, third and
fourth Repayment Dates, an amount equal to the amount of any shortfall(s) in
achieving the O&M and CapEx Reserve Target Level required at the previous
Repayment Date (to the extent such shortfalls have not previously been
transferred into the O&M and CapEx Reserve Account at any other time as a
result of any deposit therein pursuant to Section 5.1(a)(vii) of
the Depositary Agreement, Section 2.12(d) of the Financing
Agreement or otherwise);

 

(iii)      Notwithstanding anything to the contrary
herein, funds retained in the O&M and CapEx Reserve Account shall not be
used to pay any fees or other payments due Operator under any Section of
each O&M Agreement that has been specifically excluded from the definition
of “O&M Costs”.

 

(iv)     In the event that on any Repayment Date the
amounts on deposit in the O&M and CapEx Reserve Account exceed the O&M
and CapEx Reserve Target Level (except if such exceedance is a result of the
deposit made pursuant to Section 5.1(a)(vii)), then Borrower may
pursuant to an Executed Withdrawal/Transfer Certificate cause all such excess
amounts to be deposited into the Operating Account for application in
accordance with Section 5.2(a)(ix)(B); provided, that any portion
of such excess amounts that

 

46

 

comprise or
are otherwise attributable to interest earnings (or other amounts earned from
the making of Permitted Investments) shall instead be deposited into the
Operating Account for application in accordance with Section 5.2(a)(i);
and provided further, that if on any such Repayment Date amounts on deposit
in any other Reserve Account would otherwise be required to be withdrawn and
transferred to replenish any shortfall in any other Account, then such excess
amounts shall instead be used to replenish any such shortfall.

 

(c)        Additional
Maintenance Account.

 

(i)        As contemplated by Section 2.1,
on or prior to the Term- Conversion Date, Depositary shall establish in the
name of the Administrative Agent at Depositary an account entitled “New York
2006 Portfolio Wind Generation Projects – Additional Maintenance Account” (“Additional
Maintenance Account”). On the fourth Repayment Date, Borrower shall cause
to be deposited into the Additional Maintenance Account all Project Revenues or
other amounts in the Operating Account in excess of the amounts applied
pursuant to Section 5.2(a)(i) through (viii) pursuant
to an Executed Withdrawal/Transfer Certificate until the amount deposited
therein equals the Serial Defect Reserve Amount. On the fifth Repayment Date
and on each Repayment Date thereafter, Borrower shall cause to be deposited
into the Additional Maintenance Account all Project Revenues or other amounts
in the Operating Account in excess of the amounts applied pursuant to Section 5.2(a)(i) through
(viii) pursuant to an Executed Withdrawal/Transfer Certificate
until the amount deposited therein equals an amount equal to the sum of
(x) the Additional Maintenance Amount, plus (y) the Serial Defect
Reserve Amount.

 

(ii)       (A) In the event that on any
Repayment Date prior to the fifth Repayment Date, the amounts on deposit in the
Additional Maintenance Account exceed the Serial Defect Reserve Amount,
Borrower may cause, pursuant to an Executed Withdrawal/Transfer Certificate,
all such excess amounts to be deposited into the Operating Account for
application in

 

47

 

accordance
with Section 5.2(a)(x); provided, that any portion of such excess
amounts that comprise or are otherwise attributable to interest earnings (or
other amounts earned from the making of Permitted Investments) shall instead be
deposited into the Operating Account for application in accordance with Section 5.2(a)(i);
provided further, that if on any such Repayment Date amounts on deposit in any
other Reserve Account would otherwise be required to be withdrawn and
transferred to replenish any shortfall in any other Account, then such excess
amounts shall instead be used to replenish any such shortfall.

 

(B)  In
the event that on the fifth Repayment Date and any Repayment Date thereafter
the amounts on deposit in the Additional Maintenance Account exceed an amount
equal to the sum of (x) the Additional Maintenance Amount, plus
(y) the Serial Defect Reserve Amount, Borrower may cause pursuant to an
Executed Withdrawal/Transfer Certificate all such excess amounts to be
deposited into the Operating Account for application in accordance with Section 5.2(a)(x);
provided, that any portion of such excess amounts that comprise or are
otherwise attributable to interest earnings (or other amounts earned from the
making of Permitted Investments) shall instead be deposited into the Operating
Account for application in accordance with Section 5.2(a)(i);
provided further, that if on any such Repayment Date amounts on deposit in any
other Reserve Account would otherwise be required to be withdrawn and transferred
to replenish any shortfall in any other Account, then such excess amounts shall
instead be used to replenish any such shortfall.

 

(iii)      Subject to Section 5.3(c)(ii),
(A) prior to the fifth Repayment Date, funds held in the Additional
Maintenance Account up to the Serial Defect Reserve Amount shall be used (aa)
except as provided in (bb) below, solely for the purpose of repairing or curing
any Serial Defect, (bb) upon the occurrence and during the continuance of an
Event of Default, to the payment of any outstanding (i) amounts due and
payable pursuant to the

 

48

 

IDA Documents
and (ii) thereafter to the payment of any outstanding Obligations that are
due and payable including to the payment of any outstanding Energy Hedge LC
Loan and (B) on and after the fifth Repayment Date, funds held in the
Additional Maintenance Account shall be used (X) except as provided in
(Y) below, (I) up to the Additional Maintenance Amount, for the
purpose of maintenance of the Projects to the extent funds in the O&M and
CapEx Reserve Account are insufficient therefor, subject to the prior written
consent of the Administrative Agent in consultation with the Independent
Engineer and (II) up to the Serial Defect Reserve Amount, for the purpose
of repairing or curing any Serial Defect, (Y) upon the occurrence and during
the continuance of an Event of Default, (i) to the payment of any
outstanding amounts due and payable pursuant to the IDA Documents and
(ii) thereafter to the payment of any outstanding Obligations that are due
and payable including to the payment of any outstanding Energy Hedge LC Loan.

 

(d)        Debt
Service Reserve Account.

 

(i)        As contemplated in Section 2.1,
on or prior to the Term-Conversion Date, Depositary shall establish in the name
of the Administrative Agent at Depositary an account entitled “New York 2006
Portfolio Wind Generation Projects - Debt Service Reserve Account” (the “Debt
Service Reserve Account”). On the Term-Conversion Date, Borrower shall
deposit or cause to be deposited into the Debt Service Reserve Account an
amount equal to the DSRA Minimum Balance (minus the undrawn Stated Amount of
any Acceptable DSRA LC posted as of such date). On each Repayment Date,
Borrower shall cause to be deposited into the Debt Service Reserve Account
pursuant to an Executed Withdrawal/Transfer Certificate all Project Revenues or
other amounts in the Operating Account in excess of the amounts applied
pursuant to Section 5.2(a)(i) through (ix) until
the amount deposited therein equals the DSRA Minimum Balance (minus the undrawn
Stated Amount of any Acceptable DSRA LC posted as of such date).

 

49

 

(ii)       Borrower shall be permitted to withdraw
amounts from the Debt Service Reserve Account pursuant to an Executed
Withdrawal/Transfer Certificate to pay fees, costs, charges and other amounts
due to Administrative Agent and the other Lenders and to pay amounts of
principal and interest due under the Loans in the event that Project Revenues
or other amounts in the Operating Account are insufficient therefor.
Notwithstanding the foregoing, Administrative Agent shall be entitled to
withdraw amounts from the Debt Service Reserve Account to pay fees, costs,
charges and other amounts due to Administrative Agent and the other Lenders and
to pay amounts of principal and interest due under the Loans (pursuant to an
Executed Withdrawal/Transfer Certificate executed and delivered solely by
Administrative Agent) in the event that Project Revenues or other amounts in
the Operating Account are insufficient therefor. Amounts on deposit in the Debt
Service Reserve Account shall also be applied toward the payment of any
outstanding Energy Hedge LC Loan.

 

(iii)      Borrower shall be entitled to fund the Debt
Service Reserve Account by providing to Administrative Agent, as named
beneficiary thereof and in an amount equal to the then-applicable DSRA Minimum
Balance less any amounts then on deposit in the Debt Service Reserve Account,
one or more Acceptable DSRA LCs, and the amount available for drawdown under
such letter(s) of credit from time to time shall be credited toward
satisfaction of the DSRA Minimum Balance. If an Acceptable DSRA LC is then in
place, to the extent necessary to make withdrawals from the Debt Service
Reserve Account in accordance with this Section 5.3(d)(iii), Administrative Agent shall from time
to time, first withdraw any amounts on deposit in the Debt Service Reserve
Account and second draw on such Acceptable DSRA LC in accordance with the
procedures and requirements thereof.

 

(iv)     In the event that on any Repayment Date the
amounts on deposit in the Debt Service Reserve Account exceed the DSRA Minimum
Balance, then Administrative Agent, upon the request of Borrower, shall cause

 

50

 

all such
excess amounts on deposit in the Debt Service Reserve Account to be deposited
into the Operating Account for application in accordance with Section 5.2(a)(xi);
provided, that any portion of such excess amounts that comprise or are
otherwise attributable to interest earnings (or other amounts earned from the
making of Permitted Investments) shall instead be deposited into the Operating
Account for application in accordance with Section 5.2(a)(i); provided
further, that if on any such Repayment Date amounts on deposit in any other
Reserve Account would otherwise be required to be withdrawn and transferred to
replenish any shortfall in any other Account, then such excess amounts shall
instead be used to replenish any such shortfall.

 

(e)        GE
Distribution Reserve Account.

 

(i)        As contemplated by Section 2.1,
on or prior to the Term-Conversion Date, Depositary shall establish in the name
of the Administrative Agent at Depositary an account entitled “New York 2006
Portfolio Wind Generation Project - GE Distribution Reserve Account” (the “GE
Distribution Reserve Account”). Borrower shall, on each Distribution Date,
cause to be deposited pursuant to an Executed Withdrawal/Transfer Certificate
into the GE Distribution Reserve Account such Project Revenues or other amounts
from the Operating Account in excess of the amounts applied in accordance with Section 5.2(a)(i) through
(xiii) up to an aggregate amount, if any (without duplication of any
such amount previously deposited into the GE Distribution Reserve Account,
unless such duplication results from a withdrawal pursuant to Section 5.3(e)(iii)),
not to exceed the sum of (a) the amount actually paid by Class A
Member (as defined in the Forbearance Agreement) to effect a cure of any
failure of Borrower to pay Scheduled Principal and Interest (as defined in the
Forbearance Agreement) and to replenish the amount of any Reserve Account
Withdrawal (as defined in the Forbearance Agreement) in accordance with Section 1.04(c) of
the Forbearance Agreement, (b) the amount actually paid by Class A
Member, in conjunction with the payment of the amount described in clause
(i) above, to effect the cure of the Events of Default

 

51

 

specified by
the Administrative Agent in the written notice delivered to Class A Member
pursuant to clause (aa) of the last sentence of Section 1.03(e)(i) of
the Forbearance Agreement, and (c) the amount actually paid by
Class A Member in order to cause one or more of the Project(s) to
resume generation and transmission of electricity to NYISO following the
complete cessation of operation of such Project(s).

 

(ii)       If all Events of Default that are
directly and primarily curable by the payment of a sum of money (as specified
by the Administrative Agent in the written notice delivered to Class A
Member pursuant to clause (aa) of the last sentence of Section 1.03(e)(i) of
the Forbearance Agreement) have been cured, then Borrower shall cause, pursuant
to an Executed Withdrawal/Transfer Certificate, all amounts on deposit in the
GE Distribution Reserve Account to be paid to the Class A Member.
Notwithstanding anything to the contrary contained in the immediately preceding
sentence and provided that all Events of Default that are directly and
primarily curable by the payment of a sum of money (as specified by the
Administrative Agent in the written notice delivered to Class A Member
pursuant to clause (aa) of the last sentence of Section 1.03(e)(i) of
the Forbearance Agreement) have been cured, (x) upon the occurrence and
during the continuation of an “Event of Default” (as defined in the Energy
Hedge Agreement) or Termination Event (as defined in the Energy Hedge
Agreement) in which the Borrower is an Affected Party (as defined in the Energy
Hedge Agreement) or the Defaulting Party (as defined in the Energy Hedge
Agreement), as applicable, or (y) following the termination of the Energy
Hedge Agreement by the Energy Hedge Provider and until all obligations owing to
the Energy Hedge Provider under the Energy Hedge Agreement have been satisfied
(unless the amount of such unsatisfied obligations is less than the undrawn
face amount of any Posted Credit Support (as defined in the Energy Hedge
Agreement) having drawing conditions substantially similar to the Initial LC),
no payments pursuant to this Section 5.3(e)(ii) shall be made
by the Borrower to the Class A Member, other than reimbursements to the
Class A Member of amounts actually paid by the Class A

 

52

 

Member in
respect of clause (i) of the definition of “White Knight Cure Amount” (as
defined in the Forbearance Agreement) (and Borrower shall cause, pursuant to an
Executed Withdrawal/Transfer Certificate, such amounts on deposit in the GE
Distribution Reserve Account to be paid to the Class A Member), provided
that if the Energy Hedge Provider provides the Borrower with written notice
that amounts with respect to clause (ii) and (iii) of the definition
of “White Knight Cure Amount (as defined in the Forbearance Agreement) may also
be released, then Borrower shall cause, pursuant to an Executed
Withdrawal/Transfer Certificate, such amounts on deposit in the GE Distribution
Reserve Account to be paid to the Class A Member.

 

(iii)      Prior to the cure of all Events of Default
specified in Section 5.3(e)(ii), Administrative Agent shall be
entitled to withdraw (pursuant to an Executed Withdrawal/Transfer Certificate
executed and delivered to Depositary solely by Administrative Agent) amounts
from the GE Distribution Reserve Account to pay Obligations due and payable in
accordance with Sections 5.2(a)(i) through (xii) (including
the funding of any of the Reserve Accounts up to the maximum amount of the
reserve requirements applicable with respect thereto at that time).

 

(f)         Distribution
Reserve Account.

 

(i)        As contemplated by Section 2.1,
on or prior to the Term-Conversion Date, Depositary shall establish in the name
of the Administrative Agent at Depositary an account entitled “New York 2006
Portfolio Wind Generation Project - Distribution Reserve Account” (the “Distribution
Reserve Account”).

 

(ii)       Applications Related to DSCR.

 

(A)        Until such time as Administrative Agent
shall have reviewed and had its reasonable corrections, changes or adjustments
incorporated into Borrower’s Average Annual Debt Service Coverage Ratio
calculation as

 

53

 

provided in Section 5.22
of the Financing Agreement, all Project Revenues in excess of the amounts applied
pursuant to Section 5.2(a)(i) through (xiv) shall be
retained in the Operating Account. If the Average Annual Debt Service Coverage
Ratio calculated as of a Repayment Date (or as of the immediately preceding
Repayment Date if such calculation shall be furnished on a date other than a
Repayment Date) pursuant to Section 5.22 of the Financing Agreement
is less than 1.20 to 1, then Borrower shall cause to be deposited pursuant to
an Executed Withdrawal/Transfer Certificate into the Distribution Reserve
Account all Project Revenues or other amounts in the Operating Account in
excess of the amounts applied in accordance with Section 5.2(a)(i) through
(xiv), and Borrower shall continue, on each Distribution Date, to cause
to be deposited pursuant to an Executed Withdrawal/Transfer Certificate such
Project Revenues or other amounts from the Operating Account into the
Distribution Reserve Account until such time as the Average Annual Debt Service
Coverage Ratio shall be equal to or in excess of 1.20 to 1 (the “Distribution
Reserve Requirement”). In the event that at any time amounts are retained
in the Distribution Reserve Account pursuant to this clause (A), Borrower shall
perform, pursuant to Section 5.22 of the Financing Agreement,
quarterly retests (the date of such quarterly retest, the “Quarterly Retest
Date”) of the Average Annual Debt Service Coverage Ratio as of the
Quarterly Retest Date to determine if the Distribution Reserve Requirement
shall have been satisfied. Such retest shall be corrected, changed or adjusted
in accordance with Section 5.22 of the Financing Agreement.

 

(B)         At such time, if ever, as the
Distribution Reserve Requirement is satisfied as of the then-current Repayment
Date or any Quarterly Retest Date, all funds remaining in the Distribution
Reserve Account shall be deposited into the Distributable Cash Account pursuant
to an Executed Withdrawal/Transfer Certificate (which shall be accompanied by a
Distribution Certificate) only if (i) such deposit is not in violation of
Article 5 or prior to the full funding of all Accounts in accordance with
Article 5, (ii) no Event of Default has occurred and is continuing
and (iii) the Initial Repayment Date has occurred.

 

54

 

Notwithstanding
anything to the contrary contained in the immediately preceding sentence, upon
the occurrence and during the continuation of an “Event of Default” (as defined
in the Energy Hedge Agreement) or Termination Event (as defined in the Energy
Hedge Agreement) in which the Borrower is an Affected Party (as defined in the
Energy Hedge Agreement) or the Defaulting Party (as defined in the Energy Hedge
Agreement), as applicable, or (y) following the termination of the Energy
Hedge Agreement by the Energy Hedge Provider and until all obligations owing to
the Energy Hedge Provider under the Energy Hedge Agreement have been satisfied
(unless the amount of such unsatisfied obligations is less than the undrawn
face amount of any Posted Credit Support (as defined in the Energy Hedge
Agreement) having drawing conditions substantially similar to the Initial LC
(as defined in the Energy Hedge Agreement)), no payments pursuant to this Section 5.3(f) shall
be made by the Borrower to the Class A Member or the Class B Member,
while any obligations are outstanding to the Energy Hedge Provider, unless
otherwise notified in writing by the Energy Hedge Provider to the Borrower.
Notwithstanding anything contained in the immediately preceding sentence and
provided that (aa) (x) the payment specified below in this clause (B) is
not in violation of Article 5 or prior to the full funding of all Accounts
in accordance with Article 5, (y) no Event of Default has
occurred and is continuing and (z) the Initial Repayment Date has occurred,
and (bb) the Distribution Reserve Requirement is satisfied as of the
then-current Repayment Date or any Quarterly Retest Date, then, from the
twentieth day following the Termination Date (as defined in the Energy Hedge
Agreement) to the date of the delivery of the Promissory Note and the
Promissory Note Collateral, each as described in the Energy Hedge Agreement
(unless the amount of unsatisfied obligations owing to the Energy Hedge
Provider is less than the undrawn face amount of any Posted Credit Support (as
defined in the Energy Hedge Agreement) having drawing conditions substantially
similar to the Initial LC (as defined in the Energy Hedge Agreement)), any
payments otherwise payable to the Class A Member or the Class B
Member pursuant to the immediately preceding paragraph shall be paid and,
Borrower shall cause, pursuant to an Executed Withdrawal/Transfer

 

55

 

Certificate,
all funds remaining in the Distribution Reserve Account to be paid to the
Energy Hedge Provider on account of such amounts owed to the Energy Hedge
Provider.

 

(C)           Any amounts
that have remained undisbursed in the Distribution Reserve Account for twenty
four (24) consecutive months, shall, on the next Repayment Date, be applied to
the prepayment of Obligations as provided in Section 2.4(g) of
the Financing Agreement (pursuant to an Executed Withdrawal/Transfer
Certificate executed and delivered to Depositary solely by Administrative
Agent).

 

(D)          Notwithstanding
anything to the contrary herein, (aa) upon the occurrence and during the
continuation of an Event of Default, all amounts then retained in the
Distribution Reserve Account shall be applied to the prepayment of Obligations
as provided in Section 2.4(g) of the Financing Agreement
(pursuant to an Executed Withdrawal/Transfer Certificate executed and delivered
to Depositary solely by Administrative Agent) and (bb) from time to time,
Administrative Agent shall be entitled to withdraw (pursuant to an Executed
Withdrawal/Transfer Certificate executed and delivered to Depositary solely by
Administrative Agent) amounts from the Distribution Reserve Account to pay
Obligations due and payable in accordance with Sections 5.2(a)(i) through’
(xii) (including the funding of any of the Reserve Accounts up to the
maximum amount of the applicable reserve requirements with respect thereto).

 

(g)     Completion
Reserve Account.

 

(i)            As contemplated by Section 2.1,
on or prior to the Term-Conversion Date, Depositary shall establish in the name
of the Administrative Agent at Depositary an account entitled “New York 2006
Portfolio Wind Generation Projects – Completion Reserve Account” (“Completion
Reserve  Account”). On the
Term-Conversion Date, the Completion Reserve Borrowing shall be deposited into
the Completion Reserve Account.

 

56

 

(ii)           Funds in the Completion
Reserve Account shall, from time to time, be applied toward Permitted
Completion Costs, pursuant to an Executed Withdrawal/Transfer Certificate by
disbursement to the Person or Persons entitled thereto.

 

(iii)          Upon Final Completion and
provided no Event of Default has occurred and is continuing, all amounts
remaining in the Completion Reserve Account (A) up to the NEP Guarantee
Draw Amount shall be deposited into an account designated in writing by the
Borrower for the benefit of NEP and (B) in excess of the NEP Guarantee
Draw Amount shall be deposited into the Operating Account for application in
accordance with Section 5.2.

 

5.4     Application of
Insurance Proceeds.

 

(a)           As contemplated
by Section 2.1, on or prior to the Financial Closing Date,
Depositary shall establish in the name of the Administrative Agent at
Depositary an account entitled “New York 2006 Portfolio Wind Generation
Projects – Insurance Proceeds Account” (the “Insurance Proceeds Account”).
Subject to Section 5.4(b), all amounts and proceeds (including
instruments) in respect of the proceeds of the insurance policies described in
sub-paragraphs (d), (g) and (k) of paragraph 1 of Exhibit K to
the Financing Agreement which are required to be maintained by any Noble Entity
thereunder (“Insurance Proceeds”) shall be deposited in the Insurance
Proceeds Account and applied as provided in this Section 5.4. In
the event Insurance Proceeds are not to be made available to an applicable
Noble Entity as provided in this Section 5.4 (but rather to the
mandatory prepayment of the Loans and other Obligations or paid to the
Administrative Agent and applied to the repair or restoration of the Project,
as applicable), such Insurance Proceeds shall be paid by the insurers directly
to Administrative Agent (as loss payee or additional insured as provided in Section 5.18
of the Financing Agreement), and if such Insurance Proceeds are paid to any
Noble Entity instead of Administrative Agent, such Insurance Proceeds shall be
received only in trust for Administrative Agent, shall be segregated from other
funds of such Noble Entity, and shall be forthwith paid over to Administrative
Agent in the same form as received (with any necessary or requested
endorsement). Subject to Sections 5.4(b) and (c),

 

57

 

Administrative
Agent shall deposit such Insurance Proceeds in the Insurance Proceeds Account
and apply all such Insurance Proceeds in accordance with the provisions of this
Section 5.4.

 

(b)           Any business
interruption Insurance Proceeds received by Administrative Agent or Borrower
shall be deposited into the Operating Account for application in accordance
with Sections 5.2(a)(i) - (xii);  provided, that such
business interruption Insurance Proceeds shall be applied to the prepayment of
the Loans and other Obligations as provided in Section 2.4(g) of
the Financing Agreement (pursuant to an Executed Withdrawal/Transfer Certificate
executed and delivered to Depositary solely by Administrative Agent) if either (i) the
damage or destruction to a Project which directly or indirectly causes such
Project to receive payment of such business interruption Insurance Proceeds
constitutes damage or destruction of eighty percent (80%) or more of such
Project or (ii) Borrower notifies Administrative Agent in writing that it
does not intend to repair or restore the damage or destruction covered by
business interruption Insurance Proceeds.

 

(c)           Subject to Section 5.4(f) below,
all Insurance Proceeds (other than business interruption Insurance Proceeds,
the application of which shall be governed by Section 5.4(b)) shall
be applied to the prepayment of Loans and other Obligations as provided in Section 2.4(g) of
the Financing Agreement (pursuant to an Executed Withdrawal/Transfer
Certificate executed and delivered to Depositary solely by Administrative
Agent), unless, subject to Section 5.4(d), each of the following
conditions is satisfied or waived by the Majority Lenders within (x) one
hundred thirty-five (135) days from the damage or destruction to which such
Insurance Proceeds relate for clauses (i) and (iii)-(vi) of this Section 5.4(c) and
(y) two hundred and fifteen (215) days of the damage or destruction to
which such Insurance Proceeds relate for clause (ii) of this Section 5.4(c) (each
such applicable deadline, the “Insurance Condition Deadline”):

 

(i)            such damage or destruction
does not constitute the destruction of eighty percent (80%) or more of the
Project;

 

58

 

(ii)           no Event of Default (other
than an Event of Default that has occurred solely as a result of such damage or
destruction) has occurred and is continuing and after giving effect to any
proposed repair and restoration, such damage or destruction or proposed repair
and restoration could not reasonably be expected to result in an Event of
Default;

 

(iii)          Borrower and the Independent
Engineer certify, and Administrative Agent with the consent of the Majority
Lenders determines in its reasonable judgment, that repair or restoration of a
Project to which such Insurance Proceeds relate is technically and economically
feasible within a twelve (12) month period and that (I) a sufficient amount
of funds is or will be available to the applicable Noble Entity to complete
such repairs and restorations using (A) such Insurance Proceeds, (B) any
other equity moneys contributed for such repairs and restorations, (C) amounts
in the Distributable Cash Account and (D) amounts not in excess of fifty
percent (50%) of the amounts on deposit in the O&M CapEx Reserve Account,
the Distribution Reserve Account, GE Distribution Reserve Account, Completion
Reserve Account, NIPDR Account and the Additional Maintenance Account that are
permitted to be used under the Financing Agreement or this Agreement for such
repairs and restorations, and (II) upon the completion of such repairs and
restorations, the Projects could reasonably be expected to meet Projected Debt
Service Coverage Ratios, calculated as of the date of such Borrower’s
certification for each Repayment Date during the remaining Term, of (a) no
less than 1.45 to 1 under a P50 Production Level, and (b) at least 1.00 to
1 under a P99 Production Level;

 

(iv)          if such damage or
destruction occurs during the Construction Period, such repair or restoration
will be completed, in the reasonable judgment of Administrative Agent in
consultation with the Independent Engineer, by a date that is not later than
sixty (60) days prior to the Construction Loan Maturity Date;

 

59

 

(v)           no material federal, state,
local or other governmental license, registration, recording, filing, consent,
permit, order, authorization, certificate, approval, exemption or declaration
is necessary to proceed with such repair and restoration and no material
amendment to this Agreement or any of the Financing Documents and no other
instrument, is necessary for the purpose of effecting the repairs or
restorations or subjecting the repairs or restorations to the Liens of the
Collateral Documents, unless Borrower and/or the applicable Project Company
could reasonably be expected to obtain such license, registration, recording,
filing, consent, permit, order, authorization, certificate, approval,
exemption, declaration, amendment or instrument as and when required; and

 

(vi)          upon the reasonable request
of Administrative Agent, Administrative Agent shall receive an opinion of
counsel reasonably acceptable to it opining only that (x) each material
federal, state, local or other governmental license, registration, recording,
filing, consent, permit, order, authorization, certificate, approval,
exemption, or declaration necessary to proceed with such repair and restoration
has been obtained or (y) no such license, registration, recording, filing,
consent, permit, order, authorization, certificate, approval, exemption or
declaration is necessary for the purpose of effecting the repairs or
restorations; provided, that such opinion of counsel shall not be
required to opine as to matters or statements concerning the ability of
Borrower and/or the applicable Project Company to obtain any license,
registration, recording, filing, consent, permit, order, authorization,
certificate, approval, exemption or declaration as and when required;

 

(d)           Borrower shall
submit, or cause to be submitted, to Administrative Agent the documentation,
certificates and other information to satisfy the conditions in Section 5.4(c) (“Insurance
Proceeds Submission”) within ninety (90) days (for the conditions in Sections
5.4(c)(i) and (iii)-(vi)) and within one hundred eighty (180)
days (for the condition in Section 5.4(c)(ii)) after the damage or
destruction to which such Insurance Proceeds relate. Administrative Agent shall
cooperate and respond (and, when

 

60

 

applicable,
engage the Independent Engineer to so respond) (the “AA Response”)
within thirty (30) days after receipt of the Insurance Proceeds Submission as
to whether such Insurance Proceeds Submission reasonably satisfies the
conditions set forth in Section 5.4(c). Borrower shall have an
additional fifteen (15) days after receipt of the AA Response to cure any
defects or omissions in such Insurance Proceeds Submission, to the reasonable
satisfaction of the Administrative Agent. In the event that Borrower is
required, pursuant to Section 5.4(c), to apply the Insurance
Proceeds to the prepayment of Loans and other Obligations, Administrative Agent
shall notify Borrower of such requirement not later than (i) fifteen (15)
days prior to the date such prepayment shall be required to be made and (ii) thirty
(30) days after the Insurance Conditions Deadline; provided, that the failure
by Administrative Agent to provide such notice shall not limit or otherwise
affect the obligation of Borrower to make such prepayment (except for the date
on which such payment shall be due).

 

(e)           Subject to Section 5.4(f),
provided that the conditions set forth in Section 5.4(c) have
been satisfied or waived as provided therein, if there shall occur any damage
or destruction of a Project with respect to which Insurance Proceeds for any
single loss in which an amount that is (A) equal to or less than
$2,000,000 is payable, such Insurance Proceeds shall be paid out of the
Insurance Proceeds Account to Borrower and (B) greater than $2,000,000 is
payable, such Insurance Proceeds shall be paid out of the Insurance Proceeds
Account to Administrative Agent, and in each such case, such Insurance Proceeds
shall be applied to the payment of the cost of the repair or restoration of
such damage or destruction in accordance with the following procedures:

 

(i)            Borrower shall submit a
detailed report to Administrative Agent describing Borrower’s plan for
effectuating repairs and improvements, and such report shall be subject to the
review and approval of the Majority Lenders and the Independent Engineer (not
to be unreasonably withheld, delayed or conditioned);

 

(ii)           Borrower shall cause any
necessary repairs or restoration to be commenced and completed promptly and
diligently at the cost and expense of the applicable Noble Entity using such
Insurance Proceeds and any other

 

61

 

amounts
available to the Noble Entities (but without using Project Revenues or amounts
on deposit in any of the Accounts other than (A) the Insurance Proceeds
Account, (B) the Distributable Cash Account and (C) amounts not in
excess of fifty percent (50%) of the amounts on deposit in the O&M CapEx
Reserve Account, the Distribution Reserve Account, GE Distribution Reserve
Account, Completion Reserve Account, NIPDR Account and the Additional
Maintenance Account that are permitted to be used under this Agreement and the
Financing Agreement for such repairs and restorations); and

 

(iii)          Borrower shall provide to
Administrative Agent a certificate from Borrower (A) describing in
reasonable detail the nature of the repair or restoration to be effected with
such payments; (B) stating the estimated cost of such repairs or
restoration; and (C) stating that a sufficient amount of funds is or will
be available to Borrower or the relevant Project Company (but without using
Project Revenues or amounts on deposit in any of the Accounts other than (A) the
Insurance Proceeds Account, (B) the Distributable Cash Account and (C) amounts
not in excess of fifty percent (50%) of the amounts on deposit in the O&M
CapEx Reserve Account, the Distribution Reserve Account, GE Distribution Reserve
Account, Completion Reserve Account, NIPDR Account and the Additional
Maintenance Account that are permitted to be used under this Agreement and the
Financing Agreement to complete such repair or restoration.

 

(f)            Notwithstanding
anything to the contrary contained in this Section 5.4 (including the
failure to satisfy the conditions specified in Section 5.4(c) and to follow
the procedures specified in Section 5.4(e)), if there shall
occur any damage or destruction of a Project with respect to which Insurance
Proceeds for any single loss in an amount that is less than $250,000 is
payable, such Insurance Proceeds shall be paid out of the Insurance Proceeds
Account to Borrower and applied to the prompt payment of the cost of the repair
or restoration of such damage or destruction.

 

(g)           If, after
Insurance Proceeds have been applied to the repair or restoration of a Project
as provided in Section 5.4(e), or Section 5.4(f), the

 

62

 

Administrative
Agent (at the direction of the Majority Lenders) in consultation with the
Independent Consultants reasonably determines that such Project will be able to
operate at a level enabling Borrower to satisfy its Obligations under the
Financing Documents, when due and payable, any excess Insurance Proceeds shall
be paid into the Operating Account, otherwise such excess Insurance Proceeds
shall be applied to the prepayment of the Loans and other Obligations as
provided in Section 2.4(g) of the Financing Agreement
(pursuant to an Executed Withdrawal/Transfer Certificate executed and delivered
to Depositary solely by Administrative Agent).

 

5.5           Application of
Eminent Domain Proceeds. All amounts and proceeds (including
instruments) received in respect of any Event of Eminent Domain (“Eminent
Domain Proceeds”) shall be subject to the same treatment as Insurance
Proceeds as provided in Section 5.4, mutatis
mutandis.

 

5.6           Application of
Certain Damages Payments; Mandatory Prepayments.

 

(a)           As contemplated
by Section 2.1, on or prior to the Financial Closing Date,
Depositary shall establish in the name of the Administrative Agent at
Depositary an account entitled “New York 2006 Portfolio Wind Generation
Projects – Non-Insurance Proceeds Damage Restoration Account” (the “NIPDR
Account”).

 

(b)           Performance
Damages. Any performance damage payment in an amount greater than $1,000,000
made to any Noble Entity for or on account of any permanent diminution in the
performance of any of the Projects, including liquidated damages for failing to
achieve the Power Curve Guarantee (as defined in the Turbine Supply Agreement),
shall be applied to the prepayment of the Loans and other Obligations as
provided in Section 2.4(g) of the Financing Agreement
(pursuant to an Executed Withdrawal/Transfer Certificate executed and delivered
to Depositary solely by Administrative Agent).

 

(c)           Damage Payments. Any damage
payment (other than Insurance Proceeds) in an amount greater than $1,000,000
made to any Noble Entity in order to compensate for physical (as distinct from
consequential or loss of profit) damage

 

63

 

suffered
by any Project shall be deposited into the NIPDR Account (and segregated from
any amounts deposited therein pursuant to Section 5.6(d)) and shall
be available as directed by Borrower pursuant to an Executed
Withdrawal/Transfer Certificate for repair of such physical damage upon
approval by the Administrative Agent in its reasonable judgment (in
consultation with the Independent Engineer) and within a reasonable amount of
time of a detailed plan for effectuating such repair and related improvements.

 

(d)           Any other
damage payment in an amount greater than $1,000,000 made to any Noble Entity
that does not comprise damage payments of the type described in clauses (b) and
(c) of this Section 5.6, including any payment made to any
Noble Entity pursuant to any litigation or other legal proceeding or pursuant
to surety, performance or similar bonds or letters of credit relating to any
Project, shall be deposited into the NIPDR Account (and segregated from any
amounts deposited therein pursuant to Section 5.6(c)). If,
commencing on the second anniversary of the date on which any payments pursuant
to this clause (d) are deposited in the NIPDR Account, the Projected Debt
Service Coverage Ratios calculated as of such date for each Repayment Date
during the remaining Term are (a) no less than 1.45 to 1 under a P50
Production Level, and (b) at least 1.00 to 1 under a P99 Production Level,
then such payments (and accrued interest with respect thereto) shall be
deposited into the Operating Account for application in accordance with Section 5.2(a)(i).
If such Projected Debt Service Coverage Ratios do not meet or exceed the levels
described in the immediately preceding sentence on such anniversary, then such
payments (and accrued interest with respect thereto) shall be applied to the
prepayment of the Loans and other Obligations as provided in Section 2.4(g) of
the Financing Agreement (pursuant to an Executed Withdrawal/Transfer
Certificate executed and delivered to Depositary solely by Administrative
Agent).

 

(e)           Any damage
payment which would comprise a damage payment of the type described in clauses
(b), (c) or (d) of this Section 5.6 which is in an amount
less than or equal to $1,000,000 shall be (i) available as directed by
Borrower pursuant to an Executed Withdrawal/Transfer Certificate for repair of
any damage or (ii) otherwise deposited in the Operating Account.

 

64

 

5.7           Earnings on
Accounts. All earnings on amounts credited to any Account
(including Permitted Investments held or credited therein) maintained hereunder
shall accrue to such Account, as applicable.

 

ARTICLE 6

 

TERMINATION OF AGREEMENT

 

The
rights and powers granted herein to Administrative Agent have been granted in
order, among other things, to perfect Administrative Agent’s security interests
in the Accounts and to permit Administrative Agent to carry out its duties
under the Financing Agreement, are powers coupled with an interest, and will
neither be affected by the bankruptcy of Borrower or any other Person nor by
the lapse of time. Except as otherwise provided herein, the obligations of
Depositary hereunder shall continue in effect until the Obligations have been
paid in cash in full pursuant to the terms of this Agreement and the other
Financing Documents. Administrative Agent shall promptly notify Depositary
(with a copy to Borrower) of such payment in writing. All right, title and
interest of Administrative Agent in the Accounts shall so terminate and revert
to Borrower upon the payment in full in cash of all Obligations (other than the
Obligations that are intended to survive the termination of the Financing
Documents). At such time, Administrative Agent shall notify Depositary to, and
upon such notification Depositary shall, pay any amounts (including Permitted
Investments) then remaining in any of the Accounts to an account designated in
writing by Borrower to Depositary. No termination of any Secured Party’s
interest hereunder shall affect the rights of any other Secured Party
hereunder.

 

ARTICLE 7

 

MISCELLANEOUS

 

7.1           Notices. Any
communications between the parties hereto or notices provided herein to be
given may be given to the following addresses:

 

65

 

	
  If
  to Depositary:

  	
  The
  Bank of New York

  
	
   

  	
  101
  Barclay Street

  
	
   

  	
  Floor
  8, West

  
	
   

  	
  New
  York, NY 10286

  
	
   

  	
  Attn:
  Corporate Finance Group

  
	
   

  	
  Telephone
  No.: (212) 815-4799

  
	
   

  	
  Facsimile
  No.: (732) 667-9245

  
	
   

  	
   

  
	
  If
  to Administrative Agent:

  	
  Dexia
  Credit Local New York Branch

  
	
   

  	
  445
  Park Avenue, 7th Floor

  
	
   

  	
  New
  York, New York 10022

  
	
   

  	
  Attn:
  Project Finance Portfolio Management

  
	
   

  	
  Telephone
  No.: (212) 515-7000

  
	
   

  	
  Facsimile
  No.: (212) 753-5522

  
	
   

  	
   

  
	
  If
  to Borrower:

  	
  Noble
  Environmental Power 2006 Hold Co, LLC 

  
	
   

  	
  8
  Railroad Avenue

  
	
   

  	
  Suite 8,
  Second Floor

  
	
   

  	
  Essex,
  CT 06426

  
	
   

  	
  Attn:
  Vice President – Asset Management 

  
	
   

  	
  Telephone
  No.: (860) 581-5010

  
	
   

  	
  Facsimile
  No.: (860) 767-7041

  

 

All
notices or other communications required or permitted to be given hereunder
shall be in writing and shall be considered as properly given (a) if
delivered in person, (b) if sent by overnight delivery service (including
Federal Express, ETA, Emery, DHL, Air Borne and other similar overnight delivery
services), (c) in the event overnight delivery services are not readily
available, if mailed by first class mail, postage prepaid, registered or
certified with return receipt requested or (d) if sent by telecopy. Notice
so given shall be effective upon actual receipt by the addressee, except that
communication or notice so transmitted by telecopy shall be deemed to have been
validly and effectively given on the day (if a Banking Day and, if not, on the
next following Banking Day) on which it is transmitted if transmitted before 4 p.m.,
recipient’s time, and if transmitted after that time, on the next following
Banking Day (in each case as evidenced by transmittal confirmation received by
the transmitter); provided, however, that if any notice is
tendered to an addressee and the delivery thereof is refused by such addressee,

 

66

 

such
notice shall be effective upon such tender and if notice is sent by telecopy
the transmitter will endeavor to confirm such telecopy by telephone, it being
agreed that such confirmation by telephone shall be deemed to have occurred in
the event the party delivering such notice or other communication has
endeavored to leave a voicemail message at the number listed above for the recipient
of such notice or other communication. Any party shall have the right to change
its address for notice hereunder to any other location within the United States
by giving of thirty (30) days’ written notice to the other parties in the
manner set forth herein above. In the event a Withdrawal/Transfer Certificate
is delivered to Depositary in accordance with the terms of this Agreement,
Depositary is authorized to seek confirmation of the instructions contained
therein by telephone call-back to Administrative Agent at the number designated
in Schedule A and Depositary may rely upon the confirmation of anyone at such
number purporting to be the person or persons so designated by the
Administrative Agent. The persons and telephone numbers for call-backs may be
changed only in writing by the Administrative Agent actually received and
acknowledged by the Depositary. The parties to this Agreement acknowledge that
such security procedure is commercially reasonable.

 

7.2           Benefit of
Agreement. Nothing in this Agreement, expressed or implied,
shall give or be construed to give to any Person other than the parties hereto
and the Secured Parties, any legal or equitable right, remedy or claim under
this Agreement, or under any covenants and provisions of this Agreement, each
such covenant and provision being for the sole benefit of the parties hereto
and the Secured Parties.

 

7.3           Delay and
Waiver. No failure or delay by Administrative Agent or Depositary in
exercising any right or power hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of Administrative Agent hereunder are
cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or consent to any
departure by Borrower therefrom shall in any event be effective unless

 

67

 

the
same shall be permitted by Section 7.4, and then such waiver or
consent shall be effective only in the specific instance and for the purpose
for which given.

 

7.4           Amendments. No provision
of this Agreement may be amended, modified or supplemented, except in a writing
signed by each of the parties hereto and except as permitted by the Financing
Agreement. In addition to the foregoing, the provisions relating to the
priority of payments to the Wyoming County IDA and the Clinton County IDA
contained in Sections 5.2(a)(i), 5.2(b)(i), 5.2(c),
5.3(b)(i), and 5.3(c)(iii) of this Agreement, may not be
amended, modified or supplemented except in a writing signed by the Wyoming
County IDA and the Clinton County IDA, as applicable, prior to the termination
of the IDA Documents to which such entity is a party.

 

7.5           Governing Law. THIS
AGREEMENT AND ANY INSTRUMENT OR AGREEMENT REQUIRED HEREUNDER (TO THE EXTENT NOT
EXPRESSLY PROVIDED FOR THEREIN) SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE
LAWS OF THE STATE OF NEW YORK, APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
IN SUCH STATE AND WITHOUT REFERENCE TO CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). REGARDLESS OF ANY
PROVISION IN ANY OTHER AGREEMENT, FOR PURPOSES OF THE UCC, THE “SECURITIES
INTERMEDIARY’S JURISDICTION” AND “BANK’S JURISDICTION” OF DEPOSITARY WITH
RESPECT TO THE ACCOUNTS IS THE STATE OF NEW YORK.

 

68

 

7.6           Submission to
Jurisdiction. Administrative Agent, Depositary and Borrower agree
that any legal action or proceeding by or against Borrower or with respect to
or arising out of this Agreement or any other Financing Document may be brought
in or removed to the courts of the State of New York, in and for the County of
New York, or of the United States of America for the Southern District of New
York, as Administrative Agent may elect. By execution and delivery of this
Agreement, Administrative Agent, Depositary and Borrower accept, for themselves
and in respect of their property, generally and unconditionally, the
jurisdiction of the aforesaid courts. Administrative Agent, Depositary and
Borrower irrevocably consent to the service of process out of any of the
aforementioned courts in any such action or proceeding by the mailing of copies
thereof by registered or certified airmail, postage prepaid, to Administrative
Agent, Depositary or Borrower, as the case may be, at their respective
addresses for notices as specified herein and that such service shall be
effective five (5) Banking Days after such mailing. Nothing herein shall
affect the right of Administrative Agent or Depositary to bring legal action or
proceedings in any other competent jurisdiction. Administrative Agent,
Depositary and Borrower hereby waive any right to stay or dismiss any action or
proceeding under or in connection with this Agreement or any other Financing
Document brought before the foregoing courts on the basis of forum 

non-conveniens.

 

7.7           WAIVER OF JURY
TRIAL. BORROWER, DEPOSITARY AND ADMINISTRATIVE AGENT HEREBY KNOWINGLY,
VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR
IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF BORROWER,
DEPOSITARY OR ADMINISTRATIVE AGENT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR
EACH PARTY TO ENTER INTO THIS AGREEMENT.

 

7.8           Severability. In case any
one or more of the provisions contained in this Agreement should be invalid,
illegal or unenforceable in any respect, the validity,

 

69

 

legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby, and the parties hereto shall enter into good faith
negotiations to replace the invalid, illegal or unenforceable provision.

 

7.9           Headings. Article and
Section headings have been inserted in this Agreement as a matter of
convenience for reference only and it is agreed that such Article and Section headings
are not a part of this Agreement and shall not be used in the interpretation of
any provision of this Agreement.

 

7.10         Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Borrower may not assign or
otherwise transfer any of its rights or obligations hereunder. Depositary may
only assign or otherwise transfer any of its rights or obligations hereunder in
accordance with the terms of this Agreement (including Section 3.6). Administrative
Agent may only assign or otherwise transfer any of its rights or obligations
hereunder in accordance with the terms of the Financing Agreement (including Article 10 thereof).

 

7.11         Entire Agreement. This
Agreement, and each of the other Financing Documents, integrate all the terms
and conditions mentioned herein or incidental hereto and supersede all oral
negotiations and prior writings in respect of the subject matter hereof. In the
event of any conflict between the terms, conditions and provisions of this
Agreement and any such agreement, document or instrument, the terms, conditions
and provisions of this Agreement shall prevail.

 

7.12         Consequential Damages. In no event
shall any party be liable for special, indirect, punitive or consequential loss
or damage of any kind whatsoever (including lost profits), in connection with,
arising out of or in any way related to the transactions contemplated by this
Agreement, even if such party has been advised of the likelihood of such loss
or damage and regardless of the form of action.

 

70

 

7.13         Survival of Agreements. All
covenants, agreements, representations and warranties made by Borrower herein
and in the certificates or other instruments delivered in connection with or
pursuant to this Agreement shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery of this
Agreement and the making of the Loans and other financial accommodations under
the Financing Agreement, and shall continue in full force and effect so long as
this Agreement has not been terminated in accordance with the terms hereof and
the Financing Agreement. The provisions regarding the payment of expenses and
indemnification obligation, including Sections 3.6.5, 7.12 and 7.15,
shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the
Loans and other financial accommodations under the Financing Agreement, the
termination of this Agreement or any provision hereof or the resignation of
removal of Depositary until all applicable statutes of limitation (including
any extensions thereof) have expired.

 

7.14         Further Information. Depositary
shall promptly provide Administrative Agent and Borrower with any information
reasonably requested by Administrative Agent or Borrower (as the case may be)
concerning balances in the Accounts and payments from such Accounts.

 

7.15         Additional Depositary
Provisions. Depositary may execute or perform any duties under
this Agreement either directly or through agents or attorneys. Depositary shall
act as an agent only and shall not be responsible or liable in any manner for
soliciting any funds or for the sufficiency, correctness, genuineness or
validity of any funds or securities deposited with or held by it, except in the
case of its gross negligence, willful misconduct or bad faith. Depositary shall
be fully protected in acting or refraining from acting upon any written notice,
certificate, instruction, request or other paper or document (whether in its original
or facsimile form), as to the due execution thereof and the validity and
effectiveness of the provisions thereof and as to the truth of any information
contained therein, which Depositary in good faith believes to be genuine.
Depositary shall not be liable for any error of judgment or for any act done or
step taken or omitted except in the case of its gross negligence, willful
misconduct or bad faith

 

71

 

(including
any action taken pursuant to Section 2.3.1). In the event of any
dispute as to the construction or interpretation of any provision of this
Agreement, Depositary shall be entitled to consult with and obtain advice from
legal counsel of its own selection in its sole discretion.

 

None of the provisions of this Agreement shall be
construed to require the Depositary in its individual capacity to expend or
risk its own funds or otherwise to incur any personal financial liability in
the performance of any of its duties hereunder or thereunder.

 

7.16         Counterparts. This
Agreement and any amendments, waivers, consents or supplements hereto or in
connection herewith may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument; signature pages may
be detached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are physically attached to the
same document.

 

7.17         Third Party Beneficiaries. For purposes
of the provisions relating to the priority of payments to the Wyoming County
IDA and the Clinton County IDA contained in Sections 5.2(a)(i), 5.2(b)(i),
5.2(c), 5.3(b)(i), and 5.3(c)(iii) of this Agreement,
the Wyoming County IDA and the Clinton County IDA are express third- party
beneficiaries. Such rights are in addition to the rights of the parties hereto,
none of which are waived.

 

[SIGNATURE PAGES FOLLOWS]

 

72

 

IN WITNESS WHEREOF, the parties hereto, by their officers duly
authorized, intending to be legally bound, have caused this Depositary
Agreement to be duly executed and delivered as of the date first above written.

 

 

	
   

  	
  NOBLE ENVIRONMENTAL POWER 2006

  HOLD CO, LLC, as
  Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles
  C. Hinckley

  
	
   

  	
  Name:

  	
      Charles
  C. Hinckley

  
	
   

  	
  Title:

  	
      Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEXIA CREDIT LOCAL NEW YORK

  BRANCH,

  
	
   

  	
  as
  Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Guy Cirincione

  
	
   

  	
  Name:

  	
      Guy Cirincione

  
	
   

  	
  Title:

  	
      Deputy General Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK, 

  as Depositary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alexander Pabon

  
	
   

  	
  Name:
  

  	
      Alexander Pabon

  
	
   

  	
  Title:

  	
      Assistant Vice President

  
						

 

[Depositary
Agreement]

 

 

	
  ACKNOWLEDGED
  AND AGREED:

  	
   

  
	
   

  	
   

  	
   

  
	
  NOBLE BLISS WINDPARK, LLC,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Charles
  C. Hinckley 

  	
   

  
	
  Name:

  	
  Charles
  C. Hinckley 

  	
   

  
	
  Title:

  	
  Chief
  Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NOBLE CLINTON WINDPARK I, LLC,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Charles C. Hinckley

  	
   

  
	
  Name:

  	
  Charles
  C. Hinckley

  	
   

  
	
  Title:

  	
  Chief
  Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NOBLE ELLENBURG WINDPARK, LLC,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Charles C. Hinckley 

  	
   

  
	
  Name:

  	
  Charles
  C. Hinckley 

  	
   

  
	
  Title:

  	
  Chief
  Executive Officer

  	
   

  
					

 

[Depositary
Agreement]

 

 

Schedule A

to
Depositary Agreement

 

Telephone Number(s) for Call-Backs and

Person(s) Designated to Confirm Payment
Instructions

 

Depositary is authorized to confirm payment instructions issued in the
name of Administrative Agent with any person purporting to be a person
designated below at the number below, whether or not that person is the person
who has issued the payment instructions to Depositary.

 

	
  Name

  	
  Telephone Number

  

 

 

 

 

 

(Note: If less than five persons, type “N/A” on excess lines provided.
If more than five persons, attach and sign a supplemental Schedule.)

 

 

	
   

  	
   

  
	
  Customer Name

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Printed Name of Authorized Signatory

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Title

  	
   

  

 

[Depositary
Agreement]

 

 

Appendix I

to Depositary Agreement

 

Wire
Instructions for the Accounts

 

The
Bank of New York

ABA
# 021000018

Acct
# ###

Acct
Name: Corporate Trust Agency

For
Further Credit To: Account #

Re:
Name of Co.

Attn:
Alexander Pabon

 

[Depositary Agreement]

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